RBC Bearings (RBC) 10-Q 8 Feb 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Dec. 30, 2023	Feb. 02, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Dec. 30, 2023
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Information [Line Items]
Entity Registrant Name	RBC BEARINGS INCORPORATED
Entity Central Index Key	0001324948
Entity File Number	001-40840
Entity Tax Identification Number	95-4372080
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--03-30
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Contact Personnel [Line Items]
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
Entity Phone Fax Numbers [Line Items]
City Area Code	(203)
Local Phone Number	267-7001
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		29,181,921
Common Stock, par value $0.01 per share
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	RBC
Security Exchange Name	NYSE
5.00% Series A Mandatory Convertible Preferred Stock, par value $0.01 per share
Entity Listings [Line Items]
Title of 12(b) Security	5.00% Series A Mandatory Convertible Preferred Stock, par value $0.01 per share
Trading Symbol	RBCP
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 30, 2023	Apr. 01, 2023
Current assets:
Cash and cash equivalents	$ 71.6	$ 65.4
Accounts receivable, net of allowance for doubtful accounts of $3.9 as of December 30, 2023 and $3.7 as of April 1, 2023	229.8	239.6
Inventory	629.6	587.2
Prepaid expenses and other current assets	26.3	21.1
Total current assets	957.3	913.3
Property, plant and equipment, net	365	375.3
Operating lease assets, net	42.4	41.4
Goodwill	1,876.7	1,869.8
Intangible assets, net	1,411.6	1,452.9
Other noncurrent assets	41.2	37.7
Total assets	4,694.2	4,690.4
Current liabilities:
Accounts payable	123.7	146.8
Accrued expenses and other current liabilities	158.9	153.4
Current operating lease liabilities	7.4	7.6
Current portion of long-term debt	1.6	1.5
Total current liabilities	291.6	309.3
Long-term debt, less current portion	1,262.8	1,393.5
Long-term operating lease liabilities	35.9	33.9
Deferred income taxes	284.3	295.1
Other noncurrent liabilities	123	122.7
Total liabilities	1,997.6	2,154.5
Stockholders’ equity:
Preferred stock, $.01 par value; authorized shares: 10,000,000 as of December 30, 2023 and April 1, 2023; issued shares: 4,600,000 as of December 30, 2023 and April 1, 2023	0	0
Common stock, $.01 par value; authorized shares: 60,000,000 as of December 30, 2023 and April 1, 2023; issued shares: 30,173,650 and 29,989,948 as of December 30, 2023 and April 1, 2023, respectively	0.3	0.3
Additional paid-in capital	1,615.4	1,589.9
Accumulated other comprehensive income/(loss)	7.7	(4.1)
Retained earnings	1,160.9	1,029.9
Treasury stock, at cost; 1,002,465 shares and 966,398 shares as of December 30, 2023 and April 1, 2023, respectively	(87.7)	(80.1)
Total stockholders’ equity	2,696.6	2,535.9
Total liabilities and stockholders’ equity	$ 4,694.2	$ 4,690.4

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions	Dec. 30, 2023	Apr. 01, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts (in Dollars)	$ 3.9	$ 3.7
Preferred stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized	10,000,000	10,000,000
Preferred stock, issued	4,600,000	4,600,000
Common stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, authorized	60,000,000	60,000,000
Common stock, issued	30,173,650	29,989,948
Treasury stock, shares	1,002,465	966,398

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Income Statement [Abstract]
Net sales	$ 373.9	$ 351.6	$ 1,146.6	$ 1,074.9
Cost of sales	215.9	205.6	654.4	636.6
Gross margin	158	146	492.2	438.3
Operating expenses:
Selling, general and administrative	63.9	56.8	189.1	170.1
Other, net	18.9	18.8	55.1	61.3
Total operating expenses	82.8	75.6	244.2	231.4
Operating income	75.2	70.4	248	206.9
Interest expense, net	19.3	20.9	59.9	55
Other non-operating (income)/expense	(0.9)	1.5	0.4	2.5
Income before income taxes	56.8	48	187.7	149.4
Provision for income taxes	10.2	11.7	39.4	31.9
Net income	46.6	36.3	148.3	117.5
Preferred stock dividends	5.8	5.7	17.3	17.1
Net income attributable to common stockholders	$ 40.8	$ 30.6	$ 131	$ 100.4
Net income per common share attributable to common stockholders:
Basic (in Dollars per share)	$ 1.41	$ 1.06	$ 4.53	$ 3.49
Diluted (in Dollars per share)	$ 1.39	$ 1.05	$ 4.49	$ 3.45
Weighted average common shares:
Basic (in Shares)	28,924,073	28,805,305	28,885,453	28,744,732
Diluted (in Shares)	29,204,570	29,120,318	29,153,469	29,053,608

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income		$ 46.6	$ 36.3	$ 148.3	$ 117.5
Pension and postretirement liability adjustments, net of taxes	[1]	0.2	0.5	0.7	1.5
Change in fair value of derivative, net of taxes	[2]	(3.2)	(1.1)	2.1	(1.1)
Foreign currency translation adjustments		10.9	8.1	9	(7.3)
Total comprehensive income		$ 54.5	$ 43.8	$ 160.1	$ 110.6
[1]These adjustments were net of tax expense of $0.1 and $0.1 for the three-month periods ended December 30, 2023, and December 31, 2022, respectively and net of tax expense of $0.3 and $0.4 for the nine-month periods ended December 30, 2023, and December 31, 2022, respectively.[2]These adjustments were net of tax benefit of $1.0 and tax expense of $0.5 for the three and nine-month periods ended December 30, 2023, respectively.

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Pension and post retirement liability adjustments, net of tax expense	$ 0.1	$ 0.1	$ 0.3	$ 0.4
Change in fair value of derivative, net of tax expense			$ 0.5
Change in fair value of derivative, net of tax benefit	$ 1

