0001213900-22-006497 | 10-Q | XBRL Viewer

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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Jan. 01, 2022	Feb. 04, 2022
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		28,876,359
Amendment Flag	false
Entity Central Index Key	0001324948
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Period End Date	Jan. 01, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
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	5.00% Series A Mandatory Convertible Preferred Stock, par value $0.01 per share
Security Exchange Name	NASDAQ

Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 01, 2022	Apr. 03, 2021
Current assets:
Cash and cash equivalents	$ 255,503	$ 151,086
Marketable securities		90,249
Accounts receivable, net of allowance for doubtful accounts of $2,619 as of January 1, 2022 and $1,792 as of April 3, 2021	199,785	110,472
Inventory	510,175	364,147
Prepaid expenses and other current assets	21,774	12,248
Total current assets	987,237	728,202
Property, plant and equipment, net	396,164	208,264
Operating lease assets, net	42,816	35,664
Goodwill	1,886,874	277,536
Intangible assets, net	1,524,715	154,399
Other noncurrent assets	37,244	30,195
Total assets	4,875,050	1,434,260
Current liabilities:
Accounts payable	140,374	36,336
Accrued expenses and other current liabilities	131,169	43,564
Current operating lease liabilities	7,974	5,726
Current portion of long-term debt	63,519	2,612
Total current liabilities	343,036	88,238
Long-term debt, less current portion	1,726,734	13,495
Long-term operating lease liabilities	35,076	29,982
Deferred income taxes	307,819	17,178
Other noncurrent liabilities	127,411	55,416
Total liabilities	2,540,076	204,309
Stockholders’ equity:
Preferred stock, $.01 par value; authorized shares: 10,000,000 as of January 1, 2022 and April 3, 2021, respectively; issued shares: 4,600,000 and 0 as of January 1, 2022 and April 3, 2021, respectively	46
Common stock, $.01 par value; authorized shares: 60,000,000 as of January 1, 2022 and April 3, 2021, respectively; issued shares: 29,798,240 and 26,110,320 as of January 1, 2022 and April 3, 2021, respectively	298	261
Additional paid-in capital	1,531,552	445,073
Accumulated other comprehensive loss	(10,896)	(10,409)
Retained earnings	885,456	858,852
Treasury stock, at cost, 923,340 shares and 884,701 shares as of January 1, 2022 and April 3, 2021, respectively	(71,482)	(63,826)
Total stockholders’ equity	2,334,974	1,229,951
Total liabilities and stockholders’ equity	$ 4,875,050	$ 1,434,260

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jan. 01, 2022	Apr. 03, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts (in Dollars)	$ 2,619	$ 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	29,798,240	26,110,320
Treasury stock, shares	923,340	884,701

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 01, 2022	Dec. 26, 2020	Jan. 01, 2022	Dec. 26, 2020
Income Statement [Abstract]
Net sales	$ 266,953	$ 145,861	$ 584,058	$ 448,689
Cost of sales	173,608	90,273	364,476	277,052
Gross margin	93,345	55,588	219,582	171,637
Operating expenses:
Selling, general and administrative	43,196	25,739	102,672	78,591
Other, net	35,778	3,308	44,693	11,328
Total operating expenses	78,974	29,047	147,365	89,919
Operating income	14,371	26,541	72,217	81,718
Interest expense, net	11,848	327	27,937	1,095
Other non-operating (income)/expense	1,395	(50)	639	203
Income before income taxes	1,128	26,264	43,641	80,420
Provision for income taxes	1,191	4,695	10,776	15,741
Net income/(loss)	(63)	21,569	32,865	64,679
Preferred stock dividends	5,751		6,261
Net income/(loss) available to common stockholders	$ (5,814)	$ 21,569	$ 26,604	$ 64,679
Net income/(loss) per share available to common stockholders:
Basic (in Dollars per share)	$ (0.2)	$ 0.87	$ 1.01	$ 2.61
Diluted (in Dollars per share)	$ (0.2)	$ 0.86	$ 1	$ 2.59
Weighted average common shares:
Basic (in Shares)	28,618,495	24,861,792	26,379,984	24,816,451
Diluted (in Shares)	28,618,495	25,060,812	26,663,990	24,985,848

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

3 Months Ended

9 Months Ended

Jan. 01, 2022

Dec. 26, 2020

Jan. 01, 2022

Dec. 26, 2020

Statement of Comprehensive Income [Abstract]

Net income/(loss)

$ (63)

$ 21,569

$ 32,865

$ 64,679

Pension and postretirement liability adjustments, net of taxes

^[1]

318

260

954

779

Foreign currency translation adjustments

(1,951)

3,823

(1,441)

5,609

Total comprehensive income/(loss)

$ (1,696)

$ 25,652

$ 32,378

$ 71,067

[1]	These adjustments were net of tax expense of $82 and $79 for the three-month periods ended January 1, 2022 and December 26, 2020, respectively and $247 and $237 for the nine-month periods ended January 1, 2022 and December 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 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/(loss)					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/(loss)					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)
Net income/(loss)					21,569		21,569
Share-based compensation			5,173				5,173
Repurchase of common stock						$ (1,807)	(1,807)
Repurchase of common stock (in Shares)						(10,873)
Exercise of equity awards			3,685				3,685
Exercise of equity awards (in Shares)	40,199
Change in net prior service cost and actuarial losses, net of tax expense				260			260
Change in net prior service cost and actuarial losses, net of tax expense (in Shares)
Issuance of restricted stock, net of forfeitures
Issuance of restricted stock, net of forfeitures (in Shares)	226
Currency translation adjustments				3,823			3,823
Currency translation adjustments (in Shares)
Balance at Dec. 26, 2020	$ 260		434,346	(510)	833,898	$ (63,187)	1,204,807
Balance (in Shares) at Dec. 26, 2020	26,011,098					(881,096)
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/(loss)					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							(1,441)
Balance at Jan. 01, 2022	$ 298	$ 46	1,531,552	(10,896)	885,456	$ (71,482)	2,334,974
Balance (in Shares) at Jan. 01, 2022	29,798,240	4,600,000				(923,340)
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/(loss)					6,929		6,929
Share-based compensation			6,224				6,224
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)
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)
Net income/(loss)					(63)		(63)
Share-based compensation			6,038				6,038
Preferred stock issuance, net of issuance costs			(134)				(134)
Common stock issuance, net of issuance costs			(185)				(185)
Preferred stock dividends					(5,751)		(5,751)
Preferred stock dividends (in Shares)
Repurchase of common stock						$ (1,300)	(1,300)
Repurchase of common stock (in Shares)						(6,661)
Exercise of equity awards			905				905
Exercise of equity awards (in Shares)	9,759
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)	1,319
Currency translation adjustments				(1,951)			(1,951)
Balance at Jan. 01, 2022	$ 298	$ 46	$ 1,531,552	$ (10,896)	$ 885,456	$ (71,482)	$ 2,334,974
Balance (in Shares) at Jan. 01, 2022	29,798,240	4,600,000				(923,340)

Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Jan. 01, 2022	Oct. 02, 2021	Jul. 03, 2021	Dec. 26, 2020	Sep. 26, 2020	Jun. 27, 2020
Statement of Stockholders' Equity [Abstract]
Net of tax expense	$ 82	$ 82	$ 83	$ 79	$ 79	$ 79

