RBC Bearings (RBC) 10-Q 8 Aug 17 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jul. 01, 2017	Jul. 27, 2017
Document And Entity Information
Entity Registrant Name	RBC Bearings INC
Entity Central Index Key	1,324,948
Document Type	10-Q
Trading Symbol	ROLL
Document Period End Date	Jul. 1, 2017
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		24,248,269
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,018

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jul. 01, 2017	Apr. 01, 2017
Current assets:
Cash and cash equivalents	$ 45,463	$ 38,923
Accounts receivable, net of allowance for doubtful accounts of $1,253 at July 1, 2017 and $1,213 at April 1, 2017	112,640	109,700
Inventory	292,435	289,594
Prepaid expenses and other current assets	8,527	9,743
Total current assets	459,065	447,960
Property, plant and equipment, net	185,853	183,625
Goodwill	268,075	268,042
Intangible assets, net of accumulated amortization of $32,562 at July 1, 2017 and $30,191 at April 1, 2017	194,984	196,801
Other assets	12,627	12,419
Total assets	1,120,604	1,108,847
Current liabilities:
Accounts payable	37,516	34,392
Accrued expenses and other current liabilities	48,596	44,532
Current portion of long-term debt	15,485	14,214
Total current liabilities	101,597	93,138
Deferred income taxes	14,067	12,036
Long-term debt, less current portion	222,380	255,586
Other non-current liabilities	30,875	31,043
Total liabilities	368,919	391,803
Stockholders' equity:
Preferred stock, $.01 par value; authorized shares: 10,000,000 at July 1, 2017 and April 1, 2017; none issued and outstanding
Common stock, $.01 par value; authorized shares: 60,000,000 at July 1, 2017 and April 1, 2017; issued and outstanding shares: 24,994,297 at July 1, 2017 and 24,757,803 at April 1, 2017	249	248
Additional paid-in capital	321,808	312,474
Accumulated other comprehensive loss	(5,182)	(9,823)
Retained earnings	471,646	448,693
Treasury stock, at cost, 690,642 shares at July 1, 2017 and 667,931 shares at April 1, 2017	(36,836)	(34,548)
Total stockholders' equity	751,685	717,044
Total liabilities and stockholders' equity	$ 1,120,604	$ 1,108,847

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Jul. 01, 2017	Apr. 01, 2017
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 1,253	$ 1,213
Intangible assets, accumulated amortization	$ 32,562	$ 30,191
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	24,994,297	24,757,803
Common stock, outstanding	24,994,297	24,757,803
Treasury stock, shares	690,642	667,931

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 01, 2017	Jul. 02, 2016
Income Statement [Abstract]
Net sales	$ 163,897	$ 154,579
Cost of sales	101,988	97,328
Gross margin	61,909	57,251
Operating expenses:
Selling, general and administrative	27,778	25,796
Other, net	2,331	2,234
Total operating expenses	30,109	28,030
Operating income	31,800	29,221
Interest expense, net	2,029	2,293
Other non-operating expense	372	118
Income before income taxes	29,399	26,810
Provision for income taxes	7,590	8,770
Net income	$ 21,809	$ 18,040
Net income per common share:
Basic (in dollars per share)	$ 0.92	$ 0.77
Diluted (in dollars per share)	$ 0.90	$ 0.76
Weighted average common shares:
Basic (in shares)	23,805,138	23,320,579
Diluted (in shares)	24,189,375	23,626,751

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 01, 2017	Jul. 02, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 21,809	$ 18,040
Pension and postretirement liability adjustments, net of taxes	196	234
Foreign currency translation adjustments	4,445	(1,429)
Total comprehensive income	$ 26,450	$ 16,845

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 01, 2017	Jul. 02, 2016
Cash flows from operating activities:
Net income	$ 21,809	$ 18,040
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	4,745	4,527
Excess tax benefits from stock-based compensation		(2,971)
Deferred income taxes	2,031	505
Amortization of intangible assets	2,353	2,213
Amortization of deferred financing costs	356	356
Stock-based compensation	3,228	2,774
Other non-cash charges	1	(8)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(2,317)	622
Inventory	(1,491)	(3,850)
Prepaid expenses and other current assets	1,166	(1,116)
Other non-current assets	(391)	(452)
Accounts payable	2,956	(3,049)
Accrued expenses and other current liabilities	5,697	3,140
Other non-current liabilities	(334)	(1,519)
Net cash provided by operating activities	39,809	19,212
Cash flows from investing activities:
Purchase of property, plant and equipment	(5,659)	(5,166)
Proceeds from sale of assets	3	10
Net cash used in investing activities	(5,656)	(5,156)
Cash flows from financing activities:
Repayments of revolving credit facility	(30,000)	(17,500)
Repayments of term loans	(2,500)	(2,500)
Payments of notes payable	(120)	(120)
Exercise of stock options	6,107	4,659
Excess tax benefits from stock-based compensation		2,971
Repurchase of common stock	(2,288)	(3,426)
Net cash used in financing activities	(28,801)	(15,916)
Effect of exchange rate changes on cash	1,188	(87)
Cash and cash equivalents:
Increase (decrease) during the period	6,540	(1,947)
Cash, at beginning of period	38,923	39,208
Cash, at end of period	$ 45,463	$ 37,261

