Cover
Cover - shares | 6 Months Ended | |
Sep. 28, 2019 | Oct. 25, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 28, 2019 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 | |
Current Fiscal Year End Date | --03-28 | |
Entity File Number | 333-124824 | |
Entity Registrant Name | RBC Bearings INC | |
Entity Central Index Key | 0001324948 | |
Entity Tax Identification Number | 95-4372080 | |
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 Address, Postal Zip Code | 06478 | |
City Area Code | (203) | |
Local Phone Number | 267-7001 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | ROLL | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 25,019,989 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 28, 2019 | Mar. 30, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 36,398 | $ 29,884 |
Accounts receivable, net of allowance for doubtful accounts of $1,670 at September 28, 2019 and $1,430 at March 30, 2019 | 129,618 | 130,735 |
Inventory | 353,995 | 335,001 |
Prepaid expenses and other current assets | 13,939 | 7,661 |
Total current assets | 533,950 | 503,281 |
Property, plant and equipment, net | 220,063 | 207,895 |
Operating lease assets, net | 28,442 | |
Goodwill | 276,798 | 261,431 |
Intangible assets, net of accumulated amortization of $50,693 at September 28, 2019 and $46,101 at March 30, 2019 | 165,733 | 155,641 |
Other assets | 21,574 | 19,119 |
Total assets | 1,246,560 | 1,147,367 |
Current liabilities: | ||
Accounts payable | 50,788 | 49,592 |
Accrued expenses and other current liabilities | 34,573 | 40,070 |
Current operating lease liabilities | 5,769 | |
Current portion of long-term debt | 12,774 | 467 |
Total current liabilities | 103,904 | 90,129 |
Deferred income Impact from adoption of ASU 2018-02 and 2014-09 | 11,239 | 6,862 |
Long-term debt, less current portion | 25,003 | 43,179 |
Long-term operating lease liabilities | 22,708 | |
Other non-current liabilities | 41,868 | 38,631 |
Total liabilities | 204,722 | 178,801 |
Stockholders’ equity: | ||
Preferred stock, $.01 par value; authorized shares: 10,000,000 at September 28, 2019 and March 30, 2019, respectively; none issued or outstanding | ||
Common stock, $.01 par value; authorized shares: 60,000,000 at September 28, 2019 and March 30, 2019, respectively; issued shares: 25,842,617 and 25,607,196 at September 28, 2019 and March 30, 2019, respectively | 258 | 256 |
Additional paid-in capital | 398,975 | 378,655 |
Accumulated other comprehensive loss | (7,727) | (7,467) |
Retained earnings | 704,952 | 641,894 |
Treasury stock, at cost, 824,838 shares and 752,913 shares at September 28, 2019 and March 30, 2019, respectively | (54,620) | (44,772) |
Total stockholders’ equity | 1,041,838 | 968,566 |
Total liabilities and stockholders’ equity | $ 1,246,560 | $ 1,147,367 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 28, 2019 | Mar. 30, 2019 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 1,670 | $ 1,430 |
Intangible assets, accumulated amortization | $ 50,693 | $ 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 | 25,842,617 | 25,607,196 |
Treasury stock, shares | 824,838 | 752,913 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Income Statement [Abstract] | ||||
Net sales | $ 181,909 | $ 172,916 | $ 364,599 | $ 348,901 |
Cost of sales | 110,795 | 105,097 | 222,791 | 213,343 |
Gross margin | 71,114 | 67,819 | 141,808 | 135,558 |
Operating expenses: | ||||
Selling, general and administrative | 30,774 | 29,326 | 60,861 | 58,901 |
Other, net | 3,031 | 2,609 | 5,148 | 4,775 |
Total operating expenses | 33,805 | 31,935 | 66,009 | 63,676 |
Operating income | 37,309 | 35,884 | 75,799 | 71,882 |
Interest expense, net | 473 | 1,446 | 1,020 | 3,157 |
Other non-operating expense | 195 | 336 | 364 | 1,370 |
Income before income Impact from adoption of ASU 2018-02 and 2014-09 | 36,641 | 34,102 | 74,415 | 67,355 |
Provision for income Impact from adoption of ASU 2018-02 and 2014-09 | 5,371 | 3,991 | 12,646 | 9,777 |
Net income | $ 31,270 | $ 30,111 | $ 61,769 | $ 57,578 |
Net income per common share: | ||||
Basic | $ 1.27 | $ 1.24 | $ 2.52 | $ 2.38 |
Diluted | $ 1.26 | $ 1.22 | $ 2.49 | $ 2.34 |
Weighted average common shares: | ||||
Basic | 24,584,369 | 24,325,754 | 24,543,038 | 24,233,266 |
Diluted | 24,905,173 | 24,719,056 | 24,856,561 | 24,635,146 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Income Statement [Abstract] | ||||
Net income | $ 31,270 | $ 30,111 | $ 61,769 | $ 57,578 |
Pension and postretirement liability adjustments, net of Impact from adoption of ASU 2018-02 and 2014-09 | 178 | 194 | 356 | 388 |
Foreign currency translation adjustments | (1,869) | 440 | 673 | (3,621) |
Total comprehensive income | $ 29,579 | $ 30,745 | $ 62,798 | $ 54,345 |
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 |
Beginning balance, value 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) | ||||
Net income | 27,467 | 27,467 | ||||
Share-based compensation | 3,766 | 3,766 | ||||
Repurchase of common stock | $ (1,491) | (1,491) | ||||
Repurchase of common stock (in shares) | (11,865) | |||||
Exercise of equity awards | $ 2 | 6,416 | 6,418 | |||
Exercise of equity awards (in shares) | 100,142 | |||||
Change in net prior service cost and actuarial losses, net of taxes | 194 | 194 | ||||
Issuance of restricted stock | ||||||
Issuance of restricted stock (in shares) | 87,345 | |||||
Impact from adoption of ASU 2018-02 and 2014-09 | (277) | (277) | ||||
Currency translation adjustments | (4,061) | (4,061) | ||||
Ending balance, value 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) | ||||
Beginning balance, value 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) | ||||
Net income | 57,578 | |||||
Currency translation adjustments | (3,621) | |||||
Ending balance, value at Sep. 29, 2018 | $ 255 | 366,358 | (5,518) | 594,279 | $ (43,071) | 912,303 |
Balance (in shares) at Sep. 29, 2018 | 25,509,691 | (741,074) | ||||
Beginning balance, value 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) | ||||
Net income | 30,111 | 30,111 | ||||
Share-based compensation | 4,039 | 4,039 | ||||
Repurchase of common stock | $ (2,040) | (2,040) | ||||
Repurchase of common stock (in shares) | (15,522) | |||||
Exercise of equity awards | $ 2 | 12,989 | 12,991 | |||
Exercise of equity awards (in shares) | 192,300 | |||||
Change in net prior service cost and actuarial losses, net of taxes | 194 | 194 | ||||
Issuance of restricted stock | ||||||
Issuance of restricted stock (in shares) | 6,210 | |||||
Income tax benefit on exercise of non-qualified common stock options | ||||||
Currency translation adjustments | 440 | 440 | ||||
Ending balance, value at Sep. 29, 2018 | $ 255 | 366,358 | (5,518) | 594,279 | $ (43,071) | 912,303 |