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jan. 01, 2022	Dec. 26, 2020
Cash flows from operating activities:
Net income	$ 32,865	$ 64,679
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	37,355	24,812
Deferred income taxes	778	2,580
Amortization of deferred financing costs	17,600	365
Share-based compensation	18,034	15,842
Loss/(gain) on disposition of assets	68	965
Loss on extinguishment of debt	890
Consolidation, restructuring, and other noncash charges	2,378	2,313
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(5,929)	23,285
Inventory	(8,531)	(4,717)
Prepaid expenses and other current assets	(10,298)	(251)
Other noncurrent assets	(225)	(11,724)
Accounts payable	34,215	(11,400)
Accrued expenses and other current liabilities	6,003	(4,575)
Other noncurrent liabilities	8,223	8,412
Net cash provided by operating activities	133,426	110,586
Cash flows from investing activities:
Purchase of property, plant and equipment	(21,761)	(8,809)
Proceeds from sale of assets	22	18
Purchase of marketable securities	(29,982)	(75,075)
Proceeds from sale of marketable securities	120,483
Acquisition of business, net of cash acquired	(2,908,241)	245
Net cash provided by/(used in) investing activities	(2,839,479)	(83,621)
Cash flows from financing activities:
Proceeds received from issuance of common stock	605,492
Proceeds received from issuance of preferred stock	445,319
Proceeds received from term loans, net of financing costs	1,286,230
Proceeds received from senior notes, net of financing costs	494,200
Finance fees paid in connection with credit facilities	(20,000)
Repayments of term loans	(9,952)	(3,287)
Repayments of revolving credit facilities		(773)
Repayments of notes payable	(380)	(379)
Principal payments on finance lease obligations	(679)
Exercise of stock options	17,717	6,105
Repurchase of common stock	(7,656)	(6,206)
Net cash provided by/(used in) financing activities	2,810,291	(4,540)
Effect of exchange rate changes on cash	179	512
Cash and cash equivalents:
Increase during the period	104,417	22,937
Cash and cash equivalents, at beginning of period	151,086	103,255
Cash and cash equivalents, at end of period	255,503	126,192
Supplemental disclosures of cash flow information:
Income taxes	12,405	12,880
Interest	$ 4,925	$ 737

Basis of Presentation

9 Months Ended

Jan. 01, 2022

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 nine-month periods ended January 1, 2022 are not necessarily indicative of the operating results for the entire fiscal year ending April 2, 2022. The three- and nine-month periods ended January 1, 2022 and December 26, 2020 included 13 weeks, 39 weeks, 13 weeks and 39 weeks, respectively. The amounts shown are in thousands, unless otherwise indicated.

Significant Accounting Policies

9 Months Ended

Jan. 01, 2022

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.

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 840): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this ASU require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. Generally, this should result in an acquirer recognizing and measuring the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements in accordance with U.S. GAAP. This ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The Company early adopted this ASU in fiscal 2022 and the impact of adoption was not material to the Company’s financial position, results of operations or liquidity.

Recent Accounting Standards Yet to Be Adopted

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The objective of the standard is to address operational challenges likely to arise in accounting for contract modifications and hedge accounting due to reference rate reform. The amendments in this ASU provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The standard update is effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by topic or industry subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020. Once elected for a topic or industry subtopic, the amendments in this standard update must be applied prospectively for all eligible contract modifications for that topic or industry subtopic. An entity may elect to apply the amendments for eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. If an entity elects to apply any of the amendments for an eligible hedging relationship existing as of the beginning of the interim period that includes March 12, 2020, any adjustments as a result of those elections must be reflected as of the beginning of that interim period. If an entity elects to apply any of the amendments for a new hedging relationship entered into between the beginning of the interim period that includes March 12, 2020 and March 12, 2020, any adjustments as a result of those elections must be reflected as of the beginning of the hedging relationship. The Company has not yet assessed the impact of adoption will have on the Company’s consolidated financial statements.

Other new pronouncements issued but not effective until after April 2, 2022 are not expected to have a material impact on our financial position, results of operations or liquidity.

Revenue from Contracts with Customers

9 Months Ended

Jan. 01, 2022

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

3. Revenue from Contracts with Customers

Disaggregation of Revenue

The following table disaggregates total revenue by end market which is how we view our reportable segments (see Note 12):

	Three Months Ended				Nine Months Ended
	January 1, 2022		December 26, 2020		January 1, 2022		December 26, 2020

Aerospace/Defense	$	93,203	$	93,267	$	276,483	$	299,833
Industrial		173,750		52,594		307,575		148,856
	$	266,953	$	145,861	$	584,058	$	448,689

The following table disaggregates total revenue by geographic origin:

	Three Months Ended				Nine Months Ended
	January 1, 2022		December 26, 2020		January 1, 2022		December 26, 2020

United States	$	233,900	$	130,082	$	517,764	$	402,808
International		33,053		15,779		66,294		45,881
	$	266,953	$	145,861	$	584,058	$	448,689

The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over time versus the amount of revenue recognized for performance obligations satisfied at a point in time:

	Three Months Ended						Nine Months Ended
	January 1, 2022			December 26, 2020			January 1, 2022			December 26, 2020

Point-in-time		98	%		96	%		97	%		96	%
Over time		2	%		4	%		3	%		4	%
		100	%		100	%		100	%		100	%

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 $289,870 at January 1, 2022. The Company expects to recognize revenue on approximately 59% and 86% 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 January 1, 2022 and April 3, 2021, current contract assets were $4,499 and $5,584, respectively, and included within prepaid expenses and other current assets on the consolidated balance sheets. The decrease in contract assets was primarily due to amounts billed to customers during the period partially offset by the recognition of revenue related to the satisfaction or partial satisfaction of performance obligations prior to billing. As of January 1, 2022 and April 3, 2021, the Company did not have any contract assets classified as noncurrent on the consolidated balance sheets. There were $0 and $77 of impairment losses related to the Company’s contract assets during the three and nine months ended January 1, 2022, respectively.

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 January 1, 2022 and April 3, 2021, current contract liabilities were $14,038 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. $2,205 of contract liabilities were acquired during the quarter as part of the Dodge acquisition (see Note 13). For the three and nine months ended January 1, 2022, the Company recognized revenues related to contract liabilities of $3,783 and $10,562, respectively. For the three and nine months ended December 26, 2020, the Company recognized revenues related to contract liabilities of $2,291 and $10,056, respectively. As of January 1, 2022 and April 3, 2021, noncurrent contract liabilities were $8,072 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 January 1, 2022 and April 3, 2021, accounts receivable with customers, net, were $199,785 and $110,472, respectively.

Variable Consideration

The amount of consideration to which the Company expects to be entitled in exchange for the goods and services is not generally subject to significant variations. However, the Company does offer certain customers rebates, prompt payment discounts, end-user discounts, the right to return eligible products, and/or other forms of variable consideration. The Company estimates this variable consideration using the expected value amount, which is based on historical experience. The Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company adjusts the estimate of revenue at the earlier of when the amount of consideration the Company expects to receive changes or when the consideration becomes fixed. Accrued customer rebates were $37,314 and $2,674 at January 1, 2022 and April 3, 2021, respectively, and are included within accrued expenses and other current liabilities on the consolidated balance sheets.

- 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

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+ Details

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Jan. 01, 2022

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 (1,441 )

(1,441 )

Amounts recorded in/reclassified from accumulated other comprehensive income (loss)

954 954

Net current period other comprehensive income (loss) (1,441 ) 954 (487 )

Balance at January 1, 2022 $ (996 ) $ (9,900 ) $ (10,896 )

Stockholders' Equity

9 Months Ended

Jan. 01, 2022

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 trading symbol for the MCPS is “ROLLP.” The net proceeds from the offering were approximately $445,273 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.

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 third quarter of fiscal 2022, the Company had accrued dividends of $5,751, which were included in the dividend payment to be made on January 15, 2022.

The MCPS has a liquidation preference of $100 per share plus accrued and unpaid dividends. As of January 1, 2022, the MCPS had an aggregate liquidation preference of $466,261.

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 after giving effect to any liquidation preference for the benefit of the MCPS or any other preferred stock then outstanding. 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.

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 $605,457 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

9 Months Ended

Jan. 01, 2022

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 the conversion of MCPS to common shares.

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 nine-month periods ended January 1, 2022, 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 January 1, 2022, all employee stock options and restricted shares were excluded from the calculation of diluted earnings per share available to common stockholders as the Company generated a loss for the period. For the nine months ended January 1, 2022, 164,265 employee stock options and 200 restricted shares were excluded from the calculation of diluted earnings per share available to common stockholders. For the three months ended December 26, 2020, 443,294 employee stock options and 1,000 restricted shares were excluded from the calculation of diluted earnings per share available to common stockholders. For the nine months ended December 26, 2020, 480,631 employee stock options and 1,280 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. Since we were in a loss position for the three months ended January 1, 2022, basic net loss per share was the same as diluted net loss per share.

