RBC Bearings (RBC) 10-Q 2 Aug 18 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2018	Jul. 26, 2018
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	Jun. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--03-30
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		24,596,265
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,019

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018
Current assets:
Cash and cash equivalents	$ 55,656	$ 54,163
Accounts receivable, net of allowance for doubtful accounts of $1,252 at June 30, 2018 and $1,326 at March 31, 2018	116,211	116,890
Inventory	311,305	306,124
Prepaid expenses and other current assets	7,626	6,473
Total current assets	490,798	483,650
Property, plant and equipment, net	191,636	192,513
Goodwill	268,122	268,124
Intangible assets, net of accumulated amortization of $41,243 at June 30, 2018 and $38,880 at March 31, 2018	181,867	183,764
Other assets	15,540	14,700
Total assets	1,147,963	1,142,751
Current liabilities:
Accounts payable	44,058	45,188
Accrued expenses and other current liabilities	40,251	40,777
Current portion of long-term debt	470	19,238
Total current liabilities	84,779	105,203
Deferred income taxes	14,219	11,749
Long-term debt, less current portion	143,823	154,117
Other non-current liabilities	38,574	37,130
Total liabilities	281,395	308,199
Stockholders' equity:
Preferred stock, $.01 par value; authorized shares: 10,000,000 at June 30, 2018 and March 31, 2018; none issued or outstanding
Common stock, $.01 par value; authorized shares: 60,000,000 at June 30, 2018 and March 31, 2018; issued shares: 25,311,181 at June 30, 2018 and 25,123,694 at March 31, 2018; outstanding shares: 24,227,591 at June 30, 2018 and 24,105,029 at March 31, 2018	253	251
Additional paid-in capital	349,330	339,148
Accumulated other comprehensive loss	(6,152)	(2,285)
Retained earnings	564,168	536,978
Treasury stock, at cost, 725,552 shares at June 30, 2018 and 713,687 shares at March 31, 2018	(41,031)	(39,540)
Total stockholders' equity	866,568	834,552
Total liabilities and stockholders' equity	$ 1,147,963	$ 1,142,751

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 1,252	$ 1,326
Intangible assets, accumulated amortization	$ 41,243	$ 38,880
Preferred stock, par value (in dollars per share)	$ .01	$ .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)	$ .01	$ .01
Common stock, authorized	60,000,000	60,000,000
Common stock, issued	25,311,181	25,123,694
Common stock, outstanding	24,227,591	24,105,029
Treasury stock, shares	725,552	713,687

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Income Statement [Abstract]
Net sales	$ 175,985	$ 163,897
Cost of sales	108,246	101,881
Gross margin	67,739	62,016
Operating expenses:
Selling, general and administrative	29,575	27,778
Other, net	2,166	2,279
Total operating expenses	31,741	30,057
Operating income	35,998	31,959
Interest expense, net	1,711	2,029
Other non-operating expense	1,034	531
Income before income taxes	33,253	29,399
Provision for income taxes	5,786	7,590
Net income	$ 27,467	$ 21,809
Net income per common share:
Basic (in dollars per share)	$ 1.14	$ 0.92
Diluted (in dollars per share)	$ 1.12	$ 0.90
Weighted average common shares:
Basic (in shares)	24,140,778	23,805,138
Diluted (in shares)	24,543,589	24,189,375

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 27,467	$ 21,809
Pension and postretirement liability adjustments, net of taxes	194	196
Foreign currency translation adjustments	(4,061)	4,445
Total comprehensive income	$ 23,600	$ 26,450

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Cash flows from operating activities:
Net income	$ 27,467	$ 21,809
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	4,950	4,745
Deferred income taxes	2,470	2,031
Amortization of intangible assets	2,363	2,353
Amortization of deferred financing costs	329	356
Consolidation and restructuring charges	(25)
Loss on extinguishment of debt	987
Stock-based compensation	3,766	3,228
Loss on disposition of assets	(11)	1
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	178	(2,317)
Inventory	(7,182)	(1,491)
Prepaid expenses and other current assets	(114)	1,166
Other non-current assets	(1,304)	(391)
Accounts payable	(940)	2,956
Accrued expenses and other current liabilities	(739)	5,697
Other non-current liabilities	1,640	(334)
Net cash provided by operating activities	33,835	39,809
Cash flows from investing activities:
Purchase of property, plant and equipment	(6,993)	(5,659)
Proceeds from sale of assets	1,843	3
Net cash used in investing activities	(5,150)	(5,656)
Cash flows from financing activities:
Proceeds received from revolving credit facility	149,250
Repayments of revolving credit facility	(10,500)	(30,000)
Repayments of term loans	(168,750)	(2,500)
Repayments of notes payable	(117)	(120)
Exercise of stock options	6,418	6,107
Repurchase of common stock	(1,491)	(2,288)
Net cash used in financing activities	(25,190)	(28,801)
Effect of exchange rate changes on cash	(2,002)	1,188
Cash and cash equivalents:
Increase during the period	1,493	6,540
Cash, at beginning of period	54,163	38,923
Cash, at end of period	55,656	45,463
Supplemental disclosures of cash flow information:
Income taxes	843	313
Interest	$ 1,169	$ 1,449