Balance (in shares) at Sep. 29, 2018 | 25,509,691 | (741,074) | ||||
Beginning balance, value 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) | ||||
Net income | 30,499 | 30,499 | ||||
Share-based compensation | 4,802 | 4,802 | ||||
Repurchase of common stock | $ (9,514) | (9,514) | ||||
Repurchase of common stock (in shares) | (69,877) | |||||
Exercise of equity awards | $ 1 | 275 | 276 | |||
Exercise of equity awards (in shares) | 4,356 | |||||
Change in net prior service cost and actuarial losses, net of taxes | 178 | 178 | ||||
Issuance of restricted stock | ||||||
Issuance of restricted stock (in shares) | 86,490 | |||||
Impact from adoption of ASU 2018-02 and 2014-09 | (1,289) | 1,289 | ||||
Currency translation adjustments | 2,542 | 2,542 | ||||
Ending balance, value 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) | ||||
Beginning balance, value 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) | ||||
Net income | 61,769 | |||||
Currency translation adjustments | 673 | |||||
Ending balance, value at Sep. 28, 2019 | $ 258 | 398,975 | (7,727) | 704,952 | $ (54,620) | 1,041,838 |
Balance (in shares) at Sep. 28, 2019 | 25,842,617 | (824,838) | ||||
Beginning balance, value 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) | ||||
Net income | 31,270 | 31,270 | ||||
Share-based compensation | 5,059 | 5,059 | ||||
Repurchase of common stock | $ (334) | (334) | ||||
Repurchase of common stock (in shares) | (2,048) | |||||
Exercise of equity awards | $ 1 | 10,184 | 10,185 | |||
Exercise of equity awards (in shares) | 138,898 | |||||
Change in net prior service cost and actuarial losses, net of taxes | 178 | 178 | ||||
Issuance of restricted stock | ||||||
Issuance of restricted stock (in shares) | 5,677 | |||||
Currency translation adjustments | (1,869) | (1,869) | ||||
Ending balance, value at Sep. 28, 2019 | $ 258 | $ 398,975 | $ (7,727) | $ 704,952 | $ (54,620) | $ 1,041,838 |
Balance (in shares) at Sep. 28, 2019 | 25,842,617 | (824,838) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |||
Sep. 28, 2019 | Jun. 29, 2019 | Sep. 29, 2018 | Jun. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Change in net prior service cost and actuarial losses, tax | $ 55 | $ 54 | $ 58 | $ 58 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 61,769 | $ 57,578 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 10,729 | 10,021 |
Deferred income Impact from adoption of ASU 2018-02 and 2014-09 | 898 | 3,442 |
Amortization of intangible assets | 4,593 | 4,931 |
Amortization of deferred financing costs | 207 | 555 |
Loss on extinguishment of debt | 987 | |
Share-based compensation | 9,861 | 7,805 |
Other non-cash charges | 75 | (54) |
Changes in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable | 2,303 | (3,123) |
Inventory | (13,125) | (20,023) |
Prepaid expenses and other current assets | (5,617) | (5,041) |
Other non-current assets | (1,777) | (3,110) |
Accounts payable | 678 | 3,229 |
Accrued expenses and other current liabilities | (5,760) | 397 |
Other non-current liabilities | (216) | 271 |
Net cash provided by operating activities | 64,618 | 57,865 |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (20,216) | (17,746) |
Proceeds from sale of assets | 300 | 1,874 |
Acquisition of business | (33,842) | |
Net cash used in investing activities | (53,758) | (15,872) |
Cash flows from financing activities: | ||
Proceeds received from revolving credit facilities | 9,435 | 149,250 |
Proceeds received from term loans | 15,383 | |
Repayments of revolving credit facilities | (30,000) | (30,500) |
Repayments of term loans | (168,750) | |
Repayments of notes payable | (235) | (237) |
Finance fees paid in connection with credit facilities and term loans | (276) | |
Exercise of stock options | 10,461 | 19,409 |
Repurchase of common stock | (9,848) | (3,531) |
Net cash used in financing activities | (5,080) | (34,359) |
Effect of exchange rate changes on cash | 734 | (1,432) |
Cash and cash equivalents: | ||
Increase during the period | 6,514 | 6,202 |
Cash, at beginning of period | 29,884 | 54,163 |
Cash, at end of period | 36,398 | 60,365 |
Supplemental disclosures of cash flow information: | ||
Income Impact from adoption of ASU 2018-02 and 2014-09 | 17,147 | 11,697 |
Interest | $ 759 | $ 2,535 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Sep. 28, 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 for the fiscal year ended March 30, 2019. We condensed or omitted certain information and footnote disclosures normally included in our annual audited financial statements, which we prepared in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP). As used in this report, the terms “we”, “us”, “our”, “RBC”, “RBCA” and the “Company” mean RBC Bearings Incorporated and its subsidiaries, unless the context indicates another meaning. 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 and six-month periods ended September 28, 2019 are not necessarily indicative of the operating results for the entire fiscal year ending March 28, 2020. The three-month periods ended September 28, 2019 and September 29, 2018 each include 13 weeks. The amounts shown are in thousands, unless otherwise indicated. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Sep. 28, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Accounting Policies [Textual] The Company’s significant accounting policies are detailed in “Note 2 - Summary of Significant Accounting Policies” of our Annual Report on Form 10-K for the year ended March 30, 2019. Significant changes to our accounting policies as a result of adopting new accounting standards are discussed below. 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 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. In February 2018, the FASB issued ASU No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220) 35% 21% 1,289 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 Cus
Revenue from Contracts with Customers | 6 Months Ended |
