0001213900-21-058794 | 10-Q | XBRL Viewer

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Oct. 02, 2021	Nov. 05, 2021
Document Information Line Items
Entity Registrant Name	RBC BEARINGS INCORPORATED
Document Type	10-Q
Current Fiscal Year End Date	--04-02
Entity Common Stock, Shares Outstanding		28,870,241
Amendment Flag	false
Entity Central Index Key	0001324948
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Period End Date	Oct. 02, 2021
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	001-40840
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
Entity Interactive Data Current	Yes
Common Stock, par value $0.01 per share
Document Information Line Items
Trading Symbol	ROLL
Title of 12(b) Security	Common Stock, par value $0.01 per share
Security Exchange Name	NASDAQ
5.00% Series A Mandatory Convertible Preferred Stock, par value $0.01 per share
Document Information Line Items
Trading Symbol	ROLLP
Title of 12(b) Security	5% Series A Mandatory Convertible Preferred Stock, par value $0.01 per share
Security Exchange Name	NASDAQ

Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 02, 2021	Apr. 03, 2021
Current assets:
Cash and cash equivalents	$ 1,348,611	$ 151,086
Marketable securities		90,249
Accounts receivable, net of allowance for doubtful accounts of $1,912 as of October 2, 2021 and $1,792 as of April 3, 2021	109,650	110,472
Inventory	370,745	364,147
Prepaid expenses and other current assets	30,875	12,248
Total current assets	1,859,881	728,202
Property, plant and equipment, net	203,166	208,264
Operating lease assets, net	34,124	35,664
Goodwill	277,758	277,536
Intangible assets, net	150,952	154,399
Other noncurrent assets	41,916	30,195
Total assets	2,567,797	1,434,260
Current liabilities:
Accounts payable	47,594	36,336
Accrued expenses and other current liabilities	58,392	43,564
Current operating lease liabilities	5,805	5,726
Current portion of long-term debt	500	2,612
Total current liabilities	112,291	88,238
Long-term debt, less current portion	7,105	13,495
Long-term operating lease liabilities	28,756	29,982
Deferred income taxes	20,202	17,178
Other noncurrent liabilities	62,346	55,416
Total liabilities	230,700	204,309
Stockholders’ equity:
Preferred stock, $.01 par value; authorized shares: 10,000,000 as of October 2, 2021 and April 3, 2021, respectively; issued shares: 4,600,000 and 0 as of October 2, 2021 and April 3, 2021, respectively	46
Common stock, $.01 par value; authorized shares: 60,000,000 as of October 2, 2021 and April 3, 2021, respectively; issued shares: 29,787,162 and 26,110,320 as of October 2, 2021 and April 3, 2021, respectively	298	261
Additional paid-in capital	1,524,928	445,073
Accumulated other comprehensive loss	(9,263)	(10,409)
Retained earnings	891,270	858,852
Treasury stock, at cost, 916,679 shares and 884,701 shares as of October 2, 2021 and April 3, 2021, respectively	(70,182)	(63,826)
Total stockholders' equity	2,337,097	1,229,951
Total liabilities and stockholders' equity	$ 2,567,797	$ 1,434,260

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Oct. 02, 2021	Apr. 03, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts (in Dollars)	$ 1,912	$ 1,792
Preferred stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized	10,000,000	10,000,000
Preferred stock, issued	4,600,000	0
Common stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, authorized	60,000,000	60,000,000
Common stock, issued	29,787,162	26,110,320
Treasury stock, shares	916,679	884,701

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Income Statement [Abstract]
Net sales	$ 160,900	$ 146,335	$ 317,105	$ 302,828
Cost of sales	98,436	89,739	190,868	186,779
Gross margin	62,464	56,596	126,237	116,049
Operating expenses:
Selling, general and administrative	29,674	26,023	59,476	52,852
Other, net	5,667	4,210	8,915	8,020
Total operating expenses	35,341	30,233	68,391	60,872
Operating income	27,123	26,363	57,846	55,177
Interest expense, net	15,770	343	16,089	768
Other non-operating (income)/expense	(291)	211	(756)	253
Income before income taxes	11,644	25,809	42,513	54,156
Provision for income taxes	4,715	5,388	9,585	11,046
Net income	6,929	20,421	32,928	43,110
Preferred stock dividends	510		510
Net income available to common stockholders	$ 6,419	$ 20,421	$ 32,418	$ 43,110
Net income per share available to common stockholders:
Basic (in Dollars per share)	$ 0.25	$ 0.82	$ 1.28	$ 1.74
Diluted (in Dollars per share)	$ 0.25	$ 0.82	$ 1.27	$ 1.73
Weighted average common shares:
Basic (in Shares)	25,500,393	24,823,658	25,260,728	24,793,245
Diluted (in Shares)	25,775,794	24,957,158	25,544,088	24,944,608

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

3 Months Ended

6 Months Ended

Oct. 02, 2021

Sep. 26, 2020

Oct. 02, 2021

Sep. 26, 2020

Statement of Comprehensive Income [Abstract]

Net income

$ 6,929

$ 20,421

$ 32,928

$ 43,110

Pension and postretirement liability adjustments, net of taxes

^[1]

318

259

636

519

Foreign currency translation adjustments

(1,409)

1,377

510

1,786

Total comprehensive income

$ 5,838

$ 22,057

$ 34,074

$ 45,415

[1]	These adjustments were net of tax expense of $82 and $79 for the three-month periods ended October 2, 2021 and September 26, 2020, respectively and $165 and $158 for the six-month periods ended October 2, 2021 and September 26, 2020, 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
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Statement of Comprehensive Income [Abstract]
Net of tax expense	$ 82	$ 79	$ 165	$ 158

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock	Preferred Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income/(Loss)	Retained Earnings	Treasury Stock	Total
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, 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)
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 tax expense				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)
Balance at Apr. 03, 2021	$ 261		445,073	(10,409)	858,852	$ (63,826)	1,229,951
Balance (in Shares) at Apr. 03, 2021	26,110,320					(884,701)
Net income					25,999		25,999
Share-based compensation			5,772				5,772
Repurchase of common stock						$ (6,264)	(6,264)
Repurchase of common stock (in Shares)						(31,572)
Exercise of equity awards	$ 2		16,679				16,681
Exercise of equity awards (in Shares)	135,518
Change in net prior service cost and actuarial losses, net of tax expense				318			318
Issuance of restricted stock, net of forfeitures
Issuance of restricted stock, net of forfeitures (in Shares)	91,056
Currency translation adjustments				1,919			1,919
Balance at Jul. 03, 2021	$ 263		467,524	(8,172)	884,851	$ (70,090)	1,274,376
Balance (in Shares) at Jul. 03, 2021	26,336,894					(916,273)
Balance at Apr. 03, 2021	$ 261		445,073	(10,409)	858,852	$ (63,826)	1,229,951
Balance (in Shares) at Apr. 03, 2021	26,110,320					(884,701)
Currency translation adjustments							510
Balance at Oct. 02, 2021	$ 298	$ 46	1,524,928	(9,263)	891,270	$ (70,182)	2,337,097
Balance (in Shares) at Oct. 02, 2021	29,787,162	4,600,000				(916,679)
Balance at Jul. 03, 2021	$ 263		467,524	(8,172)	884,851	$ (70,090)	1,274,376
Balance (in Shares) at Jul. 03, 2021	26,336,894					(916,273)
Net income					6,929		6,929
Preferred stock issuance, net of issuance costs		$ 46	445,407				445,453
Preferred stock issuance, net of issuance costs (in Shares)		4,600,000
Common stock issuance, net of issuance costs	$ 35		605,642				605,677
Common stock issuance, net of issuance costs (in Shares)	3,450,000
Preferred stock dividends					(510)		(510)
Share-based compensation			6,224				6,224
Repurchase of common stock						$ (92)	(92)
Repurchase of common stock (in Shares)						(406)
Exercise of equity awards			131				131
Exercise of equity awards (in Shares)	1,332
Change in net prior service cost and actuarial losses, net of tax expense				318			318
Issuance of restricted stock, net of forfeitures
Issuance of restricted stock, net of forfeitures (in Shares)	(1,064)
Currency translation adjustments				(1,409)			(1,409)
Balance at Oct. 02, 2021	$ 298	$ 46	$ 1,524,928	$ (9,263)	$ 891,270	$ (70,182)	$ 2,337,097
Balance (in Shares) at Oct. 02, 2021	29,787,162	4,600,000				(916,679)

Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Oct. 02, 2021	Jul. 03, 2021	Sep. 26, 2020	Jun. 27, 2020
Statement of Stockholders' Equity [Abstract]
Net of tax expense	$ 82	$ 83	$ 79	$ 79

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Oct. 02, 2021	Sep. 26, 2020
Cash flows from operating activities:
Net income	$ 32,928	$ 43,110
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	11,448	11,744
Deferred income taxes	2,993	4,051
Amortization of intangible assets	5,409	5,089
Amortization of deferred financing costs	15,682	259
Share-based compensation	11,996	10,669
Loss/(gain) on disposition of assets	75	588
Consolidation, restructuring, and other noncash charges	2,378	2,416
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	642	21,267
Inventory	(7,173)	(4,981)
Prepaid expenses and other current assets	(12,059)	(2,812)
Other noncurrent assets	(1,310)	(6,885)
Accounts payable	11,248	(11,554)
Accrued expenses and other current liabilities	14,000	(4,137)
Other noncurrent liabilities	5,217	5,655
Net cash provided by operating activities	93,474	74,479
Cash flows from investing activities:
Purchase of property, plant and equipment	(6,882)	(6,008)
Proceeds from sale of assets	10	10
Purchase of marketable securities	(29,982)
Proceeds from sale of marketable securities	120,483
Acquisition of business		245
Net cash provided by/(used in) investing activities	83,629	(5,753)
Cash flows from financing activities:
Proceeds received from issuance of common stock	605,677
Proceeds received from issuance of preferred stock	445,453
Finance fees paid in connection with credit facilities and term loans	(32,208)
Repayments of term loans	(8,866)	(3,287)
Repayments of notes payable	(254)	(249)
Exercise of stock options	16,812	2,420
Repurchase of common stock	(6,356)	(4,399)
Net cash provided by/(used in) financing activities	1,020,258	(5,515)
Effect of exchange rate changes on cash	164	(114)
Cash and cash equivalents:
Increase during the period	1,197,525	63,097
Cash and cash equivalents, at beginning of period	151,086	103,255
Cash and cash equivalents, at end of period	1,348,611	166,352
Supplemental disclosures of cash flow information:
Income taxes	10,777	6,559
Interest	$ 416	$ 516

Basis of Presentation

6 Months Ended

Oct. 02, 2021

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 April 3, 2021. 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 October 2, 2021 are not necessarily indicative of the operating results for the entire fiscal year ending April 2, 2022. The three- and six-month periods ended October 2, 2021 and September 26, 2020 each include 13 weeks and 26 weeks, respectively. The amounts shown are in thousands, unless otherwise indicated.

Significant Accounting Policies

6 Months Ended

Oct. 02, 2021

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 April 3, 2021. Significant changes to our accounting policies as a result of adopting new accounting standards are discussed below.

Recent Accounting Standards Adopted

In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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 U.S. 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 adopted this ASU effective April 4, 2021 and the impact of adoption was not material to the Company’s financial position, results of operations or liquidity.

In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The amendments in this ASU simplify the complexity associated with applying U.S. GAAP for certain financial instruments with characteristics of liabilities and equity. More specifically, the amendments focus on the guidance for convertible instruments and derivative scope exception for contracts in an entity’s own equity. This ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. The Company early adopted this ASU in fiscal 2022.

The adoption of this ASU did not have a material impact on our financial position, results of operations or liquidity. Adoption of this ASU did simplify the accounting of the 5.00% Series A Mandatory Convertible Preferred Stock (“MCPS”) referred to in Note 5 by removing the requirement to assess the financial instrument for beneficial conversion features and clarifying how diluted EPS should be calculated using the “if-converted” method. Refer to Note 6 for further details regarding the “if-converted” method.

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

Oct. 02, 2021

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 October 2, 2021 and September 26, 2020 are as follows:

Principal End Markets

	Three Months Ended
	October 2, 2021						September 26, 2020
	Aerospace		Industrial		Total		Aerospace		Industrial		Total
Plain	$	49,503	$	24,576	$	74,079	$	51,040	$	20,013	$	71,053
Roller		8,892		18,417		27,309		10,674		10,905		21,579
Ball		8,027		16,404		24,431		7,311		13,788		21,099
Engineered Products		16,860		18,221		35,081		18,116		14,488		32,604
	$	83,282	$	77,618	$	160,900	$	87,141	$	59,194	$	146,335

	Six Months Ended
	October 2, 2021						September 26, 2020
	Aerospace		Industrial		Total		Aerospace		Industrial		Total
Plain	$	98,471	$	48,929	$	147,400	$	110,392	$	39,536	$	149,928
Roller		17,679		34,877		52,556		23,904		20,575		44,479
Ball		15,237		32,322		47,559		14,333		25,606		39,939
Engineered Products		32,788		36,802		69,590		37,494		30,988		68,482
	$	164,175	$	152,930	$	317,105	$	186,123	$	116,705	$	302,828

Remaining Performance Obligations

Remaining performance obligations represent the transaction price of orders meeting the definition of a contract for which work has not been performed or has been partially performed and excludes unexercised contract options. The duration of the majority of our contracts, as defined by ASC Topic 606, is less than one year. The Company has elected to apply the practical expedient, which allows companies to exclude remaining performance obligations with an original expected duration of one year or less. 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 $302,874 at October 2, 2021. The Company expects to recognize revenue on approximately 55% and 87% 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 affect accounts receivable, unbilled receivables (contract assets) and customer advances and deposits (contract liabilities) on the consolidated balance sheets. These assets and liabilities are reported on the consolidated balance sheets on an individual contract basis at the end of each reporting period.

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.

As of October 2, 2021 and April 3, 2021, current contract assets were $6,743 and $5,584, respectively, and included within prepaid expenses and other current assets on the consolidated balance sheets. The increase in contract assets was primarily due to the recognition of revenue related to the satisfaction or partial satisfaction of performance obligations prior to billing partially offset by amounts billed to customers during the period. As of October 2, 2021 and April 3, 2021, the Company did not have any contract assets classified as noncurrent on the consolidated balance sheets. There were $77 of impairment losses related to the Company’s contract assets during the three and six months ended October 2, 2021.

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.

As of October 2, 2021 and April 3, 2021, current contract liabilities were $15,368 and $16,998, respectively, and included within accrued expenses and other current liabilities on the consolidated balance sheets. The decrease in current contract liabilities was primarily due to the amount of advanced payments received and reclassifications between current and noncurrent contract liabilities based on anticipated timing of performance obligations and revenue recognized during the period. For the three and six months ended October 2, 2021, the Company recognized revenues related to contract liabilities of $2,129 and $6,779, respectively. For the three and six months ended September 26, 2020, the Company recognized revenues related to contract liabilities of $1,944 and $7,765, respectively.

As of October 2, 2021 and April 3, 2021, noncurrent contract liabilities were $8,935 and $3,754, respectively, and included within other noncurrent liabilities on the consolidated balance sheets. The increase in noncurrent contract liabilities was primarily due to the amount of advanced payments received and reclassifications between current and noncurrent contract liabilities based on anticipated timing of performance obligations and revenue recognized during the period.