Organization and Business

Organization and Business	3 Months Ended
	Jul. 01, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	The consolidated financial statements included herein have been prepared by RBC Bearings Incorporated, a Delaware corporation (collectively with its subsidiaries, the “Company”), pursuant to the rules and regulations of the Securities and Exchange Commission. The April 1, 2017 fiscal year end balance sheet data have been derived from the Company’s audited financial statements, but do not include all disclosures required by generally accepted accounting principles in the United States. The interim financial statements included with this report have been prepared on a consistent basis with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 1, 2017. These statements reflect all adjustments, accruals and estimates consisting only of items of a normal recurring nature, which are, in the opinion of management, necessary for the fair presentation of the consolidated financial condition and consolidated results of operations for the interim periods presented. These financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Annual Report on Form 10-K. The results of operations for the three month period ended July 1, 2017 are not necessarily indicative of the operating results for the entire fiscal year ending March 31, 2018. The three month periods ended July 1, 2017 and July 2, 2016 each include 13 weeks. The amounts shown are in thousands, unless otherwise indicated. Critical Accounting Policies Revenue Recognition. We also recognize revenue on a Ship-In-Place basis for three customers who have required that we hold the product after final production is complete. In this case, a written agreement has been executed (at the customer’s request) whereby the customer accepts the risk of loss for product that is invoiced under the Ship-In-Place arrangement. For each transaction for which revenue is recognized under a Ship-In-Place arrangement, all final manufacturing inspections have been completed and customer acceptance has been obtained. In the three months ended July 1, 2017, 2.0% of the Company’s total net sales were recognized under Ship-In-Place transactions. Adoption of Recent Accounting Pronouncements In May 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-09, “Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting”, in an effort to reduce diversity in practice as it relates to applying modification accounting for changes to the terms and conditions of share-based payment awards. This ASU is effective for public companies for the financial statements issued for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted. The Company has not determined the effect that the adoption of the pronouncement may have on its financial position and/or results of operations. In March 2017, the FASB issued ASU No. 2017-07, “Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”, in an effort to improve the presentation of these costs within the income statement. Under current GAAP, all components of both net periodic pension cost and net periodic postretirement cost are included within selling, general and administrative costs on the income statement. This ASU would require entities to include only the service cost component within selling, general and administrative costs whereas all other components would be included within other non-operating expense. In addition, only the service cost component would be eligible for capitalization when applicable (for example, as a cost of internally manufactured inventory or a self-constructed asset). The amendments in this Update should be applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the income statement and prospectively, on and after the effective date, for the capitalization of the service cost component of net periodic pension cost and net periodic postretirement benefit in assets. This ASU is effective for public companies for the financial statements issued for annual periods beginning after December 15, 2017, including interim periods within those annual periods. The Company has not determined the effect that the adoption of the pronouncement may have on its financial position and/or results of operations. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment”. The objective of this standard update is to simplify the subsequent measurement of goodwill, eliminating Step 2 from the goodwill impairment test. Under this ASU, an entity should perform its annual goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, assuming the loss recognized does not exceed the total amount of goodwill for the reporting unit. The standard update is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. In October 2016, the FASB issued ASU No. 2016-16, “Income Taxes (Topic 740)”, in an effort to improve the accounting for the income tax consequences of intra-equity transfers of assets other than inventory. Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. This ASU establishes the requirement that an entity recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This ASU is effective for public companies for the financial statements issued for annual periods beginning after December 15, 2017 and interim periods within those annual periods. Earlier application is permitted as of the beginning of an interim or annual reporting period, with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company has not determined the effect that the adoption of the pronouncement may have on its financial position and/or results of operations. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”, which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. This ASU is effective for public companies for the financial statements issued for annual periods beginning after December 15, 2017 and interim periods within those annual periods. Earlier application is permitted as of the beginning of an interim or annual reporting period, with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company has not determined the effect that the adoption of the pronouncement may have on its statements of cash flows. In March 2016, the FASB issued ASU No. 2016-09, “Improvements to Employee Share-Based Payment Accounting” which amends ASC Topic 718, Compensation - Stock Compensation. This ASU includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. The Company adopted this standard on April 2, 2017. As a result of the adoption, the Company began recording the tax effects associated with stock-based compensation through the income statement on a prospective basis which resulted in a tax benefit of $2.3 million for the first three months of fiscal 2018. Prior to adoption, these amounts would have been recorded as an increase to additional paid-in capital. This change may create volatility in the Company’s effective tax rate. The adoption of this standard also resulted in a cumulative effect change to opening retained earnings of $1.1 million for previously unrecognized excess tax benefits. In addition, the Company will prospectively classify all tax-related cash flows resulting from share-based payments, including the excess tax benefits related to the settlement of stock-based awards, as cash flows from operating activities in the statement of cash flows. Prior to the adoption of this standard, these were shown as cash inflows from financing activities and cash outflows from operating activities. The adoption of the ASU also resulted in the Company removing the excess tax benefits from the assumed proceeds available to repurchase shares when calculating diluted earnings per share on a prospective basis. The revised calculation increased the diluted weighted average common shares outstanding by approximately 0.1 million shares in the period of adoption. The Company also made an accounting policy election to continue to estimate forfeitures as it did prior to adoption. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” The core principal of ASU 2016-02 is that an entity should recognize on its balance sheet assets and liabilities arising from a lease. In accordance with that principle, ASU 2016-02 requires that a lessee recognize a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying leased asset for the lease term. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend on the lease classification as a finance or operating lease. This new accounting guidance is effective for public companies for fiscal years beginning after December 15, 2018 under a modified retrospective approach and early adoption is permitted. The Company is currently evaluating the impact this adoption will have on its consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” This update requires the company to measure inventory using the lower of cost and net realizable value. Net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This ASU applies to companies measuring inventory using methods other than the last-in, first-out (LIFO) and retail inventory methods, including but not limited to the first-in, first-out (FIFO) or average costing methods. The Company adopted this ASU on a prospective basis on April 2, 2017 and it did not have a material impact on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)”. The objective of this standard update is to remove inconsistent practices with regards to revenue recognition between U.S. GAAP and IFRS. The standard intends to improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. The provisions of ASU No. 2014-09 will be effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted for annual periods beginning after December 15, 2016. The guidance permits use of either a retrospective or cumulative effect transition method. Based upon the FASB’s decision to approve a one-year delay in implementation, the new standard is now effective for the Company in fiscal 2019, with early adoption permitted, but not earlier than fiscal 2018. The Company has not yet determined which adoption method it will use but is currently anticipating using the modified retrospective method with a final decision to be determined based on the results of its assessment, once completed. The Company is currently assessing the impact of the new standard on its business by reviewing its current accounting policies and practices to identify potential differences that would result from applying the requirements of the new standard to its revenue contracts. The assessment phase of the project has identified potential accounting and disclosure differences that may arise from the application of the new standard. The Company is in the process of reviewing individual contracts and performing a deeper analysis of the impacts of the new standard. The Company has made significant progress on its contract reviews during the fourth quarter of fiscal 2017 and expects to finalize its evaluation of these and other potential differences that may result from applying the new standard to its contracts with customers in fiscal 2018. The Company will provide updates on its progress in future filings.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Jul. 01, 2017
Accumulated Other Comprehensive Income Loss [Abstract]
Accumulated Other Comprehensive Income (Loss)	1. 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): Currency Translation Pension and Postretirement Liability Total Balance at April 1, 2017 $ (3,942 ) $ (5,881 ) $ (9,823 ) Other comprehensive income before reclassifications 4,445 — 4,445 Amounts reclassified from accumulated other comprehensive income — 196 196 Net current period other comprehensive income 4,445 196 4,641 Balance at July 1, 2017 $ 503 $ (5,685 ) $ (5,182 )

