0001213900-24-064682 | 10-Q | XBRL Viewer

Net income Per-share Attributable to Common Stockholders (Tables)

3 Months Ended

Jun. 29, 2024

Net income Per-share Attributable to Common Stockholders [Abstract]

Schedule of Basic and Diluted Net Income Per-Share

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 attributable to common stockholders.

	Three Months Ended
	June 29, 2024		July 1, 2023
Net income	$	61.4	$	50.0
Preferred stock dividends		5.7		5.7
Net income attributable to common stockholders	$	55.7	$	44.3

Denominator:
Denominator for basic net income per share attributable to common stockholders — weighted-average shares outstanding		29,054,820		28,846,874
Effect of dilution due to employee stock awards		240,178		267,945
Denominator for diluted net income per share attributable to common stockholders — weighted-average shares outstanding		29,294,998		29,114,819
Basic net income per share attributable to common stockholders	$	1.92	$	1.53
Diluted net income per share attributable to common stockholders	$	1.90	$	1.52

Significant Accounting Policies	3 Months Ended
Jun. 29, 2024
Significant 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. Significant changes to our accounting policies as a result of adopting new accounting standards are discussed below. Recent Accounting Standards Adopted Not Applicable. Recent Accounting Standards Yet to Be Adopted In November 2023, Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in ASU 2023-07 improve the disclosures about a public entity’s reportable segments and address requests from investors for additional, more detailed information about a reportable segment’s expenses. ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2024. As of June 29, 2024, the Company is evaluating the impact the standard will have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in ASU 2023-09 address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024. As of June 29, 2024, the Company is evaluating the impact the standard will have on its consolidated financial statements.

Significant Accounting Policies

3 Months Ended

Jun. 29, 2024

Significant 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.

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

Recent Accounting Standards Adopted

Not Applicable.

Recent Accounting Standards Yet to Be Adopted

In November 2023, Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in ASU 2023-07 improve the disclosures about a public entity’s reportable segments and address requests from investors for additional, more detailed information about a reportable segment’s expenses. ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2024. As of June 29, 2024, the Company is evaluating the impact the standard will have on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in ASU 2023-09 address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024. As of June 29, 2024, the Company is evaluating the impact the standard will have on its consolidated financial statements.

Cover - shares	3 Months Ended
Cover - shares	Jun. 29, 2024	Jul. 26, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Jun. 29, 2024
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Information [Line Items]
Entity Registrant Name	RBC BEARINGS INCORPORATED
Entity Central Index Key	0001324948
Entity File Number	001-40840
Entity Tax Identification Number	95-4372080
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--03-29
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Contact Personnel [Line Items]
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
Entity Phone Fax Numbers [Line Items]
City Area Code	(203)
Local Phone Number	267-7001
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		29,229,863
Common Stock, par value $0.01 per-share
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per-share
Trading Symbol	RBC
Security Exchange Name	NYSE
5.00% Series A Mandatory Convertible Preferred Stock, par value $0.01 per-share
Entity Listings [Line Items]
Title of 12(b) Security	5.00% Series A Mandatory Convertible Preferred Stock, par value $0.01 per-share
Trading Symbol	RBCP
Security Exchange Name	NYSE

Fair Value (Details) - USD ($) $ in Millions	Jun. 29, 2024	Mar. 30, 2024
Fair Value [Abstract]
Long-term fixed-rate debt, based on quoted market prices	$ 461.2	$ 456.8
Carrying value of debt amount	494.4	494.2
Fair value of the interest rate swap	1.5	1.6
AOCI of interest rate swap, net of taxes	$ 1.2	$ 1.1

Net income Per-share Attributable to Common Stockholders (Details) - Schedule of Basic and Diluted Net Income Per-Share - USD ($) $ / shares in Units, $ in Millions	2 Months Ended	3 Months Ended
	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Schedule of Basic and Diluted Net Income Per Common Share [Abstract]
Net income	$ 50.0	$ 61.4	$ 50.0
Preferred stock dividends		5.7	5.7
Net income attributable to common stockholders		$ 55.7	$ 44.3
Denominator:
Denominator for basic net income per share attributable to common stockholders — weighted-average shares outstanding		29,054,820	28,846,874
Effect of dilution due to employee stock awards		240,178	267,945
Denominator for diluted net income per share attributable to common stockholders — weighted-average shares outstanding		29,294,998	29,114,819
Basic net income per share attributable to common stockholders		$ 1.92	$ 1.53
Diluted net income per share attributable to common stockholders		$ 1.9	$ 1.52

Accumulated Other Comprehensive Income/(Loss)

3 Months Ended

Jun. 29, 2024

Accumulated Other Comprehensive Income/(Loss) [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, changes in fair value of derivatives, 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			Change in Fair Value of Derivatives			Pension and Postretirement Liability		Total
Balance at March 30, 2024	$	(3.6	)	$	1.2		$	3.1	$	0.7
Reclassification to net income		—			0.8			—		0.8
Net loss on foreign currency translation		(1.0	)		—			—		(1.0	)
Loss on derivative instrument, net of taxes		—			(0.9	)		—		(0.9	)
Net current period other comprehensive income		(1.0	)		(0.1	)		0.0		(1.1	)
Balance at June 29, 2024	$	(4.6	)	$	1.1		$	3.1	$	(0.4	)

Inventory

3 Months Ended

Jun. 29, 2024

Inventory [Abstract]

Inventory

7. Inventory

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

	June 29, 2024		March 30, 2024
Raw materials	$	142.8	$	138.1
Work in process		144.6		137.9
Finished goods		347.6		346.8
	$	635.0	$	622.8

Basis of Presentation

3 Months Ended

Jun. 29, 2024

Basis of Presentation [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 (“SEC”). The interim financial statements included with this report have been prepared on a consistent basis with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 30, 2024 (our “Annual Report”). 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 (“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 financial 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 our Annual Report.

The results of operations for the three-month period ended June 29, 2024 are not necessarily indicative of the operating results for the entire fiscal year ending March 29, 2025. The three-month periods ended June 29, 2024 and July 1, 2023 each included 13 weeks. All dollar amounts contained in these financial statements and footnotes are stated in millions, except for per share data.

Pay vs Performance Disclosure - USD ($) $ in Millions	2 Months Ended	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 50.0	$ 61.4	$ 50.0

- 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

Accumulated Other Comprehensive Income/(Loss) (Details) - Schedule of Accumulated Other Comprehensive Income/(Loss), Net of Taxes $ in Millions	3 Months Ended
	Jun. 29, 2024 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at March 30, 2024	$ 0.7
Reclassification to net income	0.8
Net loss on foreign currency translation	(1.0)
Loss on derivative instrument, net of taxes	(0.9)
Net current period other comprehensive income	(1.1)
Balance at June 29, 2024	(0.4)
Currency Translation [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at March 30, 2024	(3.6)
Reclassification to net income
Net loss on foreign currency translation	(1.0)
Loss on derivative instrument, net of taxes
Net current period other comprehensive income	(1.0)
Balance at June 29, 2024	(4.6)
Change in Fair Value of Derivatives [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at March 30, 2024	1.2
Reclassification to net income	0.8
Net loss on foreign currency translation
Loss on derivative instrument, net of taxes	(0.9)
Net current period other comprehensive income	(0.1)
Balance at June 29, 2024	1.1
Pension and Postretirement Liability [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at March 30, 2024	3.1
Reclassification to net income
Net loss on foreign currency translation
Loss on derivative instrument, net of taxes
Net current period other comprehensive income	0.0
Balance at June 29, 2024	$ 3.1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

