Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Mar. 29, 2014 | 19-May-14 | Sep. 27, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 29-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'ROLL | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 23,248,111 | ' |
Entity Registrant Name | 'RBC Bearings INC | ' | ' |
Entity Central Index Key | '0001324948 | ' | ' |
Current Fiscal Year End Date | '--03-29 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $1,505,078,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $121,207 | $114,480 |
Short-term investments | 2,419 | 1,298 |
Accounts receivable, net of allowance for doubtful accounts of $1,060 in 2014 and $1,719 in 2013 | 75,642 | 68,943 |
Inventory | 198,021 | 174,585 |
Deferred income taxes | 12,611 | 9,864 |
Prepaid expenses and other current assets | 7,645 | 4,351 |
Total current assets | 417,545 | 373,521 |
Property, plant and equipment, net | 137,154 | 116,118 |
Goodwill | 43,452 | 34,713 |
Intangible assets, net of accumulated amortization of $12,821 in 2014 and $10,783 in 2013 | 14,617 | 11,158 |
Other assets | 8,225 | 6,932 |
Total assets | 620,993 | 542,442 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Accounts payable | 24,326 | 25,259 |
Accrued expenses and other current liabilities | 17,220 | 20,069 |
Current portion of long-term debt | 1,274 | 1,240 |
Total current liabilities | 42,820 | 46,568 |
Long-term debt, less current portion | 9,173 | 9,060 |
Deferred income taxes | 9,779 | 4,236 |
Other non-current liabilities | 20,769 | 20,383 |
Total liabilities | 82,541 | 80,247 |
Commitments and contingencies (Note 17) | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $.01 par value; authorized shares: 10,000,000 in 2014 and 2013; none issued and outstanding | 0 | 0 |
Common stock, $.01 par value; authorized shares: 60,000,000 in 2014 and 2013; issued and outstanding shares: 23,524,028 in 2014 and 23,277,928 in 2013 | 235 | 233 |
Additional paid-in capital | 246,152 | 234,151 |
Accumulated other comprehensive income | 2,365 | -3,469 |
Retained earnings | 301,942 | 241,734 |
Treasury stock, at cost, 317,817 shares in 2014 and 289,234 shares in 2013 | -12,242 | -10,454 |
Total stockholders' equity | 538,452 | 462,195 |
Total liabilities and stockholders' equity | $620,993 | $542,442 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowance for doubtful accounts | $1,060 | $1,719 |
Intangible assets, accumulated amortization | $12,821 | $10,783 |
Preferred Stock | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Preferred stock, issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Common Stock | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, authorized shares | 60,000,000 | 60,000,000 |
Common stock, issued shares | 23,524,028 | 23,277,928 |
Common stock, outstanding shares | 23,524,028 | 23,277,928 |
Treasury Stock | ' | ' |
Treasury stock, shares | 317,817 | 289,234 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Net sales | $418,886 | $403,051 | $397,511 |
Cost of sales | 254,089 | 250,122 | 256,931 |
Gross margin | 164,797 | 152,929 | 140,580 |
Operating expenses: | ' | ' | ' |
Selling, general and administrative | 71,969 | 65,751 | 61,303 |
Other, net | 4,178 | 9,077 | 1,629 |
Total operating expenses | 76,147 | 74,828 | 62,932 |
Operating income | 88,650 | 78,101 | 77,648 |
Interest expense, net | 1,019 | 868 | 1,045 |
Other non-operating expense (income) | -122 | -2,955 | 624 |
Income before income taxes | 87,753 | 80,188 | 75,979 |
Provision for income taxes | 27,545 | 23,846 | 25,982 |
Net income | $60,208 | $56,342 | $49,997 |
Net income per common share: | ' | ' | ' |
Basic | $2.63 | $2.52 | $2.28 |
Diluted | $2.59 | $2.47 | $2.23 |
Weighted average common shares: | ' | ' | ' |
Basic | 22,874,842 | 22,401,068 | 21,880,554 |
Diluted | 23,244,241 | 22,810,793 | 22,390,914 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Net income | $60,208 | $56,342 | $49,997 |
Pension and postretirement liability adjustments, net of taxes | 982 | -707 | -1,692 |
Change in fair value of derivatives, net of taxes | 0 | 14 | 137 |
Change in unrealized loss on investments, net of taxes | 131 | 129 | -68 |
Foreign currency translation adjustments | 4,721 | -3,974 | 312 |
Total comprehensive income | $66,042 | $51,804 | $48,686 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Treasury Stock [Member] |
In Thousands, except Share data | ||||||
Balance at Apr. 02, 2011 | $330,067 | $221 | $197,644 | $2,380 | $135,395 | ($5,573) |
Balance (in shares) at Apr. 02, 2011 | ' | 22,092,011 | ' | ' | ' | -186,658 |
Net income | 49,997 | 0 | 0 | 0 | 49,997 | 0 |
Stock-based compensation | 4,121 | 0 | 4,121 | 0 | 0 | 0 |
Exercise of equity awards | 2,184 | 2 | 2,811 | 0 | 0 | -629 |
Exercise of equity awards, shares | ' | 123,684 | ' | ' | ' | -15,613 |
Change in net prior service cost and actuarial losses, net of taxes | -1,692 | 0 | 0 | -1,692 | 0 | 0 |
Issuance of restricted stock | 0 | 0 | 0 | 0 | 0 | 0 |
Issuance of restricted stock, shares | ' | 111,600 | ' | ' | ' | 0 |
Change in fair value of derivatives, net of taxes | 137 | 0 | 0 | 137 | 0 | 0 |
Income tax benefit on exercise of non-qualified common stock options | 757 | 0 | 757 | 0 | 0 | 0 |
Unrealized (loss) gain on investments, net of taxes | -68 | 0 | 0 | -68 | 0 | 0 |
Currency translation adjustments, net of taxes | 312 | 0 | 0 | 312 | 0 | 0 |
Balance at Mar. 31, 2012 | 385,815 | 223 | 205,333 | 1,069 | 185,392 | -6,202 |
Balance (in shares) at Mar. 31, 2012 | ' | 22,327,295 | ' | ' | ' | -202,271 |
Net income | 56,342 | 0 | 0 | 0 | 56,342 | 0 |
Stock-based compensation | 5,288 | 0 | 5,288 | 0 | 0 | 0 |
Exercise of equity awards | 12,164 | 10 | 16,406 | 0 | 0 | -4,252 |
Exercise of equity awards, shares | ' | 829,783 | ' | ' | ' | -86,963 |
Change in net prior service cost and actuarial losses, net of taxes | -707 | 0 | 0 | -707 | 0 | 0 |
Issuance of restricted stock | 0 | 0 | 0 | 0 | 0 | 0 |
Issuance of restricted stock, shares | ' | 120,850 | ' | ' | ' | 0 |
Change in fair value of derivatives, net of taxes | 14 | 0 | 0 | 14 | 0 | 0 |
Income tax benefit on exercise of non-qualified common stock options | 7,124 | 0 | 7,124 | 0 | 0 | 0 |
Unrealized (loss) gain on investments, net of taxes | 129 | 0 | 0 | 129 | 0 | 0 |
Currency translation adjustments, net of taxes | -3,974 | 0 | 0 | -3,974 | 0 | 0 |
Balance at Mar. 30, 2013 | 462,195 | 233 | 234,151 | -3,469 | 241,734 | -10,454 |
Balance (in shares) at Mar. 30, 2013 | ' | 23,277,928 | ' | ' | ' | -289,234 |
Net income | 60,208 | 0 | 0 | 0 | 60,208 | 0 |
Stock-based compensation | 5,833 | 0 | 5,833 | 0 | 0 | 0 |
Exercise of equity awards | 2,820 | 2 | 4,606 | 0 | 0 | -1,788 |
Exercise of equity awards, shares | ' | 184,000 | ' | ' | ' | -28,583 |
Change in net prior service cost and actuarial losses, net of taxes | 982 | 0 | 0 | 982 | 0 | 0 |
Issuance of restricted stock | 0 | 0 | 0 | 0 | 0 | 0 |
Issuance of restricted stock, shares | ' | 62,100 | ' | ' | ' | 0 |
Change in fair value of derivatives, net of taxes | 0 | ' | ' | ' | ' | ' |
Income tax benefit on exercise of non-qualified common stock options | 1,562 | 0 | 1,562 | 0 | 0 | 0 |
Unrealized (loss) gain on investments, net of taxes | 131 | 0 | 0 | 131 | 0 | 0 |
Currency translation adjustments, net of taxes | 4,721 | 0 | 0 | 4,721 | 0 | 0 |
Balance at Mar. 29, 2014 | $538,452 | $235 | $246,152 | $2,365 | $301,942 | ($12,242) |
Balance (in shares) at Mar. 29, 2014 | ' | 23,524,028 | ' | ' | ' | -317,817 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Change in net prior service cost and actuarial losses, net of tax benefit of | $141 | $358 | $1,047 |
Change in fair value of derivatives, net of taxes of | ' | 8 | 88 |
Unrealized loss on investments, net of tax benefit of | 87 | 86 | 41 |
Currency translation adjustments, net of taxes of | $13 | $10 | $6 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $60,208 | $56,342 | $49,997 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation | 13,063 | 13,166 | 12,699 |
Excess tax benefits from stock-based compensation | -1,562 | -7,124 | -757 |
Deferred income taxes | 364 | -906 | -119 |
Amortization of intangible assets | 1,924 | 1,553 | 1,491 |
Amortization of deferred financing costs | 325 | 325 | 325 |
Stock-based compensation | 5,833 | 5,288 | 4,121 |
(Gain) loss on disposition of assets | -31 | 6,301 | -10 |
Gain on acquisition | 0 | -327 | 0 |
Changes in operating assets and liabilities, net of acquisitions: | ' | ' | ' |
Accounts receivable | -5,990 | 2,696 | -12,434 |
Inventory | -17,024 | -15,527 | -14,293 |
Prepaid expenses and other current assets | -3,450 | -174 | 1,065 |
Other non-current assets | -3,418 | -1,934 | -1,815 |
Accounts payable | -2,986 | 607 | 413 |
Accrued expenses and other current liabilities | -2,321 | 8,333 | 3,481 |
Other non-current liabilities | 3,040 | -2,357 | 865 |
Net cash provided by operating activities | 47,975 | 66,262 | 45,029 |
Cash flows from investing activities: | ' | ' | ' |
Purchase of property, plant and equipment | -28,920 | -42,017 | -17,841 |
Purchase of short-term investments | -729 | -1,791 | 0 |
Proceeds from sale or maturities of short-term investments | 0 | 493 | 3,883 |
Acquisition of businesses, net of cash acquired | -17,568 | -2,628 | 0 |
Proceeds from sale of assets | 100 | 763 | 297 |
Net cash used in investing activities | -47,117 | -45,180 | -13,661 |
Cash flows from financing activities: | ' | ' | ' |
Net decrease in revolving credit facility | 0 | 0 | -30,000 |
Proceeds from notes payable | 0 | 9,892 | -255 |
Payments of notes payable | -505 | -538 | 0 |
Repurchase of common stock | -1,788 | -4,252 | -629 |
Exercise of stock options | 4,608 | 16,416 | 2,813 |
Excess tax benefits from stock-based compensation | 1,562 | 7,124 | 757 |
Other, net | -93 | 11 | -72 |
Net cash provided by (used in) financing activities | 3,784 | 28,653 | -27,386 |
Effect of exchange rate changes on cash | 2,085 | -3,876 | 664 |
Cash and cash equivalents: | ' | ' | ' |
Increase during the year | 6,727 | 45,859 | 4,646 |
Cash, at beginning of year | 114,480 | 68,621 | 63,975 |
Cash, at end of year | $121,207 | $114,480 | $68,621 |
Organization_and_Business
Organization and Business | 12 Months Ended | ||
Mar. 29, 2014 | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||
Organization and Business | ' | ||
1 | Organization and Business | ||
RBC Bearings Incorporated (the "Company", collectively with its subsidiaries), is a Delaware corporation. The Company operates in four reportable business segments—roller bearings, plain bearings, ball bearings, other and corporate—in which it manufactures roller bearing components and assembled parts and designs and manufactures high-precision roller and ball bearings. The Company sells to a wide variety of original equipment manufacturers ("OEMs") and distributors who are widely dispersed geographically. In fiscal 2014, no one customer accounted for more than 7% of the Company’s net sales as compared to no more than 6% and 8% of the Company’s net sales in fiscal 2013 and 2012, respectively. The Company's segments are further discussed in Part II, Item 8. “Financial Statements and Supplemental Data,” Note 19 “Reportable Segments.” | |||
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||
Mar. 29, 2014 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||
2 | Summary of Significant Accounting Policies | |||||||||||||
General | ||||||||||||||
The consolidated financial statements include the accounts of RBC Bearings Incorporated, Roller Bearing Company of America, Inc. (“RBCA”) and its wholly-owned subsidiaries, Industrial Tectonics Bearings Corporation (“ITB”), RBC Linear Precision Products, Inc. (“LPP”), RBC Nice Bearings, Inc. (“Nice”), RBC Precision Products - Bremen, Inc. (“Bremen (MBC)”), RBC Precision Products - Plymouth, Inc. (“Plymouth”), RBC Lubron Bearing Systems, Inc. (“Lubron”), Schaublin Holdings S.A. and its wholly-owned subsidiaries (“Schaublin”), RBC de Mexico S DE RL DE CV (“Mexico”), RBC Oklahoma, Inc. (“RBC Oklahoma”), RBC Aircraft Products, Inc. (“API”), Shanghai Representative office of Roller Bearing Company of America, Inc. (“RBC Shanghai”), RBC Southwest Products, Inc. (“SWP”), All Power Manufacturing Co. (“All Power”), RBC Bearings U.K. Limited and its wholly-owned subsidiary Phoenix Bearings Limited (“Phoenix”), RBC CBS Coastal Bearing Services LLC (“CBS”), RBC Aerostructures (“RAS”), Western Precision Aero LLC (“WPA”), Climax Metal Products Company (“CMP”) and RBC Turbine Components LLC (“TCI”), as well as its Transport Dynamics (“TDC”), Heim (“Heim”), Engineered Components (“ECD”), RBC Aerocomponents (“RAC”) and PIC Design (“PIC Design”) divisions of RBCA. U.S. Bearings (“USB”) is a division of SWP and Schaublin USA is a division of Nice. All intercompany balances and transactions have been eliminated in consolidation. | ||||||||||||||
The Company has a fiscal year consisting of 52 or 53 weeks, ending on the Saturday closest to March 31. Based on this policy, fiscal years 2014, 2013, and 2012 contained 52 weeks. The amounts are shown in thousands, unless otherwise indicated. | ||||||||||||||
Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations. The Company has concluded that it was appropriate to classify certain accounts receivables as other current assets. Accordingly, the Company had revised the classification to report these receivables under the prepaid expenses and other current assets caption on the Consolidated Balance Sheet. Corresponding reclassifications have also been made to the Consolidated Statement of Cash Flows to reflect the reclassification and this change in classification does not affect previously reported cash flows from operations, and had no effect on the previously reported Consolidated Statement of Operations for any period. | ||||||||||||||
Use of Estimates | ||||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates are used for, but not limited to, the accounting for the allowance for doubtful accounts, valuation of inventories, accrued expenses, depreciation and amortization, income taxes and tax reserves, pension and postretirement obligations and the valuation of options. | ||||||||||||||
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. The balances are insured by the Federal Deposit Insurance Company up to $250. The Company has not experienced any losses in such accounts. | ||||||||||||||
Inventory | ||||||||||||||
Inventories are stated at the lower of cost or market value. Cost is principally determined by the first-in, first-out method. The Company accounts for inventory under a full absorption method, and records adjustments to the value of inventory based upon past sales history and forecasted plans to sell our inventories. The physical condition, including age and quality, of the inventories is also considered in establishing its valuation. These adjustments are estimates, which could vary significantly, either favorably or unfavorably, from actual requirements if future economic conditions, customer inventory levels or competitive conditions differ from our expectations. | ||||||||||||||
Shipping and Handling | ||||||||||||||
The sales price billed to customers includes shipping and handling, which is included in net sales. The costs to the Company for shipping and handling are included in cost of sales. | ||||||||||||||
Property, Plant and Equipment | ||||||||||||||
Property, plant and equipment are recorded at cost. Depreciation and amortization of property, plant and equipment, including equipment under capital leases, is provided for by the straight-line method over the estimated useful lives of the respective assets or the lease term, if shorter. Depreciation of assets under capital leases is reported within depreciation and amortization. The cost of equipment under capital leases is equal to the lower of the net present value of the minimum lease payments or the fair market value of the leased equipment at the inception of the lease. Expenditures for normal maintenance and repairs are charged to expense as incurred. | ||||||||||||||
The estimated useful lives of the Company's property, plant and equipment follows: | ||||||||||||||
Buildings and improvements | 20-30 years | |||||||||||||
Machinery and equipment | 3-15 years | |||||||||||||
Leasehold improvements | Shorter of the term of lease or estimated useful life | |||||||||||||
Recognition of Revenue and Accounts Receivable and Concentration of Credit Risk | ||||||||||||||
The Company recognizes revenue only after the following four basic criteria are met: | ||||||||||||||
⋅ | Persuasive evidence of an arrangement exists; | |||||||||||||
⋅ | Delivery has occurred or services have been rendered; | |||||||||||||
⋅ | The seller's price to the buyer is fixed or determinable; and | |||||||||||||
⋅ | Collectability is reasonably assured. | |||||||||||||
Revenue is recognized upon the passage of title, which generally is at the time of shipment, except for certain customers for which it occurs when the products reach their destination. Accounts receivable, net of applicable allowances, is recorded when revenue is recorded. | ||||||||||||||
The Company sells to a large number of OEMs and distributors who service the aftermarket. The Company's credit risk associated with accounts receivable is minimized due to its customer base and wide geographic dispersion. The Company performs ongoing credit evaluations of its customers' financial condition and generally does not require collateral or charge interest on outstanding amounts. The Company had no concentrations of credit risk with any one customer greater than 5% and 4% of accounts receivables at March 29, 2014 and March 30, 2013, respectively. | ||||||||||||||
Short-Term Investments | ||||||||||||||
Short-term investments include equity and fixed-income securities and are measured at fair value by using quoted prices in active markets and are classified as Level 1 of the valuation hierarchy. | ||||||||||||||
Allowance for Doubtful Accounts | ||||||||||||||
The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company reviews the collectability of its receivables on an ongoing basis taking into account a combination of factors. The Company reviews potential problems, such as past due accounts, a bankruptcy filing or deterioration in the customer's financial condition, to ensure the Company is adequately accrued for potential loss. Accounts are considered past due based on when payment was originally due. If a customer's situation changes, such as a bankruptcy or creditworthiness, or there is a change in the current economic climate, the Company may modify its estimate of the allowance for doubtful accounts. The Company will write-off accounts receivable after reasonable collection efforts have been made and the accounts are deemed uncollectible. | ||||||||||||||
Goodwill | ||||||||||||||
Goodwill (representing the excess of the amount paid to acquire a company over the estimated fair value of the net assets acquired) is not amortized but instead is tested for impairment annually, or when events or circumstances indicate that its value may have declined. This determination of any goodwill impairment is made at the reporting unit level and consists of two steps. First, the Company determines the fair value of a reporting unit and compares it to its carrying amount. Second, if the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized for any excess of the carrying amount of the reporting unit's goodwill over the goodwill's implied fair value. The fair value of the Company’s reporting units is calculated by comparing the combination of the net present value of future cash flows method (Level 3 inputs) and a market approach method to the reporting units' carrying value. The Company utilizes discount rates determined by management to be similar with the level of risk in its current business model. The Company performs the annual impairment testing during the fourth quarter of each fiscal year and has determined that, to date, no impairment of goodwill exists and fair value of the reporting units exceeded the carrying value substantially. Although no changes are expected, if the actual results of the Company are less favorable than the assumptions the Company makes regarding estimated cash flows, the Company may be required to record an impairment charge in the future. | ||||||||||||||
Deferred Financing Costs | ||||||||||||||
Deferred financing costs are amortized by the effective interest method over the lives of the related credit agreements. | ||||||||||||||
Derivative Financial Instruments | ||||||||||||||
The Company utilizes forward contracts and average rate options to mitigate the impact of currency fluctuations on monetary assets and liabilities denominated in currencies other than the applicable functional currency as well as on forecasted transactions denominated in currencies other than the applicable functional currency. The Company does not engage in other uses of these financial instruments. For a financial instrument to qualify as a hedge, the Company must be exposed to interest rate or price risk, and the financial instrument must reduce the exposure and be designated as a hedge. Financial instruments qualifying for hedge accounting must maintain a high correlation between the hedging instrument and the item being hedged, both at inception and throughout the hedged period. The Company measures the effectiveness of the hedging relationship at the inception of the hedge and quarterly at a minimum. | ||||||||||||||