Net Income Per Common Share

Net Income Per Common Share	3 Months Ended
	Jul. 01, 2017
Net income per common share:
Net Income Per Common Share	2. Net Income Per Common Share Basic net income per common share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding. Diluted net income per common share is computed by dividing net income by the sum of the weighted-average number of common shares and dilutive common share equivalents then outstanding using the treasury stock method. Common share equivalents consist of the incremental common shares issuable upon the exercise of stock options. The table below reflects the calculation of weighted-average shares outstanding for each period presented as well as the computation of basic and diluted net income per common share: Three Months Ended July 1, 2017 July 2, 2016 Net income $ 21,809 $ 18,040 Denominator for basic net income per common share—weighted-average shares outstanding 23,805,138 23,320,579 Effect of dilution due to employee stock awards 384,237 306,172 Denominator for diluted net income per common share — weighted-average shares outstanding 24,189,375 23,626,751 Basic net income per common share $ 0.92 $ 0.77 Diluted net income per common share $ 0.90 $ 0.76 At July 1, 2017, 221,500 employee stock options have been excluded from the calculation of diluted earnings per share. At July 2, 2016, 217,250 employee stock options have been excluded from the calculation of diluted earnings per share. The inclusion of these employee stock options would be anti-dilutive. The adoption of ASU 2016-09 on April 2, 2017 resulted in the Company removing the excess tax benefits from the assumed proceeds available to repurchase shares when calculating diluted earnings per share on a prospective basis. The revised calculation increased the diluted weighted average common shares outstanding by 87,089 shares in the period of adoption.

Cash and Cash Equivalents

Cash and Cash Equivalents	3 Months Ended
	Jul. 01, 2017
Cash and cash equivalents:
Cash and Cash Equivalents	3. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Short-term investments, if any, are comprised of equity securities and are measured at fair value by using quoted prices in active markets and are classified as Level 1 of the valuation hierarchy.

Inventory

Inventory	3 Months Ended
	Jul. 01, 2017
Inventory Disclosure [Abstract]
Inventory	4. Inventory Inventories are stated at the lower of cost or net realizable value, using the first-in, first-out method, and are summarized below: July 1, 2017 April 1, 2017 Raw materials $ 34,576 $ 35,364 Work in process 81,128 79,048 Finished goods 176,731 175,182 $ 292,435 $ 289,594

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Jul. 01, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	5. Goodwill and Intangible Assets Goodwill Roller Plain Ball Engineered Products Total April 1, 2017 $ 16,007 $ 79,597 $ 5,623 $ 166,815 $ 268,042 Translation adjustments — — — 33 33 July 1, 2017 $ 16,007 $ 79,597 $ 5,623 $ 166,848 $ 268,075 Intangible Assets July 1, 2017 April 1, 2017 Weighted Average Useful Lives Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Product approvals 24 $ 53,952 $ 7,031 $ 53,869 $ 6,465 Customer relationships and lists 24 107,899 13,397 107,864 12,308 Trade names 10 19,956 5,639 19,923 5,137 Distributor agreements 5 722 722 722 722 Patents and trademarks 15 9,191 4,296 8,803 4,130 Domain names 10 437 397 437 386 Other 5 1,189 1,080 1,174 1,043 193,346 32,562 192,792 30,191 Non-amortizable repair station certifications n/a 34,200 — 34,200 — Total $ 227,546 $ 32,562 $ 226,992 $ 30,191 Amortization expense for definite-lived intangible assets for the three months ended July 1, 2017 and July 2, 2016 was $2,353 and $2,213, respectively. Estimated amortization expense for the remaining nine months of fiscal 2018, the five succeeding fiscal years and thereafter is as follows: 2018 $ 6,982 2019 9,153 2020 9,046 2021 8,994 2022 8,878 2023 8,791 2024 and thereafter 108,940