- Definition

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

+ References + Details

- Definition

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

+ References + Details

Consolidated Statements Of Comprehensive Income/(Loss) (Unaudited) - USD ($)
$ in Millions

3 Months Ended

Jun. 29, 2024

Jul. 01, 2023

Statement of Comprehensive Income [Abstract]

Net income

$ 61.4

$ 50.0

Pension and postretirement liability adjustments, net of taxes

^[1]

0.0

0.5

Change in fair value of derivative

^[2]

(0.1)

4.8

Foreign currency translation adjustments

(1.0)

3.1

Total comprehensive income

$ 60.3

$ 58.4

[1]	These adjustments were net of tax benefit of $0.0 and net of tax expense of $0.2 for the three-month periods ended June 29, 2024 and July 1, 2023, respectively.
[2]	These adjustments were net of tax benefit of $0.0 and net of tax expense of $1.4 for the three-month periods ended June 29, 2024 and July 1, 2023, respectively.

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

Debt (Tables)

3 Months Ended

Jun. 29, 2024

Debt [Abstract]

Schedule of Balances Payable Under All Borrowing Facilities

The balances payable under all our borrowing facilities are as follows:

	June 29, 2024			March 30, 2024
Revolver and term loan facilities	$	635.2		$	695.2
Senior notes		500.0			500.0
Debt issuance costs		(10.1	)		(10.7	)
Other		6.3			7.4
Total debt		1,131.4			1,191.9
Less: current portion		3.8			3.8
Long-term debt	$	1,127.6		$	1,188.1

Net income Per-share Attributable to Common Stockholders (Details) - shares	3 Months Ended
	Jun. 29, 2024	Jun. 29, 2024	Jul. 01, 2023
Net income Per-share Attributable to Common Stockholders [Line Items]
Stock options conversion		5.00%
Conversion, shares	4,600,000		4,600,000
Employee stock options [Member]
Net income Per-share Attributable to Common Stockholders [Line Items]
Number of shares	87,500		125,898
Restricted shares [Member]
Net income Per-share Attributable to Common Stockholders [Line Items]
Number of shares	7,818		485

Accrued Expenses and Other Current Liabilities (Details) - Schedule of Accrued Expenses and Other Current Liabilities - USD ($) $ in Millions	Jun. 29, 2024	Mar. 30, 2024
Schedule of Accrued Expenses and Other Current Liabilities [Abstract]
Employee compensation and related benefits	$ 46.4	$ 35.7
Taxes	35.2	23.1
Contract liabilities	30.5	22.5
Accrued rebates	41.0	38.0
Current finance lease liabilities	5.9	5.7
Accrued preferred stock dividends	4.8	4.8
Interest	4.8	10.4
Legal	1.3	1.3
Returns and warranties	9.5	9.2
Other	11.1	16.6
Accrued expenses and other current liabilities	$ 190.5	$ 167.3

Consolidated Statements of Stockholders’ Equity (Parentheticals) - USD ($) $ in Millions	3 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Pension and Postretirement Expenses
Net of tax benefit	$ 0.0
Net of tax expense		$ 0.2
Change in Fair Value of Derivative
Change in fair value of derivative, net of tax benefit	$ 0.0
Change in fair value of derivative, net of tax expense		$ 1.4

Accrued Expenses and Other Current Liabilities

3 Months Ended

Jun. 29, 2024

Accrued Expenses and Other Current Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities

9. Accrued Expenses and Other Current Liabilities

The significant components of accrued expenses and other current liabilities are as follows:

	June 29, 2024		March 30, 2024
Employee compensation and related benefits	$	46.4	$	35.7
Taxes		35.2		23.1
Contract liabilities		30.5		22.5
Accrued rebates		41.0		38.0
Current finance lease liabilities		5.9		5.7
Accrued preferred stock dividends		4.8		4.8
Interest		4.8		10.4
Legal		1.3		1.3
Returns and warranties		9.5		9.2
Other		11.1		16.6
	$	190.5	$	167.3

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Income Statement [Abstract]
Net sales	$ 406.3	$ 387.1
Cost of sales	222.3	219.2
Gross margin	184.0	167.9
Operating expenses:
Selling, general and administrative	67.6	64.7
Other, net	18.9	18.2
Total operating expenses	86.5	82.9
Operating income	97.5	85.0
Interest expense, net	17.2	20.5
Other non-operating expense	0.4	0.5
Income before income taxes	79.9	64.0
Provision for income taxes	18.5	14.0
Net income	61.4	50.0
Preferred stock dividends	5.7	5.7
Net income attributable to common stockholders	$ 55.7	$ 44.3
Net income per common share attributable to common stockholders:
Basic (in Dollars per share)	$ 1.92	$ 1.53
Diluted (in Dollars per share)	$ 1.9	$ 1.52
Weighted average common shares:
Basic (in Shares)	29,054,820	28,846,874
Diluted (in Shares)	29,294,998	29,114,819

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Mar. 30, 2024
Revenue from Contracts with Customers [Line Items]
Remaining performance obligations	$ 461.6
Contract assets	8.0		$ 6.9
Contract current liabilities	30.5		22.5
Recognized revenues	5.7	$ 4.6
Noncurrent contract liabilities	10.1		19.9
Accrued rebates	$ 41.0		$ 38.0
Transferred over Time [Member]
Revenue from Contracts with Customers [Line Items]
Revenue from remaining performance obligation percentage over twelve months	64.00%
Revenue from remaining performance obligation percentage over twenty-four months	92.00%

Net income Per-share Attributable to Common Stockholders

3 Months Ended

Jun. 29, 2024

Net income Per-share Attributable to Common Stockholders [Abstract]

Net income Per-share Attributable to Common Stockholders

5. Net income Per-share Attributable to Common Stockholders

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

Diluted net income per-share attributable to common stockholders is computed by dividing net income attributable 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 our 5.00% Series A Mandatory Convertible Preferred Stock (the “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 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 attributable to common stockholders by adjusting the numerator for the effect of the cumulative MCPS dividends for the respective period.

For the three-month periods ended June 29, 2024 and July 1, 2023, respectively, 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 attributable to common stockholders. Accordingly, net income was reduced by cumulative MCPS dividends, as presented in our consolidated statement of operations, for purposes of calculating the numerator in the diluted net income per share attributable to common stockholders.

For the three months ended June 29, 2024, 87,500 employee stock options and 7,818 restricted shares were excluded from the calculation of diluted earnings per-share attributable to common stockholders. For the three months ended July 1, 2023, 125,898 employee stock options and 485 restricted shares were excluded from the calculation of diluted earnings per-share attributable to common stockholders. The inclusion of these employee stock options and restricted shares would have been anti-dilutive.