If derivative financial instruments qualify as fair value hedges, the gain or loss on the instrument and the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current earnings during the period of the change in fair values. For derivative financial instruments that qualify as cash flow hedges (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The ineffective portion of a cash flow hedge, if any, is determined based on the dollar-offset method (i.e., the gain or loss on the derivative financial instrument in excess of the cumulative change in the present value of future cash flows of the hedged item) and is recognized in current earnings during the period of change. As long as hedge effectiveness is maintained, interest rate swap arrangements and foreign currency exchange agreements qualify for hedge accounting as cash flow hedges. | ||||||||||||||
All derivatives are recorded in the consolidated balance sheets at their fair values. Changes in fair values of derivatives are recorded in each period in comprehensive income, since the derivative is designated and qualifies as a cash flow hedge. As of March 29, 2014, the Company held no derivatives. | ||||||||||||||
Income Taxes | ||||||||||||||
The Company accounts for income taxes using the liability method, which requires it to recognize a current tax liability or asset for current taxes payable or refundable and a deferred tax liability or asset for the estimated future tax effects of temporary differences between the financial statement and tax reporting bases of assets and liabilities to the extent that they are realizable. Deferred tax expense (benefit) results from the net change in deferred tax assets and liabilities during the year. A valuation allowance is recorded to reduce deferred tax assets to the amount that is more likely than not to be realized. | ||||||||||||||
Temporary differences relate primarily to the timing of deductions for depreciation, goodwill amortization relating to the acquisition of operating divisions, basis differences arising from acquisition accounting, pension and retirement benefits, and various accrued and prepaid expenses. Deferred tax assets and liabilities are recorded at the rates expected to be in effect when the temporary differences are expected to reverse. | ||||||||||||||
Net Income Per Common Share | ||||||||||||||
Basic net income per common share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding. | ||||||||||||||
Diluted net income per common share is computed by dividing net income by the sum of the weighted-average number of common shares and dilutive common share equivalents then outstanding using the treasury stock method. Common share equivalents consist of the incremental common shares issuable upon the exercise of stock options. | ||||||||||||||
The table below reflects the calculation of weighted-average shares outstanding for each year presented as well as the computation of basic and diluted net income per common share: | ||||||||||||||
Fiscal Year Ended | ||||||||||||||
March 29, | March 30, | March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Net income | $ | 60,208 | $ | 56,342 | $ | 49,997 | ||||||||
Denominator: | ||||||||||||||
Denominator for basic net income per common share—weighted-average shares | 22,874,842 | 22,401,068 | 21,880,554 | |||||||||||
Effect of dilution due to employee stock options | 369,399 | 409,725 | 510,360 | |||||||||||
Denominator for diluted net income per common share—adjusted weighted-average shares | 23,244,241 | 22,810,793 | 22,390,914 | |||||||||||
Basic net income per common share | $ | 2.63 | $ | 2.52 | $ | 2.28 | ||||||||
Diluted net income per common share | $ | 2.59 | $ | 2.47 | $ | 2.23 | ||||||||
At March 29, 2014, 193,500 employee stock options and no restricted shares have been excluded from the calculation of diluted earnings per share. At March 30, 2013, 207,700 employee stock options and 300 restricted shares have been excluded from the calculation of diluted earnings per share. At March 31, 2012, 200,900 employee stock options and 700 restricted shares have been excluded from the calculation of diluted earnings per share. The inclusion of these employee stock options and restricted shares would be anti-dilutive. | ||||||||||||||
Impairment of Long-Lived Assets | ||||||||||||||
The Company assesses the net realizable value of its long-lived assets and evaluates such assets for impairment whenever indicators of impairment are present. For amortizable long-lived assets to be held and used, if indicators of impairment are present, management determines whether the sum of the estimated undiscounted future cash flows is less than the carrying amount. The amount of asset impairment, if any, is based on the excess of the carrying amount over its fair value, which is estimated based on projected discounted future operating cash flows using a discount rate reflecting the Company's average cost of funds. To date, no indicators of impairment exist other than those resulting in the restructuring charges already recorded. | ||||||||||||||
Long-lived assets to be disposed of by sale or other means are reported at the lower of carrying amount or fair value, less costs to sell. | ||||||||||||||
Foreign Currency Translation and Transactions | ||||||||||||||
Assets and liabilities of the Company's foreign operations are translated into U.S. dollars using the exchange rate in effect at the balance sheet date. Results of operations are translated using the average exchange rate prevailing throughout the period. The effects of exchange rate fluctuations on translating foreign currency assets and liabilities into U.S. dollars are included in accumulated other comprehensive income (loss), while gains and losses resulting from foreign currency transactions, which were not material for any of the fiscal years presented, are included in other non-operating expense (income). Net income of the Company's foreign operations for fiscal 2014, 2013 and 2012 amounted to $10,045, $6,099, and $7,778, respectively. Net assets of the Company's foreign operations were $106,553 and $87,624 at March 29, 2014 and March 30, 2013, respectively. | ||||||||||||||
Fair Value of Measurements | ||||||||||||||
Fair value is the price that would 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). Inputs used to measure fair value are within a hierarchy consisting of three levels. Level 1 inputs represent unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 inputs represent 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 inputs represent 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. | ||||||||||||||
The financial assets and liabilities that are measured on a recurring basis in fiscal 2013 and 2012 consist of the Company’s forward contracts and average rate options. The Company has measured the fair value of these forward contracts and average rate options using observable market inputs such as spot and forward rates (as provided by the financial institution with which these instruments has been executed). Based on these inputs, these instruments are classified as Level 2 of the valuation hierarchy. As of March 29, 2014, the Company held no forward contracts or average rate options. | ||||||||||||||
The carrying amounts reported in the balance sheet for cash and cash equivalents, short-term investments, accounts receivable, prepaids and other current assets, and accounts payable and accruals, and other current liabilities approximate their fair value due to their short-term nature. | ||||||||||||||
The carrying amounts of the Company's borrowings under its JP Morgan Credit Agreement and Swiss Credit Facility approximate fair value, as these obligations have interest rates which vary in conjunction with current market conditions. The carrying value of the mortgage on our Schaublin building approximates fair value as the rates since entering into the mortgage in fiscal 2013 have not changed. | ||||||||||||||
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, all of which are presented in the consolidated statements of stockholders' equity and comprehensive income (loss). | ||||||||||||||
The following summarizes the activity within each component of accumulated other comprehensive income (loss), net of taxes: | ||||||||||||||
Currency | Pension and | Investments | Total | |||||||||||
Translation | Postretirement | |||||||||||||
Liability | ||||||||||||||
Balance at March 30, 2013 | $ | 4,116 | $ | -7,714 | $ | 129 | $ | -3,469 | ||||||
Other comprehensive income before reclassifications | 4,721 | 552 | 131 | 5,404 | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 430 | — | 430 | ||||||||||
Net current period other comprehensive income | 4,721 | 982 | 131 | 5,834 | ||||||||||
Balance at March 29, 2014 | $ | 8,837 | $ | -6,732 | $ | 260 | $ | 2,365 | ||||||
Stock-Based Compensation | ||||||||||||||
The Company recognizes compensation cost relating to all share-based payment transactions in the financial statements based upon the grant-date fair value of the instruments issued over the requisite service period. The fair value of each option grant was estimated on the date of grant using the Black-Scholes pricing model. | ||||||||||||||
Recent Accounting Pronouncements | ||||||||||||||
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-11, "Income Taxes (Topic 740) - Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” This ASU requires that companies net their unrecognized tax benefits against all same-jurisdiction net operating losses or tax credits carryforwards that would be used to settle the position with a tax authority. This standard is effective for all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists for fiscal years, and interim periods beginning after December 15, 2013. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. | ||||||||||||||
Acquisitions_and_Dispositions
Acquisitions and Dispositions | 12 Months Ended | ||
Mar. 29, 2014 | |||
Business Combinations [Abstract] | ' | ||
Acquisitions and Dispositions | ' | ||
3 | Acquisitions and Dispositions | ||
On October 7, 2013, the Company acquired the net assets of Turbine Components Inc. (“TCI”) for approximately $3,925. Located in San Diego, California, TCI is an FAA certified aircraft gas turbine repair station and manufacturer of precision components for aerospace markets. TCI’s net sales for the last calendar year were approximately $4,000. The purchase price allocation is as follows: accounts receivable ($585), inventory ($125), fixed assets ($1,231), goodwill ($2,821), intangible assets ($441), other non-current assets ($127), other current liabilities ($641), and noncurrent liabilities ($766). The purchase price allocation, which resulted in goodwill of $2,821, is deductible for tax purposes. TCI is included in the Plain Bearings segment. In connection with the acquisition the Company agreed to a contract for additional contingent consideration that is dependent on the outcome of future events. The contingent consideration is based on a market valuation formula and will be payable five years from the acquisition date. The current fair value of the contingent consideration is determined to be $766. Proforma net sales and net income inclusive of TCI are not materially different from the amounts reported in the accompanying consolidated statements of operations. | |||
On August 16, 2013, the Company acquired Climax Metal Products Company (“CMP”) located in Mentor, Ohio for $13,646. The purchase price included $10,672 in cash and $2,974 of debt. CMP is a manufacturer of precision shaft collars, rigid couplings, keyless locking devices, and bearings for the industrial markets. CMP’s net sales for the last calendar year were approximately $14,100. The purchase price allocation is as follows: accounts receivable ($1,206), inventory ($4,509), other current assets ($73), fixed assets ($2,466), goodwill ($5,623), intangible assets ($3,904), other non-current assets ($10), other current liabilities ($2,171), and noncurrent liabilities ($1,974). The purchase price allocation, which resulted in goodwill of $5,623, is not deductible for tax purposes. CMP is included in the Ball Bearings segment. Proforma net sales and net income inclusive of CMP are not materially different from the amounts reported in the accompanying consolidated statements of operations. | |||
On March 1, 2013, RBCA and SWP acquired Western Precision Aero LLC (“WPA”), a manufacturer of precision components and gears for the aerospace and industrial markets located in Garden Grove, California for $2,628. The purchase price included $1,408 in cash and $1,220 of debt. The purchase price allocation is as follows: accounts receivable ($646), inventory ($1,369), other current assets ($66), fixed assets ($1,290), intangible assets ($645), other non-current assets ($24), other current liabilities ($1,085) and a gain on acquisition ($327). The Company believes that it was able to acquire WPA for less than the fair value of its assets because of (i) the Company’s unique position as a market leader in the aerospace and industrial bearing market and (ii) the seller’s distressed operations. This addition expands the Company’s offering to customers and expands its portfolio into the aerospace and industrial markets. WPA is included in the Plain Bearings segment. | |||
Shortterm_Investments
Short-term Investments | 12 Months Ended | ||
Mar. 29, 2014 | |||
Investments, Debt and Equity Securities [Abstract] | ' | ||
Short-term Investments | ' | ||
4 | Short-term Investments | ||
Short-term investments include equity and fixed-income securities and are measured at fair value by using quoted prices in active markets and are classified as Level 1 of the valuation hierarchy. The amortized cost basis approximates fair value due to their short-term maturities. | |||
Allowance_for_Doubtful_Account
Allowance for Doubtful Accounts | 12 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||
Allowance for Doubtful Accounts | ' | ||||||||||||||||
5 | Allowance for Doubtful Accounts | ||||||||||||||||
The activity in the allowance for doubtful accounts consists of the following: | |||||||||||||||||
Fiscal Year Ended | Balance at | Additions | Other* | Write-offs | Balance at | ||||||||||||
Beginning of | End of Year | ||||||||||||||||
Year | |||||||||||||||||
29-Mar-14 | $ | 1,719 | $ | 297 | $ | 105 | $ | -1,061 | $ | 1,060 | |||||||
30-Mar-13 | 1,816 | 444 | 240 | -781 | $ | 1,719 | |||||||||||
31-Mar-12 | 1,490 | 473 | 10 | -157 | 1,816 | ||||||||||||
*Foreign currency and acquisition transactions. | |||||||||||||||||
Inventory
Inventory | 12 Months Ended | |||||||
Mar. 29, 2014 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
Inventory | ' | |||||||
6 | Inventory | |||||||
Inventories are summarized below: | ||||||||
March 29, | March 30, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 18,001 | $ | 16,966 | ||||
Work in process | 46,134 | 41,882 | ||||||
Finished goods | 133,886 | 115,737 | ||||||
$ | 198,021 | $ | 174,585 | |||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Mar. 29, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
7 | Property, Plant and Equipment | |||||||
Property, plant and equipment consist of the following: | ||||||||
March 29, | March 30, | |||||||
2014 | 2013 | |||||||
Land | $ | 14,543 | $ | 13,755 | ||||
Buildings and improvements | 68,941 | 54,685 | ||||||
Machinery and equipment | 177,592 | 158,752 | ||||||
261,076 | 227,192 | |||||||
Less: accumulated depreciation and amortization | 123,922 | 111,074 | ||||||
$ | 137,154 | $ | 116,118 | |||||
Restructuring_of_Operations
Restructuring of Operations | 12 Months Ended | ||
Mar. 29, 2014 | |||
Restructuring and Related Activities [Abstract] | ' | ||
Restructuring of Operations | ' | ||
8 | Restructuring of Operations | ||
In the fourth quarter of fiscal 2013, the Company reached a decision to consolidate and restructure its large bearing manufacturing facilities and capacity. This decision was based on the Company’s intent to better align manufacturing abilities and product development. The consolidation of the Texas facility into the South Carolina operation will strengthen and bring critical engineering and manufacturing mass to the large bearing product line. The consolidation and restructuring includes: (1) consolidation of the machinery and equipment from Texas into South Carolina resulting in a certain portion being impaired and the remaining portion used to service the large bearing product offering; (2) sale or lease of the Texas building; and (3) a reduction in workforce in Texas due to the realignment. The majority of the expense associated with the consolidation and restructuring was incurred in fiscal 2013 and with continued effort to sell the equipment and sell or lease the building incurred in fiscal 2014 and to be completed in fiscal 2015. As a result, the Company recorded a pre-tax charge of $6,738 under operating expenses in the Other, net category of the income statement for fiscal 2013 associated with this consolidation and restructuring. This charge included $466 in employee related costs, $100 in moving and relocation costs and $6,172 impairment to fair value of certain equipment used in the manufacturing of large bearings all attributable to the Ball Bearings segment. The Company determined that the market approach was the most appropriate method to estimate the fair value for the equipment and building using comparable sales data and actual quotes from potential buyers in the market place. These assets continue to be classified in fixed assets on the March 29, 2014 balance sheet. The Company incurred period costs of $1,787 in fiscal 2014, bringing the total incurred due to the restructuring and consolidation to $8,525. The Company will continue to incur operational costs such as depreciation, utilities and maintenance until the building is sold or leased. | |||
Goodwill_and_Amortizable_Intan
Goodwill and Amortizable Intangible Assets | 12 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Goodwill and Amortizable Intangible Assets | ' | ||||||||||||||||
9 | Goodwill and Amortizable Intangible Assets | ||||||||||||||||
Goodwill | |||||||||||||||||
Goodwill balances, by segment, consist of the following: | |||||||||||||||||
Roller | Plain | Ball | Other | Total | |||||||||||||
30-Mar-13 | $ | 15,684 | $ | 17,190 | $ | 671 | $ | 1,168 | $ | 34,713 | |||||||
Acquisitions | — | 2,821 | 5,623 | — | 8,444 | ||||||||||||
Other | 336 | 630 | -671 | — | 295 | ||||||||||||
29-Mar-14 | $ | 16,020 | $ | 20,641 | $ | 5,623 | $ | 1,168 | $ | 43,452 | |||||||
Intangible Assets | |||||||||||||||||
March 29, 2014 | March 30, 2013 | ||||||||||||||||
Weighted | Gross | Accumulated | Gross | Accumulated | |||||||||||||
Average | Carrying | Amortization | Carrying | Amortization | |||||||||||||
Useful Lives | Amount | Amount | |||||||||||||||
Product approvals | 15 | $ | 6,266 | $ | 3,099 | $ | 6,077 | $ | 2,607 | ||||||||
Customer relationships and lists | 13 | 9,417 | 4,018 | 5,999 | 3,429 | ||||||||||||
Trade names | 13 | 2,230 | 1,237 | 1,380 | 1,102 | ||||||||||||
Distributor agreements | 5 | 722 | 722 | 722 | 722 | ||||||||||||
Patents and trademarks | 15 | 7,077 | 2,422 | 6,168 | 1,866 | ||||||||||||
Domain names | 10 | 437 | 255 | 437 | 211 | ||||||||||||
Other | 4 | 1,289 | 1,068 | 1,158 | 846 | ||||||||||||
Total | $ | 27,438 | $ | 12,821 | $ | 21,941 | $ | 10,783 | |||||||||
Amortization expense for definite-lived intangible assets during fiscal year 2014, 2013 and 2012 was $1,924, $1,553, and $1,491, respectively. Estimated amortization expense for the five succeeding fiscal years and thereafter is as follows: | |||||||||||||||||
2015 | $ | 1,970 | |||||||||||||||
2016 | 1,943 | ||||||||||||||||
2017 | 1,833 | ||||||||||||||||
2018 | 1,711 | ||||||||||||||||
2019 | 1,489 | ||||||||||||||||
2020 and thereafter | 5,671 | ||||||||||||||||
Accrued_Expenses_and_Other_Cur
Accrued Expenses and Other Current Liabilities | 12 Months Ended | |||||||
Mar. 29, 2014 | ||||||||
Other Liabilities, Noncurrent [Abstract] | ' | |||||||
Accrued Expenses and Other Current Liabilities | ' | |||||||
10 | Accrued Expenses and Other Current Liabilities | |||||||
The significant components of accrued expenses and other current liabilities are as follows: | ||||||||
March 29, | March 30, | |||||||
2014 | 2013 | |||||||
Employee compensation and related benefits | $ | 8,124 | $ | 7,594 | ||||
Taxes | 3,778 | 4,285 | ||||||
Insurance | 1,523 | 1,456 | ||||||
Other | 3,795 | 6,734 | ||||||
$ | 17,220 | $ | 20,069 | |||||
Debt
Debt | 12 Months Ended | |||||||
Mar. 29, 2014 | ||||||||
Debt Instruments [Abstract] | ' | |||||||
Debt | ' | |||||||
11 | Debt | |||||||
On October 1, 2012, Schaublin purchased the land and building, which it occupied and had been leasing, for 14,067 CHF (approximately $14,910). Schaublin obtained a 20 year fixed rate mortgage of 9,300 CHF (approximately $9,857) at an interest rate of 2.9%. The balance of the purchase price of 4,767 CHF (approximately $5,053) was paid from cash on hand. The balance on this mortgage as of March 29, 2014 was 8,603 CHF, or $9,697. | ||||||||