Accounts Receivable - As of October 2, 2021 and April 3, 2021, accounts receivable with customers, net, were $109,650 and $110,472, respectively.

- 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
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+ Details

Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Oct. 02, 2021

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 April 3, 2021	$	445	$	(10,854	)	$	(10,409	)
Other comprehensive income (loss) before reclassifications		510		—			510
Amounts recorded in/reclassified from accumulated other comprehensive income (loss)		—		636			636
Net current period other comprehensive income (loss)		510		636			1,146
Balance at October 2, 2021	$	955	$	(10,218	)	$	(9,263	)

Stockholders' Equity

6 Months Ended

Oct. 02, 2021

Stockholders' Equity Note [Abstract]

Stockholders' Equity

5. Stockholders’ Equity

Preferred Stock

We are authorized to issue 10,000,000 shares of preferred stock, $0.01 par value per share, in one or more series and to fix the powers, designations, preferences and relative participating, option or other rights thereof, including dividend rights, conversion rights, voting rights, redemption terms, liquidation preferences and the number of shares constituting any series, without any further vote or action by our stockholders.

On September 24, 2021, we completed an offering of 4,600,000 shares of 5.00% Series A Mandatory Convertible Preferred Stock (“MCPS”) in a public offering registered under the Securities Act of 1933, as amended (the “Securities Act”), including 600,000 shares issued pursuant to the full exercise of the option granted to the underwriters of the MCPS offering to purchase additional shares solely to cover over-allotments. The MCPS has a liquidation preference of $100 per share. The trading symbol for the MCPS is “ROLLP.” The net proceeds from the MCPS offering were approximately $445,453 after deducting underwriting discounts and commissions and offering expenses. On November 1, 2021, the Company used the proceeds to fund a portion of the cash purchase price for the acquisition of the Dodge Mechanical Power Transmission Business (“Dodge”) from ABB Asea Brown Boveri Ltd (“ABB”).

As of October 2, 2021, the MCPS had an aggregate liquidation preference of $460,510.

Holders of MCPS are entitled to receive, when, as and if declared by our Board of Directors, or an authorized committee thereof, out of funds legally available for payment, cumulative dividends at the annual rate of 5.00% of the liquidation preference of $100 per share, payable in cash or, subject to certain limitations, by delivery of shares of common stock or any combination of cash and shares of common stock, at our election; provided, however, that any unpaid dividends on the MCPS will continue to accumulate as described in the Certificate of Designations that sets forth the rights, preferences and privileges of the MCPS. During the second quarter of fiscal 2022, the Company had accrued dividends of $510.

Subject to certain exceptions, no dividend or distribution will be declared or paid on shares of our common stock, and no common stock will be purchased, redeemed or otherwise acquired for consideration by us or any of our subsidiaries unless, in each case, all accumulated and unpaid dividends for all preceding dividend periods have been declared and paid, or a sufficient amount of cash or number of shares of common stock has been set apart for the payment of such dividends, on all outstanding shares of MCPS. In the event of our voluntary or involuntary liquidation, winding-up or dissolution, no distribution of our assets may be made to holders of our common stock until we have paid holders of MCPS, each of which will be entitled to receive a liquidation preference in the amount of $100 per share plus accumulated and unpaid dividends.

Unless earlier converted or redeemed, each share of MCPS will automatically convert, for settlement on or about October 15, 2024, into between 0.4413 and 0.5405 shares of Common Stock, subject to customary anti-dilution adjustments. The conversion rate that will apply to mandatory conversions will be determined based on the average of the daily volume-weighted average prices over the 20 consecutive trading days beginning on, and including, the 21st scheduled trading day immediately before October 15, 2024. The conversion rate applicable to mandatory conversions may in certain circumstances be increased to compensate holders of the MCPS for certain unpaid accumulated dividends.

Common Stock

We are authorized to issue 60,000,000 shares of common stock, $0.01 par value per share. Holders of common stock are entitled to one vote per share. Holders of common stock are entitled to receive dividends, if and when declared by our Board of Directors, and to share ratably in our assets legally available for distribution to our stockholders in the event of liquidation. Holders of common stock have no preemptive, subscription, redemption, or conversion rights. The holders of common stock do not have cumulative voting rights. The holders of a majority of the shares of common stock can elect all of the directors and can control our management and affairs. The common stock is junior to the MCPS in terms of liquidation preference.

On September 24, 2021, we completed an offering of 3,450,000 shares of common stock in a public offering registered under the Securities Act at an offering price of $185 per share, including 450,000 shares issued pursuant to the full exercise of the option granted to the underwriters of the offering to purchase additional shares.

The net proceeds from the offering were approximately $605,677 after deducting underwriting discounts and commissions and offering expenses. On November 1, 2021, the Company used the proceeds to fund a portion of the cash purchase price for the acquisition of Dodge.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Net Income Per Share Available to Common Stockholders

6 Months Ended

Oct. 02, 2021

Earnings Per Share [Abstract]

Net Income Per Share Available to Common Stockholders

6. Net Income Per Share Available to Common Stockholders

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

Diluted net income per share available to common stockholders is computed by dividing net income available to common stockholders 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 and conversion common stock shares of MCPS.

We exclude outstanding stock options, stock awards and the MCPS from the calculations if the effect would be anti-dilutive. The dilutive effect of the MCPS is calculated using the if-converted method. The if-converted method assumes that these securities were converted to shares of common stock at the later of the September 24, 2021 issuance date or the beginning of the reporting period to the extent that the effect is dilutive. If the effect is anti-dilutive, we calculate net income per share available to common stockholders by adjusting net income in the numerator for the effect of the cumulative MCPS dividends for the respective period.

For the three- and six-month periods ended October 2, 2021, the effect of assuming the conversion of the 4,600,000 shares of MCPS into shares of common stock was anti-dilutive, and therefore excluded from the calculation of diluted earnings per share available to common stockholders. Accordingly, net income was reduced by cumulative MCPS dividends, as presented in our consolidated statement of operations, for purposes of calculating net income available to common stockholders.

For the three months ended October 2, 2021, 159,925 employee stock options and no restricted shares were excluded from the calculation of diluted earnings per share available to common stockholders. For the six months ended October 2, 2021, 159,925 employee stock options and no restricted shares were excluded from the calculation of diluted earnings per share available to common stockholders. For the three months ended September 26, 2020, 502,861 employee stock options and 115,185 restricted shares were excluded from the calculation of diluted earnings per share available to common stockholders. For the six months ended September 26, 2020, 502,909 employee stock options and 65,325 restricted shares were excluded from the calculation of diluted earnings per share available to common stockholders. The inclusion of these employee stock options and restricted shares would have been anti-dilutive.

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 share available to common stockholders:

	Three Months Ended				Six Months Ended
	October 2, 2021		September 26, 2020		October 2, 2021		September 26, 2020

Net income	$	6,929	$	20,421	$	32,928	$	43,110
Preferred stock dividends		510		—		510		—
Net income available to common stockholders	$	6,419	$	20,421	$	32,418	$	43,110

Denominator for basic net income per share available to common stockholders — weighted-average shares outstanding		25,500,393		24,823,658		25,260,728		24,793,245

Effect of dilution due to employee stock awards		275,401		133,500		283,360		151,363
Effect of dilution due to MCPS		—		—		—		—
Denominator for diluted net income per share available to common stockholders — weighted-average shares outstanding		25,775,794		24,957,158		25,544,088		24,944,608

Basic net income per share available to common stockholders	$	0.25	$	0.82	$	1.28	$	1.74

Diluted net income per share available to common stockholders	$	0.25	$	0.82	$	1.27	$	1.73

Cash and Cash Equivalents

6 Months Ended

Oct. 02, 2021

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents

7. 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. The Company maintains its cash accounts primarily with Bank of America, N.A., Credit Suisse Group AG and Wells Fargo & Company. The domestic balances are insured by the Federal Deposit Insurance Company up to $250. The Company has not experienced any losses in such accounts.