Basis of Presentation

Basis of Presentation	3 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The interim consolidated financial statements included herein have been prepared by RBC Bearings Incorporated, a Delaware corporation (collectively with its subsidiaries, the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The interim financial statements included with this report have been prepared on a consistent basis with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2018. We condensed or omitted certain information and footnote disclosures normally included in our annual audited financial statements, which we prepared in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP). As used in this report, the terms “we”, “us”, “our”, “RBC”, “RBCA” and the “Company” mean RBC Bearings Incorporated and its subsidiaries, unless the context indicates another meaning. These statements reflect all adjustments, accruals and estimates consisting only of items of a normal recurring nature, which are, in the opinion of management, necessary for the fair presentation of the consolidated financial condition and consolidated results of operations for the interim periods presented. These financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Annual Report on Form 10-K. The results of operations for the three month period ended June 30, 2018 are not necessarily indicative of the operating results for the entire fiscal year ending March 30, 2019. The three month periods ended June 30, 2018 and July 1, 2017 each include 13 weeks. The amounts shown are in thousands, unless otherwise indicated.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies The Company’s significant accounting policies are detailed in “Note 2 - Summary of Significant Accounting Policies” of our Annual Report on Form 10-K for the year ended March 31, 2018. Significant changes to our accounting policies as a result of adopting new accounting standards are discussed below. Recent Accounting Standards Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “ Revenue from Contracts with Customers (Topic 606) A contract with a customer exists when there is commitment and approval from both parties involved, the rights of the parties are identified, payment terms are defined, the contract has commercial substance and collectability of consideration is probable. The Company has determined that the contract with the customer is established when the customer purchase order is accepted or acknowledged. Long-term agreements (“LTA’s”) are used by the Company and certain of its customers to reduce their supply uncertainty for a period of time, typically multiple years. While these LTA’s generally define commercial terms including pricing, termination clauses and other contractual requirements, they do not represent the contract with the customer. When the Company accepts or acknowledges the customer purchase order, the type of good or service is defined on a line by line basis. Individual performance obligations are established by virtue of the individual line items identified on the sales order acknowledgment at the time of issuance. The majority of the Company’s revenue relates to the sale of goods and contains a single performance obligation for each distinct good. The remainder of the Company’s revenue from customers is generated from services performed. These services include repair and refurbishment work performed on customer-controlled assets as well as design and test work. The performance obligations for these services are also identified on the sales order acknowledgement at the time of issuance on a line by line basis. Transaction price reflects the amount of consideration which the Company expects to be entitled to in exchange for transferred goods or services. A contract’s transaction price is allocated to each distinct performance obligation and revenue is recognized as the performance obligation is satisfied. For the majority of our contracts, the Company may provide distinct goods or services in which case we separate the contract into more than one performance obligation (i.e. a good or service is individually listed in a contract or sold individually to a customer). The Company generally sells products and services with observable standalone selling prices. The performance obligations for the majority of RBC’s product sales are satisfied at the point in time in which the products are shipped, consistent with the pattern of revenue recognition under the previous accounting standard. The Company has determined that the customer obtains control upon shipment based on the shipping terms (either when it ships from RBC’s docks or when the product arrives at the customer’s docks) and recognizes revenue accordingly. Once a product has shipped, the customer is able to direct the use of, and obtain substantially all of the remaining benefits from the asset. Approximately 93% of the Company’s revenue was recognized in this manner based on sales for the first quarter of fiscal 2019. The Company has determined performance obligations are satisfied over time for customer contracts where RBC provides services to customers and also for a limited number of product sales. RBC has determined over-time revenue recognition is appropriate for our service revenue contracts as they create or enhance an asset that the customer controls throughout the duration of the contract. Approximately 6% of the Company’s revenue was recognized in this manner based on sales for the first quarter of fiscal 2019. Over-time revenue recognition is appropriate for customer contracts with product sales in which the product sold has no alternative use to RBC without significant economic loss and an enforceable right to payment exists, including a normal profit margin from the customer, in the event of contract termination. These types of contracts comprised less than 1% of total sales for the three-month period ended June 30, 2018. For both of these types of contracts, revenue is recognized in an over-time model based on the extent of progress towards completion of the performance obligation. The Company utilizes the cost-to-cost measure of progress for over-time contracts as we believe this measure best depicts the transfer of control to the customer, which occurs as we incur costs on contracts. Revenues, including profits, are recorded proportionally as costs are incurred. Costs to fulfill include labor, materials, subcontractors’ costs, and other direct and indirect costs. Contract costs are the incremental costs of obtaining and fulfilling a contract (i.e., costs that would not have been incurred if the contract had not been obtained) to provide goods and services to customers. Contract costs largely consist of design and development costs for molds, dies and other tools that RBC will own and that will be used in producing the products under the supply arrangements. These contract costs are amortized to expense on a systematic and rational basis over a period consistent with the transfer to the customer of the goods or services to which the asset relates. Costs incurred to obtain a contract are primarily related to sales commissions and are expensed as incurred as they are generally not tied to specific customer contracts. These costs are included within selling, general and administrative costs on the consolidated statements of operations. In certain contracts, the Company facilitates shipping and handling activities after control has transferred to the customer. The Company has elected to record all shipping and handling activities as costs to fulfill a contract. In situations where the shipping and handling costs have not been incurred at the time revenue is recognized, the respective estimated shipping and handling costs are accrued. In May 2017, the FASB issued ASU No. 2017-09, “ Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting In March 2017, the FASB issued ASU No. 2017-07, “ Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost In October 2016, the FASB issued ASU No. 2016-16, “ Income Taxes (Topic 740):Intra-Entity Transfers of Assets Other Than Inventory In August 2016, the FASB issued ASU No. 2016-15, “ Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments Recent Accounting Standards Yet to Be Adopted In February 2018, the FASB issued ASU No. 2018-02, “ Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In January 2017, the FASB issued ASU No. 2017-04, “ Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In September 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments In February 2016, the FASB issued ASU No. 2016-02, “ Leases (Topic 842) Other new pronouncements issued but not effective until after March 30, 2019 are not expected to have a material impact on our financial position, results of operations or liquidity.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Jun. 30, 2018
Revenue From Contracts With Customers
Revenue from Contracts with Customers	3. Revenue from Contracts with Customers Adoption Method and Impact The Company adopted ASC 606 using the modified retrospective method and applied the related provisions to all open contracts. The Company recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. As a result of adoption, the Company recognized a $0.3 million decrease to retained earnings at the beginning of the 2019 fiscal year for the cumulative effect of adoption of this standard, representing the impact to prior results had the over-time revenue recognition model been applied to service contracts. Contract assets of $1.3 million and contract liabilities of $0.8 million were recorded, along with a $0.8 million reduction to work-in-process inventory as a result of the ASC 606 adoption using the modified retrospective method. In addition, as a result of the accounting changes resulting from this new accounting standard, first quarter fiscal 2019 sales, operating income and net income increased by $1.1 million, $0.6 million and $0.5 million, respectively. Basic and diluted net income per common share each increased by $0.02. These changes are attributable to revenue from service contracts being accelerated into the first quarter of fiscal 2019 as a result of the change to an over-time revenue recognition model. On the consolidated balance sheet, work-in-process inventory was $1.4 million lower at June 30, 2018 compared to what it would have been under the previous accounting guidance. In addition, prepaids and other current assets, accrued expenses and other current liabilities and retained earnings increased by $2.3 million, $0.6 million and $0.2 million, respectively. The changes in other current assets and accrued expenses were directly related to the activity within the customer contract assets and liabilities. Disaggregation of Revenue The Company operates in four business segments with similar economic characteristics, including nature of the products and production processes, distribution patterns and classes of customers. Revenue is disaggregated within these business segments by our two principal end markets: aerospace and industrial. Comparative information of the Company’s overall revenues for the three months ended June 30, 2018 and July 1, 2017 are as follows: Principal End Markets: Three Months Ended June 30, 2018 July 1, 2017 Aerospace Industrial Total Aerospace Industrial Total Plain $ 56,384 $ 22,141 $ 78,525 $ 54,471 $ 18,182 $ 72,653 Roller 16,887 18,983 35,870 15,939 15,474 31,413 Ball 4,004 14,070 18,074 3,645 12,135 15,780 Engineered Products 27,216 16,300 43,516 29,407 14,644 44,051 $ 104,491 $ 71,494 $ 175,985 $ 103,462 $ 60,435 $ 163,897 In addition to disaggregating revenue by segment and principal end markets, the Company believes information about the timing of transfer of goods or services, type of customer and distinguishing service revenue from product sales is also relevant. Refer to Note 2 – “Significant Accounting Policies” for further details. Remaining Performance Obligations Remaining performance obligations represent the transaction price of orders meeting the definition of a contract in the new revenue standard for which work has not been performed or has been partially performed and excludes unexercised contract options. The duration of the majority of our contracts, as defined by ASC 606, is less than one year. The Company has elected to apply the practical expedient which allows companies to exclude remaining performance obligations with an original expected duration of one year or less. Performance obligations having a duration of more than one year are concentrated in contracts for certain products and services provided to the U.S. government or its contractors. The aggregate amount of the transaction price allocated to remaining performance obligations for such contracts with a duration of more than one year was approximately $195,384 at June 30, 2018. The Company expects to recognize revenue on approximately 74% and 96% of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter. Contract Balances The timing of revenue recognition, invoicing and cash collections affect accounts receivable, unbilled receivables (contract assets) and customer advances and deposits (contract liabilities) on the Consolidated Balance Sheets. Contract Assets (Unbilled Receivables) Contract Liabilities (Deferred Revenue) These assets and liabilities are reported on the consolidated balance sheet on an individual contract basis at the end of each reporting period. As of June 30, 2018 and March 31, 2018, accounts receivable with customers, net, were $116,211 and $116,890, respectively. The tables below represent a rollforward of contract assets and contract liabilities for the first quarter ended June 30, 2018: Contract Assets - Current (1) Balance at April 1, 2018 $ 1,323 Additional revenue recognized in excess of billings 1,361 Less: amounts billed to customers (333 ) Balance at June 30, 2018 $ 2,351 (1) Included within “Prepaid expenses and other current assets” on the consolidated balance sheet. Contract Liabilities – Current (2) Balance at April 1, 2018 $ 14,450 Payments received prior to revenue being recognized 3,211 Revenue recognized on beginning balance (5,034 ) Reclassification to/from noncurrent (914 ) Balance at June 30, 2018 $ 11,713 (2) Included within “Accrued expenses and other current liabilities” on the consolidated balance sheet. Contract Liabilities – Noncurrent (3) Balance at April 1, 2018 $ 1,254 Reclassification to/from current 914 Balance at June 30, 2018 $ 2,168 (3) Included within “Other non-current liabilities” on the consolidated balance sheet. As of June 30, 2018, the Company does not have any contract assets classified as noncurrent on the consolidated balance sheet.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Jun. 30, 2018
Stockholders' Equity Note [Abstract]
Accumulated Other Comprehensive Income (Loss)	4. Accumulated Other Comprehensive Income (Loss) The components of comprehensive income (loss) that relate to the Company are net income, foreign currency translation adjustments and pension plan and postretirement benefits. The following summarizes the activity within each component of accumulated other comprehensive income (loss), net of taxes: Currency Translation Pension and Postretirement Liability Total Balance at April 1, 2018 $ 2,213 $(4,498) $(2,285) Other comprehensive income before reclassifications (4,061) — (4,061) Amounts reclassified from accumulated other comprehensive income — 194 194 Net current period other comprehensive income (4,061) 194 (3,867) Balance at June 30, 2018 $ (1,848) $( 4,304) $(6,152 )