	Three Months Ended
	June 29, 2024		July 1, 2023
Net income	$	61.4	$	50.0
Preferred stock dividends		5.7		5.7
Net income attributable to common stockholders	$	55.7	$	44.3

Denominator:
Denominator for basic net income per share attributable to common stockholders — weighted-average shares outstanding		29,054,820		28,846,874
Effect of dilution due to employee stock awards		240,178		267,945
Denominator for diluted net income per share attributable to common stockholders — weighted-average shares outstanding		29,294,998		29,114,819
Basic net income per share attributable to common stockholders	$	1.92	$	1.53
Diluted net income per share attributable to common stockholders	$	1.90	$	1.52

Goodwill and Intangible Assets

3 Months Ended

Jun. 29, 2024

Goodwill and Intangible Assets [Abstract]

Goodwill and Intangible Assets

8. Goodwill and Intangible Assets

Goodwill

Goodwill balances, by segment, consist of the following:

	Aerospace /Defense		Industrial			Total
March 30, 2024	$	199.2	$	1,675.7		$	1,874.9
Currency translation adjustments		—		(0.7	)		(0.7	)
June 29, 2024	$	199.2	$	1,675.0		$	1,874.2

Intangible Assets

	Weighted Average		June 29, 2024				March 30, 2024
	Useful Lives (Years)		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Product approvals		24	$	50.7	$	20.8	$	50.7	$	20.3
Customer relationships and lists		24		1,300.8		174.3		1,300.7		160.7
Trade names		25		217.2		34.9		217.2		32.5
Patents and trademarks		15		10.9		6.6		10.8		6.5
Domain names		10		0.4		0.4		0.4		0.4
Internal-use software		3		18.3		10.1		16.7		8.8
Other		5		1.6		1.2		1.6		1.3
				1,599.9		248.3		1,598.1		230.5
Non-amortizable repair station certifications		n/a		24.3		—		24.3		—
Total		24	$	1,624.2	$	248.3	$	1,622.4	$	230.5

Amortization expense for definite-lived intangible assets during the three-month periods ended June 29, 2024 and July 1, 2023 was $17.8 and $17.5, respectively. These amounts are included in other, net on the Company’s consolidated statements of operations. Estimated amortization expense for the remainder of fiscal 2025 and for the five succeeding fiscal years and thereafter is as follows:

Remainder of Fiscal 2025	$	54.4
Fiscal 2026		68.5
Fiscal 2027		64.7
Fiscal 2028		64.7
Fiscal 2029		64.6
Fiscal 2030		64.6
Fiscal 2031 and thereafter		970.1

Goodwill and Intangible Assets (Tables)

3 Months Ended

Jun. 29, 2024

Goodwill and Intangible Assets [Abstract]

Schedule of Goodwill Balances, by Segment

Goodwill balances, by segment, consist of the following:

	Aerospace /Defense		Industrial			Total
March 30, 2024	$	199.2	$	1,675.7		$	1,874.9
Currency translation adjustments		—		(0.7	)		(0.7	)
June 29, 2024	$	199.2	$	1,675.0		$	1,874.2

Schedule of Intangible Assets

Intangible Assets

	Weighted Average		June 29, 2024				March 30, 2024
	Useful Lives (Years)		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Product approvals		24	$	50.7	$	20.8	$	50.7	$	20.3
Customer relationships and lists		24		1,300.8		174.3		1,300.7		160.7
Trade names		25		217.2		34.9		217.2		32.5
Patents and trademarks		15		10.9		6.6		10.8		6.5
Domain names		10		0.4		0.4		0.4		0.4
Internal-use software		3		18.3		10.1		16.7		8.8
Other		5		1.6		1.2		1.6		1.3
				1,599.9		248.3		1,598.1		230.5
Non-amortizable repair station certifications		n/a		24.3		—		24.3		—
Total		24	$	1,624.2	$	248.3	$	1,622.4	$	230.5

Schedule of Estimated Amortization Expense

These amounts are included in other, net on the Company’s consolidated statements of operations. Estimated amortization expense for the remainder of fiscal 2025 and for the five succeeding fiscal years and thereafter is as follows:

Remainder of Fiscal 2025	$	54.4
Fiscal 2026		68.5
Fiscal 2027		64.7
Fiscal 2028		64.7
Fiscal 2029		64.6
Fiscal 2030		64.6
Fiscal 2031 and thereafter		970.1

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
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-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

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+ Details

Accounting Policies, by Policy (Policies)	3 Months Ended
Accounting Policies, by Policy (Policies)	Jun. 29, 2024
Significant Accounting Policies [Abstract]
Recent Accounting Standards Adopted	Recent Accounting Standards Adopted Not Applicable.
Recent Accounting Standards Yet to Be Adopted	Recent Accounting Standards Yet to Be Adopted In November 2023, Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in ASU 2023-07 improve the disclosures about a public entity’s reportable segments and address requests from investors for additional, more detailed information about a reportable segment’s expenses. ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2024. As of June 29, 2024, the Company is evaluating the impact the standard will have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in ASU 2023-09 address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024. As of June 29, 2024, the Company is evaluating the impact the standard will have on its consolidated financial statements.

Reportable Segments (Details) - Schedule of Reportable Segment - USD ($) $ in Millions	3 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Mar. 30, 2024
Net External Sales
Net External Sales	$ 406.3	$ 387.1
Gross Margin
Gross Margin	184.0	167.9
Selling, General & Administrative Expenses
Selling, General & Administrative Expenses	67.6	64.7
Operating Income
Operating Income	97.5	85.0
Total Assets
Total Assets	4,696.5		$ 4,678.6
Aerospace/Defense [Member]
Net External Sales
Net External Sales	149.1	120.5
Gross Margin
Gross Margin	63.1	47.3
Selling, General & Administrative Expenses
Selling, General & Administrative Expenses	10.3	9.1
Operating Income
Operating Income	50.6	36.8
Total Assets
Total Assets	820.4		798.6
Industrial [Member]
Net External Sales
Net External Sales	257.2	266.6
Gross Margin
Gross Margin	120.9	120.6
Selling, General & Administrative Expenses
Selling, General & Administrative Expenses	34.1	34.0
Operating Income
Operating Income	72.5	71.1
Total Assets
Total Assets	3,782.3		3,779.6
Corporate [Member]
Selling, General & Administrative Expenses
Selling, General & Administrative Expenses	23.2	21.6
Operating Income
Operating Income	(25.6)	$ (22.9)
Total Assets
Total Assets	$ 93.8		$ 100.4

Inventory (Details) - Schedule of Inventories - USD ($) $ in Millions	Jun. 29, 2024	Mar. 30, 2024
Schedule of Inventories [Abstract]
Raw materials	$ 142.8	$ 138.1
Work in process	144.6	137.9
Finished goods	347.6	346.8
Inventory net, total	$ 635.0	$ 622.8

Revenue from Contracts with Customers (Details) - Schedule of Disaggregates Total Revenue by Geographic Origin - USD ($) $ in Millions	3 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Schedule of Disaggregates Total Revenue by Geographic Origin [Line Items]
Net sales	$ 406.3	$ 387.1
United States [Member]
Schedule of Disaggregates Total Revenue by Geographic Origin [Line Items]
Net sales	360.1	341.3
International [Member]
Schedule of Disaggregates Total Revenue by Geographic Origin [Line Items]
Net sales	$ 46.2	$ 45.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ Details

