Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jul. 02, 2016 | Jul. 22, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 2, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | RBC Bearings INC | |
Entity Central Index Key | 1,324,948 | |
Current Fiscal Year End Date | --04-01 | |
Entity Filer Category | Large Accelerated Filer | |
Trading Symbol | ROLL | |
Entity Common Stock, Shares Outstanding | 23,752,422 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 02, 2016 | Apr. 02, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 37,261 | $ 39,208 |
Accounts receivable, net of allowance for doubtful accounts of $1,336 at July 2, 2016 and $1,324 at April 2, 2016 | 101,508 | 102,351 |
Inventory | 284,341 | 280,537 |
Prepaid expenses and other current assets | 8,003 | 6,861 |
Total current assets | 431,113 | 428,957 |
Property, plant and equipment, net | 184,799 | 184,744 |
Goodwill | 268,080 | 267,259 |
Intangible assets, net of accumulated amortization of $24,380 at July 2, 2016 and $22,165 at April 2, 2016 | 203,894 | 207,252 |
Other assets | 10,754 | 10,298 |
Total assets | 1,098,640 | 1,098,510 |
Current liabilities: | ||
Accounts payable | 32,493 | 35,597 |
Accrued expenses and other current liabilities | 42,616 | 42,234 |
Current portion of long-term debt | 10,478 | 10,486 |
Total current liabilities | 85,587 | 88,317 |
Deferred income taxes | 3,431 | 3,208 |
Long-term debt, less current portion | 333,330 | 353,210 |
Other non-current liabilities | 31,522 | 32,828 |
Total liabilities | 453,870 | 477,563 |
Stockholders' equity: | ||
Preferred stock, $.01 par value; authorized shares: 10,000,000 at July 2, 2016 and April 2, 2016; none issued and outstanding | 0 | 0 |
Common stock, $.01 par value; authorized shares: 60,000,000 at July 2, 2016 and April 2, 2016; issued and outstanding shares: 24,331,242 at July 2, 2016 and 24,146,767 at April 2, 2016 | 243 | 241 |
Additional paid-in capital | 289,822 | 279,420 |
Accumulated other comprehensive loss | (8,185) | (6,990) |
Retained earnings | 396,110 | 378,070 |
Treasury stock, at cost, 651,004 shares at July 2, 2016 and 603,035 shares at April 2, 2016 | (33,220) | (29,794) |
Total stockholders' equity | 644,770 | 620,947 |
Total liabilities and stockholders' equity | $ 1,098,640 | $ 1,098,510 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jul. 02, 2016 | Apr. 02, 2016 |
Accounts receivable, allowance for doubtful accounts | $ 1,336 | $ 1,324 |
Intangible assets, accumulated amortization | $ 24,380 | $ 22,165 |
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 | 24,331,242 | 24,146,767 |
Common stock, outstanding shares | 24,331,242 | 24,146,767 |
Treasury Stock | ||
Treasury stock, shares | 651,004 | 603,035 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 02, 2016 | Jun. 27, 2015 | |
Net sales | $ 154,579 | $ 142,308 |
Cost of sales | 97,328 | 89,544 |
Gross margin | 57,251 | 52,764 |
Operating expenses: | ||
Selling, general and administrative | 25,796 | 23,725 |
Other, net | 2,234 | 6,678 |
Total operating expenses | 28,030 | 30,403 |
Operating income | 29,221 | 22,361 |
Interest expense, net | 2,293 | 1,711 |
Other non-operating (income) expense | 118 | 606 |
Income before income taxes | 26,810 | 20,044 |
Provision for income taxes | 8,770 | 6,640 |
Net income | $ 18,040 | $ 13,404 |
Net income per common share: | ||
Basic | $ 0.77 | $ 0.58 |
Diluted | $ 0.76 | $ 0.57 |
Weighted average common shares: | ||
Basic | 23,320,579 | 23,162,560 |
Diluted | 23,626,751 | 23,536,364 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 02, 2016 | Jun. 27, 2015 | |
Net income | $ 18,040 | $ 13,404 |
Pension and postretirement liability adjustments, net of taxes | 234 | (227) |
Foreign currency translation adjustments | (1,429) | 1,705 |
Total comprehensive income | $ 16,845 | $ 14,882 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 02, 2016 | Jun. 27, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 18,040 | $ 13,404 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 4,527 | 3,895 |
Excess tax benefits from stock-based compensation | (2,971) | (1,379) |
Deferred income taxes | 505 | 948 |
Amortization of intangible assets | 2,213 | 1,768 |
Amortization of deferred financing costs | 356 | 265 |
Stock-based compensation | 2,774 | 2,132 |
Other non-cash charges | (8) | 257 |
Changes in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable | 622 | (54) |
Inventory | (3,850) | (3,266) |
Prepaid expenses and other current assets | (1,116) | (3,048) |
Other non-current assets | (452) | (1,095) |
Accounts payable | (3,049) | 1,063 |
Accrued expenses and other current liabilities | 3,140 | 5,446 |
Other non-current liabilities | (1,519) | 1,853 |
Net cash provided by operating activities | 19,212 | 22,189 |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (5,166) | (5,270) |