Sep. 28, 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 and six-month periods ended September 28, 2019 and September 29, 2018 are as follows: Principal End Markets Schedule of revenue from business segments of customers Three Months Ended September 28, 2019 September 29, 2018 Aerospace Industrial Total Aerospace Industrial Total Plain $ 70,287 $ 19,720 $ 90,007 $ 57,821 $ 19,659 $ 77,480 Roller 17,643 14,942 32,585 18,155 18,845 37,000 Ball 5,086 12,338 17,424 5,017 13,021 18,038 Engineered Products 24,368 17,525 41,893 25,517 14,881 40,398 $ 117,384 $ 64,525 $ 181,909 $ 106,510 $ 66,406 $ 172,916 Six Months Ended September 28, 2019 September 29, 2018 Aerospace Industrial Total Aerospace Industrial Total Plain $ 137,593 $ 39,903 $ 177,496 $ 114,205 $ 41,800 $ 156,005 Roller 36,956 32,488 69,444 35,042 37,828 72,870 Ball 10,516 24,618 35,134 9,021 27,091 36,112 Engineered Products 48,638 33,887 82,525 52,733 31,181 83,914 $ 233,703 $ 130,896 $ 364,599 $ 211,001 $ 137,900 $ 348,901 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 $ 259,181 The Company expects to recognize revenue on approximately 70% and 94% of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter. Contract Balances The timing of revenue recognition, invoicing and cash collections affects accounts receivable, unbilled receivables (contract assets) and customer advances and deposits (contract liabilities) on the consolidated balance sheets. 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 September 28, 2019 and March 30, 2019, accounts receivable with customers, net, were $ 129,618 130,735 Schedule of contract assets and contract liabilities Contract Assets - Current (1) ) Contract Assets - Current (1) Balance at March 30, 2019 $ 1,895 Additional revenue recognized in excess of billings 1,867 Less: amounts billed to customers (1,604 ) Balance at September 28, 2019 $ 2,158 (1) (1) Included within prepaid expenses and other current assets on the consolidated balance sheets. Contract Liabilities – Current (2) Contract Liabilities – Current (2) Balance at March 30, 2019 $ 10,121 Payments received prior to revenue being recognized 5,256 Revenue recognized (10,058 ) Reclassification (to)/from noncurrent 47 Balance at September 28, 2019 $ 5,366 (2) (2) Included within accrued expenses and other current liabilities on the consolidated balance sheets. Contract Liabilities – Noncurrent (3) Contract Liabilities – Noncurrent (3) Balance at March 30, 2019 $ 587 Reclassification (to)/from current (47 ) Balance at September 28, 2019 $ 540 (3) (3) Included within other non-current liabilities on the consolidated balance sheets. As of September 28, 2019, the Company did not have any contract assets classified as noncurrent on the consolidated balance sheets. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Sep. 28, 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: Schedule of accumulated other comprehensive income (loss), net of taxes Currency Translation Pension and Postretirement Liability 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 673 — 673 Amounts reclassified from accumulated other comprehensive income — 356 356 Net current period other comprehensive income 673 356 1,029 Balance at September 28, 2019 $ (2,628 ) $ (5,099 ) $ (7,727 ) |
Net Income Per Common Share
Net Income Per Common Share | 6 Months Ended |
Sep. 28, 2019 | |
Earnings Per 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: Schedule basic and diluted net income per common share Three Months Ended Six Months Ended September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Net income $ 31,270 $ 30,111 $ 61,769 $ 57,578 Denominator for basic net income per common share—weighted-average shares outstanding 24,584,369 24,325,754 24,543,038 24,233,266 Effect of dilution due to employee stock awards 320,804 393,302 313,523 401,880 Denominator for diluted net income per common share — weighted-average shares outstanding 24,905,173 24,719,056 24,856,561 24,635,146 Basic net income per common share $ 1.27 $ 1.24 $ 2.52 $ 2.38 Diluted net income per common share $ 1.26 $ 1.22 $ 2.49 $ 2.34 At September 28, 2019, 209,040 212,835 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 6 Months Ended |
Sep. 28, 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 | 6 Months Ended |
Sep. 28, 2019 | |
Inventory Disclosure [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: Schedule of inventory September 28, 2019 March 30, 2019 Raw materials $ 52,693 $ 48,690 Work in process 96,063 90,820 Finished goods 205,239 195,491 Inventory $ 353,995 $ 335,001 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Sep. 28, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 8. Goodwill and Intangible Assets Goodwill Schedule of goodwill Roller Plain Ball Engineered Products Total March 30, 2019 $ 16,007 $ 79,597 $ 5,623 $ 160,204 $ 261,431 Translation adjustments — — — (258 ) (258 ) Acquisition (1) — — — 15,625 15,625 September 28, 2019 $ 16,007 $ 79,597 $ 5,623 $ 175,571 $ 276,798 (1) (1) Includes the assets acquired as part of the Company's acquisition of Vianel Holding AG (“Swiss Tool”) on August 15, 2019, which is discussed further in Note 13. Intangible Assets Schedule of intangible assets September 28, 2019 March 30, 2019 Weighted Average Useful Lives Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Product approvals 24 $ 50,878 $ 11,537 $ 50,878 $ 10,481 Customer relationships and lists (2) 23 109,512 21,170 96,458 19,149 Trade names 10 16,315 8,165 15,959 7,447 Distributor agreements 5 722 722 722 722 Patents and trademarks (2) 15 10,937 5,842 10,534 5,540 Domain names 10 437 437 437 437 Other 2 3,344 2,820 2,473 2,325 192,145 50,693 177,461 46,101 Non-amortizable repair station certifications n/a 24,281 — 24,281 — Total 21 $ 216,426 $ 50,693 $ 201,742 $ 46,101 (2) (2) Includes the assets acquired as part of the Company's acquisition of Vianel Holding AG (“Swiss Tool”) on August 15, 2019, which is discussed further in Note 13. Amortization expense for definite-lived intangible assets for the three and six-month periods ended September 28, 2019 were $ 2,309 4,593 2,568 4,931 Schedule of estimated amortization expense 2020 $ 4,878 2021 9,543 2022 9,423 2023 9,341 2024 8,018 2025 7,664 2026 and thereafter 92,585 |
Leases
Leases | 6 Months Ended |
Sep. 28, 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 with varying end dates from October 2019 to February 2038, including renewal options. The following table represents the impact of leasing on the consolidated balance sheet: Schedule of operating leases Operating Leases: September 28, 2019 Lease assets: Operating lease assets, net $ 28,442 Lease liabilities: Current operating lease liabilities 5,769 Long-term operating lease liabilities 22,708 Total operating lease liabilities $ 28,477 The Company did not have any finance leases as of September 28, 2019. Cash paid included in the measurement of lease liabilities was $ 1,368 2,731 3,191 3,369 Operating lease expense was $ 1,651 3,488 Future undiscounted lease payments for the remaining lease terms as of September 28, 2019, including renewal options reasonably certain of being exercised, are as follows: Schedule of future undiscounted Operating Within one year $ 6,009 One to two years 5,209 Two to three years 3,714 Three to four years 2,726 Four to five years 2,131 Thereafter 15,426 Total future undiscounted lease payments 35,215 Less: imputed interest (6,738 ) Total operating lease liabilities $ 28,477 The weighted-average remaining lease term on September 28, 2019 for our operating leases is 11.5 years 4.3% |