Consolidated Statements of Stoc

Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) $ in Millions		Common Stock	Preferred Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income/(Loss)	Retained Earnings	Treasury Stock	Total
Balance at Apr. 02, 2022		$ 0.3	$ 0	$ 1,564.3	$ (5.8)	$ 886.1	$ (72.4)	$ 2,372.5
Balance (in Shares) at Apr. 02, 2022		29,807,208	4,600,000				(928,322)
Net income						37.4		37.4
Stock-based compensation				3.8				3.8
Preferred stock dividends						(5.7)		(5.7)
Repurchase of common stock							$ (6)	(6)
Repurchase of common stock (in Shares)							(30,469)
Exercise of equity awards				1.5				1.5
Exercise of equity awards (in Shares)		13,713
Change in pension and post-retirement plan benefit adjustments, net of tax expense					0.5			0.5
Issuance of restricted stock, net of forfeitures
Issuance of restricted stock, net of forfeitures (in Shares)		56,955
Currency translation adjustments					(6.4)			(6.4)
Balance at Jul. 02, 2022		$ 0.3	$ 0	1,569.6	(11.7)	917.8	$ (78.4)	2,397.6
Balance (in Shares) at Jul. 02, 2022		29,877,876	4,600,000				(958,791)
Balance at Apr. 02, 2022		$ 0.3	$ 0	1,564.3	(5.8)	886.1	$ (72.4)	2,372.5
Balance (in Shares) at Apr. 02, 2022		29,807,208	4,600,000				(928,322)
Net income								117.5
Change in fair value of derivative, net	[1]							(1.1)
Balance at Dec. 31, 2022		$ 0.3	$ 0	1,585.7	(12.7)	986.5	$ (78.9)	2,480.9
Balance (in Shares) at Dec. 31, 2022		29,980,270	4,600,000				(961,374)
Balance at Jul. 02, 2022		$ 0.3	$ 0	1,569.6	(11.7)	917.8	$ (78.4)	2,397.6
Balance (in Shares) at Jul. 02, 2022		29,877,876	4,600,000				(958,791)
Net income						43.8		43.8
Stock-based compensation				4.4				4.4
Preferred stock dividends						(5.7)		(5.7)
Repurchase of common stock							$ 0	0
Repurchase of common stock (in Shares)							(63)
Exercise of equity awards		$ 0		8.5				8.5
Exercise of equity awards (in Shares)		89,509
Change in pension and post-retirement plan benefit adjustments, net of tax expense					0.5			0.5
Issuance of restricted stock, net of forfeitures
Issuance of restricted stock, net of forfeitures (in Shares)		8,529
Currency translation adjustments					(9)			(9)
Balance at Oct. 01, 2022		$ 0.3	$ 0	1,582.5	(20.2)	955.9	$ (78.4)	2,440.1
Balance (in Shares) at Oct. 01, 2022		29,975,914	4,600,000				(958,854)
Net income						36.3		36.3
Stock-based compensation				2.9				2.9
Preferred stock dividends						(5.7)		(5.7)
Repurchase of common stock							$ (0.5)	(0.5)
Repurchase of common stock (in Shares)							(2,520)
Exercise of equity awards				0.3				0.3
Exercise of equity awards (in Shares)		3,714
Change in net prior service cost and actuarial losses, net of tax expense of $0.1					0.5			0.5
Issuance of restricted stock, net of forfeitures
Issuance of restricted stock, net of forfeitures (in Shares)		642
Change in fair value of derivative, net					(1.1)			(1.1)	[1]
Currency translation adjustments					8.1			8.1
Balance at Dec. 31, 2022		$ 0.3	$ 0	1,585.7	(12.7)	986.5	$ (78.9)	2,480.9
Balance (in Shares) at Dec. 31, 2022		29,980,270	4,600,000				(961,374)
Balance at Apr. 01, 2023		$ 0.3	$ 0	1,589.9	(4.1)	1,029.9	$ (80.1)	2,535.9
Balance (in Shares) at Apr. 01, 2023		29,989,948	4,600,000				(966,398)
Net income						50		50
Stock-based compensation				4.9				4.9
Preferred stock dividends						(5.7)		(5.7)
Repurchase of common stock							$ (6.8)	(6.8)
Repurchase of common stock (in Shares)							(32,804)
Exercise of equity awards				1				1
Exercise of equity awards (in Shares)		11,772
Change in pension and post-retirement plan benefit adjustments, net of tax expense					0.5			0.5
Issuance of restricted stock, net of forfeitures
Issuance of restricted stock, net of forfeitures (in Shares)		54,627
Change in fair value of derivative, net					4.8			4.8
Currency translation adjustments					3.1			3.1
Balance at Jul. 01, 2023		$ 0.3	$ 0	1,595.8	4.3	1,074.2	$ (86.9)	2,587.7
Balance (in Shares) at Jul. 01, 2023		30,056,347	4,600,000				(999,202)
Balance at Apr. 01, 2023		$ 0.3	$ 0	1,589.9	(4.1)	1,029.9	$ (80.1)	2,535.9
Balance (in Shares) at Apr. 01, 2023		29,989,948	4,600,000				(966,398)
Net income								148.3
Change in fair value of derivative, net	[1]							2.1
Balance at Dec. 30, 2023		$ 0.3	$ 0	1,615.4	7.7	1,160.9	$ (87.7)	2,696.6
Balance (in Shares) at Dec. 30, 2023		30,173,650	4,600,000				(1,002,465)
Balance at Jul. 01, 2023		$ 0.3	$ 0	1,595.8	4.3	1,074.2	$ (86.9)	2,587.7
Balance (in Shares) at Jul. 01, 2023		30,056,347	4,600,000				(999,202)
Net income						51.7		51.7
Stock-based compensation				3.3				3.3
Preferred stock dividends						(5.8)		(5.8)
Repurchase of common stock							$ (0.2)	(0.2)
Repurchase of common stock (in Shares)							(736)
Exercise of equity awards				2				2
Exercise of equity awards (in Shares)		14,013
Change in pension and post-retirement plan benefit adjustments, net of tax expense					0			0
Issuance of restricted stock, net of forfeitures
Issuance of restricted stock, net of forfeitures (in Shares)		13,885
Change in fair value of derivative, net					0.5			0.5
Currency translation adjustments					(5)			(5)
Balance at Sep. 30, 2023		$ 0.3	$ 0	1,601.1	(0.2)	1,120.1	$ (87.1)	2,634.2
Balance (in Shares) at Sep. 30, 2023		30,084,245	4,600,000				(999,938)
Net income						46.6		46.6
Stock-based compensation				3.5				3.5
Preferred stock dividends						(5.8)		(5.8)
Repurchase of common stock							$ (0.6)	(0.6)
Repurchase of common stock (in Shares)							(2,527)
Exercise of equity awards				10.8				10.8
Exercise of equity awards (in Shares)		87,577
Change in pension and post-retirement plan benefit adjustments, net of tax expense					0.2			0.2
Issuance of restricted stock, net of forfeitures
Issuance of restricted stock, net of forfeitures (in Shares)		1,828
Change in fair value of derivative, net					(3.2)			(3.2)	[1]
Currency translation adjustments					10.9			10.9
Balance at Dec. 30, 2023		$ 0.3	$ 0	$ 1,615.4	$ 7.7	$ 1,160.9	$ (87.7)	$ 2,696.6
Balance (in Shares) at Dec. 30, 2023		30,173,650	4,600,000				(1,002,465)
[1]These adjustments were net of tax benefit of $1.0 and tax expense of $0.5 for the three and nine-month periods ended December 30, 2023, respectively.

Consolidated Statements of St_2

Consolidated Statements of Stockholders’ Equity (Unaudited) (Parentheticals) - USD ($) $ in Millions	3 Months Ended
	Dec. 30, 2023	Sep. 30, 2023	Jul. 01, 2023	Dec. 31, 2022	Oct. 01, 2022	Jul. 02, 2022
Pension and Postretirement Expenses
Net of tax expense	$ 0.1		$ 0.2	$ 0.1	$ 0.1	$ 0.2
Net of tax benefit		$ 0
Change in Fair Value of Derivative
Net of tax expense		$ 0.1	$ 1.4
Net of tax benefit	$ 1

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 148.3	$ 117.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	89.6	85.8
Deferred income taxes	(10.8)	(10.5)
Amortization of deferred financing costs	2.3	6.2
Stock-based compensation	13.3	11
Noncash operating lease expense	5.1	5.4
Loss on disposition of assets	0.8	0.1
Consolidation, restructuring, and other noncash charges	0.6	0.3
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	13	32.3
Inventory	(36)	(62.8)
Prepaid expenses and other current assets	(4.8)	(12.2)
Other noncurrent assets	(4.1)	2.1
Accounts payable	(23.3)	(21)
Accrued expenses and other current liabilities	1.4	(9.7)
Other noncurrent liabilities	(0.2)	4.8
Net cash provided by operating activities	195.2	149.3
Cash flows from investing activities:
Capital expenditures	(23.7)	(29.6)
Proceeds from sale of assets	0.3	0.5
Acquisition of business/purchase price adjustments for acquisition	(19.3)	27.5
Net cash used in investing activities	(42.7)	(1.6)
Cash flows from financing activities:
Finance fees paid in connection with credit facilities and senior notes		(0.1)
Proceeds received from revolving credit facility	18
Repayments of term loans	(150)	(230)
Repayments of notes payable	(1.4)	(0.3)
Principal payments on finance lease obligations	(2.5)	(3.2)
Preferred stock dividends paid	(17.3)	(17.2)
Exercise of stock options	13.8	10.3
Repurchase of common stock	(7.6)	(6.5)
Net cash used in financing activities	(147)	(247)
Effect of exchange rate changes on cash	0.7	(1.6)
Cash and cash equivalents:
Increase/(decrease) during the period	6.2	(100.9)
Cash and cash equivalents, at beginning of period	65.4	182.9
Cash and cash equivalents, at end of period	71.6	82
Supplemental disclosures of cash flow information:
Income taxes	55.2	47.7
Interest	$ 63.2	$ 54.9