Debt

Debt	3 Months Ended
	Jul. 01, 2017
Debt Disclosure [Abstract]
Debt	6. Debt The balances payable under all borrowing facilities are as follows: July 1, 2017 April 1, 2017 Revolver and term loan facilities $ 234,500 $ 267,000 Debt issuance costs (4,036 ) (4,392 ) Other 7,401 7,192 Total debt 237,865 269,800 Less: current portion 15,485 14,214 Long-term debt $ 222,380 $ 255,586 The current portion of long-term debt as of both July 1, 2017 and April 1, 2017 includes the current portion of the Schaublin mortgage and the current portion of the Revolver and Term Loan Facilities. Credit Facility In connection with the Sargent Aerospace & Defense (“Sargent”) acquisition on April 24, 2015, the Company entered into a new credit agreement (the “Credit Agreement”) and related Guarantee, Pledge Agreement and Security Agreement with Wells Fargo Bank, National Association, as Administrative Agent, Collateral Agent, Swingline Lender and Letter of Credit Issuer and the other lenders party thereto and terminated the JP Morgan Credit Agreement. The Credit Agreement provides RBCA, as Borrower, with (a) a $200,000 Term Loan and (b) a $350,000 Revolver and together with the Term Loan (the “Facilities”). The Facilities expire on April 24, 2020. Amounts outstanding under the Facilities generally bear interest at (a) a base rate determined by reference to the higher of (1) Wells Fargo’s prime lending rate, (2) the federal funds effective rate plus 1/2 of 1% and (3) the one-month LIBOR rate plus 1% or (b) LIBOR rate plus a specified margin, depending on the type of borrowing being made. The applicable margin is based on the Company’s consolidated ratio of total net debt to consolidated EBITDA from time to time. Currently, the Company’s margin is 0.25% for base rate loans and 1.25% for LIBOR rate loans. As of July 1, 2017, there was $54,500 outstanding under the Revolver and $180,000 outstanding under the Term Loan, offset by $4,036 in debt issuance costs (original amount was $7,122). The Credit Agreement requires the Company to comply with various covenants, including among other things, financial covenants to maintain the following: (1) a ratio of consolidated net debt to adjusted EBITDA, not to exceed 3.50 to 1; and (2) a consolidated interest coverage ratio not to be less than 2.75 to 1. The Credit Agreement allows the Company to, among other things, make distributions to shareholders, repurchase its stock, incur other debt or liens, or acquire or dispose of assets provided that the Company complies with certain requirements and limitations of the agreement. As of July 1, 2017, the Company was in compliance with all such covenants. The Company’s obligations under the Credit Agreement are secured as well as providing for a pledge of substantially all of the Company’s and RBCA’s assets. The Company and certain of its subsidiaries have also entered into a Guarantee to guarantee RBCA’s obligations under the Credit Agreement. Approximately $3,840 of the Revolver is being utilized to provide letters of credit to secure RBCA’s obligations relating to certain insurance programs. As of July 1, 2017, RBCA has the ability to borrow up to an additional $291,660 under the Revolver. Other Notes Payable On October 1, 2012, Schaublin purchased the land and building, which it occupied and had been leasing, for 14,067 CHF (approximately $14,910). Schaublin obtained a 20 year fixed rate mortgage of 9,300 CHF (approximately $9,857) at an interest rate of 2.9%. The balance of the purchase price of 4,767 CHF (approximately $5,053) was paid from cash on hand. The balance on this mortgage as of July 1, 2017 was 7,091 CHF, or $7,401.

Income Taxes

Income Taxes	3 Months Ended
	Jul. 01, 2017
Income Tax Disclosure [Abstract]
Income Taxes	7. 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 March 29, 2014. A U.S. federal tax examination by the Internal Revenue Service for the year ended March 30, 2013 was effectively settled in fiscal 2016. The effective income tax rates for the three month periods ended July 1, 2017 and July 2, 2016, were 25.8% and 32.7%. In addition to discrete items, the effective income tax rates for these periods are different from the U.S. statutory rates due to a special U.S. manufacturing deduction, the U.S. credit for increasing research activities, and foreign income taxed at lower rates which decrease the rate, and state income taxes which increase the rate. The effective income tax rate for the three month period ended July 1, 2017 of 25.8% includes discrete items of $2,322 primarily comprised of the adoption of ASU 2016-09 Compensation - Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting

Reportable Segments

Reportable Segments	3 Months Ended
	Jul. 01, 2017
Segment Reporting [Abstract]
Reportable Segments	8. Reportable Segments The Company operates through operating segments for which separate financial information is available, and for which operating results are evaluated regularly by the Company’s chief operating decision maker in determining resource allocation and assessing performance. Those operating segments with similar economic characteristics and that meet all other required criteria, including nature of the products and production processes, distribution patterns and classes of customers, are aggregated as reportable segments. The Company has four reportable business segments; Plain Bearings, Roller Bearings, Ball Bearings and Engineered Products, which are described below. Plain Bearings. Roller Bearings. Ball Bearings. Engineered Products. Segment performance is evaluated based on segment net sales and operating income. Items not allocated to segment operating income include corporate administrative expenses and certain other amounts. Three Months Ended July 1, 2017 July 2, 2016 Net External Sales Plain $ 72,653 $ 70,450 Roller 31,413 27,834 Ball 15,780 13,710 Engineered Products 44,051 42,585 $ 163,897 $ 154,579 Gross Margin Plain $ 28,376 $ 26,554 Roller 12,755 12,289 Ball 6,175 5,304 Engineered Products 14,603 13,104 $ 61,909 $ 57,251 Selling, General & Administrative Expenses Plain $ 6,449 $ 5,990 Roller 1,571 1,441 Ball 1,615 1,462 Engineered Products 5,277 4,893 Corporate 12,866 12,010 $ 27,778 $ 25,796 Operating Income Plain $ 21,161 $ 19,763 Roller 11,183 10,788 Ball 4,495 3,714 Engineered Products 8,217 6,947 Corporate (13,256 ) (11,991 ) $ 31,800 $ 29,221 Geographic External Sales Domestic $ 143,026 $ 135,177 Foreign 20,871 19,402 $ 163,897 $ 154,579 Intersegment Sales Plain $ 1,156 $ 1,213 Roller 3,409 3,984 Ball 528 515 Engineered Products 8,173 7,517 $ 13,266 $ 13,229 All intersegment sales are eliminated in consolidation.

Integration and Restructuring o

Integration and Restructuring of Industrial Operations	3 Months Ended
	Jul. 01, 2017
Restructuring and Related Activities [Abstract]
Integration and Restructuring of Industrial Operations	9. Integration and Restructuring of Industrial Operations In the third quarter of fiscal 2017, the Company reached a decision to integrate and restructure its industrial manufacturing operation in South Carolina. The Company exited a few smaller product offerings and consolidated two manufacturing facilities into one. These restructuring efforts will better align our manufacturing capacity and market focus. As a result, the Company recorded a charge of $7,060 associated with the restructuring in the third quarter of fiscal 2017 attributable to the Roller Bearings segment. The $7,060 charge includes $3,215 of inventory rationalization costs, $261 in impairment of intangibles, $2,402 loss on fixed assets disposals, and $1,182 exit obligation associated with a building operating lease. The inventory rationalization costs were recorded in Cost of Sales in the income statement. All other costs were recorded under operating expenses in the Other, Net category of the income statement. The pre-tax charge of $7,060 was offset with a tax benefit of approximately $2,222. The Company determined that the market approach was the most appropriate method to estimate the fair value for the inventory, intangible assets, equipment and building operating lease using comparable sales data and actual quotes from potential buyers in the market place.