Net Income Per Common Share

Net Income Per Common Share	3 Months Ended
	Jun. 30, 2018
Net income per common share:
Net Income Per Common Share	5. Net Income Per Common Share Basic net income per common share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding. Diluted net income per common share is computed by dividing net income by the sum of the weighted-average number of common shares and dilutive common share equivalents then outstanding using the treasury stock method. Common share equivalents consist of the incremental common shares issuable upon the exercise of stock options. The table below reflects the calculation of weighted-average shares outstanding for each period presented as well as the computation of basic and diluted net income per common share: Three Months Ended June 30, 2018 July 1, 2017 Net income $27,467 $21,809 Denominator for basic net income per common share—weighted-average shares outstanding 24,140,778 23,805,138 Effect of dilution due to employee stock awards 402,811 384,237 Denominator for diluted net income per common share — weighted-average shares outstanding 24,543,589 24,189,375 Basic net income per common share $ 1.14 $ 0.92 Diluted net income per common share $ 1.12 $ 0.90 At June 30, 2018, 87,540 employee stock options and 204,175 restricted shares have been excluded from the calculation of diluted earnings per share. At July 1, 2017, 221,500 employee stock options and no restricted shares have been excluded from the calculation of diluted earnings per share. The inclusion of these employee stock options and restricted shares would be anti-dilutive.

Cash and Cash Equivalents

Cash and Cash Equivalents	3 Months Ended
	Jun. 30, 2018
Cash and cash equivalents:
Cash and Cash Equivalents	6. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Short-term investments, if any, are comprised of equity securities and are measured at fair value by using quoted prices in active markets and are classified as Level 1 of the valuation hierarchy.

Inventory

Inventory	3 Months Ended
	Jun. 30, 2018
Inventory, Net [Abstract]
Inventory	7. Inventory Inventories are stated at the lower of cost or net realizable value, using the first-in, first-out method, and are summarized below: June 30, 2018 March 31, 2018 Raw materials $ 47,620 $ 44,102 Work in process 77,692 77,890 Finished goods 185,993 184,132 $311,305 $306,124

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	8. Goodwill and Intangible Assets Goodwill Roller Plain Ball Engineered Products Total April 1,2018 $16,007 $79,597 $5,623 $166,897 $268,124 Translation adjustments — — — (2) (2) June 30, 2018 $16,007 $79,597 $5,623 $166,895 $268,122 Intangible Assets June 30, 2018 March 31, 2018 Weighted Average Useful Lives Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Product approvals 24 $ 50,878 $ 8,882 $ 50,878 $ 8,351 Customer relationships and lists 24 106,583 17,569 106,583 16,499 Trade names 10 18,734 7,229 18,734 6,765 Distributor agreements 5 722 722 722 722 Patents and trademarks 16 9,875 4,996 9,657 4,810 Domain names 10 437 437 437 430 Other 6 1,681 1,408 1,433 1,303 188,910 41,243 188,444 38,880 Non-amortizable repair station certifications n/a 34,200 — 34,200 — Total $223,110 $41,243 $222,644 $38,880 Amortization expense for definite-lived intangible assets for the three months ended June 30, 2018 and July 1, 2017 was $2,363 and $2,353, respectively. Estimated amortization expense for the remaining nine months of fiscal 2019, the five succeeding fiscal years and thereafter is as follows: 2019…………………………………………………………………………………………. $ 6,679 2020…………………………………………………………………………………………. 8,948 2021…………………………………………………………………………………………. 8,896 2022…………………………………………………………………………………………. 8,779 2023…………………………………………………………………………………………. 8,695 2024…………………………………………………………………………………………. 8,564 2025 and thereafter………………………………………………………………………….. 97,106

Debt

Debt	3 Months Ended
	Jun. 30, 2018
Debt Instruments [Abstract]
Debt	9. Debt The balances payable under all borrowing facilities are as follows: June 30, 2018 March 31, 2018 Revolver Facility $139,250 $ 500 Term Loan Facility — 168,750 Debt issuance costs (1,651) (2,968) Other 6,694 7,073 Total debt 144,293 173,355 Less: current portion 470 19,238 Long-term debt $143,823 $154,117 The current portion of long-term debt as of June 30, 2018 includes the current portion of the Schaublin mortgage. The current portion of long-term debt as of March 31, 2018 includes the current portion of the Schaublin mortgage and the current portion of the Term Loan Facility. Credit Facility In connection with the Sargent Aerospace & Defense (“Sargent”) acquisition on April 24, 2015, the Company entered into a credit agreement (the “Credit Agreement”) and related Guarantee, Pledge Agreement and Security Agreement with Wells Fargo Bank, National Association, as Administrative Agent, Collateral Agent, Swingline Lender and Letter of Credit Issuer and the other lenders party thereto and terminated the 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 0.00% for base rate loans and 1.00% for LIBOR rate loans. On May 31, 2018, the Company paid down the remaining balance of the Term Loan. $987 in unamortized debt issuance costs associated with the Term Loan were written off at the time of payoff and were recorded within Other non-operating expense on the consolidated statements of operations. 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 June 30, 2018, 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 $3,990 of the Revolver is being utilized to provide letters of credit to secure RBCA’s obligations relating to certain insurance programs. As of June 30, 2018, $1,651 in unamortized debt issuance costs remain. As of June 30, 2018, RBCA has the ability to borrow up to an additional $206,760 under the Revolver. Other Notes Payable On October 1, 2012, one of our foreign divisions, 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 June 30, 2018 was 6,626 CHF, or $6,694.

