RBC Bearings (RBC) 10-Q 1 Aug 19 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 29, 2019	Jul. 26, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	RBC Bearings INC
Entity Central Index Key	0001324948
Document Type	10-Q
Trading Symbol	ROLL
Document Period End Date	Jun. 29, 2019
Amendment Flag	false
Current Fiscal Year End Date	--03-28
Entity's Reporting Status Current	Yes
Entity Small Business	false
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	333-124824
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	One Tribology Center
Entity Address, City or Town	Oxford
Entity Address, State or Province	CT
Entity Tax Identification Number	95-4372080
Entity Address, Postal Zip Code	06478
City Area Code	(203)
Local Phone Number	267-7001
Title of each class	Common Stock, par value $0.01 per share
Security Exchange Name	NASDAQ
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		24,874,044

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 29, 2019	Mar. 30, 2019
Current assets:
Cash and cash equivalents	$ 32,713	$ 29,884
Accounts receivable, net of allowance for doubtful accounts of $1,556 at June 29, 2019 and $1,430 at March 30, 2019	130,088	130,735
Inventory	342,921	335,001
Prepaid expenses and other current assets	8,719	7,661
Total current assets	514,441	503,281
Property, plant and equipment, net	215,189	207,895
Operating lease assets, net	26,451	0
Goodwill	261,432	261,431
Intangible assets, net of accumulated amortization of $48,385 at June 29, 2019 and $46,101 at March 30, 2019	154,113	155,641
Other assets	20,308	19,119
Total assets	1,191,934	1,147,367
Current liabilities:
Accounts payable	51,635	49,592
Accrued expenses and other current liabilities	42,813	40,537
Current operating lease liabilities	5,403	0
Total current liabilities	99,851	90,129
Deferred income taxes	8,014	6,862
Long-term debt, less current portion	26,267	43,179
Long-term operating lease liabilities	21,059	0
Other non-current liabilities	39,394	38,631
Total liabilities	194,585	178,801
Stockholders' equity:
Preferred stock, $.01 par value; authorized shares: 10,000,000 at June 29, 2019 and March 30, 2019; none issued or outstanding	0	0
Common stock, $.01 par value; authorized shares:60,000,000 at June 29, 2019 and March 30, 2019, respectively; issued shares:25,698,042 and25,607,196 at June 29, 2019 and March 30, 2019, respectively	257	256
Additional paid-in capital	383,732	378,655
Accumulated other comprehensive loss	(6,036)	(7,467)
Retained earnings	673,682	641,894
Treasury stock, at cost, 822,790 shares at June 29, 2019 and 752,913 shares at March 30, 2019	(54,286)	(44,772)
Total stockholders' equity	997,349	968,566
Total liabilities and stockholders' equity	$ 1,191,934	$ 1,147,367

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 29, 2019	Mar. 30, 2019
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 1,556	$ 1,430
Intangible assets, accumulated amortization	$ 48,385	$ 46,101
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized	10,000,000	10,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized	60,000,000	60,000,000
Common stock, issued	25,698,042	25,607,196
Treasury stock, shares	822,790	752,913

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Income Statement [Abstract]
Net sales	$ 182,690	$ 175,985
Cost of sales	111,996	108,246
Gross margin	70,694	67,739
Operating expenses:
Selling, general and administrative	30,087	29,575
Other, net	2,117	2,166
Total operating expenses	32,204	31,741
Operating income	38,490	35,998
Interest expense, net	547	1,711
Other non-operating expense	169	1,034
Income before income taxes	37,774	33,253
Provision for income taxes	7,275	5,786
Net income	$ 30,499	$ 27,467
Net income per common share:
Earnings Per Share, Basic	$ 1.24	$ 1.14
Earnings Per Share, Diluted	$ 1.23	$ 1.12
Weighted average common shares:
Weighted Average Number of Shares Outstanding, Basic	24,501,707	24,140,778
Weighted Average Number of Shares Outstanding, Diluted	24,807,307	24,543,589

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 30,499	$ 27,467
Pension and postretirement liability adjustments, net of taxes	178	194
Foreign currency translation adjustments	2,542	(4,061)
Total comprehensive income	$ 33,219	$ 23,600

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income/(Loss)	Retained Earnings	Treasury Stock	Total
Balance at Mar. 31, 2018	$ 251	$ 339,148	$ (2,285)	$ 536,978	$ (39,540)	$ 834,552
Balance (in shares) at Mar. 31, 2018	25,123,694				(713,687)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 0	0	0	27,467	$ 0	27,467
Share-based compensation	0	3,766	0	0	0	3,766
Repurchase of common stock	$ 0	0	0	0	$ (1,491)	(1,491)
Repurchase of common stock (in shares)	0				(11,865)
Exercise of equity awards	$ 2	6,416	0	0	$ 0	6,418
Exercise of equity awards (in shares)	100,142				0
Change in net prior service cost and actuarial losses, net of taxes	$ 0	0	194	0	$ 0	194
Issuance of restricted stock	$ 0	0	0	0	$ 0	0
Issuance of restricted stock (in shares)	87,345				0
Impact from adoption of ASU 2018-02 and 2014-09	$ 0	0	0	(277)	$ 0	(277)
Currency translation adjustments	0	0	(4,061)	0	0	(4,061)
Balance at Jun. 30, 2018	$ 253	349,330	(6,152)	564,168	$ (41,031)	866,568
Balance (in shares) at Jun. 30, 2018	25,311,181				(725,552)
Balance at Mar. 30, 2019	$ 256	378,655	(7,467)	641,894	$ (44,772)	968,566
Balance (in shares) at Mar. 30, 2019	25,607,196				(752,913)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 0	0	0	30,499	$ 0	30,499
Share-based compensation	0	4,802	0	0	0	4,802
Repurchase of common stock	$ 0	0	0	0	$ (9,514)	(9,514)
Repurchase of common stock (in shares)	0				(69,877)
Exercise of equity awards	$ 1	275	0	0	$ 0	276
Exercise of equity awards (in shares)	4,356				0
Change in net prior service cost and actuarial losses, net of taxes	$ 0	0	178	0	$ 0	178
Issuance of restricted stock	$ 0	0	0	0	$ 0	0
Issuance of restricted stock (in shares)	86,490				0
Impact from adoption of ASU 2018-02 and 2014-09	$ 0	0	(1,289)	1,289	$ 0	0
Currency translation adjustments	0	0	2,542	0	0	2,542
Balance at Jun. 29, 2019	$ 257	$ 383,732	$ (6,036)	$ 673,682	$ (54,286)	$ 997,349
Balance (in shares) at Jun. 29, 2019	25,698,042				(822,790)