During the second quarter of fiscal 2022, the Company sold all of its remaining short-term marketable securities to fund a portion of the cash purchase price for the acquisition of Dodge, to pay acquisition-related fees and expenses, and for other general corporate purposes. The resulting gain on sale was immaterial.

Inventory

6 Months Ended

Oct. 02, 2021

Inventory Disclosure [Abstract]

Inventory

8. Inventory

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

	October 2, 2021		April 3, 2021
Raw materials	$	57,493	$	57,764
Work in process		93,197		86,183
Finished goods		220,055		220,200
	$	370,745	$	364,147

Debt

6 Months Ended

Oct. 02, 2021

Debt Disclosure [Abstract]

Debt

9. Debt

The balances payable under all borrowing facilities are as follows:

	October 2, 2021			April 3, 2021
Revolver and term loan facilities	$	3,115		$	11,657
Debt issuance costs		(1,005	)		(1,216	)
Other		5,495			5,666
Total debt		7,605			16,107
Less: current portion		500			2,612
Long-term debt	$	7,105		$	13,495

The current portion of long-term debt as of October 2, 2021 included the current portion of the Schaublin mortgage. The current portion of long-term debt as of April 3, 2021 included the current portion of the Foreign Term Loan and the Schaublin mortgage.

Domestic Credit Facility

The Company’s credit agreement with Wells Fargo Bank, National Association (“Wells Fargo”), as Administrative Agent, Collateral Agent, Swingline Lender and Letter of Credit Issuer, and the other lenders party thereto (the “2015 Credit Agreement”) provides the Company with a $250,000 revolving credit facility (the “Revolver”), which expires on January 31, 2024. As of October 2, 2021, $923 in unamortized debt issuance costs remained.

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. As of October 2, 2021, the Company’s margin was 0.00% for base rate loans and 0.75% for LIBOR loans.

The 2015 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 2015 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 2015 Credit Agreement. As of October 2, 2021, the Company was in compliance with all such covenants.

The Company’s domestic subsidiaries have guaranteed the Company’s obligations under the 2015 Credit Agreement, and the Company’s obligations and the domestic subsidiaries’ guaranty are secured by a pledge of substantially all of the domestic assets of the Company and its domestic subsidiaries.

As of October 2, 2021, approximately $3,550 of the Revolver was being utilized to provide letters of credit to secure the Company’s obligations relating to certain insurance programs, and the Company had the ability to borrow up to an additional $246,450 under the Revolver as of October 2, 2021. On November 1, 2021, the 2015 Credit Agreement was terminated and replaced with the new credit agreement referred to in Note 12 below.

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 (i) finance the acquisition of Swiss Tool, and (ii) 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. As of October 2, 2021, approximately $82 in unamortized debt issuance costs remain.

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 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 October 2, 2021, 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 October 2, 2021, there was approximately $3,115 outstanding under the Foreign Term Loan and no amounts outstanding under the Foreign Revolver, and Schaublin had the ability to borrow up to an additional $16,114 under the Foreign Revolver.

Schaublin’s required future principal payments are approximately $0 for the remainder of fiscal 2022, $0 for fiscal 2023 through fiscal 2024 and $3,115 for fiscal 2025.

Other Notes Payable

In 2012 Schaublin purchased the land and building that it occupies 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 October 2, 2021 was approximately $5,495 and has been classified as Level 2 of the valuation hierarchy.

The Company’s required future principal payments are approximately $250 for the remainder of fiscal 2022, $500 for each year from fiscal 2023 through fiscal 2026 and $3,245 thereafter.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Income Taxes

6 Months Ended

Oct. 02, 2021

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 March 31, 2018.

The effective income tax rates for the three-month periods ended October 2, 2021 and September 26, 2020 were 40.5% and 20.9%, 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 October 2, 2021 of 40.5% includes $91 of tax benefits associated with share-based compensation offset by the establishment of a $1,853 valuation allowance for capital loss carryforwards we do not expect to recognize and $100 of other items. The effective income tax rate without discrete items for the three-month period ended October 2, 2021 would have been 24.5%. 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 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 $1,429.

Income tax expense for the six-month period ended October 2, 2021 was $9,585 compared to $11,046 for the six-month period ended September 26, 2020. Our effective income tax rate for the six-month period ended October 2, 2021 was 22.5% compared to 20.4% for the six-month period ended September 26, 2020. The effective income tax rate for the six-month period ended October 2, 2021 of 22.5% includes $2,231 of tax benefits associated with share-based compensation and $60 of other items offset by the establishment of a $1,853 valuation allowance for capital loss carryforwards we don’t expect to recognize. The effective income tax rate without these benefits and other items for the six-month period ended October 2, 2021 would have been 23.6%. The effective income tax rate for the six-month period ended September 26, 2020 of 20.4% included $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%.

- 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.

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+ Details

Reportable Segments

6 Months Ended

Oct. 02, 2021

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						Six Months Ended
	October 2, 2021			September 26, 2020			October 2, 2021			September 26, 2020
Net External Sales
Plain	$	74,079		$	71,053		$	147,400		$	149,928
Roller		27,309			21,579			52,556			44,479
Ball		24,431			21,099			47,559			39,939
Engineered Products		35,081			32,604			69,590			68,482
	$	160,900		$	146,335		$	317,105		$	302,828
Gross Margin
Plain	$	27,956		$	29,750		$	59,480		$	61,827
Roller		10,128			6,236			19,246			14,643
Ball		11,090			9,129			21,782			17,056
Engineered Products		13,290			11,481			25,729			22,523
	$	62,464		$	56,596		$	126,237		$	116,049
Selling, General & Administrative Expenses
Plain	$	5,948		$	5,276		$	11,833		$	10,547
Roller		1,465			1,162			2,823			2,401
Ball		1,610			1,289			3,251			2,635
Engineered Products		4,226			3,838			8,475			7,650
Corporate		16,425			14,458			33,094			29,619
	$	29,674		$	26,023		$	59,476		$	52,852
Operating Income
Plain	$	20,213		$	23,472		$	45,043		$	48,873
Roller		8,662			4,481			15,955			11,580
Ball		9,457			7,803			18,473			14,354
Engineered Products		7,849			6,112			15,452			12,093
Corporate		(19,058	)		(15,505	)		(37,077	)		(31,723	)
	$	27,123		$	26,363		$	57,846		$	55,177
Intersegment Sales
Plain	$	1,687		$	1,212		$	3,254		$	2,774
Roller		2,552			2,171			4,806			5,549
Ball		1,318			464			2,335			1,131
Engineered Products		12,955			6,832			23,437			17,481
	$	18,512		$	10,679		$	33,832		$	26,935

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.

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+ Details

Subsequent Events

6 Months Ended

Oct. 02, 2021

Subsequent Events [Abstract]

Subsequent Events

12. Subsequent Events

On November 1, 2021, the Company completed the acquisition of Dodge for approximately $2,900,000, net of cash acquired and subject to certain adjustments. In the acquisition, the Company purchased 100% of the capital stock of certain entities, including Dodge Mechanical Power Transmission Company Inc., and certain other assets relating to ABB’s mechanical power transmission business.

With headquarters in Greenville, South Carolina, Dodge is a leading manufacturer of mounted bearings and mechanical products with market-leading brand recognition. Dodge manufactures a complete line of mounted bearings, enclosed gearing and power transmission components across a diverse set of industrial end markets. Dodge primarily operates across the construction and mining aftermarket, and the food & beverage, warehousing and general machinery verticals, with sales predominately in the Americas.