Proceeds from sale of assets | 10 | 4 |
Business acquisition | 0 | (500,000) |
Net cash used in investing activities | (5,156) | (505,266) |
Cash flows from financing activities: | ||
Proceeds from revolving credit facility | 0 | 225,000 |
Repayments of revolving credit facility | (17,500) | 0 |
Proceeds from term loans | 0 | 200,000 |
Repayments of term loans | (2,620) | (124) |
Finance fees paid in connection with credit facility | 0 | (7,122) |
Exercise of stock options | 4,659 | 1,273 |
Excess tax benefits from stock-based compensation | 2,971 | 1,379 |
Repurchase of common stock | (3,426) | (2,182) |
Net cash (used in) provided by financing activities | (15,916) | 418,224 |
Effect of exchange rate changes on cash | (87) | 960 |
Cash and cash equivalents: | ||
Decrease during the period | (1,947) | (63,893) |
Cash, at beginning of period | 39,208 | 125,455 |
Cash, at end of period | $ 37,261 | $ 61,562 |
Organization and Business
Organization and Business | 3 Months Ended |
Jul. 02, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business | The consolidated financial statements included herein have been prepared by RBC Bearings Incorporated, a Delaware corporation (collectively with its subsidiaries, the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The April 2, 2016 fiscal year end balance sheet data have been derived from the Company’s audited financial statements, but do not include all disclosures required by generally accepted accounting principles in the United States. The interim financial statements included with this report have been prepared on a consistent basis with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 2, 2016. These statements reflect all adjustments, accruals and estimates consisting only of items of a normal recurring nature, which are, in the opinion of management, necessary for the fair presentation of the consolidated financial condition and consolidated results of operations for the interim periods presented. These financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Annual Report on Form 10-K. The results of operations for the three month period ended July 2, 2016 are not necessarily indicative of the operating results for the entire fiscal year ending April 1, 2017. The three month periods ended July 2, 2016 and June 27, 2015 each include 13 weeks. The amounts shown are in thousands, unless otherwise indicated. Revenue Recognition. In accordance with SEC Staff Accounting Bulletin 101 "Revenue Recognition in Financial Statements as amended by Staff Accounting Bulletin 104,” we recognize revenues principally from the sale of products at the point of passage of title, which is at the time of shipment, except for certain customers for which it occurs when the products reach their destination. 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 three months ended July 2, 2016, 2.4 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 March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606) Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which amends the principal-versus-agent implementation guidance in ASU No. 2014-09 (Topic 606), Revenue from Contracts with Customers, issued by the FASB in May 2014. ASU No. 2016-08 clarifies the principal-versus-agent guidance in Topic 606 and requires an entity to determine whether the nature of its promise to provide goods or services to a customer is performed In February 2016, the FASB issued ASU 2016-02, “Leases”. The core principal of ASU 2016-02 is that an entity should recognize on its balance sheet assets and liabilities arising from a lease. In accordance with that principle, ASU 2016-02 requires that a lessee recognize a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying leased asset for the lease term. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend on the lease classification as a finance or operating lease. This new accounting guidance is effective for public companies for fiscal years beginning after December 15, 2018 under a modified retrospective approach and early adoption is permitted. The Company is currently evaluating the impact this adoption will have on its consolidated financial statements. In November 2015, the FASB issued 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 all deferred tax assets and liabilities as noncurrent assets or noncurrent liabilities. 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. The Company elected to early adopt this guidance prospectively during the fourth quarter of fiscal year 2016. In September 2015, the FASB issued 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 price 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 FASB issued 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 does not 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. Early adoption is allowed. The Company adopted this pronouncement in the first quarter of fiscal 2016. Other than a different presentation within the balance sheet, the adoption of this ASU did not have a material impact on the Company’s 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 did not 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. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Jul. 02, 2016 | |
