RBC Bearings (RBC) 10-Q 1 Nov 19 2020 Q2 Quarterly report Financial data

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