	Three Months Ended					Nine months Ended
	January 1, 2022			December 26, 2020		January 1, 2022		December 26, 2020

Net income/(loss)	$	(63	)	$	21,569	$	32,865	$	64,679
Preferred stock dividends		5,751			—		6,261		—
Net income/(loss) available to common stockholders	$	(5,814	)	$	21,569	$	26,604	$	64,679

Denominator for basic net income/(loss) per share available to common stockholders — weighted-average shares outstanding		28,618,495			24,861,792		26,379,984		24,816,451
Effect of dilution due to employee stock awards		—			199,020		284,006		169,397
Effect of dilution due to MCPS		—			—		—		—
Denominator for diluted net income/(loss) per share available to common stockholders — weighted-average shares outstanding		28,618,495			25,060,812		26,663,990		24,985,848

Basic net income/(loss) per share available to common stockholders	$	(0.20	)	$	0.87	$	1.01	$	2.61

Diluted net income/(loss) per share available to common stockholders	$	(0.20	)	$	0.86	$	1.00	$	2.59

Cash and Cash Equivalents

9 Months Ended

Jan. 01, 2022

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., JPMorgan Chase & Co., HSBC Holdings plc, Credit Suisse Group AG, and Wells Fargo & Company. The Company has not experienced any losses in such accounts.

Inventory

9 Months Ended

Jan. 01, 2022

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:

	January 1, 2022		April 3, 2021
Raw materials	$	106,737	$	57,764
Work in process		117,063		86,183
Finished goods		286,375		220,200
	$	510,175	$	364,147

Goodwill and Intangible Assets

9 Months Ended

Jan. 01, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

9. Goodwill and Intangible Assets

Goodwill

Goodwill balances, by segment, consist of the following:

	Plain			Roller			Ball			Engineered Products			Aerospace/Defense		Industrial			Total
April 3, 2021	$	79,597		$	16,007		$	5,623		$	176,309			—		—		$	277,536
Allocation in the third quarter of fiscal 2022 ⁽¹⁾		(79,597	)		(16,007	)		(5,623	)		(176,309	)		194,124		83,412			—
Acquisition ⁽²⁾		—			—			—			—			—		1,611,470			1,611,470
Translation adjustments		—			—			—			—			—		(2,132	)		(2,132	)
January 1, 2022		—			—			—			—		$	194,124	$	1,692,750		$	1,886,874

⁽¹⁾

Represents reallocation of goodwill as a result of our change in segments in the third quarter of fiscal 2022. See Note 12 for further details.

⁽²⁾

Goodwill associated with the acquisition of Dodge discussed further in Note 13.

We evaluate our reportable operating segments periodically, as well as when changes in our operating segments occur. For changes in reportable segments, we reassign goodwill using a relative fair value allocation approach as mentioned in tickmark 1 above. As a result of this change in segments during the quarter, the Company performed an interim goodwill impairment analysis and determined that the estimated fair values of the segments exceeded their carrying values (including goodwill). As such, there was no impairment as a result of this change.

Intangible Assets

		January 1, 2022				April 3, 2021
	Weighted Average Useful Lives	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Product approvals	24	$	50,878	$	16,199	$	50,878	$	14,691
Customer relationships and lists ⁽¹⁾	24		1,294,952		39,999		109,762		28,253
Trade names ⁽¹⁾	25		216,346		12,786		16,333		10,392
Distributor agreements	5		722		722		722		722
Patents and trademarks	16		12,545		6,594		11,612		6,211
Domain names	10		437		437		437		437
Other⁽¹⁾	3		5,521		4,230		3,745		2,665
			1,581,401		80,967		193,489		63,371
Non-amortizable repair station certifications	n/a		24,281		—		24,281		—
Total	24	$	1,605,682	$	80,967	$	217,770	$	63,371

⁽¹⁾

Includes $1,185,000 of customer relationships, $200,000 of trade names and $82 of software intangibles resulting from the Dodge acquisition.

Amortization expense for definite-lived intangible assets during the three-month periods ended January 1, 2022 and December 26, 2020 were $12,133 and $2,594, respectively. Amortization expense for definite-lived intangible assets during the nine-month periods ended January 1, 2022 and December 26, 2020 were $17,542 and $7,683, respectively. Estimated amortization expense for the remainder of fiscal 2022 and the five succeeding fiscal years and thereafter is as follows:

Remainder of Fiscal 2022 $ 16,735

Fiscal 2023 67,403

Fiscal 2024 67,273

Fiscal 2025 66,570

Fiscal 2026 64,081

Fiscal 2027 63,489

Fiscal 2028 and thereafter 1,154,883

Debt

9 Months Ended

Jan. 01, 2022

Debt Disclosure [Abstract]

Debt

10. Debt

The balances payable under all borrowing facilities are as follows:

	January 1, 2022			April 3, 2021
Revolver and term loan facilities	$	1,302,082		$	11,657
Senior notes		500,000			—
Debt issuance costs		(22,298	)		(1,216	)
Other		10,469			5,666
Total debt		1,790,253			16,107
Less: current portion		63,519			2,612
Long-term debt	$	1,726,734		$	13,495

The current portion of long-term debt as of January 1, 2022 included the current portion of the Term Loan Facility, a mortgage held at one of our foreign entities and a note payable for purchased equipment. The current portion of long-term debt as of April 3, 2021 included the current portion of the Foreign Term Loan and a mortgage held at one of our foreign entities.

Domestic Credit Facility

On November 1, 2021 RBC Bearings Incorporated, our top holding company, and our Roller Bearing Company of America, Inc. subsidiary (“RBCA”) entered into a Credit Agreement (the “New 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, and terminated the Company’s prior Credit Agreement, which was entered into with Wells Fargo in 2015 (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”). Debt issuance costs associated with the New Credit Agreement totaled $14,947 and will be amortized over the life of the New Credit Agreement. When the 2015 Credit Agreement was terminated the Company wrote off $890 of previously unamortized debt issuance costs.

Amounts outstanding under the Facilities generally bear interest at either, at the Company’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. We are also required to pay a commitment fee on the unutilized portion of the Revolving Credit Facility as well as letter of credit fees on any amounts secured by the revolver. As of January 1, 2022, the Company’s commitment fee rate is 0.25% and the letter of credit fee rate is 1.75%.

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 with the balance payable on the Maturity Date unless otherwise extended in accordance with the terms of the Term Loan Facility. The required future principal payments are approximately $16,250 for the remainder of fiscal 2022, $65,000 for fiscal 2023, $73,125 for fiscal 2024, $105,625 for fiscal 2025, $138,125 for fiscal 2026 and $901,875 for fiscal 2027.

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 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’s domestic subsidiaries have guaranteed the Company’s obligations under the New 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 January 1, 2022, $1,300,000 was outstanding under the Term Loan Facility and approximately $3,550 of the Revolving Credit Facility 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 $496,450 under the Revolving Credit Facility. The Term Loan is reported at carrying value on the consolidated balance sheets. As the Term Loan is variable-rate debt, the carrying value approximates fair value. The Term Loan is classified within Level 2 of the fair value hierarchy.

Senior Notes

On October 7, 2021, RBCA issued $500,000 aggregate principal amount of 4.375% Senior Notes due 2029 (the “Senior Notes”). The net proceeds from the issuance of the Senior Notes were approximately $491,992 after deducting initial purchasers’ 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.

The Senior Notes were issued pursuant to an indenture, dated as of October 7, 2021 (the “Indenture”), between RBCA and Wilmington Trust, National Association, as trustee. The Indenture contains covenants limiting the ability of the Company to (i) incur additional indebtedness or guarantee indebtedness, (ii) declare or pay dividends, redeem stock or make other distributions to stockholders, (iii) make investments, (iv) create liens or use assets as security in other transactions, (v) merge or consolidate, or sell, transfer, lease or dispose of substantially all of its assets, (vi) enter into transactions with affiliates, and (vii) sell or transfer certain assets. These covenants contain various exceptions, limitations and qualifications. At any time that the Senior Notes are rated investment grade, certain covenants will be suspended.

The Senior Notes are guaranteed jointly and severally on a senior unsecured basis by RBC Bearings and certain of RBCA’s existing and future wholly-owned domestic subsidiaries that also guarantee the New Credit Agreement.

Interest on the Senior Notes accrues from October 7, 2021 at a rate of 4.375% and will be payable semi–annually in cash in arrears on April 15 and October 15 of each year, commencing April 15, 2022.

The Senior Notes will mature on October 15, 2029. The Company may redeem some or all of the Senior Notes at any time on or after October 15, 2024 at the redemption prices set forth in the Indenture, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The Company may also redeem up to 40% of the Senior Notes using the proceeds of certain equity offerings completed before October 15, 2024, at a redemption price equal to 104.375% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, at any time prior to October 15, 2024, the Company may redeem some or all of the Senior Notes at a price equal to 100% of the principal amount, plus a “make–whole” premium, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If the Company sells certain of its assets or experiences specific kinds of changes in control, the Company must offer to purchase the Senior Notes.

