Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Apr. 02, 2016 | May. 18, 2016 | Sep. 26, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Apr. 2, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | RBC Bearings INC | ||
Entity Central Index Key | 1,324,948 | ||
Current Fiscal Year End Date | --04-02 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 1,370,643,300 | ||
Trading Symbol | ROLL | ||
Entity Common Stock, Shares Outstanding | 23,541,972 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 02, 2016 | Mar. 28, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 39,208 | $ 125,455 |
Accounts receivable, net of allowance for doubtful accounts of $1,324 in 2016 and $860 in 2015 | 102,351 | 76,651 |
Inventory | $ 280,537 | 206,158 |
Deferred income taxes | 12,492 | |
Prepaid expenses and other current assets | $ 6,861 | 4,628 |
Total current assets | 428,957 | 425,384 |
Property, plant and equipment, net | 184,744 | 141,649 |
Goodwill | 267,259 | 43,439 |
Intangible assets, net of accumulated amortization of $22,165 in 2016 and $13,185 in 2015 | 207,252 | 12,028 |
Other assets | 10,298 | 9,573 |
Total assets | 1,098,510 | 632,073 |
Current liabilities: | ||
Accounts payable | 35,597 | 23,459 |
Accrued expenses and other current liabilities | 42,234 | 17,326 |
Current portion of long-term debt | 10,486 | 1,233 |
Total current liabilities | 88,317 | 42,018 |
Long-term debt, less current portion | 353,210 | 7,965 |
Deferred income taxes | 3,208 | 10,126 |
Other non-current liabilities | 32,828 | 22,531 |
Total liabilities | $ 477,563 | $ 82,640 |
Commitments and contingencies (Note 16) | ||
Stockholders’ equity: | ||
Preferred stock, $.01 par value; authorized shares: 10,000,000 in 2016 and 2015; none issued and outstanding | $ 0 | $ 0 |
Common stock, $.01 par value; authorized shares: 60,000,000 in 2016 and 2015; issued and outstanding shares: 24,146,767 in 2016 and 23,833,185 in 2015 | 241 | 238 |
Additional paid-in capital | 279,420 | 262,091 |
Accumulated other comprehensive income | (6,990) | (7,770) |
Retained earnings | 378,070 | 314,176 |
Treasury stock, at cost, 603,035 shares in 2016 and 439,864 shares in 2015 | (29,794) | (19,302) |
Total stockholders' equity | 620,947 | 549,433 |
Total liabilities and stockholders' equity | $ 1,098,510 | $ 632,073 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Apr. 02, 2016 | Mar. 28, 2015 |
Accounts receivable, allowance for doubtful accounts | $ 1,324 | $ 860 |
Intangible assets, accumulated amortization | $ 22,165 | $ 13,185 |
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 | 24,146,767 | 23,833,185 |
Common stock, outstanding shares | 24,146,767 | 23,833,185 |
Treasury Stock | ||
Treasury stock, shares | 603,035 | 439,864 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Net sales | $ 597,472 | $ 445,278 | $ 418,886 |
Cost of sales | 378,694 | 275,138 | 254,089 |
Gross margin | 218,778 | 170,140 | 164,797 |
Operating expenses: | |||
Selling, general and administrative | 98,721 | 75,908 | 71,969 |
Other, net | 16,216 | 5,802 | 4,178 |
Total operating expenses | 114,937 | 81,710 | 76,147 |
Operating income | 103,841 | 88,430 | 88,650 |
Interest expense, net | 8,722 | 1,055 | 1,019 |
Other non-operating expense (income) | 334 | 2,820 | (122) |
Income before income taxes | 94,785 | 84,555 | 87,753 |
Provision for income taxes | 30,891 | 26,307 | 27,545 |
Net income | $ 63,894 | $ 58,248 | $ 60,208 |
Net income per common share: | |||
Basic | $ 2.75 | $ 2.52 | $ 2.63 |
Diluted | $ 2.72 | $ 2.49 | $ 2.59 |
Weighted average common shares: | |||
Basic | 23,208,686 | 23,073,940 | 22,874,842 |
Diluted | 23,508,418 | 23,385,061 | 23,244,241 |
Dividends per Share | $ 0 | $ 2 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Net income | $ 63,894 | $ 58,248 | $ 60,208 |
Pension and postretirement liability adjustments, net of taxes | 465 | (945) | 982 |
Change in unrealized loss on investments, net of taxes | 0 | (260) | 131 |
Foreign currency translation adjustments | 315 | (8,930) | 4,721 |
Total comprehensive income | $ 64,674 | $ 48,113 | $ 66,042 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Treasury Stock [Member] |
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 (in 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 (in shares) | 62,100 | 0 | ||||
Income tax benefit on exercise of non-qualified common stock options | 1,562 | $ 0 | 1,562 | 0 | 0 | $ 0 |
Unrealized gain on investments, net of tax benefit | 131 | 0 | 0 | 131 | 0 | 0 |
Currency translation adjustments, net of tax benefit | 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) | ||||
Net income | 58,248 | $ 0 | 0 | 0 | 58,248 | $ 0 |
Dividends paid to shareholders | (46,014) | 0 | 0 | 0 | (46,014) | 0 |
Stock-based compensation | 8,339 | 0 | 8,339 | 0 | 0 | 0 |
Exercise of equity awards | (2,601) | $ 3 | 4,456 | 0 | 0 | $ (7,060) |
Exercise of equity awards (in shares) | 198,077 | (122,047) | ||||
Change in net prior service cost and actuarial losses, net of taxes | (945) | $ 0 | 0 | (945) | 0 | $ 0 |
Issuance of restricted stock | 0 | $ 0 | 0 | 0 | 0 | $ 0 |
Issuance of restricted stock (in shares) | 111,080 | 0 | ||||
Income tax benefit on exercise of non-qualified common stock options | 3,144 | $ 0 | 3,144 | 0 | 0 | $ 0 |
Unrealized gain on investments, net of tax benefit | (260) | 0 | 0 | (260) | 0 | 0 |
Currency translation adjustments, net of tax benefit | (8,930) | 0 | 0 | (8,930) | 0 | 0 |
Balance at Mar. 28, 2015 | 549,433 | $ 238 | 262,091 | (7,770) | 314,176 | $ (19,302) |
Balance (in shares) at Mar. 28, 2015 | 23,833,185 | (439,864) | ||||
Net income | 63,894 | $ 0 | 0 | 0 | 63,894 | $ 0 |
Stock-based compensation | 10,200 | 0 | 10,200 | 0 | 0 | 0 |
Exercise of equity awards | (5,909) | $ 3 | 4,580 | 0 | 0 | $ (10,492) |
Exercise of equity awards (in shares) | 171,319 | (163,171) | ||||
Change in net prior service cost and actuarial losses, net of taxes | 465 | $ 0 | 0 | 465 | 0 | $ 0 |
Issuance of restricted stock | 0 | $ 0 | 0 | 0 | 0 | $ 0 |
Issuance of restricted stock (in shares) | 142,263 | 0 | ||||
Income tax benefit on exercise of non-qualified common stock options | 2,549 | $ 0 | 2,549 | 0 | 0 | $ 0 |
Unrealized gain on investments, net of tax benefit | 0 | |||||
Currency translation adjustments, net of tax benefit | 315 | 0 | 0 | 315 | 0 | 0 |
Balance at Apr. 02, 2016 | $ 620,947 | $ 241 | $ 279,420 | $ (6,990) | $ 378,070 | $ (29,794) |
Balance (in shares) at Apr. 02, 2016 | 24,146,767 | (603,035) |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Change in net prior service cost and actuarial losses, net of tax benefit of | $ (276) | $ (564) | $ (141) |
Unrealized gain on investments, net of tax benefit of | 173 | (87) | |
Currency translation adjustments, net of tax benefit of | $ 48 | $ 13 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 63,894 | $ 58,248 | $ 60,208 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 16,807 | 13,206 | 13,063 |
Excess tax benefits from stock-based compensation | (2,549) | (3,144) | (1,562) |
Deferred income taxes | (336) | 1,044 | 364 |
Amortization of intangible assets | 9,000 | 1,839 | 1,924 |
Amortization of deferred financing costs | 1,333 | 325 | 325 |
Consolidation and restructuring charges | 190 | 5,026 | 0 |
Stock-based compensation | 10,200 | 8,339 | 5,833 |
Loss (gain) on disposition of assets | 3 | 511 | (31) |
Gain on acquisition | 0 | 0 | 0 |
Changes in operating assets and liabilities, net of acquisitions: | |||
Accounts receivable | (619) | (2,005) | (5,990) |
Inventory | (25,460) | (13,504) | (17,024) |
Prepaid expenses and other current assets | (1,576) | 3,738 | (3,450) |
Other non-current assets | (1,876) | (2,830) | (3,418) |
Accounts payable | (2,756) | (534) | (2,986) |
Accrued expenses and other current liabilities | 14,246 | 3,391 | (2,321) |
Other non-current liabilities | 2,859 | (1,860) | 3,040 |
Net cash provided by operating activities | 83,360 | 71,790 | 47,975 |
Cash flows from investing activities: | |||
Purchase of property, plant and equipment | (20,864) | (20,897) | (28,920) |
Purchase of short-term investments | 0 | 0 | (729) |
Proceeds from sale or maturities of short-term investments | 0 | 2,380 | 0 |
Acquisition of businesses, net of cash acquired | (500,000) | 0 | (17,568) |
Proceeds from sale of assets | 726 | 608 | 100 |
Net cash used in investing activities | (520,138) | (17,909) | (47,117) |
Cash flows from financing activities: | |||
Proceeds from revolving credit facility | 225,000 | 0 | 0 |
Repayments of revolving credit facility | (56,000) | 0 | 0 |
Proceeds from term loans | 200,000 | 0 | 0 |
Repayments of term loans | (7,500) | 0 | 0 |
Finance fees paid in connection with credit facility | (7,122) | 0 | 0 |
Payments of notes payable | (1,229) | (500) | (505) |
Repurchase of common stock | (10,492) | (7,060) | (1,788) |
Exercise of stock options | 4,583 | 4,459 | 4,608 |
Excess tax benefits from stock-based compensation | 2,549 | 3,144 | 1,562 |
Dividends paid to shareholders | 0 | (46,014) | 0 |
Other, net | 0 | (106) | (93) |
Net cash provided by (used in) financing activities | 349,789 | (46,077) | 3,784 |
Effect of exchange rate changes on cash | 742 | (3,556) | 2,085 |
Cash and cash equivalents: | |||
(Decrease)/increase during the year | (86,247) | 4,248 | 6,727 |
Cash, at beginning of year | 125,455 | 121,207 | 114,480 |
Cash, at end of year | $ 39,208 | $ 125,455 | $ 121,207 |
Organization and Business
Organization and Business | 12 Months Ended |
Apr. 02, 2016 | |
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 and engineered products—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 2016, no one customer accounted for more than 10 6 7 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 02, 2016 | |
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”), RBC Oklahoma, Inc. (“RBC Oklahoma”), RBC Aircraft Products, Inc. (“API”), RBC Southwest Products, Inc. (“SWP”), All Power Manufacturing Co. (“All Power”), RBC Aerostructures LLC (“RAS”), Western Precision Aero LLC (“WPA”), Climax Metal Products Company (“CMP”), RBC Turbine Components LLC (“TCI”), Sonic Industries, Inc. (“Sonic”), Sargent Aerospace and Defense LLC (“Sargent”), Avborne Accessory Group, Inc. (“AMS”), Schaublin Holdings S.A. and its wholly-owned subsidiaries Schaublin SA, RBC Bearings Polska SP ZOO and RBC France SAS (“Schaublin”), RBC de Mexico S DE RL DE CV (“Mexico”), Shanghai Representative office of Roller Bearing Company of America, Inc. (“RBC Shanghai”), RBC Bearings U.K. Limited and its wholly-owned subsidiary Phoenix Bearings Limited (“Phoenix”), Allpower de Mexico S DE RL DE CV (“Tecate”) and RBC Bearings Canada, Inc. Divisions of RBCA include: RBC Corporate, RBC E-Shop, RBC Aerospace sales office and warehouse, Transport Dynamics (“TDC”), Heim (“Heim”), Engineered Components (“ECD”), RBC Aerocomponents (“RAC”), PIC Design (“PIC Design”), RBC Hartsville, RBC West Trenton, RBC Bishopsville, RBC Eastern Distribution Center and RBC Grand Prarie TX location. 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 year 2016 contained 53 weeks and 2015 and 2014 contained 52 weeks. The amounts are shown in thousands, unless otherwise indicated. 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 and Wells Fargo & Company. 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 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. We also recognize revenue on a Ship-In-Place basis for two customers who have required that we hold the product after final production is complete. In this case, a written agreement has been executed (at the customer’s request) whereby the customer accepts the risk of loss for product that is invoiced under the Ship-In-Place arrangement. For each transaction for which revenue is recognized under a Ship-In-Place arrangement, all final manufacturing inspections have been completed and customer acceptance has been obtained. In the fiscal year ended April 2, 2016, 2.1% of the Company’s total net sales was recognized under Ship-In-Place transactions. We also on occasion record deferred revenue on our balance sheet as a liability. Deferred revenue represents progress payments received, primarily from one customer, to cover purchases of raw materials per the terms of multi-year long term contracts. Revenue associated with these agreements is recognized in accordance with the criteria discussed above. 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 4% of accounts receivables at April 2, 2016 and March 28, 2015, respectively. 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 and Indefinite-Lived Intangible Assets Goodwill (representing the excess of the amount paid to acquire a company over the estimated fair value of the net assets acquired) and Indefinite Lived Intangible Assets are not amortized but instead is tested for impairment annually, or when events or circumstances indicate that its value may have declined. Separate tests are performed for goodwill and indefinite lived intangible assets. We apply a qualitative test of impairment on the indefinite lived intangible assets. This is done by assessing the existence of events or circumstances which would make it more likely than not that impairment is present. No such factors were identified during our current year analysis. The 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 Company uses the income approach (discounted cash flow method) in testing goodwill for impairment. The key assumptions used in the discounted cash flow method used to estimate fair value include discount rates, revenue growth rates, terminal growth rates and cash flow projections. Discount rates, growth rates and cash flow projections are the most sensitive and susceptible to change as they require significant management judgment. Discount rates are determined by using a weighted average cost of capital (“WACC”). The WACC considers market and industry data as well as Company-specific risk factors for each reporting unit in determining the appropriate discount rate to be used. The discount rate utilized for each reporting unit is indicative of the return an investor would expect to receive for investing in such a business. Terminal growth rate determination follows common methodology of capturing the present value of perpetual cash flow estimates beyond the last projected period assuming a constant WACC and long-term growth rates. The Company has determined that, to date, no impairment of goodwill exists and fair value of the reporting units exceeded the carrying value in total by approximately 74%. The fair value of the reporting units exceeds the carrying value by a minimum of 37% at each of the four reporting units. The Company performs the annual impairment testing during the fourth quarter of each fiscal year. 