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Statement of Stockholders' Equity [Abstract]
Change in net prior service cost and actuarial losses, tax	$ 54	$ 58

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income	$ 30,499	$ 27,467
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	5,236	4,950
Deferred income taxes	1,153	2,470
Amortization of intangible assets	2,284	2,363
Amortization of deferred financing costs	99	329
Loss on extinguishment of debt	0	987
Stock-based compensation	4,802	3,766
Other non-cash charges	(11)	(36)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	815	178
Inventory	(7,423)	(7,182)
Prepaid expenses and other current assets	(1,052)	(114)
Other non-current assets	(1,041)	(1,304)
Accounts payable	1,986	(940)
Accrued expenses and other current liabilities	2,773	(739)
Other non-current liabilities	16	1,640
Net cash provided by operating activities	40,136	33,835
Cash flows from investing activities:
Purchase of property, plant and equipment	(12,040)	(6,993)
Proceeds from sale of assets	2	1,843
Net cash used in investing activities	(12,038)	(5,150)
Cash flows from financing activities:
Proceeds received from revolving credit facility	0	149,250
Repayments of revolving credit facility	(17,000)	(10,500)
Repayments of term loans	0	(168,750)
Repayments of notes payable	(117)	(117)
Exercise of stock options	276	6,418
Repurchase of common stock	(9,514)	(1,491)
Net cash used in financing activities	(26,355)	(25,190)
Effect of exchange rate changes on cash	1,086	(2,002)
Cash and cash equivalents:
Increase during the period	2,829	1,493
Cash, at beginning of period	29,884	54,163
Cash, at end of period	32,713	55,656
Cash paid for:
Income taxes	489	843
Interest	$ 408	$ 1,169

Basis of Presentation

Basis of Presentation	3 Months Ended
	Jun. 29, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The interim consolidated financial statements included herein have been prepared by RBC Bearings Incorporated, a Delaware corporation (collectively with its subsidiaries, the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The interim financial statements included with this report have been prepared on a consistent basis with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K 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 June 29, 2019 are not necessarily indicative of the operating results for the entire fiscal year ending March 28, 2020. The three-month periods ended June 29, 2019 and June 30, 2018 each include 13 weeks. The amounts shown are in thousands, unless otherwise indicated.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Jun. 29, 2019
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies The Company’s significant accounting policies are detailed in “Note 2 - Summary of Significant Accounting Policies” of our Annual Report on Form 10-K Recent Accounting Standards Adopted In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) The Company adopted this accounting standard on March 31, 2019 and has elected the modified retrospective transition method which permits the application of the new lease standard at the adoption date and recognition of a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company has elected not to apply the recognition requirements to short-term leases, and will recognize the lease payments in the income statement on a straight-line basis over the lease term and variable payments in the period in which the obligation for those payments is incurred. The Company has elected the following practical expedients (which must be elected as a package and applied consistently to all leases): an entity need not reassess whether any expired or existing contracts are or contain leases; an entity need not reassess the lease classification for any expired or existing leases; and an entity need not reassess initial direct costs for any existing leases. The Company has also elected the practical expedient which permits the inclusion of lease and nonlease components as a single component and account for it as a lease. This election has been made for all asset classes. We also elected the hindsight practical expedient to determine the reasonably certain lease term for existing leases which resulted in the extension of lease terms for certain existing leases. The cumulative-effect of the changes made to the balance sheet on the first day of adoption resulted in the recognition of lease assets and lease liabilities for operating lease commitments of $27,378. The adoption of this accounting standard had no impact on the Company’s consolidated statement of operations, debt compliance or the captions on the consolidated statement of cash flows. The Company determines if an arrangement is a lease at contract inception. For leases where the Company is the lessee, it recognizes lease assets and related lease liabilities at the lease commencement date based on the present value of lease payments over the lease term. The lease term is the noncancellable period for which a lessee has the right to use an underlying asset, including periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option and periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option. For renewal options, the Company performs an assessment at commencement if it is reasonably likely to exercise the option. The assessment is based on the Company’s intentions, past practices, estimates and factors that create an economic incentive for the Company. Generally, the Company is not reasonably certain to exercise the renewal option in a lease contract, with the exception of some of our leased manufacturing facilities. While some of the Company’s leases include options allowing early termination of the lease, the Company historically has not terminated its lease agreements early unless there is an economic, financial or business reason to do so; therefore, the Company does not typically consider the termination option in its lease term at commencement. Most of the Company’s leases do not provide an implicit interest rate. As a result, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while the expense for finance leases is recognized as depreciation expense and interest expense using the accelerated interest method of recognition. The Company has elected not to apply the recognition requirements to short-term leases, and will recognize the lease payments in profit or loss on a straight-line basis over the lease term and variable payments in the period in which the obligation for those payments is incurred. In February 2018, the FASB issued ASU No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220)