Basis of Presentation

Basis of Presentation	9 Months Ended
	Dec. 30, 2023
Basis of Presentation [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 “SEC”). The interim financial statements included with this Quarterly Report on Form 10-Q have been prepared on a consistent basis with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 1, 2023 (our “Annual Report”). 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 (“GAAP”). As used in this report, the terms “we,” “us,” “our,” “RBC” and the “Company” mean RBC Bearings Incorporated and its subsidiaries, unless the context indicates another meaning. These financial statements reflect all adjustments, accruals, and estimates, consisting only of items of a normal recurring nature, that 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 our Annual Report. The results of operations for the three- and nine-month periods ended December 30, 2023 are not necessarily indicative of the operating results for the entire fiscal year ending March 30, 2024. The three-month periods ended December 30, 2023 and December 31, 2022 each included 13 weeks. All dollar amounts contained in these footnotes are stated in millions, except for per-share data.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Dec. 30, 2023
Significant Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies The Company’s significant accounting policies are detailed in “Note 2 - Summary of Significant Accounting Policies” of our Annual Report. Significant changes to our accounting policies as a result of adopting new accounting standards are discussed below. Recent Accounting Standards Adopted Not applicable. Recent Accounting Standards Yet to Be Adopted In November 2023, Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in ASU 2023-09 address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. Following the release of ASU 2023-09 in December 2023, the effective date will be annual reporting periods beginning after December 15, 2024. As of December 30, 2023, the Company is evaluating the impact on its consolidated financial statements.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Dec. 30, 2023
Revenue from Contracts with Customers [Abstract]
Revenue from Contracts with Customers	3. Revenue from Contracts with Customers Disaggregation of Revenue The following table disaggregates total revenue by end market, which is how we view our reportable segments (see Note 12): Three Months Ended Nine Months Ended December 30, December 31, December 30, December 31, Aerospace/Defense $ 129.2 $ 105.5 $ 377.0 $ 308.5 Industrial 244.7 246.1 769.6 766.4 Total $ 373.9 $ 351.6 $ 1,146.6 $ 1,074.9 The following table disaggregates total revenue by geographic origin: Three Months Ended Nine Months Ended December 30, December 31, December 30, December 31, United States $ 329.0 $ 311.5 $ 1,012.3 $ 946.9 International 44.9 40.1 134.3 128.0 Total $ 373.9 $ 351.6 $ 1,146.6 $ 1,074.9 The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over time versus the amount of revenue recognized for performance obligations satisfied at a point in time: Three Months Ended Nine Months Ended December 30, December 31, December 30, December 31, Point-in-time 98 % 98 % 98 % 98 % Over time 2 % 2 % 2 % 2 % Total 100 % 100 % 100 % 100 % Remaining Performance Obligations Remaining performance obligations represent the transaction price of orders meeting the definition of a contract 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 Topic 606, is less than one year. The Company has elected to apply the practical expedient, which allows the Company to exclude remaining performance obligations with an original expected duration of one year or less. 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 $429.9 at December 30, 2023. The Company expects to recognize revenue on approximately 65% and 93% 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. These assets and liabilities are reported on the consolidated balance sheets on an individual contract basis at the end of each reporting period. Contract Assets (Unbilled Receivables) As of December 30, 2023 and April 1, 2023, current contract assets were $6.1 and $4.5, respectively, and included within prepaid expenses and other current assets on the consolidated balance sheets. The increase in contract assets was primarily due to the recognition of revenue related to the satisfaction or partial satisfaction of performance obligations prior to billing, partially offset by amounts billed to customers during the period. As of December 30, 2023 and April 1, 2023, the Company did not have any contract assets classified as noncurrent on the consolidated balance sheets. Contract Liabilities (Deferred Revenue) As of December 30, 2023 and April 1, 2023, current contract liabilities were $22.4 and $20.6, respectively, and included within accrued expenses and other current liabilities on the consolidated balance sheets. The increase in current contract liabilities was primarily due to advance payments received and the reclassification of a portion of advance payments received from the noncurrent portion of contract liabilities offset by revenue recognized on customer contracts. For the three and nine months ended December 30, 2023, the Company recognized revenues of $4.2 and $13.5, respectively, that were included in the contract liability balance as of April 1, 2023. For the three and nine months ended December 31, 2022, the Company recognized revenues of $2.6 and $10.1, respectively, that were included in the contract liability balance at April 2, 2022. As of December 30, 2023 and April 1, 2023, noncurrent contract liabilities were $20.3 and $19.8, respectively, and included within other noncurrent liabilities on the consolidated balance sheets. The increase in noncurrent contract liabilities was primarily due to advance payments received, partially offset by the reclassification of a portion of advance payments received to the current portion of contract liabilities. Variable Consideration The amount of consideration to which the Company expects to be entitled in exchange for goods and services is not generally subject to significant variations. However, the Company does offer certain customers rebates, prompt payment discounts, end-user discounts, and the right to return eligible products. The Company estimates this variable consideration using the expected value amount, which is based on historical experience. The Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company adjusts the estimate of revenue at the earlier of when the amount of consideration the Company expects to receive changes or when the consideration becomes fixed. Accrued customer rebates were $43.2 and $39.6 at December 30, 2023 and April 1, 2023, respectively, and are included within accrued expenses and other current liabilities on the consolidated balance sheets.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income/(Loss)	9 Months Ended
	Dec. 30, 2023
Accumulated Other Comprehensive Income/(Loss) [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, changes in fair value of derivative, and pension plan and postretirement benefits. The following summarizes the activity within each component of accumulated other comprehensive income/(loss), net of taxes: Currency Change in Pension and Total Balance at April 1, 2023 $ (4.6 ) $ (2.2 ) $ 2.7 $ (4.1 ) Reclassification to net income — 3.3 — 3.3 Net loss on foreign currency translation 9.0 — — 9.0 Amortization of net loss, net of tax expense of $0.3 — — 0.7 0.7 Gain on derivative instrument, net of tax expense of $0.5 — (1.2 ) — (1.2 ) Net current period other comprehensive income, net of tax 9.0 2.1 0.7 11.8 Balance at December 30, 2023 $ 4.4 $ (0.1 ) $ 3.4 $ 7.7

Net Income Per Share Attributab

Net Income Per Share Attributable to Common Stockholders	9 Months Ended
	Dec. 30, 2023
Net income Per-Share Attributable to Common Stockholders [Abstract]
Net Income Per Share Attributable to Common Stockholders	5. Net Income Per Share Attributable to Common Stockholders Basic net income per share attributable to common stockholders is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding. Diluted net income per share attributable to common stockholders is computed by dividing net income attributable to common stockholders 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 and the conversion of the outstanding 5.00% Series A Mandatory Convertible Preferred Stock (“MCPS”) to common shares. We exclude outstanding stock options, stock awards and the MCPS from the calculations if the effect would be antidilutive. The dilutive effect of the MCPS is calculated using the if-converted method. The if-converted method assumes that these securities were converted to shares of common stock at the later of the September 24, 2021 issuance date or the beginning of the reporting period to the extent that the effect is dilutive. If the effect is antidilutive, we calculate net income per share attributable to common stockholders by adjusting the numerator for the effect of the cumulative MCPS dividends for the respective period. For the three-month and nine-month periods ended December 30, 2023 and December 31, 2022, respectively, the effect of assuming the conversion of the 4,600,000 shares of MCPS into shares of common stock was antidilutive, and therefore excluded from the calculation of diluted earnings per share attributable to common stockholders. Accordingly, net income was reduced by cumulative MCPS dividends, as presented in our consolidated statement of operations, for purposes of calculating the numerator in the diluted net income per share attributable to common stockholders. For the three months ended December 30, 2023, 106,247 employee stock options and no For the three months ended December 31, 2022, 91,816 employee stock options and 1,085 restricted shares were excluded from the calculation of diluted earnings per share attributable to common stockholders. For the nine months ended December 31, 2022, 111,446 employee stock options and 1,085 restricted shares were excluded from the calculation of diluted earnings per share attributable to common stockholders. The inclusion of these employee stock options and restricted shares would have been anti-dilutive. 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 share attributable to common stockholders. Three Months Ended Nine Months Ended December 30, December 31, December 30, December 31, Net income $ 46.6 $ 36.3 $ 148.3 $ 117.5 Preferred stock dividends 5.8 5.7 17.3 17.1 Net income attributable to common stockholders $ 40.8 $ 30.6 $ 131.0 $ 100.4 Denominator for basic net income per share attributable to common stockholders — weighted-average shares outstanding 28,924,073 28,805,305 28,885,453 28,744,732 Effect of dilution due to employee stock awards 280,497 315,013 268,016 308,876 Denominator for diluted net income per share attributable to common stockholders — weighted-average shares outstanding 29,204,570 29,120,318 29,153,469 29,053,608 Basic net income per share attributable to common stockholders $ 1.41 $ 1.06 $ 4.53 $ 3.49 Diluted net income per share attributable to common stockholders $ 1.39 $ 1.05 $ 4.49 $ 3.45

Fair Value

Fair Value	9 Months Ended
	Dec. 30, 2023
Fair Value [Abstract]
Fair Value	6. Fair Value Fair value is defined as the price that would be expected to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The FASB provides accounting rules that classify the inputs used to measure fair value into the following hierarchy: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 – Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. Level 3 – Unobservable inputs for the asset or liability. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. As a result of the occurrence of triggering events such as purchase accounting for acquisitions, the Company measures certain assets and liabilities based on Level 3 inputs. Financial Instruments The Company’s financial instruments consist primarily of cash and cash equivalents, accounts receivable, trade accounts payable, accrued expenses, short-term borrowings, long-term debt, and a derivative in the form of an interest rate swap. Due to their short-term nature, the carrying value of cash and cash equivalents, accounts receivable, trade accounts payable, accrued expenses and short-term borrowings are a reasonable estimate of their fair value. Long-term assets held on our balance sheets related to benefit plan obligations are measured at fair value. The fair value of the Company’s long-term fixed-rate debt, based on quoted market prices, was $465.2 and $450.0 at December 30, 2023 and April 1, 2023, respectively. The carrying value of this debt was $493.9 at December 30, 2023 and $493.3 at April 1, 2023. The fair value of long-term fixed-rate debt was measured using Level 1 inputs. Due to the nature of fair value calculations for variable-rate debt, the carrying value of the Company’s long-term variable-rate debt is a reasonable estimate of its fair value. The fair value of the interest rate swap was $0.1 and $2.8 at December 30, 2023 and April 1, 2023, respectively, and was measured using Level 2 inputs. The amount was included in other noncurrent liabilities on the Company’s consolidated balance sheets. The interest rate swap, net of taxes, was $0.1 and $2.2 as of December 30, 2023 and April 1, 2023, and was included in accumulated other comprehensive income on the Company’s consolidated balance sheets, and in the Company’s consolidated statements of comprehensive income. The Company does not believe it has significant concentrations of risk associated with the counterparties to its financial instruments.