Accumulated Other Comprehensive Income Loss [Abstract] | |
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). Currency Pension and Total Balance at April 2, 2016 $ 222 $ (7,212) $ (6,990) Other comprehensive income (loss) before reclassifications (net of taxes) (1,429) (1,429) Amounts reclassified from accumulated other comprehensive income (loss) 234 234 Net current period other comprehensive income (loss) (1,429) 234 (1,195) Balance at July 2, 2016 $ (1,207) $ (6,978) $ (8,185) |
Net Income Per Common Share
Net Income Per Common Share | 3 Months Ended |
Jul. 02, 2016 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | 2. 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. Three Months Ended July 2, June 27, Net income $ 18,040 $ 13,404 Denominator for basic net income per common shareweighted-average shares outstanding 23,320,579 23,162,560 Effect of dilution due to employee stock awards 306,172 373,804 Denominator for diluted net income per common share weighted-average shares outstanding 23,626,751 23,536,364 Basic net income per common share $ 0.77 $ 0.58 Diluted net income per common share $ 0.76 $ 0.57 At July 2, 2016, 217,250 190,250 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 3 Months Ended |
Jul. 02, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 3. 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. Short-term investments, if any, are comprised of equity securities and are measured at fair value by using quoted prices in active markets and are classified as Level 1 of the valuation hierarchy. |
Inventory
Inventory | 3 Months Ended |
Jul. 02, 2016 | |
Inventory, Net [Abstract] | |
Inventory | 4. Inventory July 2, April 2, Raw materials $ 36,335 $ 36,632 Work in process 78,017 73,761 Finished goods 169,989 170,144 $ 284,341 $ 280,537 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Jul. 02, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 5. Goodwill and Intangible Assets Roller Plain Ball Engineered Total April 2, 2016 $ 16,007 $ 77,211 $ 5,623 $ 168,418 $ 267,259 Acquisition and valuation adjustments 2,386 (1,559) 827 Translation adjustments (6) (6) July 2, 2016 $ 16,007 $ 79,597 $ 5,623 $ 166,853 $ 268,080 July 2, 2016 April 2, 2016 Weighted Gross Accumulated Gross Accumulated Product approvals 24 $ 54,384 $ 5,044 $ 54,360 $ 4,488 Customer relationships and lists 24 108,738 9,769 113,409 8,784 Trade names 10 20,029 3,699 20,019 3,211 Distributor agreements 5 722 722 722 722 Patents and trademarks 15 8,567 3,710 8,573 3,546 Domain names 10 437 353 437 342 Other 5 1,197 1,083 1,197 1,072 194,074 24,380 198,717 22,165 Non-amortizable repair station certifications n/a 34,200 30,700 Total $ 228,274 $ 24,380 $ 229,417 $ 22,165 Amortization expense for definite-lived intangible assets for the three periods ended July 2, 2016 and June 27, 2015 was $ 2,213 1,768 2017 $ 7,097 2018 9,369 2019 9,147 2020 9,039 2021 8,988 2022 8,873 2023 and thereafter 117,181 |
Debt
Debt | 3 Months Ended |
Jul. 02, 2016 | |
Debt Instruments [Abstract] | |
Debt | 6. Debt July 2, April 2, Revolver and term loan facilities $ 341,500 $ 361,500 Debt issuance costs (5,460) (5,816) Other 7,768 8,012 Total debt $ 343,808 $ 363,696 Less: current portion 10,478 10,486 Long-term debt $ 333,330 $ 353,210 The 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. The applicable margin is based on the Company's consolidated ratio of total net debt to consolidated EBITDA from time to time. Currently, the Company's margin is 0.5 1.5 151,500 190,000 5,460 7,122 The 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 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 Credit Agreement. Approximately $ 3,490 195,210 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 7,556 7,768 |
Income Taxes
Income Taxes | 3 Months Ended |
Jul. 02, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes The Company files income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions. With few exceptions, the Company is no longer subject to state or foreign income tax examinations by tax authorities for years ending before March 31, 2007. The Company is no longer subject to U.S. federal corporate income tax examination by the Internal Revenue Service for fiscal years ending before March 29, 2014. A U.S. federal corporate income tax examination by the Internal Revenue Service for the fiscal year ended March 30, 2013 was deemed effectively settled in the Company’s first quarter of fiscal 2016. The effective income tax rates for the three month periods ended July 2, 2016 and June 27, 2015, were 32.7 33.1 The effective income tax rate for the three month period ended July 2, 2016 of 32.7% includes discrete items of $ 215 33.5 101 33.6 142 |