Postretirement Health Care and

Postretirement Health Care and Life Insurance Benefits	3 Months Ended
	Jun. 30, 2018
Defined Contribution Plan [Abstract]
Pension Plan and Postretirement Health Care and Life Insurance Benefits	10. Pension Plan and Postretirement Health Care and Life Insurance Benefits The following tables set forth the net periodic benefit cost of the Company’s noncontributory defined benefit pension plan and contributory defined benefit health care plans. The amounts for the three months ended June 30, 2018 are based on calculations prepared by the Company's actuaries and represent the Company’s best estimate of the respective period’s proportionate share of the amounts to be recorded for the year ending March 30, 2019. The amounts disclosed below for the three month period ending July 1, 2017 were calculated based on the amounts disclosed within the Company’s fiscal 2018 annual filing. Pension Plan: Three Months Ended June 30, 2018 July 1, 2017 Components of net periodic benefit cost: Service cost $ 64 $ 58 Interest cost 221 226 Expected return on plan assets (417) (403) Amortization of prior service cost 9 9 Amortization of losses 249 302 Net periodic benefit cost $126 $192 Postretirement Health Care and Life Insurance Benefits: Three Months Ended June 30, 2018 July 1, 2017 Components of net periodic benefit cost: Service cost $12 $ 8 Interest cost 23 25 Amortization of prior service cost 1 1 Amortization of losses (7) (1) Net periodic benefit cost $29 $33 The components of net periodic benefit cost other than the service component are included in Other non-operating expense on the Consolidated Statements of Operations.

Income Taxes

Income Taxes	3 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes The Company files income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions. With few exceptions, the Company is no longer subject to state or foreign income tax examinations by tax authorities for years ending before April 2, 2005. The Company is no longer subject to U.S. federal tax examination by the Internal Revenue Service for years ending before March 29, 2015. 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 June 30, 2018 and July 1, 2017, were 17.4% and 25.8%. The reduction in the effective income tax rate for the three months ended June 30, 2018 as compared with the prior year period primarily reflects the net benefits of the Tax Cut and Jobs Act (“TCJA” or “the Act”), which reduced the U.S. statutory rate from 35% to 21% for tax years beginning in 2018 and made other changes to the U.S. federal income tax laws affecting both domestic and foreign income. TCJA was signed into law on December 22, 2017 revising the U.S. corporate income tax. Changes included, but are not limited to, the reduction of the U.S. federal corporate rate from 35% to 21%, the elimination Provisional estimates of $9,166 for the one-time net charge related to the taxation of undistributed foreign earnings and $9,318 tax benefit related to the remeasurement of U.S. deferred tax balances to reflect the new U.S. corporate income tax rate were recognized as components of income tax expense as of March 31, 2018. No changes have been made to these provisional estimates during the three months ended June 30, 2018. Additional information and analysis of the Act is still needed to prepare a more detailed analysis of the Company’s deferred tax assets and liabilities, as well as historical foreign earnings and profits and potential correlative adjustments. Any subsequent adjustments to the Company’s provisional estimates will be recorded to current tax expense in the quarter of fiscal year 2019 when further analysis is complete. No additional income tax provision has been made on any remaining undistributed foreign earnings not subject to the one-time net charge related to the taxation of unremitted foreign earnings or any additional outside basis difference as these amounts continue to be indefinitely reinvested in foreign operations. One of the international tax law changes provided for with TCJA relates to the taxation of a corporation’s global intangible low-taxed income (“GILTI”) for tax years beginning after December 31, 2017. The Company has evaluated this provision of TCJA and the application of ASC 740, and does not believe that GILTI will have a significant impact. 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 which decrease the rate, and state income taxes which increases the rate. The effective income tax rate for the three month period ended June 30, 2018 of 17.4% includes discrete items of $1,404 primarily comprised of excess tax benefits associated with share based compensation and items associated with the release of unrecognized tax positions associated with statute of limitations expiration. The effective income tax rate without discrete items for the three month period ended June 30, 2018 would have been 21.6%. The 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 excess tax benefits associated with shared based compensation and items associated with the release of unrecognized tax positions associated with statute of limitations expiration. The effective income tax rate without discrete items for the three month period ended July 1, 2017 would have been 33.7%. The Company believes it is reasonably possible that some of its unrecognized tax positions may be effectively settled within the next twelve months due to the closing of audits and the statute of limitations expiring in varying jurisdictions. The decrease, pertaining primarily to items associated with the consolidation and restructuring of the company’s U.K. manufacturing facility and to credits and state tax, is estimated to be approximately $1,734.

Reportable Segments

Reportable Segments	3 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Reportable Segments	12. Reportable Segments The Company operates through operating segments for which separate financial information is available, and for which operating results are evaluated regularly by the Company’s chief operating decision maker in determining resource allocation and assessing performance. Those operating segments are aggregated as reportable segment as they have similar economic characteristics, including nature of the products and production processes, distribution patterns and classes of customers. The Company has four reportable business segments, Plain Bearings, Roller Bearings, Ball Bearings and Engineered Products, which are described below. Plain Bearings. Roller Bearings. Ball Bearings. Engineered Products. Segment performance is evaluated based on segment net sales and operating income. Items not allocated to segment operating income include corporate administrative expenses and certain other amounts. Three Months Ended June 30, 2018 July 1, 2017 Net External Sales Plain $ 78,525 $ 72,653 Roller 35,870 31,413 Ball 18,074 15,780 Engineered Products 43,516 44,051 $ 175,985 $ 163,897 Gross Margin Plain $ 30,616 $ 28,450 Roller 14,957 12,788 Ball 7,279 6,175 Engineered Products 14,887 14,603 $ 67,739 $ 62,016 Selling, General & Administrative Expenses Plain $ 6,362 $ 6,449 Roller 1,624 1,571 Ball 1,602 1,615 Engineered Products 5,360 5,277 Corporate 14,627 12,866 $ 29,575 $ 27,778 Operating Income Plain $ 21,687 $ 21,235 Roller 13,332 11,216 Ball 5,618 4,495 Engineered Products 10,634 8,217 Corporate (15,273 ) (13,204 ) $ 35,998 $ 31,959 Intersegment Sales Plain $ 1,597 $ 1,156 Roller 4,095 3,409 Ball 800 528 Engineered Products 9,138 8,173 $ 15,630 $ 13,266 All intersegment sales are eliminated in consolidation.