On November 30, 2010, the Company and RBCA terminated the previous credit agreement and the related credit, security and ancillary agreements, and entered into a new credit agreement (the “JP Morgan Credit Agreement”) and related security and guaranty agreements with certain banks, J.P. Morgan Chase Bank, N.A., as Administrative Agent, and J.P. Morgan Chase Bank, N.A. and KeyBank National Association as Co-Lead Arrangers and Joint Lead Book Runners. The JP Morgan Credit Agreement provides RBCA, as borrower, with a $150,000 five-year senior secured revolving credit facility which can be increased by up to $100,000, in increments of $25,000, under certain circumstances and subject to certain conditions (including the receipt from one or more lenders of the additional commitment). | ||||||||
Amounts outstanding under the JP Morgan Credit Agreement generally bear interest at the prime rate or LIBOR plus a specified margin, depending on the type of borrowing being made. The applicable margin is based upon the Company’s consolidated ratio of net debt to adjusted EBITDA from time to time. As of March 29, 2014, the Company’s margin was 0.5% for prime rate loans and 1.5% for LIBOR rate loans. | ||||||||
The JP Morgan Credit Agreement requires the Company to comply with various covenants, including among other things, financial covenants to maintain the following: (1) a ratio of consolidated net debt to adjusted EBITDA not to exceed 3.25 to 1; and (2) a consolidated fixed charge coverage ratio not to exceed 1.5 to 1. The credit agreement allows the Company to, among other things, make distributions to shareholders, repurchase its stock, incur other debt or liens, or acquire or dispose of assets provided that the Company complies with certain requirements and limitations of the agreement. As of March 29, 2014, the Company was in compliance with all such covenants. | ||||||||
Approximately $4,348 of the JP Morgan Credit Agreement is being utilized to provide letters of credit to secure RBCA’s obligations relating to certain insurance programs. As of March 29, 2014, RBCA had the ability to borrow up to an additional $145,652 under the JP Morgan Credit Agreement. | ||||||||
On October 27, 2008, Schaublin entered into a new bank credit facility with Credit Suisse (the “Swiss Credit Facility”) which replaced the prior bank credit facility of December 8, 2003 and its amendment of November 8, 2004. This facility provides for up to 4,000 Swiss francs, or $4,509, of revolving credit loans and letters of credit. Borrowings under the Swiss Credit Facility bear interest at Credit Suisse’s prevailing prime bank rate. As of March 29, 2014, there were no borrowings under the Swiss Credit Facility. | ||||||||
The balances payable under all borrowing facilities are as follows: | ||||||||
March 29, | March 30, | |||||||
2014 | 2013 | |||||||
Notes payable | $ | 10,447 | $ | 10,300 | ||||
Total debt | 10,447 | 10,300 | ||||||
Less: current portion | 1,274 | 1,240 | ||||||
Long-term debt | $ | 9,173 | $ | 9,060 | ||||
The current portion of long-term debt as of March 29, 2014 includes the current portion of the Schaublin mortgage and a $750 note payable related to the AllPower acquisition. The current portion of long-term debt as of March 30, 2013 includes the current portion of the Schaublin mortgage and a $750 note payable related to the AllPower acquisition. | ||||||||
Other_NonCurrent_Liabilities
Other Non-Current Liabilities | 12 Months Ended | |||||||
Mar. 29, 2014 | ||||||||
Other Liabilities, Noncurrent [Abstract] | ' | |||||||
Other Non-Current Liabilities | ' | |||||||
12 | Other Non-Current Liabilities | |||||||
The significant components of other non-current liabilities consist of: | ||||||||
March 29, | March 30, | |||||||
2014 | 2013 | |||||||
Non-current pension liability | $ | 4,095 | $ | 5,341 | ||||
Other postretirement benefits | 2,757 | 2,906 | ||||||
Non-current income tax liability | 5,988 | 6,727 | ||||||
Deferred compensation | 6,730 | 5,202 | ||||||
Other | 1,199 | 207 | ||||||
$ | 20,769 | $ | 20,383 | |||||
Pension_Plan
Pension Plan | 12 Months Ended | ||||||||||||
Mar. 29, 2014 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||
Pension Plan | ' | ||||||||||||
13 | Pension Plan | ||||||||||||
At March 29, 2014, the Company has one consolidated noncontributory defined benefit pension plan covering union employees in its Heim division plant in Fairfield, Connecticut, its Bremen subsidiary plant in Plymouth, Indiana and former union employees of the Tyson subsidiary in Glasgow, Kentucky and the Nice subsidiary in Kulpsville, Pennsylvania. | |||||||||||||
Plan assets are comprised primarily of equity and fixed income investments, as follows: | |||||||||||||
March 29, | March 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Cash and cash equivalents | $ | 10,288 | $ | 16,872 | |||||||||
U.S. equity mutual funds | 6,742 | — | |||||||||||
Fixed income mutual funds | 4,573 | 4,526 | |||||||||||
$ | 21,603 | $ | 21,398 | ||||||||||
The fair value of the above investments is determined using quoted market prices of identical instruments. Therefore, the valuation inputs within the fair value hierarchy established by ASC 820 are classified as Level 1 of the valuation hierarchy. | |||||||||||||
The plan provides benefits of stated amounts based on a combination of an employee's age and years of service. The Company uses a March 31 measurement date for its plan. | |||||||||||||
The following tables set forth the funded status of the Company's defined benefit pension plan and the amount recognized in the balance sheet at March 29, 2014 and March 30, 2013: | |||||||||||||
March 29, | March 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Change in benefit obligation: | |||||||||||||
Benefit obligation at beginning of year | $ | 26,739 | $ | 25,443 | |||||||||
Service cost | 287 | 392 | |||||||||||
Interest cost | 991 | 1,042 | |||||||||||
Actuarial (gain)/loss | -728 | 1,164 | |||||||||||
Plan amendments | — | 246 | |||||||||||
Benefits paid | -1,591 | -1,548 | |||||||||||
Benefit obligation at end of year | $ | 25,698 | $ | 26,739 | |||||||||
Change in plan assets: | |||||||||||||
Fair value of plan assets at beginning of year | $ | 21,398 | $ | 20,604 | |||||||||
Actual return on plan assets | 796 | 842 | |||||||||||
Employer contributions | 1,000 | 1,500 | |||||||||||
Benefits paid | -1,591 | -1,548 | |||||||||||
Fair value of plan assets at end of year | $ | 21,603 | $ | 21,398 | |||||||||
Underfunded status at end of year | $ | -4,095 | $ | -5,341 | |||||||||
Amounts recognized in the consolidated balance sheet: | |||||||||||||
Non-current assets | $ | — | $ | — | |||||||||
Non-current liabilities | -4,095 | -5,341 | |||||||||||
Net liability recognized | $ | -4,095 | $ | -5,341 | |||||||||
Amounts recognized in accumulated other comprehensive loss: | |||||||||||||
Prior service cost | $ | 299 | $ | 369 | |||||||||
Net actuarial loss | 10,046 | 11,349 | |||||||||||
Accumulated other comprehensive loss | $ | 10,345 | $ | 11,718 | |||||||||
Amounts included in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost in 2015: | |||||||||||||
Prior service cost | $ | 66 | |||||||||||
Net actuarial loss | 1,168 | ||||||||||||
Total | $ | 1,234 | |||||||||||
Benefits under the union plans are not a function of employees' salaries; thus, the accumulated benefit obligation equals the projected benefit obligation. | |||||||||||||
The following table sets forth net periodic benefit cost of the Company's plan for the three fiscal years in the period ended March 29, 2014: | |||||||||||||
Fiscal Year Ended | |||||||||||||
March 29, | March 30, | March 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Components of net periodic benefit cost: | |||||||||||||
Service cost | $ | 287 | $ | 392 | $ | 359 | |||||||
Interest cost | 991 | 1,042 | 1,166 | ||||||||||
Expected return on plan assets | -1,591 | -1,628 | -1,534 | ||||||||||
Amortization of prior service cost | 70 | 47 | 47 | ||||||||||
Amortization of losses | 1,370 | 1,164 | 822 | ||||||||||
Net periodic benefit cost | $ | 1,127 | $ | 1,017 | $ | 860 | |||||||
The assumptions used in determining the net periodic benefit cost information are as follows: | |||||||||||||
FY 2014 | FY 2013 | FY 2012 | |||||||||||
Discount rate | 3.8 | % | 4.2 | % | 5.3 | % | |||||||
Expected long-term rate of return on plan assets | 7.75 | % | 7.75 | % | 8.25 | % | |||||||
The discount rate used in determining the funded status as of March 29, 2014 and March 30, 2013 was 4.10% and 3.80%, respectively. | |||||||||||||
In developing the overall expected long-term return on plan assets assumption, a building block approach was used in which rates of return in excess of inflation were considered separately for equity securities and debt securities. The excess returns were weighted by the representative target allocation and added along with an appropriate rate of inflation to develop the overall expected long-term return on plan assets assumption. Our long-term target allocation of plan assets is 70% equity and 30% fixed income investments. | |||||||||||||
The Company's investment program objective is to achieve a rate of return on plan assets which will fund the plan liabilities and provide for required benefits while avoiding undue exposure to risk to the plan and increases in funding requirements. | |||||||||||||
The following benefit payments, which reflect future service as appropriate, are expected to be paid. The benefit payments are based on the same assumptions used to measure the Company's benefit obligation at the end of fiscal 2014: | |||||||||||||
2015 | $ | 1,559 | |||||||||||
2016 | 1,649 | ||||||||||||
2017 | 1,655 | ||||||||||||
2018 | 1,657 | ||||||||||||
2019 | 1,703 | ||||||||||||
2020-2024 | 8,710 | ||||||||||||
Although no contributions are required for fiscal 2015, the Company expects to make cash contributions in the $750 to $1,500 range. | |||||||||||||
One of the Company’s foreign operations, Schaublin, sponsors a pension plan for its approximately 139 employees in conformance with Swiss pension law. The plan is funded with a reputable (S&P rating A+) Swiss insurer. Through the insurance contract, the Company has effectively transferred all investment and mortality risk to the insurance company, which guarantees the federally mandated annual rate of return and the conversion rate at retirement. As a result, the plan has no unfunded liability; the interest cost is exactly offset by actual return. Thus, the net periodic cost is equal to the amount of annual premium paid by the Company. For fiscal years 2014, 2013 and 2012, the Company made contribution and premium payments equal to $825, $743 and $765, respectively. | |||||||||||||
The Company also has a defined contribution plan under Section 401(k) of the Internal Revenue Code for all of its employees not covered by a collective bargaining agreement. Employer contributions under this plan, equal to 10% of the first 3.5% of eligible employee compensation, amounted to $733, $688 and $338 in fiscal 2014, 2013 and 2012, respectively. The amount for fiscal 2014 included a $300 discretionary match made by the Company. | |||||||||||||
Effective September 1, 1996, the Company adopted a non-qualified Supplemental Executive Retirement Plan ("SERP") for a select group of highly compensated management employees designated by the Board of the Company. The SERP allowed eligible employees to elect to defer, until termination of their employment, the receipt of up to 25% of their salary. In August 2008, the plan was modified, allowing eligible employees to elect to defer up to 75% of their current salary and up to 100% of bonus compensation. The Company had temporarily suspended the employer contribution to this plan effective January 1, 2009 and contributions remained suspended during fiscal 2010 and fiscal 2011. At the beginning of fiscal year 2012, the Company resumed employer contributions which equaled the lesser of 25% of the deferrals, or 1.75% of the employee’s annual salary, which vest in full after one year of service following the effective date of the SERP. Employer contributions under this plan amounted to $162 in fiscal 2014 and 2013. | |||||||||||||
The fair value of the investments in the SERP is determined using quoted market prices of identical instruments. Therefore, the valuation inputs within the fair value hierarchy established by ASC 820 are classified as Level 1 of the valuation hierarchy. | |||||||||||||
Postretirement_Health_Care_and
Postretirement Health Care and Life Insurance Benefits | 12 Months Ended | ||||||||||
Mar. 29, 2014 | |||||||||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | ||||||||||
Postretirement Health Care and Life Insurance Benefits | ' | ||||||||||
14 | Postretirement Health Care and Life Insurance Benefits | ||||||||||
The Company, for the benefit of employees at its Heim, West Trenton, Bremen and PIC facilities and former union employees of its Tyson and Nice subsidiaries, sponsors contributory defined benefit health care plans that provide postretirement medical and life insurance benefits to union employees who have attained certain age and/or service requirements while employed by the Company. The plans are unfunded and costs are paid as incurred. Postretirement benefit obligations are included in “Accrued expenses and other current liabilities” and "Other non-current liabilities" in the consolidated balance sheet. | |||||||||||
The following table set forth the funded status of the Company’s postretirement benefit plans, the amount recognized in the balance sheet at March 29, 2014 and March 30, 2013: | |||||||||||
March 29, | March 30, | ||||||||||
2014 | 2013 | ||||||||||
Change in benefit obligation: | |||||||||||
Benefit obligation at beginning of year | $ | 3,136 | $ | 2,958 | |||||||
Service cost | 48 | 50 | |||||||||
Interest cost | 111 | 122 | |||||||||
Actuarial (gain) loss | -154 | 184 | |||||||||
Benefits paid | -151 | -178 | |||||||||
Benefit obligation at end of year | $ | 2,990 | $ | 3,136 | |||||||
Change in plan assets: | |||||||||||
Fair value of plan assets at beginning of year | $ | — | $ | — | |||||||
Company contributions | 151 | 178 | |||||||||
Benefits paid | -151 | -178 | |||||||||
Fair value of plan assets at end of year | $ | — | $ | — | |||||||
(Under) funded status at end of year | $ | -2,990 | $ | -3,136 | |||||||
Amounts recognized in the consolidated balance sheet: | |||||||||||
Current liability | $ | -233 | $ | -230 | |||||||
Non-current liability | -2,757 | -2,906 | |||||||||
Net liability recognized | $ | -2,990 | $ | -3,136 | |||||||
Amounts recognized in accumulated other comprehensive loss: | |||||||||||
Prior service cost | $ | 28 | $ | 31 | |||||||
Net actuarial loss | 367 | 561 | |||||||||
Accumulated other comprehensive loss | $ | 395 | $ | 592 | |||||||
Amounts included in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost in 2015: | |||||||||||
Prior service cost | 3 | ||||||||||
Net actuarial loss | 30 | ||||||||||
Total | $ | 33 | |||||||||
Fiscal Year Ended | |||||||||||
March 29, | March 30, | March 31, | |||||||||
2014 | 2013 | 2012 | |||||||||
Components of net periodic benefit cost: | |||||||||||
Service cost | $ | 48 | $ | 50 | $ | 40 | |||||
Interest cost | 111 | 122 | 137 | ||||||||
Prior service cost amortization | 3 | 3 | 3 | ||||||||
Amount of loss recognized | 39 | 42 | 22 | ||||||||
Net periodic benefit cost | $ | 201 | $ | 217 | $ | 202 | |||||
The Company measures its plans as of the last day of the fiscal year. | |||||||||||
The plans contractually limit the benefit to be provided for certain groups of current and future retirees. As a result, there is no health care trend associated with these groups. The discount rate used in determining the accumulated postretirement benefit obligation was 4.10% at March 29, 2014 and 3.80% at March 30, 2013. The discount rate used in determining the net periodic benefit cost was 3.80% for fiscal 2014, 4.20% for fiscal 2013, and 5.30% for fiscal 2012. The RP-2000 Combined Mortality Table was used to determine the postretirement net periodic benefit costs in fiscal 2014, 2013 and 2012. | |||||||||||
The following benefit payments, which reflect future service as appropriate, are expected to be paid. The benefit payments are based on the same assumptions used to measure the Company's benefit obligation at the end of fiscal 2014: | |||||||||||
2015 | $ | 233 | |||||||||
2016 | 246 | ||||||||||
2017 | 238 | ||||||||||
2018 | 238 | ||||||||||
2019 | 244 | ||||||||||
2020-2024 | 1,034 | ||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||
Mar. 29, 2014 | |||||||||||
Income Tax Expenses Benefit [Abstract] | ' | ||||||||||
Income Taxes | ' | ||||||||||
15 | Income Taxes | ||||||||||
Income before income taxes for the Company's domestic and foreign operations is as follows: | |||||||||||
Fiscal Year Ended | |||||||||||
March 29, | March 30, | March 31, | |||||||||
2014 | 2013 | 2012 | |||||||||
Domestic | $ | 74,975 | $ | 71,993 | $ | 65,878 | |||||
Foreign | 12,778 | 8,195 | 10,101 | ||||||||
$ | 87,753 | $ | 80,188 | $ | 75,979 | ||||||
The provision for (benefit from) income taxes consists of the following: | |||||||||||
Fiscal Year Ended | |||||||||||
March 29, | March 30, | March 31, | |||||||||
2014 | 2013 | 2012 | |||||||||
Current: | |||||||||||
Federal | $ | 22,835 | $ | 21,808 | $ | 22,012 | |||||
State | 1,292 | 1,385 | 2,562 | ||||||||
Foreign | 3,054 | 1,559 | 1,527 | ||||||||
27,181 | 24,752 | 26,101 | |||||||||
Deferred: | |||||||||||
Federal | 694 | -1,000 | -1,347 | ||||||||
State | -9 | -253 | 433 | ||||||||
Foreign | -321 | 347 | 795 | ||||||||
364 | -906 | -119 | |||||||||
Total | $ | 27,545 | $ | 23,846 | $ | 25,982 | |||||
A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations follows: | |||||||||||
Fiscal Year Ended | |||||||||||
March 29, | March 30, | March 31, | |||||||||
2014 | 2013 | 2012 | |||||||||
Income taxes using U.S. federal statutory rate | $ | 30,714 | $ | 28,066 | $ | 26,593 | |||||
State income taxes, net of federal benefit | 942 | 714 | 2,040 | ||||||||
Domestic production activities deduction | -2,300 | -2,228 | -2,211 | ||||||||
Foreign rate differential | -1,739 | -962 | -1,214 | ||||||||
U.S. unrecognized tax positions | -295 | -2,410 | — | ||||||||
Other | 223 | 666 | 774 | ||||||||
$ | 27,545 | $ | 23,846 | $ | 25,982 | ||||||
Net deferred tax assets (liabilities) consist of the following: | |||||||||||
March 29, | March 30, | ||||||||||
2014 | 2013 | ||||||||||
Deferred tax assets (liabilities): | |||||||||||
Postretirement benefits | $ | 1,017 | $ | 1,065 | |||||||
Employee compensation accruals | 2,111 | 2,528 | |||||||||
Net operating losses | 1,764 | 1,651 | |||||||||
Inventory | 10,126 | 9,185 | |||||||||
Stock compensation | 3,789 | 3,399 | |||||||||
Pension | 1,531 | 2,001 | |||||||||
State tax | 1,836 | 2,043 | |||||||||
Other | 1,963 | -182 | |||||||||
Valuation allowance | -1,594 | -1,204 | |||||||||
Total deferred tax assets | 22,543 | 20,486 | |||||||||
Deferred tax liabilities: | March 29, | March 30, | |||||||||
2014 | 2013 | ||||||||||
Property, plant and equipment | -13,157 | -9,399 | |||||||||
Intangible assets | -6,537 | -5,443 | |||||||||
Total deferred tax liabilities | -19,694 | -14,842 | |||||||||
Net deferred tax assets | $ | 2,849 | $ | 5,644 | |||||||
A valuation allowance has been recorded on certain foreign net operating losses, state credits and state net operating losses as it is more likely than not that these items will not be utilized. For the Company’s fiscal year ended March 29, 2014 the valuation allowance increased by $390 of which $252 pertained to foreign net operating losses and $138 pertained to state credits and state net operating losses. For the Company’s fiscal year ended March 30, 2013, the valuation allowance increased by $851 which pertained to foreign net operating losses. | |||||||||||
The Company has determined that its undistributed foreign earnings of approximately $69,828 at March 29, 2014 will be re-invested indefinitely based upon the need for cash in its foreign operations, potential foreign acquisitions and the Company's inability to remit cash back to the United States under its current foreign debt obligations. In fiscal 2013, Schaublin received a favorable tax arrangement in Switzerland pertaining to the acceleration of depreciation which resulted in a current tax benefit of $348. | |||||||||||
As the Company’s undistributed earnings in foreign subsidiaries are considered to be reinvested indefinitely, no provision for U.S. federal and state income taxes has been provided. Upon repatriation of those earnings, in the form of dividends or otherwise, the Company would be subject to both U.S. income taxes (subject to an adjustment of foreign tax credits) and withholding taxes payable to various foreign countries. Determination of the amount of unrecognized deferred U.S. income tax liability is not practicable due to the complexities associated with its hypothetical calculation. | |||||||||||
At March 29, 2014, the Company has state net operating losses in different jurisdictions at varying amounts up to $10,194, which expire at various dates through 2028. | |||||||||||