Inventory

Inventory	9 Months Ended
	Dec. 30, 2023
Inventory [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: December 30, April 1, Raw materials $ 143.2 $ 132.4 Work in process 137.9 132.5 Finished goods 348.5 322.3 $ 629.6 $ 587.2

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Dec. 30, 2023
Goodwill and Intangible Assets [Abstract]
Goodwill and Intangible Assets	8. Goodwill and Intangible Assets Goodwill Goodwill balances, by segment, consist of the following: Aerospace/ Industrial Total April 1, 2023 $ 194.1 $ 1,675.7 $ 1,869.8 Acquisition (1) 4.6 — 4.6 Currency translation adjustments — 2.3 2.3 December 30, 2023 $ 198.7 $ 1,678.0 $ 1,876.7 (1) Goodwill associated with the acquisition of the business assets of Specline, Inc. discussed further in Note 14. Intangible Assets Weighted December 30, 2023 April 1, 2023 Useful Gross Accumulated Gross Accumulated Product approvals 24 $ 50.7 $ 19.8 $ 50.7 $ 18.4 Customer relationships and lists 24 1,301.8 147.4 1,293.7 106.5 Trade names 25 217.1 30.3 215.4 23.3 Patents and trademarks 16 13.9 7.6 13.4 7.2 Domain names 10 0.4 0.4 0.4 0.4 Internal-use software 3 16.1 7.7 15.2 4.4 Other 5 1.6 1.1 1.1 1.1 1,601.6 214.3 1,589.9 161.3 Non-amortizable repair station certifications n/a 24.3 — 24.3 — Total 24 $ 1,625.9 $ 214.3 $ 1,614.2 $ 161.3 Amortization expense for definite-lived intangible assets during the three-month periods ended December 30, 2023 and December 31, 2022 was $17.7 and $17.4, respectively. Amortization expense for definite-lived intangible assets during the nine-month periods ended December 30, 2023 and December 31, 2022 was $52.8 and $51.5, respectively. These amounts are included in other, net on the Company’s consolidated statements of operations. Estimated amortization expense for the remainder of fiscal 2024 and for the five succeeding fiscal years and thereafter is as follows: Remainder of Fiscal 2024 $ 17.7 Fiscal 2025 70.7 Fiscal 2026 67.8 Fiscal 2027 66.1 Fiscal 2028 65.6 Fiscal 2029 65.1 Fiscal 2030 and thereafter 1,034.3

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
	Dec. 30, 2023
Accrued Expenses and Other Current Liabilities [Abstract]
Accrued Expenses and Other Current Liabilities	9. Accrued Expenses and Other Current Liabilities The significant components of accrued expenses and other current liabilities are as follows: December 30, April 1, Employee compensation and related benefits $ 41.3 $ 34.7 Taxes 11.9 17.5 Contract liabilities 22.4 20.6 Accrued rebates 43.2 39.6 Current finance lease liabilities 5.5 5.2 Accrued preferred stock dividends 4.9 4.9 Interest 4.9 10.6 Returns and warranties 8.6 7.5 Other 16.2 12.8 $ 158.9 $ 153.4

Debt

Debt	9 Months Ended
	Dec. 30, 2023
Debt [Abstract]
Debt	10. Debt Domestic Credit Facility In 2021 RBC Bearings Incorporated, our top holding company, and our Roller Bearing Company of America, Inc. subsidiary (“RBCA”) entered into a Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association (“Wells Fargo”), as Administrative Agent, Collateral Agent, Swingline Lender and Letter of Credit Issuer and the other lenders party thereto. The Credit Agreement provides the Company with (a) a $1,300.0 term loan (the “Term Loan”), which was used to fund a portion of the cash purchase price for the acquisition of Dodge Industrial, Inc. (“Dodge”) and to pay related fees and expenses, and (b) a $500.0 revolving credit facility (the “Revolving Credit Facility” and together with the Term Loan, the “Facilities”). Debt issuance costs associated with the Credit Agreement totaled $14.9 and are being amortized over the life of the Credit Agreement. Prior to December 2022, amounts outstanding under the Facilities generally bore interest at either, at the Company’s option, (a) a base rate determined by reference to the higher of (i) Wells Fargo’s prime lending rate, (ii) the federal funds effective rate plus 1/2 of 1.00% and (iii) the one-month LIBOR rate plus 1.00% or (b) the LIBOR rate plus a specified margin, depending on the type of borrowing being made. The applicable margin was based on the Company’s consolidated ratio of total net debt to consolidated EBITDA (as defined within the Credit Agreement) from time to time. In December 2022, the Credit Agreement was amended to replace LIBOR with the secured overnight financing rate administered by the Federal Reserve Bank of New York (“SOFR”) so that borrowings under the Facilities denominated in U.S. dollars bear interest at a rate per annum equal to Term SOFR (as defined in the Credit Agreement) plus a credit spread adjustment of 0.10% plus a margin ranging from 0.75% to 2.00% depending on the Company’s consolidated ratio of total net debt to consolidated EBITDA. The Facilities are subject to a SOFR floor of 0.00%. As of December 30, 2023, the Company’s margin was 1.25% for SOFR loans, the commitment fee rate was 0.20%, and the letter of credit fee rate was 1.25%. A portion of the Term Loan is subject to a fixed-rate interest swap as discussed in Note 13. The Term Loan matures in November 2026 and amortizes in quarterly installments with the balance payable on the maturity date. The Company can elect to prepay some or all of the outstanding balance from time to time without penalty, which will offset future quarterly amortization installments. Due to prepayments previously made, the required future principal payments on the Term Loan are $0 for fiscal 2024, $0 for fiscal 2025, $0 for fiscal 2026, and $750.0 for fiscal 2027. The Revolving Credit Facility expires in November 2026, at which time all amounts outstanding under the Revolving Credit Facility will be payable. The Credit Agreement requires the Company to comply with various covenants, including the following financial covenants: (a) a maximum Total Net Leverage Ratio (as defined within the Credit Agreement) of 5.00:1.00, which maximum Total Net Leverage Ratio shall decrease during certain subsequent test periods as set forth in the Credit Agreement (provided that, no more than once during the term of the Facilities, such maximum ratio applicable at such time may be increased by the Company by 0.50:1.00 for a period of twelve (12) months after the consummation of a material acquisition); and (b) a minimum Interest Coverage Ratio of 2.00:1.00. As of December 30, 2023, the Company was in compliance with all debt covenants. The Credit Agreement allows the Company to, among other things, make distributions to stockholders, repurchase its stock, incur other debt or liens, or acquire or dispose of assets provided that the Company complies with certain requirements and limitations of the Credit Agreement. The Company’s domestic subsidiaries have guaranteed the Company’s obligations under the Credit Agreement, and the Company’s obligations and the domestic subsidiaries’ guaranty are secured by a pledge of substantially all of the assets of the Company and its domestic subsidiaries. As of December 30, 2023, $750.0 was outstanding under the Term Loan, $3.7 of the Revolving Credit Facility was being utilized to provide letters of credit to secure the Company’s obligations relating to certain insurance programs, and $18.0 of the Revolving Credit Facility had been used to fund the purchase of the business assets of Specline, Inc. which is discussed in Note 14. The Company had the ability to borrow up to an additional $478.3 under the Revolving Credit Facility as of December 30, 2023. Senior Notes In 2021, RBCA issued $500.0 aggregate principal amount of 4.375% Senior Notes due 2029 (the “Senior Notes”). The net proceeds from the issuance of the Senior Notes were approximately $492.0 after deducting initial purchasers’ discounts and commissions and offering expenses. The Senior Notes were issued pursuant to an indenture with Wilmington Trust, National Association, as trustee (the “Indenture”). The Indenture contains covenants limiting the ability of the Company to (i) incur additional indebtedness or guarantee indebtedness, (ii) declare or pay dividends, redeem stock or make other distributions to stockholders, (iii) make investments, (iv) create liens or use assets as security in other transactions, (v) merge or consolidate, or sell, transfer, lease or dispose of substantially all of its assets, (vi) enter into transactions with affiliates, and (vii) sell or transfer certain assets. These covenants contain various exceptions, limitations and qualifications. At any time that the Senior Notes are rated investment grade, certain of these covenants will be suspended. The Senior Notes are guaranteed jointly and severally on a senior unsecured basis by RBC Bearings and certain of RBCA’s existing and future wholly-owned domestic subsidiaries that also guarantee the Credit Agreement. Interest on the Senior Notes accrues at a rate of 4.375% and is payable semi–annually in cash in arrears on April 15 and October 15 of each year. The Senior Notes will mature on October 15, 2029. The Company may redeem some or all of the Senior Notes at any time on or after October 15, 2024 at the redemption prices set forth in the Indenture, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The Company may also redeem up to 40% of the Senior Notes using the proceeds of certain equity offerings completed before October 15, 2024, at a redemption price equal to 104.375% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, at any time prior to October 15, 2024, the Company may redeem some or all of the Senior Notes at a price equal to 100% of the principal amount, plus a “make–whole” premium, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If the Company sells certain of its assets or experiences specific kinds of changes in control, the Company must offer to purchase the Senior Notes. Foreign Borrowing Arrangements One of our foreign subsidiaries, Schaublin SA (“Schaublin”), entered into a credit agreement in 2019 with Credit Suisse (Switzerland) Ltd. to provide Schaublin with a CHF 15.0 (approximately $15.4 USD) revolving credit facility, which was terminated in October 2022. Schaublin now has a CHF 5.0 (approximately $5.8 USD) revolving credit facility with Credit Suisse to provide future working capital, if necessary. As of December 30, 2023, $0.1 of the new facility was being utilized to provide a bank guarantee. Fees associated with the new facility are nominal. Debt Balances The balances payable under all our borrowing facilities are as follows: December 30, April 1, Revolver and term loan facilities $ 768.0 $ 900.0 Senior notes 500.0 500.0 Debt issuance costs (11.4 ) (13.7 ) Other 7.8 8.7 Total debt 1,264.4 1,395.0 Less: current portion 1.6 1.5 Long-term debt $ 1,262.8 $ 1,393.5