Income Taxes (Details) - USD ($)	1 Months Ended	3 Months Ended
Income Taxes (Details) - USD ($)	Oct. 31, 2021	Jun. 29, 2024	Jul. 01, 2023
Income Taxes [Line Items]
Effective income tax rates		23.10%	21.90%
Tax benefits associate with stock based compensation (in Dollars)		$ 0.6	$ 0.4
Effective income tax rate		23.80%	22.60%
Discrete tax benefits (in Dollars)			$ 0.1
Decrease in unrecognized tax positions, pertaining primarily to federal and state credits and state tax (in Dollars)		$ 1,900,000
Taxation of large multinational corporations minimum rate	15.00%
Foreign Tax Jurisdiction [Member]
Income Taxes [Line Items]
Returns subject to examination		periods, but generally back to and including the year ending March 28, 2020, although certain tax credits generated in earlier years are open under statute from March 29, 2008
US Federal And State [Member]
Income Taxes [Line Items]
Effective income tax rates		23.10%	21.90%

Revenue from Contracts with Customers (Tables)

3 Months Ended

Jun. 29, 2024

Revenue from Contracts with Customers [Abstract]

Schedule of Disaggregates Total Revenue by Reportable Segments

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

	Three Months Ended
	June 29, 2024		July 1, 2023
Aerospace/Defense	$	149.1	$	120.5
Industrial		257.2		266.6
Total	$	406.3	$	387.1

Schedule of Disaggregates Total Revenue by Geographic Origin

The following table disaggregates total revenue by geographic origin:

	Three Months Ended
	June 29, 2024		July 1, 2023
United States	$	360.1	$	341.3
International		46.2		45.8
Total	$	406.3	$	387.1

Schedule of Percentage Revenue Recognized for Performance Obligations Satisfied Over Time Versus the Amount of Revenue Recognized

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
	June 29, 2024			July 1, 2023
Point-in-time		97	%		98	%
Over time		3	%		2	%
Total		100	%		100	%

Debt (Details) SFr in Millions, $ in Millions	3 Months Ended	12 Months Ended
Debt (Details) SFr in Millions, $ in Millions	Jun. 29, 2024 USD ($)	Apr. 02, 2022 USD ($)	Jun. 29, 2024 CHF (SFr)
Debt [Line Items]
Future principal payments for fiscal 2025	$ 0.0
Future principal payments for fiscal 2026	0.0
Future principal payments for fiscal 2027	$ 615.0
Credit agreement, description	The Credit Agreement requires the Company to comply with various covenants, including the following financial covenants: (a) a maximum Total Net Leverage Ratio (as defined within the Credit Agreement) of 5.00:1.00, which maximum Total Net Leverage Ratio shall decrease during certain subsequent test periods as set forth in the 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 Company by 0.50:1.00 for a period of twelve (12) months after the consummation of a material acquisition); and (b) a minimum Interest Coverage Ratio of 2.00:1.00.
Outstanding amounts under the term loan	$ 615.0
Revolving credit facility, borrowing capacity	$ 478.3
Net proceeds from issuance of senior notes		$ 492.0
Senior notes, interest rate	4.375%
Provide a bank guarantee	$ 0.1
Term Loan Facility [Member]
Debt [Line Items]
Credit facility maximum borrowing capacity amount	$ 1,300.0
October 15, 2024 [Member]
Debt [Line Items]
Percentage senior notes redemption capacity	40.00%
Redemption price of senior notes	104.375%
Redemption price of senior notes	100% of the principal amount, plus a “make–whole” premium
Senior Notes due 2029 [Member]
Debt [Line Items]
Senior notes, aggregate principal amount		$ 500.0
Principal amount percentage		4.375%
Purchase of Business Assets of Specline, Inc. [Member]
Debt [Line Items]
Revolving credit facility utilized	$ 18.0
New Credit Agreement [Member]
Debt [Line Items]
Credit agreement, description of variable rate basis.	amounts outstanding under the Facilities generally bore 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 was based on the Company’s consolidated ratio of total net debt to consolidated EBITDA (as defined within the Credit Agreement) from time to time. In December 2022, the Credit Agreement was amended to replace LIBOR with the secured overnight financing rate administered by the Federal Reserve Bank of New York (“SOFR”) so that borrowings under the Facilities denominated in U.S. dollars bear interest at a rate per annum equal to Term SOFR (as defined in the Credit Agreement) plus a credit spread adjustment of 0.10% plus a margin ranging from 0.75% to 2.00% depending on the Company’s consolidated ratio of total net debt to consolidated EBITDA. The Facilities are subject to a SOFR floor of 0.00%. As of June 29, 2024, the Company’s margin was 1.00% for SOFR loans, the commitment fee rate was 0.175%, and the letter of credit fee rate was 1.00%.
Foreign Term Loan [Member]
Debt [Line Items]
Borrowed from the new foreign revolver	$ 2.2
Foreign Term Loan [Member] \| Schaublin [Member]
Debt [Line Items]
Revolving credit facility utilized	5.8		SFr 5.0
Revolving Credit Facility [Member]
Debt [Line Items]
Credit facility maximum borrowing capacity amount	500.0
Revolving credit facility utilized	3.7
Credit Agreement [Member] \| Revolver [Member]
Debt [Line Items]
Amortized debt issuance costs	$ 14.9
Senior Notes [Member]
Debt [Line Items]
Mature date	Oct. 15, 2029

Inventory (Tables)

3 Months Ended

Jun. 29, 2024

Inventory [Abstract]

Schedule of Inventories

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

	June 29, 2024		March 30, 2024
Raw materials	$	142.8	$	138.1
Work in process		144.6		137.9
Finished goods		347.6		346.8
	$	635.0	$	622.8

Reportable Segments (Tables)

3 Months Ended

Jun. 29, 2024

Reportable Segments [Abstract]

Schedule of Reportable Segment

Identifiable assets by reportable segment consist of those directly identified with the segment’s operations.

	Three Months Ended
	June 29, 2024			July 1, 2023
Net External Sales
Aerospace/Defense	$	149.1		$	120.5
Industrial		257.2			266.6
	$	406.3		$	387.1
Gross Margin
Aerospace/Defense	$	63.1		$	47.3
Industrial		120.9			120.6
	$	184.0		$	167.9
Selling, General & Administrative Expenses
Aerospace/Defense	$	10.3		$	9.1
Industrial		34.1			34.0
Corporate		23.2			21.6
	$	67.6		$	64.7
Operating Income
Aerospace/Defense	$	50.6		$	36.8
Industrial		72.5			71.1
Corporate		(25.6	)		(22.9	)
	$	97.5		$	85.0

	June 29, 2024		March 30, 2024
Total Assets
Aerospace/Defense	$	820.4	$	798.6
Industrial		3,782.3		3,779.6
Corporate		93.8		100.4
	$	4,696.5	$	4,678.6

Accumulated Other Comprehensive Income/(Loss) (Tables)

3 Months Ended

Jun. 29, 2024

Accumulated Other Comprehensive Income/(Loss) [Abstract]

Schedule of Accumulated Other Comprehensive Income/(Loss), Net of Taxes

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

	Currency Translation			Change in Fair Value of Derivatives			Pension and Postretirement Liability		Total
Balance at March 30, 2024	$	(3.6	)	$	1.2		$	3.1	$	0.7
Reclassification to net income		—			0.8			—		0.8
Net loss on foreign currency translation		(1.0	)		—			—		(1.0	)
Loss on derivative instrument, net of taxes		—			(0.9	)		—		(0.9	)
Net current period other comprehensive income		(1.0	)		(0.1	)		0.0		(1.1	)
Balance at June 29, 2024	$	(4.6	)	$	1.1		$	3.1	$	(0.4	)

Derivative Financial Instruments

3 Months Ended

Jun. 29, 2024

Derivative Financial Instruments [Abstract]

Derivative Financial Instruments

13. Derivative Financial Instruments

The Company is exposed to certain risks relating to its ongoing business operations, including market risks relating to fluctuations in interest rates. Derivative financial instruments are recognized on the consolidated balance sheets as either assets or liabilities and are measured at fair value. Changes in the fair values of the derivative are recorded each period in earnings or accumulated other comprehensive income, depending on whether a derivative is effective as part of a hedged transaction. Gains and losses on derivative instruments reported in accumulated other comprehensive income/(loss) are subsequently included in earnings in the periods in which earnings are affected by the hedged item. The Company does not use derivative instruments for speculative purposes.