The Company files income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions. With few exceptions, the Company is no longer subject to state or foreign income tax examinations by tax authorities for years ending before March 31, 2006. The Company is no longer subject to U.S. federal tax examination by the Internal Revenue Service for years ending before March 31, 2012. A U.S. federal tax examination by the Internal Revenue Service for the year ended March 31, 2011 was completed during fiscal 2014 and the federal statute of limitations for the year ended March 31, 2010 expired during fiscal 2014. | |||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows: | |||||||||||
March 29, | March 30, | March 31, | |||||||||
2014 | 2013 | 2012 | |||||||||
Balance, Beginning of Year | $ | 5,892 | $ | 9,974 | $ | 8,988 | |||||
Gross increases– tax positions taken during a prior period | 768 | 592 | 252 | ||||||||
Gross increases– tax positions taken during the current period | 853 | 536 | 751 | ||||||||
Decreases due to settlement with taxing authorities | -1,182 | -4,636 | — | ||||||||
Decreases due to lapse of the applicable statute of limitations | -1,081 | -574 | -17 | ||||||||
Balance, End of Year | $ | 5,250 | $ | 5,892 | $ | 9,974 | |||||
If recognized, substantially all of the unrecognized tax benefits for the Company’s fiscal years ended March 29, 2014 and March 30, 2013 would affect the effective income tax rate. | |||||||||||
The Company recognizes the interest and penalties accrued related to unrecognized tax benefits in income tax expense. The Company recognized a benefit of $97 and $398 of interest and penalties on its statement of operations for the fiscal years ended March 29, 2014 and March 30, 2013, respectively. The Company has approximately $738 and $835 of accrued interest and penalties at March 29, 2014 and March 30, 2013 respectively. | |||||||||||
The Company believes it is reasonably possible that some of its unrecognized tax positions may be effectively settled by the end of the Company’s fiscal year ending March 28, 2015 due to the closing of audits and the statute of limitations expiring in varying jurisdictions. The decrease, pertaining primarily to state credits and state tax, is estimated to be $448. | |||||||||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||||
Mar. 29, 2014 | ||||||||||||||
Stockholders Equity Note [Abstract] | ' | |||||||||||||
Stockholders' Equity | ' | |||||||||||||
16 | Stockholders' Equity | |||||||||||||
Stock Option Plans | ||||||||||||||
2001 Stock Option Plan | ||||||||||||||
The RBC Bearings Incorporated (f/k/a Roller Bearing Holding Company, Inc.) 2001 Stock Option Plan was adopted in fiscal 2002 and amended and restated on October 24, 2003. The terms of the 2001 Stock Option Plan provide for the grant of options to purchase up to 1,008,553 shares of common stock to officers and employees of, and consultants (including members of the Board of Directors (the “Board”)) to, the Company and its subsidiaries selected by the CEO to participate in the plan. Options granted may be either incentive stock options (under Section 422 of the Internal Revenue Code) or non-qualified stock options. The 2001 Stock Option Plan, which expired in July 2011, was governed by the Company’s Board or a committee to which the Board delegates its responsibilities. As of March 29, 2014, there were outstanding options to purchase 8,750 shares of common stock granted under the 2001 Stock Option Plan, all of which were exercisable. As of August 15, 2005, the 2001 Stock Option Plan was frozen and no additional stock options will be awarded pursuant to the Plan. | ||||||||||||||
2005 Long-Term Incentive Plan | ||||||||||||||
The 2005 Long-Term Incentive Plan provides for grants of stock options, stock appreciation rights, restricted stock and performance awards. Directors, officers and other employees and persons who engage in services for the Company are eligible for grants under the plan. The purpose of the plan is to provide these individuals with incentives to maximize stockholder value and otherwise contribute to the Company’s success and to enable the Company to attract, retain and reward the best available persons for positions of responsibility. | ||||||||||||||
1,139,170 shares of common stock were authorized for issuance under the plan, subject to adjustment in the event of a reorganization, stock split, merger or similar change in the Company’s corporate structure or in the outstanding shares of common stock. An amendment to increase the number of shares available for issuance under the 2005 Long-Term Incentive Plan from 1,139,170 to 1,639,170 was approved by shareholder vote in September 2006. A further amendment to increase the number of shares available for issuance under the 2005 Long-Term Incentive Plan from 1,639,170 to 2,239,170 was approved by shareholder vote in September 2007. The Company may grant shares of restricted stock to its employees and directors in the future under the plan. The Company’s Compensation Committee will administer the plan. The Company’s Board also has the authority to administer the plan and to take all actions that the Compensation Committee is otherwise authorized to take under the plan. The terms and conditions of each award made under the plan, including vesting requirements, is set forth consistent with the plan in a written agreement with the grantee. | ||||||||||||||
2013 Long-Term Incentive Plan | ||||||||||||||
The 2013 Long-Term Incentive Plan provides for grants of stock options, stock appreciation rights, restricted stock and performance awards. Directors, officers and other employees and persons who engage in services for the Company are eligible for grants under the plan. The purpose of the plan is to provide these individuals with incentives to maximize stockholder value and otherwise contribute to the Company’s success and to enable the Company to attract, retain and reward the best available persons for positions of responsibility. | ||||||||||||||
1,500,000 shares of common stock were authorized for issuance under the plan, subject to adjustment in the event of a reorganization, stock split, merger or similar change in the Company’s corporate structure or in the outstanding shares of common stock. The Company may grant shares of restricted stock to its employees and directors in the future under the plan. The Company’s Compensation Committee will administer the plan. The Company’s Board also has the authority to administer the plan and to take all actions that the Compensation Committee is otherwise authorized to take under the plan. The terms and conditions of each award made under the plan, including vesting requirements, is set forth consistent with the plan in a written agreement with the grantee. | ||||||||||||||
Stock Options. Under the 2005 Long-Term Incentive Plan, the Compensation Committee or the Board may approve the award of grants of incentive stock options and other non-qualified stock options. The Compensation Committee also has the authority to approve the grant of options that will become fully vested and exercisable automatically upon a change in control. The Compensation Committee may not, however, approve an award to any one person in any calendar year for options to purchase common stock equal to more than 10% of the total number of shares authorized under the plan, and it may not approve an award of incentive options first exercisable in any calendar year whose underlying shares have a fair market value greater than $100,000 determined at the time of grant. The Compensation Committee will approve the exercise price and term of any option in its discretion; however, the exercise price may not be less than 100% of the fair market value of a share of common stock on the date of grant. In the case of any incentive stock option, the option must be exercised within 10 years of the date of grant. The exercise price of an incentive option awarded to a person who owns stock constituting more than 10% of the Company’s voting power may not be less than 110% of such fair market value on such date and the option must be exercised within five years of the date of grant. As of March 29, 2014, there were outstanding options to purchase 1,112,735 shares of common stock granted under the 2005 Long-Term Incentive Plan, 568,370 of which were exercisable. There were no outstanding options under the 2013 Long-Term Incentive Plan. | ||||||||||||||
Restricted Stock. Under the 2005 Long-Term Incentive Plan, the Compensation Committee may approve the award of restricted stock subject to the conditions and restrictions, and for the duration that it determines in its discretion. As of March 29, 2014, there were 209,442 shares of restricted stock outstanding. Under the 2013 Long-Term Incentive Plan, there were 8,000 shares of restricted stock outstanding. | ||||||||||||||
Stock Appreciation Rights. The Compensation Committee may approve the grant of stock appreciation rights, or SARs, subject to the terms and conditions contained in the plan. Under the 2005 Long-Term Incentive Plan, the exercise price of a SAR must equal the fair market value of a share of the Company’s common stock on the date the SAR was granted. Upon exercise of a SAR, the grantee will receive an amount in shares of our common stock equal to the difference between the fair market value of a share of common stock on the date of exercise and the exercise price of the SAR, multiplied by the number of shares as to which the SAR is exercised. | ||||||||||||||
Performance Awards. The Compensation Committee may approve the grant of performance awards contingent upon achievement by the grantee or by the Company, of set goals and objectives regarding specified performance criteria, over a specified performance cycle. Awards may include specific dollar-value target awards, performance units, the value of which is established at the time of grant, and/or performance shares, the value of which is equal to the fair market value of a share of common stock on the date of grant. The value of a performance award may be fixed or fluctuate on the basis of specified performance criteria. A performance award may be paid out in cash and/or shares of common stock or other securities. | ||||||||||||||
Amendment and Termination of the Plan. The Board may amend or terminate the 2005 Long-Term Incentive Plan at its discretion, except that no amendment will become effective without prior approval of the Company’s stockholders if such approval is necessary for continued compliance with the performance-based compensation exception of Section 162(m) of the Internal Revenue Code or any stock exchange listing requirements. If not previously terminated by the Board, the plan will terminate on the tenth anniversary of its adoption. | ||||||||||||||
A summary of the status of the Company's stock options outstanding as of March 29, 2014 and changes during the year then ended is presented below. All cashless exercises of options and warrants are handled through an independent broker. | ||||||||||||||
Number Of | Weighted Average | Weighted Average | Intrinsic Value | |||||||||||
Common Stock | Exercise Price | Contractual Life | ||||||||||||
Options | (Years) | |||||||||||||
Outstanding, March 30, 2013 | 1,114,585 | $ | 29.91 | 4.2 | $ | 23,021 | ||||||||
Awarded | 193,500 | 51.51 | ||||||||||||
Exercised | -184,000 | 25.04 | ||||||||||||
Forfeitures | -2,600 | 25.26 | ||||||||||||
Outstanding, March 29, 2014 | 1,121,485 | $ | 34.44 | 4.2 | $ | 31,995 | ||||||||
Exercisable, March 29, 2014 | 577,120 | $ | 26.33 | 2.7 | $ | 21,145 | ||||||||
The fair value for the Company's options was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions, which are updated to reflect current expectations of the dividend yield, expected life, risk-free interest rate and using historical volatility to project expected volatility: | ||||||||||||||
Fiscal Year Ended | ||||||||||||||
March 29, | March 30, | March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | ||||||||
Expected weighted-average life (yrs.) | 4.8 | 4.8 | 4.8 | |||||||||||
Risk-free interest rate | 1.04 | % | 0.68 | % | 0.98 | % | ||||||||
Expected volatility | 45.2 | % | 47.8 | % | 47.6 | % | ||||||||
The weighted average fair value per share of options granted was $20.76 in fiscal 2014, $18.71 in fiscal 2013 and $15.43 in fiscal 2012. | ||||||||||||||
As of March 29, 2014, there was $7,809 of unrecognized compensation costs related to options which is expected to be recognized over a weighted average period of 3.4 years. The total fair value of options that vested in fiscal 2014, 2013 and 2012 was $9,570, $9,138 and $12,045, respectively. The total intrinsic value of options exercised in fiscal 2014, 2013 and 2012 was $6,954, $23,698 and $2,393, respectively. | ||||||||||||||
Of the total awards outstanding at March 29, 2014, 1,100,722 are either fully vested or are expected to vest. These shares have a weighted average exercise price of $34.43, an intrinsic value of $31,412, and a weighted average contractual term of 4.2 years. | ||||||||||||||
A summary of the status of the Company’s restricted stock outstanding as of March 29, 2014 and the changes during the year then ended is presented below. | ||||||||||||||
Number Of | Weighted- | |||||||||||||
Restricted Stock | Average | |||||||||||||
Shares | Grant Date Fair | |||||||||||||
Value | ||||||||||||||
Non-vested, March 30, 2013 | 218,478 | $ | 42.23 | |||||||||||
Granted | 63,000 | 53.68 | ||||||||||||
Vested | -63,136 | 41.25 | ||||||||||||
Forfeitures | -900 | 43.3 | ||||||||||||
Non-vested, March 29, 2014 | 217,442 | $ | 45.92 | |||||||||||
The Company recorded $1,922 (net of taxes of $1,151) in compensation in fiscal 2014 related to restricted stock awards. These awards were valued at the fair market value of the Company’s common stock on the date of issuance and are being amortized as expense over the applicable vesting period. Unrecognized expense for restricted stock was $7,868 at March 29, 2014. This cost is expected to be recognized over a weighted average period of approximately 2.7 years. | ||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Mar. 29, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
17 | Commitments and Contingencies | ||||
The Company leases facilities under non-cancelable operating leases, which expire on various dates through September 2021, with rental expense aggregating $3,377, $3,886 and $4,627 in fiscal 2014, 2013 and 2012, respectively. | |||||
The Company also has non-cancelable operating leases for transportation, computer and office equipment, which expire at various dates. Rental expense for fiscal 2014, 2013 and 2012 aggregated $1,622, $1,349 and $1,235, respectively. | |||||
Certain of the above leases are renewable while none contain material contingent rent or concession clauses. | |||||
The aggregate future minimum lease payments under operating leases are as follows: | |||||
2015 | $ | 3,955 | |||
2016 | 3,135 | ||||
2017 | 2,346 | ||||
2018 | 1,659 | ||||
2019 | 824 | ||||
2020 and thereafter | 2,171 | ||||
As of March 29, 2014, approximately 11% of the Company's hourly employees in the U.S. and abroad were represented by labor unions. | |||||
The Company enters into government contracts and subcontracts that are subject to audit by the government. In the opinion of the Company's management, the results of such audits, if any, are not expected to have a material impact on the cash flows, financial condition or results of operations of the Company. | |||||
For fiscal 2014, 2013 and 2012, there were no audits by the government, the results of which, in the opinion of the Company’s management, had a material impact on the cash flows, financial condition or results of operations of the Company. | |||||
The Company is subject to federal, state and local environmental laws and regulations, including those governing discharges of pollutants into the air and water, the storage, handling and disposal of wastes and the health and safety of employees. The Company also may be liable under the Comprehensive Environmental Response, Compensation, and Liability Act or similar state laws for the costs of investigation and cleanup of contamination at facilities currently or formerly owned or operated by the Company, or at other facilities at which the Company may have disposed of hazardous substances. In connection with such contamination, the Company may also be liable for natural resource damages, government penalties and claims by third parties for personal injury and property damage. Agencies responsible for enforcing these laws have authority to impose significant civil or criminal penalties for non-compliance. The Company believes it is currently in material compliance with all applicable requirements of environmental laws. The Company does not anticipate material capital expenditures for environmental compliance in fiscal years 2015 or 2016. | |||||
Investigation and remediation of contamination is ongoing at some of the Company's sites. In particular, state agencies have been overseeing groundwater monitoring activities at the Company's facility in Hartsville, South Carolina and a corrective action plan at the Company’s facility in Clayton, Georgia. At Hartsville, the Company is monitoring low levels of contaminants in the groundwater caused by former operations. Plans are currently underway to conclude remediation and monitoring activities. In connection with the purchase of the Fairfield, Connecticut facility in 1996, the Company agreed to assume responsibility for completing clean-up efforts previously initiated by the prior owner. The Company submitted data to the state that the Company believes demonstrates that no further remedial action is necessary, although the state may require additional clean-up or monitoring. In connection with the purchase of the Company’s Clayton, Georgia facility, the Company agreed to take assignment of the hazardous waste permit covering such facility and to assume certain responsibilities to implement a corrective action plan concerning the remediation of certain soil and groundwater contamination present at that facility. The corrective action plan is ongoing. Although there can be no assurance, the Company does not expect the costs associated with the above sites to be material. | |||||
There are various claims and legal proceedings against the Company relating to its operations in the normal course of business, none of which the Company believes is material to its cash flows, financial position or results of operations. The Company accrues costs associated with legal and non-income tax matters when they become probable and reasonably estimable. As of March 29, 2014, the estimate for a loss exceeding any amounts already recognized is immaterial. The Company currently maintains insurance coverage for product liability claims. | |||||
Other_Operating_Expense_Net
Other Operating Expense, Net | 12 Months Ended | ||||||||||
Mar. 29, 2014 | |||||||||||
Other Cost And Expense Disclosure Of Operating [Abstract] | ' | ||||||||||
Other Operating Expense, Net | ' | ||||||||||
18 | Other Operating Expense, Net | ||||||||||
Other operating expense, net is comprised of the following: | |||||||||||
Fiscal Year Ended | |||||||||||
March 29, | March 30, | March 31, | |||||||||
2014 | 2013 | 2012 | |||||||||
Gain (loss) on impairment or disposition of assets | $ | -31 | $ | 6,301 | $ | -10 | |||||
Plant consolidation and restructuring costs | 1,917 | 1,261 | 97 | ||||||||
Provision for doubtful accounts | 138 | 173 | 246 | ||||||||
Amortization of intangibles | 1,924 | 1,553 | 1,491 | ||||||||
Other expense (income) | 230 | -211 | -195 | ||||||||
$ | 4,178 | $ | 9,077 | $ | 1,629 | ||||||
Reportable_Segments
Reportable Segments | 12 Months Ended | ||||||||||
Mar. 29, 2014 | |||||||||||
Segment Reporting [Abstract] | ' | ||||||||||
Reportable Segments | ' | ||||||||||
19 | Reportable Segments | ||||||||||
The Company operates through operating segments for which separate financial information is available, and for which operating results are evaluated regularly by the Company's chief operating decision maker in determining resource allocation and assessing performance. Those operating segments with similar economic characteristics and that meet all other required criteria, including nature of the products and production processes, distribution patterns and classes of customers, are aggregated as reportable segments. Certain other operating segments that do not exhibit the common attributes mentioned above and do not meet the quantitative thresholds for separate disclosure are combined and disclosed as "Other". | |||||||||||
The Company has four reportable business segments, Plain Bearings, Roller Bearings, Ball Bearings and Other, which are described below. Within the Plain Bearings, Roller Bearings and Ball Bearings reportable segments, the Company has not aggregated any operating segments. Within the Other reportable segment, the Company has aggregated operating segments because they do not meet the quantitative threshold for separate disclosure. | |||||||||||
Plain Bearings. Plain bearings are produced with either self-lubricating or metal-to-metal designs and consists of several sub-classes, including rod end bearings, spherical plain bearings and journal bearings. Unlike ball bearings, which are used in high-speed rotational applications, plain bearings are primarily used to rectify inevitable misalignments in various mechanical components. | |||||||||||