The Senior Notes are reported at carrying value on the consolidated balance sheets. The fair value of the Senior Notes as of January 1, 2022 was $510,790 and was computed based on quoted market prices (observable inputs). The Senior Notes are classified within Level 2 of the fair value hierarchy.

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 January 1, 2022, approximately $76 in unamortized debt issuance costs remained.

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 January 1, 2022, 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 two operating companies in the Swiss Tool System group of companies.

As of January 1, 2022, there was approximately $2,082 outstanding under the Foreign Term Loan and no amounts outstanding under the Foreign Revolver, and Schaublin had the ability to borrow up to $16,439 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 $2,082 for fiscal 2025.

- 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

9 Months Ended

Jan. 01, 2022

Income Tax Disclosure [Abstract]

Income Taxes

11. 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 January 1, 2022 and December 26, 2020 were 105.6% and 17.9%, 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 rate is higher in the three-month period ended January 1, 2022 because of non-deductible transaction costs incurred in connection with the Dodge acquisition and executive compensation deductions that may be disallowed under Section 162(m).

The effective income tax rate for the three-month period ended January 1, 2022 of 105.6% includes $473 of tax benefits associated with share-based compensation partially offset by $146 of other items. The effective income tax rate without discrete items for the three-month period ended January 1, 2022 would have been 134.6%. The effective income tax rate for the three-month period ended December 26, 2020 of 17.9% included $1,003 of tax benefits associated with share-based compensation. The effective income tax rate without discrete items for the three-month period ended December 26, 2020 would have been 21.4%. 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 reserve, pertaining primarily to federal and state credits and state tax, is estimated to be approximately $1,429 over the next 12 months.

The effective income tax rate for the nine-month period ended January 1, 2022 was 24.7% compared to 19.6% for the nine-month period ended December 26, 2020. The effective income tax rate for the nine-month period ended January 1, 2022 of 24.7% includes $2,703 of tax benefits associated with share-based compensation and partially offset by the establishment of a $1,853 valuation allowance for capital loss carryforwards we do not expect to recognize. The effective income tax rate without these benefits and other items for the nine-month period ended January 1, 2022 would have been 26.4%. The effective income tax rate for the nine-month period ended December 26, 2020 of 19.6% included $1,682 of tax benefits associated with share-based compensation. The effective income tax rate without these benefits and other items for the nine-month period ended December 26, 2020 would have been 21.5%.

- 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

9 Months Ended

Jan. 01, 2022

Segment Reporting [Abstract]

Reportable Segments

12. Reportable Segments

The Company previously reported its financial results under four operating segments: Plain Bearings; Roller Bearings; Ball Bearings; and Engineered Products. During the third quarter of fiscal 2022, the Company completed the acquisition of Dodge, which has resulted in a change in the internal organization of the Company and how its chief operating decision maker makes operating decisions, assesses the performance of the business, and allocates resources. Accordingly, the Company’s financial results will now be reported in two new reportable operating segments: Aerospace/Defense and Industrial:

Aerospace/Defense. This segment represents the end markets for the Company’s highly engineered bearings and precision components used in commercial aerospace, defense aerospace, and sea and ground defense applications.

Industrial. This segment represents the end markets for the Company’s highly engineered bearings and precision components used in various industrial applications including: power transmission; construction, mining, energy and specialized equipment manufacturing; semiconductor production equipment manufacturing; agricultural machinery, commercial truck and automotive manufacturing; and tool holding.

Financial information for fiscal 2021 has been recast to conform to the new segment presentation.

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

Nine Months Ended

January 1,

2022

December 26,

2020

January 1,

2022

December 26,

2020

Net External Sales

Aerospace/Defense $ 93,203 $ 93,267 $ 276,483 $ 299,833

Industrial 173,750 52,594 307,575 148,856

$ 266,953 $ 145,861 $ 584,058 $ 448,689

Gross Margin

Aerospace/Defense $ 37,486 $ 38,056 $ 112,666 $ 121,960

Industrial 55,859 17,532 106,916 49,677

$ 93,345 $ 55,588 $ 219,582 $ 171,637

Selling, General & Administrative Expenses

Aerospace/Defense $ 7,114 $ 7,116 $ 21,646 $ 21,483

Industrial 18,168 4,396 29,836 13,019

Corporate 17,914 14,227 51,190 44,089

$ 43,196 $ 25,739 $ 102,672 $ 78,591

Operating Income

Aerospace/Defense $ 28,543 $ 28,630 $ 84,629 $ 93,646

Industrial 23,197 12,904 62,414 35,247

Corporate (37,369 ) (14,993 ) (74,826 ) (47,175 )

$ 14,371 $ 26,541 $ 72,217 $ 81,718

	January 1, 2022		April 3, 2021
Total Assets
Aerospace/Defense	$	856,071	$	792,280
Industrial		3,818,541		357,353
Corporate		200,438		284,627
	$	4,875,050	$	1,434,260

- 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
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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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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

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

+ Details

Dodge Acquisition

9 Months Ended

Jan. 01, 2022

Dodge Acquisition [Abstract]

Dodge Acquisition

13. Dodge Acquisition

On November 1, 2021, the Company completed the acquisition of Dodge for approximately $2,908,241, net of cash acquired and subject to certain adjustments. The purchase price was paid with (i) $1,285,053 of borrowing under the Term Loan Facility, net of issuance costs (see Note 10), (ii) $1,050,730 of net proceeds from the common stock and MCPS offerings (see Note 5), (iii) $491,992 of net proceeds from the Senior Notes offering (see Note 10), and (iv) approximately $80,466 of cash on hand. In the acquisition, the Company purchased 100% of the capital stock of certain entities, including Dodge Mechanical Power Transmission Company Inc. (now known as Dodge Industrial, Inc.), and certain other assets relating to ABB Asea Brown Boveri Ltd’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 (the “Bridge Commitment”), which was replaced prior to the closing of the acquisition by the equity and debt financings described in Notes 5 and 10 and cash on hand.

Acquisition costs incurred in the three- and nine- month periods ended January 1, 2022 totaled $20,141 and $21,574 and were recorded as period expenses and included within other, net within the consolidated statements of operations.

This acquisition was accounted for as a purchase transaction. The preliminary purchase price allocation is subject to change pending a final valuation of the assets and liabilities acquired. The assets acquired and liabilities assumed were recorded based on their fair values at the date of acquisition as follows:

	November 1, 2021
Cash and cash equivalents	$	81,868
Accounts receivable		83,532
Inventory		137,652
Prepaid expenses and other current assets		1,261
Property, plant and equipment		168,606
Operating lease assets		9,768
Goodwill		1,611,470
Other intangible assets		1,385,082
Other noncurrent assets		2,714
Accounts payable		69,757
Accrued rebates		29,352
Accrued expenses and other current liabilities		43,948
Deferred tax liabilities		289,792
Other noncurrent liabilities		58,995
Net assets acquired		2,990,109
Less cash received		81,868
Net consideration	$	2,908,241

The goodwill associated with this acquisition is the result of expected synergies from combining the operations of the acquired business with the Company’s operations and intangible assets that do not qualify for separate recognition, such as an assembled workforce. The majority of goodwill is not deductible for tax purposes.

The fair value of the identifiable intangible assets of $1,385,082, consisting primarily of customer relationships and trade name, was determined using the income approach. Specifically, a multi-period, excess earnings method was utilized for the customer relationships and the relief-from-royalty method was utilized for the trade name. The fair value of the customer relationships, $1,185,000, is being amortized based on the economic pattern of benefit over a period of 24 years; the fair value of the trade name, $200,000, is being amortized on a straight-line basis over a 26 year term. These amortization periods represent the estimated useful lives of the assets.