Income Taxes

Income Taxes	9 Months Ended
	Dec. 30, 2023
Income Taxes [Abstract]
Income Taxes	11. Income Taxes The Company files income tax returns in numerous U.S. and foreign jurisdictions, with returns subject to examination for varying periods, but generally back to and including the year ending March 28, 2020, although certain tax credits generated in earlier years are open under statute from March 29, 2008. The Company is no longer subject to U.S. federal tax examination by the Internal Revenue Service for years ending before March 28, 2020. Income tax expense for the three-month period ended December 30, 2023 was $10.2 compared to $11.7 for the three-month period ended December 31, 2022. The effective income tax rates for the three-month periods ended December 30, 2023 and December 31, 2022, were 18.1% and 24.4%, respectively. In addition to discrete items, the effective income tax rates for both these periods were different from the U.S. statutory rates due to the foreign-derived intangible income provision and U.S. credit for increasing research activities, which decreased the rate, and state income taxes, foreign income taxes, and nondeductible stock-based compensation, which increased the rate. The effective income tax rate for the three-month period ended December 30, 2023 of 18.1% included $1.9 of discrete tax benefits associated with stock-based compensation partially offset by $0.2 of other items; the effective income tax rate without these net benefits would have been 21.2%. The effective income tax rate for the three-month period ended December 31, 2022 of 24.4% includes $0.3 of discrete tax benefits associated with stock-based compensation partially offset by $0.2 of other items; the effective income tax rate without these benefits would have been 24.5%. The Company believes it is reasonably possible that some of its unrecognized tax positions may be effectively settled within the next 12 months due to the closing of audits and the statute of limitations expiring in various jurisdictions. The decrease in the Company’s unrecognized tax positions, pertaining primarily to federal and state credits and state tax, is estimated to be approximately $2.1. Income tax expense for the nine-month period ended December 30, 2023 was $39.4 compared to $31.9 for the nine-month period ended December 31, 2022. Our effective income tax rate for the nine-month period ended December 30, 2023 was 21.0% compared to 21.3% for the nine-month period ended December 31, 2022. The effective income tax rate for the nine-month period ended December 30, 2023 of 21.0% includes $2.4 of discrete tax benefits associated with stock-based compensation partially offset by $0.2 of other items; the effective income tax rate without these net benefits would have been 22.2%. The effective income tax rate for the nine-month period ended December 31, 2022 of 21.3% includes $3.2 of discrete tax benefits associated with stock-based compensation partially offset by $0.1 of other items; the effective income tax rate without these net benefits and other items would have been 23.5%.

Reportable Segments

Reportable Segments	9 Months Ended
	Dec. 30, 2023
Reportable Segments [Abstract]
Reportable Segments	12. Reportable Segments The Company operates through operating segments and reports its financial results based on how its chief operating decision maker makes operating decisions, assesses the performance of the business, and allocates resources. These reportable operating segments are Aerospace/Defense and Industrial and are described below. Aerospace/Defense. Industrial. Segment performance is evaluated based on segment net sales and gross margin. Items not allocated to segment operating income include corporate administrative expenses and certain other amounts. Identifiable assets by reportable segment consist of those directly identified with the segment’s operations. Three Months Ended Nine Months Ended December 30, December 31, December 30, December 31, Net External Sales Aerospace/Defense $ 129.2 $ 105.5 $ 377.0 $ 308.5 Industrial 244.7 246.1 769.6 766.4 $ 373.9 $ 351.6 $ 1,146.6 $ 1,074.9 Gross Margin Aerospace/Defense $ 53.3 $ 41.7 $ 151.2 $ 121.3 Industrial 104.7 104.3 341.0 317.0 $ 158.0 $ 146.0 $ 492.2 $ 438.3 Selling, General & Administrative Expenses Aerospace/Defense $ 9.9 $ 7.7 $ 28.1 $ 22.7 Industrial 32.6 29.1 98.4 89.2 Corporate 21.4 20.0 62.6 58.2 $ 63.9 $ 56.8 $ 189.1 $ 170.1 Operating Income Aerospace/Defense $ 38.6 $ 32.1 $ 115.1 $ 93.1 Industrial 59.3 59.2 199.9 172.6 Corporate (22.7 ) (20.9 ) (67.0 ) (58.8 ) $ 75.2 $ 70.4 $ 248.0 $ 206.9 December 30, April 1, Total Assets Aerospace/Defense $ 797.1 $ 749.8 Industrial 3,803.6 3,845.7 Corporate 93.5 94.9 $ 4,694.2 $ 4,690.4

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Dec. 30, 2023
Derivative Financial Instruments [Abstract]
Derivative Financial Instruments	13. Derivative Financial Instruments The Company is exposed to certain risks relating to its ongoing business operations, including market risks relating to fluctuations in interest rates. Derivative financial instruments are recognized on the consolidated balance sheets as either assets or liabilities and are measured at fair value. Changes in the fair values of the derivative are recorded each period in earnings or accumulated other comprehensive income, depending on whether a derivative is effective as part of a hedged transaction. Gains and losses on derivative instruments reported in accumulated other comprehensive income (loss) are subsequently included in earnings in the periods in which earnings are affected by the hedged item. The Company does not use derivative instruments for speculative purposes. On October 28, 2022, the Company entered into a three-year USD-denominated interest rate swap (the “Swap”) with a third-party financial counterparty under the Credit Agreement (see Note 10). The Swap was executed to protect the Company from interest rate volatility on our variable-rate Term Loan. The Swap became effective December 30, 2022 and is comprised of a $600.0 notional with a maturity of three years. We receive a variable rate based on one-month Term SOFR and pay a fixed rate of 4.455%. As of December 30, 2023 and giving effect to the Swap, approximately 70.9% of our debt bears interest at a fixed rate. The notional on the Swap amortizes as follows: Year 1: $600.0 Year 2: $400.0 Year 3: $100.0 The Swap has been designated as a cash flow hedge of the variability of the first unhedged interest payments (the hedged transactions) paid over the hedging relationship’s specified time period of three years attributable to the borrowing’s contractually specified interest index on the hedged principal of its general borrowing program or replacement or refinancing thereof. The fair value of the Swap has been disclosed in Note 6. The accumulated other comprehensive income/(loss) derivative component balance was a $0.1 loss at December 30, 2023 and a $2.2 loss at April 1, 2023, net of taxes. The gain/loss reclassified from accumulated other comprehensive income/(loss) into earnings will be recorded as interest income/expense on the Swap and will be included in the operating section of the Company’s consolidated statements of cash flows.

Specline Acquisition

Specline Acquisition	9 Months Ended
	Dec. 30, 2023
Specline Acquisition [Abstract]
Specline Acquisition	14. Specline Acquisition On August 18, 2023, RBC acquired the business assets of Specline, Inc. (“Specline”) for $18.7. The Company accounted for the transaction as a business combination for accounting purposes. Specline, which is based in Carson City, Nevada, is a manufacturer of precision bearings for the commercial and defense aerospace markets. The preliminary purchase price allocation is as follows: $1.6 of accounts receivable, $4.0 of inventory, $1.5 of fixed assets, $0.8 of operating lease assets, $9.1 of intangible assets, $2.0 of earnout liability, and $0.8 of operating lease liabilities. Goodwill of $4.6 resulting from the purchase price allocation is not deductible for tax purposes and is subject to change pending a final valuation of the assets and liabilities. Specline is included in the Aerospace/Defense segment.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Dec. 30, 2023	Sep. 30, 2023	Jul. 01, 2023	Dec. 31, 2022	Oct. 01, 2022	Jul. 02, 2022	Dec. 30, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 46.6	$ 51.7	$ 50	$ 36.3	$ 43.8	$ 37.4	$ 148.3	$ 117.5