Roller Bearings. Roller bearings are anti-friction bearings that use rollers instead of balls. The Company manufactures four basic types of roller bearings: heavy duty needle roller bearings with inner rings, tapered roller bearings, track rollers and aircraft roller bearings. | |||||||||||
Ball Bearings. The Company manufactures four basic types of ball bearings: high precision aerospace, airframe control, thin section and commercial ball bearings which are used in high-speed rotational applications. | |||||||||||
Other. Other consists of three operating locations that do not fall into the above segmented categories. The Company’s precision machine tool collets provide effective part holding and accurate part location during machining operations. Additionally, the Company provides machining for integrated bearing assemblies and aircraft components for the commercial and defense aerospace markets and tight-tolerance, precision mechanical components for use in the motion control industry. | |||||||||||
The accounting policies of the reportable segments are the same as those described in Part II, Item 8. “Financial Statements and Supplementary Data,” Note 2 “Summary of Significant Accounting Policies.” Segment performance is evaluated based on segment net sales and operating income. Items not allocated to segment operating income include corporate administrative expenses and certain other amounts. Identifiable assets by reportable segment consist of those directly identified with the segment's operations. Corporate assets consist of cash, fixed assets and certain prepaid expenses. | |||||||||||
Fiscal Year Ended | |||||||||||
March 29, | March 30, | March 31, | |||||||||
2014 | 2013 | 2012 | |||||||||
Net External Sales | |||||||||||
Plain | $ | 223,099 | $ | 215,963 | $ | 200,141 | |||||
Roller | 115,806 | 115,021 | 123,803 | ||||||||
Ball | 49,555 | 41,366 | 42,330 | ||||||||
Other | 30,426 | 30,701 | 31,237 | ||||||||
$ | 418,886 | $ | 403,051 | $ | 397,511 | ||||||
Gross Margin | |||||||||||
Plain | $ | 85,158 | $ | 85,419 | $ | 72,875 | |||||
Roller | 48,785 | 45,107 | 45,233 | ||||||||
Ball | 18,125 | 9,427 | 9,240 | ||||||||
Other | 12,729 | 12,976 | 13,232 | ||||||||
$ | 164,797 | $ | 152,929 | $ | 140,580 | ||||||
Selling, General and Administrative Expenses | |||||||||||
Plain | $ | 17,923 | $ | 15,336 | $ | 14,453 | |||||
Roller | 6,892 | 6,741 | 6,282 | ||||||||
Ball | 4,511 | 3,030 | 3,383 | ||||||||
Other | 3,991 | 3,720 | 4,006 | ||||||||
Corporate | 38,652 | 36,924 | 33,179 | ||||||||
$ | 71,969 | $ | 65,751 | $ | 61,303 | ||||||
Operating Income | |||||||||||
Plain | $ | 66,343 | $ | 69,046 | $ | 57,920 | |||||
Roller | 41,630 | 37,592 | 41,062 | ||||||||
Ball | 11,732 | -188 | 3,498 | ||||||||
Other | 8,968 | 8,998 | 9,018 | ||||||||
Corporate | -40,023 | -37,347 | -33,850 | ||||||||
$ | 88,650 | $ | 78,101 | $ | 77,648 | ||||||
Total Assets | |||||||||||
Plain | $ | 441,770 | $ | 377,382 | $ | 312,678 | |||||
Roller | 207,676 | 190,431 | 163,475 | ||||||||
Ball | 44,119 | 39,978 | 47,382 | ||||||||
Other | 42,861 | 34,799 | 30,386 | ||||||||
Corporate | -115,433 | -100,148 | -94,403 | ||||||||
$ | 620,993 | $ | 542,442 | $ | 459,518 | ||||||
Capital Expenditures | |||||||||||
Plain | $ | 15,990 | $ | 25,895 | $ | 5,971 | |||||
Roller | 3,894 | 4,939 | 4,304 | ||||||||
Ball | 1,424 | 2,812 | 1,486 | ||||||||
Other | 3,991 | 6,257 | 5,403 | ||||||||
Corporate | 3,621 | 2,114 | 677 | ||||||||
$ | 28,920 | $ | 42,017 | $ | 17,841 | ||||||
Depreciation & Amortization | |||||||||||
Plain | $ | 6,742 | $ | 4,919 | $ | 4,516 | |||||
Roller | 3,392 | 4,471 | 4,555 | ||||||||
Ball | 1,799 | 2,743 | 2,636 | ||||||||
Other | 1,856 | 1,594 | 1,476 | ||||||||
Corporate | 1,198 | 992 | 1,007 | ||||||||
$ | 14,987 | $ | 14,719 | $ | 14,190 | ||||||
Geographic External Sales | |||||||||||
Domestic | $ | 351,418 | $ | 345,450 | $ | 339,504 | |||||
Foreign | 67,468 | 57,601 | 58,007 | ||||||||
$ | 418,886 | $ | 403,051 | $ | 397,511 | ||||||
Fiscal Year Ended | |||||||||||
March 29, | March 30, | March 31, | |||||||||
2014 | 2013 | 2012 | |||||||||
Geographic Long-Lived Assets | |||||||||||
Domestic | $ | 105,018 | $ | 93,468 | $ | 86,026 | |||||
Foreign | 32,136 | 22,650 | 7,347 | ||||||||
$ | 137,154 | $ | 116,118 | $ | 93,373 | ||||||
Intersegment Sales | |||||||||||
Plain | $ | 3,807 | $ | 3,135 | $ | 2,554 | |||||
Roller | 17,794 | 17,099 | 16,510 | ||||||||
Ball | 1,976 | 2,524 | 1,788 | ||||||||
Other | 26,574 | 24,565 | 23,823 | ||||||||
$ | 50,151 | $ | 47,323 | $ | 44,675 | ||||||
All intersegment sales are eliminated in consolidation. | |||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||||
Mar. 29, 2014 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
General | ' | |||||||||||||
General | ||||||||||||||
The consolidated financial statements include the accounts of RBC Bearings Incorporated, Roller Bearing Company of America, Inc. (“RBCA”) and its wholly-owned subsidiaries, Industrial Tectonics Bearings Corporation (“ITB”), RBC Linear Precision Products, Inc. (“LPP”), RBC Nice Bearings, Inc. (“Nice”), RBC Precision Products - Bremen, Inc. (“Bremen (MBC)”), RBC Precision Products - Plymouth, Inc. (“Plymouth”), RBC Lubron Bearing Systems, Inc. (“Lubron”), Schaublin Holdings S.A. and its wholly-owned subsidiaries (“Schaublin”), RBC de Mexico S DE RL DE CV (“Mexico”), RBC Oklahoma, Inc. (“RBC Oklahoma”), RBC Aircraft Products, Inc. (“API”), Shanghai Representative office of Roller Bearing Company of America, Inc. (“RBC Shanghai”), RBC Southwest Products, Inc. (“SWP”), All Power Manufacturing Co. (“All Power”), RBC Bearings U.K. Limited and its wholly-owned subsidiary Phoenix Bearings Limited (“Phoenix”), RBC CBS Coastal Bearing Services LLC (“CBS”), RBC Aerostructures (“RAS”), Western Precision Aero LLC (“WPA”), Climax Metal Products Company (“CMP”) and RBC Turbine Components LLC (“TCI”), as well as its Transport Dynamics (“TDC”), Heim (“Heim”), Engineered Components (“ECD”), RBC Aerocomponents (“RAC”) and PIC Design (“PIC Design”) divisions of RBCA. U.S. Bearings (“USB”) is a division of SWP and Schaublin USA is a division of Nice. All intercompany balances and transactions have been eliminated in consolidation. | ||||||||||||||
The Company has a fiscal year consisting of 52 or 53 weeks, ending on the Saturday closest to March 31. Based on this policy, fiscal years 2014, 2013, and 2012 contained 52 weeks. The amounts are shown in thousands, unless otherwise indicated. | ||||||||||||||
Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations. The Company has concluded that it was appropriate to classify certain accounts receivables as other current assets. Accordingly, the Company had revised the classification to report these receivables under the prepaid expenses and other current assets caption on the Consolidated Balance Sheet. Corresponding reclassifications have also been made to the Consolidated Statement of Cash Flows to reflect the reclassification and this change in classification does not affect previously reported cash flows from operations, and had no effect on the previously reported Consolidated Statement of Operations for any period. | ||||||||||||||
Use of Estimates | ' | |||||||||||||
Use of Estimates | ||||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates are used for, but not limited to, the accounting for the allowance for doubtful accounts, valuation of inventories, accrued expenses, depreciation and amortization, income taxes and tax reserves, pension and postretirement obligations and the valuation of options. | ||||||||||||||
Cash and Cash Equivalents | ' | |||||||||||||
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. The balances are insured by the Federal Deposit Insurance Company up to $250. The Company has not experienced any losses in such accounts. | ||||||||||||||
Inventory | ' | |||||||||||||
Inventory | ||||||||||||||
Inventories are stated at the lower of cost or market value. Cost is principally determined by the first-in, first-out method. The Company accounts for inventory under a full absorption method, and records adjustments to the value of inventory based upon past sales history and forecasted plans to sell our inventories. The physical condition, including age and quality, of the inventories is also considered in establishing its valuation. These adjustments are estimates, which could vary significantly, either favorably or unfavorably, from actual requirements if future economic conditions, customer inventory levels or competitive conditions differ from our expectations. | ||||||||||||||
Shipping and Handling | ' | |||||||||||||
Shipping and Handling | ||||||||||||||
The sales price billed to customers includes shipping and handling, which is included in net sales. The costs to the Company for shipping and handling are included in cost of sales. | ||||||||||||||
Property, Plant and Equipment | ' | |||||||||||||
Property, Plant and Equipment | ||||||||||||||
Property, plant and equipment are recorded at cost. Depreciation and amortization of property, plant and equipment, including equipment under capital leases, is provided for by the straight-line method over the estimated useful lives of the respective assets or the lease term, if shorter. Depreciation of assets under capital leases is reported within depreciation and amortization. The cost of equipment under capital leases is equal to the lower of the net present value of the minimum lease payments or the fair market value of the leased equipment at the inception of the lease. Expenditures for normal maintenance and repairs are charged to expense as incurred. | ||||||||||||||
The estimated useful lives of the Company's property, plant and equipment follows: | ||||||||||||||
Buildings and improvements | 20-30 years | |||||||||||||
Machinery and equipment | 3-15 years | |||||||||||||
Leasehold improvements | Shorter of the term of lease or estimated useful life | |||||||||||||
Recognition of Revenue and Accounts Receivable and Concentration of Credit Risk | ' | |||||||||||||
Recognition of Revenue and Accounts Receivable and Concentration of Credit Risk | ||||||||||||||
The Company recognizes revenue only after the following four basic criteria are met: | ||||||||||||||
⋅ | Persuasive evidence of an arrangement exists; | |||||||||||||
⋅ | Delivery has occurred or services have been rendered; | |||||||||||||
⋅ | The seller's price to the buyer is fixed or determinable; and | |||||||||||||
⋅ | Collectability is reasonably assured. | |||||||||||||
Revenue is recognized upon the passage of title, which generally is at the time of shipment, except for certain customers for which it occurs when the products reach their destination. Accounts receivable, net of applicable allowances, is recorded when revenue is recorded. | ||||||||||||||
The Company sells to a large number of OEMs and distributors who service the aftermarket. The Company's credit risk associated with accounts receivable is minimized due to its customer base and wide geographic dispersion. The Company performs ongoing credit evaluations of its customers' financial condition and generally does not require collateral or charge interest on outstanding amounts. The Company had no concentrations of credit risk with any one customer greater than 5% and 4% of accounts receivables at March 29, 2014 and March 30, 2013, respectively. | ||||||||||||||
Short-Term Investments | ' | |||||||||||||
Short-Term Investments | ||||||||||||||
Short-term investments include equity and fixed-income securities and are measured at fair value by using quoted prices in active markets and are classified as Level 1 of the valuation hierarchy. | ||||||||||||||
Allowance for Doubtful Accounts | ' | |||||||||||||
Allowance for Doubtful Accounts | ||||||||||||||
The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company reviews the collectability of its receivables on an ongoing basis taking into account a combination of factors. The Company reviews potential problems, such as past due accounts, a bankruptcy filing or deterioration in the customer's financial condition, to ensure the Company is adequately accrued for potential loss. Accounts are considered past due based on when payment was originally due. If a customer's situation changes, such as a bankruptcy or creditworthiness, or there is a change in the current economic climate, the Company may modify its estimate of the allowance for doubtful accounts. The Company will write-off accounts receivable after reasonable collection efforts have been made and the accounts are deemed uncollectible. | ||||||||||||||
Goodwill | ' | |||||||||||||
Goodwill | ||||||||||||||
Goodwill (representing the excess of the amount paid to acquire a company over the estimated fair value of the net assets acquired) is not amortized but instead is tested for impairment annually, or when events or circumstances indicate that its value may have declined. This determination of any goodwill impairment is made at the reporting unit level and consists of two steps. First, the Company determines the fair value of a reporting unit and compares it to its carrying amount. Second, if the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized for any excess of the carrying amount of the reporting unit's goodwill over the goodwill's implied fair value. The fair value of the Company’s reporting units is calculated by comparing the combination of the net present value of future cash flows method (Level 3 inputs) and a market approach method to the reporting units' carrying value. The Company utilizes discount rates determined by management to be similar with the level of risk in its current business model. The Company performs the annual impairment testing during the fourth quarter of each fiscal year and has determined that, to date, no impairment of goodwill exists and fair value of the reporting units exceeded the carrying value substantially. Although no changes are expected, if the actual results of the Company are less favorable than the assumptions the Company makes regarding estimated cash flows, the Company may be required to record an impairment charge in the future. | ||||||||||||||
Deferred Financing Costs | ' | |||||||||||||
Deferred Financing Costs | ||||||||||||||
Deferred financing costs are amortized by the effective interest method over the lives of the related credit agreements. | ||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||
Derivative Financial Instruments | ||||||||||||||
The Company utilizes forward contracts and average rate options to mitigate the impact of currency fluctuations on monetary assets and liabilities denominated in currencies other than the applicable functional currency as well as on forecasted transactions denominated in currencies other than the applicable functional currency. The Company does not engage in other uses of these financial instruments. For a financial instrument to qualify as a hedge, the Company must be exposed to interest rate or price risk, and the financial instrument must reduce the exposure and be designated as a hedge. Financial instruments qualifying for hedge accounting must maintain a high correlation between the hedging instrument and the item being hedged, both at inception and throughout the hedged period. The Company measures the effectiveness of the hedging relationship at the inception of the hedge and quarterly at a minimum. | ||||||||||||||
If derivative financial instruments qualify as fair value hedges, the gain or loss on the instrument and the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current earnings during the period of the change in fair values. For derivative financial instruments that qualify as cash flow hedges (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The ineffective portion of a cash flow hedge, if any, is determined based on the dollar-offset method (i.e., the gain or loss on the derivative financial instrument in excess of the cumulative change in the present value of future cash flows of the hedged item) and is recognized in current earnings during the period of change. As long as hedge effectiveness is maintained, interest rate swap arrangements and foreign currency exchange agreements qualify for hedge accounting as cash flow hedges. | ||||||||||||||
All derivatives are recorded in the consolidated balance sheets at their fair values. Changes in fair values of derivatives are recorded in each period in comprehensive income, since the derivative is designated and qualifies as a cash flow hedge. As of March 29, 2014, the Company held no derivatives. | ||||||||||||||
Income Taxes | ' | |||||||||||||
Income Taxes | ||||||||||||||
The Company accounts for income taxes using the liability method, which requires it to recognize a current tax liability or asset for current taxes payable or refundable and a deferred tax liability or asset for the estimated future tax effects of temporary differences between the financial statement and tax reporting bases of assets and liabilities to the extent that they are realizable. Deferred tax expense (benefit) results from the net change in deferred tax assets and liabilities during the year. A valuation allowance is recorded to reduce deferred tax assets to the amount that is more likely than not to be realized. | ||||||||||||||
Temporary differences relate primarily to the timing of deductions for depreciation, goodwill amortization relating to the acquisition of operating divisions, basis differences arising from acquisition accounting, pension and retirement benefits, and various accrued and prepaid expenses. Deferred tax assets and liabilities are recorded at the rates expected to be in effect when the temporary differences are expected to reverse. | ||||||||||||||
Net Income Per Common Share | ' | |||||||||||||
Net Income Per Common Share | ||||||||||||||
Basic net income per common share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding. | ||||||||||||||
Diluted net income per common share is computed by dividing net income by the sum of the weighted-average number of common shares and dilutive common share equivalents then outstanding using the treasury stock method. Common share equivalents consist of the incremental common shares issuable upon the exercise of stock options. | ||||||||||||||
The table below reflects the calculation of weighted-average shares outstanding for each year presented as well as the computation of basic and diluted net income per common share: | ||||||||||||||
Fiscal Year Ended | ||||||||||||||
March 29, | March 30, | March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Net income | $ | 60,208 | $ | 56,342 | $ | 49,997 | ||||||||
Denominator: | ||||||||||||||
Denominator for basic net income per common share—weighted-average shares | 22,874,842 | 22,401,068 | 21,880,554 | |||||||||||
Effect of dilution due to employee stock options | 369,399 | 409,725 | 510,360 | |||||||||||
Denominator for diluted net income per common share—adjusted weighted-average shares | 23,244,241 | 22,810,793 | 22,390,914 | |||||||||||
Basic net income per common share | $ | 2.63 | $ | 2.52 | $ | 2.28 | ||||||||
Diluted net income per common share | $ | 2.59 | $ | 2.47 | $ | 2.23 | ||||||||
At March 29, 2014, 193,500 employee stock options and no restricted shares have been excluded from the calculation of diluted earnings per share. At March 30, 2013, 207,700 employee stock options and 300 restricted shares have been excluded from the calculation of diluted earnings per share. At March 31, 2012, 200,900 employee stock options and 700 restricted shares have been excluded from the calculation of diluted earnings per share. The inclusion of these employee stock options and restricted shares would be anti-dilutive. | ||||||||||||||
Impairment of Long-Lived Assets | ' | |||||||||||||
Impairment of Long-Lived Assets | ||||||||||||||
The Company assesses the net realizable value of its long-lived assets and evaluates such assets for impairment whenever indicators of impairment are present. For amortizable long-lived assets to be held and used, if indicators of impairment are present, management determines whether the sum of the estimated undiscounted future cash flows is less than the carrying amount. The amount of asset impairment, if any, is based on the excess of the carrying amount over its fair value, which is estimated based on projected discounted future operating cash flows using a discount rate reflecting the Company's average cost of funds. To date, no indicators of impairment exist other than those resulting in the restructuring charges already recorded. | ||||||||||||||
Long-lived assets to be disposed of by sale or other means are reported at the lower of carrying amount or fair value, less costs to sell. | ||||||||||||||
Foreign Currency Translation and Transactions | ' | |||||||||||||
Foreign Currency Translation and Transactions | ||||||||||||||
Assets and liabilities of the Company's foreign operations are translated into U.S. dollars using the exchange rate in effect at the balance sheet date. Results of operations are translated using the average exchange rate prevailing throughout the period. The effects of exchange rate fluctuations on translating foreign currency assets and liabilities into U.S. dollars are included in accumulated other comprehensive income (loss), while gains and losses resulting from foreign currency transactions, which were not material for any of the fiscal years presented, are included in other non-operating expense (income). Net income of the Company's foreign operations for fiscal 2014, 2013 and 2012 amounted to $10,045, $6,099, and $7,778, respectively. Net assets of the Company's foreign operations were $106,553 and $87,624 at March 29, 2014 and March 30, 2013, respectively. | ||||||||||||||