On October 28, 2022, the Company entered into a three-year USD-denominated interest rate swap (the “Swap”) with a third-party financial counterparty under the Credit Agreement (see Note 10). The Swap was executed to protect the Company from interest rate volatility on our variable-rate Term Loan. The Swap became effective December 30, 2022 and is comprised of a $600.0 notional with a maturity of three years. The notional was $400.0 as of June 29, 2024. We receive a variable rate based on one-month Term SOFR and pay a fixed rate of 4.455%. As of June 29, 2024, approximately 79% of our debt bears interest at a fixed rate after giving effect to the interest rate swap agreement in place. The notional on the Swap amortizes as follows:

Year 1: $600.0

Year 2: $400.0

Year 3: $100.0

The Swap has been designated as a cash flow hedge of the variability of the first unhedged interest payments (the hedged transactions) paid over the hedging relationship’s specified time period of three years attributable to the borrowing’s contractually specified interest index on the hedged principal of its general borrowing program or replacement or refinancing thereof. The fair value of the Swap has been disclosed in Note 6. The balance in accumulated other comprehensive income/(loss) related to the Swap has been disclosed in Note 4. The gain/loss reclassified from accumulated other comprehensive income/(loss) into earnings has been recorded as interest income/expense on the Swap and included in the operating section of the Company’s consolidated statements of cash flows.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 29, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Consolidated Statements Of Comprehensive Income/(Loss) (Unaudited) (Parentheticals) - USD ($) $ in Millions	3 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Statement of Comprehensive Income [Abstract]
Pension and post retirement liability adjustments, net of tax expense		$ 0.2
Pension and postretirement liability adjustments, net of tax benefit	$ 0.0
Change in fair value of derivative, net of expenses		$ 1.4
Change in fair value of derivative, net of tax benefit	$ 0.0

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions	Jun. 29, 2024	Mar. 30, 2024
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts (in Dollars)	$ 4.2	$ 4.4
Preferred stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	4,600,000	4,600,000
Common stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares issued	30,263,485	30,227,444
Treasury stock, at cost	1,042,261	1,015,053

Debt

3 Months Ended

Jun. 29, 2024

Debt [Abstract]

Debt

10. Debt

Domestic Credit Facility

In fiscal 2022, RBC Bearings Incorporated, our top holding company, and our Roller Bearing Company of America, Inc. subsidiary (“RBCA”) entered into a Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association (“Wells Fargo”), as Administrative Agent, Collateral Agent, Swingline Lender and Letter of Credit Issuer, and the other lenders party thereto. The Credit Agreement provides the Company with (a) a $1,300.0 term loan (the “Term Loan”), which was used to fund a portion of the cash purchase price for the acquisition of Dodge Industrial, Inc. (“Dodge”) and to pay related fees and expenses, and (b) a $500.0 revolving credit facility (the “Revolving Credit Facility” and together with the Term Loan, the “Facilities”). Debt issuance costs associated with the Credit Agreement totaled $14.9 and are being amortized over the life of the Credit Agreement.

Initially, amounts outstanding under the Facilities generally bore 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 was based on the Company’s consolidated ratio of total net debt to consolidated EBITDA (as defined within the Credit Agreement) from time to time. In December 2022, the Credit Agreement was amended to replace LIBOR with the secured overnight financing rate administered by the Federal Reserve Bank of New York (“SOFR”) so that borrowings under the Facilities denominated in U.S. dollars bear interest at a rate per annum equal to Term SOFR (as defined in the Credit Agreement) plus a credit spread adjustment of 0.10% plus a margin ranging from 0.75% to 2.00% depending on the Company’s consolidated ratio of total net debt to consolidated EBITDA. The Facilities are subject to a SOFR floor of 0.00%. As of June 29, 2024, the Company’s margin was 1.00% for SOFR loans, the commitment fee rate was 0.175%, and the letter of credit fee rate was 1.00%. A portion of the Term Loan is subject to a fixed-rate interest swap as discussed in Note 13.

The Term Loan matures in November 2026 and amortizes in quarterly installments with the balance payable on the maturity date. The Company can elect to prepay some or all of the outstanding balance from time to time without penalty, which will offset future quarterly amortization installments. Due to prepayments previously made, the required future principal payments on the Term Loan are $0 for fiscal 2025, $0 for fiscal 2026, and $615.0 for fiscal 2027. The Revolving Credit Facility expires in November 2026, at which time all amounts outstanding under the Revolving Credit Facility will be payable.

The Credit Agreement requires the Company to comply with various covenants, including the following financial covenants: (a) a maximum Total Net Leverage Ratio (as defined within the Credit Agreement) of 5.00:1.00, which maximum Total Net Leverage Ratio shall decrease during certain subsequent test periods as set forth in the 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 Company by 0.50:1.00 for a period of twelve (12) months after the consummation of a material acquisition); and (b) a minimum Interest Coverage Ratio of 2.00:1.00. As of June 29, 2024 the Company was in compliance with all debt covenants.

The Credit Agreement allows the Company to, among other things, make distributions to stockholders, repurchase its stock, incur other debt or liens, or acquire or dispose of assets provided that the Company complies with certain requirements and limitations of the Credit Agreement.

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

As of June 29, 2024, $615.0 was outstanding under the Term Loan, $3.7 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 $18.0 of the Revolving Credit Facility had been used to fund the purchase of the business assets of Specline, Inc. in fiscal 2024. The Company had the ability to borrow an additional $478.3 under the Revolving Credit Facility as of June 29, 2024.

Senior Notes

In fiscal 2022, RBCA issued $500.0 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 $492.0, after deducting initial purchasers’ discounts and commissions and offering expenses, and were used to fund a portion of the purchase price for the acquisition of Dodge.

The Senior Notes were issued pursuant to an indenture with Wilmington Trust, National Association, as trustee (the “Indenture”). 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 of these covenants will be suspended.

The Senior Notes are guaranteed jointly and severally on a senior unsecured basis by RBC Bearings and RBCA’s domestic subsidiaries that also guarantee the Credit Agreement.

Interest on the Senior Notes accrues at a rate of 4.375% and is payable semi–annually in cash in arrears on April 15 and October 15 of each year.

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.

Foreign Borrowing Arrangements

One of our foreign subsidiaries, Schaublin SA, has a CHF 5.0 (approximately $5.8 USD) credit line (the “Foreign Credit Line”) with Credit Suisse (Switzerland) Ltd. to provide future working capital, if necessary. As of June 29, 2024, $2.2 had been borrowed from the Foreign Credit Line and $0.1 was being utilized to provide a bank guarantee. Fees associated with the Foreign Credit Line are nominal.