Debt
Debt | 6 Months Ended |
Sep. 28, 2019 | |
Debt Disclosure [Abstract] | |
Debt | 10. Debt The balances payable under all borrowing facilities are as follows: Schedule of balances payable under borrowing facilities September 28, 2019 March 30, 2019 Domestic revolving facility $ 9,250 $ 39,250 Foreign term loan 15,129 — Foreign revolving facility 9,279 — Debt issuance costs (1,978 ) (1,912 ) Other 6,097 6,308 Total debt 37,777 43,646 Less: current portion 12,774 467 Long-term debt $ 25,003 $ 43,179 The current portion of long-term debt as of September 28, 2019 includes the current portion of the foreign term loan, foreign revolving facility and the Schaublin mortgage, all of which are discussed below in further detail. Term Loan [Member] CHF [Member] Domestic Credit Facility On January 31, 2019, the Company amended the 2015 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 “2015 Credit Agreement”). The 2015 Credit Agreement as so amended (the “Amended Credit Agreement”) now provides the Company with a $ 250,000 January 31, 2024 852 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. 0.00% 0.75% 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 1 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 1,715 236,900 Foreign Term Loan and Revolving Credit Facility On August 15, 2019, one of our foreign divisions, Schaublin SA (“Schaublin”), entered into two separate credit agreements (the “Schaublin Credit Agreements”) with Credit Suisse (Switzerland) Ltd. to (i) finance the acquisition of Swiss Tool, which is discussed in further detail in Note 13, and (ii) provide future working capital. The Schaublin Credit Agreements provided Schaublin with a CHF 15,000 15,383 August 15, 2024 15,000 15,383 270 277 Amounts outstanding under the Foreign Term Loan and the Foreign Revolver generally bear interest at LIBOR plus a specified margin. The applicable margin is based on Schaublin’s ratio of total net debt to consolidated EBITDA at each measurement date. Currently, Schaublin’s margin is 2.00% The Foreign Credit Agreements require Schaublin to comply with various covenants which are tested annually on March 31. These covenants include, among other things, a financial covenant to maintain a ratio of consolidated net debt to adjusted EBITDA not greater than 3.00 to 1 as of March 31, 2020 and not greater than 2.50 to 1 as of March 31, 2021 and thereafter. Schaublin is also required to maintain an economic equity of CHF 20,000 at all times. Schaublin's parent company, Schaublin Holding, has guaranteed Schaublin’s obligations under the Foreign Credit Agreements. Schaublin Holding's guaranty and the Foreign Credit Agreements are secured by a pledge of the capital stock of Schaublin. In addition, the Foreign Term Loan is secured with pledges of the capital stock of the top company and the three operating companies in the Swiss Tool System group of companies. As of September 28, 2019, there was approximately $ 9,279 15,129 263 5,850 Schaublin’s required future annual principal payments for the next five years and thereafter are $0 $12,305 3,026 3,025 Other Notes Payable On October 1, 2012, Schaublin purchased the land and building that it occupied and had been leasing for approximately $ 14,910 20 9,857 2.9% 5,053 6,097 |
Income Taxes
Income Taxes | 6 Months Ended |
Sep. 28, 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 September 28, 2019 and September 29, 2018, were 14.7% 11.7% The effective income tax rate for the three-month period ended September 28, 2019 of 14.7% 2,529 21.3% 11.7% 3,176 20.9% 1,246 Income tax expense for the six-month period ended September 28, 2019 was $ 12,646 9,777 17.0% 14.5% 17.0% 3,039 241 21.3% 14.5% 4,506 21.3% |
Reportable Segments
Reportable Segments | 6 Months Ended |
Sep. 28, 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 segments as they have similar economic characteristics, including nature of the products and production processes, distribution patterns and classes of customers. The Company has four Plain Bearings. Roller Bearings. Ball Bearings. Engineered Products. Segment performance is evaluated based on segment net sales and gross margin. Items not allocated to segment operating income include corporate administrative expenses and certain other amounts. Corporate [Member] Schedule of segment information Three Months Ended Six Months Ended September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Net External Sales Plain $ 90,007 $ 77,480 $ 177,496 $ 156,005 Roller 32,585 37,000 69,444 72,870 Ball 17,424 18,038 35,134 36,112 Engineered Products 41,893 40,398 82,525 83,914 $ 181,909 $ 172,916 $ 364,599 $ 348,901 Gross Margin Plain $ 35,700 $ 30,867 $ 69,814 $ 61,483 Roller 13,396 16,270 27,920 31,227 Ball 7,503 7,408 15,302 14,687 Engineered Products 14,515 13,274 28,772 28,161 $ 71,114 $ 67,819 $ 141,808 $ 135,558 Selling, General & Administrative Expenses Plain $ 6,534 $ 6,160 $ 13,048 $ 12,522 Roller 1,647 1,556 3,261 3,180 Ball 1,574 1,609 3,207 3,211 Engineered Products 4,434 5,076 8,737 10,436 Corporate 16,585 14,925 32,608 29,552 $ 30,774 $ 29,326 $ 60,861 $ 58,901 Operating Income Plain $ 28,255 $ 23,955 $ 55,080 $ 47,399 Roller 11,734 14,702 24,304 28,034 Ball 5,907 5,750 12,044 11,368 Engineered Products 8,423 7,520 17,425 16,397 Corporate (17,010 ) (16,043 ) (33,054 ) (31,316 ) $ 37,309 $ 35,884 $ 75,799 $ 71,882 Intersegment Sales Plain $ 1,509 $ 1,643 $ 3,356 $ 3,240 Roller 4,023 3,074 7,224 7,169 Ball 916 762 1,585 1,562 Engineered Products 10,751 9,978 21,573 19,116 $ 17,199 $ 15,457 $ 33,738 $ 31,087 All intersegment sales are eliminated in consolidation. |
Acquisition
Acquisition | 6 Months Ended |
Sep. 28, 2019 | |
Business Combinations [Abstract] | |
Acquisition | 13. Acquisition CHF [Member] On August 15, 2019, the Company, through its Schaublin SA subsidiary, acquired all of the outstanding shares of Vianel Holding AG (“Swiss Tool”) for a purchase price of approximately $ 33,842 33,000 1,325 5,963 586 3,487 13,635 2,851 154 562 894 2,851 3,480 2,085 15,625 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 28, 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 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. In February 2018, the FASB issued ASU No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220) 35% 21% 1,289 |
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) | 6 Months Ended |