When the Company entered into the Dodge acquisition agreement in July 2021, its obligation to pay the purchase price was supported by a $2,800,000 bridge financing commitment, which was replaced prior to the closing of the acquisition by the equity offerings described in Note 5 above and the debt financings described below. The remainder of the purchase price was funded with cash on hand.

On October 7, 2021, Roller Bearing Company of America, Inc. (“RBCA”), a wholly-owned subsidiary of our top holding company RBC Bearings Incorporated, issued $500,000 aggregate principal amount of 4.375% Senior Notes due 2029 (the “Notes”). The Notes were offered and sold only to “qualified institutional buyers” in the United States pursuant to Rule 144A of the Securities Act, and outside the United States to persons other than “U.S. persons” in compliance with Regulation S under the Securities Act.

On November 1, 2021 RBC Bearings and RBCA entered into a Credit Agreement (the “New Credit Agreement”) with Wells Fargo, as Administrative Agent, Collateral Agent, Swingline Lender and Letter of Credit Issuer and the other lenders party thereto, and terminated the 2015 Credit Agreement. The New Credit Agreement provides the Company with (a) a $1,300,000 term loan facility (the “Term Loan Facility”), which was used to fund a portion of the cash purchase price for the acquisition of Dodge and to pay related fees and expenses, and (b) a $500,000 revolving credit facility (the “Revolving Credit Facility” and together with the Term Loan Facility, the “Facilities”), approximately $3,550 of which is being utilized to provide letters of credit to secure the Company’s obligations relating to certain insurance programs, leaving the Company with the ability to borrow up to an additional $496,450 under the Revolving Credit Facility as of November 1, 2021. Amounts outstanding under the Facilities generally bear interest at either, at RBCA’s option, (a) a base rate determined by reference to the higher of (i) Wells Fargo’s prime lending rate, (ii) the federal funds effective rate plus 1/2 of 1.00% and (iii) the one-month LIBOR rate plus 1.00% or (b) the LIBOR rate 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 from time to time. Currently, the Company’s margin is 0.75% for base rate loans and 1.75% for LIBOR rate loans. The Facilities are subject to a “LIBOR” floor of 0.00% and contain “hard-wired” LIBOR replacement provisions as set forth in the New Credit Agreement. The Term Loan Facility and the Revolving Credit Facility will mature on November 2, 2026 (the “Maturity Date”). The Company can elect to prepay some or all of the outstanding balance from time to time without penalty. Commencing one full fiscal quarter after the execution of the New Credit Agreement, the Term Loan Facility will amortize in quarterly installments as set forth below with the balance payable on the Maturity Date unless otherwise extended in accordance with the terms of the Term Loan Facility:

Date	Term Loan Facility Repayment Amount
March 31, 2022		1.25	%
June 30, 2022		1.25	%
September 30, 2022		1.25	%
December 31, 2022		1.25	%
March 31, 2023		1.25	%
June 30, 2023		1.25	%
September 30, 2023		1.25	%
December 31, 2023		1.25	%
March 31, 2024		1.875	%
June 30, 2024		1.875	%
September 30, 2024		1.875	%
December 31, 2024		1.875	%
March 31, 2025		2.50	%
June 30, 2025		2.50	%
September 30, 2025		2.50	%
December 31, 2025		2.50	%
March 31, 2026		3.125	%
June 30, 2026		3.125	%
September 30, 2026		3.125	%
November 2, 2026		Remaining outstanding amounts

At November 1, 2021, the Company had $1,300,000 outstanding under the Term Loan Facility and $0 had been drawn down from the Revolving Credit Facility.

The New Credit Agreement requires the Company to comply with various covenants, including the following financial covenants beginning with the test period ending December 31, 2021: (a) a maximum Total Net Leverage Ratio of 5.50:1.00, which maximum Total Net Leverage Ratio shall decrease during certain subsequent test periods as set forth in the New Credit Agreement (provided that, no more than once during the term of the Facilities, such maximum ratio applicable at such time may be increased by the Borrower by 0.50:1.00 for a period of twelve (12) months after the consummation of a material acquisition), and (b) a minimum Interest Coverage Ratio of 2.00:1.00.

The New 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 New Credit Agreement.

The Company is currently performing procedures to determine the Dodge purchase price allocation and estimating the fair value of tangible and intangible assets acquired and liabilities assumed in connection with the Dodge acquisition. The initial fair value estimates will be recorded in the third quarter of fiscal 2022.

Acquisition and financing costs incurred in the second quarter of fiscal 2022 totaled $80,762. Of this amount, (a) $47,121 was recorded as a reduction of additional paid in capital on the consolidated balance sheets in connection with the common stock and MCPS offerings, (b) $22,294 was recorded as deferred financing fees associated with a bridge loan financing commitment obtained in connection with the Dodge acquisition and included within prepaid expenses and other current assets on the consolidated balance sheets, of which, $15,470 was amortized during the quarter and included within interest expense in the consolidated statement of operations, (c) $9,913 was recorded as deferred financing fees associated with the permanent financing for the Dodge acquisition and included within other assets on the consolidated balance sheets, and (d) $1,433 was recorded as period expenses and included within other, net within the consolidated statements of operations.

Accounting Policies, by Policy (Policies)

6 Months Ended

Oct. 02, 2021

Accounting Policies [Abstract]

Recent Accounting Standards Adopted

Recent Accounting Standards Adopted

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

Oct. 02, 2021

Revenue from Contract with Customer [Abstract]

Schedule of revenue from business segments of customers

	Three Months Ended
	October 2, 2021						September 26, 2020
	Aerospace		Industrial		Total		Aerospace		Industrial		Total
Plain	$	49,503	$	24,576	$	74,079	$	51,040	$	20,013	$	71,053
Roller		8,892		18,417		27,309		10,674		10,905		21,579
Ball		8,027		16,404		24,431		7,311		13,788		21,099
Engineered Products		16,860		18,221		35,081		18,116		14,488		32,604
	$	83,282	$	77,618	$	160,900	$	87,141	$	59,194	$	146,335

	Six Months Ended
	October 2, 2021						September 26, 2020
	Aerospace		Industrial		Total		Aerospace		Industrial		Total
Plain	$	98,471	$	48,929	$	147,400	$	110,392	$	39,536	$	149,928
Roller		17,679		34,877		52,556		23,904		20,575		44,479
Ball		15,237		32,322		47,559		14,333		25,606		39,939
Engineered Products		32,788		36,802		69,590		37,494		30,988		68,482
	$	164,175	$	152,930	$	317,105	$	186,123	$	116,705	$	302,828

Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Oct. 02, 2021

Stockholders' Equity Note [Abstract]

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

	Currency Translation		Pension and Postretirement Liability			Total
Balance at April 3, 2021	$	445	$	(10,854	)	$	(10,409	)
Other comprehensive income (loss) before reclassifications		510		—			510
Amounts recorded in/reclassified from accumulated other comprehensive income (loss)		—		636			636
Net current period other comprehensive income (loss)		510		636			1,146
Balance at October 2, 2021	$	955	$	(10,218	)	$	(9,263	)

Net Income Per Share Available to Common Stockholders (Tables)

6 Months Ended

Oct. 02, 2021

Earnings Per Share [Abstract]

Schedule of basic and diluted net income per common share

	Three Months Ended				Six Months Ended
	October 2, 2021		September 26, 2020		October 2, 2021		September 26, 2020

Net income	$	6,929	$	20,421	$	32,928	$	43,110
Preferred stock dividends		510		—		510		—
Net income available to common stockholders	$	6,419	$	20,421	$	32,418	$	43,110

Denominator for basic net income per share available to common stockholders — weighted-average shares outstanding		25,500,393		24,823,658		25,260,728		24,793,245