Reportable Segments
Reportable Segments | 3 Months Ended |
Jul. 02, 2016 | |
Segment Reporting [Abstract] | |
Reportable Segments | 8. 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. The Company has four reportable business segments; Plain Bearings, Roller Bearings, Ball Bearings and Engineered Products, which are described below. Plain Bearings. Roller Bearings. Ball Bearings. Engineered Products. Three Months Ended July 2, June 27, Net External Sales Plain $ 70,450 $ 65,677 Roller 27,834 30,580 Ball 13,710 12,819 Engineered Products 42,585 33,232 $ 154,579 $ 142,308 Gross Margin Plain $ 26,554 $ 25,948 Roller 12,289 12,895 Ball 5,304 5,183 Engineered Products 13,104 8,738 $ 57,251 $ 52,764 Selling, General & Administrative Expenses Plain $ 5,990 $ 5,483 Roller 1,441 1,490 Ball 1,462 1,368 Engineered Products 4,893 3,946 Corporate 12,010 11,438 $ 25,796 $ 23,725 Operating Income Plain $ 19,763 $ 20,305 Roller 10,788 11,340 Ball 3,714 3,672 Engineered Products 6,947 2,560 Corporate (11,991) (15,516) $ 29,221 $ 22,361 Geographic External Sales Domestic $ 135,177 $ 122,980 Foreign 19,402 19,328 $ 154,579 $ 142,308 Intersegment Sales Plain $ 1,213 $ 1,139 Roller 3,984 5,513 Ball 515 561 Engineered Products 7,517 8,111 $ 13,229 $ 15,324 All intersegment sales are eliminated in consolidation. |
Acquisitions
Acquisitions | 3 Months Ended |
Jul. 02, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | 9. Acquisitions 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 224,715 As of Current assets $ 3,086 Trade receivables 24,100 Inventories 49,245 Property, plant and equipment 39,907 Intangible assets 202,500 Goodwill 224,715 Total assets acquired 543,553 Accounts payable 14,900 Liabilities assumed 28,653 Net assets acquired $ 500,000 The valuation of the net assets acquired of $ 500,000 Weighted Average Gross Value Amortizable intangible assets Customer relationships 25 $ 99,800 Product approvals 25 50,500 Trademarks and tradenames 10 18,000 168,300 Non-amortizable intangible assets Repair station certifications - 34,200 Intangible assets $ 202,500 Included in the Company’s results of operations for the three months ended July 2, 2016 and June 27, 2015 are revenues related to the Sargent acquisition of $ 45,536 34,003 3,332 3,825 0 4,788 The following supplemental pro forma financial information presents the financial results for the three months ended July 2, 2016 and June 27, 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. Three Months Ended July 2, June 27, Pro forma net sales $ 154,579 $ 150,682 Pro forma net income 18,294 16,665 Basic earnings per share as reported $ 0.77 $ 0.58 Pro forma basic earnings per share 0.78 0.72 Diluted earnings per share as reported $ 0.76 $ 0.57 Pro forma diluted earnings per share 0.77 0.71 |
Organization and Business (Poli
Organization and Business (Policies) | 3 Months Ended |
Jul. 02, 2016 | |
Accounting Policies [Abstract] | |
Critical Accounting Policies | Critical Accounting Policies Revenue Recognition. In accordance with SEC Staff Accounting Bulletin 101 "Revenue Recognition in Financial Statements as amended by Staff Accounting Bulletin 104,” we recognize revenues principally from the sale of products at the point of passage of title, which is at the time of shipment, except for certain customers for which it occurs when the products reach their destination. 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 three months ended July 2, 2016, 2.4 |
Adoption of 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 March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606) Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which amends the principal-versus-agent implementation guidance in ASU No. 2014-09 (Topic 606), Revenue from Contracts with Customers, issued by the FASB in May 2014. ASU No. 2016-08 clarifies the principal-versus-agent guidance in Topic 606 and requires an entity to determine whether the nature of its promise to provide goods or services to a customer is performed In February 2016, the FASB issued ASU 2016-02, “Leases”. The core principal of ASU 2016-02 is that an entity should recognize on its balance sheet assets and liabilities arising from a lease. In accordance with that principle, ASU 2016-02 requires that a lessee recognize a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying leased asset for the lease term. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend on the lease classification as a finance or operating lease. This new accounting guidance is effective for public companies for fiscal years beginning after December 15, 2018 under a modified retrospective approach and early adoption is permitted. The Company is currently evaluating the impact this adoption will have on its consolidated financial statements. In November 2015, the FASB issued 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 all deferred tax assets and liabilities as noncurrent assets or noncurrent liabilities. 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. The Company elected to early adopt this guidance prospectively during the fourth quarter of fiscal year 2016. In September 2015, the FASB issued 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 price 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 FASB issued 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 does not 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. Early adoption is allowed. The Company adopted this pronouncement in the first quarter of fiscal 2016. Other than a different presentation within the balance sheet, the adoption of this ASU did not have a material impact on the Company’s 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 did not 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. |
Accumulated Other Comprehensi18
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Jul. 02, 2016 | |
Accumulated Other Comprehensive Income Loss [Abstract] | |
Schedule Of Accumulated Other Comprehensive Income (Loss) | The following summarizes the activity within each component of accumulated other comprehensive income (loss): Currency Pension and Total Balance at April 2, 2016 $ 222 $ (7,212) $ (6,990) Other comprehensive income (loss) before reclassifications (net of taxes) (1,429) (1,429) Amounts reclassified from accumulated other comprehensive income (loss) 234 234 Net current period other comprehensive income (loss) (1,429) 234 (1,195) Balance at July 2, 2016 $ (1,207) $ (6,978) $ (8,185) |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 3 Months Ended |
Jul. 02, 2016 | |
Earnings Per Share [Abstract] | |
Schedule Of Calculation Of Weighted-Average Shares Outstanding | The table below reflects the calculation of weighted-average shares outstanding for each period presented as well as the computation of basic and diluted net income per common share: Three Months Ended July 2, June 27, Net income $ 18,040 $ 13,404 Denominator for basic net income per common shareweighted-average shares outstanding 23,320,579 23,162,560 Effect of dilution due to employee stock awards 306,172 373,804 Denominator for diluted net income per common share weighted-average shares outstanding 23,626,751 23,536,364 Basic net income per common share $ 0.77 $ 0.58 Diluted net income per common share $ 0.76 $ 0.57 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Jul. 02, 2016 | |
Inventory, Net [Abstract] | |
Inventory | Inventories are stated at the lower of cost or market, using the first-in, first-out method, and are summarized below: July 2, April 2, Raw materials $ 36,335 $ 36,632 Work in process 78,017 73,761 Finished goods 169,989 170,144 $ 284,341 $ 280,537 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Jul. 02, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Goodwill Balances, By Segment | Goodwill Roller Plain Ball Engineered Total April 2, 2016 $ 16,007 $ 77,211 $ 5,623 $ 168,418 $ 267,259 Acquisition and valuation adjustments 2,386 (1,559) 827 Translation adjustments (6) (6) July 2, 2016 $ 16,007 $ 79,597 $ 5,623 $ 166,853 $ 268,080 |
Schedule Of Intangible Assets | Intangible Assets July 2, 2016 April 2, 2016 Weighted Gross Accumulated Gross Accumulated Product approvals 24 $ 54,384 $ 5,044 $ 54,360 $ 4,488 Customer relationships and lists 24 108,738 9,769 113,409 8,784 Trade names 10 20,029 3,699 20,019 3,211 Distributor agreements 5 722 722 722 722 Patents and trademarks 15 8,567 3,710 8,573 3,546 Domain names 10 437 353 437 342 Other 5 1,197 1,083 1,197 1,072 194,074 24,380 198,717 22,165 Non-amortizable repair station certifications n/a 34,200 30,700 Total $ 228,274 $ 24,380 $ 229,417 $ 22,165 |
Schedule Of Estimated Amortization Expense | Estimated amortization expense for the remaining nine months of fiscal 2017, the five succeeding fiscal years and thereafter is as follows: 2017 $ 7,097 2018 9,369 2019 9,147 2020 9,039 2021 8,988 2022 8,873 2023 and thereafter 117,181 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Jul. 02, 2016 | |
Debt Instruments [Abstract] | |