Organization and Business (Poli

Organization and Business (Policies)	3 Months Ended
	Jul. 01, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Critical Accounting Policies	Critical Accounting Policies Revenue Recognition. We also recognize revenue on a Ship-In-Place basis for three customers who have required that we hold the product after final production is complete. In this case, a written agreement has been executed (at the customer’s request) whereby the customer accepts the risk of loss for product that is invoiced under the Ship-In-Place arrangement. For each transaction for which revenue is recognized under a Ship-In-Place arrangement, all final manufacturing inspections have been completed and customer acceptance has been obtained. In the three months ended July 1, 2017, 2.0% of the Company’s total net sales were recognized under Ship-In-Place transactions.
Adoption of Recent Accounting Pronouncements	Adoption of Recent Accounting Pronouncements In May 2017, the Financial Accounting Standards Board ("FASB") issued No. 2017-09, “Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting”, in an effort to reduce diversity in practice as it relates to applying modification accounting for changes to the terms and conditions of share-based payment awards. This ASU is effective for public companies for the financial statements issued for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted. The Company has not determined the effect that the adoption of the pronouncement may have on its financial position and/or results of operations. In March 2017, the FASB issued No. 2017-07, “Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”, in an effort to improve resentation of these costs within the income statement. Under current GAAP, all components of both net periodic pension cost and net periodic postretirement cost are included within selling, general and administrative costs on the income statement. This ASU would require entities to include only the service cost component within selling, general and administrative costs whereas all other components would be included within other non-operating expense. In addition, only the service cost component would be eligible for capitalization when applicable (for example, as a cost of internally manufactured inventory or a self-constructed asset). The amendments in this Update should be applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the income statement and prospectively, on and after the effective date, for the capitalization of the service cost component of net periodic pension cost and net periodic postretirement benefit in assets. This ASU is effective for public companies for the financial statements issued for annual periods beginning after December 15, 2017, including interim periods within those annual periods. The Company has not determined the effect that the adoption of the pronouncement may have on its financial position and/or results of operations. In January 2017, the FASB issued ASU No. 2017-04, "Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment". The objective of this standard update is to simplify the subsequent measurement of goodwill, eliminating Step 2 from the goodwill impairment test. Under this ASU, an entity should perform its annual goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, assuming the loss recognized does not exceed the total amount of goodwill for the reporting unit. The standard update is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. In October 2016, the FASB issued No. 2016-16, “Income Taxes (Topic 740)”, in an effort to improve the accounting for the income tax consequences of intra-equity transfers of assets other than inventory. Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. This ASU establishes the requirement that an entity recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This ASU is effective for public companies for the financial statements issued for annual periods beginning after December 15, 2017 and interim periods within those annual periods. Earlier application is permitted as of the beginning of an interim or annual reporting period, with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company has not determined the effect that the adoption of the pronouncement may have on its financial position and/or results of operations. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”, which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. This ASU is effective for public companies for the financial statements issued for annual periods beginning after December 15, 2017 and interim periods within those annual periods. Earlier application is permitted as of the beginning of an interim or annual reporting period, with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company has not determined the effect that the adoption of the pronouncement may have on its statements of cash flows. In March 2016, the FASB issued ASU No. 2016-09, "Improvements to Employee Share-Based Payment Accounting" which amends ASC Topic 718, Compensation - Stock Compensation. This ASU includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. The Company adopted this standard on April 2, 2017. As a result of the adoption, the Company began recording the tax effects associated with stock-based compensation through the income statement on a prospective basis which resulted in a tax benefit of $2.3 million for the first three months of fiscal 2018. Prior to adoption, these amounts would have been recorded as an increase to additional paid-in capital. This change may create volatility in the Company's effective tax rate. The adoption of this standard also resulted in a cumulative effect change to opening retained earnings of $1.1 million for previously unrecognized excess tax benefits. In addition, the Company will prospectively classify all tax-related cash flows resulting from share-based payments, including the excess tax benefits related to the settlement of stock-based awards, as cash flows from operating activities in the statement of cash flows. Prior to the adoption of this standard, these were shown as cash inflows from financing activities and cash outflows from operating activities. The adoption of the ASU also resulted in the Company removing the excess tax benefits from the assumed proceeds available to repurchase shares when calculating diluted earnings per share on a prospective basis. The revised calculation increased the diluted weighted average common shares outstanding by approximately 0.1 million shares in the period of adoption. The Company also made an accounting policy election to continue to estimate forfeitures as it did prior to adoption. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” The core principal of ASU 2016-02 is that an entity should recognize on its balance sheet assets and liabilities arising from a lease. In accordance with that principle, ASU 2016-02 requires that a lessee recognize a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying leased asset for the lease term. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend on the lease classification as a finance or operating lease. This new accounting guidance is effective for public companies for fiscal years beginning after December 15, 2018 under a modified retrospective approach and early adoption is permitted. The Company is currently evaluating the impact this adoption will have on its consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” This update requires the company to measure inventory using the lower of cost and net realizable value. Net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This ASU applies to companies measuring inventory using methods other than the last-in, first-out (LIFO) and retail inventory methods, including but not limited to the first-in, first-out (FIFO) or average costing methods. The Company adopted this ASU on a prospective basis on April 2, 2017 and it did not have a material impact on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)". The objective of this standard update is to remove inconsistent practices with regards to revenue recognition between U.S. GAAP and IFRS. The standard intends to improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. The provisions of ASU No. 2014-09 will be effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted for annual periods beginning after December 15, 2016. The guidance permits use of either a retrospective or cumulative effect transition method. Based upon the FASB's decision to approve a one-year delay in implementation, the new standard is now effective for the Company in fiscal 2019, with early adoption permitted, but not earlier than fiscal 2018. The Company has not yet determined which adoption method it will use but is currently anticipating using the modified retrospective method with a final decision to be determined based on the results of its assessment, once completed. The Company is currently assessing the impact of the new standard on its business by reviewing its current accounting policies and practices to identify potential differences that would result from applying the requirements of the new standard to its revenue contracts. The assessment phase of the project has identified potential accounting and disclosure differences that may arise from the application of the new standard. The Company is in the process of reviewing individual contracts and performing a deeper analysis of the impacts of the new standard. The Company has made significant progress on its contract reviews during the fourth quarter of fiscal 2017 and expects to finalize its evaluation of these and other potential differences that may result from applying the new standard to its contracts with customers in fiscal 2018. The Company will provide updates on its progress in future filings.