Effect of dilution due to employee stock awards		275,401		133,500		283,360		151,363
Effect of dilution due to MCPS		—		—		—		—
Denominator for diluted net income per share available to common stockholders — weighted-average shares outstanding		25,775,794		24,957,158		25,544,088		24,944,608

Basic net income per share available to common stockholders	$	0.25	$	0.82	$	1.28	$	1.74

Diluted net income per share available to common stockholders	$	0.25	$	0.82	$	1.27	$	1.73

Inventory (Tables)

6 Months Ended

Oct. 02, 2021

Inventory Disclosure [Abstract]

Schedule of inventory

	October 2, 2021		April 3, 2021
Raw materials	$	57,493	$	57,764
Work in process		93,197		86,183
Finished goods		220,055		220,200
	$	370,745	$	364,147

Debt (Tables)

6 Months Ended

Oct. 02, 2021

Debt Disclosure [Abstract]

Schedule of balances payable under borrowing facilities

	October 2, 2021			April 3, 2021
Revolver and term loan facilities	$	3,115		$	11,657
Debt issuance costs		(1,005	)		(1,216	)
Other		5,495			5,666
Total debt		7,605			16,107
Less: current portion		500			2,612
Long-term debt	$	7,105		$	13,495

Reportable Segments (Tables)

6 Months Ended

Oct. 02, 2021

Segment Reporting [Abstract]

Schedule of segment information

	Three Months Ended						Six Months Ended
	October 2, 2021			September 26, 2020			October 2, 2021			September 26, 2020
Net External Sales
Plain	$	74,079		$	71,053		$	147,400		$	149,928
Roller		27,309			21,579			52,556			44,479
Ball		24,431			21,099			47,559			39,939
Engineered Products		35,081			32,604			69,590			68,482
	$	160,900		$	146,335		$	317,105		$	302,828
Gross Margin
Plain	$	27,956		$	29,750		$	59,480		$	61,827
Roller		10,128			6,236			19,246			14,643
Ball		11,090			9,129			21,782			17,056
Engineered Products		13,290			11,481			25,729			22,523
	$	62,464		$	56,596		$	126,237		$	116,049
Selling, General & Administrative Expenses
Plain	$	5,948		$	5,276		$	11,833		$	10,547
Roller		1,465			1,162			2,823			2,401
Ball		1,610			1,289			3,251			2,635
Engineered Products		4,226			3,838			8,475			7,650
Corporate		16,425			14,458			33,094			29,619
	$	29,674		$	26,023		$	59,476		$	52,852
Operating Income
Plain	$	20,213		$	23,472		$	45,043		$	48,873
Roller		8,662			4,481			15,955			11,580
Ball		9,457			7,803			18,473			14,354
Engineered Products		7,849			6,112			15,452			12,093
Corporate		(19,058	)		(15,505	)		(37,077	)		(31,723	)
	$	27,123		$	26,363		$	57,846		$	55,177
Intersegment Sales
Plain	$	1,687		$	1,212		$	3,254		$	2,774
Roller		2,552			2,171			4,806			5,549
Ball		1,318			464			2,335			1,131
Engineered Products		12,955			6,832			23,437			17,481
	$	18,512		$	10,679		$	33,832		$	26,935

Subsequent Events (Tables)

6 Months Ended

Oct. 02, 2021

Subsequent Events [Abstract]

Schedule of term loan facility

Date	Term Loan Facility Repayment Amount
March 31, 2022		1.25	%
June 30, 2022		1.25	%
September 30, 2022		1.25	%
December 31, 2022		1.25	%
March 31, 2023		1.25	%
June 30, 2023		1.25	%
September 30, 2023		1.25	%
December 31, 2023		1.25	%
March 31, 2024		1.875	%
June 30, 2024		1.875	%
September 30, 2024		1.875	%
December 31, 2024		1.875	%
March 31, 2025		2.50	%
June 30, 2025		2.50	%
September 30, 2025		2.50	%
December 31, 2025		2.50	%
March 31, 2026		3.125	%
June 30, 2026		3.125	%
September 30, 2026		3.125	%
November 2, 2026		Remaining outstanding amounts

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Significant Accounting Policies (Details)	6 Months Ended
Significant Accounting Policies (Details)	Oct. 02, 2021
Accounting Policies [Abstract]
Series A mandatoey convertible preferred stock	5.00%

Revenue from Contracts with Customers (Details) - USD ($)	3 Months Ended	6 Months Ended
	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020	Apr. 03, 2021
Revenue from Contract with Customer [Abstract]
Aggregate amount of the transaction price allocated to remaining performance obligations		$ 302,874,000
Performance obligations expected to be satisfied in the future		The Company expects to recognize revenue on approximately 55% and 87% of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter.
Current contract assets		$ 6,743,000		$ 5,584,000
Impairment losses		77
Current contract liabilities		15,368,000		16,998,000
Recognized revenues	$ 1,944	2,129	$ 7,765
Revenue recognized included in the contract liability	$ 3,000	6,779,000	$ 3,000
Noncurrent contract liabilities		8,935,000		3,754,000
Accounts receivable with customers, net		$ 109,650,000		$ 110,472,000

Revenue from Contracts with Customers (Details) - Schedule of revenue from business segments of customers - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	$ 160,900	$ 146,335	$ 317,105	$ 302,828
Plain [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	74,079	71,053	147,400	149,928
Roller [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	27,309	21,579	52,556	44,479
Ball [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	24,431	21,099	47,559	39,939
Engineered Products [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	35,081	32,604	69,590	68,482
Aerospace [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	83,282	87,141	164,175	186,123
Aerospace [Member] \| Plain [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	49,503	51,040	98,471	110,392
Aerospace [Member] \| Roller [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	8,892	10,674	17,679	23,904
Aerospace [Member] \| Ball [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	8,027	7,311	15,237	14,333
Aerospace [Member] \| Engineered Products [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	16,860	18,116	32,788	37,494
Industrial [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	77,618	59,194	152,930	116,705
Industrial [Member] \| Plain [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	24,576	20,013	48,929	39,536
Industrial [Member] \| Roller [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	18,417	10,905	34,877	20,575
Industrial [Member] \| Ball [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	16,404	13,788	32,322	25,606
Industrial [Member] \| Engineered Products [Member]
Revenue, Major Customer [Line Items]
Revenue from contracts with customers	$ 18,221	$ 14,488	$ 36,802	$ 30,988

- 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.

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+ Details

Accumulated Other Comprehensive Income (Loss) (Details) - Schedule of accumulated other comprehensive income (loss), net of taxes $ in Thousands	6 Months Ended
	Oct. 02, 2021 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (10,409)
Other comprehensive income (loss) before reclassifications	510
Amounts recorded in/reclassified from accumulated other comprehensive income (loss)	636
Net current period other comprehensive income (loss)	1,146
Ending balance	(9,263)
Currency Translation [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	445
Other comprehensive income (loss) before reclassifications	510
Amounts recorded in/reclassified from accumulated other comprehensive income (loss)
Net current period other comprehensive income (loss)	510
Ending balance	955
Pension and Postretirement Liability [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(10,854)
Amounts recorded in/reclassified from accumulated other comprehensive income (loss)	636
Net current period other comprehensive income (loss)	636
Ending balance	$ (10,218)

- Definition

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

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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 12: 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(19))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