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 on a straight line basis 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 April 2, 2016, 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, stock-based compensation, 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 April 2, March 28, March 29, 2016 2015 2014 Net income $ 63,894 $ 58,248 $ 60,208 Denominator: Denominator for basic net income per common share—weighted-average shares 23,208,686 23,073,940 22,874,842 Effect of dilution due to employee stock options 299,732 311,121 369,399 Denominator for diluted net income per common share—adjusted weighted-average shares 23,508,418 23,385,061 23,244,241 Basic net income per common share $ 2.75 $ 2.52 $ 2.63 Diluted net income per common share $ 2.72 $ 2.49 $ 2.59 At April 2, 2016, 443,250 employee stock options and no restricted shares have been excluded from the calculation of diluted earnings per share. At March 28, 2015, 418,450 employee stock options and no restricted shares have been excluded from the calculation of diluted earnings per share. At March 29, 2014, 193,500 employee stock options and no restricted shares have been excluded from the calculation of diluted earnings per share. The inclusion of these employee stock options and restricted shares would be anti-dilutive. 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 are included in other non-operating expense (income). Net income of the Company's foreign operations for fiscal 2016, 2015 and 2014 amounted to $8,660, $2,474, and $10,045, respectively. Net assets of the Company's foreign operations were $104,382 and $96,545 at April 2, 2016 and March 28, 2015, respectively. On January 15, 2015, the Swiss National Bank, removed its three-year-old foreign exchange cap of Swiss Francs 1.20 against the Euro. The new exchange rate was approximately 1.02 at the end of fiscal March 2015. This change in rates has impacted the translation and remeasurement of the financial statements of our Swiss company, Schaublin S.A. Schaublin S.A. had approximately 16.0 million Euro deposits on their balance sheet. When Euro deposits are re-measured to the functional currency of Swiss Francs, the change in exchange rate is reflected in the income statement in other non-operating expense. Based on the exchange rate at the end of fiscal March 2015, the income statement had a negative impact of approximately $3.1 million in the fourth quarter, and was partially offset by a favorable impact of approximately $0.4 million in other comprehensive income on the balance sheet. 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 2016 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 April 2, 2016, 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 Wells Fargo 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 Postretirement Liability Total Balance at March 28, 2015 $ (93 ) $ (7,677 ) $ (7,770 ) Other comprehensive income before reclassifications 315 644 959 Amounts reclassified from accumulated other comprehensive loss — (179 ) (179 ) Net current period other comprehensive income 315 465 780 Balance at April 2, 2016 $ 222 $ (7,212 ) $ (6,990 ) 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 March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards update (“ASU") No. 2016-09: "Improvements to Employee Share-Based Payment Accounting" which amends ASC Topic 718, Compensation - Stock Compensation. This ASU includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. This ASU is effective for public companies for the financial statements issued for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Earlier application is permitted as of the beginning of an interim or annual reporting period, with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company has not determined the effect that the adoption of the pronouncement may have on its financial position and/or results of operations. In November 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards update ("ASU") No. 2015-17 (Topic 740): "Balance Sheet Classification of Deferred Taxes". The FASB issued this ASU as part of its simplification initiative to reduce complexity in accounting standards. This ASU eliminates the current requirement that requires an organization to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, organizations with a classified balance sheet are now required to classify each tax jurisdictions deferred tax assets and liabilities as noncurrent assets or noncurrent liabilities. This ASU will not change the existing guidance that prohibits the offsetting of deferred tax liabilities of one jurisdiction against the deferred tax assets of another jurisdiction. This ASU is effective for public companies for the financial statements issued for annual periods beginning after December 15, 2016 and interim periods within those annual periods. The Company has elected to early adopt this guidance prospectively during the fourth quarter of fiscal year 2016. Given that the Company elected prospective adoption, it did not reclassify prior year information to conform to the ASU. In September 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-16, “Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments.” This ASU allows an acquirer in a business combination to account for measurement-period adjustments during the period in which it determines the amount of the adjustment. An acquirer would also need to capture in the current period any effect on earnings it would have recorded in previous periods if the accounting had been completed at the acquisition date. This pronouncement is effective for fiscal and interim periods beginning after December 15, 2015. Early adoption is permitted. The Company has adopted this update effective with their interim period beginning June 28, 2015. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory.” This update requires the company to measure inventory using the lower of cost and net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This ASU applies to companies measuring inventory using methods other than the last-in, first-out (LIFO) and retail inventory methods, including but not limited to the first-in, first-out (FIFO) or average costing methods. This pronouncement is effective for fiscal years and interim periods beginning after December 15, 2016. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-04, “Compensation - Retirement Benefits: Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets.” This ASU permits an entity with a fiscal year-end that doesn’t coincide with a month-end, to measure defined benefit plan assets and obligations using the month end that is closest to the entity’s fiscal year-end and apply that consistently from year to year. The practical expedient requires if a contribution or significant event occurs between the month-end date used to measure the defined benefit plan assets and an entity’s fiscal year end, the entity should adjust the measurement of the defined benefit plan assets and obligations to reflect the effects of those contributions and other significant events. This pronouncement is effective for fiscal and interim periods beginning after December 15, 2015. The Company has elected to adopt this guidance for the fiscal year ended April 2, 2016. The respective assets and liabilities associated with the defined benefit plans have been valued as of March 31, 2016, with no material impact on the Company’s consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, “Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs.” This ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. This pronouncement is effective for fiscal and interim periods beginning after December 15, 2015. Other than requiring a different presentation within the balance sheet, the adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. In January 2015, the FASB issued ASU No. 2015-01, “Income Statement-Extraordinary and Unusual Items.” This update eliminates the concept of extraordinary items and removes the requirements to separately present extraordinary events. This ASU also requires additional disclosures for items that are both unusual in nature and infrequent in occurrence. This pronouncement is effective for fiscal years and interim periods beginning after December 15, 2015. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements-Going Concern.” This update requires management to evaluate whether there are conditions or events that raise substantial doubt about an entity’s ability to continue as a going concern, and requires related footnote disclosures. This pronouncement is effective for fiscal years and interim periods beginning after December 15, 2016. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” to clarify existing guidance on revenue recognition. This guidance includes the required steps to achieve the core principle that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This pronouncement is effective for fiscal years and interim periods beginning after December 15, 2016 with no early adoption permitted. The Company has not determined the effect that the adoption of the pronouncement may have on its financial position and/or results of operations. In April 2014, the FASB issued ASU No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This update requires additional disclosures about discontinued operations and amends the requirements for reporting discontinued operations. Under this ASU only disposals constituting a major financial or operational impact or that represent a strategic shift should be reported as discontinued operations. This update also requires new disclosures for individually material disposals that do not qualify as discontinued operations. This guidance was adopted by the Company at the beginning of the second quarter of fiscal 2015. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Apr. 02, 2016 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | 3. Acquisitions and Dispositions On April 24, 2015, the Company acquired Sargent from Dover Corporation for $ 500,000 The acquisition of Sargent was accounted for as a purchase in accordance with FASB Accounting Standards Codification (“ASC”) Topic 805, Business Combinations. Assets acquired and liabilities assumed were recorded at their fair values as of the acquisition date. The fair values of identifiable intangible assets, which were primarily customer relationships, product approvals, trade names, and patents and trademarks, were based on valuations using the income approach. The excess of the purchase price over the estimated fair values of tangible assets, identifiable intangible assets and assumed liabilities was recorded as goodwill. The goodwill is attributable to expected synergies and expected growth opportunities. The preliminary price allocation resulted in goodwill of $ 223,888 As of April 24, 2015 Current assets $ 3,086 Trade receivables 24,100 Inventories 48,867 Property, plant and equipment 39,907 Intangible assets 203,700 Goodwill 223,888 Total assets acquired 543,548 Accounts payable 14,900 Liabilities assumed 28,648 Net assets acquired $ 500,000 The valuation of the net assets acquired of $ 500,000 Weighted Average Amortization Period (Years) Gross Value Amortizable intangible assets Customer relationships 25 $ 104,500 Product approvals 25 50,500 Trademarks and tradenames 10 18,000 173,000 Non-amortizable intangible assets Repair station certifications - 30,700 Intangible assets $ 203,700 Included in the Company’s results of operations for the twelve months ended April 2, 2016 are revenues related to the Sargent acquisition of $ 172,547 14,132 6,096 The following supplemental pro forma financial information presents the financial results for the twelve months ended April 2, 2016 and March 28, 2015, as if the acquisition of Sargent had occurred at the beginning of fiscal year 2015. The pro forma financial information includes, where applicable, adjustments for: (i) the estimated amortization of acquired intangible assets, (ii) estimated additional interest expense on acquisition related borrowings, (iii) the income tax effect on the pro forma adjustments using an estimated effective tax rate. The pro forma financial information excludes, where applicable, adjustments for: (i) the estimated impact of inventory purchase accounting adjustments and (ii) the estimated closing costs on the acquisition. Twelve Months Ended April 2, March 28, 2016 2015 Pro forma net sales $ 605,846 $ 634,963 Pro forma net income 70,963 59,404 Basic earnings per share as reported $ 2.75 $ 2.52 Pro forma basic earnings per share 3.06 2.57 Diluted earnings per share as reported $ 2.72 $ 2.49 Pro forma diluted earnings per share 3.02 2.54 On October 7, 2013, the Company acquired the net assets of Turbine Components Inc. (“TCI”) for approximately $ 3,925 4,000 585 125 1,231 2,821 441 127 641 766 2,821 766 469 On August 16, 2013, the Company acquired Climax Metal Products Company (“CMP”) located in Mentor, Ohio for $ 13,646 10,672 2,974 14,100 1,206 4,509 73 2,466 5,623 3,904 10 2,171 1,974 5,623 |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts | 12 Months Ended |
Apr. 02, 2016 | |
Receivables [Abstract] | |
Allowance for Doubtful Accounts | 4. Allowance for Doubtful Accounts The activity in the allowance for doubtful accounts consists of the following: Balance at Beginning of Balance at Fiscal Year Ended Year Additions Other* Write-offs End of Year April 2, 2016 $ 860 $ 191 $ 308 $ (35) $ 1,324 March 28, 2015 1,060 90 (72) (218) 860 March 29, 2014 $ 1,719 297 105 (1,061) $ 1,060 *Foreign currency and acquisition transactions. |
Inventory
Inventory | 12 Months Ended |
Apr. 02, 2016 | |
Inventory, Net [Abstract] | |
Inventory | 5. Inventory April 2, March 28, 2016 2015 Raw materials $ 36,632 $ 18,424 Work in process 73,761 50,243 Finished goods 170,144 137,491 $ 280,537 $ 206,158 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Apr. 02, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 6. Property, Plant and Equipment April 2, March 28, 2016 2015 Land $ 18,309 $ 14,243 Buildings and improvements 80,770 70,242 Machinery and equipment 228,506 190,661 327,585 275,146 Less: accumulated depreciation and amortization 142,841 133,497 $ 184,744 $ 141,649 |
Restructuring of Operations
Restructuring of Operations | 12 Months Ended |
Apr. 02, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring of Operations | 7. Restructuring of Operations In the second quarter of fiscal 2015, the Company reached a decision to consolidate the manufacturing capacity of its United Kingdom (U.K.) facility into its other manufacturing facilities. This decision was based on the Company’s intent to better align manufacturing abilities and product development. The consolidation of this facility into the European and South Carolina operations will strengthen and bring improved manufacturing scale to those operations. As a result the Company recorded a charge of $ 6,382 3,707 1,319 427 286 643 6,382 3,131 88 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Apr. 02, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 8. Goodwill and Intangible Assets Goodwill Roller Plain Ball Engineered Total March 28, 2015 $ 16,007 $ 20,641 $ 5,623 $ 1,168 $ 43,439 Acquisitions — 56,570 — 167,318 223,888 Other — — — (68) (68) April 2, 2016 $ 16,007 $ 77,211 $ 5,623 $ 168,418 $ 267,259 April 2, 2016 March 28, 2015 Weighted Gross Accumulated Gross Accumulated Product approvals 24 $ 54,360 $ 4,488 $ 4,068 $ 2,372 Customer relationships and lists 24 113,409 8,784 9,017 4,349 Trade names 10 20,019 3,211 2,102 1,372 Distributor agreements 5 722 722 722 722 Patents and trademarks 15 8,573 3,546 7,670 3,039 Domain names 10 437 342 437 299 Other 5 1,197 1,072 1,197 1,032 Non-amortizable repair station certifications n/a 30,700 — — — Total $ 229,417 $ 22,165 $ 25,213 $ 13,185 Amortization expense for definite-lived intangible assets during fiscal year 2016, 2015 and 2014 was $ 9,000 1,839 1,924 2,776 1,469 2017 $ 9,676 2018 9,554 2019 9,331 2020 9,224 2021 9,173 2022 and thereafter 129,594 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Apr. 02, 2016 | |