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Jun. 29, 2019
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	3. Revenue from Contracts with Customers Disaggregation of Revenue The Company operates in four business segments with similar economic characteristics, including nature of the products and production processes, distribution patterns and classes of customers. Revenue is disaggregated within these business segments by our two principal end markets: aerospace and industrial. Comparative information of the Company’s overall revenues for the three months ended June 29, 2019 and June 30, 2018 are as follows: Principal End Markets: Three Months Ended June 29, 2019 June 30, 2018 Aerospace Industrial Total Aerospace Industrial Total Plain $ 67,306 $ 20,183 $ 87,489 $ 56,384 $ 22,141 $ 78,525 Roller 19,313 17,546 36,859 16,887 18,983 35,870 Ball 5,430 12,280 17,710 4,004 14,070 18,074 Engineered Products 24,270 16,362 40,632 27,216 16,300 43,516 $ 116,319 $ 66,371 $ 182,690 $ 104,491 $ 71,494 $ 175,985 Remaining Performance Obligations Remaining performance obligations represent the transaction price of orders meeting the definition of a contract in the new revenue standard for which work has not been performed or has been partially performed and excludes unexercised contract options. The duration of the majority of our contracts, as defined by ASC 606, is less than one year. The Company has elected to apply the practical expedient which allows companies to exclude remaining performance obligations with an original expected duration of one year or less. Performance obligations having a duration of more than one year are concentrated in contracts for certain products and services provided to the U.S. government or its contractors. The aggregate amount of the transaction price allocated to remaining performance obligations for such contracts with a duration of more than one year was approximately $242,309 at June 29, 2019. The Company expects to recognize revenue on approximately 68% and 92% of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter. Contract Balances The timing of revenue recognition, invoicing and cash collections affect accounts receivable, unbilled receivables (contract assets) and customer advances and deposits (contract liabilities) on the consolidated balance sheets. Contract Assets (Unbilled Receivables) Contract Liabilities (Deferred Revenue) These assets and liabilities are reported on the consolidated balance sheets on an individual contract basis at the end of each reporting period. As of June 29, 2019 and March 30, 2019, accounts receivable with customers, net, were $130,088 and $130,735 , respectively. The tables below represent a roll-forward of contract assets and contract liabilities for the three-month period ended June 29, 2019: Contract Assets - Current (1) Balance at March 30, 2019 $ 1,895 Additional revenue recognized in excess of billings 1,028 Less: amounts billed to customers (611 ) Balance at June 29, 2019 $ 2,312 (1) Included within prepaid expenses and other current assets on the consolidated balance sheets. Contract Liabilities – Current (2) Balance at March 30, 2019 $ 10,121 Payments received prior to revenue being recognized 2,977 Revenue recognized (5,989 ) Reclassification to/from noncurrent 214 Balance at June 29, 2019 $ 7,323 (2) Included within accrued expenses and other current liabilities on the consolidated balance sheets. Contract Liabilities – Noncurrent (3) Balance at March 30, 2019 $ 587 Reclassification to/from current (214 ) Balance at June 29, 2019 $ 373 (3) Included within other non-current liabilities on the consolidated balance sheets. As of June 29, 2019, the Company does not have any contract assets classified as noncurrent on the consolidated balance sheets.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Jun. 29, 2019
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	4. Accumulated Other Comprehensive Income (Loss) The components of comprehensive income (loss) that relate to the Company are net income, foreign currency translation adjustments and pension plan and postretirement benefits. The following summarizes the activity within each component of accumulated other comprehensive income (loss), net of taxes: Currency Pension and Total Balance at March 30, 2019 $ (3,301 ) $ (4,166 ) $ (7,467 ) Impact from adoption of ASU 2018-02 — (1,289 ) (1,289 ) Other comprehensive income before reclassifications 2,542 — 2,542 Amounts reclassified from accumulated other comprehensive income — 178 178 Net current period other comprehensive income 2,542 178 2,720 Balance at June 29, 2019 $ (759 ) $ (5,277 ) $ (6,036 )

Net Income Per Common Share

Net Income Per Common Share	3 Months Ended
	Jun. 29, 2019
Net Income Per Common Share [Abstract]
Net Income Per Common Share	5. 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 period presented as well as the computation of basic and diluted net income per common share: Three Months Ended June 29, June 30, Net income $ 30,499 $ 27,467 Denominator for basic net income per common share—weighted-average shares outstanding 24,501,707 24,140,778 Effect of dilution due to employee stock awards 305,600 402,811 Denominator for diluted net income per common share — weighted-average shares outstanding 24,807,307 24,543,589 Basic net income per common share $ 1.24 $ 1.14 Diluted net income per common share $ 1.23 $ 1.12 At June 29, 2019, 373,840 employee stock options and 86,040 restricted shares have been excluded from the calculation of diluted earnings per share. At June 30, 2018, 87,540 employee stock options and 204,175 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.

Cash and Cash Equivalents

Cash and Cash Equivalents	3 Months Ended
	Jun. 29, 2019
Cash and cash equivalents:
Cash and Cash Equivalents	6. 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
	Jun. 29, 2019
Inventory, Net [Abstract]
Inventory	7. Inventory Inventories are stated at the lower of cost or net realizable value, using the first-in, first-out method, and are summarized below: June 29, 2019 March 30, 2019 Raw materials $ 51,167 $ 48,690 Work in process 93,364 90,820 Finished goods 198,390 195,491 $ 342,921 $ 335,001

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Jun. 29, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	8. Goodwill and Intangible Assets Goodwill Roller Plain Ball Engineered Products Total June 29, 2019 $ 16,007 $ 79,597 $ 5,623 $ 160,205 $ 261,432 Intangible Assets June 29, 2019 March 30, 2019 Weighted Average Useful Lives Gross Carrying Amount Accumulated Amortization Gross Accumulated Product approvals 24 $ 50,878 $ 11,010 $ 50,878 $ 10,481 Customer relationships and lists 24 96,459 20,110 96,458 19,149 Trade names 10 15,959 7,799 15,959 7,447 Distributor agreements 5 722 722 722 722 Patents and trademarks 16 10,665 5,726 10,534 5,540 Domain names 10 437 437 437 437 Other 2 3,097 2,581 2,473 2,325 178,217 48,385 177,461 46,101 Non-amortizable repair station certifications n/a 24,281 — 24,281 — Total 22 $ 202,498 $ 48,385 $ 201,742 $ 46,101 Amortization expense for definite-lived intangible assets for the three months ended June 29, 2019 and June 30, 2018 was $2,284 and $2,363 , respectively. Estimated amortization expense for the remaining nine months of fiscal 2020, the five succeeding fiscal years and thereafter is as follows: 2020 $ 5,958 2021 7,902 2022 7,783 2023 7,698 2024 7,570 2025 7,570 2026 and thereafter 85,351