The results of operations for Dodge have been included in the Company’s financial statements for the period subsequent to the completion of the acquisition on November 1, 2021. Dodge contributed $109,976 of revenue and $5,348 of operating income for the quarter ended January 1, 2022. The following table reflects the unaudited pro forma operating results of the Company for the three- and nine-month fiscal periods ended January 1, 2022 and December 26, 2020, which gives effect to the acquisition of Dodge as if the Company had been acquired on March 29, 2020. The pro forma results are based on assumptions that the Company believes are reasonable under the circumstances. The pro forma results are not necessarily indicative of the operating results that would have occurred had the acquisitions been effective March 29, 2020, nor are they intended to be indicative of results that may occur in the future. The underlying pro forma information includes the historical financial results of the Company and the acquired business adjusted for certain items such as amortization of acquired intangible assets and acquisition costs incurred. The pro forma information does not include the effects of any synergies, cost reduction initiatives or anticipated integration costs related to the acquisitions.

	Three Months Ended				Nine Months Ended
	January 1, 2022		December 26, 2020		January 1, 2022		December 26, 2020

Net sales	$	319,100	$	287,116	$	968,680	$	852,757
Net income	$	17,958	$	25,013	$	72,623	$	40,764
Basic net income per share available to common stockholders	$	0.45	$	0.72	$	2.27	$	1.28
Diluted net income per share available to common stockholders	$	0.45	$	0.72	$	2.25		1.27

Upon closing, the Company entered into a transition services agreement ("TSA") with ABB, pursuant to which ABB agreed to support the information technology, human resources and benefits, finance, tax and treasury functions of the Dodge business for six to twelve months. The Company has the option to extend the support period for up to a maximum of an additional year for certain IT services. RBC has the right to terminate individual services at any point over the renewal term. All services are expected to be terminated by the end of the second quarter of fiscal 2023. Since the purchase of the Dodge business, costs associated with the TSA were $3,325 through January 1, 2022 and were included in other, net on the Company's consolidated statement of operations.

The acquisition of Dodge resulted in additional lease obligations. The Company’s total lease obligations, including leases acquired, are $3,029 for the remainder of fiscal 2022, $11,880 for fiscal 2023, $10,093 for fiscal 2024, $8,605 for fiscal 2025, $8,024 for fiscal 2026, $8,175 for fiscal 2027 and $71,063 thereafter.

Accounting Policies, by Policy (Policies)	9 Months Ended
Accounting Policies, by Policy (Policies)	Jan. 01, 2022
Accounting Policies [Abstract]
Recent Accounting Standards Adopted	*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. In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 840): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this ASU require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. Generally, this should result in an acquirer recognizing and measuring the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements in accordance with U.S. GAAP. This ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The Company early adopted this ASU in fiscal 2022 and the impact of adoption was not material to the Company’s financial position, results of operations or liquidity.
Recent Accounting Standards Yet to Be Adopted	*Recent Accounting Standards Yet to Be Adopted* In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The objective of the standard is to address operational challenges likely to arise in accounting for contract modifications and hedge accounting due to reference rate reform. The amendments in this ASU provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The standard update is effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by topic or industry subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020. Once elected for a topic or industry subtopic, the amendments in this standard update must be applied prospectively for all eligible contract modifications for that topic or industry subtopic. An entity may elect to apply the amendments for eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. If an entity elects to apply any of the amendments for an eligible hedging relationship existing as of the beginning of the interim period that includes March 12, 2020, any adjustments as a result of those elections must be reflected as of the beginning of that interim period. If an entity elects to apply any of the amendments for a new hedging relationship entered into between the beginning of the interim period that includes March 12, 2020 and March 12, 2020, any adjustments as a result of those elections must be reflected as of the beginning of the hedging relationship. The Company has not yet assessed the impact of adoption will have on the Company’s consolidated financial statements. Other new pronouncements issued but not effective until after April 2, 2022 are not expected to have a material impact on our financial position, results of operations or liquidity.

Revenue from Contracts with Customers (Tables)

9 Months Ended

Jan. 01, 2022

Revenue from Contract with Customer [Abstract]

Schedule of disaggregates total revenue by reportable segments

	Three Months Ended				Nine Months Ended
	January 1, 2022		December 26, 2020		January 1, 2022		December 26, 2020

Aerospace/Defense	$	93,203	$	93,267	$	276,483	$	299,833
Industrial		173,750		52,594		307,575		148,856
	$	266,953	$	145,861	$	584,058	$	448,689

Schedule of disaggregates total revenue by geographic origin

	Three Months Ended				Nine Months Ended
	January 1, 2022		December 26, 2020		January 1, 2022		December 26, 2020

United States	$	233,900	$	130,082	$	517,764	$	402,808
International		33,053		15,779		66,294		45,881
	$	266,953	$	145,861	$	584,058	$	448,689

Schedule of percentage of revenue recognized for performance obligations satisfied over time versus the amount of revenue recognized

	Three Months Ended						Nine Months Ended
	January 1, 2022			December 26, 2020			January 1, 2022			December 26, 2020

Point-in-time		98	%		96	%		97	%		96	%
Over time		2	%		4	%		3	%		4	%
		100	%		100	%		100	%		100	%

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Jan. 01, 2022

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		(1,441	)					(1,441	)
Amounts recorded in/reclassified from accumulated other comprehensive income (loss)					954			954
Net current period other comprehensive income (loss)		(1,441	)		954			(487	)
Balance at January 1, 2022	$	(996	)	$	(9,900	)	$	(10,896	)

Net Income Per Share Available to Common Stockholders (Tables)

9 Months Ended

Jan. 01, 2022

Earnings Per Share [Abstract]

Schedule of basic and diluted net income per common share

	Three Months Ended					Nine months Ended
	January 1, 2022			December 26, 2020		January 1, 2022		December 26, 2020

Net income/(loss)	$	(63	)	$	21,569	$	32,865	$	64,679
Preferred stock dividends		5,751			—		6,261		—
Net income/(loss) available to common stockholders	$	(5,814	)	$	21,569	$	26,604	$	64,679

Denominator for basic net income/(loss) per share available to common stockholders — weighted-average shares outstanding		28,618,495			24,861,792		26,379,984		24,816,451
Effect of dilution due to employee stock awards		—			199,020		284,006		169,397
Effect of dilution due to MCPS		—			—		—		—
Denominator for diluted net income/(loss) per share available to common stockholders — weighted-average shares outstanding		28,618,495			25,060,812		26,663,990		24,985,848

Basic net income/(loss) per share available to common stockholders	$	(0.20	)	$	0.87	$	1.01	$	2.61

Diluted net income/(loss) per share available to common stockholders	$	(0.20	)	$	0.86	$	1.00	$	2.59

Inventory (Tables)

9 Months Ended

Jan. 01, 2022

Inventory Disclosure [Abstract]

Schedule of inventory

	January 1, 2022		April 3, 2021
Raw materials	$	106,737	$	57,764
Work in process		117,063		86,183
Finished goods		286,375		220,200
	$	510,175	$	364,147

Goodwill and Intangible Assets (Tables)

9 Months Ended

Jan. 01, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill balances, by segment

	Plain			Roller			Ball			Engineered Products			Aerospace/Defense		Industrial			Total
April 3, 2021	$	79,597		$	16,007		$	5,623		$	176,309			—		—		$	277,536
Allocation in the third quarter of fiscal 2022 ⁽¹⁾		(79,597	)		(16,007	)		(5,623	)		(176,309	)		194,124		83,412			—
Acquisition ⁽²⁾		—			—			—			—			—		1,611,470			1,611,470
Translation adjustments		—			—			—			—			—		(2,132	)		(2,132	)
January 1, 2022		—			—			—			—		$	194,124	$	1,692,750		$	1,886,874

⁽¹⁾

Represents reallocation of goodwill as a result of our change in segments in the third quarter of fiscal 2022. See Note 12 for further details.

⁽²⁾

Goodwill associated with the acquisition of Dodge discussed further in Note 13.

Schedule of intangible assets

		January 1, 2022				April 3, 2021
	Weighted Average Useful Lives	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Product approvals	24	$	50,878	$	16,199	$	50,878	$	14,691
Customer relationships and lists ⁽¹⁾	24		1,294,952		39,999		109,762		28,253
Trade names ⁽¹⁾	25		216,346		12,786		16,333		10,392
Distributor agreements	5		722		722		722		722
Patents and trademarks	16		12,545		6,594		11,612		6,211
Domain names	10		437		437		437		437
Other⁽¹⁾	3		5,521		4,230		3,745		2,665
			1,581,401		80,967		193,489		63,371
Non-amortizable repair station certifications	n/a		24,281		—		24,281		—
Total	24	$	1,605,682	$	80,967	$	217,770	$	63,371

⁽¹⁾

Includes $1,185,000 of customer relationships, $200,000 of trade names and $82 of software intangibles resulting from the Dodge acquisition.