Other Liabilities, Noncurrent [Abstract] | |
Accrued Expenses and Other Current Liabilities | 9. Accrued Expenses and Other Current Liabilities April 2, March 28, 2016 2015 Employee compensation and related benefits $ 12,306 $ 8,488 Taxes 8,173 3,393 Deferred Revenue 7,723 — Workers Compensation 2,178 2,795 Software License 966 — Legal 2,952 130 Other 7,936 2,520 $ 42,234 $ 17,326 |
Debt
Debt | 12 Months Ended |
Apr. 02, 2016 | |
Debt Instruments [Abstract] | |
Debt | Debt New Credit Facility In connection with the Sargent Aerospace & Defense (“Sargent”) acquisition on April 24, 2015 200,000 350,000 Amounts outstanding under the Facilities generally bear interest at (a) a base rate determined by reference to the higher of (1) Wells Fargo’s prime lending rate, (2) the federal funds effective rate plus 1/2 of 1% and (3) the one-month LIBOR rate plus 1% or (b) LIBOR rate plus a specified margin, depending on the type of borrowing being made 0.5 1.5 169,000 192,500 5,816 7,122 The New 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 3.50 1 2.75 1 The Company’s obligations under the New Credit Agreement are secured as well as providing for a pledge of substantially all of the Company’s and RBCA’s assets. The Company and certain of its subsidiaries have also entered into a Guarantee to guarantee RBCA’s obligations under the New Credit Agreement. Approximately $ 3,290 177,710 Prior Credit Facility On November 30, 2010, the Company entered into a 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 provided Roller Bearing Company of America, Inc. (“RBCA”), as borrower, with a $ 150,000 100,000 25,000 Amounts outstanding under the JP Morgan Credit Agreement generally bore interest at the prime rate or LIBOR plus a specified margin, depending on the type of borrowing being made. The applicable margin was based upon our consolidated ratio of net debt to adjusted EBITDA, measured at the end of this quarter. As of March 28, 2015, the Company’s margin was 0.5 1.5 The JP Morgan Credit Agreement required 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 1 1.5 1 190 Other Notes Payable On October 1, 2012, Schaublin purchased the land and building, which it occupied and had been leasing, for 14,067 14,910 20 9,300 9,857 2.9 4,767 5,053 7,673 8,012 April 2, March 28, 2016 2015 Revolver and term loan facilities $ 361,500 $ — Debt issuance cost (5,816) — Other 8,012 9,198 Total debt $ 363,696 $ 9,198 Less: current portion 10,486 1,233 Long-term debt $ 353,210 $ 7,965 The current portion of long-term debt as of April 2, 2016 includes the current portion of the Schaublin mortgage. The current portion of long-term debt as of March 28, 2015 includes the current portion of the Schaublin mortgage and a $ 750 The Company’s required future annual principal payments for the next five years are $ 10,486 14,236 19,236 24,236 295,736 |
Other Non-Current Liabilities
Other Non-Current Liabilities | 12 Months Ended |
Apr. 02, 2016 | |
Other Liabilities, Noncurrent [Abstract] | |
Other Non-Current Liabilities | 11. Other Non-Current Liabilities April 2, March 28, 2016 2015 Non-current pension liability $ 4,186 $ 5,022 Other postretirement benefits 2,999 3,117 Non-current income tax liability 13,848 5,647 Deferred compensation 8,924 8,208 Other 2,871 537 $ 32,828 $ 22,531 |
Pension Plan
Pension Plan | 12 Months Ended |
Apr. 02, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension Plan | 12. Pension Plan At April 2, 2016, 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. April 2, March 28, 2016 2015 Cash and cash equivalents $ 9,572 $ 9,925 U.S. equity mutual funds 8,296 8,509 Fixed income mutual funds 4,864 4,791 $ 22,732 $ 23,225 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. April 2, March 28, 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ 28,247 $ 25,698 Service cost 272 265 Interest cost 920 1,007 Actuarial (gain)/loss (1,009) 2,764 Benefits paid (1,513) (1,487) Benefit obligation at end of year $ 26,917 $ 28,247 Change in plan assets: Fair value of plan assets at beginning of year $ 23,225 $ 21,603 Actual return on plan assets (231) 1,859 Employer contributions 1,250 1,250 Benefits paid (1,513) (1,487) Fair value of plan assets at end of year $ 22,731 $ 23,225 Underfunded status at end of year $ (4,186) $ (5,022) Amounts recognized in the consolidated balance sheet: Non-current assets $ — $ — Non-current liabilities (4,186) (5,022) Net liability recognized $ (4,186) $ (5,022) Amounts recognized in accumulated other comprehensive loss: Prior service cost $ 167 $ 233 Net actuarial loss 10,806 11,312 Accumulated other comprehensive loss $ 10,973 $ 11,545 Amounts included in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost in 2017: Prior service cost $ 61 Net actuarial loss 1,343 Total $ 1,404 Benefits under the union plans are not a function of employees' salaries; thus, the accumulated benefit obligation equals the projected benefit obligation. Fiscal Year Ended April 2, March 28, March 29, 2016 2015 2014 Components of net periodic benefit cost: Service cost $ 272 $ 265 $ 287 Interest cost 920 1,007 991 Expected return on plan assets (1,615) (1,484) (1,591) Amortization of prior service cost 66 66 70 Amortization of losses 1,343 1,122 1,370 Net periodic benefit cost $ 986 $ 976 $ 1,127 FY 2016 FY 2015 FY 2014 Discount rate 3.40 % 4.10 % 3.80 % Expected long-term rate of return on plan assets 7.00 % 7.00 % 7.75 % The discount rate used in determining the funded status as of April 2, 2016 and March 28, 2015 was 3.40 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. The Company’s long-term target allocation of plan assets is 70 30 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. 2017 $ 1,603 2018 1,634 2019 1,667 2020 1,698 2021 1,713 2022-2026 8,498 Although no contributions are required for fiscal 2017, the Company expects to make cash contributions in the $ 750 1,500 One of the Company’s foreign operations, Schaublin, sponsors a pension plan for its approximately 157 861 885 825 The Company also has defined contribution plans 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, ranging from 10 100 1,354 576 733 300 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. 25 1.75 214 177 162 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 |
Apr. 02, 2016 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | |
Postretirement Health Care and Life Insurance Benefits | 13. 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. April 2, March 28, 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ 3,330 $ 2,990 Service cost 54 50 Interest cost 107 115 Actuarial (gain) loss (129) 329 Benefits paid (140) (154) Benefit obligation at end of year $ 3,222 $ 3,330 Change in plan assets: Fair value of plan assets at beginning of year $ — $ — Company contributions 140 154 Benefits paid (140) (154) Fair value of plan assets at end of year $ — $ — (Under) funded status at end of year $ (3,222) $ (3,330) Amounts recognized in the consolidated balance sheet: Current liability $ (223) $ (213) Non-current liability (2,999) (3,117) Net liability recognized $ (3,222) $ (3,330) Amounts recognized in accumulated other comprehensive loss: Prior service cost $ 22 $ 25 Net actuarial loss 514 679 Accumulated other comprehensive loss $ 536 $ 704 Amounts included in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost in 2017: Prior service cost $ 3 Net actuarial loss 28 Total $ 31 Fiscal Year Ended April 2, March 28, March 29, 2016 2015 2014 Components of net periodic benefit cost: Service cost $ 54 $ 50 $ 48 Interest cost 107 115 111 Prior service cost amortization 3 3 3 Amount of loss recognized 37 17 39 Net periodic benefit cost $ 201 $ 185 $ 201 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 3.40 3.40 4.10 3.80 2017 $ 223 2018 237 2019 250 2020 250 2021 234 2022-2026 1,048 |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 02, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Fiscal Year Ended April 2, March 28, March 29, 2016 2015 2014 Domestic $ 83,622 $ 79,374 $ 74,975 Foreign 11,163 5,181 12,778 $ 94,785 $ 84,555 $ 87,753 Fiscal Year Ended April 2, March 28, March 29, 2016 2015 2014 Current: Federal $ 26,281 $ 21,833 $ 22,835 State 1,960 809 1,292 Foreign 2,986 2,621 3,054 31,227 25,263 27,181 Deferred: Federal (279) 379 694 State 342 630 (9) Foreign (399) 35 (321) (336) 1,044 364 Total $ 30,891 26,307 $ 27,545 Fiscal Year Ended April 2, March 28, March 29, 2016 2015 2014 Income taxes using U.S. federal statutory rate $ 33,175 $ 29,594 $ 30,714 State income taxes, net of federal benefit 1,493 1,191 942 Domestic production activities deduction (2,320) (2,414) (2,300) Foreign rate differential (1,321) 842 (1,739) Worthless stock deduction — (4,100) — U.S. unrecognized tax positions 181 759 (295) Other (317) 435 223 $ 30,891 $ 26,307 $ 27,545 April 2, March 28, 2016 2015 Deferred tax assets (liabilities): Postretirement benefits $ 1,111 $ 1,148 Employee compensation accruals 3,541 2,413 Net operating losses 431 423 Inventory 13,017 9,731 Stock compensation 6,357 5,289 Pension 1,549 1,868 State tax 1,672 1,450 Other 3,006 1,723 Total gross deferred tax assets 30,684 24,045 Valuation allowance (580) (538) Total deferred tax assets $ 30,104 $ 23,507 Deferred tax liabilities: Property, plant and equipment (16,746) (14,200) Intangible assets (16,566) (6,941) Total deferred tax liabilities (33,312) (21,141) Total net deferred tax assets (liabilities) $ (3,208) $ 2,366 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 April 2, 2016 the valuation allowance increased by $ 42 1,104 47 The Company has determined that its undistributed foreign earnings of approximately $ 84,524 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 April 2, 2016, the Company has state net operating losses in different jurisdictions at varying amounts up to $ 7,418 2,148 2031 663 2036 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 April 2, 2005. The Company is no longer subject to U.S. federal tax examination by the Internal Revenue Service for years ending before March 29, 2014. A U.S. federal tax examination by the Internal Revenue Service for the year ended March 30, 2013 was effectively settled in the Company’s first quarter fiscal 2016. A U.S. federal tax examination by the Internal Revenue Service for the year ended March 31, 2011 was completed during fiscal 2014. April 2, March 28, March 29, 2016 2015 2014 Balance, beginning of year $ 5,514 $ 5,250 $ 5,892 Gross increases– tax positions taken during a prior period 248 (139) 768 Gross increases– tax positions taken during the current period 8,745 1,805 853 Decreases due to settlement with taxing authorities — (954) (1,182) Decreases due to lapse of the applicable statute of limitations (210) (448) (1,081) Balance, end of year $ 14,297 $ 5,514 $ 5,250 If recognized, substantially all of the unrecognized tax benefits for the Company’s fiscal years ended April 2, 2016 and March 28, 2015 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 detriment of $ 182 20 900 718 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 April 1, 2017 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 $ 269 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Apr. 02, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 15. Stockholders' Equity Stock Option Plans 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 1,639,170 1,639,170 2,239,170 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 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 10 100,000 100 10 10 110 748,300 513,400 434,750 46,000 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 April 2, 2016, there were 93,564 195,402 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. Number Of Weighted Average Common Stock Weighted Average Contractual Life Options Exercise Price (Years) Intrinsic Value Outstanding, March 28, 2015 1,143,558 $ 42.24 4.4 $ 38,122 Awarded 211,500 72.35 Exercised (171,758) 26.68 Forfeitures (250) 58.00 Outstanding, April 2, 2016 1,183,050 $ 49.88 4.4 $ 28,118 Exercisable, April 2, 2016 559,400 $ 38.21 3.0 $ 19,823 Fiscal Year Ended April 2, March 28, March 29, 2016 2015 2014 Dividend yield 0.0 % 0.0 % 0.0 % Expected weighted-average life (yrs.) 5.0 4.8 4.8 Risk-free interest rate 1.70 % 1.60 % 1.04 % Expected volatility 31.2 % 33.2 % 45.2 % The weighted average fair value per share of options granted was $ 22.05 20.15 20.76 As of April 2, 2016, there was $ 9,861 3.2 12,126 14,350 9,570 7,219 8,045 6,954 Of the total awards outstanding at April 2, 2016, 1,161,814 37.02 42,561 4.4 Weighted- Number Of Average Restricted Stock Grant Date Fair Shares Value Non-vested, March 28, 2015 253,384 $ 53.79 Granted 142,450 71.57 Vested (106,681) 68.93 Forfeitures (187) 52.34 Non-vested, April 2, 2016 288,966 $ 63.49 The Company recorded $ 4,044 2,396 13,586 2.9 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Apr. 02, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company leases facilities under non-cancelable operating leases, which expire on various dates through January 2023, with rental expense aggregating $ 5,101 3,444 3,377 The Company also has non-cancelable operating leases for transportation, computer and office equipment, which expire at various dates. Rental expense for fiscal 2016, 2015 and 2014 aggregated $ 1,606 1,439 1,622 Certain of the above leases are renewable while none contain material contingent rent or concession clauses. 2017 $ 5,451 2018 4,335 2019 3,077 2020 1,350 2021 754 2022 and thereafter 664 As of April 2, 2016, approximately 12 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 2016, 2015 and 2014, 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 2017 or 2018. 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. The Company accrues costs associated with legal and non-income tax matters when they become probable and reasonably estimable. Our wholly owned subsidiary, RBC Aircraft Products, Inc. was a plaintiff in a lawsuit against Precise Machining & Manufacturing LLC in the United States District Court, District of Connecticut’s Case Number 3:10 CV 878 (SRU). A jury award against Precise Machining & Manufacturing LLC and in favor of RBC Aircraft Products, Inc. in the amount of $ 2,986 450 On October 5, 2007 SKF USA, Inc. (“SKF”) filed suit in state court in Pennsylvania state court against Tyson Bearing Company, Inc. (now known as RBC Lubron Bearing Systems, Inc. (“Tyson”) alleging that when Tyson vacated a facility in Glasgow, Kentucky on June 29, 2007, it breached an alleged five-year lease. SKF sought to recover approximately $ 3,750 1,031 450 |
Other Operating Expense, Net
Other Operating Expense, Net | 12 Months Ended |
Apr. 02, 2016 | |
Other Cost And Expense Disclosure Of Operating [Abstract] | |
Other Operating Expense, Net | 17. Other Operating Expense, Net Fiscal Year Ended April 2, March 28, March 29, 2016 2015 2014 Gain (loss) on impairment or disposition of assets $ — $ 511 $ (31) Plant consolidation and restructuring costs 1,063 2,554 1,917 Acquisition costs 5,096 — — Provision for doubtful accounts 191 31 138 Amortization of intangibles 9,000 1,839 1,924 Other expense 866 867 230 $ 16,216 $ 5,802 $ 4,178 |