The balances payable under all our borrowing facilities are as follows:

	June 29, 2024			March 30, 2024
Revolver and term loan facilities	$	635.2		$	695.2
Senior notes		500.0			500.0
Debt issuance costs		(10.1	)		(10.7	)
Other		6.3			7.4
Total debt		1,131.4			1,191.9
Less: current portion		3.8			3.8
Long-term debt	$	1,127.6		$	1,188.1

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6
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-Publisher FASB
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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 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value

3 Months Ended

Jun. 29, 2024

Fair Value [Abstract]

Fair Value

6. Fair Value

Fair value is defined as the price that would be expected to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The FASB provides accounting rules that classify the inputs used to measure fair value into the following hierarchy:

Level 1 –

Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 –

Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability.

Level 3 –

Unobservable inputs for the asset or liability.

Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

As a result of the occurrence of triggering events such as purchase accounting for acquisitions, the Company measures certain assets and liabilities based on Level 3 inputs.

Financial Instruments

The Company’s financial instruments consist primarily of cash and cash equivalents, accounts receivable, trade accounts payable, accrued expenses, short-term borrowings, long-term debt, and a derivative in the form of an interest rate swap. Due to their short-term nature, the carrying value of cash and cash equivalents, accounts receivable, trade accounts payable, accrued expenses and short-term borrowings are a reasonable estimate of their fair value. Long-term assets held on our balance sheets related to benefit plan obligations are measured at fair value. The fair value of the Company’s long-term fixed-rate debt, based on quoted market prices, was $461.2 and $456.8 at June 29, 2024 and March 30, 2024, respectively. The carrying value of this debt was $494.4 at June 29, 2024 and $494.2 at March 30, 2024. The fair value of long-term fixed-rate debt was measured using Level 1 inputs. Due to the nature of fair value calculations for variable-rate debt, the carrying value of the Company’s long-term variable-rate debt is a reasonable estimate of its fair value. The fair value of the interest rate swap was $1.5 at June 29, 2024 and $1.6 at March 30, 2024, and included in other noncurrent assets on the Company’s consolidated balance sheets. The fair value of the interest rate swap is measured using Level 2 inputs. The interest rate swap, net of taxes, had accumulated other comprehensive income of $1.1 and $1.2 as of June 29, 2024 and March 30, 2024, respectively.

The Company does not believe it has significant concentrations of risk associated with the counterparties to its financial instruments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6A
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 29, 2024	Mar. 30, 2024
Current assets:
Cash and cash equivalents	$ 76.8	$ 63.5
Accounts receivable, net of allowances of $4.2 as of June 29, 2024 and $4.4 as of March 30, 2024	254.7	255.2
Inventory	635.0	622.8
Prepaid expenses and other current assets	27.7	24.0
Total current assets	994.2	965.5
Property, plant and equipment, net	356.8	361.0
Operating lease assets, net	50.9	41.4
Goodwill	1,874.2	1,874.9
Intangible assets, net	1,375.9	1,391.9
Other noncurrent assets	44.5	43.9
Total assets	4,696.5	4,678.6
Current liabilities:
Accounts payable	127.5	116.2
Accrued expenses and other current liabilities	190.5	167.3
Current operating lease liabilities	8.5	7.0
Current portion of long-term debt	3.8	3.8
Total current liabilities	330.3	294.3
Long-term debt, less current portion	1,127.6	1,188.1
Noncurrent operating lease liabilities	42.9	35.3
Deferred income taxes	280.2	284.2
Other noncurrent liabilities	111.6	124.8
Total liabilities	1,892.6	1,926.7
Stockholders’ equity:
Preferred stock, $.01 par value; authorized shares: 10,000,000 as of June 29, 2024 and March 30, 2024, respectively; issued shares: 4,600,000 as of June 29, 2024 and March 30, 2024, respectively	0.0	0.0
Common stock, $.01 par value; authorized shares: 60,000,000 at June 29, 2024 and March 30, 2024, respectively; issued shares: 30,263,485 and 30,227,444 as of June 29, 2024 and March 30, 2024, respectively	0.3	0.3
Additional paid-in capital	1,630.6	1,625.2
Accumulated other comprehensive income/(loss)	(0.4)	0.7
Retained earnings	1,272.5	1,216.8
Treasury stock, at cost; 1,042,261 shares and 1,015,053 shares as of June 29, 2024 and March 30, 2024, respectively	(99.1)	(91.1)
Total stockholders’ equity	2,803.9	2,751.9
Total liabilities and stockholders’ equity	$ 4,696.5	$ 4,678.6

Debt (Details) - Schedule of Balances Payable Under All Borrowing Facilities - USD ($) $ in Millions	Jun. 29, 2024	Mar. 30, 2024
Schedule of Balances Payable Under All Borrowing Facilities [Abstract]
Revolver and term loan facilities	$ 635.2	$ 695.2
Senior notes	500.0	500.0
Debt issuance costs	(10.1)	(10.7)
Other	6.3	7.4
Total debt	1,131.4	1,191.9
Less: current portion	3.8	3.8
Long-term debt	$ 1,127.6	$ 1,188.1

- Definition

The carrying value as of the balance sheet date of the noncurrent portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Goodwill and Intangible Assets (Details) - Schedule of Intangible Assets - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Jun. 29, 2024
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,598.1	$ 1,599.9
Accumulated Amortization	$ 230.5	248.3
Non-amortizable repair station certifications, Weighted Average Useful Lives	n/a
Non-amortizable repair station certifications, Gross Carrying Amount	$ 24.3	24.3
Non-amortizable repair station certifications, Accumulated Amortization
Total, Weighted Average Useful Lives	24 years
Total, Gross Carrying Amount	$ 1,622.4	1,624.2
Total, Accumulated Amortization	$ 230.5	248.3
Product Approvals [Member]
Schedule of Intangible Assets [Line Items]
Weighted Average Useful Lives	24 years
Gross Carrying Amount	$ 50.7	50.7
Accumulated Amortization	$ 20.3	20.8
Customer Relationships and Lists [Member]
Schedule of Intangible Assets [Line Items]
Weighted Average Useful Lives	24 years
Gross Carrying Amount	$ 1,300.7	1,300.8
Accumulated Amortization	$ 160.7	174.3
Trade Names [Member]
Schedule of Intangible Assets [Line Items]
Weighted Average Useful Lives	25 years
Gross Carrying Amount	$ 217.2	217.2
Accumulated Amortization	$ 32.5	34.9
Patents and Trademarks [Member]
Schedule of Intangible Assets [Line Items]
Weighted Average Useful Lives	15 years
Gross Carrying Amount	$ 10.8	10.9
Accumulated Amortization	$ 6.5	6.6
Domain Names [Member]
Schedule of Intangible Assets [Line Items]
Weighted Average Useful Lives	10 years
Gross Carrying Amount	$ 0.4	0.4
Accumulated Amortization	$ 0.4	0.4
Internal-use Software [Member]
Schedule of Intangible Assets [Line Items]
Weighted Average Useful Lives	3 years
Gross Carrying Amount	$ 16.7	18.3
Accumulated Amortization	$ 8.8	10.1
Other [Member]
Schedule of Intangible Assets [Line Items]
Weighted Average Useful Lives	5 years
Gross Carrying Amount	$ 1.6	1.6
Accumulated Amortization	$ 1.3	$ 1.2

Revenue from Contracts with Customers

3 Months Ended

Jun. 29, 2024

Revenue from Contracts with Customers [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
	June 29, 2024		July 1, 2023
Aerospace/Defense	$	149.1	$	120.5
Industrial		257.2		266.6
Total	$	406.3	$	387.1

The following table disaggregates total revenue by geographic origin:

	Three Months Ended
	June 29, 2024		July 1, 2023
United States	$	360.1	$	341.3
International		46.2		45.8
Total	$	406.3	$	387.1

	Three Months Ended
	June 29, 2024			July 1, 2023
Point-in-time		97	%		98	%
Over time		3	%		2	%
Total		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 the Company 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 $461.6 at June 29, 2024. The Company expects to recognize revenue on approximately 64% and 92% of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter.