Sep. 28, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of revenue from business segments of customers | Schedule of revenue from business segments of customers Three Months Ended September 28, 2019 September 29, 2018 Aerospace Industrial Total Aerospace Industrial Total Plain $ 70,287 $ 19,720 $ 90,007 $ 57,821 $ 19,659 $ 77,480 Roller 17,643 14,942 32,585 18,155 18,845 37,000 Ball 5,086 12,338 17,424 5,017 13,021 18,038 Engineered Products 24,368 17,525 41,893 25,517 14,881 40,398 $ 117,384 $ 64,525 $ 181,909 $ 106,510 $ 66,406 $ 172,916 Six Months Ended September 28, 2019 September 29, 2018 Aerospace Industrial Total Aerospace Industrial Total Plain $ 137,593 $ 39,903 $ 177,496 $ 114,205 $ 41,800 $ 156,005 Roller 36,956 32,488 69,444 35,042 37,828 72,870 Ball 10,516 24,618 35,134 9,021 27,091 36,112 Engineered Products 48,638 33,887 82,525 52,733 31,181 83,914 $ 233,703 $ 130,896 $ 364,599 $ 211,001 $ 137,900 $ 348,901 |
Schedule of contract assets and contract liabilities | Schedule of contract assets and contract liabilities Contract Assets - Current (1) ) Contract Assets - Current (1) Balance at March 30, 2019 $ 1,895 Additional revenue recognized in excess of billings 1,867 Less: amounts billed to customers (1,604 ) Balance at September 28, 2019 $ 2,158 (1) (1) Included within prepaid expenses and other current assets on the consolidated balance sheets. Contract Liabilities – Current (2) Contract Liabilities – Current (2) Balance at March 30, 2019 $ 10,121 Payments received prior to revenue being recognized 5,256 Revenue recognized (10,058 ) Reclassification (to)/from noncurrent 47 Balance at September 28, 2019 $ 5,366 (2) (2) Included within accrued expenses and other current liabilities on the consolidated balance sheets. Contract Liabilities – Noncurrent (3) Contract Liabilities – Noncurrent (3) Balance at March 30, 2019 $ 587 Reclassification (to)/from current (47 ) Balance at September 28, 2019 $ 540 (3) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Sep. 28, 2019 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive income (loss), net of Impact from adoption of ASU 2018-02 and 2014-09 | Schedule of accumulated other comprehensive income (loss), net of taxes Currency Translation Pension and Postretirement Liability 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 673 — 673 Amounts reclassified from accumulated other comprehensive income — 356 356 Net current period other comprehensive income 673 356 1,029 Balance at September 28, 2019 $ (2,628 ) $ (5,099 ) $ (7,727 ) |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 6 Months Ended |
Sep. 28, 2019 | |
Earnings Per Share [Abstract] | |
Schedule basic and diluted net income per common share | Schedule basic and diluted net income per common share Three Months Ended Six Months Ended September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Net income $ 31,270 $ 30,111 $ 61,769 $ 57,578 Denominator for basic net income per common share—weighted-average shares outstanding 24,584,369 24,325,754 24,543,038 24,233,266 Effect of dilution due to employee stock awards 320,804 393,302 313,523 401,880 Denominator for diluted net income per common share — weighted-average shares outstanding 24,905,173 24,719,056 24,856,561 24,635,146 Basic net income per common share $ 1.27 $ 1.24 $ 2.52 $ 2.38 Diluted net income per common share $ 1.26 $ 1.22 $ 2.49 $ 2.34 |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Sep. 28, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of inventory | Schedule of inventory September 28, 2019 March 30, 2019 Raw materials $ 52,693 $ 48,690 Work in process 96,063 90,820 Finished goods 205,239 195,491 Inventory $ 353,995 $ 335,001 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Sep. 28, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | Schedule of goodwill Roller Plain Ball Engineered Products Total March 30, 2019 $ 16,007 $ 79,597 $ 5,623 $ 160,204 $ 261,431 Translation adjustments — — — (258 ) (258 ) Acquisition (1) — — — 15,625 15,625 September 28, 2019 $ 16,007 $ 79,597 $ 5,623 $ 175,571 $ 276,798 (1) (1) Includes the assets acquired as part of the Company's acquisition of Vianel Holding AG (“Swiss Tool”) on August 15, 2019, which is discussed further in Note 13. |
Schedule of intangible assets | Schedule of intangible assets September 28, 2019 March 30, 2019 Weighted Average Useful Lives Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Product approvals 24 $ 50,878 $ 11,537 $ 50,878 $ 10,481 Customer relationships and lists (2) 23 109,512 21,170 96,458 19,149 Trade names 10 16,315 8,165 15,959 7,447 Distributor agreements 5 722 722 722 722 Patents and trademarks (2) 15 10,937 5,842 10,534 5,540 Domain names 10 437 437 437 437 Other 2 3,344 2,820 2,473 2,325 192,145 50,693 177,461 46,101 Non-amortizable repair station certifications n/a 24,281 — 24,281 — Total 21 $ 216,426 $ 50,693 $ 201,742 $ 46,101 (2) (2) Includes the assets acquired as part of the Company's acquisition of Vianel Holding AG (“Swiss Tool”) on August 15, 2019, which is discussed further in Note 13. |
Schedule of estimated amortization expense | Schedule of estimated amortization expense 2020 $ 4,878 2021 9,543 2022 9,423 2023 9,341 2024 8,018 2025 7,664 2026 and thereafter 92,585 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Sep. 28, 2019 | |
Leases [Abstract] | |
Schedule of operating leases | Schedule of operating leases Operating Leases: September 28, 2019 Lease assets: Operating lease assets, net $ 28,442 Lease liabilities: Current operating lease liabilities 5,769 Long-term operating lease liabilities 22,708 Total operating lease liabilities $ 28,477 |
Schedule of future undiscounted lease payments | Schedule of future undiscounted Operating Within one year $ 6,009 One to two years 5,209 Two to three years 3,714 Three to four years 2,726 Four to five years 2,131 Thereafter 15,426 Total future undiscounted lease payments 35,215 Less: imputed interest (6,738 ) Total operating lease liabilities $ 28,477 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Sep. 28, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of balances payable under borrowing facilities | Schedule of balances payable under borrowing facilities September 28, 2019 March 30, 2019 Domestic revolving facility $ 9,250 $ 39,250 Foreign term loan 15,129 — Foreign revolving facility 9,279 — Debt issuance costs (1,978 ) (1,912 ) Other 6,097 6,308 Total debt 37,777 43,646 Less: current portion 12,774 467 Long-term debt $ 25,003 $ 43,179 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 6 Months Ended |
Sep. 28, 2019 | |
Segment Reporting [Abstract] | |