Reportable Segments
Reportable Segments | 12 Months Ended |
Apr. 02, 2016 | |
Segment Reporting [Abstract] | |
Reportable Segments | 18. 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. With the acquisition and integration of Sargent into the Company’s operating and reportable segment structure, the Company has transitioned the Other segment to a new reportable segment titled Engineered Products. The Company has four reportable business segments, Plain Bearings, Roller Bearings, Ball Bearings and Engineered Products, which are described below. Plain Bearings. Plain bearings are produced with either self-lubricating or metal-to-metal designs and consists of several sub-classes, including rod end bearings, spherical plain bearings and journal bearings. Unlike ball bearings, which are used in high-speed rotational applications, plain bearings are primarily used to rectify inevitable misalignments in various mechanical components. Roller Bearings. Roller bearings are anti-friction bearings that use rollers instead of balls. The Company manufactures four basic types of roller bearings: heavy duty needle roller bearings with inner rings, tapered roller bearings, track rollers and aircraft roller bearings. Ball Bearings. The Company manufactures four basic types of ball bearings: high precision aerospace, airframe control, thin section and commercial ball bearings which are used in high-speed rotational applications. Engineered Products. Engineered Products consists of highly engineered hydraulics, fasteners, collets and precision components used in aerospace, marine and industrial applications. The hydraulics, fasteners and precision components businesses of Sargent are included here. 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.” Fiscal Year Ended April 2, March 28, March 29, 2016 2015 2014 Net External Sales Plain $ 270,534 $ 230,168 $ 223,099 Roller 112,039 128,702 115,806 Ball 53,650 56,464 49,555 Engineered Products 161,249 29,944 30,426 $ 597,472 $ 445,278 $ 418,886 Gross Margin Plain $ 103,500 $ 86,058 $ 85,158 Roller 47,469 50,002 48,785 Ball 21,352 22,501 18,125 Engineered Products 46,457 11,579 12,729 $ 218,778 $ 170,140 $ 164,797 Selling, General and Administrative Expenses Plain $ 21,008 $ 18,741 $ 17,923 Roller 5,958 6,169 6,892 Ball 5,512 5,326 4,511 Engineered Products 19,631 4,018 3,991 Corporate 46,612 41,654 38,652 $ 98,721 $ 75,908 $ 71,969 Operating Income Plain $ 73,289 $ 67,032 $ 66,343 Roller 41,270 40,056 41,630 Ball 15,182 16,584 11,732 Engineered Products 26,970 7,639 8,968 Corporate (52,870) (42,881) (40,023) $ 103,841 $ 88,430 $ 88,650 Total Assets Plain $ 628,531 $ 474,208 $ 441,770 Roller 286,418 234,377 207,676 Ball 55,675 50,074 44,119 Engineered Products 454,428 49,307 42,861 Corporate (326,542) (175,893) (115,433) $ 1,098,510 $ 632,073 $ 620,993 Capital Expenditures Plain $ 5,984 $ 7,505 $ 15,990 Roller 4,239 5,433 3,894 Ball 1,457 2,333 1,424 Engineered Products 5,693 1,592 3,991 Corporate 3,491 4,034 3,621 $ 20,864 $ 20,897 $ 28,920 Depreciation & Amortization Plain $ 9,145 $ 7,012 $ 6,742 Roller 4,008 2,933 3,392 Ball 1,790 1,706 1,799 Engineered Products 9,411 1,974 1,856 Corporate 1,453 1,420 1,198 $ 25,807 $ 15,045 $ 14,987 Geographic External Sales Domestic $ 522,405 $ 374,820 $ 351,418 Foreign 75,067 70,458 67,468 $ 597,472 $ 445,278 $ 418,886 Fiscal Year Ended April 2, March 28, March 29, 2016 2015 2014 Geographic Long-Lived Assets Domestic $ 145,538 $ 112,519 $ 105,018 Foreign 39,206 29,130 32,136 $ 184,744 $ 141,649 $ 137,154 Intersegment Sales Plain $ 3,973 $ 3,790 $ 3,807 Roller 18,874 19,618 17,794 Ball 2,475 2,244 1,976 Engineered Products 30,341 29,567 26,574 $ 55,663 $ 55,219 $ 50,151 All intersegment sales are eliminated in consolidation. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 02, 2016 | |
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”), RBC Oklahoma, Inc. (“RBC Oklahoma”), RBC Aircraft Products, Inc. (“API”), RBC Southwest Products, Inc. (“SWP”), All Power Manufacturing Co. (“All Power”), RBC Aerostructures LLC (“RAS”), Western Precision Aero LLC (“WPA”), Climax Metal Products Company (“CMP”), RBC Turbine Components LLC (“TCI”), Sonic Industries, Inc. (“Sonic”), Sargent Aerospace and Defense LLC (“Sargent”), Avborne Accessory Group, Inc. (“AMS”), Schaublin Holdings S.A. and its wholly-owned subsidiaries Schaublin SA, RBC Bearings Polska SP ZOO and RBC France SAS (“Schaublin”), RBC de Mexico S DE RL DE CV (“Mexico”), Shanghai Representative office of Roller Bearing Company of America, Inc. (“RBC Shanghai”), RBC Bearings U.K. Limited and its wholly-owned subsidiary Phoenix Bearings Limited (“Phoenix”), Allpower de Mexico S DE RL DE CV (“Tecate”) and RBC Bearings Canada, Inc. Divisions of RBCA include: RBC Corporate, RBC E-Shop, RBC Aerospace sales office and warehouse, Transport Dynamics (“TDC”), Heim (“Heim”), Engineered Components (“ECD”), RBC Aerocomponents (“RAC”), PIC Design (“PIC Design”), RBC Hartsville, RBC West Trenton, RBC Bishopsville, RBC Eastern Distribution Center and RBC Grand Prarie TX location. 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 year 2016 contained 53 weeks and 2015 and 2014 contained 52 weeks. The amounts are shown in thousands, unless otherwise indicated. |
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 and Wells Fargo & Company. The balances are insured by the Federal Deposit Insurance Company up to $ 250 |
Inventory | Inventory Inventories are stated at the lower of cost or market value. Cost is 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 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. 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. We also recognize revenue on a Ship-In-Place basis for two customers who have required that we hold the product after final production is complete. In this case, a written agreement has been executed (at the customer’s request) whereby the customer accepts the risk of loss for product that is invoiced under the Ship-In-Place arrangement. For each transaction for which revenue is recognized under a Ship-In-Place arrangement, all final manufacturing inspections have been completed and customer acceptance has been obtained. In the fiscal year ended 2.1 We also on occasion record deferred revenue on our balance sheet as a liability. Deferred revenue represents progress payments received, primarily from one customer, to cover purchases of raw materials per the terms of multi-year long term contracts. Revenue associated with these agreements is recognized in accordance with the criteria discussed above. 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 4 |
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 and Intangible Assets, Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets Goodwill (representing the excess of the amount paid to acquire a company over the estimated fair value of the net assets acquired) and Indefinite Lived Intangible Assets are not amortized but instead is tested for impairment annually, or when events or circumstances indicate that its value may have declined. Separate tests are performed for goodwill and indefinite lived intangible assets. We apply a qualitative test of impairment on the indefinite lived intangible assets. This is done by assessing the existence of events or circumstances which would make it more likely than not that impairment is present. No such factors were identified during our current year analysis. The 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 Company uses the income approach (discounted cash flow method) in testing goodwill for impairment. The key assumptions used in the discounted cash flow method used to estimate fair value include discount rates, revenue growth rates, terminal growth rates and cash flow projections. Discount rates, growth rates and cash flow projections are the most sensitive and susceptible to change as they require significant management judgment. Discount rates are determined by using a weighted average cost of capital (“WACC”). The WACC considers market and industry data as well as Company-specific risk factors for each reporting unit in determining the appropriate discount rate to be used. The discount rate utilized for each reporting unit is indicative of the return an investor would expect to receive for investing in such a business. Terminal growth rate determination follows common methodology of capturing the present value of perpetual cash flow estimates beyond the last projected period assuming a constant WACC and long-term growth rates. The Company has determined that, to date, no impairment of goodwill exists and fair value of the reporting units exceeded the carrying value in total by approximately 74 37 |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs are amortized on a straight line basis 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 April 2, 2016, 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, stock-based compensation, 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. Fiscal Year Ended April 2, March 28, March 29, 2016 2015 2014 Net income $ 63,894 $ 58,248 $ 60,208 Denominator: Denominator for basic net income per common share—weighted-average shares 23,208,686 23,073,940 22,874,842 Effect of dilution due to employee stock options 299,732 311,121 369,399 Denominator for diluted net income per common share—adjusted weighted-average shares 23,508,418 23,385,061 23,244,241 Basic net income per common share $ 2.75 $ 2.52 $ 2.63 Diluted net income per common share $ 2.72 $ 2.49 $ 2.59 At April 2, 2016, 443,250 418,450 193,500 |
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 are included in other non-operating expense (income). Net income of the Company's foreign operations for fiscal 2016, 2015 and 2014 amounted to $ 8,660 2,474 10,045 104,382 96,545 On January 15, 2015, the Swiss National Bank, removed its three-year-old foreign exchange cap of Swiss Francs 1.20 against the Euro. The new exchange rate was approximately 1.02 at the end of fiscal March 2015. This change in rates has impacted the translation and remeasurement of the financial statements of our Swiss company, Schaublin S.A. Schaublin S.A. had approximately 16.0 0.4 |
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 2016 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 April 2, 2016, 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 Wells Fargo 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). Pension and Currency Postretirement Translation Liability Total Balance at March 28, 2015 $ (93) $ (7,677) $ (7,770) Other comprehensive income before reclassifications 315 644 959 Amounts reclassified from accumulated other comprehensive loss — (179) (179) Net current period other comprehensive income 315 465 780 Balance at April 2, 2016 $ 222 $ (7,212) $ (6,990) |
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. |
Adoption of Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards update (“ASU") No. 2016-09: "Improvements to Employee Share-Based Payment Accounting" which amends ASC Topic 718, Compensation - Stock Compensation. This ASU includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. This ASU is effective for public companies for the financial statements issued for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Earlier application is permitted as of the beginning of an interim or annual reporting period, with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company has not determined the effect that the adoption of the pronouncement may have on its financial position and/or results of operations. In November 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards update ("ASU") No. 2015-17 (Topic 740): "Balance Sheet Classification of Deferred Taxes". The FASB issued this ASU as part of its simplification initiative to reduce complexity in accounting standards. This ASU eliminates the current requirement that requires an organization to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, organizations with a classified balance sheet are now required to classify each tax jurisdictions deferred tax assets and liabilities as noncurrent assets or noncurrent liabilities. This ASU will not change the existing guidance that prohibits the offsetting of deferred tax liabilities of one jurisdiction against the deferred tax assets of another jurisdiction. This ASU is effective for public companies for the financial statements issued for annual periods beginning after December 15, 2016 and interim periods within those annual periods. The Company has elected to early adopt this guidance prospectively during the fourth quarter of fiscal year 2016. Given that the Company elected prospective adoption, it did not reclassify prior year information to conform to the ASU. In September 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-16, “Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments.” This ASU allows an acquirer in a business combination to account for measurement-period adjustments during the period in which it determines the amount of the adjustment. An acquirer would also need to capture in the current period any effect on earnings it would have recorded in previous periods if the accounting had been completed at the acquisition date. This pronouncement is effective for fiscal and interim periods beginning after December 15, 2015. Early adoption is permitted. The Company has adopted this update effective with their interim period beginning June 28, 2015. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory.” This update requires the company to measure inventory using the lower of cost and net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This ASU applies to companies measuring inventory using methods other than the last-in, first-out (LIFO) and retail inventory methods, including but not limited to the first-in, first-out (FIFO) or average costing methods. This pronouncement is effective for fiscal years and interim periods beginning after December 15, 2016. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-04, “Compensation - Retirement Benefits: Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets.” This ASU permits an entity with a fiscal year-end that doesn’t coincide with a month-end, to measure defined benefit plan assets and obligations using the month end that is closest to the entity’s fiscal year-end and apply that consistently from year to year. The practical expedient requires if a contribution or significant event occurs between the month-end date used to measure the defined benefit plan assets and an entity’s fiscal year end, the entity should adjust the measurement of the defined benefit plan assets and obligations to reflect the effects of those contributions and other significant events. This pronouncement is effective for fiscal and interim periods beginning after December 15, 2015. The Company has elected to adopt this guidance for the fiscal year ended April 2, 2016. The respective assets and liabilities associated with the defined benefit plans have been valued as of March 31, 2016, with no material impact on the Company’s consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, “Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs.” This ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. This pronouncement is effective for fiscal and interim periods beginning after December 15, 2015. Other than requiring a different presentation within the balance sheet, the adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. In January 2015, the FASB issued ASU No. 2015-01, “Income Statement-Extraordinary and Unusual Items.” This update eliminates the concept of extraordinary items and removes the requirements to separately present extraordinary events. This ASU also requires additional disclosures for items that are both unusual in nature and infrequent in occurrence. This pronouncement is effective for fiscal years and interim periods beginning after December 15, 2015. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements-Going Concern.” This update requires management to evaluate whether there are conditions or events that raise substantial doubt about an entity’s ability to continue as a going concern, and requires related footnote disclosures. This pronouncement is effective for fiscal years and interim periods beginning after December 15, 2016. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” to clarify existing guidance on revenue recognition. This guidance includes the required steps to achieve the core principle that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This pronouncement is effective for fiscal years and interim periods beginning after December 15, 2016 with no early adoption permitted. The Company has not determined the effect that the adoption of the pronouncement may have on its financial position and/or results of operations. In April 2014, the FASB issued ASU No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This update requires additional disclosures about discontinued operations and amends the requirements for reporting discontinued operations. Under this ASU only disposals constituting a major financial or operational impact or that represent a strategic shift should be reported as discontinued operations. This update also requires new disclosures for individually material disposals that do not qualify as discontinued operations. This guidance was adopted by the Company at the beginning of the second quarter of fiscal 2015. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 02, 2016 | |
Accounting Policies [Abstract] | |
Estimated Useful Lives Of The Company Property Plant And Equipment | 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 April 2, March 28, March 29, 2016 2015 2014 Net income $ 63,894 $ 58,248 $ 60,208 Denominator: Denominator for basic net income per common share—weighted-average shares 23,208,686 23,073,940 22,874,842 Effect of dilution due to employee stock options 299,732 311,121 369,399 Denominator for diluted net income per common share—adjusted weighted-average shares 23,508,418 23,385,061 23,244,241 Basic net income per common share $ 2.75 $ 2.52 $ 2.63 Diluted net income per common share $ 2.72 $ 2.49 $ 2.59 |
Schedule Of Accumulated Other Comprehensive Income (Loss) | The following summarizes the activity within each component of accumulated other comprehensive income (loss), net of taxes: Pension and Currency Postretirement Translation Liability Total Balance at March 28, 2015 $ (93) $ (7,677) $ (7,770) Other comprehensive income before reclassifications 315 644 959 Amounts reclassified from accumulated other comprehensive loss — (179) (179) Net current period other comprehensive income 315 465 780 Balance at April 2, 2016 $ 222 $ (7,212) $ (6,990) |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 12 Months Ended |
Apr. 02, 2016 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The preliminary purchase price allocation for Sargent was as follows: As of April 24, 2015 Current assets $ 3,086 Trade receivables 24,100 Inventories 48,867 Property, plant and equipment 39,907 Intangible assets 203,700 Goodwill 223,888 Total assets acquired 543,548 Accounts payable 14,900 Liabilities assumed 28,648 Net assets acquired $ 500,000 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The components of intangible assets included as part of the Sargent acquisition was as follows: Weighted Average Amortization Period (Years) Gross Value Amortizable intangible assets Customer relationships 25 $ 104,500 Product approvals 25 50,500 Trademarks and tradenames 10 18,000 173,000 Non-amortizable intangible assets Repair station certifications - 30,700 Intangible assets $ 203,700 |
Business Acquisition, Pro Forma Information | The pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the operating results that would have been achieved had the acquisition been completed as of the date indicated or the results that may be obtained in the future: Twelve Months Ended April 2, March 28, 2016 2015 Pro forma net sales $ 605,846 $ 634,963 Pro forma net income 70,963 59,404 Basic earnings per share as reported $ 2.75 $ 2.52 Pro forma basic earnings per share 3.06 2.57 Diluted earnings per share as reported $ 2.72 $ 2.49 Pro forma diluted earnings per share 3.02 2.54 |
Allowance for Doubtful Accoun30
Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Apr. 02, 2016 | |
Receivables [Abstract] | |
Allowance for Doubtful Accounts | The activity in the allowance for doubtful accounts consists of the following: Balance at Beginning of Balance at Fiscal Year Ended Year Additions Other* Write-offs End of Year April 2, 2016 $ 860 $ 191 $ 308 $ (35) $ 1,324 March 28, 2015 1,060 90 (72) (218) 860 March 29, 2014 $ 1,719 297 105 (1,061) $ 1,060 *Foreign currency and acquisition transactions. |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Apr. 02, 2016 | |
Inventory, Net [Abstract] | |
Inventory | Inventories are summarized below: April 2, March 28, 2016 2015 Raw materials $ 36,632 $ 18,424 Work in process 73,761 50,243 Finished goods 170,144 137,491 $ 280,537 $ 206,158 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Apr. 02, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment consist of the following: April 2, March 28, 2016 2015 Land $ 18,309 $ 14,243 Buildings and improvements 80,770 70,242 Machinery and equipment 228,506 190,661 327,585 275,146 Less: accumulated depreciation and amortization 142,841 133,497 $ 184,744 $ 141,649 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Apr. 02, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Goodwill Balances, By Segment | Goodwill balances, by segment, consist of the following: Roller Plain Ball Engineered Total March 28, 2015 $ 16,007 $ 20,641 $ 5,623 $ 1,168 $ 43,439 Acquisitions — 56,570 — 167,318 223,888 Other — — — (68) (68) April 2, 2016 $ 16,007 $ 77,211 $ 5,623 $ 168,418 $ 267,259 |
Schedule Of Intangible Assets | Intangible Assets April 2, 2016 March 28, 2015 Weighted Gross Accumulated Gross Accumulated Product approvals 24 $ 54,360 $ 4,488 $ 4,068 $ 2,372 Customer relationships and lists 24 113,409 8,784 9,017 4,349 Trade names 10 20,019 3,211 2,102 1,372 Distributor agreements 5 722 722 722 722 Patents and trademarks 15 8,573 3,546 7,670 3,039 Domain names 10 437 342 437 299 Other 5 1,197 1,072 1,197 1,032 Non-amortizable repair station certifications n/a 30,700 — — — Total $ 229,417 $ 22,165 $ 25,213 $ 13,185 |
Schedule Of Estimated Amortization Expense | Estimated amortization expense for the five succeeding fiscal years and thereafter is as follows: 2017 $ 9,676 2018 9,554 2019 9,331 2020 9,224 2021 9,173 2022 and thereafter 129,594 |
Accrued Expenses and Other Cu34
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Apr. 02, 2016 | |
Other Liabilities, Noncurrent [Abstract] | |
Accrued Expenses and Other Current Liabilities | The significant components of accrued expenses and other current liabilities are as follows: April 2, March 28, 2016 2015 Employee compensation and related benefits $ 12,306 $ 8,488 Taxes 8,173 3,393 Deferred Revenue 7,723 — Workers Compensation 2,178 2,795 Software License 966 — Legal 2,952 130 Other 7,936 2,520 $ 42,234 $ 17,326 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Apr. 02, 2016 | |
Debt Instruments [Abstract] | |
Schedule Of Balances Payable Under Borrowing Facilities | April 2, March 28, 2016 2015 Revolver and term loan facilities $ 361,500 $ — Debt issuance cost (5,816) — Other 8,012 9,198 Total debt $ 363,696 $ 9,198 Less: current portion 10,486 1,233 Long-term debt $ 353,210 $ 7,965 |
Other Non-Current Liabilities (
Other Non-Current Liabilities (Tables) | 12 Months Ended |
Apr. 02, 2016 | |
Other Liabilities, Noncurrent [Abstract] | |
Other Non-Current Liabilities | The significant components of other non-current liabilities consist of: April 2, March 28, 2016 2015 Non-current pension liability $ 4,186 $ 5,022 Other postretirement benefits 2,999 3,117 Non-current income tax liability 13,848 5,647 Deferred compensation 8,924 8,208 Other 2,871 537 $ 32,828 $ 22,531 |
Pension Plan (Tables)
Pension Plan (Tables) | 12 Months Ended |
Apr. 02, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Summary of Plan Assets | Plan assets are comprised primarily of equity and fixed income investments, as follows: April 2, March 28, 2016 2015 Cash and cash equivalents $ 9,572 $ 9,925 U.S. equity mutual funds 8,296 8,509 Fixed income mutual funds 4,864 4,791 $ 22,732 $ 23,225 |
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 April 2, 2016 and March 28, 2015: April 2, March 28, 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ 28,247 $ 25,698 Service cost 272 265 Interest cost 920 1,007 Actuarial (gain)/loss (1,009) 2,764 Benefits paid (1,513) (1,487) Benefit obligation at end of year $ 26,917 $ 28,247 Change in plan assets: Fair value of plan assets at beginning of year $ 23,225 $ 21,603 Actual return on plan assets (231) 1,859 Employer contributions 1,250 1,250 Benefits paid (1,513) (1,487) Fair value of plan assets at end of year $ 22,731 $ 23,225 Underfunded status at end of year $ (4,186) $ (5,022) Amounts recognized in the consolidated balance sheet: Non-current assets $ — $ — Non-current liabilities (4,186) (5,022) Net liability recognized $ (4,186) $ (5,022) Amounts recognized in accumulated other comprehensive loss: Prior service cost $ 167 $ 233 Net actuarial loss 10,806 11,312 Accumulated other comprehensive loss $ 10,973 $ 11,545 Amounts included in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost in 2017: Prior service cost $ 61 Net actuarial loss 1,343 Total $ 1,404 |
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 April 2, 2016: Fiscal Year Ended April 2, March 28, March 29, 2016 2015 2014 Components of net periodic benefit cost: Service cost $ 272 $ 265 $ 287 Interest cost 920 1,007 991 Expected return on plan assets (1,615) (1,484) (1,591) Amortization of prior service cost 66 66 70 Amortization of losses 1,343 1,122 1,370 Net periodic benefit cost $ 986 $ 976 $ 1,127 |
Assumptions Used in Determining Net Periodic Benefit Cost | FY 2016 FY 2015 FY 2014 Discount rate 3.40 % 4.10 % 3.80 % Expected long-term rate of return on plan assets 7.00 % 7.00 % 7.75 % |
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 2016: 2017 $ 1,603 2018 1,634 2019 1,667 2020 1,698 2021 1,713 2022-2026 8,498 |
Postretirement Health Care an38
Postretirement Health Care and Life Insurance Benefits (Tables) | 12 Months Ended |
Apr. 02, 2016 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | |
Schedule of Funded Status of Postretirement Benefit Plans and Amount Recognized in Balance Sheet | April 2, March 28, 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ 3,330 $ 2,990 Service cost 54 50 Interest cost 107 115 Actuarial (gain) loss (129) 329 Benefits paid (140) (154) Benefit obligation at end of year $ 3,222 $ 3,330 Change in plan assets: Fair value of plan assets at beginning of year $ — $ — Company contributions 140 154 Benefits paid (140) (154) Fair value of plan assets at end of year $ — $ — (Under) funded status at end of year $ (3,222) $ (3,330) Amounts recognized in the consolidated balance sheet: Current liability $ (223) $ (213) Non-current liability (2,999) (3,117) Net liability recognized $ (3,222) $ (3,330) Amounts recognized in accumulated other comprehensive loss: Prior service cost $ 22 $ 25 Net actuarial loss 514 679 Accumulated other comprehensive loss $ 536 $ 704 Amounts included in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost in 2017: Prior service cost $ 3 Net actuarial loss 28 Total $ 31 |
Schedule of Postretirement Benefit Costs | Fiscal Year Ended April 2, March 28, March 29, 2016 2015 2014 Components of net periodic benefit cost: Service cost $ 54 $ 50 $ 48 Interest cost 107 115 111 Prior service cost amortization 3 3 3 Amount of loss recognized 37 17 39 Net periodic benefit cost $ 201 $ 185 $ 201 |
Schedule of Expected Postretirement 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 2016: 2017 $ 223 2018 237 2019 250 2020 250 2021 234 2022-2026 1,048 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 02, 2016 | |
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 April 2, March 28, March 29, 2016 2015 2014 Domestic $ 83,622 $ 79,374 $ 74,975 Foreign 11,163 5,181 12,778 $ 94,785 $ 84,555 $ 87,753 |
Schedule of Components of Income Tax Expense (Benefit) | The provision for (benefit from) income taxes consists of the following: Fiscal Year Ended April 2, March 28, March 29, 2016 2015 2014 Current: Federal $ 26,281 $ 21,833 $ 22,835 State 1,960 809 1,292 Foreign 2,986 2,621 3,054 31,227 25,263 27,181 Deferred: Federal (279) 379 694 State 342 630 (9) Foreign (399) 35 (321) (336) 1,044 364 Total $ 30,891 26,307 $ 27,545 |
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 April 2, March 28, March 29, 2016 2015 2014 Income taxes using U.S. federal statutory rate $ 33,175 $ 29,594 $ 30,714 State income taxes, net of federal benefit 1,493 1,191 942 Domestic production activities deduction (2,320) (2,414) (2,300) Foreign rate differential (1,321) 842 (1,739) Worthless stock deduction — (4,100) — U.S. unrecognized tax positions 181 759 (295) Other (317) 435 223 $ 30,891 $ 26,307 $ 27,545 |
Schedule of Deferred Tax Assets and Liabilities | April 2, March 28, 2016 2015 Deferred tax assets (liabilities): Postretirement benefits $ 1,111 $ 1,148 Employee compensation accruals 3,541 2,413 Net operating losses 431 423 Inventory 13,017 9,731 Stock compensation 6,357 5,289 Pension 1,549 1,868 State tax 1,672 1,450 Other 3,006 1,723 Total gross deferred tax assets 30,684 24,045 Valuation allowance (580) (538) Total deferred tax assets $ 30,104 $ 23,507 Deferred tax liabilities: Property, plant and equipment (16,746) (14,200) Intangible assets (16,566) (6,941) Total deferred tax liabilities (33,312) (21,141) Total net deferred tax assets (liabilities) $ (3,208) $ 2,366 |
Schedule of Unrecognized Compensation Cost, Nonvested Awards | A reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows: April 2, March 28, March 29, 2016 2015 2014 Balance, beginning of year $ 5,514 $ 5,250 $ 5,892 Gross increases– tax positions taken during a prior period 248 (139) 768 Gross increases– tax positions taken during the current period 8,745 1,805 853 Decreases due to settlement with taxing authorities — (954) (1,182) Decreases due to lapse of the applicable statute of limitations (210) (448) (1,081) Balance, end of year $ 14,297 $ 5,514 $ 5,250 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Apr. 02, 2016 | |