Leases

Leases	3 Months Ended
	Jun. 29, 2019
Leases [Abstract]
Leases	9. Leases The Company enters into operating leases for manufacturing facilities, warehouses, sales offices, information technology equipment, plant equipment, vehicles and certain other equipment at varying dates from April 2019 to February 2038, including renewal options. The following table represents the impact of leasing on the consolidated balance sheet: Operating Leases: June 29, Lease assets: Operating lease assets, net $ 26,451 Lease liabilities: Current operating lease liabilities 5,403 Long-term operating lease liabilities 21,059 Total operating lease liabilities $ 26,462 The Company did not have any finance leases as of June 29, 2019. Cash paid included in the measurement of lease liabilities was $1,363. Lease assets obtained in exchange for new operating lease liabilities during the period were immaterial. Operating lease expense for the three-month period ended June 29, 2019 was $1,837. Short-term and variable lease expense were immaterial. Future undiscounted lease payments for the remaining lease terms, including renewal options reasonably certain of being exercised, are as follows: Operating Within one year $ 5,744 One to two years 5,023 Two to three years 3,371 Three to four years 2,777 Four to five years 1,633 Thereafter 14,639 Total future undiscounted lease payments 33,187 Less: imputed interest (6,725 ) Total operating lease liabilities $ 26,462 The weighted-average remaining lease term on June 29, 2019 for our operating leases is 11.3 years. The weighted-average discount rate on June 29, 2019 for our operating leases is 4.4%.

Debt

Debt	3 Months Ended
	Jun. 29, 2019
Debt Disclosure [Abstract]
Debt	10. Debt The balances payable under all borrowing facilities are as follows: June 29, 2019 March 30, 2019 Revolver facility $ 22,250 $ 39,250 Debt issuance costs (1,813 ) (1,912 ) Other 6,306 6,308 Total debt 26,743 43,646 Less: current portion 476 467 Long-term debt $ 26,267 $ 43,179 The current portion of long-term debt as of June 29, 2019 and March 30, 2019, respectively, includes the current portion of the Schaublin mortgage. Credit Facility On April 24, 2015, the Company entered into a credit agreement (the “Credit Agreement”) and related Guarantee, Pledge Agreement and Security Agreement with Wells Fargo Bank, National Association, as Administrative Agent, Collateral Agent, Swingline Lender and Letter of Credit Issuer, and the other lenders party thereto and terminated the Company’s prior credit agreement with JP Morgan. The Credit Agreement provided the Company with a $200,000 term loan (the “Term Loan”) and a $350,000 revolving credit facility and was to expire on April 24, 2020. On May 31, 2018, the Company paid off the remaining balance of the Term Loan and wrote off $987 in unamortized debt issuance costs associated with the Term Loan which were recorded within other non-operating expense on the consolidated statements of operations. On January 31, 2019, the Company amended the Credit Agreement with Wells Fargo Bank, National Association, as Administrative Agent, Collateral Agent, Swingline Lender and Letter of Credit Issuer, and the other lenders party thereto. The Credit Agreement as so amended (the “Amended Credit Agreement”) now provides the Company with a $250,000 revolving credit facility (the “Revolver”). The Revolver expires on January 31, 2024. Debt issuance costs associated with the Amended Credit Agreement totaled $852 and will be amortized through January 31, 2024 along with the unamortized debt issuance costs remaining from the Credit Agreement. Amounts outstanding under the Revolver 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 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 at each measurement date. Currently, the Company’s margin is 0.00% for base rate loans and 0.75% for LIBOR loans. The Amended Credit Agreement requires the Company to comply with various covenants, including among other things, a financial covenant to maintain a ratio of consolidated net debt to adjusted EBITDA not greater than 3.50 to 1 . The Amended Credit Agreement allows the Company to, among other things, make distributions to shareholders, repurchase its stock, incur other debt or liens, or acquire or dispose of assets provided that the Company complies with certain requirements and limitations of the Amended Credit Agreement. As of June 29, 2019, the Company was in compliance with all such covenants. The Company’s domestic subsidiaries have guaranteed the Company’s obligations under the Amended Credit Agreement. The Company’s obligations under the Amended Credit Agreement and the domestic subsidiaries’ guarantee are secured by a pledge of substantially all of the domestic assets of the Company and its domestic subsidiaries. Approximately $3,850 of the Revolver is being utilized to provide letters of credit to secure the Company’s obligations relating to certain insurance programs. As of June 29, 2019, $1,813 in unamortized debt issuance costs remain. The Company has the ability to borrow up to an additional $223,900 under the Revolver as of June 29, 2019. Other Notes Payable On October 1, 2012, one of our foreign divisions, Schaublin, purchased the land and building, that it occupied and had been leasing for CHF 14,067 (approximately $14,910). Schaublin obtained a 20-year fixed-rate mortgage of CHF 9,300 (approximately $9,857) at an interest rate of 2.9%. The balance of the purchase price of CHF 4,767 (approximately $5,053) was paid from cash on hand. The balance on this mortgage as of June 29, 2019 was CHF 6,161, or $6,306 .

Income Taxes

Income Taxes	3 Months Ended
	Jun. 29, 2019
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes 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 April 2, 2016. The effective income tax rates for the three-month periods ended June 29, 2019 and June 30, 2018, were 19.3% and 17.4%. In addition to discrete items, the effective income tax rates for these periods are different from the U.S. statutory rates due to the foreign-derived intangible income provision and U.S. credit for increasing research activities which decrease the rate and state income taxes which increase the rate. The effective income tax rate for the three-month period ended June 29, 2019 of 19.3% includes $510 of tax benefit associated with share-based compensation, along with $241 tax benefit of other permanent adjustments from filing the Company’s fiscal 2018 foreign tax returns. The effective income tax rate without discrete items for the three-month period ended June 29, 2019 would have been 21.2%. The effective income tax rate for the three-month period ended June 30, 2018 of 17.4% includes discrete items of $1,330 tax benefit associated with shared based compensation and $74 tax benefit for the release of unrecognized tax positions associated with statute of limitations expiration. The effective income tax rate without discrete items for the three-month period ended June 30, 2018 would have been 21.6%. The Company believes it is reasonably possible that some of its unrecognized tax positions may be effectively settled within the next twelve months due to the closing of audits and the statute of limitations expiring in varying jurisdictions. The decrease in the Company’s unrecognized tax positions, pertaining primarily to federal and state credits and state tax, is estimated to be approximately $1,246 .