Schedule of segment information | Schedule of segment information Three Months Ended Six Months Ended September 28, 2019 September 29, 2018 September 28, 2019 September 29, 2018 Net External Sales Plain $ 90,007 $ 77,480 $ 177,496 $ 156,005 Roller 32,585 37,000 69,444 72,870 Ball 17,424 18,038 35,134 36,112 Engineered Products 41,893 40,398 82,525 83,914 $ 181,909 $ 172,916 $ 364,599 $ 348,901 Gross Margin Plain $ 35,700 $ 30,867 $ 69,814 $ 61,483 Roller 13,396 16,270 27,920 31,227 Ball 7,503 7,408 15,302 14,687 Engineered Products 14,515 13,274 28,772 28,161 $ 71,114 $ 67,819 $ 141,808 $ 135,558 Selling, General & Administrative Expenses Plain $ 6,534 $ 6,160 $ 13,048 $ 12,522 Roller 1,647 1,556 3,261 3,180 Ball 1,574 1,609 3,207 3,211 Engineered Products 4,434 5,076 8,737 10,436 Corporate 16,585 14,925 32,608 29,552 $ 30,774 $ 29,326 $ 60,861 $ 58,901 Operating Income Plain $ 28,255 $ 23,955 $ 55,080 $ 47,399 Roller 11,734 14,702 24,304 28,034 Ball 5,907 5,750 12,044 11,368 Engineered Products 8,423 7,520 17,425 16,397 Corporate (17,010 ) (16,043 ) (33,054 ) (31,316 ) $ 37,309 $ 35,884 $ 75,799 $ 71,882 Intersegment Sales Plain $ 1,509 $ 1,643 $ 3,356 $ 3,240 Roller 4,023 3,074 7,224 7,169 Ball 916 762 1,585 1,562 Engineered Products 10,751 9,978 21,573 19,116 $ 17,199 $ 15,457 $ 33,738 $ 31,087 |
Significant Accounting Polici_3
Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Accounting Policies (Textual) | |||||
Operating lease commitments amount | $ 27,378 | ||||
U.S. statutory tax rate (in percent) | 14.70% | 11.70% | 17.00% | 14.50% | |
Reclassified from accumulated other comprehensive income to retained earnings | $ 356 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Accounting Policies (Textual) | |||||
Reclassified from accumulated other comprehensive income to retained earnings | $ 1,289 | ||||
Before Tax Cut Job Act [Member] | |||||
Accounting Policies (Textual) | |||||
U.S. statutory tax rate (in percent) | 35.00% | ||||
After Tax Cut Job Act [Member] | |||||
Accounting Policies (Textual) | |||||
U.S. statutory tax rate (in percent) | 21.00% |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 181,909 | $ 172,916 | $ 364,599 | $ 348,901 |
Plain [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 90,007 | 77,480 | 177,496 | 156,005 |
Roller [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 32,585 | 37,000 | 69,444 | 72,870 |
Ball [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 17,424 | 18,038 | 35,134 | 36,112 |
Engineered Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 41,893 | 40,398 | 82,525 | 83,914 |
Aerospace [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 117,384 | 106,510 | 233,703 | 211,001 |
Aerospace [Member] | Plain [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 70,287 | 57,821 | 137,593 | 114,205 |
Aerospace [Member] | Roller [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 17,643 | 18,155 | 36,956 | 35,042 |
Aerospace [Member] | Ball [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 5,086 | 5,017 | 10,516 | 9,021 |
Aerospace [Member] | Engineered Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 24,368 | 25,517 | 48,638 | 52,733 |
Industrial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 64,525 | 66,406 | 130,896 | 137,900 |
Industrial [Member] | Plain [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 19,720 | 19,659 | 39,903 | 41,800 |
Industrial [Member] | Roller [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 14,942 | 18,845 | 32,488 | 37,828 |
Industrial [Member] | Ball [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 12,338 | 13,021 | 24,618 | 27,091 |
Industrial [Member] | Engineered Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 17,525 | $ 14,881 | $ 33,887 | $ 31,181 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers (Details 1) $ in Thousands | 6 Months Ended | |
Sep. 28, 2019USD ($) | ||
Contract Assets - Current (1) | ||
Balance at March 30, 2019 | $ 1,895 | [1] |
Additional revenue recognized in excess of billings | 1,867 | [1] |
Less: amounts billed to customers | (1,604) | [1] |
Balance at September 28, 2019 | 2,158 | [1] |
Contract Liabilities – Current (2) | ||
Balance at March 30, 2019 | 10,121 | [2] |
Payments received prior to revenue being recognized | 5,256 | [2] |
Revenue recognized | (10,058) | [2] |
Reclassification (to)/from noncurrent | 47 | [2] |
Balance at September 28, 2019 | 5,366 | [2] |
Contract Liabilities – Noncurrent (3) | ||
Balance at March 30, 2019 | 587 | [3] |
Reclassification (to)/from current | (47) | [3] |
Balance at September 28, 2019 | $ 540 | [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) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 28, 2019 | Mar. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
The aggregate amount of the transaction price allocated to remaining performance obligations | $ 259,181 | |
Revenue recognize remaining performance obligations | The Company expects to recognize revenue on approximately 70% and 94% of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter. | |
Accounts receivable with customers, net | $ 129,618 | $ 130,735 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Sep. 28, 2019 | Jun. 29, 2019 | Sep. 29, 2018 | Jun. 30, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Equity [Abstract] | ||||||
Currency Translation, Beginning Balance | $ (3,301) | $ (3,301) | ||||
Pension and Postretirement Liability, Beginning Balance | (4,166) | (4,166) | ||||
Total, Beginning Balance | (7,467) | (7,467) | ||||
Currency Translation, Amounts reclassified from accumulated other comprehensive income | ||||||
Pension and Postretirement Liability, Impact from adoption of ASU 2018-02 | (1,289) | |||||
Total, Impact from adoption of ASU 2018-02 | (1,289) | |||||
Currency Translation, Other comprehensive income before reclassifications | 673 | |||||
Pension and Postretirement Liability, Other comprehensive income before reclassifications | ||||||
Total, Other comprehensive income before reclassifications | 673 | |||||
Pension and Postretirement Liability, Amounts reclassified from accumulated other comprehensive income | 356 | |||||
Total, Amounts reclassified from accumulated other comprehensive income | 356 | |||||
Currency Translation, Net current period other comprehensive income | $ (1,869) | $ 2,542 | $ 440 | $ (4,061) | 673 | $ (3,621) |
Pension and Postretirement Liability, Net current period other comprehensive income | 178 | $ 194 | 356 | $ 388 | ||
Total, Net current period other comprehensive income | 1,029 | |||||
Currency Translation, Ending Balance | (2,628) | (2,628) | ||||
Pension and Postretirement Liability, Ending Balance | (5,099) | (5,099) | ||||
Total, Ending Balance | $ (7,727) | $ (7,727) |
Net Income Per Common Share (De
Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Sep. 28, 2019 | Jun. 29, 2019 | Sep. 29, 2018 | Jun. 30, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Earnings Per Share [Abstract] | ||||||
Net income | $ 31,270 | $ 30,499 | $ 30,111 | $ 27,467 | $ 61,769 | $ 57,578 |
Denominator for basic net income per common share—weighted-average shares outstanding | 24,584,369 | 24,325,754 | 24,543,038 | 24,233,266 | ||