Fair Value of Measurements | ' | |||||||||||||
Fair Value of Measurements | ||||||||||||||
Fair value is the price that would 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). Inputs used to measure fair value are within a hierarchy consisting of three levels. Level 1 inputs represent unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 inputs represent 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 inputs represent 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. | ||||||||||||||
The financial assets and liabilities that are measured on a recurring basis in fiscal 2013 and 2012 consist of the Company’s forward contracts and average rate options. The Company has measured the fair value of these forward contracts and average rate options using observable market inputs such as spot and forward rates (as provided by the financial institution with which these instruments has been executed). Based on these inputs, these instruments are classified as Level 2 of the valuation hierarchy. As of March 29, 2014, the Company held no forward contracts or average rate options. | ||||||||||||||
The carrying amounts reported in the balance sheet for cash and cash equivalents, short-term investments, accounts receivable, prepaids and other current assets, and accounts payable and accruals, and other current liabilities approximate their fair value due to their short-term nature. | ||||||||||||||
The carrying amounts of the Company's borrowings under its JP Morgan Credit Agreement and Swiss Credit Facility approximate fair value, as these obligations have interest rates which vary in conjunction with current market conditions. The carrying value of the mortgage on our Schaublin building approximates fair value as the rates since entering into the mortgage in fiscal 2013 have not changed. | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||
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, all of which are presented in the consolidated statements of stockholders' equity and comprehensive income (loss). | ||||||||||||||
The following summarizes the activity within each component of accumulated other comprehensive income (loss), net of taxes: | ||||||||||||||
Currency | Pension and | Investments | Total | |||||||||||
Translation | Postretirement | |||||||||||||
Liability | ||||||||||||||
Balance at March 30, 2013 | $ | 4,116 | $ | -7,714 | $ | 129 | $ | -3,469 | ||||||
Other comprehensive income before reclassifications | 4,721 | 552 | 131 | 5,404 | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 430 | — | 430 | ||||||||||
Net current period other comprehensive income | 4,721 | 982 | 131 | 5,834 | ||||||||||
Balance at March 29, 2014 | $ | 8,837 | $ | -6,732 | $ | 260 | $ | 2,365 | ||||||
Stock-Based Compensation | ' | |||||||||||||
Stock-Based Compensation | ||||||||||||||
The Company recognizes compensation cost relating to all share-based payment transactions in the financial statements based upon the grant-date fair value of the instruments issued over the requisite service period. The fair value of each option grant was estimated on the date of grant using the Black-Scholes pricing model. | ||||||||||||||
Recent Accounting Pronouncements | ' | |||||||||||||
Recent Accounting Pronouncements | ||||||||||||||
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-11, "Income Taxes (Topic 740) - Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” This ASU requires that companies net their unrecognized tax benefits against all same-jurisdiction net operating losses or tax credits carryforwards that would be used to settle the position with a tax authority. This standard is effective for all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists for fiscal years, and interim periods beginning after December 15, 2013. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. | ||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||
Mar. 29, 2014 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Estimated Useful Lives Of The Company Property Plant And Equipment | ' | |||||||||||||
The estimated useful lives of the Company's property, plant and equipment follows: | ||||||||||||||
Buildings and improvements | 20-30 years | |||||||||||||
Machinery and equipment | 3-15 years | |||||||||||||
Leasehold improvements | Shorter of the term of lease or estimated useful life | |||||||||||||
Schedule Of Calculation Of Weighted-Average Shares Outstanding | ' | |||||||||||||
The table below reflects the calculation of weighted-average shares outstanding for each year presented as well as the computation of basic and diluted net income per common share: | ||||||||||||||
Fiscal Year Ended | ||||||||||||||
March 29, | March 30, | March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Net income | $ | 60,208 | $ | 56,342 | $ | 49,997 | ||||||||
Denominator: | ||||||||||||||
Denominator for basic net income per common share—weighted-average shares | 22,874,842 | 22,401,068 | 21,880,554 | |||||||||||
Effect of dilution due to employee stock options | 369,399 | 409,725 | 510,360 | |||||||||||
Denominator for diluted net income per common share—adjusted weighted-average shares | 23,244,241 | 22,810,793 | 22,390,914 | |||||||||||
Basic net income per common share | $ | 2.63 | $ | 2.52 | $ | 2.28 | ||||||||
Diluted net income per common share | $ | 2.59 | $ | 2.47 | $ | 2.23 | ||||||||
Schedule Of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||
The following summarizes the activity within each component of accumulated other comprehensive income (loss), net of taxes: | ||||||||||||||
Currency | Pension and | Investments | Total | |||||||||||
Translation | Postretirement | |||||||||||||
Liability | ||||||||||||||
Balance at March 30, 2013 | $ | 4,116 | $ | -7,714 | $ | 129 | $ | -3,469 | ||||||
Other comprehensive income before reclassifications | 4,721 | 552 | 131 | 5,404 | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 430 | — | 430 | ||||||||||
Net current period other comprehensive income | 4,721 | 982 | 131 | 5,834 | ||||||||||
Balance at March 29, 2014 | $ | 8,837 | $ | -6,732 | $ | 260 | $ | 2,365 | ||||||
Allowance_for_Doubtful_Account1
Allowance for Doubtful Accounts (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||
Allowance for Doubtful Accounts | ' | ||||||||||||||||
The activity in the allowance for doubtful accounts consists of the following: | |||||||||||||||||
Fiscal Year Ended | Balance at | Additions | Other* | Write-offs | Balance at | ||||||||||||
Beginning of | End of Year | ||||||||||||||||
Year | |||||||||||||||||
29-Mar-14 | $ | 1,719 | $ | 297 | $ | 105 | $ | -1,061 | $ | 1,060 | |||||||
30-Mar-13 | 1,816 | 444 | 240 | -781 | $ | 1,719 | |||||||||||
31-Mar-12 | 1,490 | 473 | 10 | -157 | 1,816 | ||||||||||||
*Foreign currency and acquisition transactions. | |||||||||||||||||
Inventory_Tables
Inventory (Tables) | 12 Months Ended | |||||||
Mar. 29, 2014 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
Inventory | ' | |||||||
Inventories are summarized below: | ||||||||
March 29, | March 30, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 18,001 | $ | 16,966 | ||||
Work in process | 46,134 | 41,882 | ||||||
Finished goods | 133,886 | 115,737 | ||||||
$ | 198,021 | $ | 174,585 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Mar. 29, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property, plant and equipment consist of the following: | ||||||||
March 29, | March 30, | |||||||
2014 | 2013 | |||||||
Land | $ | 14,543 | $ | 13,755 | ||||
Buildings and improvements | 68,941 | 54,685 | ||||||
Machinery and equipment | 177,592 | 158,752 | ||||||
261,076 | 227,192 | |||||||
Less: accumulated depreciation and amortization | 123,922 | 111,074 | ||||||
$ | 137,154 | $ | 116,118 | |||||
Goodwill_and_Amortizable_Intan1
Goodwill and Amortizable Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Schedule Of Goodwill Balances, By Segment | ' | ||||||||||||||||
Goodwill balances, by segment, consist of the following: | |||||||||||||||||
Roller | Plain | Ball | Other | Total | |||||||||||||
30-Mar-13 | $ | 15,684 | $ | 17,190 | $ | 671 | $ | 1,168 | $ | 34,713 | |||||||
Acquisitions | — | 2,821 | 5,623 | — | 8,444 | ||||||||||||
Other | 336 | 630 | -671 | — | 295 | ||||||||||||
29-Mar-14 | $ | 16,020 | $ | 20,641 | $ | 5,623 | $ | 1,168 | $ | 43,452 | |||||||
Schedule Of Intangible Assets | ' | ||||||||||||||||
Intangible Assets | |||||||||||||||||
March 29, 2014 | March 30, 2013 | ||||||||||||||||
Weighted | Gross | Accumulated | Gross | Accumulated | |||||||||||||
Average | Carrying | Amortization | Carrying | Amortization | |||||||||||||
Useful Lives | Amount | Amount | |||||||||||||||
Product approvals | 15 | $ | 6,266 | $ | 3,099 | $ | 6,077 | $ | 2,607 | ||||||||
Customer relationships and lists | 13 | 9,417 | 4,018 | 5,999 | 3,429 | ||||||||||||
Trade names | 13 | 2,230 | 1,237 | 1,380 | 1,102 | ||||||||||||
Distributor agreements | 5 | 722 | 722 | 722 | 722 | ||||||||||||
Patents and trademarks | 15 | 7,077 | 2,422 | 6,168 | 1,866 | ||||||||||||
Domain names | 10 | 437 | 255 | 437 | 211 | ||||||||||||
Other | 4 | 1,289 | 1,068 | 1,158 | 846 | ||||||||||||
Total | $ | 27,438 | $ | 12,821 | $ | 21,941 | $ | 10,783 | |||||||||
Schedule Of Estimated Amortization Expense | ' | ||||||||||||||||
Estimated amortization expense for the five succeeding fiscal years and thereafter is as follows: | |||||||||||||||||
2015 | $ | 1,970 | |||||||||||||||
2016 | 1,943 | ||||||||||||||||
2017 | 1,833 | ||||||||||||||||
2018 | 1,711 | ||||||||||||||||
2019 | 1,489 | ||||||||||||||||
2020 and thereafter | 5,671 | ||||||||||||||||
Accrued_Expenses_and_Other_Cur1
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended | |||||||
Mar. 29, 2014 | ||||||||
Other Liabilities, Noncurrent [Abstract] | ' | |||||||
Accrued Expenses and Other Current Liabilities | ' | |||||||
The significant components of accrued expenses and other current liabilities are as follows: | ||||||||
March 29, | March 30, | |||||||
2014 | 2013 | |||||||
Employee compensation and related benefits | $ | 8,124 | $ | 7,594 | ||||
Taxes | 3,778 | 4,285 | ||||||
Insurance | 1,523 | 1,456 | ||||||
Other | 3,795 | 6,734 | ||||||
$ | 17,220 | $ | 20,069 | |||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Mar. 29, 2014 | ||||||||
Debt Instruments [Abstract] | ' | |||||||
Schedule Of Balances Payable Under Borrowing Facilities | ' | |||||||
The balances payable under all borrowing facilities are as follows: | ||||||||
March 29, | March 30, | |||||||
2014 | 2013 | |||||||
Notes payable | $ | 10,447 | $ | 10,300 | ||||
Total debt | 10,447 | 10,300 | ||||||
Less: current portion | 1,274 | 1,240 | ||||||
Long-term debt | $ | 9,173 | $ | 9,060 | ||||
Other_NonCurrent_Liabilities_T
Other Non-Current Liabilities (Tables) | 12 Months Ended | |||||||
Mar. 29, 2014 | ||||||||
Other Liabilities, Noncurrent [Abstract] | ' | |||||||
Other Non-Current Liabilities | ' | |||||||
The significant components of other non-current liabilities consist of: | ||||||||
March 29, | March 30, | |||||||
2014 | 2013 | |||||||
Non-current pension liability | $ | 4,095 | $ | 5,341 | ||||
Other postretirement benefits | 2,757 | 2,906 | ||||||
Non-current income tax liability | 5,988 | 6,727 | ||||||
Deferred compensation | 6,730 | 5,202 | ||||||
Other | 1,199 | 207 | ||||||
$ | 20,769 | $ | 20,383 | |||||
Pension_Plan_Tables
Pension Plan (Tables) | 12 Months Ended | ||||||||||||
Mar. 29, 2014 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||
Summary of Plan Assets | ' | ||||||||||||
Plan assets are comprised primarily of equity and fixed income investments, as follows: | |||||||||||||
March 29, | March 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Cash and cash equivalents | $ | 10,288 | $ | 16,872 | |||||||||
U.S. equity mutual funds | 6,742 | — | |||||||||||
Fixed income mutual funds | 4,573 | 4,526 | |||||||||||
$ | 21,603 | $ | 21,398 | ||||||||||
Funded Status of Defined Benefit Pension Plan and Amount Recognized in Balance Sheet | ' | ||||||||||||
The following tables set forth the funded status of the Company's defined benefit pension plan and the amount recognized in the balance sheet at March 29, 2014 and March 30, 2013: | |||||||||||||
March 29, | March 30, | ||||||||||||
2014 | 2013 | ||||||||||||
Change in benefit obligation: | |||||||||||||
Benefit obligation at beginning of year | $ | 26,739 | $ | 25,443 | |||||||||
Service cost | 287 | 392 | |||||||||||
Interest cost | 991 | 1,042 | |||||||||||
Actuarial (gain)/loss | -728 | 1,164 | |||||||||||
Plan amendments | — | 246 | |||||||||||
Benefits paid | -1,591 | -1,548 | |||||||||||
Benefit obligation at end of year | $ | 25,698 | $ | 26,739 | |||||||||
Change in plan assets: | |||||||||||||
Fair value of plan assets at beginning of year | $ | 21,398 | $ | 20,604 | |||||||||
Actual return on plan assets | 796 | 842 | |||||||||||
Employer contributions | 1,000 | 1,500 | |||||||||||
Benefits paid | -1,591 | -1,548 | |||||||||||
Fair value of plan assets at end of year | $ | 21,603 | $ | 21,398 | |||||||||
Underfunded status at end of year | $ | -4,095 | $ | -5,341 | |||||||||
Amounts recognized in the consolidated balance sheet: | |||||||||||||
Non-current assets | $ | — | $ | — | |||||||||
Non-current liabilities | -4,095 | -5,341 | |||||||||||
Net liability recognized | $ | -4,095 | $ | -5,341 | |||||||||
Amounts Recognized in Accumulated other Comprehensive Loss | ' | ||||||||||||
Amounts recognized in accumulated other comprehensive loss: | |||||||||||||
Prior service cost | $ | 299 | $ | 369 | |||||||||
Net actuarial loss | 10,046 | 11,349 | |||||||||||
Accumulated other comprehensive loss | $ | 10,345 | $ | 11,718 | |||||||||
Amounts Expected to be Recognized as Components of Net Periodic Benefit Cost In 2015 | ' | ||||||||||||
Amounts included in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost in 2015: | |||||||||||||
Prior service cost | $ | 66 | |||||||||||
Net actuarial loss | 1,168 | ||||||||||||
Total | $ | 1,234 | |||||||||||
Components of Net Periodic Benefit Cost | ' | ||||||||||||
The following table sets forth net periodic benefit cost of the Company's plan for the three fiscal years in the period ended March 29, 2014: | |||||||||||||
Fiscal Year Ended | |||||||||||||
March 29, | March 30, | March 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Components of net periodic benefit cost: | |||||||||||||
Service cost | $ | 287 | $ | 392 | $ | 359 | |||||||
Interest cost | 991 | 1,042 | 1,166 | ||||||||||
Expected return on plan assets | -1,591 | -1,628 | -1,534 | ||||||||||
Amortization of prior service cost | 70 | 47 | 47 | ||||||||||
Amortization of losses | 1,370 | 1,164 | 822 | ||||||||||
Net periodic benefit cost | $ | 1,127 | $ | 1,017 | $ | 860 | |||||||
Assumptions Used in Determining Net Periodic Benefit Cost | ' | ||||||||||||
The assumptions used in determining the net periodic benefit cost information are as follows: | |||||||||||||
FY 2014 | FY 2013 | FY 2012 | |||||||||||
Discount rate | 3.8 | % | 4.2 | % | 5.3 | % | |||||||
Expected long-term rate of return on plan assets | 7.75 | % | 7.75 | % | 8.25 | % | |||||||
Future Service Benefit Payments | ' | ||||||||||||
The benefit payments are based on the same assumptions used to measure the Company's benefit obligation at the end of fiscal 2014: | |||||||||||||
2015 | $ | 1,559 | |||||||||||
2016 | 1,649 | ||||||||||||
2017 | 1,655 | ||||||||||||
2018 | 1,657 | ||||||||||||
2019 | 1,703 | ||||||||||||
2020-2024 | 8,710 | ||||||||||||
Postretirement_Health_Care_and1
Postretirement Health Care and Life Insurance Benefits (Tables) | 12 Months Ended | ||||||||||
Mar. 29, 2014 | |||||||||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | ||||||||||
Schedule of Funded Status of Postretirement Benefit Plans, Amount Recognized in Balance Sheet | ' | ||||||||||
The following table set forth the funded status of the Company’s postretirement benefit plans, the amount recognized in the balance sheet at March 29, 2014 and March 30, 2013: | |||||||||||
March 29, | March 30, | ||||||||||
2014 | 2013 | ||||||||||
Change in benefit obligation: | |||||||||||
Benefit obligation at beginning of year | $ | 3,136 | $ | 2,958 | |||||||
Service cost | 48 | 50 | |||||||||
Interest cost | 111 | 122 | |||||||||
Actuarial (gain) loss | -154 | 184 | |||||||||
Benefits paid | -151 | -178 | |||||||||
Benefit obligation at end of year | $ | 2,990 | $ | 3,136 | |||||||
Change in plan assets: | |||||||||||
Fair value of plan assets at beginning of year | $ | — | $ | — | |||||||
Company contributions | 151 | 178 | |||||||||
Benefits paid | -151 | -178 | |||||||||
Fair value of plan assets at end of year | $ | — | $ | — | |||||||
(Under) funded status at end of year | $ | -2,990 | $ | -3,136 | |||||||
Amounts recognized in the consolidated balance sheet: | |||||||||||
Current liability | $ | -233 | $ | -230 | |||||||
Non-current liability | -2,757 | -2,906 | |||||||||
Net liability recognized | $ | -2,990 | $ | -3,136 | |||||||
Amounts recognized in accumulated other comprehensive loss: | |||||||||||
Prior service cost | $ | 28 | $ | 31 | |||||||
Net actuarial loss | 367 | 561 | |||||||||
Accumulated other comprehensive loss | $ | 395 | $ | 592 | |||||||
Amounts Expected to be Recognized as Components of Net Periodic Benefit Cost in 2014 | ' | ||||||||||
Amounts included in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost in 2015: | |||||||||||
Prior service cost | 3 | ||||||||||
Net actuarial loss | 30 | ||||||||||
Total | $ | 33 | |||||||||
Components of Net Periodic Benefit Cost | ' | ||||||||||
Fiscal Year Ended | |||||||||||
Components of net periodic benefit cost: | March 29, | March 30, | March 31, | ||||||||
2014 | 2013 | 2012 | |||||||||
Service cost | $ | 48 | $ | 50 | $ | 40 | |||||
Interest cost | 111 | 122 | 137 | ||||||||
Prior service cost amortization | 3 | 3 | 3 | ||||||||
Amount of loss recognized | 39 | 42 | 22 | ||||||||
Net periodic benefit cost | $ | 201 | $ | 217 | $ | 202 | |||||
Future Service Benefit Payments | ' | ||||||||||
The following benefit payments, which reflect future service as appropriate, are expected to be paid. The benefit payments are based on the same assumptions used to measure the Company's benefit obligation at the end of fiscal 2014: | |||||||||||
2015 | $ | 233 | |||||||||
2016 | 246 | ||||||||||
2017 | 238 | ||||||||||
2018 | 238 | ||||||||||
2019 | 244 | ||||||||||
2020-2024 | 1,034 | ||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||
Mar. 29, 2014 | |||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||
Schedule of income before income tax, domestic and foreign | ' | ||||||||||
Income before income taxes for the Company's domestic and foreign operations is as follows: | |||||||||||
Fiscal Year Ended | |||||||||||
March 29, | March 30, | March 31, | |||||||||
2014 | 2013 | 2012 | |||||||||
Domestic | $ | 74,975 | $ | 71,993 | $ | 65,878 | |||||
Foreign | 12,778 | 8,195 | 10,101 | ||||||||
$ | 87,753 | $ | 80,188 | $ | 75,979 | ||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | ||||||||||
The provision for (benefit from) income taxes consists of the following: | |||||||||||
Fiscal Year Ended | |||||||||||
March 29, | March 30, | March 31, | |||||||||
2014 | 2013 | 2012 | |||||||||
Current: | |||||||||||
Federal | $ | 22,835 | $ | 21,808 | $ | 22,012 | |||||
State | 1,292 | 1,385 | 2,562 | ||||||||
Foreign | 3,054 | 1,559 | 1,527 | ||||||||
27,181 | 24,752 | 26,101 | |||||||||
Deferred: | |||||||||||
Federal | 694 | -1,000 | -1,347 | ||||||||
State | -9 | -253 | 433 | ||||||||
Foreign | -321 | 347 | 795 | ||||||||
364 | -906 | -119 | |||||||||
Total | $ | 27,545 | $ | 23,846 | $ | 25,982 | |||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||||
A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations follows: | |||||||||||
Fiscal Year Ended | |||||||||||
March 29, | March 30, | March 31, | |||||||||
2014 | 2013 | 2012 | |||||||||
Income taxes using U.S. federal statutory rate | $ | 30,714 | $ | 28,066 | $ | 26,593 | |||||
State income taxes, net of federal benefit | 942 | 714 | 2,040 | ||||||||
Domestic production activities deduction | -2,300 | -2,228 | -2,211 | ||||||||
Foreign rate differential | -1,739 | -962 | -1,214 | ||||||||
U.S. unrecognized tax positions | -295 | -2,410 | — | ||||||||
Other | 223 | 666 | 774 | ||||||||
$ | 27,545 | $ | 23,846 | $ | 25,982 | ||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||
Net deferred tax assets (liabilities) consist of the following: | |||||||||||
March 29, | March 30, | ||||||||||
2014 | 2013 | ||||||||||
Deferred tax assets (liabilities): | |||||||||||
Postretirement benefits | $ | 1,017 | $ | 1,065 | |||||||
Employee compensation accruals | 2,111 | 2,528 | |||||||||
Net operating losses | 1,764 | 1,651 | |||||||||
Inventory | 10,126 | 9,185 | |||||||||
Stock compensation | 3,789 | 3,399 | |||||||||
Pension | 1,531 | 2,001 | |||||||||
State tax | 1,836 | 2,043 | |||||||||
Other | 1,963 | -182 | |||||||||
Valuation allowance | -1,594 | -1,204 | |||||||||
Total deferred tax assets | 22,543 | 20,486 | |||||||||
Deferred tax liabilities: | March 29, | March 30, | |||||||||