Reportable Segments

Reportable Segments	3 Months Ended
	Jun. 29, 2019
Segment Reporting [Abstract]
Reportable Segments	12. 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 are aggregated as reportable segment as they have similar economic characteristics, including nature of the products and production processes, distribution patterns and classes of customers. 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. 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 June 29, June 30, Net External Sales Plain $ 87,489 $ 78,525 Roller 36,859 35,870 Ball 17,710 18,074 Engineered Products 40,632 43,516 $ 182,690 $ 175,985 Gross Margin Plain $ 34,114 $ 30,616 Roller 14,524 14,957 Ball 7,799 7,279 Engineered Products 14,257 14,887 $ 70,694 $ 67,739 Selling, General & Administrative Expenses Plain $ 6,514 $ 6,362 Roller 1,614 1,624 Ball 1,633 1,602 Engineered Products 4,303 5,360 Corporate 16,023 14,627 $ 30,087 $ 29,575 Operating Income Plain $ 26,825 $ 23,444 Roller 12,570 13,332 Ball 6,137 5,618 Engineered Products 9,002 8,877 Corporate (16,044 ) (15,273 ) $ 38,490 $ 35,998 Intersegment Sales Plain $ 1,847 $ 1,597 Roller 3,201 4,095 Ball 669 800 Engineered Products 10,822 9,138 $ 16,539 $ 15,630 All intersegment sales are eliminated in consolidation.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 29, 2019
Accounting Policies [Abstract]
Recent Accounting Standards Adopted	Recent Accounting Standards Adopted In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) The Company adopted this accounting standard on March 31, 2019 and has elected the modified retrospective transition method which permits the application of the new lease standard at the adoption date and recognition of a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company has elected not to apply the recognition requirements to short-term leases, and will recognize the lease payments in the income statement on a straight-line basis over the lease term and variable payments in the period in which the obligation for those payments is incurred. The Company has elected the following practical expedients (which must be elected as a package and applied consistently to all leases): an entity need not reassess whether any expired or existing contracts are or contain leases; an entity need not reassess the lease classification for any expired or existing leases; and an entity need not reassess initial direct costs for any existing leases. The Company has also elected the practical expedient which permits the inclusion of lease and nonlease components as a single component and account for it as a lease. This election has been made for all asset classes. We also elected the hindsight practical expedient to determine the reasonably certain lease term for existing leases which resulted in the extension of lease terms for certain existing leases. The cumulative-effect of the changes made to the balance sheet on the first day of adoption resulted in the recognition of lease assets and lease liabilities for operating lease commitments of $27,378. The adoption of this accounting standard had no impact on the Company’s consolidated statement of operations, debt compliance or the captions on the consolidated statement of cash flows. The Company determines if an arrangement is a lease at contract inception. For leases where the Company is the lessee, it recognizes lease assets and related lease liabilities at the lease commencement date based on the present value of lease payments over the lease term. The lease term is the noncancellable period for which a lessee has the right to use an underlying asset, including periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option and periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option. For renewal options, the Company performs an assessment at commencement if it is reasonably likely to exercise the option. The assessment is based on the Company’s intentions, past practices, estimates and factors that create an economic incentive for the Company. Generally, the Company is not reasonably certain to exercise the renewal option in a lease contract, with the exception of some of our leased manufacturing facilities. While some of the Company’s leases include options allowing early termination of the lease, the Company historically has not terminated its lease agreements early unless there is an economic, financial or business reason to do so; therefore, the Company does not typically consider the termination option in its lease term at commencement. Most of the Company’s leases do not provide an implicit interest rate. As a result, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while the expense for finance leases is recognized as depreciation expense and interest expense using the accelerated interest method of recognition. The Company has elected not to apply the recognition requirements to short-term leases, and will recognize the lease payments in profit or loss on a straight-line basis over the lease term and variable payments in the period in which the obligation for those payments is incurred. In February 2018, the FASB issued ASU No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220)
Recent Accounting Standards Yet to Be Adopted	Recent Accounting Standards Yet to Be Adopted In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350) In September 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) Other new pronouncements issued but not effective until after March 28, 2020 are not expected to have a material impact on our financial position, results of operations or liquidity.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Jun. 29, 2019
Revenue from Contract with Customer [Abstract]
Schedule of revenue from business segments of customers	Three Months Ended June 29, 2019 June 30, 2018 Aerospace Industrial Total Aerospace Industrial Total Plain $ 67,306 $ 20,183 $ 87,489 $ 56,384 $ 22,141 $ 78,525 Roller 19,313 17,546 36,859 16,887 18,983 35,870 Ball 5,430 12,280 17,710 4,004 14,070 18,074 Engineered Products 24,270 16,362 40,632 27,216 16,300 43,516 $ 116,319 $ 66,371 $ 182,690 $ 104,491 $ 71,494 $ 175,985
Schedule of contract assets and contract liabilities	Contract Assets - Current (1) Balance at March 30, 2019 $ 1,895 Additional revenue recognized in excess of billings 1,028 Less: amounts billed to customers (611 ) Balance at June 29, 2019 $ 2,312 (1) Included within prepaid expenses and other current assets on the consolidated balance sheets. Contract Liabilities – Current (2) Balance at March 30, 2019 $ 10,121 Payments received prior to revenue being recognized 2,977 Revenue recognized (5,989 ) Reclassification to/from noncurrent 214 Balance at June 29, 2019 $ 7,323 (2) Included within accrued expenses and other current liabilities on the consolidated balance sheets. Contract Liabilities – Noncurrent (3) Balance at March 30, 2019 $ 587 Reclassification to/from current (214 ) Balance at June 29, 2019 $ 373 (3) Included within other non-current liabilities on the consolidated balance sheets.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Jun. 29, 2019
Equity [Abstract]
Schedule of accumulated other comprehensive income (loss), net of taxes	Currency Pension and Total Balance at March 30, 2019 $ (3,301 ) $ (4,166 ) $ (7,467 ) Impact from adoption of ASU 2018-02 — (1,289 ) (1,289 ) Other comprehensive income before reclassifications 2,542 — 2,542 Amounts reclassified from accumulated other comprehensive income — 178 178 Net current period other comprehensive income 2,542 178 2,720 Balance at June 29, 2019 $ (759 ) $ (5,277 ) $ (6,036 )