Accumulated Other Comprehensi18

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Jul. 01, 2017
Accumulated Other Comprehensive Income Loss [Abstract]
Schedule of component of accumulated other comprehensive income (loss)	The following summarizes the activity within each component of accumulated other comprehensive income (loss): Currency Translation Pension and Postretirement Liability Total Balance at April 1, 2017 $ (3,942 ) $ (5,881 ) $ (9,823 ) Other comprehensive income before reclassifications 4,445 — 4,445 Amounts reclassified from accumulated other comprehensive income — 196 196 Net current period other comprehensive income 4,445 196 4,641 Balance at July 1, 2017 $ 503 $ (5,685 ) $ (5,182 )

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	3 Months Ended
	Jul. 01, 2017
Net income per common share:
Schedule of calculation of weighted-average shares as well as the computation of basic and diluted net income per common share	The table below reflects the calculation of weighted-average shares outstanding for each period presented as well as the computation of basic and diluted net income per common share: Three Months Ended July 1, 2017 July 2, 2016 Net income $ 21,809 $ 18,040 Denominator for basic net income per common share—weighted-average shares outstanding 23,805,138 23,320,579 Effect of dilution due to employee stock awards 384,237 306,172 Denominator for diluted net income per common share — weighted-average shares outstanding 24,189,375 23,626,751 Basic net income per common share $ 0.92 $ 0.77 Diluted net income per common share $ 0.90 $ 0.76

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Jul. 01, 2017
Inventory Disclosure [Abstract]
Schedule of inventory	Inventories are stated at the lower of cost or net realizable value, using the first-in, first-out method, and are summarized below: July 1, 2017 April 1, 2017 Raw materials $ 34,576 $ 35,364 Work in process 81,128 79,048 Finished goods 176,731 175,182 $ 292,435 $ 289,594

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Jul. 01, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill balances, by segment	Goodwill Roller Plain Ball Engineered Products Total April 1, 2017 $ 16,007 $ 79,597 $ 5,623 $ 166,815 $ 268,042 Translation adjustments — — — 33 33 July 1, 2017 $ 16,007 $ 79,597 $ 5,623 $ 166,848 $ 268,075
Schedule of intangible assets	Intangible Assets July 1, 2017 April 1, 2017 Weighted Average Useful Lives Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Product approvals 24 $ 53,952 $ 7,031 $ 53,869 $ 6,465 Customer relationships and lists 24 107,899 13,397 107,864 12,308 Trade names 10 19,956 5,639 19,923 5,137 Distributor agreements 5 722 722 722 722 Patents and trademarks 15 9,191 4,296 8,803 4,130 Domain names 10 437 397 437 386 Other 5 1,189 1,080 1,174 1,043 193,346 32,562 192,792 30,191 Non-amortizable repair station certifications n/a 34,200 — 34,200 — Total $ 227,546 $ 32,562 $ 226,992 $ 30,191
Schedule of estimated amortization expense	Amortization expense for definite-lived intangible assets for the three months ended July 1, 2017 and July 2, 2016 was $2,353 and $2,213, respectively. Estimated amortization expense for the remaining nine months of fiscal 2018, the five succeeding fiscal years and thereafter is as follows: 2018 $ 6,982 2019 9,153 2020 9,046 2021 8,994 2022 8,878 2023 8,791 2024 and thereafter 108,940

Debt (Tables)

Debt (Tables)	3 Months Ended
	Jul. 01, 2017
Debt Disclosure [Abstract]
Schedule of balances payable under borrowing facilities	The balances payable under all borrowing facilities are as follows: July 1, 2017 April 1, 2017 Revolver and term loan facilities $ 234,500 $ 267,000 Debt issuance costs (4,036 ) (4,392 ) Other 7,401 7,192 Total debt 237,865 269,800 Less: current portion 15,485 14,214 Long-term debt $ 222,380 $ 255,586

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
	Jul. 01, 2017
Segment Reporting [Abstract]
Schedule of segment information	Segment performance is evaluated based on segment net sales and operating income. Items not allocated to segment operating income include corporate administrative expenses and certain other amounts. Three Months Ended July 1, 2017 July 2, 2016 Net External Sales Plain $ 72,653 $ 70,450 Roller 31,413 27,834 Ball 15,780 13,710 Engineered Products 44,051 42,585 $ 163,897 $ 154,579 Gross Margin Plain $ 28,376 $ 26,554 Roller 12,755 12,289 Ball 6,175 5,304 Engineered Products 14,603 13,104 $ 61,909 $ 57,251 Selling, General & Administrative Expenses Plain $ 6,449 $ 5,990 Roller 1,571 1,441 Ball 1,615 1,462 Engineered Products 5,277 4,893 Corporate 12,866 12,010 $ 27,778 $ 25,796 Operating Income Plain $ 21,161 $ 19,763 Roller 11,183 10,788 Ball 4,495 3,714 Engineered Products 8,217 6,947 Corporate (13,256 ) (11,991 ) $ 31,800 $ 29,221 Geographic External Sales Domestic $ 143,026 $ 135,177 Foreign 20,871 19,402 $ 163,897 $ 154,579 Intersegment Sales Plain $ 1,156 $ 1,213 Roller 3,409 3,984 Ball 528 515 Engineered Products 8,173 7,517 $ 13,266 $ 13,229