Schedule of estimated amortization expense

Remainder of Fiscal 2022	$	16,735
Fiscal 2023		67,403
Fiscal 2024		67,273
Fiscal 2025		66,570
Fiscal 2026		64,081
Fiscal 2027		63,489
Fiscal 2028 and thereafter		1,154,883

Debt (Tables)

9 Months Ended

Jan. 01, 2022

Debt Disclosure [Abstract]

Schedule of balances payable under borrowing facilities

	January 1, 2022			April 3, 2021
Revolver and term loan facilities	$	1,302,082		$	11,657
Senior notes		500,000			—
Debt issuance costs		(22,298	)		(1,216	)
Other		10,469			5,666
Total debt		1,790,253			16,107
Less: current portion		63,519			2,612
Long-term debt	$	1,726,734		$	13,495

Reportable Segments (Tables)

9 Months Ended

Jan. 01, 2022

Segment Reporting [Abstract]

Schedule of segment information

	Three Months Ended						Nine Months Ended
	January 1, 2022			December 26, 2020			January 1, 2022			December 26, 2020
Net External Sales
Aerospace/Defense	$	93,203		$	93,267		$	276,483		$	299,833
Industrial		173,750			52,594			307,575			148,856
	$	266,953		$	145,861		$	584,058		$	448,689
Gross Margin
Aerospace/Defense	$	37,486		$	38,056		$	112,666		$	121,960
Industrial		55,859			17,532			106,916			49,677
	$	93,345		$	55,588		$	219,582		$	171,637
Selling, General & Administrative Expenses
Aerospace/Defense	$	7,114		$	7,116		$	21,646		$	21,483
Industrial		18,168			4,396			29,836			13,019
Corporate		17,914			14,227			51,190			44,089
	$	43,196		$	25,739		$	102,672		$	78,591
Operating Income
Aerospace/Defense	$	28,543		$	28,630		$	84,629		$	93,646
Industrial		23,197			12,904			62,414			35,247
Corporate		(37,369	)		(14,993	)		(74,826	)		(47,175	)
	$	14,371		$	26,541		$	72,217		$	81,718

	January 1, 2022		April 3, 2021
Total Assets
Aerospace/Defense	$	856,071	$	792,280
Industrial		3,818,541		357,353
Corporate		200,438		284,627
	$	4,875,050	$	1,434,260

Dodge Acquisition (Tables)

9 Months Ended

Jan. 01, 2022

Dodge Acquisition [Abstract]

Schedule of assets acquired and liabilities assumed were recorded based on their fair value

	November 1, 2021
Cash and cash equivalents	$	81,868
Accounts receivable		83,532
Inventory		137,652
Prepaid expenses and other current assets		1,261
Property, plant and equipment		168,606
Operating lease assets		9,768
Goodwill		1,611,470
Other intangible assets		1,385,082
Other noncurrent assets		2,714
Accounts payable		69,757
Accrued rebates		29,352
Accrued expenses and other current liabilities		43,948
Deferred tax liabilities		289,792
Other noncurrent liabilities		58,995
Net assets acquired		2,990,109
Less cash received		81,868
Net consideration	$	2,908,241

Schedule of cost reduction initiatives or anticipated integration costs related to the acquisitions

	Three Months Ended				Nine Months Ended
	January 1, 2022		December 26, 2020		January 1, 2022		December 26, 2020

Net sales	$	319,100	$	287,116	$	968,680	$	852,757
Net income	$	17,958	$	25,013	$	72,623	$	40,764
Basic net income per share available to common stockholders	$	0.45	$	0.72	$	2.27	$	1.28
Diluted net income per share available to common stockholders	$	0.45	$	0.72	$	2.25		1.27

Significant Accounting Policies (Details)	9 Months Ended
Significant Accounting Policies (Details)	Jan. 01, 2022
Accounting Policies [Abstract]
Series A Mandatory convertible preferred stock	5.00%

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 01, 2022	Dec. 26, 2020	Jan. 01, 2022	Dec. 26, 2020	Apr. 03, 2021
Revenue from Contract with Customer [Abstract]
Aggregate amount of the transaction price allocated to remaining performance obligations	$ 289,870		$ 289,870
Performance obligations expected to be satisfied in the future			The Company expects to recognize revenue on approximately 59% and 86% of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter.
Current contract assets	4,499		$ 4,499		$ 5,584
Impairment losses	0		77
Current contract liabilities	14,038		14,038		16,998
Contract liabilities			2,205
Recognized revenues	3,783	$ 2,291		$ 10,056
Revenue recognized included in the contract liability	10,562		10,562
Noncurrent contract liabilities	8,072		8,072		3,754
Accounts receivable with customers, net	199,785		199,785		110,472
Accrued customer rebates	$ 37,314		$ 37,314		$ 2,674

Revenue from Contracts with Customers (Details) - Schedule of disaggregates total revenue by reportable segments - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 01, 2022	Dec. 26, 2020	Jan. 01, 2022	Dec. 26, 2020
Revenue, Major Customer [Line Items]
Net sales	$ 266,953	$ 145,861	$ 584,058	$ 448,689
Aerospace/Defense [Member]
Revenue, Major Customer [Line Items]
Net sales	93,203	93,267	276,483	299,833
Aerospace/Defense [Member]
Revenue, Major Customer [Line Items]
Net sales	$ 173,750	$ 52,594	$ 307,575	$ 148,856

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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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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+ Details

Revenue from Contracts with Customers (Details) - Schedule of disaggregates total revenue by geographic origin - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 01, 2022	Dec. 26, 2020	Jan. 01, 2022	Dec. 26, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 266,953	$ 145,861	$ 584,058	$ 448,689
United States [Member]
Disaggregation of Revenue [Line Items]
Net sales	233,900	130,082	517,764	402,808
International [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 33,053	$ 15,779	$ 66,294	$ 45,881

Revenue from Contracts with Customers (Details) - Schedule of percentage of revenue recognized for performance obligations satisfied over time versus the amount of revenue recognized	3 Months Ended		9 Months Ended
	Jan. 01, 2022	Dec. 26, 2020	Jan. 01, 2022	Dec. 26, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of revenue	100.00%	100.00%	100.00%	100.00%
Point-in-time [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of revenue	98.00%	96.00%	97.00%	96.00%
Over time [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of revenue	2.00%	4.00%	3.00%	4.00%

Accumulated Other Comprehensive Income (Loss) (Details) - Schedule of accumulated other comprehensive income (loss), net of taxes $ in Thousands	9 Months Ended
	Jan. 01, 2022 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (10,409)
Other comprehensive income (loss) before reclassifications	(1,441)
Amounts recorded in/reclassified from accumulated other comprehensive income (loss)	954
Net current period other comprehensive income (loss)	(487)
Ending balance	(10,896)
Currency Translation [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	445
Other comprehensive income (loss) before reclassifications	(1,441)
Amounts recorded in/reclassified from accumulated other comprehensive income (loss)
Net current period other comprehensive income (loss)	(1,441)
Ending balance	(996)
Pension and Postretirement Liability [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(10,854)
Other comprehensive income (loss) before reclassifications
Amounts recorded in/reclassified from accumulated other comprehensive income (loss)	954
Net current period other comprehensive income (loss)	954
Ending balance	$ (9,900)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

+ Details

Stockholders' Equity (Details) - USD ($)	1 Months Ended	9 Months Ended
Stockholders' Equity (Details) - USD ($)	Sep. 24, 2021	Jan. 01, 2022	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
Net proceeds (in Dollars)	$ 445,273,000
Cumulative dividends rate		5.00%
Liquidation preference (in Dollars per share)		$ 100
AccuredDividens (in Dollars)		$ 5,751,000
Liquidation preference (in Dollars per share)		$ 100
Aggregate liquidation preference (in Dollars)		$ 466,261,000
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)		$ 605,457,000
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	3 Months Ended		9 Months Ended
	Jan. 01, 2022	Dec. 26, 2021	Jan. 01, 2022	Dec. 26, 2020
Net Income Per Share Available to Common Stockholders (Details) [Line Items]
Conversion, shares	4,600,000		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		443,294	164,265	480,631
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		1,000	200	1,280