Integration and Restructuring o

Integration and Restructuring of Industrial Operations	3 Months Ended
	Jun. 30, 2018
Business Combinations [Abstract]
Integration and Restructuring of Industrial Operations	13. Integration and Restructuring of Industrial Operations In the second quarter of fiscal 2018, the Company reached a decision to restructure its manufacturing operation in Montreal, Canada. After completing its obligations, the Company has closed its RBC Canada location and consolidated certain residual assets into other locations. As a result, the Company recorded an after-tax charge of $5,577 associated with the restructuring in the second quarter of fiscal 2018 attributable to the Engineered Products segment. The $5,577 charge includes a $1,337 impairment of fixed assets and a $5,157 impairment of intangible assets offset by a $917 tax benefit. The impairment charges were recognized within the “Other, net” line item within the consolidated statement of operations. The Company determined that the market approach was the most appropriate method to estimate the fair value of the fixed assets using comparable sales data and actual quotes from potential buyers in the market place. The fixed assets are comprised of land, a building, machinery and equipment. The Company assessed the fair value of the intangible assets in accordance with ASC 360-10, which are comprised of customer relationships, product approvals, tradenames and trademarks. These fair value measurements were classified as Level 3 in the valuation hierarchy. In the third and fourth quarters of fiscal 2018, the Company incurred restructuring charges of $1,091 and $100 comprised primarily of employee termination costs and building maintenance costs. These costs were recorded within the “Other, net” line item within the consolidated statement of operations and are all attributable to the Engineered Products segment. The Company has concluded its wind-down of the RBC Canada location in the first quarter of fiscal 2019. The impact from restructuring in the first quarter of fiscal 2019 was immaterial. The total cumulative impact resulting from the restructuring was $6,743 in after-tax charges, all attributable to the Engineered Products segment.

Significant Accounting Polici20

Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Recent Accounting Standards Adopted	Recent Accounting Standards Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “ Revenue from Contracts with Customers (Topic 606) A contract with a customer exists when there is commitment and approval from both parties involved, the rights of the parties are identified, payment terms are defined, the contract has commercial substance and collectability of consideration is probable. The Company has determined that the contract with the customer is established when the customer purchase order is accepted or acknowledged. Long-term agreements (“LTA’s”) are used by the Company and certain of its customers to reduce their supply uncertainty for a period of time, typically multiple years. While these LTA’s generally define commercial terms including pricing, termination clauses and other contractual requirements, they do not represent the contract with the customer. When the Company accepts or acknowledges the customer purchase order, the type of good or service is defined on a line by line basis. Individual performance obligations are established by virtue of the individual line items identified on the sales order acknowledgment at the time of issuance. The majority of the Company’s revenue relates to the sale of goods and contains a single performance obligation for each distinct good. The remainder of the Company’s revenue from customers is generated from services performed. These services include repair and refurbishment work performed on customer-controlled assets as well as design and test work. The performance obligations for these services are also identified on the sales order acknowledgement at the time of issuance on a line by line basis. Transaction price reflects the amount of consideration which the Company expects to be entitled to in exchange for transferred goods or services. A contract’s transaction price is allocated to each distinct performance obligation and revenue is recognized as the performance obligation is satisfied. For the majority of our contracts, the Company may provide distinct goods or services in which case we separate the contract into more than one performance obligation (i.e. a good or service is individually listed in a contract or sold individually to a customer). The Company generally sells products and services with observable standalone selling prices. The performance obligations for the majority of RBC’s product sales are satisfied at the point in time in which the products are shipped, consistent with the pattern of revenue recognition under the previous accounting standard. The Company has determined that the customer obtains control upon shipment based on the shipping terms (either when it ships from RBC’s docks or when the product arrives at the customer’s docks) and recognizes revenue accordingly. Once a product has shipped, the customer is able to direct the use of, and obtain substantially all of the remaining benefits from the asset. Approximately 93% of the Company’s revenue was recognized in this manner based on sales for the first quarter of fiscal 2019. The Company has determined performance obligations are satisfied over time for customer contracts where RBC provides services to customers and also for a limited number of product sales. RBC has determined over-time revenue recognition is appropriate for our service revenue contracts as they create or enhance an asset that the customer controls throughout the duration of the contract. Approximately 6% of the Company’s revenue was recognized in this manner based on sales for the first quarter of fiscal 2019. Over-time revenue recognition is appropriate for customer contracts with product sales in which the product sold has no alternative use to RBC without significant economic loss and an enforceable right to payment exists, including a normal profit margin from the customer, in the event of contract termination. These types of contracts comprised less than 1% of total sales for the three-month period ended June 30, 2018. For both of these types of contracts, revenue is recognized in an over-time model based on the extent of progress towards completion of the performance obligation. The Company utilizes the cost-to-cost measure of progress for over-time contracts as we believe this measure best depicts the transfer of control to the customer, which occurs as we incur costs on contracts. Revenues, including profits, are recorded proportionally as costs are incurred. Costs to fulfill include labor, materials, subcontractors’ costs, and other direct and indirect costs. Contract costs are the incremental costs of obtaining and fulfilling a contract (i.e., costs that would not have been incurred if the contract had not been obtained) to provide goods and services to customers. Contract costs largely consist of design and development costs for molds, dies and other tools that RBC will own and that will be used in producing the products under the supply arrangements. These contract costs are amortized to expense on a systematic and rational basis over a period consistent with the transfer to the customer of the goods or services to which the asset relates. Costs incurred to obtain a contract are primarily related to sales commissions and are expensed as incurred as they are generally not tied to specific customer contracts. These costs are included within selling, general and administrative costs on the consolidated statements of operations. In certain contracts, the Company facilitates shipping and handling activities after control has transferred to the customer. The Company has elected to record all shipping and handling activities as costs to fulfill a contract. In situations where the shipping and handling costs have not been incurred at the time revenue is recognized, the respective estimated shipping and handling costs are accrued. In May 2017, the FASB issued ASU No. 2017-09, “ Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting In March 2017, the FASB issued ASU No. 2017-07, “ Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost In October 2016, the FASB issued ASU No. 2016-16, “ Income Taxes (Topic 740):Intra-Entity Transfers of Assets Other Than Inventory In August 2016, the FASB issued ASU No. 2016-15, “ Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments
Recent Accounting Standards Yet to Be Adopted	Recent Accounting Standards Yet to Be Adopted In February 2018, the FASB issued ASU No. 2018-02, “ Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In January 2017, the FASB issued ASU No. 2017-04, “ Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In September 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments In February 2016, the FASB issued ASU No. 2016-02, “ Leases (Topic 842) Other new pronouncements issued but not effective until after March 30, 2019 are not expected to have a material impact on our financial position, results of operations or liquidity.