Schedule Of Balances Payable Under Borrowing Facilities | The balances payable under all borrowing facilities are as follows: July 2, April 2, Revolver and term loan facilities $ 341,500 $ 361,500 Debt issuance costs (5,460) (5,816) Other 7,768 8,012 Total debt $ 343,808 $ 363,696 Less: current portion 10,478 10,486 Long-term debt $ 333,330 $ 353,210 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 3 Months Ended |
Jul. 02, 2016 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Information | Segment performance is evaluated based on segment net sales and operating income. Items not allocated to segment operating income include corporate administrative expenses and certain other amounts. Three Months Ended July 2, June 27, Net External Sales Plain $ 70,450 $ 65,677 Roller 27,834 30,580 Ball 13,710 12,819 Engineered Products 42,585 33,232 $ 154,579 $ 142,308 Gross Margin Plain $ 26,554 $ 25,948 Roller 12,289 12,895 Ball 5,304 5,183 Engineered Products 13,104 8,738 $ 57,251 $ 52,764 Selling, General & Administrative Expenses Plain $ 5,990 $ 5,483 Roller 1,441 1,490 Ball 1,462 1,368 Engineered Products 4,893 3,946 Corporate 12,010 11,438 $ 25,796 $ 23,725 Operating Income Plain $ 19,763 $ 20,305 Roller 10,788 11,340 Ball 3,714 3,672 Engineered Products 6,947 2,560 Corporate (11,991) (15,516) $ 29,221 $ 22,361 Geographic External Sales Domestic $ 135,177 $ 122,980 Foreign 19,402 19,328 $ 154,579 $ 142,308 Intersegment Sales Plain $ 1,213 $ 1,139 Roller 3,984 5,513 Ball 515 561 Engineered Products 7,517 8,111 $ 13,229 $ 15,324 |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Jul. 02, 2016 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The purchase price allocation for Sargent was as follows: As of Current assets $ 3,086 Trade receivables 24,100 Inventories 49,245 Property, plant and equipment 39,907 Intangible assets 202,500 Goodwill 224,715 Total assets acquired 543,553 Accounts payable 14,900 Liabilities assumed 28,653 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 Gross Value Amortizable intangible assets Customer relationships 25 $ 99,800 Product approvals 25 50,500 Trademarks and tradenames 10 18,000 168,300 Non-amortizable intangible assets Repair station certifications - 34,200 Intangible assets $ 202,500 |
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: Three Months Ended July 2, June 27, Pro forma net sales $ 154,579 $ 150,682 Pro forma net income 18,294 16,665 Basic earnings per share as reported $ 0.77 $ 0.58 Pro forma basic earnings per share 0.78 0.72 Diluted earnings per share as reported $ 0.76 $ 0.57 Pro forma diluted earnings per share 0.77 0.71 |
Organization and Business (Deta
Organization and Business (Details Textual) | 3 Months Ended |
Jul. 02, 2016 | |
Ship-In-Place Transactions [Member] | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Percentage of Total Net Sales | 2.40% |
Accumulated Other Comprehensi26
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 02, 2016 | Jun. 27, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance Beginning, Currency Translation | $ 222 | |
Other comprehensive income (loss) before reclassifications (net of taxes), Currency Translation | (1,429) | |
Amounts reclassified from accumulated other comprehensive income (loss), Currency Translation | 0 | |
Net current period other comprehensive income (loss), Currency Translation | (1,429) | $ 1,705 |
Balance Ending,Currency Translation | (1,207) | |
Balance Beginning, Pension and Postretirement Liability | (7,212) | |
Other comprehensive income (loss) before reclassifications (net of taxes) Pension and Postretirement Liability | 0 | |
Amounts reclassified from accumulated other comprehensive income (loss), Pension and Postretirement Liability | 234 | |
Net current period other comprehensive income (loss), Pension and Postretirement Liability | 234 | $ (227) |
Balance Ending, Pension and Postretirement Liability | (6,978) | |
Balance Beginning, Total | (6,990) | |
Other comprehensive income (loss) before reclassifications (net of taxes) | (1,429) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 234 | |
Net current period other comprehensive income (loss) | (1,195) | |
Balance Ending, Total | $ (8,185) |
Net Income Per Common Share (De
Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Jul. 02, 2016 | Jun. 27, 2015 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Net income | $ 18,040 | $ 13,404 |
Denominator: | ||
Denominator for basic net income per common share - weighted-average shares outstanding | 23,320,579 | 23,162,560 |
Effect of dilution due to employee stock awards | 306,172 | 373,804 |
Denominator for diluted net income per common share - weighted-average shares outstanding | 23,626,751 | 23,536,364 |
Basic net income per common share | $ 0.77 | $ 0.58 |
Diluted net income per common share | $ 0.76 | $ 0.57 |
Net Income Per Common Share (28
Net Income Per Common Share (Details Textual) - shares | 3 Months Ended | |
Jul. 02, 2016 | Jun. 27, 2015 | |