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
	Dec. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	9 Months Ended
	Dec. 30, 2023
Significant Accounting Policies [Abstract]
Recent Accounting Standards Adopted	Recent Accounting Standards Adopted Not applicable. Recent Accounting Standards Yet to Be Adopted In November 2023, Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in ASU 2023-09 address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. Following the release of ASU 2023-09 in December 2023, the effective date will be annual reporting periods beginning after December 15, 2024. As of December 30, 2023, the Company is evaluating the impact on its consolidated financial statements.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Dec. 30, 2023
Revenue from Contracts with Customers [Abstract]
Schedule of Disaggregates Total Revenue by Reportable Segments	The following table disaggregates total revenue by end market, which is how we view our reportable segments (see Note 12): Three Months Ended Nine Months Ended December 30, December 31, December 30, December 31, Aerospace/Defense $ 129.2 $ 105.5 $ 377.0 $ 308.5 Industrial 244.7 246.1 769.6 766.4 Total $ 373.9 $ 351.6 $ 1,146.6 $ 1,074.9
Schedule of Disaggregates Total Revenue by Geographic Origin	The following table disaggregates total revenue by geographic origin: Three Months Ended Nine Months Ended December 30, December 31, December 30, December 31, United States $ 329.0 $ 311.5 $ 1,012.3 $ 946.9 International 44.9 40.1 134.3 128.0 Total $ 373.9 $ 351.6 $ 1,146.6 $ 1,074.9
Schedule of Percentage of Revenue Recognized for Performance Obligations Satisfied Over Time Versus the Amount of Revenue Recognized	The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over time versus the amount of revenue recognized for performance obligations satisfied at a point in time: Three Months Ended Nine Months Ended December 30, December 31, December 30, December 31, Point-in-time 98 % 98 % 98 % 98 % Over time 2 % 2 % 2 % 2 % Total 100 % 100 % 100 % 100 %

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income/(Loss) (Tables)	9 Months Ended
	Dec. 30, 2023
Accumulated Other Comprehensive Income/(Loss) [Abstract]
Schedule of Accumulated Other Comprehensive Income/(Loss), Net of Taxes	The following summarizes the activity within each component of accumulated other comprehensive income/(loss), net of taxes: Currency Change in Pension and Total Balance at April 1, 2023 $ (4.6 ) $ (2.2 ) $ 2.7 $ (4.1 ) Reclassification to net income — 3.3 — 3.3 Net loss on foreign currency translation 9.0 — — 9.0 Amortization of net loss, net of tax expense of $0.3 — — 0.7 0.7 Gain on derivative instrument, net of tax expense of $0.5 — (1.2 ) — (1.2 ) Net current period other comprehensive income, net of tax 9.0 2.1 0.7 11.8 Balance at December 30, 2023 $ 4.4 $ (0.1 ) $ 3.4 $ 7.7

Net Income Per Share Attribut_2

Net Income Per Share Attributable to Common Stockholders (Tables)	9 Months Ended
	Dec. 30, 2023
Net income Per-Share Attributable to Common Stockholders [Abstract]
Schedule of Basic and Diluted Net Income Per Share Attributable to Common Stockholders	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 share attributable to common stockholders. Three Months Ended Nine Months Ended December 30, December 31, December 30, December 31, Net income $ 46.6 $ 36.3 $ 148.3 $ 117.5 Preferred stock dividends 5.8 5.7 17.3 17.1 Net income attributable to common stockholders $ 40.8 $ 30.6 $ 131.0 $ 100.4 Denominator for basic net income per share attributable to common stockholders — weighted-average shares outstanding 28,924,073 28,805,305 28,885,453 28,744,732 Effect of dilution due to employee stock awards 280,497 315,013 268,016 308,876 Denominator for diluted net income per share attributable to common stockholders — weighted-average shares outstanding 29,204,570 29,120,318 29,153,469 29,053,608 Basic net income per share attributable to common stockholders $ 1.41 $ 1.06 $ 4.53 $ 3.49 Diluted net income per share attributable to common stockholders $ 1.39 $ 1.05 $ 4.49 $ 3.45

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Dec. 30, 2023
Schedule of Inventory Current [Abstract]
Schedule of Inventory, Current	Inventories are stated at the lower of cost or net realizable value, using the first-in, first-out method, and are summarized below: December 30, April 1, Raw materials $ 143.2 $ 132.4 Work in process 137.9 132.5 Finished goods 348.5 322.3 $ 629.6 $ 587.2

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Dec. 30, 2023
Goodwill and Intangible Assets [Abstract]
Schedule of Goodwill Balances, by Segment	Goodwill balances, by segment, consist of the following: Aerospace/ Industrial Total April 1, 2023 $ 194.1 $ 1,675.7 $ 1,869.8 Acquisition (1) 4.6 — 4.6 Currency translation adjustments — 2.3 2.3 December 30, 2023 $ 198.7 $ 1,678.0 $ 1,876.7 (1) Goodwill associated with the acquisition of the business assets of Specline, Inc. discussed further in Note 14.
Schedule of Intangible Assets	Intangible Assets Weighted December 30, 2023 April 1, 2023 Useful Gross Accumulated Gross Accumulated Product approvals 24 $ 50.7 $ 19.8 $ 50.7 $ 18.4 Customer relationships and lists 24 1,301.8 147.4 1,293.7 106.5 Trade names 25 217.1 30.3 215.4 23.3 Patents and trademarks 16 13.9 7.6 13.4 7.2 Domain names 10 0.4 0.4 0.4 0.4 Internal-use software 3 16.1 7.7 15.2 4.4 Other 5 1.6 1.1 1.1 1.1 1,601.6 214.3 1,589.9 161.3 Non-amortizable repair station certifications n/a 24.3 — 24.3 — Total 24 $ 1,625.9 $ 214.3 $ 1,614.2 $ 161.3
Schedule of Estimated Amortization Expense	Estimated amortization expense for the remainder of fiscal 2024 and for the five succeeding fiscal years and thereafter is as follows: Remainder of Fiscal 2024 $ 17.7 Fiscal 2025 70.7 Fiscal 2026 67.8 Fiscal 2027 66.1 Fiscal 2028 65.6 Fiscal 2029 65.1 Fiscal 2030 and thereafter 1,034.3

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Dec. 30, 2023
Accrued Expenses and Other Current Liabilities [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	The significant components of accrued expenses and other current liabilities are as follows: December 30, April 1, Employee compensation and related benefits $ 41.3 $ 34.7 Taxes 11.9 17.5 Contract liabilities 22.4 20.6 Accrued rebates 43.2 39.6 Current finance lease liabilities 5.5 5.2 Accrued preferred stock dividends 4.9 4.9 Interest 4.9 10.6 Returns and warranties 8.6 7.5 Other 16.2 12.8 $ 158.9 $ 153.4

Debt (Tables)

Debt (Tables)	9 Months Ended
	Dec. 30, 2023
Debt [Abstract]
Schedule of Balances Payable Under All Our Borrowing Facilities	The balances payable under all our borrowing facilities are as follows: December 30, April 1, Revolver and term loan facilities $ 768.0 $ 900.0 Senior notes 500.0 500.0 Debt issuance costs (11.4 ) (13.7 ) Other 7.8 8.7 Total debt 1,264.4 1,395.0 Less: current portion 1.6 1.5 Long-term debt $ 1,262.8 $ 1,393.5

Reportable Segments (Tables)

Reportable Segments (Tables)	9 Months Ended
	Dec. 30, 2023
Reportable Segments [Abstract]
Schedule of Reportable Segment	Identifiable assets by reportable segment consist of those directly identified with the segment’s operations. Three Months Ended Nine Months Ended December 30, December 31, December 30, December 31, Net External Sales Aerospace/Defense $ 129.2 $ 105.5 $ 377.0 $ 308.5 Industrial 244.7 246.1 769.6 766.4 $ 373.9 $ 351.6 $ 1,146.6 $ 1,074.9 Gross Margin Aerospace/Defense $ 53.3 $ 41.7 $ 151.2 $ 121.3 Industrial 104.7 104.3 341.0 317.0 $ 158.0 $ 146.0 $ 492.2 $ 438.3 Selling, General & Administrative Expenses Aerospace/Defense $ 9.9 $ 7.7 $ 28.1 $ 22.7 Industrial 32.6 29.1 98.4 89.2 Corporate 21.4 20.0 62.6 58.2 $ 63.9 $ 56.8 $ 189.1 $ 170.1 Operating Income Aerospace/Defense $ 38.6 $ 32.1 $ 115.1 $ 93.1 Industrial 59.3 59.2 199.9 172.6 Corporate (22.7 ) (20.9 ) (67.0 ) (58.8 ) $ 75.2 $ 70.4 $ 248.0 $ 206.9 December 30, April 1, Total Assets Aerospace/Defense $ 797.1 $ 749.8 Industrial 3,803.6 3,845.7 Corporate 93.5 94.9 $ 4,694.2 $ 4,690.4

Basis of Presentation (Details)

Basis of Presentation (Details)	3 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Basis of Presentation [Abstract]
Quarterly period contains	13 weeks	13 weeks

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 30, 2023	Dec. 30, 2022	Dec. 30, 2023	Dec. 31, 2022	Apr. 01, 2023
Revenue from Contracts with Customers [Line Items]
Aggregate amount of the transaction price allocated to remaining performance obligations	$ 429.9		$ 429.9
Contract assets	6.1		6.1		$ 4.5
Contract current liabilities	22.4		22.4		20.6
Recognized revenue contract liability	4.2	$ 2.6	13.5	$ 10.1
Noncurrent contract liabilities	20.3		20.3		19.8
Accrued rebates	$ 43.2		$ 43.2		$ 39.6
Minimum [Member] | Transferred over Time [Member]
Revenue from Contracts with Customers [Line Items]
Recognize revenue percentage	65%		65%
Maximum [Member] | Transferred over Time [Member]
Revenue from Contracts with Customers [Line Items]
Recognize revenue percentage	93%		93%