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 April 2, 2016 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 Common Stock Weighted Average Contractual Life Options Exercise Price (Years) Intrinsic Value Outstanding, March 28, 2015 1,143,558 $ 42.24 4.4 $ 38,122 Awarded 211,500 72.35 Exercised (171,758) 26.68 Forfeitures (250) 58.00 Outstanding, April 2, 2016 1,183,050 $ 49.88 4.4 $ 28,118 Exercisable, April 2, 2016 559,400 $ 38.21 3.0 $ 19,823 |
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 April 2, March 28, March 29, 2016 2015 2014 Dividend yield 0.0 % 0.0 % 0.0 % Expected weighted-average life (yrs.) 5.0 4.8 4.8 Risk-free interest rate 1.70 % 1.60 % 1.04 % Expected volatility 31.2 % 33.2 % 45.2 % |
Summary Of Status Of Restricted Stock Outstanding | A summary of the status of the Company’s restricted stock outstanding as of April 2, 2016 and the changes during the year then ended is presented below. Weighted- Number Of Average Restricted Stock Grant Date Fair Shares Value Non-vested, March 28, 2015 253,384 $ 53.79 Granted 142,450 71.57 Vested (106,681) 68.93 Forfeitures (187) 52.34 Non-vested, April 2, 2016 288,966 $ 63.49 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Apr. 02, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The aggregate future minimum lease payments under operating leases are as follows: 2017 $ 5,451 2018 4,335 2019 3,077 2020 1,350 2021 754 2022 and thereafter 664 |
Other Operating Expense, Net (T
Other Operating Expense, Net (Tables) | 12 Months Ended |
Apr. 02, 2016 | |
Other Cost And Expense Disclosure Of Operating [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | Other operating expense, net is comprised of the following: Fiscal Year Ended April 2, March 28, March 29, 2016 2015 2014 Gain (loss) on impairment or disposition of assets $ — $ 511 $ (31) Plant consolidation and restructuring costs 1,063 2,554 1,917 Acquisition costs 5,096 — — Provision for doubtful accounts 191 31 138 Amortization of intangibles 9,000 1,839 1,924 Other expense 866 867 230 $ 16,216 $ 5,802 $ 4,178 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 12 Months Ended |
Apr. 02, 2016 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Information | Segment performance is evaluated based on segment net sales and gross margin. Items not allocated to segment operating income include corporate administrative expenses and certain other amounts. 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 April 2, March 28, March 29, 2016 2015 2014 Net External Sales Plain $ 270,534 $ 230,168 $ 223,099 Roller 112,039 128,702 115,806 Ball 53,650 56,464 49,555 Engineered Products 161,249 29,944 30,426 $ 597,472 $ 445,278 $ 418,886 Gross Margin Plain $ 103,500 $ 86,058 $ 85,158 Roller 47,469 50,002 48,785 Ball 21,352 22,501 18,125 Engineered Products 46,457 11,579 12,729 $ 218,778 $ 170,140 $ 164,797 Selling, General and Administrative Expenses Plain $ 21,008 $ 18,741 $ 17,923 Roller 5,958 6,169 6,892 Ball 5,512 5,326 4,511 Engineered Products 19,631 4,018 3,991 Corporate 46,612 41,654 38,652 $ 98,721 $ 75,908 $ 71,969 Operating Income Plain $ 73,289 $ 67,032 $ 66,343 Roller 41,270 40,056 41,630 Ball 15,182 16,584 11,732 Engineered Products 26,970 7,639 8,968 Corporate (52,870) (42,881) (40,023) $ 103,841 $ 88,430 $ 88,650 Total Assets Plain $ 628,531 $ 474,208 $ 441,770 Roller 286,418 234,377 207,676 Ball 55,675 50,074 44,119 Engineered Products 454,428 49,307 42,861 Corporate (326,542) (175,893) (115,433) $ 1,098,510 $ 632,073 $ 620,993 Capital Expenditures Plain $ 5,984 $ 7,505 $ 15,990 Roller 4,239 5,433 3,894 Ball 1,457 2,333 1,424 Engineered Products 5,693 1,592 3,991 Corporate 3,491 4,034 3,621 $ 20,864 $ 20,897 $ 28,920 Depreciation & Amortization Plain $ 9,145 $ 7,012 $ 6,742 Roller 4,008 2,933 3,392 Ball 1,790 1,706 1,799 Engineered Products 9,411 1,974 1,856 Corporate 1,453 1,420 1,198 $ 25,807 $ 15,045 $ 14,987 Geographic External Sales Domestic $ 522,405 $ 374,820 $ 351,418 Foreign 75,067 70,458 67,468 $ 597,472 $ 445,278 $ 418,886 Fiscal Year Ended April 2, March 28, March 29, 2016 2015 2014 Geographic Long-Lived Assets Domestic $ 145,538 $ 112,519 $ 105,018 Foreign 39,206 29,130 32,136 $ 184,744 $ 141,649 $ 137,154 Intersegment Sales Plain $ 3,973 $ 3,790 $ 3,807 Roller 18,874 19,618 17,794 Ball 2,475 2,244 1,976 Engineered Products 30,341 29,567 26,574 $ 55,663 $ 55,219 $ 50,151 |
Organization and Business (Deta
Organization and Business (Details Textual) | 12 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||
Maximum Amount Of Sales That One Customer Accounted For Percentage | 10.00% | 6.00% | 7.00% |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Apr. 02, 2016 | |
Buildings and improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Buildings and improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 30 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property Plant And Equipment Useful Life Description | Shorter of the term of lease or estimated useful life |
Summary of Significant Accoun46
Summary of Significant Accounting Policies (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Net income | $ 63,894 | $ 58,248 | $ 60,208 |
Denominator: | |||
Denominator for basic net income per common share - weighted-average shares | 23,208,686 | 23,073,940 | 22,874,842 |
Effect of dilution due to employee stock options | 299,732 | 311,121 | 369,399 |
Denominator for diluted net income per common share - adjusted weighted-average shares | 23,508,418 | 23,385,061 | 23,244,241 |
Basic net income per common share | $ 2.75 | $ 2.52 | $ 2.63 |
Diluted net income per common share | $ 2.72 | $ 2.49 | $ 2.59 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance Beginning, Currency Translation | $ (93) | ||
Other comprehensive income before reclassifications, Currency Translation | 315 | ||
Amounts reclassified from accumulated other comprehensive income, Currency Translation | 0 | ||
Net current period other comprehensive income, Currency Translation | 315 | $ (8,930) | $ 4,721 |
Balance Ending,Currency Translation | 222 | (93) | |
Balance Beginning, Pension and Postretirement Liability | (7,677) | ||
Other comprehensive income before reclassifications, Pension and Postretirement Liability | 644 | ||
Amounts reclassified from accumulated other comprehensive loss, Pension and Postretirement Liability | (179) | ||
Net current period other comprehensive income, Pension and Postretirement Liability | 465 | (945) | $ 982 |
Balance Ending, Pension and Postretirement Liability | (7,212) | (7,677) | |
Balance Beginning, Total | (7,770) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 959 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (179) | ||
Other Comprehensive Income (Loss), Net of Tax | 780 | ||
Balance Ending, Total | $ (6,990) | $ (7,770) |
Summary of Significant Accoun48
Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Apr. 02, 2016 | Apr. 02, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 29, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of Employee Stock Options Excluded from the Calculation of Diluted Earnings Per Share | 443,250 | 418,450 | 193,500 | ||
Net Income (Loss) | $ 63,894 | $ 58,248 | $ 60,208 | ||
Assets, Total | $ 1,098,510 | 1,098,510 | $ 632,073 | $ 620,993 | $ 620,993 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | $ 0 | ||||
Percentage of Total Net Sales Under Ship In Place Transactions | 2.10% | ||||
Accounts Receivable [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration Risk, Percentage | 4.00% | 4.00% | |||
Schaublin S.A. [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Euro Deposits | $ 16,000 | ||||
Foreign Currency Transaction Gain (Loss), Realized | (3,100) | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | 400 | ||||
Minimum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Percentage Of Good Will Fair Value Exceeding Carrying Value | 37.00% | ||||
Maximum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Cash, FDIC Insured Amount | $ 250 | $ 250 | |||
Percentage Of Good Will Fair Value Exceeding Carrying Value | 74.00% | ||||
Foreign [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Net Income (Loss) | $ 8,660 | 2,474 | $ 10,045 | ||
Assets, Total | $ 104,382 | $ 104,382 | $ 96,545 |
Acquisitions and Dispositions49
Acquisitions and Dispositions (Details) - USD ($) $ in Thousands | Apr. 02, 2016 | Apr. 24, 2015 | Mar. 28, 2015 |
Business Acquisition [Line Items] | |||
Goodwill | $ 267,259 | $ 43,439 | |
Sargent [Member] | |||
Business Acquisition [Line Items] | |||
Current assets | $ 3,086 | ||
Trade receivables | 24,100 | ||
Inventories | 48,867 | ||
Property, plant and equipment | 39,907 | ||
Intangible assets | 203,700 | ||
Goodwill | 223,888 | ||
Total assets acquired | 543,548 | ||
Accounts payable | 14,900 | ||
Liabilities assumed | 28,648 | ||
Net assets acquired | $ 500,000 |
Acquisitions and Dispositions50
Acquisitions and Dispositions (Details 1) - Sargent [Member] $ in Thousands | 1 Months Ended |
Apr. 24, 2015USD ($) | |
Amortizable intangible assets | |
Gross Value | $ 173,000 |
Weighted Average Amortization Period (Years) | 0 years |
Non-amortizable intangible assets | |
Repair station certifications | $ 30,700 |
Intangible assets | 203,700 |
Product Approvals [Member] | |
Amortizable intangible assets | |
Gross Value | $ 50,500 |
Weighted Average Amortization Period (Years) | 25 years |
Trademarks and Trade Names [Member] | |
Amortizable intangible assets | |
Gross Value | $ 18,000 |
Weighted Average Amortization Period (Years) | 10 years |
Customer Relationships [Member] | |
Amortizable intangible assets | |
Gross Value | $ 104,500 |
Weighted Average Amortization Period (Years) | 25 years |
Acquisitions and Dispositions51
Acquisitions and Dispositions (Details 2) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Business Acquisition [Line Items] | |||
Pro forma net sales | $ 605,846 | $ 634,963 | |
Pro forma net income | $ 70,963 | $ 59,404 | |
Basic earnings per share as reported | $ 2.75 | $ 2.52 | $ 2.63 |
Pro forma basic earnings per share | 3.06 | 2.57 | |
Diluted earnings per share as reported | 2.72 | 2.49 | $ 2.59 |
Pro forma diluted earnings per share | $ 3.02 | $ 2.54 |
Acquisitions and Dispositions52
Acquisitions and Dispositions (Details Textual) - USD ($) $ in Thousands | Oct. 07, 2013 | Aug. 16, 2013 | Apr. 02, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | Apr. 24, 2015 |
Business Acquisition [Line Items] | ||||||
Revenue, Net, Total | $ 597,472 | $ 445,278 | $ 418,886 | |||
Business Combination, Contingent Consideration, Liability Current Fair Value | $ 766 | |||||
Net income | 63,894 | 58,248 | $ 60,208 | |||
Goodwill | 267,259 | $ 43,439 | ||||
Climax Metal Products Company [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition purchases price allocation assets acquired | $ 13,646 | |||||
Cash paid for purchase price | 10,672 | |||||
Business acquisition purchase price allocation notes payable and long term debts | 2,974 | |||||
Revenue, Net, Total | 14,100 | |||||
Business acquisition purchase price allocation current assets receivable | 1,206 | |||||
Business acquisition purchases price allocation current assets inventory | 4,509 | |||||
Business acquisitions purchases price allocation other assets | 73 | |||||
Business acquisition purchases price allocation noncurrent assets | 2,466 | |||||
Business acquisition purchases price allocation intangible assets other than goodwill | 3,904 | |||||
Business acquisition purchases price allocation other noncurrent assets | 10 | |||||
Business acquisition purchases price allocation current liabilities other liabilities | 2,171 | |||||
Business acquisition purchases price allocation noncurrent liabilities | 1,974 | |||||
Business Acquisition Purchases Price Allocation Goodwill After Tax | 5,623 | |||||
Goodwill | $ 5,623 | |||||
Turbine Components Inc [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Revenue, Net, Total | 4,000 | |||||
Business acquisition purchase price allocation current assets receivable | 585 | |||||
Business acquisition purchases price allocation current assets inventory | 125 | |||||
Business acquisition purchases price allocation noncurrent assets | 1,231 | |||||
Business acquisition purchases price allocation intangible assets other than goodwill | 441 | |||||
Business acquisition purchases price allocation other noncurrent assets | 127 | |||||
Business acquisition purchases price allocation current liabilities other liabilities | 641 | |||||
Business acquisition purchases price allocation noncurrent liabilities | 766 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 3,925 | |||||
Business Combination, Contingent Consideration, Liability Current Fair Value | 469 | |||||
Business Acquisition Purchases Price Allocation Goodwill Before Tax | 2,821 | |||||
Goodwill | $ 2,821 | |||||
Sargent [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Revenue, Net, Total | 172,547 | |||||
Business acquisition purchase price allocation current assets receivable | $ 24,100 | |||||
Business acquisition purchases price allocation current assets inventory | 48,867 | |||||
Business acquisition purchases price allocation intangible assets other than goodwill | 203,700 | |||||
Business acquisition purchases price allocation noncurrent liabilities | 28,648 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 543,548 | |||||
Net income | 14,132 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 500,000 | |||||
Acquisition Costs, Period Cost | $ 6,096 | |||||
Goodwill | 223,888 | |||||
Sargent [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 500,000 |
Allowance for Doubtful Accoun53
Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Apr. 02, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | ||
Financing Receivables [Line Items] | ||||
Allowance for doubtful accounts, Balance at Beginning of Year | $ 860 | $ 1,060 | $ 1,719 | |
Allowance for doubtful accounts, Additions | 191 | 90 | 297 | |
Allowance for doubtful accounts, Other | [1] | 308 | (72) | 105 |
Allowance for doubtful accounts, Write-offs | (35) | (218) | (1,061) | |
Allowance for doubtful accounts, Balance at End of Year | $ 1,324 | $ 860 | $ 1,060 | |
[1] | Foreign currency and acquisition transactions. |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Apr. 02, 2016 | Mar. 28, 2015 |
Inventory [Line Items] | ||
Raw materials | $ 36,632 | $ 18,424 |
Work in process | 73,761 | 50,243 |
Finished goods | 170,144 | 137,491 |
Inventory, total | $ 280,537 | $ 206,158 |
Property, Plant and Equipment55
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Apr. 02, 2016 | Mar. 28, 2015 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 18,309 | $ 14,243 |
Buildings and improvements | 80,770 | 70,242 |
Machinery and equipment | 228,506 | 190,661 |
Property, plant and equipment, Gross | 327,585 | 275,146 |
Less: accumulated depreciation and amortization | 142,841 | 133,497 |
Property, Plant and Equipment, Net, Total | $ 184,744 | $ 141,649 |
Restructuring of Operations (De