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				9 Months Ended
	Jan. 01, 2022	Jan. 01, 2022	Dec. 26, 2020	Dec. 26, 2020	Jan. 01, 2022	Dec. 26, 2020	Dec. 26, 2020
Schedule of basic and diluted net income per common share [Abstract]
Net income/(loss) (in Dollars)	$ (63)	$ (63)	$ 21,569	$ 21,569	$ 32,865	$ 64,679	$ 64,679
Preferred stock dividends (in Dollars)	5,751				6,261
Net income/(loss) available to common stockholders (in Dollars)	$ (5,814)			$ 21,569	$ 26,604	$ 64,679
Denominator for basic net income/(loss) per share available to common stockholders — weighted-average shares outstanding	28,618,495	28,618,495	24,861,792	24,861,792	26,379,984	24,816,451	24,816,451
Effect of dilution due to employee stock awards				199,020	284,006	169,397
Effect of dilution due to MCPS
Denominator for diluted net income/(loss) per share available to common stockholders — weighted-average shares outstanding	28,618,495	28,618,495	25,060,812	25,060,812	26,663,990	24,985,848	24,985,848
Basic net income/(loss) per share available to common stockholders (in Dollars per share)	$ (0.2)	$ (0.2)	$ 0.87	$ 0.87	$ 1.01	$ 2.61	$ 2.61
Diluted net income/(loss) per share available to common stockholders (in Dollars per share)	$ (0.2)	$ (0.2)	$ 0.86	$ 0.86	$ 1	$ 2.59	$ 2.59

Inventory (Details) - Schedule of inventory - USD ($) $ in Thousands	Jan. 01, 2022	Apr. 03, 2021
Schedule of inventory [Abstract]
Raw materials	$ 106,737	$ 57,764
Work in process	117,063	86,183
Finished goods	286,375	220,200
Inventory, Net, Total	$ 510,175	$ 364,147

Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 01, 2022	Dec. 26, 2020	Jan. 01, 2022	Dec. 26, 2020
Goodwill and Intangible Assets (Details) [Line Items]
Amortization expense	$ 12,133	$ 2,594	$ 17,542	$ 7,683
Software [Member]
Goodwill and Intangible Assets (Details) [Line Items]
Acquisition			82
Customer Relationships [Member]
Goodwill and Intangible Assets (Details) [Line Items]
Acquisition			1,185,000
Trade Names [Member]
Goodwill and Intangible Assets (Details) [Line Items]
Acquisition			$ 200,000

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

9 Months Ended

Jan. 01, 2022

USD ($)

Goodwill [Line Items]

Balance at beginning

$ 277,536

Allocation in the third quarter of fiscal 2022

^[1]

Acquisition

1,611,470

^[2]

Translation adjustments

(2,132)

Balance at end

1,886,874

Plain [Member]

Goodwill [Line Items]

Balance at beginning

79,597

Allocation in the third quarter of fiscal 2022

(79,597)

^[1]

Acquisition

^[2]

Translation adjustments

Balance at end

Roller [Member]

Goodwill [Line Items]

Balance at beginning

16,007

Allocation in the third quarter of fiscal 2022

(16,007)

^[1]

Acquisition

^[2]

Translation adjustments

Balance at end

Ball [Member]

Goodwill [Line Items]

Balance at beginning

5,623

Allocation in the third quarter of fiscal 2022

(5,623)

^[1]

Acquisition

^[2]

Translation adjustments

Balance at end

Engineered Products [Member]

Goodwill [Line Items]

Balance at beginning

176,309

Allocation in the third quarter of fiscal 2022

(176,309)

^[1]

Acquisition

^[2]

Translation adjustments

Balance at end

Aerospace/ Defense [Member]

Goodwill [Line Items]

Balance at beginning

Allocation in the third quarter of fiscal 2022

194,124

^[1]

Acquisition

^[2]

Translation adjustments

Balance at end

194,124

Industrial [Member]

Goodwill [Line Items]

Balance at beginning

Allocation in the third quarter of fiscal 2022

83,412

^[1]

Acquisition

1,611,470

^[2]

Translation adjustments

(2,132)

Balance at end

$ 1,692,750

[1]	Represents reallocation of goodwill as a result of our change in segments in the third quarter of fiscal 2022. See Note 12 for further details.
[2]	Goodwill associated with the acquisition of Dodge discussed further in Note 13.

Goodwill and Intangible Assets (Details) - Schedule of intangible assets - USD ($)
$ in Thousands

9 Months Ended

Jan. 01, 2022

Apr. 03, 2021

Finite-Lived Intangible Assets [Line Items]

Gross Carrying Amount

$ 1,581,401

$ 193,489

Accumulated Amortization

$ 80,967

63,371

Non-amortizable repair station certifications, Weighted Average Useful Lives

n/a

Non-amortizable repair station certifications, Gross Carrying Amount

$ 24,281

24,281

Total, Weighted Average Useful Lives

24 years

Total, Gross Carrying Amount

$ 1,605,682

217,770

Total, Accumulated Amortization

$ 80,967

63,371

Product approvals [Member]

Finite-Lived Intangible Assets [Line Items]

Weighted Average Useful Lives

24 years

Gross Carrying Amount

$ 50,878

50,878

Accumulated Amortization

$ 16,199

14,691

Customer relationships and lists [Member]

Finite-Lived Intangible Assets [Line Items]

Weighted Average Useful Lives

^[1]

24 years

Gross Carrying Amount

^[1]

$ 1,294,952

109,762

Accumulated Amortization

^[1]

$ 39,999

28,253

Trade Names [Member]

Finite-Lived Intangible Assets [Line Items]

Weighted Average Useful Lives

^[1]

25 years

Gross Carrying Amount

^[1]

$ 216,346

16,333

Accumulated Amortization

^[1]

$ 12,786

10,392

Distributor agreements [Member]

Finite-Lived Intangible Assets [Line Items]

Weighted Average Useful Lives

5 years

Gross Carrying Amount

$ 722

722

Accumulated Amortization

$ 722

722

Patents and trademarks [Member]

Finite-Lived Intangible Assets [Line Items]

Weighted Average Useful Lives

16 years

Gross Carrying Amount

$ 12,545

11,612

Accumulated Amortization

$ 6,594

6,211

Domain names [Member]

Finite-Lived Intangible Assets [Line Items]

Weighted Average Useful Lives

10 years

Gross Carrying Amount

$ 437

437

Accumulated Amortization

$ 437

437

Other [Member]

Finite-Lived Intangible Assets [Line Items]

Weighted Average Useful Lives

3 years

Gross Carrying Amount

$ 5,521

3,745

Accumulated Amortization

$ 4,230

$ 2,665

[1]	Includes $1,185,000 of customer relationships, $200,000 of trade names and $82 of software intangibles resulting from the Dodge acquisition.

Goodwill and Intangible Assets (Details) - Schedule of estimated amortization expense $ in Thousands	Jan. 01, 2022 USD ($)
Schedule of estimated amortization expense [Abstract]
Remainder of Fiscal 2022	$ 16,735
Fiscal 2023	67,403
Fiscal 2024	67,273
Fiscal 2025	66,570
Fiscal 2026	64,081
Fiscal 2027	63,489
Fiscal 2028 and thereafter	$ 1,154,883