Contract Balances

The timing of revenue recognition, invoicing and cash collections affects accounts receivable, unbilled receivables (contract assets) and customer advances and deposits (contract liabilities) on the consolidated balance sheets. 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 June 29, 2024 and March 30, 2024, current contract assets were $8.0 and $6.9, respectively, and included within prepaid expenses and other current assets on the consolidated balance sheets. The increase in contract assets was primarily due to the recognition of revenue related to the satisfaction or partial satisfaction of performance obligations prior to billing, partially offset by amounts billed to customers during the period. As of June 29, 2024 and March 30, 2024, the Company did not have any contract assets classified as noncurrent on the consolidated balance sheets.

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 June 29, 2024 and March 30, 2024, current contract liabilities were $30.5 and $22.5, respectively, and are included within accrued expenses and other current liabilities on the consolidated balance sheets. The increase in current contract liabilities was primarily due to advance payments received and the reclassification of a portion of advance payments received from the noncurrent portion of contract liabilities partially offset by revenue recognized on customer contracts. For the three months ended June 29, 2024, the Company recognized revenues of $5.7 that were included in the contract liability balance as of March 30, 2024. For the three months ended July 1, 2023, the Company recognized revenues of $4.6 that were included in the contract liability balance at April 1, 2023.

As of June 29, 2024 and March 30, 2024, noncurrent contract liabilities were $10.1 and $19.9, respectively, and included within other noncurrent liabilities on the consolidated balance sheets. The decrease in noncurrent contract liabilities was primarily due to advance payments received, partially offset by the reclassification of a portion of advance payments received to the current portion of contract liabilities.

Variable Consideration

The amount of consideration to which the Company expects to be entitled in exchange for goods and services is not generally subject to significant variations. However, the Company does offer certain customers rebates, prompt payment discounts, end-user discounts and the right to return eligible products. 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 $41.0 and $38.0 at June 29, 2024 and March 30, 2024, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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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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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Cash flows from operating activities:
Net income	$ 61.4	$ 50.0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	30.0	29.7
Deferred income taxes	(4.1)	(2.6)
Amortization of deferred financing costs	0.6	0.9
Stock-based compensation	6.5	5.4
Noncash operating lease expense	1.7	1.7
Loss on disposition of assets		0.2
Consolidation, restructuring, and other noncash charges		0.3
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	0.5	(12.0)
Inventory	(12.1)	(15.6)
Prepaid expenses and other current assets	(3.8)	(2.1)
Other noncurrent assets	(0.6)	(2.6)
Accounts payable	11.3	(6.8)
Accrued expenses and other current liabilities	23.9	13.0
Other noncurrent liabilities	(17.9)	2.2
Net cash provided by operating activities	97.4	61.7
Cash flows from investing activities:
Capital expenditures	(9.0)	(6.7)
Proceeds from sale of assets		0.2
Net cash used in investing activities	(9.0)	(6.5)
Cash flows from financing activities:
Repayments of term loans	(60.0)	(50.0)
Repayments of notes payable	(1.1)	(1.1)
Principal payments on finance lease obligations	(1.1)	(1.0)
Preferred stock dividends paid	(5.7)	(5.7)
Exercise of stock options	1.2	1.0
Repurchase of common stock	(8.0)	(6.8)
Net cash used in financing activities	(74.7)	(63.6)
Effect of exchange rate changes on cash	(0.4)	(0.3)
Cash and cash equivalents:
Increase/(decrease) during the period	13.3	(8.7)
Cash and cash equivalents, at beginning of period	63.5	65.4
Cash and cash equivalents, at end of period	76.8	56.7
Supplemental disclosures of cash flow information:
Income taxes	12.5	1.1
Interest	$ 22.0	$ 25.1

Reportable Segments

3 Months Ended

Jun. 29, 2024

Reportable Segments [Abstract]

Reportable Segments

12. Reportable Segments

The Company operates through operating segments and reports its financial results based on how its chief operating decision maker makes operating decisions, assesses the performance of the business, and allocates resources. Our operating segments are our reportable segments. These reportable operating segments are Aerospace/Defense and Industrial and are described below.

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.

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. Where not separately disclosed, corporate costs are allocated to each segment. Identifiable assets by reportable segment consist of those directly identified with the segment’s operations.

	Three Months Ended
	June 29, 2024			July 1, 2023
Net External Sales
Aerospace/Defense	$	149.1		$	120.5
Industrial		257.2			266.6
	$	406.3		$	387.1
Gross Margin
Aerospace/Defense	$	63.1		$	47.3
Industrial		120.9			120.6
	$	184.0		$	167.9
Selling, General & Administrative Expenses
Aerospace/Defense	$	10.3		$	9.1
Industrial		34.1			34.0
Corporate		23.2			21.6
	$	67.6		$	64.7
Operating Income
Aerospace/Defense	$	50.6		$	36.8
Industrial		72.5			71.1
Corporate		(25.6	)		(22.9	)
	$	97.5		$	85.0

	June 29, 2024		March 30, 2024
Total Assets
Aerospace/Defense	$	820.4	$	798.6
Industrial		3,782.3		3,779.6
Corporate		93.8		100.4
	$	4,696.5	$	4,678.6

- 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/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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+ Details

Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Goodwill and Intangible Assets [Abstract]
Amortization expense	$ 17.8	$ 17.5

Goodwill and Intangible Assets (Details) - Schedule of Estimated Amortization Expense $ in Millions	Jun. 29, 2024 USD ($)
Schedule of Estimated Amortization Expense [Abstract]
Remainder of Fiscal 2025	$ 54.4
Fiscal 2026	68.5
Fiscal 2027	64.7
Fiscal 2028	64.7
Fiscal 2029	64.6
Fiscal 2030	64.6
Fiscal 2031 and thereafter	$ 970.1

Consolidated Statements of Stockholders’ Equity - USD ($)
$ in Millions

Common Stock

Preferred Stock

Additional Paid-in Capital

Accumulated Other Comprehensive Income/(Loss)

Retained Earnings

Treasury Stock

Total

Balance at Apr. 29, 2023

$ 0.3

$ 0.0

$ 1,589.9

$ (4.1)

$ 1,029.9

$ (80.1)

$ 2,535.9

Balance (in Shares) at Apr. 29, 2023

29,989,948

4,600,000

(966,398)

Net income

50.0

Stock-based compensation

4.9

Preferred stock dividends

(5.7)

Repurchase of common stock

$ (6.8)

(6.8)

Repurchase of common stock (in Shares)

(32,804)

Exercise of equity awards

1.0

Exercise of equity awards (in Shares)

11,772

Change in pension and post-retirement plan benefit adjustments, net

0.5

Issuance of restricted stock, net of forfeitures

Issuance of restricted stock, net of forfeitures (in Shares)