Revenue from Contracts with C21

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Jun. 30, 2018
Revenue From Contracts With Customers Tables Abstract
Schedule of revenue from business segments of customers	Comparative information of the Company’s overall revenues for the three months ended June 30, 2018 and July 1, 2017 are as follows: Principal End Markets: Three Months Ended June 30, 2018 July 1, 2017 Aerospace Industrial Total Aerospace Industrial Total Plain $ 56,384 $ 22,141 $ 78,525 $ 54,471 $ 18,182 $ 72,653 Roller 16,887 18,983 35,870 15,939 15,474 31,413 Ball 4,004 14,070 18,074 3,645 12,135 15,780 Engineered Products 27,216 16,300 43,516 29,407 14,644 44,051 $ 104,491 $ 71,494 $ 175,985 $ 103,462 $ 60,435 $ 163,897
Schedule of allowance for doubtful accounts	The tables below represent a rollforward of the allowance for doubtful accounts, contract assets and contract liabilities for the first quarter ended June 30, 2018: Contract Assets - Current (1) Balance at April 1, 2018 $1,323 Additional revenue recognized in excess of billings 1,361 Less: amounts billed to customers (333) Balance at June 30, 2018 $2,351 (1) Included within “Prepaid expenses and other current assets” on the consolidated balance sheet. Contract Liabilities – Current (2) Balance at April 1, 2018 $14,450 Payments received prior to revenue being recognized 3,211 Revenue recognized on beginning balance (5,034) Reclassification to/from noncurrent (914) Balance at June 30, 2018 $11,713 (2) Included within “Accrued expenses and other current liabilities” on the consolidated balance sheet. Contract Liabilities – Noncurrent (3) Balance at April 1, 2018 $1,254 Reclassification to/from current 914 Balance at June 30, 2018 $2,168 (3) Included within “Other non-current liabilities” on the consolidated balance sheet.

Accumulated Other Comprehensi22

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Jun. 30, 2018
Stockholders' Equity Note [Abstract]
Schedule of accumulated other comprehensive income loss	The following summarizes the activity within each component of accumulated other comprehensive income (loss), net of taxes: Currency Translation Pension and Postretirement Liability Total Balance at April 1, 2018 $ 2,213 $(4,498) $(2,285) Other comprehensive income before reclassifications (4,061) — (4,061) Amounts reclassified from accumulated other comprehensive income — 194 194 Net current period other comprehensive income (4,061) 194 (3,867) Balance at June 30, 2018 $ (1,848) $( 4,304) $(6,152

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	3 Months Ended
	Jun. 30, 2018
Net income per common share:
Schedule 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 June 30, 2018 July 1, 2017 Net income $27,467 $21,809 Denominator for basic net income per common share—weighted-average shares outstanding 24,140,778 23,805,138 Effect of dilution due to employee stock awards 402,811 384,237 Denominator for diluted net income per common share — weighted-average shares outstanding 24,543,589 24,189,375 Basic net income per common share $ 1.14 $ 0.92 Diluted net income per common share $ 1.12 $ 0.90

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Jun. 30, 2018
Inventory, Net [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: June 30, 2018 March 31, 2018 Raw materials $ 47,620 $ 44,102 Work in process 77,692 77,890 Finished goods 185,993 184,132 $311,305 $306,124

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill	Goodwill Roller Plain Ball Engineered Products Total April 1,2018 $16,007 $79,597 $5,623 $166,897 $268,124 Translation adjustments — — — (2) (2) June 30, 2018 $16,007 $79,597 $5,623 $166,895 $268,122
Schedule of intangible assets	Intangible Assets June 30, 2018 March 31, 2018 Weighted Average Useful Lives Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Product approvals 24 $ 50,878 $ 8,882 $ 50,878 $ 8,351 Customer relationships and lists 24 106,583 17,569 106,583 16,499 Trade names 10 18,734 7,229 18,734 6,765 Distributor agreements 5 722 722 722 722 Patents and trademarks 16 9,875 4,996 9,657 4,810 Domain names 10 437 437 437 430 Other 6 1,681 1,408 1,433 1,303 188,910 41,243 188,444 38,880 Non-amortizable repair station certifications n/a 34,200 — 34,200 — Total $223,110 $41,243 $222,644 $38,880
Schedule of estimated amortization expense	Amortization expense for definite-lived intangible assets for the three months ended June 30, 2018 and July 1, 2017 was $2,363 and $2,353, respectively. Estimated amortization expense for the remaining nine months of fiscal 2019, the five succeeding fiscal years and thereafter is as follows: 2019…………………………………………………………………………………………. $ 6,679 2020…………………………………………………………………………………………. 8,948 2021…………………………………………………………………………………………. 8,896 2022…………………………………………………………………………………………. 8,779 2023…………………………………………………………………………………………. 8,695 2024…………………………………………………………………………………………. 8,564 2025 and thereafter………………………………………………………………………….. 97,106

Debt (Tables)

Debt (Tables)	3 Months Ended
	Jun. 30, 2018
Debt Instruments [Abstract]
Schedule of balances payable under borrowing facilities	The balances payable under all borrowing facilities are as follows: June 30, 2018 March 31, 2018 Revolver Facility $139,250 $ 500 Term Loan Facility — 168,750 Debt issuance costs (1,651) (2,968) Other 6,694 7,073 Total debt 144,293 173,355 Less: current portion 470 19,238 Long-term debt $143,823 $154,117

Postretirement Health Care an27

Postretirement Health Care and Life Insurance Benefits (Tables)	3 Months Ended
	Jun. 30, 2018
Defined Contribution Plan [Abstract]
Schedule of defined benefit pension plan	The following tables set forth the net periodic benefit cost of the Company’s noncontributory defined benefit pension plan and contributory defined benefit health care plans. Pension Plan: Three Months Ended June 30, 2018 July 1, 2017 Components of net periodic benefit cost: Service cost $ 64 $ 58 Interest cost 221 226 Expected return on plan assets (417) (403) Amortization of prior service cost 9 9 Amortization of losses 249 302 Net periodic benefit cost $126 $192
Schedule of postretirement benefit costs	Postretirement Health Care and Life Insurance Benefits: Three Months Ended June 30, 2018 July 1, 2017 Components of net periodic benefit cost: Service cost $12 $ 8 Interest cost 23 25 Amortization of prior service cost 1 1 Amortization of losses (7) (1) Net periodic benefit cost $29 $33

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
	Jun. 30, 2018
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 June 30, 2018 July 1, 2017 Net External Sales Plain $ 78,525 $ 72,653 Roller 35,870 31,413 Ball 18,074 15,780 Engineered Products 43,516 44,051 $ 175,985 $ 163,897 Gross Margin Plain $ 30,616 $ 28,450 Roller 14,957 12,788 Ball 7,279 6,175 Engineered Products 14,887 14,603 $ 67,739 $ 62,016 Selling, General & Administrative Expenses Plain $ 6,362 $ 6,449 Roller 1,624 1,571 Ball 1,602 1,615 Engineered Products 5,360 5,277 Corporate 14,627 12,866 $ 29,575 $ 27,778 Operating Income Plain $ 21,687 $ 21,235 Roller 13,332 11,216 Ball 5,618 4,495 Engineered Products 10,634 8,217 Corporate (15,273 ) (13,204 ) $ 35,998 $ 31,959 Intersegment Sales Plain $ 1,597 $ 1,156 Roller 4,095 3,409 Ball 800 528 Engineered Products 9,138 8,173 $ 15,630 $ 13,266

Significant Accounting Polici29

Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	Dec. 22, 2017	Jun. 30, 2018	Jul. 01, 2017
U.S. statutory tax rate (in percent)	21.00%	17.40%	25.80%
Previously U.S. statutory tax rate (in percent)	35.00%
Percentage of total net sales		6.00%
Single Performance [Member]
Percentage of total net sales		93.00%
Accounting Standards Update 2017-07 [Member]
Reclassification net periodic benefit cost			$ 200
Maximum [Member]
Percentage of total net sales		1.00%