Debt (Details) $ in Thousands					9 Months Ended
Debt (Details) $ in Thousands	Oct. 15, 2024	Oct. 07, 2021 USD ($)	Aug. 15, 2019 USD ($)	Aug. 15, 2019 CHF (SFr)	Jan. 01, 2022 USD ($)	Dec. 26, 2020 USD ($)	Nov. 01, 2021 USD ($)	Aug. 15, 2019 CHF (SFr)
Debt Instrument [Line Items]
Commitment fee rate					0.25%
Credit fee rate					1.75%
Future principal payments remainder of fiscal 2022					$ 16,250
Future principal payments for fiscal 2023					65,000
Future principal payments for fiscal 2024					73,125
Future principal payments for fiscal 2025					105,625
Future principal payments for fiscal 2026					138,125
Future principal payments for fiscal 2027					901,875
Line of credit facility					1,300,000
Revolving credit facility					496,450
Aggregate principal amount		$ 500,000			1,286,230
Redemption price interest		4.375%
Initial purchasers’ discounts and commissions		$ 491,992
Interest rate		4.375%
Debt instrument description	The Senior Notes will mature on October 15, 2029. The Company may redeem some or all of the Senior Notes at any time on or after October 15, 2024 at the redemption prices set forth in the Indenture, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The Company may also redeem up to 40% of the Senior Notes using the proceeds of certain equity offerings completed before October 15, 2024, at a redemption price equal to 104.375% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, at any time prior to October 15, 2024, the Company may redeem some or all of the Senior Notes at a price equal to 100% of the principal amount, plus a “make–whole” premium, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If the Company sells certain of its assets or experiences specific kinds of changes in control, the Company must offer to purchase the Senior Notes.
Fair value					510,790
Term loan							$ 1,285,053
Credit agreements totaled (in Francs) \| SFr				SFr 270
Foreign term loan outstanding amount					16,439
Revolver [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs					$ 76
Debt instrument, description of variable rate basis					Amounts outstanding under the Facilities generally bear interest at either, at the Company’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.
Revolving credit facility					$ 3,550
Domestic Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis					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 12 months after the consummation of a material acquisition), and (b) a minimum Interest Coverage Ratio of 2.00:1.00.
Foreign Term Loan [Member]
Debt Instrument [Line Items]
Foreign term loan outstanding amount					$ 2,082
Amended Credit Agreement [Member] \| Revolver [Member]
Debt Instrument [Line Items]
Letters of credit							500,000
Unamortized debt issuance costs							14,947
2015 Credit Agreement \| Revolver [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs							$ 890
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					$ 2,082
Schaublin [Member] \| Foreign Term Loan [Member]
Debt Instrument [Line Items]
Term loan			$ 15,383					SFr 15,000,000
Schaublin [Member] \| Foreign Revolver [Member]
Debt Instrument [Line Items]
Revolving credit facility			15,383					SFr 15,000,000
Schaublin [Member] \| Foreign credit agreements [Member]
Debt Instrument [Line Items]
Debt issuance costs			$ 277
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	Jan. 01, 2022	Apr. 03, 2021
Schedule of balances payable under borrowing facilities [Abstract]
Revolver and term loan facilities	$ 1,302,082	$ 11,657
Senior notes	500,000
Debt issuance costs	(22,298)	(1,216)
Other	10,469	5,666
Total debt	1,790,253	16,107
Less: current portion	63,519	2,612
Long-term debt	$ 1,726,734	$ 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		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jan. 01, 2022	Dec. 26, 2020	Jan. 01, 2022	Dec. 26, 2020
Income Taxes (Details) [Line Items]
Effective income tax rates	105.60%	17.90%	24.70%	19.60%
Tax benefit associated with share-based compensation (in Dollars)	$ 473	$ 1,003	$ 2,703	$ 1,682
Valuation allowance for capital loss carryforwards (in Dollars)	$ 146
Effective income tax rate without discrete	134.60%	21.40%	24.70%	21.50%
Estimated decrease in unrecognized tax positions in federal and state credits and state tax (in Dollars)			$ 1,429
Valuation allowance (in Dollars)	$ 1,853		$ 1,853
Effective income tax rate without these benefits and other items			26.40%	19.60%
U.S. Statutory Rates [Member]
Income Taxes (Details) [Line Items]
Effective income tax rates	105.60%	17.90%

Reportable Segments (Details)	9 Months Ended
Reportable Segments (Details)	Jan. 01, 2022
Segment Reporting [Abstract]
Reportable business segments	4

Reportable Segments (Details) - Schedule of segment information - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 01, 2022	Dec. 26, 2020	Jan. 01, 2022	Dec. 26, 2020	Apr. 03, 2021
Net External Sales
Net External Sales	$ 266,953	$ 145,861	$ 584,058	$ 448,689
Gross Margin
Gross Margin	93,345	55,588	219,582	171,637
Selling, General & Administrative Expenses
Selling, General & Administrative Expenses	43,196	25,739	102,672	78,591
Operating Income
Operating Income	14,371	26,541	72,217	81,718
Total Assets
Total Assets	4,875,050		4,875,050		$ 1,434,260
Aerospace/Defense [Member]
Net External Sales
Net External Sales	93,203	93,267	276,483	299,833
Gross Margin
Gross Margin	37,486	38,056	112,666	121,960
Selling, General & Administrative Expenses
Selling, General & Administrative Expenses	7,114	7,116	21,646	21,483
Operating Income
Operating Income	28,543	28,630	84,629	93,646
Total Assets
Total Assets	856,071		856,071		792,280
Industrial [Member]
Net External Sales
Net External Sales	173,750	52,594	307,575	148,856
Gross Margin
Gross Margin	55,859	17,532	106,916	49,677
Selling, General & Administrative Expenses
Selling, General & Administrative Expenses	18,168	4,396	29,836	13,019
Operating Income
Operating Income	23,197	12,904	62,414	35,247
Total Assets
Total Assets	3,818,541		3,818,541		357,353
Corporate [Member]
Selling, General & Administrative Expenses
Selling, General & Administrative Expenses	17,914	14,227	51,190	44,089
Operating Income
Operating Income	(37,369)	$ (14,993)	(74,826)	$ (47,175)
Total Assets
Total Assets	$ 200,438		$ 200,438		$ 284,627

Dodge Acquisition (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
Dodge Acquisition (Details) - USD ($) $ in Thousands	Nov. 01, 2021	Jan. 01, 2022	Jan. 01, 2022	Dec. 26, 2020	Jul. 01, 2021
Dodge Acquisition (Details) [Line Items]
Net of cash acquired	$ 2,908,241		$ 2,908,241	$ (245)
Term loan	1,285,053
Net proceeds from the common stock	1,050,730
Net proceeds from senior notes offering	491,992
Cash on hand	$ 80,466
Purchase of capital stock, percentage	100.00%
Purchase price of bridge financing commitment					$ 2,800,000
Acquisition costs incurred		$ 20,141	21,574
Identifiable intangible assets	$ 1,385,082	1,385,082	1,385,082
Fair value of customer relationship		200,000	$ 200,000
Fair value term			26 years
Revenue	$ 109,976
Operating income			$ 5,348
Other income			3,325
Total lease obligations, including leases acquired remainder of fiscal 2022		3,029	3,029
Total lease obligations, including leases acquired fiscal 2023		11,880	11,880
Total lease obligations, including leases acquired fiscal 2024		10,093	10,093
Total lease obligations, including leases acquired fiscal 2025		8,605	8,605
Total lease obligations, including leases acquired fiscal 2026		8,024	8,024
Total lease obligations, including leases acquired fiscal 2027		8,175	8,175
Total lease obligations, including leases acquired thereafter		71,063	71,063
Customer Relationships [Member]
Dodge Acquisition (Details) [Line Items]
Fair value of customer relationship		$ 1,185,000	$ 1,185,000
Fair value term			24 years

Dodge Acquisition (Details) - Schedule of assets acquired and liabilities assumed were recorded based on their fair value - USD ($) $ in Thousands	Jan. 01, 2022	Nov. 01, 2021
Schedule of assets acquired and liabilities assumed were recorded based on their fair value [Abstract]
Cash and cash equivalents		$ 81,868
Accounts receivable		83,532
Inventory		137,652
Prepaid expenses and other current assets		1,261
Property, plant and equipment		168,606
Operating lease assets		9,768
Goodwill		1,611,470
Other intangible assets	$ 1,385,082	1,385,082
Other noncurrent assets		2,714
Accounts payable		69,757
Accrued rebates		29,352
Accrued expenses and other current liabilities		43,948
Deferred tax liabilities		289,792
Other noncurrent liabilities		58,995
Net assets acquired		2,990,109
Less cash received		81,868
Net consideration		$ 2,908,241

Dodge Acquisition (Details) - Schedule of cost reduction initiatives or anticipated integration costs related to the acquisitions - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 01, 2022	Dec. 26, 2020	Jan. 01, 2022	Dec. 26, 2020
Schedule of cost reduction initiatives or anticipated integration costs related to the acquisitions [Abstract]
Net sales	$ 319,100	$ 287,116	$ 968,680	$ 852,757
Net income	$ 17,958	$ 25,013	$ 72,623	$ 40,764
Basic net income per share available to common stockholders	$ 0.45	$ 0.72	$ 2.27	$ 1.28
Diluted net income per share available to common stockholders	$ 0.45	$ 0.72	$ 2.25	$ 1.27