2014 | 2013 | ||||||||||
Property, plant and equipment | -13,157 | -9,399 | |||||||||
Intangible assets | -6,537 | -5,443 | |||||||||
Total deferred tax liabilities | -19,694 | -14,842 | |||||||||
Net deferred tax assets | $ | 2,849 | $ | 5,644 | |||||||
Schedule of Unrecognized Compensation Cost, Nonvested Awards | ' | ||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows: | |||||||||||
March 29, | March 30, | March 31, | |||||||||
2014 | 2013 | 2012 | |||||||||
Balance, Beginning of Year | $ | 5,892 | $ | 9,974 | $ | 8,988 | |||||
Gross increases– tax positions taken during a prior period | 768 | 592 | 252 | ||||||||
Gross increases– tax positions taken during the current period | 853 | 536 | 751 | ||||||||
Decreases due to settlement with taxing authorities | -1,182 | -4,636 | — | ||||||||
Decreases due to lapse of the applicable statute of limitations | -1,081 | -574 | -17 | ||||||||
Balance, End of Year | $ | 5,250 | $ | 5,892 | $ | 9,974 | |||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||
Mar. 29, 2014 | ||||||||||||||
Stockholders Equity Note [Abstract] | ' | |||||||||||||
Summary Of Status Of Stock Options Outstanding | ' | |||||||||||||
A summary of the status of the Company's stock options outstanding as of March 29, 2014 and changes during the year then ended is presented below. All cashless exercises of options and warrants are handled through an independent broker. | ||||||||||||||
Number Of | Weighted Average | Weighted Average | Intrinsic Value | |||||||||||
Common Stock | Exercise Price | Contractual Life | ||||||||||||
Options | (Years) | |||||||||||||
Outstanding, March 30, 2013 | 1,114,585 | $ | 29.91 | 4.2 | $ | 23,021 | ||||||||
Awarded | 193,500 | 51.51 | ||||||||||||
Exercised | -184,000 | 25.04 | ||||||||||||
Forfeitures | -2,600 | 25.26 | ||||||||||||
Outstanding, March 29, 2014 | 1,121,485 | $ | 34.44 | 4.2 | $ | 31,995 | ||||||||
Exercisable, March 29, 2014 | 577,120 | $ | 26.33 | 2.7 | $ | 21,145 | ||||||||
Black-Scholes Option Pricing Model | ' | |||||||||||||
The fair value for the Company's options was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions, which are updated to reflect current expectations of the dividend yield, expected life, risk-free interest rate and using historical volatility to project expected volatility: | ||||||||||||||
Fiscal Year Ended | ||||||||||||||
March 29, | March 30, | March 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | ||||||||
Expected weighted-average life (yrs.) | 4.8 | 4.8 | 4.8 | |||||||||||
Risk-free interest rate | 1.04 | % | 0.68 | % | 0.98 | % | ||||||||
Expected volatility | 45.2 | % | 47.8 | % | 47.6 | % | ||||||||
Summary Of Status Of Restricted Stock Outstanding | ' | |||||||||||||
A summary of the status of the Company’s restricted stock outstanding as of March 29, 2014 and the changes during the year then ended is presented below. | ||||||||||||||
Number Of | Weighted- | |||||||||||||
Restricted Stock | Average | |||||||||||||
Shares | Grant Date Fair | |||||||||||||
Value | ||||||||||||||
Non-vested, March 30, 2013 | 218,478 | $ | 42.23 | |||||||||||
Granted | 63,000 | 53.68 | ||||||||||||
Vested | -63,136 | 41.25 | ||||||||||||
Forfeitures | -900 | 43.3 | ||||||||||||
Non-vested, March 29, 2014 | 217,442 | $ | 45.92 | |||||||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | ||||
Mar. 29, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule Of Aggregate Future Minimum Lease Payments Under Operating Leases | ' | ||||
The aggregate future minimum lease payments under operating leases are as follows: | |||||
2015 | $ | 3,955 | |||
2016 | 3,135 | ||||
2017 | 2,346 | ||||
2018 | 1,659 | ||||
2019 | 824 | ||||
2020 and thereafter | 2,171 | ||||
Other_Operating_Expense_Net_Ta
Other Operating Expense, Net (Tables) | 12 Months Ended | ||||||||||
Mar. 29, 2014 | |||||||||||
Other Cost And Expense Disclosure Of Operating [Abstract] | ' | ||||||||||
Schedule Of Other Operating Expense, Net | ' | ||||||||||
Other operating expense, net is comprised of the following: | |||||||||||
Fiscal Year Ended | |||||||||||
March 29, | March 30, | March 31, | |||||||||
2014 | 2013 | 2012 | |||||||||
Gain (loss) on impairment or disposition of assets | $ | -31 | $ | 6,301 | $ | -10 | |||||
Plant consolidation and restructuring costs | 1,917 | 1,261 | 97 | ||||||||
Provision for doubtful accounts | 138 | 173 | 246 | ||||||||
Amortization of intangibles | 1,924 | 1,553 | 1,491 | ||||||||
Other expense (income) | 230 | -211 | -195 | ||||||||
$ | 4,178 | $ | 9,077 | $ | 1,629 | ||||||
Reportable_Segments_Tables
Reportable Segments (Tables) | 12 Months Ended | ||||||||||
Mar. 29, 2014 | |||||||||||
Segment Reporting [Abstract] | ' | ||||||||||
Schedule Of Segment Information | ' | ||||||||||
Fiscal Year Ended | |||||||||||
March 29, | March 30, | March 31, | |||||||||
2014 | 2013 | 2012 | |||||||||
Net External Sales | |||||||||||
Plain | $ | 223,099 | $ | 215,963 | $ | 200,141 | |||||
Roller | 115,806 | 115,021 | 123,803 | ||||||||
Ball | 49,555 | 41,366 | 42,330 | ||||||||
Other | 30,426 | 30,701 | 31,237 | ||||||||
$ | 418,886 | $ | 403,051 | $ | 397,511 | ||||||
Gross Margin | |||||||||||
Plain | $ | 85,158 | $ | 85,419 | $ | 72,875 | |||||
Roller | 48,785 | 45,107 | 45,233 | ||||||||
Ball | 18,125 | 9,427 | 9,240 | ||||||||
Other | 12,729 | 12,976 | 13,232 | ||||||||
$ | 164,797 | $ | 152,929 | $ | 140,580 | ||||||
Selling, General and Administrative Expenses | |||||||||||
Plain | $ | 17,923 | $ | 15,336 | $ | 14,453 | |||||
Roller | 6,892 | 6,741 | 6,282 | ||||||||
Ball | 4,511 | 3,030 | 3,383 | ||||||||
Other | 3,991 | 3,720 | 4,006 | ||||||||
Corporate | 38,652 | 36,924 | 33,179 | ||||||||
$ | 71,969 | $ | 65,751 | $ | 61,303 | ||||||
Operating Income | |||||||||||
Plain | $ | 66,343 | $ | 69,046 | $ | 57,920 | |||||
Roller | 41,630 | 37,592 | 41,062 | ||||||||
Ball | 11,732 | -188 | 3,498 | ||||||||
Other | 8,968 | 8,998 | 9,018 | ||||||||
Corporate | -40,023 | -37,347 | -33,850 | ||||||||
$ | 88,650 | $ | 78,101 | $ | 77,648 | ||||||
Total Assets | |||||||||||
Plain | $ | 441,770 | $ | 377,382 | $ | 312,678 | |||||
Roller | 207,676 | 190,431 | 163,475 | ||||||||
Ball | 44,119 | 39,978 | 47,382 | ||||||||
Other | 42,861 | 34,799 | 30,386 | ||||||||
Corporate | -115,433 | -100,148 | -94,403 | ||||||||
$ | 620,993 | $ | 542,442 | $ | 459,518 | ||||||
Capital Expenditures | |||||||||||
Plain | $ | 15,990 | $ | 25,895 | $ | 5,971 | |||||
Roller | 3,894 | 4,939 | 4,304 | ||||||||
Ball | 1,424 | 2,812 | 1,486 | ||||||||
Other | 3,991 | 6,257 | 5,403 | ||||||||
Corporate | 3,621 | 2,114 | 677 | ||||||||
$ | 28,920 | $ | 42,017 | $ | 17,841 | ||||||
Depreciation & Amortization | |||||||||||
Plain | $ | 6,742 | $ | 4,919 | $ | 4,516 | |||||
Roller | 3,392 | 4,471 | 4,555 | ||||||||
Ball | 1,799 | 2,743 | 2,636 | ||||||||
Other | 1,856 | 1,594 | 1,476 | ||||||||
Corporate | 1,198 | 992 | 1,007 | ||||||||
$ | 14,987 | $ | 14,719 | $ | 14,190 | ||||||
Geographic External Sales | |||||||||||
Domestic | $ | 351,418 | $ | 345,450 | $ | 339,504 | |||||
Foreign | 67,468 | 57,601 | 58,007 | ||||||||
$ | 418,886 | $ | 403,051 | $ | 397,511 | ||||||
Fiscal Year Ended | |||||||||||
March 29, | March 30, | March 31, | |||||||||
2014 | 2013 | 2012 | |||||||||
Geographic Long-Lived Assets | |||||||||||
Domestic | $ | 105,018 | $ | 93,468 | $ | 86,026 | |||||
Foreign | 32,136 | 22,650 | 7,347 | ||||||||
$ | 137,154 | $ | 116,118 | $ | 93,373 | ||||||
Intersegment Sales | |||||||||||
Plain | $ | 3,807 | $ | 3,135 | $ | 2,554 | |||||
Roller | 17,794 | 17,099 | 16,510 | ||||||||
Ball | 1,976 | 2,524 | 1,788 | ||||||||
Other | 26,574 | 24,565 | 23,823 | ||||||||
$ | 50,151 | $ | 47,323 | $ | 44,675 | ||||||
Organization_and_Business_Deta
Organization and Business (Details Textual) | 12 Months Ended | ||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' | ' | ' |
Maximum Amount Of Sales That One Customer Accounted For Percentage | 7.00% | 6.00% | 8.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Mar. 29, 2014 | |
Buildings and Improvements [Member] | Maximum [Member] | ' |
Summary Of Significant Accounting Policies [Line Items] | ' |
Estimated useful life | '30 years |
Buildings and Improvements [Member] | Minimum [Member] | ' |
Summary Of Significant Accounting Policies [Line Items] | ' |
Estimated useful life | '20 years |
Machinery and Equipment [Member] | Maximum [Member] | ' |
Summary Of Significant Accounting Policies [Line Items] | ' |
Estimated useful life | '15 years |
Machinery and Equipment [Member] | Minimum [Member] | ' |
Summary Of Significant Accounting Policies [Line Items] | ' |
Estimated useful life | '3 years |
Leasehold Improvements [Member] | ' |
Summary Of Significant Accounting Policies [Line Items] | ' |
Property Plant And Equipment Useful Life Description | 'Shorter of the term of lease or estimated useful life |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Net income | $60,208 | $56,342 | $49,997 |
Denominator: | ' | ' | ' |
Denominator for basic net income per common share-weighted-average shares | 22,874,842 | 22,401,068 | 21,880,554 |
Effect of dilution due to employee stock options | 369,399 | 409,725 | 510,360 |
Denominator for diluted net income per common share-adjusted weighted-average shares | 23,244,241 | 22,810,793 | 22,390,914 |
Basic net income per common share | $2.63 | $2.52 | $2.28 |
Diluted net income per common share | $2.59 | $2.47 | $2.23 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Balance Beginning | $4,116 | ' | ' |
Other comprehensive income before reclassifications Currency Translation | 4,721 | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) Currency Translation | 0 | ' | ' |
Net current period other comprehensive income Currency Translation | 4,721 | -3,974 | 312 |
Balance Ending | 8,837 | 4,116 | ' |
Balance Beginning | -7,714 | ' | ' |
Other comprehensive income before reclassifications Pension and Postretirement Liability | 552 | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) Pension and Postretirement Liability | 430 | ' | ' |
Net current period other comprehensive income Pension and Postretirement Liability | -982 | 707 | 1,692 |
Balance Ending | -6,732 | -7,714 | ' |
Balance Beginning | 129 | ' | ' |
Other comprehensive income before reclassifications Investments | 131 | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) Investments | 0 | ' | ' |
Net current period other comprehensive income Investments | 131 | ' | ' |
Balance Ending | 260 | 129 | ' |
Balance Beginning | -3,469 | ' | ' |
Other comprehensive income before reclassifications | 5,404 | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | 430 | ' | ' |
Net current period other comprehensive income | 5,834 | ' | ' |
Balance Ending | $2,365 | ($3,469) | ' |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Maximum amount of concentration of credit risk with one customer, percentage | 5.00% | 4.00% | ' |
Number of employee stock options excluded from the calculation of diluted earnings per share | 193,500 | 207,700 | 200,900 |
Restricted stock shares have been excluded from the calculation of diluted earnings per share | 0 | 300 | 700 |
Net income | $60,208 | $56,342 | $49,997 |
Assets | 620,993 | 542,442 | 459,518 |
Maximum [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Cash, FDIC Insured Amount | 250 | ' | ' |
Foreign [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Net income | 10,045 | 6,099 | 7,778 |
Assets | $106,553 | $87,624 | ' |
Acquisitions_and_Dispositions_
Acquisitions and Dispositions (Details Textual) (USD $) | 12 Months Ended | 0 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | Aug. 16, 2013 | Mar. 01, 2013 | Oct. 07, 2013 |
Climax Metal Products Company [Member] | Western Precision Aero LLC [Member] | Turbine Components Inc [Member] | ||||
Business acquisition purchases price allocation assets acquired | ' | ' | ' | $13,646 | $2,628 | ' |
Cash paid for purchase price | ' | ' | ' | 10,672 | 1,408 | ' |
Business acquisition purchase price allocation notes payable and long term debts | ' | ' | ' | 2,974 | 1,220 | ' |
Revenue, Net, Total | 418,886 | 403,051 | 397,511 | 14,100 | ' | 4,000 |
Business acquisition purchase price allocation current assets receivable | ' | ' | ' | -1,206 | -646 | -585 |
Business acquisition purchases price allocation current assets inventory | ' | ' | ' | -4,509 | -1,369 | -125 |
Business acquisitions purchases price allocation other assets | ' | ' | ' | -73 | -66 | ' |
Business acquisition purchases price allocation noncurrent assets | ' | ' | ' | -2,466 | -1,290 | -1,231 |
Business acquisition purchases price allocation goodwill | ' | ' | ' | -5,623 | ' | -2,821 |
Business acquisition purchases price allocation intangible assets other than goodwill | ' | ' | ' | -3,904 | -645 | -441 |
Business acquisition purchases price allocation other noncurrent assets | ' | ' | ' | -10 | -24 | -127 |
Business acquisition purchases price allocation current liabilities other liabilities | ' | ' | ' | -2,171 | -1,085 | -641 |
Business acquisition purchases price allocation noncurrent liabilities | ' | ' | ' | -1,974 | ' | -766 |
Business acquisition purchase price allocation gain on acquisition | ' | ' | ' | ' | -327 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | ' | ' | ' | ' | ' | 3,925 |
Business Combination, Contingent Consideration, Liability | ' | ' | ' | ' | ' | $766 |
Allowance_for_Doubtful_Account2
Allowance for Doubtful Accounts (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | |||
Financing Receivables [Line Items] | ' | ' | ' | |||
Allowance for doubtful accounts, Balance at Beginning of Year | $1,719 | $1,816 | $1,490 | |||
Allowance for doubtful accounts, Additions | 297 | 444 | 473 | |||
Allowance for doubtful accounts, Other | 105 | [1] | 240 | [1] | 10 | [1] |
Allowance for doubtful accounts, Write-offs | -1,061 | -781 | -157 | |||
Allowance for doubtful accounts, Balance at End of Year | $1,060 | $1,719 | $1,816 | |||
[1] | Foreign currency and acquisition transactions. |
Inventory_Details
Inventory (Details) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Raw materials | $18,001 | $16,966 |
Work in process | 46,134 | 41,882 |
Finished goods | 133,886 | 115,737 |
Inventory, total | $198,021 | $174,585 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Land | $14,543 | $13,755 |
Buildings and improvements | 68,941 | 54,685 |
Machinery and equipment | 177,592 | 158,752 |
Property, plant and equipment, Gross | 261,076 | 227,192 |
Less: accumulated depreciation and amortization | 123,922 | 111,074 |
Property, Plant and Equipment, Net, Total | $137,154 | $116,118 |
Restructuring_of_Operations_De
Restructuring of Operations (Details Textual) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 30, 2013 |
Operating expenses | $6,738 |
Labor and related expense | 466 |
Restructuring charges related to moving expenses | 100 |
Asset impairment charges | 6,172 |
Restructuring charges related to moving expenses year 2014 | 1,787 |
Restructuring and related cost additional period cost year 2014 | $8,525 |
Goodwill_and_Amortizable_Intan2
Goodwill and Amortizable Intangible Assets (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 29, 2014 |
Goodwill [Line Items] | ' |
Goodwill Beginnning Balance | $34,713 |
Acquisitions | 8,444 |
Other | 295 |
Goodwill Ending Balance | 43,452 |
Roller [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill Beginnning Balance | 15,684 |
Acquisitions | 0 |
Other | 336 |
Goodwill Ending Balance | 16,020 |
Plain [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill Beginnning Balance | 17,190 |
Acquisitions | 2,821 |
Other | 630 |
Goodwill Ending Balance | 20,641 |
Ball [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill Beginnning Balance | 671 |
Acquisitions | 5,623 |
Other | -671 |
Goodwill Ending Balance | 5,623 |
Other [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill Beginnning Balance | 1,168 |
Acquisitions | 0 |
Other | 0 |
Goodwill Ending Balance | $1,168 |
Goodwill_and_Amortizable_Intan3
Goodwill and Amortizable Intangible Assets (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Goodwill [Line Items] | ' | ' |
Gross Carrying Amount | $27,438 | $21,941 |
Accumulated Amortization | 12,821 | 10,783 |
Product approvals [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Weighted Average Useful Lives | '15 years | ' |
Gross Carrying Amount | 6,266 | 6,077 |
Accumulated Amortization | 3,099 | 2,607 |
Customer relationships and lists [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Weighted Average Useful Lives | '13 years | ' |
Gross Carrying Amount | 9,417 | 5,999 |
Accumulated Amortization | 4,018 | 3,429 |
Trade names [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Weighted Average Useful Lives | '13 years | ' |
Gross Carrying Amount | 2,230 | 1,380 |
Accumulated Amortization | 1,237 | 1,102 |
Distributor agreements [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Weighted Average Useful Lives | '5 years | ' |
Gross Carrying Amount | 722 | 722 |
Accumulated Amortization | 722 | 722 |
Patents and trademarks [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Weighted Average Useful Lives | '15 years | ' |
Gross Carrying Amount | 7,077 | 6,168 |
Accumulated Amortization | 2,422 | 1,866 |
Domain names [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Weighted Average Useful Lives | '10 years | ' |
Gross Carrying Amount | 437 | 437 |
Accumulated Amortization | 255 | 211 |
Other [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Weighted Average Useful Lives | '4 years | ' |
Gross Carrying Amount | 1,289 | 1,158 |
Accumulated Amortization | $1,068 | $846 |
Goodwill_and_Amortizable_Intan4
Goodwill and Amortizable Intangible Assets (Details 2) (USD $) | Mar. 29, 2014 |
In Thousands, unless otherwise specified | |
Goodwill [Line Items] | ' |
2015 | $1,970 |
2016 | 1,943 |
2017 | 1,833 |
2018 | 1,711 |
2019 | 1,489 |
2020 and thereafter | $5,671 |
Goodwill_and_Amortizable_Intan5
Goodwill and Amortizable Intangible Assets (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization of intangible assets | $1,924 | $1,553 | $1,491 |
Accrued_Expenses_and_Other_Cur2
Accrued Expenses and Other Current Liabilities (Details) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Expenses and Other Current Liabilities [Line Items] | ' | ' |
Employee compensation and related benefits | $8,124 | $7,594 |
Taxes | 3,778 | 4,285 |
Insurance | 1,523 | 1,456 |
Other | 3,795 | 6,734 |
Accrued Expenses And Other Current Liabilities Net | $17,220 | $20,069 |
Debt_Details
Debt (Details) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Short-term Debt [Line Items] | ' | ' |
Notes payable | $10,447 | $10,300 |
Total debt | 10,447 | 10,300 |
Less: current portion | 1,274 | 1,240 |
Long-term debt | $9,173 | $9,060 |
Debt_Details_Textual
Debt (Details Textual) | Mar. 29, 2014 | Mar. 30, 2013 | Oct. 01, 2012 | Oct. 01, 2012 | Mar. 29, 2014 | Mar. 29, 2014 | Oct. 01, 2012 | Oct. 01, 2012 | Oct. 27, 2008 | Oct. 27, 2008 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 30, 2013 | Nov. 30, 2010 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | Fixed Rate Residential Mortgage [Member] | Fixed Rate Residential Mortgage [Member] | Fixed Rate Residential Mortgage [Member] | Fixed Rate Residential Mortgage [Member] | Land and Building [Member] | Land and Building [Member] | Credit Suisse Credit Agreement [Member] | Credit Suisse Credit Agreement [Member] | JP Morgan Credit Agreement [Member] | RBCA [Member] | All power [Member] | All power [Member] | Five-Year Senior Secured Revolving Credit Facility [Member] | Prime Rate Loans [Member] | LIBOR Rate Loans [Member] | Maximum [Member] | Minimum [Member] |
Schaublin [Member] | Schaublin [Member] | Schaublin [Member] | Schaublin [Member] | Schaublin [Member] | Schaublin [Member] | USD ($) | CHF | USD ($) | USD ($) | USD ($) | USD ($) | JP Morgan Credit Agreement [Member] | |||||||
USD ($) | CHF | USD ($) | CHF | USD ($) | CHF | USD ($) | |||||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | $4,509 | 4,000 | ' | ' | ' | ' | $150,000 | ' | ' | ' | ' |
Proceeds from Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' |
Borrowing capacity incremental value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' | ' |
Line of credit facility, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.50% | ' | ' |
Consolidated net debt adjusted EBITDA ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25 | 1 |
Consolidated fixed charge coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.5 | 1 |
Letters of credit, outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,348 | ' | ' | ' | ' | ' | ' | ' |
Remaining credit capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 145,652 | ' | ' | ' | ' | ' | ' | ' | ' |
Land and building leased | ' | ' | ' | ' | ' | ' | 14,910 | 14,067 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period for fixed rate on mortgage loan | ' | ' | '20 years | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loan interest rate | ' | ' | 2.90% | 2.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for purchase price | ' | ' | 5,053 | 4,767 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loan fixed rate | ' | ' | 9,857 | 9,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loan | ' | ' | ' | ' | 9,697 | 8,603 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Current Maturities, Total | $1,274 | $1,240 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $750 | $750 | ' | ' | ' | ' | ' |