+ Details

Stockholders' Equity (Details) - USD ($)	1 Months Ended	6 Months Ended
Stockholders' Equity (Details) - USD ($)	Sep. 24, 2021	Oct. 02, 2021	Oct. 15, 2024	Apr. 03, 2021
Stockholders' Equity (Details) [Line Items]
Preferred stock, authorized		10,000,000		10,000,000
Preferred stock, Value (in Dollars per share)		$ 0.01
Offering of shares	4,600,000
Convertible preferred stock percentage	5.00%
Shares issued to cover over-allotments	600,000
Liquidation preference (in Dollars per share)		$ 100
Net proceeds (in Dollars)	$ 445,453
Aggregate liquidation preference (in Dollars)		$ 460,510
Cumulative dividends rate		5.00%
Liquidation preference (in Dollars per share)		$ 100
AccuredDividens (in Dollars)		$ 510
Common stock, authorized		60,000,000		60,000,000
Common stock par value (in Dollars per share)		$ 0.01		$ 0.01
MCPS [Member]
Stockholders' Equity (Details) [Line Items]
Liquidation preference (in Dollars per share)	$ 100
Common Stock [Member]
Stockholders' Equity (Details) [Line Items]
Offering of shares	3,450,000
Net proceeds (in Dollars)		$ 605,677
Common stock, authorized		60,000,000
Common stock par value (in Dollars per share)		$ 0.01
Common stock voting rights		Holders of common stock are entitled to one vote per share.
Offering price (in Dollars)	$ 185
Shares issued pursuant to the full exercise of the option granted to underwriters	450,000
Forecast [Member] \| Minimum [Member]
Stockholders' Equity (Details) [Line Items]
MCPS conversion rate to common stock			0.4413
Forecast [Member] \| Maximum [Member]
Stockholders' Equity (Details) [Line Items]
MCPS conversion rate to common stock			0.5405

Net Income Per Share Available to Common Stockholders (Details) - shares	2 Months Ended	3 Months Ended		6 Months Ended
	Oct. 02, 2021	Oct. 02, 2021	Sep. 26, 2021	Sep. 26, 2020
Net Income Per Share Available to Common Stockholders (Details) [Line Items]
Conversion, shares	4,600,000
Employee Stock Options [Member]
Net Income Per Share Available to Common Stockholders (Details) [Line Items]
Number of employee stock options and restricted shares excluded from calculation of diluted earnings per share		159,925	502,861	502,909
Restricted Stock [Member]
Net Income Per Share Available to Common Stockholders (Details) [Line Items]
Number of employee stock options and restricted shares excluded from calculation of diluted earnings per share			115,185	65,325

Net Income Per Share Available to Common Stockholders (Details) - Schedule of basic and diluted net income per common share - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Schedule of basic and diluted net income per common share [Abstract]
Net income (in Dollars)	$ 6,929	$ 20,421	$ 32,928	$ 43,110
Preferred stock dividends (in Dollars)	510		510
Net income available to common stockholders (in Dollars)	$ 6,419	$ 20,421	$ 32,418	$ 43,110
Denominator for basic net income per share available to common stockholders — weighted-average shares outstanding	25,500,393	24,823,658	25,260,728	24,793,245
Effect of dilution due to employee stock awards	275,401	133,500	283,360	151,363
Effect of dilution due to MCPS
Denominator for diluted net income per share available to common stockholders — weighted-average shares outstanding	25,775,794	24,957,158	25,544,088	24,944,608
Basic net income per share available to common stockholders (in Dollars per share)	$ 0.25	$ 0.82	$ 1.28	$ 1.74
Diluted net income per share available to common stockholders (in Dollars per share)	$ 0.25	$ 0.82	$ 1.27	$ 1.73

Cash and Cash Equivalents (Details) $ in Thousands	Oct. 02, 2021 USD ($)
Cash and Cash Equivalents [Abstract]
Federal deposit insurance	$ 250

Inventory (Details) - Schedule of inventory - USD ($) $ in Thousands	Oct. 02, 2021	Apr. 03, 2021
Schedule of inventory [Abstract]
Raw materials	$ 57,493	$ 57,764
Work in process	93,197	86,183
Finished goods	220,055	220,200
Inventory, Net, Total	$ 370,745	$ 364,147

Debt (Details) SFr in Thousands, $ in Thousands				6 Months Ended
Debt (Details) SFr in Thousands, $ in Thousands	Aug. 15, 2019 USD ($)	Aug. 15, 2019 CHF (SFr)	Oct. 01, 2012 USD ($)	Oct. 02, 2021 USD ($)	Aug. 15, 2019 CHF (SFr)
Debt Instrument [Line Items]
Line of credit facilit				$ 246,450
Foreign term loan outstanding amount				16,114
Future annual principal payments in fiscal 2022				250
Future annual principal payments in fiscal 2023 through fiscal 2026				500
Future annual principal payments in fiscal thereafter				3,245
Revolver [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs				$ 82
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. As of October 2, 2021, the Company’s margin was 0.00% for base rate loans and 0.75% for LIBOR loans.
Letters of credit				$3,550
Domestic Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis				The 2015 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 Term Loan [Member]
Debt Instrument [Line Items]
Foreign term loan outstanding amount				$ 3,115
Amended Credit Agreement [Member] \| Revolver [Member]
Debt Instrument [Line Items]
Letters of credit				250,000
Unamortized debt issuance costs				$ 923
Schaublin [Member]
Debt Instrument [Line Items]
Percentage of bear interest				1.00%
Future annual principal payments in Fiscal 2022				$ 0
Future annual principal payments in Fiscal 2023 through Fiscal 2024				0
Future annual principal payments in Fiscal 2025				3,115
Cash paid for purchase price			$ 5,053
Balance on mortgage				$ 5,495
Schaublin [Member] \| Land and building [Member]
Debt Instrument [Line Items]
Land and building amount			$ 14,910
Period for fixed rate on mortgage loan, description			Schaublin obtained a 20-year fixed-rate mortgage of approximately $9,857 at an interest rate of 2.9%.
Mortgage fixed rate			$ 9,857
Mortgage interest rate			2.90%
Schaublin [Member] \| Foreign Term Loan [Member]
Debt Instrument [Line Items]
Term loan	$ 15,383				SFr 15,000
Schaublin [Member] \| Foreign Revolver [Member]
Debt Instrument [Line Items]
Revolving credit facility	15,383				SFr 15,000
Schaublin [Member] \| Foreign credit agreements [Member]
Debt Instrument [Line Items]
Debt Issuance Costs	$ 277	SFr 270
Foreign credit agreements, description				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 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.

Debt (Details) - Schedule of balances payable under borrowing facilities - USD ($) $ in Thousands	Nov. 01, 2021	Oct. 02, 2021	Apr. 03, 2021
Schedule of balances payable under borrowing facilities [Abstract]
Revolver and term loan facilities		$ 3,115	$ 11,657
Debt issuance costs		(1,005)	(1,216)
Other		5,495	5,666
Total debt	$ 1,300,000	7,605	16,107
Less: current portion		500	2,612
Long-term debt		$ 7,105	$ 13,495

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Income Tax Disclosure [Abstract]
Effective income tax rates	40.50%	20.90%	22.50%	20.40%
Tax benefit associated with share-based compensation	$ 91	$ 364	$ 2,231	$ 679
Valuation allowance for capital loss carryforwards	1,853
Other items	$ 100		$ 60
Effective income tax rate without discrete	24.50%	22.00%	22.50%	21.60%
Estimated decrease in unrecognized tax positions in federal and state credits and state tax	$ 1,429
Income tax expense	4,715	$ 5,388	$ 9,585	$ 11,046
Valuation allowance	$ 1,853		$ 1,853
Effective income tax rate without these benefits and other items			23.60%

Reportable Segments (Details)	6 Months Ended
Reportable Segments (Details)	Oct. 02, 2021
Segment Reporting [Abstract]
Reportable business segments	4