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	3 Months Ended
	Jun. 29, 2019
Net Income Per Common Share [Abstract]
Schedule basic and diluted net income per common share	Three Months Ended June 29, June 30, Net income $ 30,499 $ 27,467 Denominator for basic net income per common share—weighted-average shares outstanding 24,501,707 24,140,778 Effect of dilution due to employee stock awards 305,600 402,811 Denominator for diluted net income per common share — weighted-average shares outstanding 24,807,307 24,543,589 Basic net income per common share $ 1.24 $ 1.14 Diluted net income per common share $ 1.23 $ 1.12

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Jun. 29, 2019
Inventory, Net [Abstract]
Schedule of inventory	June 29, 2019 March 30, 2019 Raw materials $ 51,167 $ 48,690 Work in process 93,364 90,820 Finished goods 198,390 195,491 $ 342,921 $ 335,001

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Jun. 29, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill	Goodwill Roller Plain Ball Engineered Products Total June 29, 2019 $ 16,007 $ 79,597 $ 5,623 $ 160,205 $ 261,432
Schedule of intangible assets	Intangible Assets June 29, 2019 March 30, 2019 Weighted Average Useful Lives Gross Carrying Amount Accumulated Amortization Gross Accumulated Product approvals 24 $ 50,878 $ 11,010 $ 50,878 $ 10,481 Customer relationships and lists 24 96,459 20,110 96,458 19,149 Trade names 10 15,959 7,799 15,959 7,447 Distributor agreements 5 722 722 722 722 Patents and trademarks 16 10,665 5,726 10,534 5,540 Domain names 10 437 437 437 437 Other 2 3,097 2,581 2,473 2,325 178,217 48,385 177,461 46,101 Non-amortizable repair station certifications n/a 24,281 — 24,281 — Total 22 $ 202,498 $ 48,385 $ 201,742 $ 46,101
Schedule of estimated amortization expense	Amortization expense for definite-lived intangible assets for the three months ended June 29, 2019 and June 30, 2018 was $2,284 and $2,363 , respectively. Estimated amortization expense for the remaining nine months of fiscal 2020, the five succeeding fiscal years and thereafter is as follows: 2020 $ 5,958 2021 7,902 2022 7,783 2023 7,698 2024 7,570 2025 7,570 2026 and thereafter 85,351

Leases (Tables)

Leases (Tables)	3 Months Ended
	Jun. 29, 2019
Leases [Abstract]
Schedule of operating leases	Operating Leases: June 29, Lease assets: Operating lease assets, net $ 26,451 Lease liabilities: Current operating lease liabilities 5,403 Long-term operating lease liabilities 21,059 Total operating lease liabilities $ 26,462
Schedule of future undiscounted lease payments	Operating Within one year $ 5,744 One to two years 5,023 Two to three years 3,371 Three to four years 2,777 Four to five years 1,633 Thereafter 14,639 Total future undiscounted lease payments 33,187 Less: imputed interest (6,725 ) Total operating lease liabilities $ 26,462

Debt (Tables)

Debt (Tables)	3 Months Ended
	Jun. 29, 2019
Debt Disclosure [Abstract]
Schedule of balances payable under borrowing facilities	The balances payable under all borrowing facilities are as follows: June 29, 2019 March 30, 2019 Revolver facility $ 22,250 $ 39,250 Debt issuance costs (1,813 ) (1,912 ) Other 6,306 6,308 Total debt 26,743 43,646 Less: current portion 476 467 Long-term debt $ 26,267 $ 43,179

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
	Jun. 29, 2019
Segment Reporting [Abstract]
Schedule of segment information	Three Months Ended June 29, June 30, Net External Sales Plain $ 87,489 $ 78,525 Roller 36,859 35,870 Ball 17,710 18,074 Engineered Products 40,632 43,516 $ 182,690 $ 175,985 Gross Margin Plain $ 34,114 $ 30,616 Roller 14,524 14,957 Ball 7,799 7,279 Engineered Products 14,257 14,887 $ 70,694 $ 67,739 Selling, General & Administrative Expenses Plain $ 6,514 $ 6,362 Roller 1,614 1,624 Ball 1,633 1,602 Engineered Products 4,303 5,360 Corporate 16,023 14,627 $ 30,087 $ 29,575 Operating Income Plain $ 26,825 $ 23,444 Roller 12,570 13,332 Ball 6,137 5,618 Engineered Products 9,002 8,877 Corporate (16,044 ) (15,273 ) $ 38,490 $ 35,998 Intersegment Sales Plain $ 1,847 $ 1,597 Roller 3,201 4,095 Ball 669 800 Engineered Products 10,822 9,138 $ 16,539 $ 15,630

Significant Accounting Polici_3

Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2018	Jun. 29, 2019	Jun. 30, 2018
U.S. statutory tax rate (in percent)		19.30%	17.40%
Reclassified from accumulated other comprehensive income to retained earnings		$ 178
Operating Lease, Lease Income		27,378
After TCJA enactment [Member]
U.S. statutory tax rate (in percent)	21.00%
Before TCJA enactment [Member]
U.S. statutory tax rate (in percent)	35.00%
Reclassification [Member]
Reclassified from accumulated other comprehensive income to retained earnings		$ 1,289

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Revenue from contracts with customers	$ 182,690	$ 175,985
Plain [Member]
Revenue from contracts with customers	87,489	78,525
Roller [Member]
Revenue from contracts with customers	36,859	35,870
Ball [Member]
Revenue from contracts with customers	17,710	18,074
Engineered Products [Member]
Revenue from contracts with customers	40,632	43,516
Aerospace [Member]
Revenue from contracts with customers	116,319	104,491
Aerospace [Member] | Plain [Member]
Revenue from contracts with customers	67,306	56,384
Aerospace [Member] | Roller [Member]
Revenue from contracts with customers	19,313	16,887
Aerospace [Member] | Ball [Member]
Revenue from contracts with customers	5,430	4,004
Aerospace [Member] | Engineered Products [Member]
Revenue from contracts with customers	24,270	27,216
Industrial [Member]
Revenue from contracts with customers	66,371	71,494
Industrial [Member] | Plain [Member]
Revenue from contracts with customers	20,183	22,141
Industrial [Member] | Roller [Member]
Revenue from contracts with customers	17,546	18,983
Industrial [Member] | Ball [Member]
Revenue from contracts with customers	12,280	14,070
Industrial [Member] | Engineered Products [Member]
Revenue from contracts with customers	$ 16,362	$ 16,300