Other_NonCurrent_Liabilities_D
Other Non-Current Liabilities (Details) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Payable Accrued Liabilities And Other Liabilities Disclosure Noncurrent [Line Items] | ' | ' |
Non-current pension liability | $4,095 | $5,341 |
Other postretirement benefits | 2,757 | 2,906 |
Non-current income tax liability | 5,988 | 6,727 |
Deferred compensation | 6,730 | 5,202 |
Other | 1,199 | 207 |
Other Liabilities, Noncurrent | $20,769 | $20,383 |
Pension_Plan_Details
Pension Plan (Details) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan Assets | $21,603 | $21,398 |
Cash and Cash Equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan Assets | 10,288 | 16,872 |
U.S. Equity Mutual Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan Assets | 6,742 | 0 |
Fixed Income Mutual Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan Assets | $4,573 | $4,526 |
Pension_Plan_Details_1
Pension Plan (Details 1) (Pension Plan, Defined Benefit [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Pension Plan, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Benefit obligation at beginning of year | $26,739 | $25,443 | ' |
Service cost | 287 | 392 | 359 |
Interest cost | 991 | 1,042 | 1,166 |
Actuarial (gain)/loss | -728 | 1,164 | ' |
Plan amendments | 0 | 246 | ' |
Benefits paid | -1,591 | -1,548 | ' |
Benefit obligation at end of year | 25,698 | 26,739 | 25,443 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 21,398 | 20,604 | ' |
Actual return on plan assets | 796 | 842 | ' |
Employer contributions | 1,000 | 1,500 | ' |
Benefits paid | -1,591 | -1,548 | ' |
Fair value of plan assets at end of year | 21,603 | 21,398 | 20,604 |
Underfunded status at end of year | -4,095 | -5,341 | ' |
Non-current assets | 0 | 0 | ' |
Non-current liabilities | -4,095 | -5,341 | ' |
Net liability recognized | ($4,095) | ($5,341) | ' |
Pension_Plan_Details_2
Pension Plan (Details 2) (Pension Plan, Defined Benefit [Member], USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Pension Plan, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Prior service cost | $299 | $369 |
Net actuarial loss | 10,046 | 11,349 |
Accumulated other comprehensive loss | $10,345 | $11,718 |
Pension_Plan_Details_3
Pension Plan (Details 3) (Pension Plan, Defined Benefit [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 29, 2014 |
Pension Plan, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Prior service cost | $66 |
Net actuarial loss | 1,168 |
Total | $1,234 |
Pension_Plan_Details_4
Pension Plan (Details 4) (Pension Plan, Defined Benefit [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Pension Plan, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $287 | $392 | $359 |
Interest cost | 991 | 1,042 | 1,166 |
Expected return on plan assets | -1,591 | -1,628 | -1,534 |
Amortization of prior service cost | 70 | 47 | 47 |
Amortization of losses | 1,370 | 1,164 | 822 |
Net periodic benefit cost | $1,127 | $1,017 | $860 |
Pension_Plan_Details_5
Pension Plan (Details 5) (Pension Plan, Defined Benefit [Member]) | 12 Months Ended | ||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | |
Pension Plan, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 3.80% | 4.20% | 5.30% |
Expected long-term rate of return on plan assets | 7.75% | 7.75% | 8.25% |
Pension_Plan_Details_6
Pension Plan (Details 6) (Pension Plan, Defined Benefit [Member], USD $) | Mar. 29, 2014 |
In Thousands, unless otherwise specified | |
Pension Plan, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2015 | $1,559 |
2016 | 1,649 |
2017 | 1,655 |
2018 | 1,657 |
2019 | 1,703 |
2020-2024 | $8,710 |
Pension_Plan_Details_Textual
Pension Plan (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate used in determining the accumulated postretirement benefit obligation | 4.10% | 3.80% | ' |
Target allocation of plan assets in equity | 70.00% | ' | ' |
Target allocation of plan assets in fixed income | 30.00% | ' | ' |
Cash contributions maximum | $1,500 | ' | ' |
Cash contributions minimum | 750 | ' | ' |
Company contribution and premium payments | 825 | 743 | 765 |
Defined contribution plan, employer discretionary contribution amount | 300 | ' | ' |
Company's sponsor for employees pension plan for foreign operation in Schaublin | 139 | ' | ' |
Defined Contribution Pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Employer contribution resumed at beginning of fiscal year | 10.00% | ' | ' |
Eligible employee compensation | 3.50% | ' | ' |
Employer contributions | 733 | 688 | 338 |
Supplemental Employee Retirement Plan, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Employer contribution resumed at beginning of fiscal year | 25.00% | ' | ' |
Employer contributions | $162 | $162 | ' |
Percentage of current salary that employees could defer under plan | 75.00% | ' | ' |
Percentage of bonus that employees could defer | 100.00% | ' | ' |
Employee's annual salary vest after one year of annual service | 1.75% | ' | ' |
Plan modifications | 'In August 2008, the plan was modified, allowing eligible employees to elect to defer up to 75% of their current salary and up to 100% of bonus compensation. | ' | ' |
Postretirement_Health_Care_and2
Postretirement Health Care and Life Insurance Benefits (Details) (Postretirement Benefit Plans [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Postretirement Benefit Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Benefit obligation at beginning of year | $3,136 | $2,958 |
Service cost | 48 | 50 |
Interest cost | 111 | 122 |
Actuarial (gain) loss | -154 | 184 |
Benefits paid | -151 | -178 |
Benefit obligation at end of year | 2,990 | 3,136 |
Fair value of plan assets at beginning of year | 0 | 0 |
Employer contributions | 151 | 178 |
Benefits paid | -151 | -178 |
Fair value of plan assets at end of year | 0 | 0 |
Underfunded status at end of year | -2,990 | -3,136 |
Amounts recognized in the consolidated balance sheet: | ' | ' |
Current liability | -233 | -230 |
Non-current liability | -2,757 | -2,906 |
Net liability recognized | -2,990 | -3,136 |
Amounts recognized in accumulated other comprehensive loss: | ' | ' |
Prior service cost | 28 | 31 |
Net actuarial loss | 367 | 561 |
Accumulated other comprehensive loss | $395 | $592 |
Postretirement_Health_Care_and3
Postretirement Health Care and Life Insurance Benefits (Details 1) (Postretirement Benefit Plans [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 29, 2014 |
Postretirement Benefit Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Prior service cost | $3 |
Net actuarial loss | 30 |
Total | $33 |
Postretirement_Health_Care_and4
Postretirement Health Care and Life Insurance Benefits (Details 2) (Postretirement Benefit Plans [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Postretirement Benefit Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $48 | $50 | $40 |
Interest cost | 111 | 122 | 137 |
Prior service cost amortization | 3 | 3 | 3 |
Amount of loss recognized | 39 | 42 | 22 |
Net periodic benefit cost | $201 | $217 | $202 |
Postretirement_Health_Care_and5
Postretirement Health Care and Life Insurance Benefits (Details 3) (Postretirement Benefit Plans [Member], USD $) | Mar. 29, 2014 |
In Thousands, unless otherwise specified | |
Postretirement Benefit Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2015 | $233 |
2016 | 246 |
2017 | 238 |
2018 | 238 |
2019 | 244 |
2020-2024 | $1,034 |
Postretirement_Health_Care_and6
Postretirement Health Care and Life Insurance Benefits (Details Textual) | 12 Months Ended | ||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate used in determining the accumulated postretirement benefit obligation | 4.10% | 3.80% | ' |
Postretirement Benefit Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate used in determining the accumulated postretirement benefit obligation | 4.10% | 3.80% | ' |
Discount rate used in determining the net periodic benefit cost | 3.80% | 4.20% | 5.30% |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Income before income taxes | $87,753 | $80,188 | $75,979 |
Domestic [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Income before income taxes | 74,975 | 71,993 | 65,878 |
Foreign [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Income before income taxes | $12,778 | $8,195 | $10,101 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Current: | ' | ' | ' |
Federal | $22,835 | $21,808 | $22,012 |
State | 1,292 | 1,385 | 2,562 |
Foreign | 3,054 | 1,559 | 1,527 |
Current Income Tax Expense (Benefit), Total | 27,181 | 24,752 | 26,101 |
Deferred: | ' | ' | ' |
Federal | 694 | -1,000 | -1,347 |
State | -9 | -253 | 433 |
Foreign | -321 | 347 | 795 |
Deferred Income Tax Expense (Benefit), Total | 364 | -906 | -119 |
Total | $27,545 | $23,846 | $25,982 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Income taxes using U.S. federal statutory rate | $30,714 | $28,066 | $26,593 |
State income taxes, net of federal benefit | 942 | 714 | 2,040 |
Domestic production activities deduction | -2,300 | -2,228 | -2,211 |
Foreign rate differential | -1,739 | -962 | -1,214 |
U.S. unrecognized tax positions | -295 | -2,410 | 0 |
Other | 223 | 666 | 774 |
Total | $27,545 | $23,846 | $25,982 |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Components Of Deferred Tax Assets and Liabilities [Line Items] | ' | ' |
Postretirement benefits | $1,017 | $1,065 |
Employee compensation accruals | 2,111 | 2,528 |
Net operating losses | 1,764 | 1,651 |
Inventory | 10,126 | 9,185 |
Stock compensation | 3,789 | 3,399 |
Pension | 1,531 | 2,001 |
State tax | 1,836 | 2,043 |
Other | 1,963 | -182 |
Valuation allowance | -1,594 | -1,204 |
Total deferred tax assets | 22,543 | 20,486 |
Property, plant and equipment | -13,157 | -9,399 |
Intangible assets | -6,537 | -5,443 |
Total deferred tax liabilities | -19,694 | -14,842 |
Net deferred tax assets | $2,849 | $5,644 |
Income_Taxes_Details_4
Income Taxes (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Unrecognized Compensation Cost Nonvested Awards [Line Items] | ' | ' | ' |
Balance, Beginning of Year | $5,892 | $9,974 | $8,988 |
Gross increases- tax positions taken during a prior period | 768 | 592 | 252 |
Gross increases- tax positions taken during the current period | 853 | 536 | 751 |
Decreases due to settlement with taxing authorities | -1,182 | -4,636 | 0 |
Decreases due to lapse of the applicable statute of limitations | -1,081 | -574 | -17 |
Balance, End of Year | $5,250 | $5,892 | $9,974 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Income Tax Contingency [Line Items] | ' | ' |
Net operating losses | $10,194 | ' |
Valuation Allowances and Reserves, Period Increase (Decrease) | 390 | ' |
Deferred tax assets, operating loss carryforwards, foreign | 252 | ' |
Deferred tax assets, operating loss carryforwards, state | 138 | ' |
Undistributed foreign earnings | 69,828 | ' |
Tax benefit | 348 | ' |
Accrued interest and penalties | 738 | 835 |
Estimated decrease in credits and state tax | 448 | ' |
Operating losses expired in year | 31-Dec-28 | ' |
Operating loss carryforwards, valuation allowance, total | ' | 851 |
Interest and penalties related to unrecognized tax benefits | $97 | $398 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Stockholders Equity Note Disclosure [Line Items] | ' | ' |
Weighted Average Exercise Price, Outstanding, Beginning balance | $29.91 | ' |
Weighted Average Exercise Price, Awarded | $51.51 | ' |
Weighted Average Exercise Price, Exercised | $25.04 | ' |
Weighted Average Exercise Price, Forfeitures | $25.26 | ' |
Weighted Average Exercise Price, Outstanding, Ending balance | $34.44 | $29.91 |
Weighted Average Exercise Price, Exercisable, Ending balance | $26.33 | ' |
Weighted Average Contractual Life (Years), Outstanding, Beginning balance | '4 years 2 months 12 days | '4 years 2 months 12 days |
Weighted Average Contractual Life (Years), Exercisable, Ending balance | '2 years 8 months 12 days | ' |
Intrinsic Value, Outstanding, Beginning balance | $23,021 | ' |
Intrinsic Value, Outstanding, Ending balance | 31,995 | 23,021 |
Intrinsic Value, Exercisable, Ending balance | $21,145 | ' |
Stock Option [Member] | ' | ' |
Stockholders Equity Note Disclosure [Line Items] | ' | ' |
Number Of Common Stock Options, Outstanding, Beginning balance | 1,114,585 | ' |
Number Of Common Stock Options, Awarded | 193,500 | ' |
Number Of Common Stock Options, Exercised | -184,000 | ' |
Number Of Common Stock Options, Forfeitures | -2,600 | ' |
Number Of Common Stock Options, Outstanding, Ending balance | 1,121,485 | ' |
Number Of Common Stock Options, Exercisable, Ending balance | 577,120 | ' |
Stockholders_Equity_Details_1
Stockholders' Equity (Details 1) | 12 Months Ended | ||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected weighted-average life (yrs.) | '4 years 9 months 18 days | '4 years 9 months 18 days | '4 years 9 months 18 days |
Risk-free interest rate | 1.04% | 0.68% | 0.98% |
Expected volatility | 45.20% | 47.80% | 47.60% |
Stockholders_Equity_Details_2
Stockholders' Equity (Details 2) (USD $) | 12 Months Ended |
Mar. 29, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number Of Restricted Stock Shares, Non-vested, Beginning balance | 218,478 |
Number Of Restricted Stock Shares, Granted | 63,000 |
Number Of Restricted Stock Shares, Vested | -63,136 |
Number Of Restricted Stock Shares, Forfeitures | -900 |
Number Of Restricted Stock Shares, Non-vested, Ending balance | 217,442 |
Weighted-Average Grant Date Fair Value, Non-vested, Beginning balance | $42.23 |
Weighted-Average Grant Date Fair Value, Granted | $53.68 |
Weighted-Average Grant Date Fair Value, Vested | $41.25 |
Weighted-Average Grant Date Fair Value, Forfeitures | $43.30 |
Weighted-Average Grant Date Fair Value, Non-vested, Ending balance | $45.92 |
Stockholders_Equity_Details_Te
Stockholders' Equity (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Maximum option to purchase common stock, percentage | 10.00% | ' | ' |
Maximum fair market value limit to approve an award of incentive options | $100,000 | ' | ' |
Exercise price minimum percent of fair market value of common stock share | 100.00% | ' | ' |
Option to be exercised within period, maximum, in years | '10 years | ' | ' |
Stock constituting voting interest, minimum | 10.00% | ' | ' |
Restricted stock outstanding | 217,442 | 218,478 | ' |
Weighted average fair value per share of options granted | $20.76 | $18.71 | $15.43 |
Total fair value of options vested | 9,570 | 9,138 | 12,045 |
Total intrinsic value of options exercised | 6,954 | 23,698 | 2,393 |
Total awards outstanding either fully vested or expected to vest | 1,100,722 | ' | ' |
Total awards outstanding, vested or expected to vest, weighted average exercise price | $34.43 | ' | ' |
Total awards outstanding, vested or expected to vest, intrinsic value | 31,412 | ' | ' |
Total awards outstanding, vested or expected to vest, weighted average contractual term in years | '4 years 2 months 12 days | ' | ' |
Restricted stock awards compensation | 1,922 | ' | ' |
Restricted stock awards compensation tax | 1,151 | ' | ' |
Common stock authorized for issuance | 1,500,000 | ' | ' |
2001 Stock Option Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Grant options | 1,008,553 | ' | ' |
Outstanding options | 8,750 | ' | ' |
2005 Long-Term Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Outstanding options | 1,112,735 | ' | ' |
Options exercisable | 568,370 | ' | ' |
More Than 10% Company's Voting Power [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Exercise price minimum percent of fair market value of common stock share | 110.00% | ' | ' |
Option to be exercised within period, maximum, in years | '0 years | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted stock outstanding | 209,442 | ' | ' |
Unrecognized compensation costs | 7,868 | ' | ' |
Unrecognized compensation costs related to options expected to be recognized over a weighted average period in years | '2 years 8 months 12 days | ' | ' |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unrecognized compensation costs | $7,809 | ' | ' |
Unrecognized compensation costs related to options expected to be recognized over a weighted average period in years | '3 years 4 months 24 days | ' | ' |
2013 Long-Term Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted stock outstanding | 8,000 | ' | ' |
Outstanding options | 0 | ' | ' |
Maximum [Member] | 2005 Long-Term Incentive Plan Amendment In September 2007 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Common stock authorized for issuance | 2,239,170 | ' | ' |
Maximum [Member] | 2005 Long-Term Incentive Plan, Amendments In September 2006 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Common stock authorized for issuance | 1,639,170 | ' | ' |
Minimum [Member] | 2005 Long-Term Incentive Plan Amendment In September 2007 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Common stock authorized for issuance | 1,639,170 | ' | ' |
Minimum [Member] | 2005 Long-Term Incentive Plan, Amendments In September 2006 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Common stock authorized for issuance | 1,139,170 | ' | ' |
Recovered_Sheet1
Commitments and Contingencies (Details) (USD $) | Mar. 29, 2014 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies [Line Items] | ' |
2015 | $3,955 |
2016 | 3,135 |
2017 | 2,346 |
2018 | 1,659 |
2019 | 824 |
2020 and thereafter | $2,171 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Commitments And Contingencies [Line Items] | ' | ' | ' |
Rental expense | $3,377 | $3,886 | $4,627 |
Operating Leases Rent Expense For Transportation Computer And Office Equipment | $1,622 | $1,349 | $1,235 |
Operating Lease Expiration Date | '2021-09-30 | ' | ' |
Employees Represented By Labor Unions | 11.00% | ' | ' |
Other_Operating_Expense_Net_De
Other Operating Expense, Net (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Gain (loss) on impairment or disposition of assets | ($31) | $6,301 | ($10) |
Plant consolidation and restructuring costs | 1,917 | 1,261 | 97 |
Provision for doubtful accounts | 138 | 173 | 246 |
Amortization of intangibles | 1,924 | 1,553 | 1,491 |
Other expense (income) | 230 | -211 | -195 |
Other operating expense, net | $4,178 | $9,077 | $1,629 |
Reportable_Segments_Details
Reportable Segments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net External Sales | $418,886 | $403,051 | $397,511 |
Gross Margin | 164,797 | 152,929 | 140,580 |
Selling, General & Administrative Expenses | 71,969 | 65,751 | 61,303 |
Operating Income | 88,650 | 78,101 | 77,648 |
Total Assets | 620,993 | 542,442 | 459,518 |
Capital Expenditures | 28,920 | 42,017 | 17,841 |
Depreciation & Amortization | 14,987 | 14,719 | 14,190 |
Geographic External Sales | 418,886 | 403,051 | 397,511 |
Geographic Long-Lived Assets | 137,154 | 116,118 | 93,373 |
Intersegment Sales | 50,151 | 47,323 | 44,675 |
Plain [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net External Sales | 223,099 | 215,963 | 200,141 |
Gross Margin | 85,158 | 85,419 | 72,875 |
Selling, General & Administrative Expenses | 17,923 | 15,336 | 14,453 |
Operating Income | 66,343 | 69,046 | 57,920 |
Total Assets | 441,770 | 377,382 | 312,678 |
Capital Expenditures | 15,990 | 25,895 | 5,971 |
Depreciation & Amortization | 6,742 | 4,919 | 4,516 |
Intersegment Sales | 3,807 | 3,135 | 2,554 |
Roller [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net External Sales | 115,806 | 115,021 | 123,803 |
Gross Margin | 48,785 | 45,107 | 45,233 |
Selling, General & Administrative Expenses | 6,892 | 6,741 | 6,282 |
Operating Income | 41,630 | 37,592 | 41,062 |
Total Assets | 207,676 | 190,431 | 163,475 |
Capital Expenditures | 3,894 | 4,939 | 4,304 |
Depreciation & Amortization | 3,392 | 4,471 | 4,555 |
Intersegment Sales | 17,794 | 17,099 | 16,510 |
Ball [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net External Sales | 49,555 | 41,366 | 42,330 |
Gross Margin | 18,125 | 9,427 | 9,240 |
Selling, General & Administrative Expenses | 4,511 | 3,030 | 3,383 |
Operating Income | 11,732 | -188 | 3,498 |
Total Assets | 44,119 | 39,978 | 47,382 |
Capital Expenditures | 1,424 | 2,812 | 1,486 |
Depreciation & Amortization | 1,799 | 2,743 | 2,636 |
Intersegment Sales | 1,976 | 2,524 | 1,788 |
Other [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net External Sales | 30,426 | 30,701 | 31,237 |
Gross Margin | 12,729 | 12,976 | 13,232 |
Selling, General & Administrative Expenses | 3,991 | 3,720 | 4,006 |
Operating Income | 8,968 | 8,998 | 9,018 |
Total Assets | 42,861 | 34,799 | 30,386 |
Capital Expenditures | 3,991 | 6,257 | 5,403 |
Depreciation & Amortization | 1,856 | 1,594 | 1,476 |
Intersegment Sales | 26,574 | 24,565 | 23,823 |
Corporate Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Selling, General & Administrative Expenses | 38,652 | 36,924 | 33,179 |
Operating Income | -40,023 | -37,347 | -33,850 |
Total Assets | -115,433 | -100,148 | -94,403 |
Capital Expenditures | 3,621 | 2,114 | 677 |
Depreciation & Amortization | 1,198 | 992 | 1,007 |
Domestic [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Geographic External Sales | 351,418 | 345,450 | 339,504 |
Geographic Long-Lived Assets | 105,018 | 93,468 | 86,026 |
Foreign [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Assets | 106,553 | 87,624 | ' |
Geographic External Sales | 67,468 | 57,601 | 58,007 |
Geographic Long-Lived Assets | $32,136 | $22,650 | $7,347 |