Revenue from Contracts with C30

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Revenue from contracts with customers	$ 175,985	$ 163,897
Plain [Member]
Revenue from contracts with customers	78,525	72,653
Roller [Member]
Revenue from contracts with customers	35,870	31,413
Ball [Member]
Revenue from contracts with customers	18,074	15,780
Engineered Products [Member]
Revenue from contracts with customers	43,516	44,051
Aerospace [Member]
Revenue from contracts with customers	104,491	103,462
Aerospace [Member] | Plain [Member]
Revenue from contracts with customers	56,384	54,471
Aerospace [Member] | Roller [Member]
Revenue from contracts with customers	16,887	15,939
Aerospace [Member] | Ball [Member]
Revenue from contracts with customers	4,004	3,645
Aerospace [Member] | Engineered Products [Member]
Revenue from contracts with customers	27,216	29,407
Industrial [Member]
Revenue from contracts with customers	71,494	60,435
Industrial [Member] | Plain [Member]
Revenue from contracts with customers	22,141	18,182
Industrial [Member] | Roller [Member]
Revenue from contracts with customers	18,983	15,474
Industrial [Member] | Ball [Member]
Revenue from contracts with customers	14,070	12,135
Industrial [Member] | Engineered Products [Member]
Revenue from contracts with customers	$ 16,300	$ 14,644

Revenue from Contracts with C31

Revenue from Contracts with Customers (Details 1) $ in Thousands	3 Months Ended
	Jun. 30, 2018USD ($)
Contract Assets - Current
Balance at beginning	$ 1,323	[1]
Additional revenue recognized in excess of billings	1,361	[1]
Less: amounts billed to customers	(333)	[1]
Balance at ending	2,351	[1]
Balance at beginning	14,450	[2]
Payments received prior to revenue being recognized	3,211	[2]
Revenue recognized on beginning balance	(5,034)	[2]
Reclassification to/from noncurrent	(914)	[2]
Balance at ending	11,713	[2]
Balance at beginning	1,254	[3]
Reclassification to/from current	914	[3]
Balance at ending	$ 2,168	[3]
[1]	Included within "Prepaid expenses and other current assets" on the consolidated balance sheet.
[2]	Included within "Accrued expenses and other current liabilities" on the consolidated balance sheet.
[3]	Included within "Other non-current liabilities" on the consolidated balance sheet.

Revenue from Contracts with C32

Revenue from Contracts with Customers (Details Narrative) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2018USD ($)Segment$ / shares	Jul. 01, 2017USD ($)$ / shares	Apr. 01, 2018USD ($)	Mar. 31, 2018USD ($)
Retained earnings	$ 564,168			$ 536,978
Operating income	35,998	$ 31,959
Net income	$ 27,467	$ 21,809
Basic income per share (in dollars per share) | $ / shares	$ 1.14	$ 0.92
Diluted income per share (in dollars per share) | $ / shares	$ 1.12	$ 0.90
Inventory work-in-process	$ 77,692			77,890
Transaction price allocated to remaining performance obligations	1 year
The aggregate amount of the transaction price allocated to remaining performance obligations	$ 195,384
Remaining performance obligations over the next 12 months	74.00%
Remaining performance obligations over the next 24 months	96.00%
Revenue recognize remaining performance obligations	The remaining performance obligations over the next 12 months, with the remainder being recognized within 24 months.
Accounts receivable with customers, Gross	$ 116,211			$ 116,890
Number of segment | Segment	4
Difference between Revenue Guidance in Effect before and after Topic 606 [Member]
Retained earnings	$ 200		$ (300)
Contract assets			1,300
Contract liabilities			800
Sales	1,100
Operating income	600
Net income	$ 500
Basic income per share (in dollars per share) | $ / shares	$ 0.02
Diluted income per share (in dollars per share) | $ / shares	$ 0.02
Inventory work-in-process	$ (1,400)		$ (800)
Prepaids and other current assets	2,400
Accrued expenses and other current liabilities	$ 600

Accumulated Other Comprehensi33

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Accounting Policies [Abstract]
Balance Beginning, Currency Translation	$ 2,213
Other comprehensive income before reclassifications, Currency Translation	(4,061)
Amounts reclassified from accumulated other comprehensive loss, Currency Translation
Net current period other comprehensive income, Currency Translation	(4,061)	$ 4,445
Balance Ending, Currency Translation	(1,848)
Balance Beginning, Pension and Postretirement Liability	(4,498)
Other comprehensive income before reclassifications, Pension and Postretirement Liability
Amounts reclassified from accumulated other comprehensive loss, Pension and Postretirement Liability	194
Net current period other comprehensive income, Pension and Postretirement Liability	(194)	$ (196)
Balance Ending, Pension and Postretirement Liability	(4,304)
Balance Beginning, Total	(2,285)
Other comprehensive income before reclassifications	(4,061)
Amounts reclassified from accumulated other comprehensive loss	194
Net current period other comprehensive income	(3,867)
Balance Ending, Total	$ (6,152)

Net Income Per Common Share (De

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Accounting Policies [Abstract]
Net income	$ 27,467	$ 21,809
Denominator:
Denominator for basic net income per common share - weighted-average shares	24,140,778	23,805,138
Effect of dilution due to employee stock options	402,811	384,237
Denominator for diluted net income per common share - adjusted weighted-average shares	24,543,589	24,189,375
Basic net income per common share	$ 1.14	$ 0.92
Diluted net income per common share	$ 1.12	$ 0.90

Net Income Per Common Share (35

Net Income Per Common Share (Details Narrative) - shares	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of Employee Stock Options Excluded from the Calculation of Diluted Earnings Per Share	87,540	221,500
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of Employee Stock Options Excluded from the Calculation of Diluted Earnings Per Share	204,175	0

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 47,620	$ 44,102
Work in process	77,692	77,890
Finished goods	185,993	184,132
Inventory, total	$ 311,305	$ 306,124

Goodwill and Intangible Asset37

Goodwill and Intangible Assets (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2018USD ($)
Goodwill [Line Items]
Goodwill Beginnning Balance	$ 268,124
Translation adjustments	(2)
Goodwill Ending Balance	268,122
Roller [Member]
Goodwill [Line Items]
Goodwill Beginnning Balance	16,007
Translation adjustments
Goodwill Ending Balance	16,007
Plain [Member]
Goodwill [Line Items]
Goodwill Beginnning Balance	79,597
Translation adjustments
Goodwill Ending Balance	79,597
Ball [Member]
Goodwill [Line Items]
Goodwill Beginnning Balance	5,623
Translation adjustments
Goodwill Ending Balance	5,623
Engineered Products [Member]
Goodwill [Line Items]
Goodwill Beginnning Balance	166,897
Translation adjustments	(2)
Goodwill Ending Balance	$ 166,895