Effect of dilution due to employee stock awards | 320,804 | 393,302 | 313,523 | 401,880 | ||
Denominator for diluted net income per common share — weighted-average shares outstanding | 24,905,173 | 24,719,056 | 24,856,561 | 24,635,146 | ||
Basic net income per common share | $ 1.27 | $ 1.24 | $ 2.52 | $ 2.38 | ||
Diluted net income per common share | $ 1.26 | $ 1.22 | $ 2.49 | $ 2.34 |
Net Income Per Common Share (_2
Net Income Per Common Share (Details Narrative) - shares | 6 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Earnings Per Share [Abstract] | ||
Number of employee stock options excluded from calculation of diluted earnings per share | 209,040 | 212,835 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Sep. 28, 2019 | Mar. 30, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 52,693 | $ 48,690 |
Work in process | 96,063 | 90,820 |
Finished goods | 205,239 | 195,491 |
Inventory | $ 353,995 | $ 335,001 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Details) $ in Thousands | 6 Months Ended | |
Sep. 28, 2019USD ($) | ||
Indefinite-lived Intangible Assets [Line Items] | ||
March 30, 2019 | $ 261,431 | |
Translation adjustments | (258) | |
Acquisition (1) | 15,625 | [1] |
September 28, 2019 | 276,798 | |
Roller [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
March 30, 2019 | 16,007 | |
Translation adjustments | ||
Acquisition (1) | [1] | |
September 28, 2019 | 16,007 | |
Plain [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
March 30, 2019 | 79,597 | |
Translation adjustments | ||
Acquisition (1) | [1] | |
September 28, 2019 | 79,597 | |
Ball [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
March 30, 2019 | 5,623 | |
Translation adjustments | ||
Acquisition (1) | [1] | |
September 28, 2019 | 5,623 | |
Engineered Products [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
March 30, 2019 | 160,204 | |
Translation adjustments | (258) | |
Acquisition (1) | 15,625 | [1] |
September 28, 2019 | $ 175,571 | |
[1] | Includes the assets acquired as part of the Company's acquisition of Vianel Holding AG (“Swiss Tool”) on August 15, 2019, which is discussed further in Note 13. |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Details 1) - USD ($) $ in Thousands | 6 Months Ended | ||
Sep. 28, 2019 | Mar. 30, 2019 | ||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Useful Lives | 21 years | ||
Gross Carrying Amount | $ 192,145 | $ 177,461 | |
Accumulated Amortization | 50,693 | 46,101 | |
Non-amortizable repair station certifications | 24,281 | 24,281 | |
Gross amount | $ 216,426 | 201,742 | |
Product Approvals [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Useful Lives | 24 years | ||
Gross Carrying Amount | $ 50,878 | 50,878 | |
Accumulated Amortization | $ 11,537 | 10,481 | |
Customer Relationships And Lists [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Useful Lives | [1] | 23 years | |
Gross Carrying Amount | [1] | $ 109,512 | 96,458 |
Accumulated Amortization | [1] | $ 21,170 | 19,149 |
Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Useful Lives | 10 years | ||
Gross Carrying Amount | $ 16,315 | 15,959 | |
Accumulated Amortization | $ 8,165 | 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 | [1] | 15 years | |
Gross Carrying Amount | [1] | $ 10,937 | 10,534 |
Accumulated Amortization | [1] | $ 5,842 | 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 Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Useful Lives | 2 years | ||
Gross Carrying Amount | $ 3,344 | 2,473 | |
Accumulated Amortization | $ 2,820 | $ 2,325 | |
[1] | Includes the assets acquired as part of the Company's acquisition of Vianel Holding AG (“Swiss Tool”) on August 15, 2019, which is discussed further in Note 13. |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Details 2) $ in Thousands | Sep. 28, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | $ 4,878 |
2021 | 9,543 |
2022 | 9,423 |
2023 | 9,341 |
2024 | 8,018 |
2025 | 7,664 |
2026 and thereafter | $ 92,585 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangible assets | $ 2,309 | $ 2,568 | $ 4,593 | $ 4,931 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | Sep. 28, 2019 | Mar. 30, 2019 |
Lease assets: | ||
Operating lease assets, net | $ 28,442 | |
Lease liabilities: | ||
Current operating lease liabilities | 5,769 | |
Long-term operating lease liabilities | 22,708 | |
Total operating lease liabilities | $ 28,477 |
Leases (Details 1)
Leases (Details 1) $ in Thousands | Sep. 28, 2019USD ($) |
Leases [Abstract] | |
Within one year | $ 6,009 |
One to two years | 5,209 |
Two to three years | 3,714 |
Three to four years | 2,726 |
Four to five years | 2,131 |
Thereafter | 15,426 |
Total future undiscounted lease payments | 35,215 |
Less: imputed interest | (6,738) |
Total operating lease liabilities | $ 28,477 |
Leases (Details Narrative)
Leases (Details Narrative) $ in Thousands | 3 Months Ended | 6 Months Ended |
Sep. 28, 2019USD ($) | Sep. 28, 2019USD ($) | |
Leases [Abstract] | ||
Cash paid included in measurement of lease liabilities | $ 1,368 | $ 2,731 |
Lease assets obtained in exchange for new operating lease liabilities | 3,191 | 3,369 |
Operating lease expense | $ 1,651 | $ 3,488 |
Weighted-average remaining lease term | 11 years 6 months | 11 years 6 months |
Weighted average discount rate of operating leases | 4.30% | 4.30% |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Sep. 28, 2019 | Mar. 30, 2019 |
Debt Instrument [Line Items] | ||
Total debt | $ 37,777 | $ 43,646 |
Debt issuance costs | (1,978) | (1,912) |
Less: current portion | 12,774 | 467 |
Long-term debt | 25,003 | 43,179 |
Domestic Revolving Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 9,250 | 39,250 |
Foreign Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 15,129 | |
Foreign Revolving Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 9,279 | |
Other Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 6,097 | $ 6,308 |
Debt (Details Narrative)
Debt (Details Narrative) SFr in Thousands, $ in Thousands | Aug. 15, 2019USD ($) | Oct. 01, 2012USD ($) | Jan. 31, 2019USD ($) | Sep. 28, 2019USD ($) | Aug. 15, 2019CHF (SFr) |
Debt Instrument [Line Items] | |||||
Line of Credit | $ 3,850 | ||||
Unamortized debt issuance costs | $ 1,715 | ||||
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. | ||||
Debt instrument, basis spread on variable rate | 0.75% | ||||
Line of credit facility, remaining borrowing capacity | $ 236,900 | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate | 6,097 | ||||
Schaublin [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt issuance costs | 263 | ||||
Line of Credit Facility, Expiration Date | Aug. 15, 2024 | ||||
Future annual principal payments in next twelve months | 0 | ||||