Restructuring of Operations (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Dec. 27, 2014 | Sep. 27, 2014 | Apr. 02, 2016 | Mar. 28, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||
Inventory | $ 280,537 | $ 206,158 | ||
Additional charges related to consolidation of operation | $ 88 | |||
Roller Bearings | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $ 6,382 | |||
Inventory | 3,707 | |||
Impairment of intangible assets (excluding goodwill) | 1,319 | |||
Gain (loss) on disposition of property plant equipment | 427 | |||
Labor and related expense | 286 | |||
Increase (decrease) in other employee related liabilities | 643 | |||
Discrete tax benefit | 3,131 | |||
Pre Tax Charges | $ 6,382 |
Goodwill and Intangible Asset57
Goodwill and Intangible Assets (Details) $ in Thousands | 12 Months Ended |
Apr. 02, 2016USD ($) | |
Goodwill [Line Items] | |
Goodwill Beginnning Balance | $ 43,439 |
Acquisitions | 223,888 |
Other | (68) |
Goodwill Ending Balance | 267,259 |
Roller [Member] | |
Goodwill [Line Items] | |
Goodwill Beginnning Balance | 16,007 |
Acquisitions | 0 |
Other | 0 |
Goodwill Ending Balance | 16,007 |
Plain [Member] | |
Goodwill [Line Items] | |
Goodwill Beginnning Balance | 20,641 |
Acquisitions | 56,570 |
Other | 0 |
Goodwill Ending Balance | 77,211 |
Ball [Member] | |
Goodwill [Line Items] | |
Goodwill Beginnning Balance | 5,623 |
Acquisitions | 0 |
Other | 0 |
Goodwill Ending Balance | 5,623 |
Engineered Products [Member] | |
Goodwill [Line Items] | |
Goodwill Beginnning Balance | 1,168 |
Acquisitions | 167,318 |
Other | (68) |
Goodwill Ending Balance | $ 168,418 |
Goodwill and Intangible Asset58
Goodwill and Intangible Assets (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 02, 2016 | Mar. 28, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ 22,165 | $ 13,185 |
Non-amortizable repair station certifications | 30,700 | 0 |
Gross amount | $ 229,417 | 25,213 |
Product approvals [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Lives | 24 years | |
Gross Carrying Amount | $ 54,360 | 4,068 |
Accumulated Amortization | $ 4,488 | 2,372 |
Customer relationships and lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Lives | 24 years | |
Gross Carrying Amount | $ 113,409 | 9,017 |
Accumulated Amortization | $ 8,784 | 4,349 |
Trade names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Lives | 10 years | |
Gross Carrying Amount | $ 20,019 | 2,102 |
Accumulated Amortization | $ 3,211 | 1,372 |
Distributor agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Lives | 5 years | |
Gross Carrying Amount | $ 722 | 722 |
Accumulated Amortization | $ 722 | 722 |
Patents and trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Lives | 15 years | |
Gross Carrying Amount | $ 8,573 | 7,670 |
Accumulated Amortization | $ 3,546 | 3,039 |
Domain names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Lives | 10 years | |
Gross Carrying Amount | $ 437 | 437 |
Accumulated Amortization | $ 342 | 299 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Lives | 5 years | |
Gross Carrying Amount | $ 1,197 | 1,197 |
Accumulated Amortization | $ 1,072 | $ 1,032 |
Goodwill and Intangible Asset59
Goodwill and Intangible Assets (Details 2) $ in Thousands | Apr. 02, 2016USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2,017 | $ 9,676 |
2,018 | 9,554 |
2,019 | 9,331 |
2,020 | 9,224 |
2,021 | 9,173 |
2022 and thereafter | $ 129,594 |
Goodwill and Intangible Asset60
Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Apr. 02, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | Sep. 27, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 9,000 | $ 1,839 | $ 1,924 | |
Intangible assets, accumulated amortization | $ 22,165 | $ 13,185 | ||
GB | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Amount | $ 2,776 | |||
Intangible assets, accumulated amortization | $ 1,469 |
Accrued Expenses and Other Cu61
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Apr. 02, 2016 | Mar. 28, 2015 |
Accrued Expenses and Other Current Liabilities [Line Items] | ||
Employee compensation and related benefits | $ 12,306 | $ 8,488 |
Taxes | 8,173 | 3,393 |
Deferred Revenue | 7,723 | 0 |
Workers Compensation | 2,178 | 2,795 |
Software License | 966 | 0 |
Legal | 2,952 | 130 |
Other | 7,936 | 2,520 |
Accrued Expenses And Other Current Liabilities Net | $ 42,234 | $ 17,326 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Apr. 02, 2016 | Mar. 28, 2015 |
Debt Instrument [Line Items] | ||
Debt issuance cost | $ (5,816) | $ 0 |
Total debt | 363,696 | 9,198 |
Less: current portion | 10,486 | 1,233 |
Long-term debt | 353,210 | 7,965 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 361,500 | 0 |
Other Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 8,012 | $ 9,198 |
Debt (Details Textual)
Debt (Details Textual) SFr in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Apr. 24, 2015USD ($) | Oct. 01, 2012USD ($) | Oct. 01, 2012CHF (SFr) | Nov. 30, 2010USD ($) | Apr. 02, 2016USD ($) | Mar. 28, 2015USD ($) | Mar. 29, 2014USD ($) | Apr. 02, 2016CHF (SFr) | Oct. 01, 2012CHF (SFr) | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Proceeds from Lines of Credit | $ 225,000 | $ 0 | $ 0 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | 177,710 | ||||||||
Debt Instruments, Issuance Costs | 5,816 | 0 | |||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 10,486 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 14,236 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 19,236 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 24,236 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 295,736 | ||||||||
Letter of Credit [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Long-term Line of Credit | 3,290 | ||||||||
Sargent Aerospace Defense Business [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Business Acquisition, Date of Acquisition Agreement | Apr. 24, 2015 | ||||||||
Sargent Aerospace Defense Business [Member] | Base Rate [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||||
Sargent Aerospace Defense Business [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||||
Debt Instrument, Description of Variable Rate Basis | higher of (1) Wells Fargos prime lending rate, (2) the federal funds effective rate plus 1/2 of 1% and (3) the one-month LIBOR rate plus 1% or (b) LIBOR rate plus a specified margin, depending on the type of borrowing being made | ||||||||
Sargent Aerospace Defense Business [Member] | Revolving Credit Facility [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 350,000 | ||||||||
Line of Credit, Current | 169,000 | ||||||||
Schaublin [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Mortgage loan interest rate | 2.90% | 2.90% | |||||||
Cash paid for purchase price | $ 5,053 | SFr 4,767 | |||||||
Mortgage loan fixed rate | 9,857 | SFr 9,300 | |||||||
Mortgage loan | 8,012 | SFr 7,673 | |||||||
Land and Building [Member] | Schaublin [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Land and building leased | $ 14,910 | SFr 14,067 | |||||||
Period for fixed rate on mortgage loan | 20 years | 20 years | |||||||
JP Morgan Credit Agreement [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Write off of Deferred Debt Issuance Cost | 190 | ||||||||
All power [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Notes Payable | $ 750 | ||||||||
New Credit Agreement [Member] | Sargent Aerospace Defense Business [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Debt Instruments, Issuance Costs | 5,816 | ||||||||
Debt Issuance Original Amount | 7,122 | ||||||||
Five-Year Senior Secured Revolving Credit Facility [Member] | JP Morgan Credit Agreement [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Current borrowing capacity | $ 150,000 | ||||||||
Proceeds from Lines of Credit | 100,000 | ||||||||
Borrowing capacity incremental value | $ 25,000 | ||||||||
Prime Rate Loans [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Line of credit facility, interest rate | 0.50% | ||||||||
LIBOR Rate Loans [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Line of credit facility, interest rate | 1.50% | ||||||||
Term Loan [Member] | Sargent Aerospace Defense Business [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 200,000 | ||||||||
Line of Credit, Current | $ 192,500 | ||||||||
Maximum [Member] | JP Morgan Credit Agreement [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Consolidated net debt adjusted EBITDA ratio | 3.25 | ||||||||
Consolidated fixed charge coverage ratio | 1.5 | ||||||||
Maximum [Member] | New Credit Agreement [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Consolidated net debt adjusted EBITDA ratio | 3.50 | ||||||||
Consolidated Interest Coverage Ratio | 2.75 | ||||||||
Minimum [Member] | JP Morgan Credit Agreement [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Consolidated net debt adjusted EBITDA ratio | 1 | ||||||||
Consolidated fixed charge coverage ratio | 1 | ||||||||
Minimum [Member] | New Credit Agreement [Member] | |||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||
Consolidated net debt adjusted EBITDA ratio | 1 | ||||||||
Consolidated Interest Coverage Ratio | 1 |
Other Non-Current Liabilities64
Other Non-Current Liabilities (Details) - USD ($) $ in Thousands | Apr. 02, 2016 | Mar. 28, 2015 |
Other Non-Current Liabilities [Line Items] | ||
Non-current pension liability | $ 4,186 | $ 5,022 |
Other postretirement benefits | 2,999 | 3,117 |
Non-current income tax liability | 13,848 | 5,647 |
Deferred compensation | 8,924 | 8,208 |
Other | 2,871 | 537 |
Other Liabilities, Noncurrent | $ 32,828 | $ 22,531 |
Pension Plan (Details)
Pension Plan (Details) - USD ($) $ in Thousands | Apr. 02, 2016 | Mar. 28, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | $ 22,732 | $ 23,225 |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 9,572 | 9,925 |
U.S. equity mutual funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 8,296 | 8,509 |
Fixed income mutual funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | $ 4,864 | $ 4,791 |
Pension Plan (Details 1)
Pension Plan (Details 1) - Pension Plan, Defined Benefit [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | $ 28,247 | $ 25,698 | |
Service cost | 272 | 265 | $ 287 |
Interest cost | 920 | 1,007 | 991 |
Actuarial (gain)/loss | (1,009) | 2,764 | |
Benefits paid | (1,513) | (1,487) | |
Benefit obligation at end of year | 26,917 | 28,247 | 25,698 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 23,225 | 21,603 | |
Actual return on plan assets | (231) | 1,859 | |
Employer contributions | 1,250 | 1,250 | |
Benefits paid | (1,513) | (1,487) | |
Fair value of plan assets at end of year | 22,731 | 23,225 | $ 21,603 |
Underfunded status at end of year | (4,186) | (5,022) | |
Amounts recognized in the consolidated balance sheet: | |||
Non-current assets | 0 | 0 | |
Non-current liabilities | (4,186) | (5,022) | |
Net liability recognized | $ (4,186) | $ (5,022) |
Pension Plan (Details 2)
Pension Plan (Details 2) - Pension Plan, Defined Benefit [Member] - USD ($) $ in Thousands | Apr. 02, 2016 | Mar. 28, 2015 |
Amounts recognized in accumulated other comprehensive loss: | ||
Prior service cost | $ 167 | $ 233 |
Net actuarial loss | 10,806 | 11,312 |
Accumulated other comprehensive loss | $ 10,973 | $ 11,545 |
Pension Plan (Details 3)
Pension Plan (Details 3) - Pension Plan [Member] $ in Thousands | 12 Months Ended |
Apr. 02, 2016USD ($) | |
Amounts included in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost in 2017: | |
Prior service cost | $ 61 |
Net actuarial loss | 1,343 |
Total | $ 1,404 |
Pension Plan (Details 4)
Pension Plan (Details 4) - Pension Plan, Defined Benefit [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Components of net periodic benefit cost: | |||
Service cost | $ 272 | $ 265 | $ 287 |
Interest cost | 920 | 1,007 | 991 |
Expected return on plan assets | (1,615) | (1,484) | (1,591) |
Amortization of prior service cost | 66 | 66 | 70 |
Amortization of losses | 1,343 | 1,122 | 1,370 |
Net periodic benefit cost | $ 986 | $ 976 | $ 1,127 |
Pension Plan (Details 5)
Pension Plan (Details 5) | 12 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.40% | 4.10% | 3.80% |
Expected long-term rate of return on plan assets | 7.00% | 7.00% | 7.75% |
Pension Plan (Details 6)
Pension Plan (Details 6) - Pension Plan [Member] $ in Thousands | Apr. 02, 2016USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | $ 1,603 |
2,018 | 1,634 |
2,019 | 1,667 |
2,020 | 1,698 |
2,021 | 1,713 |
2022-2026 | $ 8,498 |
Pension Plan (Details Textual)
Pension Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Pension Plan Entire Disclosure [Line Items] | |||
Discount rate used in determining the accumulated postretirement benefit obligation | 3.40% | 3.40% | |
Target Allocation of Plan Assets in Equity | 70.00% | ||
Target Allocation of Plan Assets in Fixed Income | 30.00% | ||
Defined contribution plan, employer discretionary contribution amount | $ 300 | ||
Defined Contribution Pension [Member] | |||
Pension Plan Entire Disclosure [Line Items] | |||
Eligible employee compensation | 3.50% | ||
Employer contributions | $ 1,354 | $ 576 | 733 |
Defined Contribution Pension [Member] | Minimum [Member] | |||
Pension Plan Entire Disclosure [Line Items] | |||
Employer Contribution Percentage | 10.00% | ||
Defined Contribution Pension [Member] | Maximum [Member] | |||
Pension Plan Entire Disclosure [Line Items] | |||
Employer Contribution Percentage | 100.00% | ||
Supplemental Employee Retirement Plan [Member] | |||
Pension Plan Entire Disclosure [Line Items] | |||
Eligible employee compensation | 25.00% | ||
Employer contributions | $ 214 | 177 | 162 |
Percentage Of Employees Annual Salary | 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. | ||
Schaublin Pension Plan [Member] | |||
Pension Plan Entire Disclosure [Line Items] | |||
Number of employees covered by the Schaublin pension plan | 157 | ||
Company contribution and premium payments | $ 861 | $ 885 | $ 825 |
2017 [Member] | |||
Pension Plan Entire Disclosure [Line Items] | |||
Cash contributions minimum | 750 | ||
Cash contributions maximum | $ 1,500 |
Postretirement Health Care an73
Postretirement Health Care and Life Insurance Benefits (Details) - Postretirement Benefit Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 02, 2016 | Mar. 28, 2015 | |
Change in benefit obligation: | ||
Benefit obligation at beginning of year | $ 3,330 | $ 2,990 |
Service cost | 54 | 50 |
Interest cost | 107 | 115 |
Actuarial (gain) loss | (129) | 329 |
Benefits paid | (140) | (154) |
Benefit obligation at end of year | 3,222 | 3,330 |
Change in plan assets: | ||
Fair value of plan assets at beginning of year | 0 | 0 |
Company contributions | 140 | 154 |
Benefits paid | (140) | (154) |
Fair value of plan assets at end of year | 0 | 0 |
(Under) funded status at end of year | (3,222) | (3,330) |
Amounts recognized in the consolidated balance sheet: | ||
Current liability | (223) | (213) |
Non-current liability | (2,999) | (3,117) |
Net liability recognized | (3,222) | (3,330) |
Amounts recognized in accumulated other comprehensive loss: | ||
Prior service cost | 22 | 25 |
Net actuarial loss | 514 | 679 |
Accumulated other comprehensive loss | $ 536 | $ 704 |
Postretirement Health Care an74
Postretirement Health Care and Life Insurance Benefits (Details 1) - Postretirement Benefit Plans [Member] $ in Thousands | 12 Months Ended |