Net Income Loss Per Common Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 217,250 | 190,250 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Jul. 02, 2016 | Apr. 02, 2016 |
Inventory [Line Items] | ||
Raw materials | $ 36,335 | $ 36,632 |
Work in process | 78,017 | 73,761 |
Finished goods | 169,989 | 170,144 |
Inventory, total | $ 284,341 | $ 280,537 |
Goodwill and Intangible Asset30
Goodwill and Intangible Assets (Details) $ in Thousands | 3 Months Ended |
Jul. 02, 2016USD ($) | |
Goodwill [Line Items] | |
Goodwill Beginnning Balance | $ 267,259 |
Acquisition and valuation adjustments | 827 |
Translation adjustments | (6) |
Goodwill Ending Balance | 268,080 |
Roller [Member] | |
Goodwill [Line Items] | |
Goodwill Beginnning Balance | 16,007 |
Acquisition and valuation adjustments | 0 |
Translation adjustments | 0 |
Goodwill Ending Balance | 16,007 |
Plain [Member] | |
Goodwill [Line Items] | |
Goodwill Beginnning Balance | 77,211 |
Acquisition and valuation adjustments | 2,386 |
Translation adjustments | 0 |
Goodwill Ending Balance | 79,597 |
Ball [Member] | |
Goodwill [Line Items] | |
Goodwill Beginnning Balance | 5,623 |
Acquisition and valuation adjustments | 0 |
Translation adjustments | 0 |
Goodwill Ending Balance | 5,623 |
Engineered Products [Member] | |
Goodwill [Line Items] | |
Goodwill Beginnning Balance | 168,418 |
Acquisition and valuation adjustments | (1,559) |
Translation adjustments | (6) |
Goodwill Ending Balance | $ 166,853 |
Goodwill and Intangible Asset31
Goodwill and Intangible Assets (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 02, 2016 | Apr. 02, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 194,074 | $ 198,717 |
Accumulated Amortization | 24,380 | 22,165 |
Non-amortizable repair station certifications | 34,200 | 30,700 |
Total | $ 228,274 | 229,417 |
Product approvals [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Lives | 24 years | |
Gross Carrying Amount | $ 54,384 | 54,360 |
Accumulated Amortization | $ 5,044 | 4,488 |
Customer relationships and lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Lives | 24 years | |
Gross Carrying Amount | $ 108,738 | 113,409 |
Accumulated Amortization | $ 9,769 | 8,784 |
Trade names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Lives | 10 years | |
Gross Carrying Amount | $ 20,029 | 20,019 |
Accumulated Amortization | $ 3,699 | 3,211 |
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 | $ 8,567 | 8,573 |
Accumulated Amortization | $ 3,710 | 3,546 |
Domain names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Lives | 10 years | |
Gross Carrying Amount | $ 437 | 437 |
Accumulated Amortization | $ 353 | 342 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Lives | 5 years | |
Gross Carrying Amount | $ 1,197 | 1,197 |
Accumulated Amortization | $ 1,083 | $ 1,072 |
Goodwill and Intangible Asset32
Goodwill and Intangible Assets (Details 2) $ in Thousands | Jul. 02, 2016USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2,017 | $ 7,097 |
2,018 | 9,369 |
2,019 | 9,147 |
2,020 | 9,039 |
2,021 | 8,988 |
2,022 | 8,873 |
2023 and thereafter | $ 117,181 |
Goodwill and Intangible Asset33
Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 02, 2016 | Jun. 27, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 2,213 | $ 1,768 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Jul. 02, 2016 | Apr. 02, 2016 |
Debt Instrument [Line Items] | ||
Debt issuance costs | $ (5,460) | $ (5,816) |
Total debt | 343,808 | 363,696 |
Less: current portion | 10,478 | 10,486 |
Long-term debt | 333,330 | 353,210 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 341,500 | 361,500 |
Other Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 7,768 | $ 8,012 |
Debt (Details Textual)
Debt (Details Textual) SFr in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | |||||
Apr. 24, 2015USD ($) | Oct. 01, 2012USD ($) | Oct. 01, 2012CHF (SFr) | Jul. 02, 2016USD ($) | Jul. 02, 2016CHF (SFr) | Apr. 02, 2016USD ($) | Oct. 01, 2012CHF (SFr) | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 195,210 | ||||||
Debt Instruments, Issuance Costs | 5,460 | $ 5,816 | |||||
Letter of Credit [Member] | |||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||
Long-term Line of Credit | 3,490 | ||||||
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 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. | ||||||
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 | 151,500 | ||||||
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 | 7,768 | SFr 7,556 | |||||
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 | |||||
New Credit Agreement [Member] | Sargent Aerospace Defense Business [Member] | |||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||
Debt Instruments, Issuance Costs | 5,460 | ||||||
Debt Issuance Original Amount | 7,122 | ||||||