Organization and Business (Deta

Organization and Business (Details Narrative) $ in Thousands	3 Months Ended
	Jul. 01, 2017USD ($)Customershares	Jul. 02, 2016USD ($)shares
Tax benefit		$ 2,971
Unrecognized excess tax benefits	$ 1,100
Number of diluted weighted average common shares outstanding | shares	24,189,375	23,626,751
Stock-Based Compensation [Member]
Tax benefit	$ 2,300
Number of diluted weighted average common shares outstanding | shares	87,089
Ship-In-Place Transactions [Member]
Number of customers | Customer	3
Percentage of total net sales	2.00%

Accumulated Other Comprehensi25

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 01, 2017	Jul. 02, 2016
Accumulated Other Comprehensive Income Loss [Abstract]
Balance beginning, Currency Translation	$ (3,942)
Other comprehensive income before reclassifications, Currency Translation	4,445
Amounts reclassified from accumulated other comprehensive income, Currency Translation
Net current period other comprehensive income, Currency Translation	4,445	$ (1,429)
Balance ending, Currency Translation	503
Balance beginning, Pension and Postretirement Liability	(5,881)
Other comprehensive income before reclassifications, Pension and Postretirement Liability
Amounts reclassified from accumulated other comprehensive income, Pension and Postretirement Liability	196
Net current period other comprehensive income, Pension and Postretirement Liability	196	$ 234
Balance ending, Pension and Postretirement Liability	(5,685)
Balance beginning, Total	(9,823)
Other comprehensive income before reclassifications, Total	4,445
Amounts reclassified from accumulated other comprehensive income, Total	196
Net current period other comprehensive income, Total	4,641
Balance ending, Total	$ (5,182)

Net Income Per Common Share (De

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jul. 01, 2017	Jul. 02, 2016
Net income per common share:
Net income	$ 21,809	$ 18,040
Denominator for basic net income per common share-weighted-average shares outstanding	23,805,138	23,320,579
Effect of dilution due to employee stock awards	384,237	306,172
Denominator for diluted net income per common share - weighted-average shares outstanding	24,189,375	23,626,751
Basic net income per common share (in dollars per share)	$ 0.92	$ 0.77
Diluted net income per common share (in dollars per share)	$ 0.90	$ 0.76

Net Income Per Common Share (27

Net Income Per Common Share (Details Narrative) - shares	3 Months Ended
	Jul. 01, 2017	Jul. 02, 2016
Net income per common share:
Antidilutive securities excluded from computation of earnings per share	221,500	217,250
Diluted weighted average common shares outstanding	87,089

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Jul. 01, 2017	Apr. 01, 2017
Inventory Disclosure [Abstract]
Raw materials	$ 34,576	$ 35,364
Work in process	81,128	79,048
Finished goods	176,731	175,182
Inventory, total	$ 292,435	$ 289,594

Goodwill and Intangible Asset29

Goodwill and Intangible Assets (Details) $ in Thousands	3 Months Ended
	Jul. 01, 2017USD ($)
Goodwill [Line Items]
Beginnning balance	$ 268,042
Translation adjustments	33
Ending balance	268,075
Roller [Member]
Goodwill [Line Items]
Beginnning balance	16,007
Translation adjustments
Ending balance	16,007
Plain [Member]
Goodwill [Line Items]
Beginnning balance	79,597
Translation adjustments
Ending balance	79,597
Ball [Member]
Goodwill [Line Items]
Beginnning balance	5,623
Translation adjustments
Ending balance	5,623
Engineered Products [Member]
Goodwill [Line Items]
Beginnning balance	166,815
Translation adjustments	33
Ending balance	$ 166,848

Goodwill and Intangible Asset30

Goodwill and Intangible Assets (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Jul. 01, 2017	Apr. 01, 2017
Gross Carrying Amount	$ 193,346	$ 192,792
Accumulated Amortization	32,562	30,191
Non-amortizable repair station certifications	34,200	34,200
Total	$ 227,546	226,992
Product Approvals [Member]
Weighted Average Useful Lives	24 years
Gross Carrying Amount	$ 53,952	53,869
Accumulated Amortization	$ 7,031	6,465
Customer Relationships and Lists [Member]
Weighted Average Useful Lives	24 years
Gross Carrying Amount	$ 107,899	107,864
Accumulated Amortization	$ 13,397	12,308
Trade Names [Member]
Weighted Average Useful Lives	10 years
Gross Carrying Amount	$ 19,956	19,923
Accumulated Amortization	$ 5,639	5,137
Distributor Agreements [Member]
Weighted Average Useful Lives	5 years
Gross Carrying Amount	$ 722	722
Accumulated Amortization	$ 722	722
Patents And Trademarks [Member]
Weighted Average Useful Lives	15 years
Gross Carrying Amount	$ 9,191	8,803
Accumulated Amortization	$ 4,296	4,130
Domain Names [Member]
Weighted Average Useful Lives	10 years
Gross Carrying Amount	$ 437	437
Accumulated Amortization	$ 397	386
Other Intangible Assets [Member]
Weighted Average Useful Lives	5 years
Gross Carrying Amount	$ 1,189	1,174
Accumulated Amortization	$ 1,080	$ 1,043

Goodwill and Intangible Asset31

Goodwill and Intangible Assets (Details 2) $ in Thousands	Jul. 01, 2017USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2,018	$ 6,982
2,019	9,153
2,020	9,046
2,021	8,994
2,022	8,878
2,023	8,791
2024 and thereafter	$ 108,940

Goodwill and Intangible Asset32

Goodwill and Intangible Assets (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Jul. 01, 2017	Jul. 02, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 2,353	$ 2,213