Revenue from Contracts with C_4

Revenue from Contracts with Customers (Details 1) $ in Thousands	3 Months Ended
	Jun. 29, 2019USD ($)
Contract Assets - Current
Balance at beginning	$ 1,895	[1]
Additional revenue recognized in excess of billings	1,028	[1]
Less: amounts billed to customers	(611)	[1]
Balance at ending	2,312	[1]
Contract Liabilities - Current
Balance at beginning	10,121	[2]
Payments received prior to revenue being recognized	2,977	[2]
Revenue recognized on beginning balance	5,989	[2]
Reclassification to/from noncurrent	214	[2]
Balance at ending	7,323	[2]
Contract Liabilities - Noncurrent
Balance at beginning	587	[3]
Reclassification to/from current	214	[3]
Balance at ending	$ 373	[3]
[1]	Included within prepaid expenses and other current assets on the consolidated balance sheets.
[2]	Included within accrued expenses and other current liabilities on the consolidated balance sheets.
[3]	Included within other non-current liabilities on the consolidated balance sheets.

Revenue from Contracts with C_5

Revenue from Contracts with Customers (Details Narrative) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 29, 2019USD ($)Segment$ / shares	Jun. 30, 2018USD ($)$ / shares	Mar. 30, 2019USD ($)
Retained earnings	$ 673,682		$ 641,894
Operating income	38,490	$ 35,998
Net income	$ 30,499	$ 27,467
Basic income per share (in dollars per share) | $ / shares	$ 1.24	$ 1.14
Diluted income per share (in dollars per share) | $ / shares	$ 1.23	$ 1.12
Inventory work-in-process	$ 93,364		90,820
The aggregate amount of the transaction price allocated to remaining performance obligations	$ 242,309
Revenue recognize remaining performance obligations	The Company expects to recognize revenue on approximately 68% and 92% of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter.
Accounts receivable with customers, Gross	$ 130,088		$ 130,735
Number of segment | Segment	4

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Equity [Abstract]
Currency Translation, Beginning Balance	$ (3,301)
Currency Translation, Impact from adoption of ASU 2018-02	0
Currency Translation, Other comprehensive income before reclassifications	2,542
Currency Translation, Amounts reclassified from accumulated other comprehensive income	0
Currency Translation, Net current period other comprehensive income	2,542	$ (4,061)
Currency Translation, Ending Balance	(759)
Pension and Postretirement Liability, Beginning Balance	(4,166)
Pension and Postretirement Liability, Impact from adoption of ASU 2018-02	(1,289)
Pension and Postretirement Liability, Other comprehensive income before reclassifications	0
Pension and Postretirement Liability, Amounts reclassified from accumulated other comprehensive income	178
Pension and Postretirement Liability, Net current period other comprehensive income	(178)	$ (194)
Pension and Postretirement Liability, Ending Balance	(5,277)
Total, Beginning Balance	(7,467)
Total, Impact from adoption of ASU 2018-02	(1,289)
Total, Other comprehensive income before reclassifications	2,542
Total, Amounts reclassified from accumulated other comprehensive income	178
Total, Net current period other comprehensive income	2,720
Total, Ending Balance	$ (6,036)

Net Income Per Common Share (De

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Net Income Per Common Share [Abstract]
Net income	$ 30,499	$ 27,467
Denominator:
Denominator for basic net income per common share-weighted-average shares outstanding	24,501,707	24,140,778
Effect of dilution due to employee stock awards	305,600	402,811
Denominator for diluted net income per common share - weighted-average shares outstanding	24,807,307	24,543,589
Basic net income per common share (in dollars per share)	$ 1.24	$ 1.14
Diluted net income per common share (in dollars per share)	$ 1.23	$ 1.12

Net Income Per Common Share (_2

Net Income Per Common Share (Details Narrative) - shares	3 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Restricted shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of employee stock options excluded from calculation of diluted earnings per share	86,040	204,175
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of employee stock options excluded from calculation of diluted earnings per share	373,840	87,540

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Jun. 29, 2019	Mar. 30, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 51,167	$ 48,690
Work in process	93,364	90,820
Finished goods	198,390	195,491
Inventory	$ 342,921	$ 335,001

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Details) $ in Thousands	Jun. 29, 2019USD ($)
Goodwill [Line Items]
Goodwill Beginning Balance	$ 261,431
Goodwill Ending Balance	261,432
Roller [Member]
Goodwill [Line Items]
Goodwill Ending Balance	16,007
Plain [Member]
Goodwill [Line Items]
Goodwill Ending Balance	79,597
Ball [Member]
Goodwill [Line Items]
Goodwill Ending Balance	5,623
Engineered Products [Member]
Goodwill [Line Items]
Goodwill Ending Balance	$ 160,205

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Jun. 29, 2019	Mar. 30, 2019
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	22 years
Non-amortizable repair station certifications	$ 24,281	$ 24,281
Gross Carrying Amount	178,217	177,461
Gross amount	202,498	201,742
Accumulated Amortization	$ 48,385	46,101
Product approvals [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	24 years
Gross Carrying Amount	$ 50,878	50,878
Accumulated Amortization	$ 11,010	10,481
Customer relationships and lists [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	24 years
Gross Carrying Amount	$ 96,459	96,458
Accumulated Amortization	$ 20,110	19,149
Trade names [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	10 years
Gross Carrying Amount	$ 15,959	15,959
Accumulated Amortization	$ 7,799	7,447
Distributor agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	5 years
Gross Carrying Amount	$ 722	722
Accumulated Amortization	$ 722	722
Patents and trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	16 years
Gross Carrying Amount	$ 10,665	10,534
Accumulated Amortization	$ 5,726	5,540
Domain names [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	10 years
Gross Carrying Amount	$ 437	437
Accumulated Amortization	$ 437	437
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	2 years
Gross Carrying Amount	$ 3,097	2,473
Accumulated Amortization	$ 2,581	$ 2,325

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets (Details 2) $ in Thousands	Jun. 29, 2019USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2020	$ 5,958
2021	7,902
2022	7,783
2023	7,698
2024	7,570
2025	7,570
2026 and thereafter	$ 85,351