Revenue from Contracts with C_4

Revenue from Contracts with Customers (Details) - Schedule of Disaggregates Total Revenue by Reportable Segments - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Revenue from Contracts with Customers [Line Items]
Net sales	$ 373.9	$ 351.6	$ 1,146.6	$ 1,074.9
Aerospace/Defense [Member]
Revenue from Contracts with Customers [Line Items]
Net sales	129.2	105.5	377	308.5
Industrial [Member]
Revenue from Contracts with Customers [Line Items]
Net sales	$ 244.7	$ 246.1	$ 769.6	$ 766.4

Revenue from Contracts with C_5

Revenue from Contracts with Customers (Details) - Schedule of Disaggregates Total Revenue by Geographic Origin - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 373.9	$ 351.6	$ 1,146.6	$ 1,074.9
United States [Member]
Disaggregation of Revenue [Line Items]
Net sales	329	311.5	1,012.3	946.9
International [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 44.9	$ 40.1	$ 134.3	$ 128

Revenue from Contracts with C_6

Revenue from Contracts with Customers (Details) - Schedule of Percentage of Revenue Recognized for Performance Obligations Satisfied Over Time Versus the Amount of Revenue Recognized	3 Months Ended		9 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of revenue	100%	100%	100%	100%
Point-in-time [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of revenue	98%	98%	98%	98%
Over time [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of revenue	2%	2%	2%	2%

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income/(Loss) (Details) - Schedule of Accumulated Other Comprehensive Income/(Loss), Net of Taxes $ in Millions	9 Months Ended
	Dec. 30, 2023 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at April 1, 2023	$ (4.1)
Reclassification to net income	3.3
Net loss on foreign currency translation	9
Amortization of net loss, net of tax expense of $0.2	0.7
Gain on derivative instrument, net of tax expense of $1.5	(1.2)
Net current period other comprehensive income, net of tax	11.8
Balance at December 30, 2023	7.7
Currency Translation [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at April 1, 2023	(4.6)
Reclassification to net income
Net loss on foreign currency translation	9
Amortization of net loss, net of tax expense of $0.2
Gain on derivative instrument, net of tax expense of $1.5
Net current period other comprehensive income, net of tax	9
Balance at December 30, 2023	4.4
Change in Fair Value of Derivatives [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at April 1, 2023	(2.2)
Reclassification to net income	3.3
Net loss on foreign currency translation
Amortization of net loss, net of tax expense of $0.2
Gain on derivative instrument, net of tax expense of $1.5	(1.2)
Net current period other comprehensive income, net of tax	2.1
Balance at December 30, 2023	(0.1)
Pension and Postretirement Liability [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at April 1, 2023	2.7
Reclassification to net income
Net loss on foreign currency translation
Amortization of net loss, net of tax expense of $0.2	0.7
Gain on derivative instrument, net of tax expense of $1.5
Net current period other comprehensive income, net of tax	0.7
Balance at December 30, 2023	$ 3.4

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income/(Loss) (Details) - Schedule of Accumulated Other Comprehensive Income/(Loss), Net of Taxes (Parentheticals)	9 Months Ended
	Dec. 30, 2023 $ / shares
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Amortization of net loss, net of tax expense	$ 0.3
Gain on derivative instrument, net of tax expense	$ 0.5

Net Income Per Share Attribut_3

Net Income Per Share Attributable to Common Stockholders (Details) - shares	3 Months Ended		9 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Net Income Per Share Attributable to Common Stockholders [Line Items]
Percentage of coversion outstanding			5%
Conversion, shares	4,600,000	4,600,000	4,600,000	4,600,000
Share-Based Payment Arrangement, Option [Member]
Net Income Per Share Attributable to Common Stockholders [Line Items]
Number of shares	106,247	91,816	141,829	111,446
Restricted Stock [Member]
Net Income Per Share Attributable to Common Stockholders [Line Items]
Number of shares		1,085	2,000	1,085

Net Income Per Share Attribut_4

Net Income Per Share Attributable to Common Stockholders (Details) - Schedule of Basic and Diluted Net Income Per Share Attributable to Common Stockholders - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Dec. 30, 2023	Sep. 30, 2023	Jul. 01, 2023	Dec. 31, 2022	Oct. 01, 2022	Jul. 02, 2022	Dec. 30, 2023	Dec. 31, 2022
Net income Per-Share Attributable to Common Stockholders [Abstract]
Net income	$ 46.6	$ 51.7	$ 50	$ 36.3	$ 43.8	$ 37.4	$ 148.3	$ 117.5
Preferred stock dividends	5.8			5.7			17.3	17.1
Net income attributable to common stockholders	$ 40.8			$ 30.6			$ 131	$ 100.4
Denominator for basic net income per share attributable to common stockholders — weighted-average shares outstanding	28,924,073			28,805,305			28,885,453	28,744,732
Effect of dilution due to employee stock awards	280,497			315,013			268,016	308,876
Denominator for diluted net income per share attributable to common stockholders — weighted-average shares outstanding	29,204,570			29,120,318			29,153,469	29,053,608
Basic net income per share attributable to common stockholders	$ 1.41			$ 1.06			$ 4.53	$ 3.49
Diluted net income per share attributable to common stockholders	$ 1.39			$ 1.05			$ 4.49	$ 3.45

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Millions	Dec. 30, 2023	Apr. 01, 2023
Fair Value [Line Items]
Long-term fixed-rate debt, based on quoted market prices	$ 465.2	$ 450
Carrying value of debt amount	493.9	493.3
Interest rate swap, net of taxes	0.1	2.2
Fair Value of Interest Rate Swap [Member]
Fair Value [Line Items]
Fair value of the interest rate swap	$ 0.1	$ 2.8

Inventory (Details) - Schedule

Inventory (Details) - Schedule of Inventory, Current - USD ($) $ in Millions	Dec. 30, 2023	Apr. 01, 2023
Schedule of Inventory, Current [Abstract]
Raw materials	$ 143.2	$ 132.4
Work in process	137.9	132.5
Finished goods	348.5	322.3
Inventory net, total	$ 629.6	$ 587.2

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets [Line Items]
Amortization expense	$ 17.7	$ 17.4	$ 52.8	$ 51.5

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets (Details) - Schedule of Goodwill Balances, by Segment $ in Millions	9 Months Ended
	Dec. 30, 2023 USD ($)
Schedule of Goodwill Balances, by Segment [Line Items]
Balance at beginning	$ 1,869.8
Acquisition	4.6	[1]
Currency translation adjustments	2.3
Balance at ending	1,876.7
Aerospace/ Defense [Member]
Schedule of Goodwill Balances, by Segment [Line Items]
Balance at beginning	194.1
Acquisition	4.6	[1]
Currency translation adjustments
Balance at ending	198.7
Industrial [Member]
Schedule of Goodwill Balances, by Segment [Line Items]
Balance at beginning	1,675.7
Acquisition		[1]
Currency translation adjustments	2.3
Balance at ending	$ 1,678
[1]Goodwill associated with the acquisition of the business assets of Specline, Inc. discussed further in Note 14.

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets (Details) - Schedule of Intangible Assets - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Dec. 30, 2023	Apr. 01, 2023
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,601.6	$ 1,589.9
Accumulated Amortization	$ 214.3	161.3
Non-amortizable repair station certifications, Weighted Average Useful Lives
Non-amortizable repair station certifications, Gross Carrying Amount	$ 24.3	24.3
Non-amortizable repair station certifications, Accumulated Amortization
Total, Weighted Average Useful Lives	24 years
Total, Gross Carrying Amount	$ 1,625.9	1,614.2
Total, Accumulated Amortization	$ 214.3	161.3
Product Approvals [Member]
Schedule of Intangible Assets [Line Items]
Weighted Average Useful Lives	24 years
Gross Carrying Amount	$ 50.7	50.7
Accumulated Amortization	$ 19.8	18.4
Customer Relationships and Lists [Member]
Schedule of Intangible Assets [Line Items]
Weighted Average Useful Lives	24 years
Gross Carrying Amount	$ 1,301.8	1,293.7
Accumulated Amortization	$ 147.4	106.5
Trade Names [Member]
Schedule of Intangible Assets [Line Items]
Weighted Average Useful Lives	25 years
Gross Carrying Amount	$ 217.1	215.4
Accumulated Amortization	$ 30.3	23.3
Patents and Trademarks [Member]
Schedule of Intangible Assets [Line Items]
Weighted Average Useful Lives	16 years
Gross Carrying Amount	$ 13.9	13.4
Accumulated Amortization	$ 7.6	7.2
Domain Names [Member]
Schedule of Intangible Assets [Line Items]
Weighted Average Useful Lives	10 years
Gross Carrying Amount	$ 0.4	0.4
Accumulated Amortization	$ 0.4	0.4
Internal-use Software [Member]
Schedule of Intangible Assets [Line Items]
Weighted Average Useful Lives	3 years
Gross Carrying Amount	$ 16.1	15.2
Accumulated Amortization	$ 7.7	4.4
Other [Member]
Schedule of Intangible Assets [Line Items]
Weighted Average Useful Lives	5 years
Gross Carrying Amount	$ 1.6	1.1
Accumulated Amortization	$ 1.1	$ 1.1