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	Jul. 01, 2017	Apr. 01, 2017
Debt Instrument [Line Items]
Debt issuance costs	$ (4,036)	$ (4,392)
Total debt	237,865	269,800
Less: current portion	15,485	14,214
Long-term debt	222,380	255,586
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total debt	234,500	267,000
Other Loan [Member]
Debt Instrument [Line Items]
Total debt	$ 7,401	$ 7,192

Debt (Details Narrative)

Debt (Details Narrative) SFr in Thousands	Apr. 24, 2015USD ($)	Oct. 01, 2012USD ($)	Oct. 01, 2012CHF (SFr)	Jul. 01, 2017USD ($)Customer	Jul. 01, 2017CHF (SFr)	Apr. 01, 2017USD ($)	Oct. 01, 2012CHF (SFr)
Issuance costs				$ 4,036,000		$ 4,392,000
Schaublin [Member]
Land and building leased		$ 9,857,000
Mortgage loan interest rate		2.90%	2.90%
Cash paid for purchase price		$ 5,053,000
Mortgage loan				7,401,000
Switzerland, Francs [Member] | Schaublin [Member]
Land and building leased | SFr							SFr 9,300
Cash paid for purchase price | SFr			SFr 4,767
Mortgage loan | SFr					SFr 7,091
Land and Building [Member]
Land and building leased		$ 14,910,000
Period for fixed rate on mortgage loan		20 years	20 years
Land and Building [Member] | Switzerland, Francs [Member]
Land and building leased | SFr							SFr 14,067
Revolving Credit Facility [Member] | Letter of Credit [Member]
Letters of credit				3,840,000
Maximum borrowing capacity				$ 291,660,000
New Credit Agreement [Member] | Minimum [Member]
Consolidated net debt adjusted EBITDA ratio | Customer				1
Consolidated Interest Coverage Ratio | Customer				1
New Credit Agreement [Member] | Maximum [Member]
Consolidated net debt adjusted EBITDA ratio				3.50
Consolidated Interest Coverage Ratio				2.75
Sargent Aerospace Defense Business [Member] | London Interbank Offered Rate (LIBOR) [Member]
Description of variable rate basis				(a) a base rate determined by reference to the higher of (1) Wells Fargo’s prime lending rate, (2) the federal funds effective rate plus 1/2 of 1% and (3) the one-month LIBOR rate plus 1% or (b) LIBOR rate plus a specified margin.
Basis spread on variable rate				1.25%
Sargent Aerospace Defense Business [Member] | Base Rate [Member]
Basis spread on variable rate				0.25%
Sargent Aerospace Defense Business [Member] | New Credit Agreement [Member]
Debt maturity date	Apr. 24, 2020
Issuance costs				$ 4,036,000
Original amount				7,122,000
Sargent Aerospace Defense Business [Member] | New Credit Agreement [Member] | Revolving Credit Facility [Member]
Face amount	$ 350,000
Outstanding amount				54,500
Sargent Aerospace Defense Business [Member] | New Credit Agreement [Member] | Term Loan [Member]
Face amount	$ 200,000
Outstanding amount				$ 180,000

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Jul. 01, 2017	Jul. 02, 2016
Income Tax Contingency [Line Items]
Effective income tax rate	25.80%	32.70%
Estimated decrease in credits and state tax	$ 531
Effective income tax rate reconciliation, unrecognized tax	$ 2,322	$ 215
Without Discrete Item [Member]
Income Tax Contingency [Line Items]
Effective income tax rate	33.70%	33.50%

Reportable Segments (Details)

Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 01, 2017	Jul. 02, 2016
Segment Reporting Information [Line Items]
Net External Sales	$ 163,897	$ 154,579
Gross Margin	61,909	57,251
Selling, General & Administrative Expenses	27,778	25,796
Operating Income	31,800	29,221
Geographic External Sales	163,897	154,579
Intersegment Sales	13,266	13,229
Plain [Member]
Segment Reporting Information [Line Items]
Net External Sales	72,653	70,450
Gross Margin	28,376	26,554
Selling, General & Administrative Expenses	6,449	5,990
Operating Income	21,161	19,763
Intersegment Sales	1,156	1,213
Roller [Member]
Segment Reporting Information [Line Items]
Net External Sales	31,413	27,834
Gross Margin	12,755	12,289
Selling, General & Administrative Expenses	1,571	1,441
Operating Income	11,183	10,788
Intersegment Sales	3,409	3,984
Ball [Member]
Segment Reporting Information [Line Items]
Net External Sales	15,780	13,710
Gross Margin	6,175	5,304
Selling, General & Administrative Expenses	1,615	1,462
Operating Income	4,495	3,714
Intersegment Sales	528	515
Engineered Products [Member]
Segment Reporting Information [Line Items]
Net External Sales	44,051	42,585
Gross Margin	14,603	13,104
Selling, General & Administrative Expenses	5,277	4,893
Operating Income	8,217	6,947
Intersegment Sales	8,173	7,517
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Selling, General & Administrative Expenses	12,866	12,010
Operating Income	(13,256)	(11,991)
Domestic Tax Authority [Member]
Segment Reporting Information [Line Items]
Geographic External Sales	143,026	135,177
Foreign Tax Authority [Member]
Segment Reporting Information [Line Items]
Geographic External Sales	$ 20,871	$ 19,402

Reportable Segments (Details Na

Reportable Segments (Details Narrative)	3 Months Ended
	Jul. 01, 2017Segment
Segment Reporting [Abstract]
Number of reportable business segments	4

Integration and Restructuring38

Integration and Restructuring of Industrial Operations (Details Narrative) - Roller Bearings [Member] $ in Thousands	3 Months Ended
	Dec. 31, 2016USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 7,060
Inventory rationalization costs	3,215
Impairment of intangible assets (excluding goodwill)	261
Loss on fixed assets disposals	2,402
Exit obligation associated with building operating lease	1,182
Pre tax charges	7,060
Discrete tax benefit	$ 2,222