Reportable Segments (Details) - Schedule of segment information - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 02, 2021	Sep. 26, 2020	Oct. 02, 2021	Sep. 26, 2020
Net External Sales
Net External Sales	$ 160,900	$ 146,335	$ 317,105	$ 302,828
Gross Margin
Gross Margin	62,464	56,596	126,237	116,049
Selling, General & Administrative Expenses
Selling, General & Administrative Expenses	29,674	26,023	59,476	52,852
Operating Income
Operating Income	27,123	26,363	57,846	55,177
Intersegment Sales
Intersegment Sales	18,512	10,679	33,832	26,935
Plain [Member]
Net External Sales
Net External Sales	74,079	71,053	147,400	149,928
Gross Margin
Gross Margin	27,956	29,750	59,480	61,827
Selling, General & Administrative Expenses
Selling, General & Administrative Expenses	5,948	5,276	11,833	10,547
Operating Income
Operating Income	20,213	23,472	45,043	48,873
Intersegment Sales
Intersegment Sales	1,687	1,212	3,254	2,774
Roller [Member]
Net External Sales
Net External Sales	27,309	21,579	52,556	44,479
Gross Margin
Gross Margin	10,128	6,236	19,246	14,643
Selling, General & Administrative Expenses
Selling, General & Administrative Expenses	1,465	1,162	2,823	2,401
Operating Income
Operating Income	8,662	4,481	15,955	11,580
Intersegment Sales
Intersegment Sales	2,552	2,171	4,806	5,549
Ball [Member]
Net External Sales
Net External Sales	24,431	21,099	47,559	39,939
Gross Margin
Gross Margin	11,090	9,129	21,782	17,056
Selling, General & Administrative Expenses
Selling, General & Administrative Expenses	1,610	1,289	3,251	2,635
Operating Income
Operating Income	9,457	7,803	18,473	14,354
Intersegment Sales
Intersegment Sales	1,318	464	2,335	1,131
Engineered Products [Member]
Net External Sales
Net External Sales	35,081	32,604	69,590	68,482
Gross Margin
Gross Margin	13,290	11,481	25,729	22,523
Selling, General & Administrative Expenses
Selling, General & Administrative Expenses	4,226	3,838	8,475	7,650
Operating Income
Operating Income	7,849	6,112	15,452	12,093
Intersegment Sales
Intersegment Sales	12,955	6,832	23,437	17,481
Corporate [Member]
Selling, General & Administrative Expenses
Selling, General & Administrative Expenses	16,425	14,458	33,094	29,619
Operating Income
Operating Income	$ (19,058)	$ (15,505)	$ (37,077)	$ (31,723)

Subsequent Events (Details) - USD ($) $ in Thousands		1 Months Ended	6 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Nov. 01, 2021	Jul. 31, 2021	Oct. 02, 2021	Oct. 07, 2021	Apr. 03, 2021
Subsequent Events (Details) [Line Items]
Purchase price		$ 2,800,000
New credit agreement, description			The New Credit Agreement requires the Company to comply with various covenants, including the following financial covenants beginning with the test period ending December 31, 2021: (a) a maximum Total Net Leverage Ratio of 5.50:1.00, which maximum Total Net Leverage Ratio shall decrease during certain subsequent test periods as set forth in the New Credit Agreement (provided that, no more than once during the term of the Facilities, such maximum ratio applicable at such time may be increased by the Borrower by 0.50:1.00 for a period of twelve (12) months after the consummation of a material acquisition), and (b) a minimum Interest Coverage Ratio of 2.00:1.00.
Long-term Debt	$ 1,300,000		$ 7,605		$ 16,107
Term loan facility	0
Acquisition and financing costs			80,762
Reduction of additional paid in capital			47,121
Deferred financing fees			9,913
Interest expense			15,470
Period expenses			1,433
Dodge [Member]
Subsequent Events (Details) [Line Items]
Purchase price acquisition	$ 2,900,000
Capital stock purchased, percentage	100.00%
RBC Bearings Incorporated [Member]
Subsequent Events (Details) [Line Items]
Aggregate principal amount				$ 500,000
Aggregate principal amount, percentage				4.375%
RBCA [Member]
Subsequent Events (Details) [Line Items]
New credit agreement, description	(a) a $1,300,000 term loan facility (the “Term Loan Facility”), which was used to fund a portion of the cash purchase price for the acquisition of Dodge and to pay related fees and expenses, and (b) a $500,000 revolving credit facility (the “Revolving Credit Facility” and together with the Term Loan Facility, the “Facilities”), approximately $3,550 of which is being utilized to provide letters of credit to secure the Company’s obligations relating to certain insurance programs, leaving the Company with the ability to borrow up to an additional $496,450 under the Revolving Credit Facility as of November 1, 2021. Amounts outstanding under the Facilities generally bear interest at either, at RBCA’s option, (a) a base rate determined by reference to the higher of (i) Wells Fargo’s prime lending rate, (ii) the federal funds effective rate plus 1/2 of 1.00% and (iii) the one-month LIBOR rate plus 1.00% or (b) the LIBOR rate 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 from time to time. Currently, the Company’s margin is 0.75% for base rate loans and 1.75% for LIBOR rate loans. The Facilities are subject to a “LIBOR” floor of 0.00% and contain “hard-wired” LIBOR replacement provisions as set forth in the New Credit Agreement. The Term Loan Facility and the Revolving Credit Facility will mature on November 2, 2026 (the “Maturity Date”).
Bridge Loan [Member]
Subsequent Events (Details) [Line Items]
Deferred financing fees			$ 22,294

Subsequent Events (Details) - Schedule of term loan facility	6 Months Ended
	Oct. 02, 2021
March 31, 2022 [Member]
Debt Instrument [Line Items]
Term Loan Facility Repayment Amount	1.25%
June 30, 2022 [Member]
Debt Instrument [Line Items]
Term Loan Facility Repayment Amount	1.25%
September 30, 2022 [Member]
Debt Instrument [Line Items]
Term Loan Facility Repayment Amount	1.25%
December 31, 2022 [Member]
Debt Instrument [Line Items]
Term Loan Facility Repayment Amount	1.25%
March 31, 2023 [Member]
Debt Instrument [Line Items]
Term Loan Facility Repayment Amount	1.25%
June 30, 2023 [Member]
Debt Instrument [Line Items]
Term Loan Facility Repayment Amount	1.25%
September 30, 2023 [Member]
Debt Instrument [Line Items]
Term Loan Facility Repayment Amount	1.25%
December 31, 2023 [Member]
Debt Instrument [Line Items]
Term Loan Facility Repayment Amount	1.25%
March 31, 2024 [Member]
Debt Instrument [Line Items]
Term Loan Facility Repayment Amount	1.875%
June 30, 2024 [Member]
Debt Instrument [Line Items]
Term Loan Facility Repayment Amount	1.875%
September 30, 2024 [Member]
Debt Instrument [Line Items]
Term Loan Facility Repayment Amount	1.875%
December 31, 2024 [Member]
Debt Instrument [Line Items]
Term Loan Facility Repayment Amount	1.875%
March 31, 2025 [Member]
Debt Instrument [Line Items]
Term Loan Facility Repayment Amount	2.50%
June 30, 2025 [Member]
Debt Instrument [Line Items]
Term Loan Facility Repayment Amount	2.50%
September 30, 2025 [Member]
Debt Instrument [Line Items]
Term Loan Facility Repayment Amount	2.50%
December 31, 2025 [Member]
Debt Instrument [Line Items]
Term Loan Facility Repayment Amount	2.50%
March 31, 2026 [Member]
Debt Instrument [Line Items]
Term Loan Facility Repayment Amount	3.125%
June 30, 2026 [Member]
Debt Instrument [Line Items]
Term Loan Facility Repayment Amount	3.125%
September 30, 2026 [Member]
Debt Instrument [Line Items]
Term Loan Facility Repayment Amount	3.125%
November 2, 2026 [Member]
Debt Instrument [Line Items]
Term Loan Facility Repayment Amount, description	Remaining outstanding amounts