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets (Details) - Schedule of Estimated Amortization Expense $ in Millions	Dec. 30, 2023 USD ($)
Schedule of Estimated Amortization Expense [Abstract]
Remainder of Fiscal 2024	$ 17.7
Fiscal 2025	70.7
Fiscal 2026	67.8
Fiscal 2027	66.1
Fiscal 2028	65.6
Fiscal 2029	65.1
Fiscal 2030 and thereafter	$ 1,034.3

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - Schedule of Accrued Expenses and Other Current Liabilities - USD ($) $ in Millions	Dec. 30, 2023	Apr. 01, 2023
Schedule of Accrued Expenses and Other Current Liabilities [Abstract]
Employee compensation and related benefits	$ 41.3	$ 34.7
Taxes	11.9	17.5
Contract liabilities	22.4	20.6
Accrued rebates	43.2	39.6
Current finance lease liabilities	5.5	5.2
Accrued preferred stock dividends	4.9	4.9
Interest	4.9	10.6
Returns and warranties	8.6	7.5
Other	16.2	12.8
Accrued expenses and other current liabilities	$ 158.9	$ 153.4

Debt (Details)

Debt (Details) SFr in Millions, $ in Millions	9 Months Ended	12 Months Ended
	Dec. 30, 2023 USD ($)	Dec. 31, 2021 USD ($)	Dec. 30, 2023 CHF (SFr)	Oct. 31, 2022 USD ($)	Oct. 31, 2022 CHF (SFr)
Debt Instrument [Line Items]
Future principal payments for fiscal 2024	$ 0
Future principal payments for fiscal 2025	0
Future principal payments for fiscal 2026	0
Future principal payments for fiscal 2027	$ 750
New credit agreement, description	The Credit Agreement requires the Company to comply with various covenants, including the following financial covenants: (a) a maximum Total Net Leverage Ratio (as defined within the Credit Agreement) of 5.00:1.00, which maximum Total Net Leverage Ratio shall decrease during certain subsequent test periods as set forth in the Credit Agreement (provided that, no more than once during the term of the Facilities, such maximum ratio applicable at such time may be increased by the Company by 0.50:1.00 for a period of twelve (12) months after the consummation of a material acquisition); and (b) a minimum Interest Coverage Ratio of 2.00:1.00.
Outstanding amounts under the term loan	$ 750
Revolving credit facility, borrowing capacity	478.3
Net proceeds from issuance of senior notes	$ 492
Senior notes, interest rate	4.375%
Provide bank guarantee amount	$ 0.1
October 15, 2024 [Member]
Debt Instrument [Line Items]
Percentage senior Notes proceeds	40%
Redemption price of senior notes	104.375%
Term Loan Facility [Member]
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity amount	$ 1,300
Make Whole Premium [Member] | October 15, 2024 [Member]
Debt Instrument [Line Items]
Redemption price of senior notes	100%
New Credit Agreement [Member]
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis	amounts outstanding under the Facilities generally bore interest at either, at the Company’s option, (a) a base rate determined by reference to the higher of (i) Wells Fargo’s prime lending rate, (ii) the federal funds effective rate plus 1/2 of 1.00% and (iii) the one-month LIBOR rate plus 1.00% or (b) the LIBOR rate plus a specified margin, depending on the type of borrowing being made. The applicable margin was based on the Company’s consolidated ratio of total net debt to consolidated EBITDA (as defined within the Credit Agreement) from time to time. In December 2022, the Credit Agreement was amended to replace LIBOR with the secured overnight financing rate administered by the Federal Reserve Bank of New York (“SOFR”) so that borrowings under the Facilities denominated in U.S. dollars bear interest at a rate per annum equal to Term SOFR (as defined in the Credit Agreement) plus a credit spread adjustment of 0.10% plus a margin ranging from 0.75% to 2.00% depending on the Company’s consolidated ratio of total net debt to consolidated EBITDA. The Facilities are subject to a SOFR floor of 0.00%. As of December 30, 2023, the Company’s margin was 1.25% for SOFR loans, the commitment fee rate was 0.20%, and the letter of credit fee rate was 1.25%.
Foreign Term Loan [Member] | Schaublin [Member]
Debt Instrument [Line Items]
Revolving credit facility	$ 5.8		SFr 5	$ 15.4	SFr 15
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity amount	500
Revolving credit facility utilized	3.7
Revolving Credit Facility [Member] | Purchase of Business Assets of Specline, Inc. [Member]
Debt Instrument [Line Items]
Revolving credit facility utilized	18
Credit Agreement [Member] | Revolver [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ 14.9
Senior Notes [Member]
Debt Instrument [Line Items]
Mature date	Oct. 15, 2029
Senior Notes due 2029 [Member]
Debt Instrument [Line Items]
Senior notes, aggregate principal amount		$ 500
Senior notes, interest rate		4.375%

Debt (Details) - Schedule of Ba

Debt (Details) - Schedule of Balances Payable Under All Our Borrowing Facilities - USD ($) $ in Millions	Dec. 30, 2023	Apr. 01, 2023
Schedule of Balances Payable Under All Borrowing Facilities [Abstract]
Revolver and term loan facilities	$ 768	$ 900
Senior notes	500	500
Debt issuance costs	(11.4)	(13.7)
Other	7.8	8.7
Total debt	1,264.4	1,395
Less: current portion	1.6	1.5
Long-term debt	$ 1,262.8	$ 1,393.5

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Income tax benefits	$ 10.2	$ 11.7	$ 39.4	$ 31.9
Effective income tax rates	18.10%	24.40%	21%	21.30%
Tax benefits associate with stock based compensation	$ 1.9	$ 0.3	$ 2.4	$ 3.2
Other items	$ 0.2	$ 0.2	$ 0.2	$ 0.1
Effective income tax rate without net benefits	21.20%	24.50%	22.20%	23.50%
U.S. Federal and State [Member]
Income Taxes [Line Items]
Effective income tax rates	18.10%	24.40%	21%	21.30%
Decrease in unrecognized tax position	$ 2.1		$ 2.1

Reportable Segments (Details) -

Reportable Segments (Details) - Schedule of Reportable Segment - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Dec. 30, 2023	Dec. 31, 2022	Apr. 01, 2023
Net External Sales
Net External Sales	$ 373.9	$ 351.6	$ 1,146.6	$ 1,074.9
Gross Margin
Gross Margin	158	146	492.2	438.3
Selling, General & Administrative Expenses
Selling, General & Administrative Expenses	63.9	56.8	189.1	170.1
Operating Income
Operating Income	75.2	70.4	248	206.9
Total Assets
Total Assets	4,694.2		4,694.2		$ 4,690.4
Aerospace/Defense [Member]
Net External Sales
Net External Sales	129.2	105.5	377	308.5
Gross Margin
Gross Margin	53.3	41.7	151.2	121.3
Selling, General & Administrative Expenses
Selling, General & Administrative Expenses	9.9	7.7	28.1	22.7
Operating Income
Operating Income	38.6	32.1	115.1	93.1
Total Assets
Total Assets	797.1		797.1		749.8
Industrial [Member]
Net External Sales
Net External Sales	244.7	246.1	769.6	766.4
Gross Margin
Gross Margin	104.7	104.3	341	317
Selling, General & Administrative Expenses
Selling, General & Administrative Expenses	32.6	29.1	98.4	89.2
Operating Income
Operating Income	59.3	59.2	199.9	172.6
Total Assets
Total Assets	3,803.6		3,803.6		3,845.7
Corporate [Member]
Selling, General & Administrative Expenses
Selling, General & Administrative Expenses	21.4	20	62.6	58.2
Operating Income
Operating Income	(22.7)	$ (20.9)	(67)	$ (58.8)
Total Assets
Total Assets	$ 93.5		$ 93.5		$ 94.9

Derivative Financial Instrume_2

Derivative Financial Instruments (Details) - USD ($) $ in Millions		9 Months Ended
	Apr. 01, 2023	Dec. 30, 2023	Dec. 30, 2022
Derivative [Line Items]
Maturity years			3 years
Fixed rate of interest percentage			4.455%
Specified time period		3 years
Other comprehensive income		$ 0.1
Year 1 [Member]
Derivative [Line Items]
Notional amount		600
Year 2 [Member]
Derivative [Line Items]
Notional amount		400
Year 3 [Member]
Derivative [Line Items]
Notional amount		$ 100
Interest Rate Swap [Member]
Derivative [Line Items]
Notional amount			$ 600
Percentage of debt that bears interest at a fixed rate		70.90%
Other comprehensive loss derivative component	$ 2.2

Specline Acquisition (Details)

Specline Acquisition (Details) $ in Millions	Aug. 18, 2023 USD ($)
Specline Acquisition [Abstract]
Business assets	$ 18.7
Accounts receivable	1.6
Inventory	4
Fixed assets	1.5
Operating lease assets	0.8
Intangible assets	9.1
Earnout liability	2
Operating lease liabilities	0.8
Goodwill	$ 4.6