54,627

Change in fair value of derivative, net

4.8

Currency translation adjustments

3.1

Balance at Jul. 01, 2023

$ 0.3

$ 0.0

1,595.8

4.3

1,074.2

$ (86.9)

2,587.7

Balance (in Shares) at Jul. 01, 2023

30,056,347

4,600,000

(999,202)

Balance at Mar. 30, 2024

$ 0.3

$ 0.0

1,625.2

0.7

1,216.8

$ (91.1)

2,751.9

Balance (in Shares) at Mar. 30, 2024

30,227,444

4,600,000

(1,015,053)

Net income

61.4

Stock-based compensation

4.2

Preferred stock dividends

(5.7)

Repurchase of common stock

$ (8.0)

(8.0)

Repurchase of common stock (in Shares)

(27,208)

Exercise of equity awards

1.2

Exercise of equity awards (in Shares)

8,642

Change in pension and post-retirement plan benefit adjustments, net

0.0

Issuance of restricted stock, net of forfeitures

Issuance of restricted stock, net of forfeitures (in Shares)

27,399

Change in fair value of derivative, net

(0.1)

^[1]

Currency translation adjustments

(1.0)

Balance at Jun. 29, 2024

$ 0.3

$ 0.0

$ 1,630.6

$ (0.4)

$ 1,272.5

$ (99.1)

$ 2,803.9

Balance (in Shares) at Jun. 29, 2024

30,263,485

4,600,000

(1,042,261)

[1]	These adjustments were net of tax benefit of $0.0 and net of tax expense of $1.4 for the three-month periods ended June 29, 2024 and July 1, 2023, respectively.

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Jun. 29, 2024

Accrued Expenses and Other Current Liabilities [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

The significant components of accrued expenses and other current liabilities are as follows:

	June 29, 2024		March 30, 2024
Employee compensation and related benefits	$	46.4	$	35.7
Taxes		35.2		23.1
Contract liabilities		30.5		22.5
Accrued rebates		41.0		38.0
Current finance lease liabilities		5.9		5.7
Accrued preferred stock dividends		4.8		4.8
Interest		4.8		10.4
Legal		1.3		1.3
Returns and warranties		9.5		9.2
Other		11.1		16.6
	$	190.5	$	167.3

Income Taxes

3 Months Ended

Jun. 29, 2024

Income Taxes [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 March 28, 2020, although certain tax credits generated in earlier years are open under statute from March 29, 2008. The Company is no longer subject to U.S. federal tax examination by the Internal Revenue Service for years ending before March 28, 2020.

The effective income tax rates for the three-month periods ended June 29, 2024 and July 1, 2023, were 23.1% and 21.9%, respectively. In addition to discrete items, the effective income tax rates for both these periods were different from the U.S. statutory rates due to the foreign-derived intangible income provision and U.S. credit for increasing research activities, which decreased the rate, and state income taxes, foreign income taxes, and nondeductible compensation, which increased the rate.

The effective income tax rate for the three-month period ended June 29, 2024 of 23.1% included $0.6 of discrete tax benefits associated with stock-based compensation. The effective income tax rate without discrete items for the three-month period ended June 29, 2024 would have been 23.8%. The effective income tax rate for the three-month period ended July 1, 2023 of 21.9% included $0.4 of discrete tax benefits associated with stock-based compensation and $0.1 of discrete tax benefits associated with other items. The effective income tax rate without discrete items for the three-month period ended July 1, 2023 would have been 22.6%. The Company believes it is reasonably possible that some of its unrecognized tax positions may be effectively settled within the next 12 months due to the closing of audits and the statute of limitations expiring in various jurisdictions. The decrease in the Company’s unrecognized tax positions, pertaining primarily to federal and state credits and state tax, is estimated to be approximately $1.9.

Global Minimum Tax

In October 2021, the Organisation for Economic Co-operation and Development (“OECD”) announced an Inclusive Framework on Base Erosion and Profit Shifting including Pillar Two Model Rules defining the global minimum tax, which calls for the taxation of large multinational corporations at a minimum rate of 15%. Subsequently multiple sets of administrative guidance have been issued. Many non-US tax jurisdictions have either recently enacted legislation to adopt certain components of the Pillar Two Model Rules beginning in 2024 with the adoption of additional components in later years or announced their plans to enact legislation in future years. We are continuing to evaluate the impacts of enacted legislation and pending legislation to enact Pillar Two Model Rules in the non-US tax jurisdictions in which we operate. At this time, we do not anticipate the enacted or pending legislation to have a material impact on our consolidated financial statements.

- Definition

The entire disclosure for income tax.

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+ Details

Revenue from Contracts with Customers (Details) - Schedule of Percentage Revenue Recognized for Performance Obligations Satisfied Over Time Versus the Amount of Revenue Recognized	3 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Schedule of Percentage Revenue Recognized for Performance Obligations Satisfied Over Time Versus the Amount of Revenue Recognized [Line Items]
Percentage of Point-in-time	97.00%	98.00%
Percentage of Over time	3.00%	2.00%
Percentage of revenue	100.00%	100.00%

Revenue from Contracts with Customers (Details) - Schedule of Disaggregates Total Revenue by Reportable Segments - USD ($) $ in Millions	3 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Schedule of Disaggregates Total Revenue by Reportable Segments [Line Items]
Net sales	$ 406.3	$ 387.1
Aerospace/Defense [Member]
Schedule of Disaggregates Total Revenue by Reportable Segments [Line Items]
Net sales	149.1	120.5
Industrial [Member]
Schedule of Disaggregates Total Revenue by Reportable Segments [Line Items]
Net sales	$ 257.2	$ 266.6

- Definition

+ References

+ Details

Derivative Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 29, 2024	Dec. 30, 2022
Derivative Financial Instruments [Line Items]
Maturity years		3 years
Fixed rate of interest percentage	4.455%
Specified time period	3 years
Year 1 [Member]
Derivative Financial Instruments [Line Items]
Notional amount	$ 600.0
Year 2 [Member]
Derivative Financial Instruments [Line Items]
Notional amount	400.0
Year 3 [Member]
Derivative Financial Instruments [Line Items]
Notional amount	100.0
Interest Rate Swap [Member]
Derivative Financial Instruments [Line Items]
Notional amount	$ 400.0	$ 600.0
Percentage of debt that bears interest at a fixed rate	79.00%

Basis of Presentation (Details)	3 Months Ended
Basis of Presentation (Details)	Jun. 29, 2024	Jul. 01, 2023
Basis of Presentation [Abstract]
Quarterly period contains	13 weeks	13 weeks

Goodwill and Intangible Assets (Details) - Schedule of Goodwill Balances, by Segment $ in Millions	3 Months Ended
	Jun. 29, 2024 USD ($)
Schedule of Goodwill Balances, by Segment [Line Items]
March 30, 2024	$ 1,874.9
Currency translation adjustments	(0.7)
June 29, 2024	1,874.2
Aerospace/ Defense [Member]
Schedule of Goodwill Balances, by Segment [Line Items]
March 30, 2024	199.2
Currency translation adjustments
June 29, 2024	199.2
Industrial [Member]
Schedule of Goodwill Balances, by Segment [Line Items]
March 30, 2024	1,675.7
Currency translation adjustments	(0.7)
June 29, 2024	$ 1,675.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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