Goodwill and Intangible Asset38

Goodwill and Intangible Assets (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Mar. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Non-amortizable repair station certifications	$ 34,200	$ 34,200
Gross amount	223,110	222,644
Accumulated Amortization	$ 41,243	38,880
Product Approvals [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	24 years
Gross Carrying Amount	$ 50,878	50,878
Accumulated Amortization	$ 8,882	8,351
Customer Relationships And Lists [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	24 years
Gross Carrying Amount	$ 106,583	106,583
Accumulated Amortization	$ 17,569	16,499
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	10 years
Gross Carrying Amount	$ 18,734	18,734
Accumulated Amortization	$ 7,229	6,765
Distributor Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	5 years
Gross Carrying Amount	$ 722	722
Accumulated Amortization	$ 722	722
Patents And Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	16 years
Gross Carrying Amount	$ 9,875	9,657
Accumulated Amortization	$ 4,996	4,810
Domain names [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	10 years
Gross Carrying Amount	$ 437	437
Accumulated Amortization	$ 397	430
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	6 years
Gross Carrying Amount	$ 1,681	1,433
Accumulated Amortization	$ 1,408	$ 1,303

Goodwill and Intangible Asset39

Goodwill and Intangible Assets (Details 2) $ in Thousands	Jun. 30, 2018USD ($)
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2,019	$ 6,679
2,020	8,948
2,021	8,896
2,022	8,779
2,023	8,695
2,024	8,564
2025 and thereafter	$ 97,106

Goodwill and Intangible Asset40

Goodwill and Intangible Assets (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amortization of intangible assets	$ 2,363	$ 2,353

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018
Debt Instrument [Line Items]
Debt issuance cost	$ (1,651)	$ (2,968)
Total debt	144,293	173,355
Less: current portion	470	19,238
Long-term debt	143,823	154,117
Other Loan [Member]
Debt Instrument [Line Items]
Total debt	6,694	7,073
Revolving Facility [Member]
Debt Instrument [Line Items]
Total debt	139,250	500
Term Loan [Member]
Debt Instrument [Line Items]
Total debt		$ 168,750

Debt (Details Narrative)

Debt (Details Narrative) SFr in Thousands, $ in Thousands	May 31, 2018USD ($)	Oct. 01, 2012USD ($)	Oct. 01, 2012CHF (SFr)	Apr. 24, 2015USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2018CHF (SFr)	Mar. 31, 2018USD ($)	Oct. 01, 2012CHF (SFr)
Debt Instruments, Issuance Costs					$ 1,651		$ 2,968
Schaublin [Member]
Cash paid for purchase price		$ 5,053
Schaublin [Member] | CHF
Cash paid for purchase price | SFr			SFr 4,767
Schaublin [Member] | Land and Building [Member]
Land and building leased		$ 14,910
Period for fixed rate on mortgage loan		20 years	20 years
Mortgage loan interest rate		2.90%	2.90%
Mortgage loan fixed rate		$ 9,857
Mortgage loan					$ 6,694
Schaublin [Member] | Land and Building [Member] | CHF
Land and building leased | SFr								SFr 14,067
Mortgage loan fixed rate | SFr								SFr 9,300
Mortgage loan | SFr						SFr 6,626
New Credit Agreement [Member] | Maximum [Member]
Consolidated net debt adjusted EBITDA ratio					3.50
Consolidated Interest Coverage Ratio					2.75
New Credit Agreement [Member] | Minimum [Member]
Consolidated net debt adjusted EBITDA ratio					1
Consolidated Interest Coverage Ratio					1
Letter of Credit [Member]
Line of Credit					$ 3,990
Line of Credit Facility, Remaining Borrowing Capacity					206,760
Term Loan [Member]
Unamortization Of Financing Costs	$ 987				1,651
Sargent Aerospace Defense Business [Member]
Business Acquisition, Date of Acquisition Agreement				Apr. 24, 2015
Sargent Aerospace Defense Business [Member] | New Credit Agreement [Member]
Debt Issuance Original Amount					$ 7,122
Sargent Aerospace Defense Business [Member] | Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate					0.00%
Sargent Aerospace Defense Business [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate					1.00%
Debt Instrument, Description of Variable Rate Basis					higher of (1) Wells Fargos 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
Sargent Aerospace Defense Business [Member] | Revolving Facility [Member]
Debt Instrument, Face Amount				$ 350,000
Sargent Aerospace Defense Business [Member] | Term Loan [Member]
Debt Instrument, Face Amount				$ 200,000

Pension Plan and Postretirement

Pension Plan and Postretirement Health Care and Life Insurance Benefits (Details) - Pension Plan [Member] - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Components of net periodic benefit cost:
Service cost	$ 64	$ 58
Interest cost	221	226
Expected return on plan assets	(417)	(403)
Amortization of prior service cost	9	9
Amortization of losses	249	302
Net periodic benefit cost	$ 126	$ 192

Pension Plan and Postretireme44

Pension Plan and Postretirement Health Care and Life Insurance Benefits (Details 1) - Postretirement Benefit Plans [Member] - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 12	$ 8
Interest cost	23	25
Amortization of prior service cost	1	1
Amortization of losses	(7)	(1)
Net periodic benefit cost	$ 29	$ 33

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($) $ in Thousands	Dec. 22, 2017	Jun. 30, 2018	Jul. 01, 2017
Income Tax Disclosure [Abstract]
Income tax provision at the federal statutory rate	21.00%	17.40%	25.80%
Income tax provision at the federal statutory rate reduced	35.00%
Undistributed foreign earnings		$ 9,166
U.S. corporate income tax rate amount		9,318
Unrecognized tax positions statute of limitations expiration		$ 1,404	$ 2,322
Effective income tax rate without discrete		21.60%	33.70%
Estimated Decrease In Unrecognized Tax Positions In Credits And State Tax		$ 1,734

Reportable Segments (Details)

Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Segment Reporting Information [Line Items]
Net External Sales	$ 175,985	$ 163,897
Gross Margin	67,739	62,016
Selling, General & Administrative Expenses	29,575	27,778
Operating Income	35,998	31,959
Intersegment Sales	15,630	13,266
Plain [Member]
Segment Reporting Information [Line Items]
Net External Sales	78,525	72,653
Gross Margin	30,616	28,450
Selling, General & Administrative Expenses	6,362	6,449
Operating Income	21,687	21,235
Intersegment Sales	1,597	1,156
Roller [Member]
Segment Reporting Information [Line Items]
Net External Sales	35,870	31,413
Gross Margin	14,957	12,788
Selling, General & Administrative Expenses	1,624	1,571
Operating Income	13,332	11,216
Intersegment Sales	4,095	3,409
Ball [Member]
Segment Reporting Information [Line Items]
Net External Sales	18,074	15,780
Gross Margin	7,279	6,175
Selling, General & Administrative Expenses	1,602	1,615
Operating Income	5,618	4,495
Intersegment Sales	800	528
Engineered Products [Member]
Segment Reporting Information [Line Items]
Net External Sales	43,516	44,051
Gross Margin	14,887	14,603
Selling, General & Administrative Expenses	5,360	5,277
Operating Income	10,634	8,217
Intersegment Sales	9,138	8,173
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Selling, General & Administrative Expenses	14,627	12,866
Operating Income	$ (15,273)	$ (13,204)

Integration and Restructuring47

Integration and Restructuring of Industrial Operations (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Dec. 30, 2017
Employee Termination Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		$ 100	$ 1,091
Engineered Products [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 5,577
Impairment of fixed assets	1,337
Impairment of intangible assets (excluding goodwill)	5,157
Discrete tax benefit	917
Total expected restructuring after-tax charges	$ 6,743