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Mar. 30, 2019
Amortization of intangible assets	$ 2,284	$ 2,363
Goodwill	261,432		$ 261,431
Finite-Lived Intangible Assets, Net	$ 85,351

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	Jun. 29, 2019	Mar. 30, 2019
Lease assets:
Operating lease assets, net	$ 26,451	$ 0
Lease liabilities:
Current operating lease liabilities	5,403	0
Long-term operating lease liabilities	21,059	$ 0
Total operating lease liabilities	$ 26,462

Leases (Details 1)

Leases (Details 1) $ in Thousands	Jun. 29, 2019USD ($)
Leases [Abstract]
Within one year	$ 5,744
One to two years	5,023
Two to three years	3,371
Three to four years	2,777
Four to five years	1,633
Thereafter	14,639
Total future undiscounted lease payments	33,187
Less: imputed interest	6,725
Total operating lease liabilities	$ 26,462

Leases (Details Narrative)

Leases (Details Narrative) $ in Thousands	3 Months Ended
	Jun. 29, 2019USD ($)
Leases [Abstract]
Operating lease expense	$ 1,837
Cash paid included in measurement of lease liabilities	$ 1,363
Weighted-average remaining lease term	11 years 3 months 18 days
Weighted average discount rate of operating leases	4.40%

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	Jun. 29, 2019	Mar. 30, 2019
Debt Instrument [Line Items]
Debt issuance cost	$ (1,813)	$ (1,912)
Total debt	26,743	43,646
Less: current portion	476	467
Long-term debt	26,267	43,179
Other [Member]
Debt Instrument [Line Items]
Total debt	6,306	6,308
Revolver facility [Member]
Debt Instrument [Line Items]
Total debt	$ 22,250	$ 39,250

Debt (Details Narrative)

Debt (Details Narrative) SFr in Thousands, $ in Thousands	May 31, 2018USD ($)	Oct. 01, 2012USD ($)	Jan. 31, 2019USD ($)	Jun. 29, 2019USD ($)	Jun. 29, 2019CHF (SFr)	Jun. 29, 2019CHF (SFr)	Mar. 30, 2019USD ($)	Apr. 24, 2015USD ($)	Oct. 01, 2012CHF (SFr)
Mortgage loan interest rate				2.90%	2.90%
Cash paid for purchase price | SFr					SFr 4,767
Mortgage loan				$ 6,306		SFr 6,161
Debt instrument, basis spread on variable rate				0.75%	0.75%
Debt instrument, description of variable rate basis				Amounts outstanding under the Revolver 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 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 at each measurement date.	Amounts outstanding under the Revolver 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 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 at each measurement date.
Line of Credit				$ 3,850
Line of credit facility, remaining borrowing capacity				223,900
Debt Instruments, Issuance Costs				1,813			$ 1,912
Unamortization of financing costs				$ 1,813
Schaublin [Member]
Cash paid for purchase price		$ 5,053
Schaublin [Member] | Land and Building [Member]
Land and building leased		$ 14,910
Period for fixed rate on mortgage loan		20 years
Mortgage loan fixed rate		$ 9,857
Schaublin [Member] | Land and Building [Member] | CHF
Land and building leased | SFr									SFr 14,067
Mortgage loan fixed rate | SFr									SFr 9,300
Maximum [Member]
Consolidated net debt adjusted EBITDA ratio				3.50	3.50
Minimum [Member]
Consolidated net debt adjusted EBITDA ratio				1	1
Amended Credit Agreement [Member] | Revolver [Member]
Line of Credit			$ 250,000
Unamortized debt issuance costs			$ 852
Debt instrument maturity term			Jan. 31, 2024
Term Loan [Member]
Unamortization of financing costs	$ 987
Sargent aerospace defense business [Member] | Base Rate [Member]
Debt instrument, basis spread on variable rate				0.00%	0.00%
Sargent aerospace defense business [Member] | Revolver facility [Member]
Debt Instrument, Face Amount								$ 350,000
Sargent aerospace defense business [Member] | Term Loan [Member]
Debt Instrument, Face Amount								$ 200,000

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Income tax provision at the federal statutory rate	19.30%	17.40%
Income tax provision at the federal statutory rate reduced	19.30%
U.S. corporate income tax rate amount	$ 510	$ 1,330
Unrecognized tax positions associated with shared -based compensation	$ 241	$ 74
Effective income tax rate without discrete	21.20%	21.60%
Estimated decrease in unrecognized tax positions in federal and state credits and state tax	$ 1,246

Reportable Segments (Details)

Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Net External Sales	$ 182,690	$ 175,985
Gross Margin	70,694	67,739
Selling, General & Administrative Expenses	30,087	29,575
Operating Income	38,490	35,998
Intersegment Sales	16,539	15,630
Plain [Member]
Segment Reporting Information [Line Items]
Net External Sales	87,489	78,525
Gross Margin	34,114	30,616
Selling, General & Administrative Expenses	6,514	6,362
Operating Income	26,825	23,444
Intersegment Sales	1,847	1,597
Roller [Member]
Segment Reporting Information [Line Items]
Net External Sales	36,859	35,870
Gross Margin	14,524	14,957
Selling, General & Administrative Expenses	1,614	1,624
Operating Income	12,570	13,332
Intersegment Sales	3,201	4,095
Ball [Member]
Segment Reporting Information [Line Items]
Net External Sales	17,710	18,074
Gross Margin	7,799	7,279
Selling, General & Administrative Expenses	1,633	1,602
Operating Income	6,137	5,618
Intersegment Sales	669	800
Corporate [Member]
Segment Reporting Information [Line Items]
Selling, General & Administrative Expenses	16,023	14,627
Operating Income	(16,044)	(15,273)
Engineered Products [Member]
Segment Reporting Information [Line Items]
Net External Sales	40,632	43,516
Gross Margin	14,257	14,887
Selling, General & Administrative Expenses	4,303	5,360
Operating Income	9,002	8,877
Intersegment Sales	$ 10,822	$ 9,138

Reportable Segments (Details Na

Reportable Segments (Details Narrative) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 29, 2019Segment
Net income | $	$ 30,499	$ 27,467
Number of reportable segments | Segment			4