Apr. 02, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Prior service cost | $ 3 |
Net actuarial loss | 28 |
Total | $ 31 |
Postretirement Health Care an75
Postretirement Health Care and Life Insurance Benefits (Details 2) - Postretirement Benefit Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 54 | $ 50 | $ 48 |
Interest cost | 107 | 115 | 111 |
Prior service cost amortization | 3 | 3 | 3 |
Amount of loss recognized | 37 | 17 | 39 |
Net periodic benefit cost | $ 201 | $ 185 | $ 201 |
Postretirement Health Care an76
Postretirement Health Care and Life Insurance Benefits (Details 3) - Postretirement Benefit Costs [Member] $ in Thousands | Apr. 02, 2016USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | $ 223 |
2,018 | 237 |
2,019 | 250 |
2,020 | 250 |
2,021 | 234 |
2022-2026 | $ 1,048 |
Postretirement Health Care an77
Postretirement Health Care and Life Insurance Benefits (Details Textual) | 12 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.40% | 3.40% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.40% | 4.10% | 3.80% |
Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.40% | 3.40% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.40% | 4.10% | 3.80% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Income Taxes [Line Items] | |||
Income before income taxes | $ 94,785 | $ 84,555 | $ 87,753 |
Domestic [Member] | |||
Income Taxes [Line Items] | |||
Income before income taxes | 83,622 | 79,374 | 74,975 |
Foreign [Member] | |||
Income Taxes [Line Items] | |||
Income before income taxes | $ 11,163 | $ 5,181 | $ 12,778 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Current: | |||
Federal | $ 26,281 | $ 21,833 | $ 22,835 |
State | 1,960 | 809 | 1,292 |
Foreign | 2,986 | 2,621 | 3,054 |
Current Income Tax Expense (Benefit) | 31,227 | 25,263 | 27,181 |
Deferred: | |||
Federal | (279) | 379 | 694 |
State | 342 | 630 | (9) |
Foreign | (399) | 35 | (321) |
Deferred Income Tax Expense (Benefit) | (336) | 1,044 | 364 |
Total | $ 30,891 | $ 26,307 | $ 27,545 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Income Taxes [Line Items] | |||
Income taxes using U.S. federal statutory rate | $ 33,175 | $ 29,594 | $ 30,714 |
State income taxes, net of federal benefit | 1,493 | 1,191 | 942 |
Domestic production activities deduction | (2,320) | (2,414) | (2,300) |
Foreign rate differential | (1,321) | 842 | (1,739) |
Worthless stock deduction | 0 | (4,100) | 0 |
U.S. unrecognized tax positions | 181 | 759 | (295) |
Other | (317) | 435 | 223 |
Income Tax Expense (Benefit) | $ 30,891 | $ 26,307 | $ 27,545 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | Apr. 02, 2016 | Mar. 28, 2015 |
Deferred tax assets (liabilities): | ||
Postretirement benefits | $ 1,111 | $ 1,148 |
Employee compensation accruals | 3,541 | 2,413 |
Net operating losses | 431 | 423 |
Inventory | 13,017 | 9,731 |
Stock compensation | 6,357 | 5,289 |
Pension | 1,549 | 1,868 |
State tax | 1,672 | 1,450 |
Other | 3,006 | 1,723 |
Total gross deferred tax assets | 30,684 | 24,045 |
Valuation allowance | (580) | (538) |
Total deferred tax assets | 30,104 | 23,507 |
Deferred tax liabilities: | ||
Property, plant and equipment | (16,746) | (14,200) |
Intangible assets | (16,566) | (6,941) |
Total deferred tax liabilities | (33,312) | (21,141) |
Total net deferred tax assets (liabilities) | $ (3,208) | $ 2,366 |
Income Taxes (Details 4)
Income Taxes (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance, beginning of year | $ 5,514 | $ 5,250 | $ 5,892 |
Gross increases- tax positions taken during a prior period | 248 | (139) | 768 |
Gross increases- tax positions taken during the current period | 8,745 | 1,805 | 853 |
Decreases due to settlement with taxing authorities | 0 | (954) | (1,182) |
Decreases due to lapse of the applicable statute of limitations | (210) | (448) | (1,081) |
Balance, end of year | $ 14,297 | $ 5,514 | $ 5,250 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 02, 2016 | Mar. 28, 2015 | |
Income Tax Contingency [Line Items] | ||
Valuation Allowances and Reserves, Period Increase (Decrease) | $ 42 | $ (1,057) |
Net Operating Losses | 7,418 | |
Undistributed foreign earnings | 84,524 | |
Interest and penalties related to unrecognized tax benefits | 182 | 20 |
Accrued interest and penalties | 900 | 718 |
Estimated decrease in credits and state tax | 269 | |
Valuation Allowance Increase Decrease Attributable To Foreign Net Operating Losses | 1,104 | |
Valuation Allowance Increase (Decrease) Attributable To State Credits And State Net Operating Losses | $ 42 | $ 47 |
Domestic Tax Authority [Member] | ||
Income Tax Contingency [Line Items] | ||
Tax Credit Carryforward Expiration Year | 2,031 | |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount, Total | $ 2,148 | |
Foreign Tax Authority [Member] | ||
Income Tax Contingency [Line Items] | ||
Tax Credit Carryforward Expiration Year | 2,036 | |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount, Total | $ 663 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - Employee Stock Option [Member] - USD ($) | 12 Months Ended | |
Apr. 02, 2016 | Mar. 28, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number Of Common Stock Options, Outstanding, Beginning balance | 1,143,558 | |
Number Of Common Stock Options, Awarded | 211,500 | |
Number Of Common Stock Options, Exercised | (171,758) | |
Number Of Common Stock Options, Forfeitures | (250) | |
Number Of Common Stock Options, Outstanding, Ending balance | 1,183,050 | 1,143,558 |
Number Of Common Stock Options, Exercisable, Ending balance | 559,400 | |
Weighted Average Exercise Price, Outstanding, Beginning balance | $ 42.24 | |
Weighted Average Exercise Price, Awarded | 72.35 | |
Weighted Average Exercise Price, Exercised | 26.68 | |
Weighted Average Exercise Price, Forfeitures | 58 | |
Weighted Average Exercise Price, Outstanding, Ending balance | 49.88 | $ 42.24 |
Weighted Average Exercise Price, Exercisable, Ending balance | $ 38.21 | |
Weighted Average Contractual Life (Years), Outstanding | 4 years 4 months 24 days | 4 years 4 months 24 days |
Weighted Average Contractual Life (Years), Exercisable | 3 years | |
Intrinsic Value, Outstanding, Beginning balance | $ 38,122 | |
Intrinsic Value, Outstanding, Ending balance | 28,118 | $ 38,122 |
Intrinsic Value, Exercisable | $ 19,823 |
Stockholders' Equity (Details 1
Stockholders' Equity (Details 1) | 12 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected weighted-average life (yrs.) | 5 years | 4 years 9 months 18 days | 4 years 9 months 18 days |
Risk-free interest rate | 1.70% | 1.60% | 1.04% |
Expected volatility | 31.20% | 33.20% | 45.20% |
Stockholders' Equity (Details 2
Stockholders' Equity (Details 2) | 12 Months Ended |
Apr. 02, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number Of Restricted Stock Shares, Non-vested, Beginning balance | shares | 253,384 |
Number Of Restricted Stock Shares, Granted | shares | 142,450 |
Number Of Restricted Stock Shares, Vested | shares | (106,681) |
Number Of Restricted Stock Shares, Forfeitures | shares | (187) |
Number Of Restricted Stock Shares, Non-vested, Ending balance | shares | 288,966 |
Weighted-Average Grant Date Fair Value, Non-vested, Beginning balance | $ / shares | $ 53.79 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 71.57 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 68.93 |
Weighted-Average Grant Date Fair Value, Forfeitures | $ / shares | 52.34 |
Weighted-Average Grant Date Fair Value, Non-vested, Ending balance | $ / shares | $ 63.49 |
Stockholders' Equity (Details T
Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
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 | 288,966 | 253,384 | |
Total fair value of options vested | $ 12,126 | $ 14,350 | $ 9,570 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 22.05 | $ 20.15 | $ 20.76 |
Total intrinsic value of options exercised | $ 7,219 | $ 8,045 | $ 6,954 |
Total awards outstanding either fully vested or expected to vest | 1,161,814 | ||
Total awards outstanding, vested or expected to vest, weighted average exercise price | $ 37.02 | ||
Total awards outstanding, vested or expected to vest, intrinsic value | $ 42,561 | ||
Total awards outstanding, vested or expected to vest, weighted average contractual term in years | 4 years 4 months 24 days | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding options | 1,183,050 | 1,143,558 | |
Number Of Common Stock Options, Exercisable, Ending balance | 559,400 | ||
Unrecognized compensation costs | $ 9,861 | ||
Unrecognized compensation costs related to options expected to be recognized over a weighted average period in years | 3 years 2 months 12 days | ||
2005 Long-Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding options | 748,300 | ||
Number Of Common Stock Options, Exercisable, Ending balance | 513,400 | ||
Restricted stock outstanding | 93,564 | ||
2005 Long-Term Incentive Plan, Amendments In September 2006 [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common Stock, Capital Shares Reserved for Future Issuance | 1,139,170 | ||
2005 Long-Term Incentive Plan, Amendments In September 2006 [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common Stock, Capital Shares Reserved for Future Issuance | 1,639,170 | ||
2005 Long-Term Incentive Plan Amendment In September 2007 [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock authorized for issuance | 1,639,170 | ||
2005 Long-Term Incentive Plan Amendment In September 2007 [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock authorized for issuance | 2,239,170 | ||
2013 Long-Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant options | 434,750 | ||
Common stock authorized for issuance | 1,500,000 | ||
Number Of Common Stock Options, Exercisable, Ending balance | 46,000 | ||
Restricted stock outstanding | 195,402 | ||
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% | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation costs | $ 13,586 | ||
Unrecognized compensation costs related to options expected to be recognized over a weighted average period in years | 2 years 10 months 24 days | ||
Restricted stock awards compensation tax | $ 2,396 | ||
Restricted stock awards compensation | $ 4,044 |
Commitments and Contingencies88
Commitments and Contingencies (Details) $ in Thousands | Apr. 02, 2016USD ($) |
Commitments And Contingencies [Line Items] | |
2,017 | $ 5,451 |
2,018 | 4,335 |
2,019 | 3,077 |
2,020 | 1,350 |
2,021 | 754 |
2022 and thereafter | $ 664 |
Commitments and Contingencies89
Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Apr. 09, 2013 | May. 20, 2016 | Feb. 17, 2016 | Apr. 02, 2016 | Apr. 02, 2016 | Mar. 28, 2015 | Mar. 29, 2014 |
Commitments And Contingencies [Line Items] | |||||||
Operating Leases Rent Expense For Transportation Computer And Office Equipment | $ 1,606 | $ 1,439 | $ 1,622 | ||||
Employees Represented By Labor Unions | 12.00% | ||||||
Operating Leases, Rent Expense | $ 5,101 | $ 3,444 | $ 3,377 | ||||
Operating Lease Expiration Date | January 31, 2023 | ||||||
Loss Contingency, Damages Awarded, Value | $ 2,986 | ||||||
Litigation Settlement, Amount | $ 450 | ||||||
SKF USA, Inc [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Loss Contingency, Damages Awarded, Value | $ 450 | ||||||
Loss Contingency, Damages Sought, Value | $ 3,750 | ||||||
SKF USA, Inc [Member] | Pending Litigation [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Litigation Settlement, Amount | $ 1,031 |
Other Operating Expense, Net (D
Other Operating Expense, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Other Operating Expense, Net [Line Items] | |||
Gain (loss) on impairment or disposition of assets | $ 0 | $ 511 | $ (31) |
Plant consolidation and restructuring costs | 1,063 | 2,554 | 1,917 |
Acquisition costs | 5,096 | 0 | 0 |
Provision for doubtful accounts | 191 | 31 | 138 |
Amortization of intangibles | 9,000 | 1,839 | 1,924 |
Other expense | 866 | 867 | 230 |
Other Cost and Expense, Operating | $ 16,216 | $ 5,802 | $ 4,178 |
Reportable Segments (Details)
Reportable Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Segment Reporting Information [Line Items] | |||
Net External Sales | $ 597,472 | $ 445,278 | $ 418,886 |
Gross Margin | 218,778 | 170,140 | 164,797 |
Selling, General & Administrative Expenses | 98,721 | 75,908 | 71,969 |
Operating Income | 103,841 | 88,430 | 88,650 |
Total Assets | 1,098,510 | 632,073 | 620,993 |
Capital Expenditures | 20,864 | 20,897 | 28,920 |
Depreciation & Amortization | 25,807 | 15,045 | 14,987 |
Geographic External Sales | 597,472 | 445,278 | 418,886 |
Geographic Long-Lived Assets | 184,744 | 141,649 | 137,154 |
Intersegment Sales | 55,663 | 55,219 | 50,151 |
Plain [Member] | |||
Segment Reporting Information [Line Items] | |||
Net External Sales | 270,534 | 230,168 | 223,099 |
Gross Margin | 103,500 | 86,058 | 85,158 |
Selling, General & Administrative Expenses | 21,008 | 18,741 | 17,923 |
Operating Income | 73,289 | 67,032 | 66,343 |
Total Assets | 628,531 | 474,208 | 441,770 |
Capital Expenditures | 5,984 | 7,505 | 15,990 |
Depreciation & Amortization | 9,145 | 7,012 | 6,742 |
Intersegment Sales | 3,973 | 3,790 | 3,807 |
Roller [Member] | |||
Segment Reporting Information [Line Items] | |||
Net External Sales | 112,039 | 128,702 | 115,806 |
Gross Margin | 47,469 | 50,002 | 48,785 |
Selling, General & Administrative Expenses | 5,958 | 6,169 | 6,892 |
Operating Income | 41,270 | 40,056 | 41,630 |
Total Assets | 286,418 | 234,377 | 207,676 |
Capital Expenditures | 4,239 | 5,433 | 3,894 |
Depreciation & Amortization | 4,008 | 2,933 | 3,392 |
Intersegment Sales | 18,874 | 19,618 | 17,794 |
Ball [Member] | |||
Segment Reporting Information [Line Items] | |||
Net External Sales | 53,650 | 56,464 | 49,555 |
Gross Margin | 21,352 | 22,501 | 18,125 |
Selling, General & Administrative Expenses | 5,512 | 5,326 | 4,511 |
Operating Income | 15,182 | 16,584 | 11,732 |
Total Assets | 55,675 | 50,074 | 44,119 |
Capital Expenditures | 1,457 | 2,333 | 1,424 |
Depreciation & Amortization | 1,790 | 1,706 | 1,799 |
Intersegment Sales | 2,475 | 2,244 | 1,976 |
Engineered Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net External Sales | 161,249 | 29,944 | 30,426 |
Gross Margin | 46,457 | 11,579 | 12,729 |
Selling, General & Administrative Expenses | 19,631 | 4,018 | 3,991 |
Operating Income | 26,970 | 7,639 | 8,968 |
Total Assets | 454,428 | 49,307 | 42,861 |
Capital Expenditures | 5,693 | 1,592 | 3,991 |
Depreciation & Amortization | 9,411 | 1,974 | 1,856 |
Intersegment Sales | 30,341 | 29,567 | 26,574 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Selling, General & Administrative Expenses | 46,612 | 41,654 | 38,652 |
Operating Income | (52,870) | (42,881) | (40,023) |
Total Assets | (326,542) | (175,893) | (115,433) |
Capital Expenditures | 3,491 | 4,034 | 3,621 |
Depreciation & Amortization | 1,453 | 1,420 | 1,198 |
Domestic [Member] | |||
Segment Reporting Information [Line Items] | |||
Geographic External Sales | 522,405 | 374,820 | 351,418 |
Geographic Long-Lived Assets | 145,538 | 112,519 | 105,018 |
Foreign [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 104,382 | 96,545 | |
Geographic External Sales | 75,067 | 70,458 | 67,468 |
Geographic Long-Lived Assets | $ 39,206 | $ 29,130 | $ 32,136 |