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 | $ 190,000 | ||||||
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] | 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 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 02, 2016 | Jun. 27, 2015 | |
Income Tax Contingency [Line Items] | ||
Effective income tax rate | 32.70% | 33.10% |
Estimated decrease in credits and state tax | $ 142 | |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 215 | $ 101 |
Without Discrete Item [Member] | ||
Income Tax Contingency [Line Items] | ||
Effective income tax rate | 33.50% | 33.60% |
Reportable Segments (Details)
Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 02, 2016 | Jun. 27, 2015 | |
Segment Reporting Information [Line Items] | ||
Net External Sales | $ 154,579 | $ 142,308 |
Gross Margin | 57,251 | 52,764 |
Selling, General & Administrative Expenses | 25,796 | 23,725 |
Operating Income | 29,221 | 22,361 |
Geographic External Sales | 154,579 | 142,308 |
Intersegment Sales | 13,229 | 15,324 |
Plain [Member] | ||
Segment Reporting Information [Line Items] | ||
Net External Sales | 70,450 | 65,677 |
Gross Margin | 26,554 | 25,948 |
Selling, General & Administrative Expenses | 5,990 | 5,483 |
Operating Income | 19,763 | 20,305 |
Intersegment Sales | 1,213 | 1,139 |
Roller [Member] | ||
Segment Reporting Information [Line Items] | ||
Net External Sales | 27,834 | 30,580 |
Gross Margin | 12,289 | 12,895 |
Selling, General & Administrative Expenses | 1,441 | 1,490 |
Operating Income | 10,788 | 11,340 |
Intersegment Sales | 3,984 | 5,513 |
Ball [Member] | ||
Segment Reporting Information [Line Items] | ||
Net External Sales | 13,710 | 12,819 |
Gross Margin | 5,304 | 5,183 |
Selling, General & Administrative Expenses | 1,462 | 1,368 |
Operating Income | 3,714 | 3,672 |
Intersegment Sales | 515 | 561 |
Engineered Products [Member] | ||
Segment Reporting Information [Line Items] | ||
Net External Sales | 42,585 | 33,232 |
Gross Margin | 13,104 | 8,738 |
Selling, General & Administrative Expenses | 4,893 | 3,946 |
Operating Income | 6,947 | 2,560 |
Intersegment Sales | 7,517 | 8,111 |
Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Selling, General & Administrative Expenses | 12,010 | 11,438 |
Operating Income | (11,991) | (15,516) |
Domestic [Member] | ||
Segment Reporting Information [Line Items] | ||
Geographic External Sales | 135,177 | 122,980 |
Foreign [Member] | ||
Segment Reporting Information [Line Items] | ||
Geographic External Sales | $ 19,402 | $ 19,328 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | Jul. 02, 2016 | Apr. 02, 2016 | Apr. 24, 2015 |
Business Acquisition [Line Items] | |||
Goodwill | $ 268,080 | $ 267,259 | |
Sargent [Member] | |||
Business Acquisition [Line Items] | |||
Current assets | $ 3,086 | ||
Trade receivables | 24,100 | ||
Inventories | 49,245 | ||
Property, plant and equipment | 39,907 | ||
Intangible assets | 202,500 | ||
Goodwill | 224,715 | ||
Total assets acquired | 543,553 | ||
Accounts payable | 14,900 | ||
Liabilities assumed | 28,653 | ||
Net assets acquired | $ 500,000 |
Acquisitions (Details 1)
Acquisitions (Details 1) - Sargent [Member] $ in Thousands | 1 Months Ended |
Apr. 24, 2015USD ($) | |
Amortizable intangible assets | |
Gross Value | $ 168,300 |
Weighted Average Amortization Period (Years) | 0 years |
Non-amortizable intangible assets | |
Repair station certifications | $ 34,200 |
Intangible assets | 202,500 |
Customer Relationships [Member] | |
Amortizable intangible assets | |
Gross Value | $ 99,800 |
Weighted Average Amortization Period (Years) | 25 years |
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 |
Acquisitions (Details 2)
Acquisitions (Details 2) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Jul. 02, 2016 | Jun. 27, 2015 | |
Business Acquisition [Line Items] | ||
Pro forma net sales | $ 154,579 | $ 150,682 |
Pro forma net income | $ 18,294 | $ 16,665 |
Basic earnings per share as reported | $ 0.77 | $ 0.58 |
Pro forma basic earnings per share | 0.78 | 0.72 |
Diluted earnings per share as reported | 0.76 | 0.57 |
Pro forma diluted earnings per share | $ 0.77 | $ 0.71 |
Acquisitions (Details Textual)
Acquisitions (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Jul. 02, 2016 | Jun. 27, 2015 | Apr. 02, 2016 | Apr. 24, 2015 | |
Business Acquisition [Line Items] | ||||
Revenue, Net, Total | $ 154,579 | $ 142,308 | ||
Net income | 18,040 | 13,404 | ||
Goodwill | 268,080 | $ 267,259 | ||
Sargent [Member] | ||||
Business Acquisition [Line Items] | ||||
Revenue, Net, Total | 45,536 | 34,003 | ||
Net income | 3,332 | 3,825 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 500,000 | |||
Acquisition Costs, Period Cost | $ 0 | $ 4,788 | ||
Goodwill | 224,715 | |||
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 |