Future annual principal payments 2021 | 12,305 | ||||
Future annual principal payments 2022 | 3,026 | ||||
Future annual principal payments 2023 | 3,026 | ||||
Future annual principal payments 2024 | 3,026 | ||||
Future annual principal payments after year five | $ 3,025 | ||||
Payments to Acquire Businesses, Gross | $ 5,053 | ||||
Schaublin [Member] | Land and Building [Member] | |||||
Debt Instrument [Line Items] | |||||
[custom:BusinessAcquisitionPurchasePriceAllocationCapitalLeaseObligationAccrual1-0] | $ 14,910 | ||||
[custom:MortgageLoanOnRealEstateFinalMaturityPeriod] | 20 years | ||||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ 9,857 | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate | 2.90% | ||||
Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Consolidated net debt adjusted EBITDA ratio | 3.50 | ||||
Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Consolidated net debt adjusted EBITDA ratio | 1 | ||||
Base Rate [Member] | Schaublin [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 2.00% | ||||
Sargent Aerospace Defense Business [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0.00% | ||||
Foreign Revolver [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, remaining borrowing capacity | $ 5,850 | ||||
Foreign Revolver [Member] | Schaublin [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility outstanding amount | 9,279 | ||||
Foreign Term Loan [Member] | Schaublin [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility outstanding amount | $ 15,129 | ||||
Amended Credit Agreement [Member] | Revolver [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit | $ 250,000 | ||||
Debt instrument maturity term | Jan. 31, 2024 | ||||
Unamortized debt issuance costs | $ 852 | ||||
Term Loan [Member] | Schaublin [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 15,383 | ||||
Term Loan [Member] | Schaublin [Member] | CHF [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | SFr | SFr 15,000 | ||||
Revolving Credit Facility [Member] | Schaublin [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 15,383 | ||||
Revolving Credit Facility [Member] | Schaublin [Member] | CHF [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | SFr | 15,000 | ||||
Schaublin Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt issuance costs | $ 277 | ||||
Schaublin Credit Agreement [Member] | CHF [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt issuance costs | SFr | SFr 270 | ||||
Foreign Credit Agreement [Member] | Schaublin [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit covenant terms | The Foreign Credit Agreements require Schaublin to comply with various covenants which are tested annually on March 31. These covenants include, among other things, a financial covenant to maintain a ratio of consolidated net debt to adjusted EBITDA not greater than 3.00 to 1 as of March 31, 2020 and not greater than 2.50 to 1 as of March 31, 2021 and thereafter. Schaublin is also required to maintain an economic equity of CHF 20,000 at all times. |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Income tax provision at the federal statutory rate | 14.70% | 11.70% | 17.00% | 14.50% |
Income tax provision at the federal statutory rate reduced | 14.70% | 11.70% | 17.00% | 14.50% |
U.S. corporate income tax rate amount | $ 2,529 | $ 3,176 | $ 3,039 | $ 4,506 |
Effective income tax rate without benefits and other items | 21.30% | 20.90% | 21.30% | 21.30% |
Estimated decrease in unrecognized tax positions in federal and state credits and state tax | $ 1,246 | |||
Income tax expense | $ 5,371 | $ 3,991 | 12,646 | $ 9,777 |
Unrecognized tax positions associated with shared -based compensation | $ 241 |
Reportable Segments (Details)
Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Segment Reporting Information [Line Items] | ||||
Net External Sales | $ 181,909 | $ 172,916 | $ 364,599 | $ 348,901 |
Gross Margin | 71,114 | 67,819 | 141,808 | 135,558 |
Selling, General & Administrative Expenses | 30,774 | 29,326 | 60,861 | 58,901 |
Operating Income | 37,309 | 35,884 | 75,799 | 71,882 |
Intersegment Sales | 17,199 | 15,457 | 33,738 | 31,087 |
Plain [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net External Sales | 90,007 | 77,480 | 177,496 | 156,005 |
Gross Margin | 35,700 | 30,867 | 69,814 | 61,483 |
Selling, General & Administrative Expenses | 6,534 | 6,160 | 13,048 | 12,522 |
Operating Income | 28,255 | 23,955 | 55,080 | 47,399 |
Intersegment Sales | 1,509 | 1,643 | 3,356 | 3,240 |
Roller [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net External Sales | 32,585 | 37,000 | 69,444 | 72,870 |
Gross Margin | 13,396 | 16,270 | 27,920 | 31,227 |
Selling, General & Administrative Expenses | 1,647 | 1,556 | 3,261 | 3,180 |
Operating Income | 11,734 | 14,702 | 24,304 | 28,034 |
Intersegment Sales | 4,023 | 3,074 | 7,224 | 7,169 |
Ball [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net External Sales | 17,424 | 18,038 | 35,134 | 36,112 |
Gross Margin | 7,503 | 7,408 | 15,302 | 14,687 |
Selling, General & Administrative Expenses | 1,574 | 1,609 | 3,207 | 3,211 |
Operating Income | 5,907 | 5,750 | 12,044 | 11,368 |
Intersegment Sales | 916 | 762 | 1,585 | 1,562 |
Engineered Products [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net External Sales | 41,893 | 40,398 | 82,525 | 83,914 |
Gross Margin | 14,515 | 13,274 | 28,772 | 28,161 |
Selling, General & Administrative Expenses | 4,434 | 5,076 | 8,737 | 10,436 |
Operating Income | 8,423 | 7,520 | 17,425 | 16,397 |
Intersegment Sales | 10,751 | 9,978 | 21,573 | 19,116 |
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Selling, General & Administrative Expenses | 16,585 | 14,925 | 32,608 | 29,552 |
Operating Income | $ (17,010) | $ (16,043) | $ (33,054) | $ (31,316) |
Reportable Segments (Details Na
Reportable Segments (Details Narrative) - Segment | 3 Months Ended | 6 Months Ended |
Sep. 28, 2019 | Sep. 28, 2019 | |
Segment Reporting [Abstract] | ||
Number of reportable segments | 4 | 4 |
Acquisition (Details Narrative)
Acquisition (Details Narrative) SFr in Thousands, $ in Thousands | Aug. 15, 2019USD ($) | Aug. 15, 2019CHF (SFr) | Sep. 28, 2019USD ($) | Mar. 30, 2019USD ($) |
Purchase price | $ 33,842 | |||
Accounts receivable | 1,325 | |||
Inventory | 5,963 | |||
Current assets | 586 | |||
Fixed assets | 3,487 | |||
Intangible assets | 13,635 | |||
Operating lease assets | 2,851 | |||
Other non-current assets | 154 | |||
Accounts payable | 562 | |||
Other current liabilities | 894 | |||
Operating lease liabilities | 2,851 | |||
Deferred tax liabilities | 3,480 | |||
Noncurrent liabilities | 2,085 | |||
Goodwill | $ 15,625 | $ 276,798 | $ 261,431 | |
CHF [Member] | ||||
Purchase price | SFr | SFr 33,000 |