Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 30, 2019 | May 17, 2019 | Sep. 28, 2018 | |
Document And Entity Information | |||
Entity Registrant Name | RBC Bearings INC | ||
Entity Central Index Key | 0001324948 | ||
Document Type | 10-K | ||
Trading Symbol | ROLL | ||
Document Period End Date | Mar. 30, 2019 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --03-30 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity's Reporting Status Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,724,209,300 | ||
Entity Common Stock, Shares Outstanding | 24,805,005 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 29,884 | $ 54,163 |
Accounts receivable, net of allowance for doubtful accounts of $1,430 at March 30, 2019 and $1,326 at March 31, 2018 | 130,735 | 116,890 |
Inventory | 335,001 | 306,124 |
Prepaid expenses and other current assets | 7,661 | 6,473 |
Total current assets | 503,281 | 483,650 |
Property, plant and equipment, net | 207,895 | 192,513 |
Goodwill | 261,431 | 268,124 |
Intangible assets, net of accumulated amortization of $46,101 at March 30, 2019 and $38,880 at March 31, 2018 | 155,641 | 183,764 |
Other assets | 19,119 | 14,700 |
Total assets | 1,147,367 | 1,142,751 |
Current liabilities: | ||
Accounts payable | 49,592 | 45,188 |
Accrued expenses and other current liabilities | 40,070 | 40,777 |
Current portion of long-term debt | 467 | 19,238 |
Total current liabilities | 90,129 | 105,203 |
Long-term debt, less current portion | 43,179 | 154,117 |
Deferred income taxes | 6,862 | 11,749 |
Other non-current liabilities | 38,631 | 37,130 |
Total liabilities | 178,801 | 308,199 |
Stockholders' equity: | ||
Preferred stock, $.01 par value; authorized shares: 10,000,000 in 2019 and 2018; none issued or outstanding | ||
Common stock, $.01 par value; authorized shares: 60,000,000 at March 30, 2019 and March 31, 2018, respectively; issued shares: 25,607,196 and 25,123,694 at March 30, 2019 and March 31, 2018, respectively | 256 | 251 |
Additional paid-in capital | 378,655 | 339,148 |
Accumulated other comprehensive loss | (7,467) | (2,285) |
Retained earnings | 641,894 | 536,978 |
Treasury stock, at cost, 752,913 shares and 713,687 shares at March 30, 2019 and March 31, 2018, respectively | (44,772) | (39,540) |
Total stockholders' equity | 968,566 | 834,552 |
Total liabilities and stockholders' equity | $ 1,147,367 | $ 1,142,751 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 1,430 | $ 1,326 |
Intangible assets, accumulated amortization | $ 46,101 | $ 38,880 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized | 10,000,000 | 10,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized | 60,000,000 | 60,000,000 |
Common stock, issued | 25,607,196 | 25,123,694 |
Treasury stock, shares | 752,913 | 713,687 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Income Statement [Abstract] | |||
Net sales | $ 702,516 | $ 674,949 | $ 615,388 |
Cost of sales | 425,863 | 416,412 | 385,177 |
Gross margin | 276,653 | 258,537 | 230,211 |
Operating expenses: | |||
Selling, general and administrative | 117,504 | 113,124 | 102,922 |
Other, net | 27,114 | 16,639 | 12,703 |
Total operating expenses | 144,618 | 129,763 | 115,625 |
Operating income | 132,035 | 128,774 | 114,586 |
Interest expense, net | 5,173 | 7,507 | 8,706 |
Other non-operating expense | 772 | 1,416 | 996 |
Income before income taxes | 126,090 | 119,851 | 104,884 |
Provision for income taxes | 20,897 | 32,710 | 34,261 |
Net income | $ 105,193 | $ 87,141 | $ 70,623 |
Net income per common share: | |||
Basic (in dollars per share) | $ 4.32 | $ 3.64 | $ 3 |
Diluted (in dollars per share) | $ 4.26 | $ 3.58 | $ 2.97 |
Weighted average common shares: | |||
Basic (in shares) | 24,357,684 | 23,948,565 | 23,521,615 |
Diluted (in shares) | 24,716,213 | 24,363,789 | 23,784,636 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 105,193 | $ 87,141 | $ 70,623 |
Pension and postretirement liability adjustments, net of taxes of $101 | 332 | 1,383 | 1,331 |
Foreign currency translation adjustments | (5,514) | 6,155 | (4,164) |
Total comprehensive income | $ 100,011 | $ 94,679 | $ 67,790 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Pension and postretirement liability adjustments, net of taxes | $ 101 | $ 101 | $ 101 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income / (Loss) [Member] | Retained Earnings (Accumulated Deficit) [Member] | Treasury Stock [Member] | Total |
Balance at beginning at Apr. 02, 2016 | $ 241 | $ 279,420 | $ (6,990) | $ 378,070 | $ (29,794) | $ 620,947 |
Balance at beginning (in shares) at Apr. 02, 2016 | 24,146,767 | (603,035) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 70,623 | 70,623 | ||||
Share-based compensation | 12,111 | 12,111 | ||||
Repurchase of common stock | $ (4,754) | (4,754) | ||||
Repurchase of common stock (in shares) | (64,896) | |||||
Exercise of equity awards | $ 7 | 16,163 | 16,170 | |||
Exercise of equity awards (in shares) | 456,826 | |||||
Change in net prior service cost and actuarial losses, net of taxes of$101, $415, $782 for year ended 2019, 2018 and 2017 respectively | 1,331 | 1,331 | ||||
Issuance of restricted stock | ||||||
Issuance of restricted stock (in shares) | 154,210 | |||||
Income tax benefit on exercise of non-qualified common stock options | 4,780 | 4,780 | ||||
Currency translation adjustments | (4,164) | (4,164) | ||||
Balance at end at Apr. 01, 2017 | $ 248 | 312,474 | (9,823) | 448,693 | $ (34,548) | 717,044 |
Balance at end (in shares) at Apr. 01, 2017 | 24,757,803 | (667,931) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 87,141 | 87,141 | ||||
Share-based compensation | 13,403 | 13,403 | ||||
Repurchase of common stock | $ (4,992) | (4,992) | ||||
Repurchase of common stock (in shares) | (45,756) | |||||
Exercise of equity awards | $ 3 | 13,271 | 13,274 | |||
Exercise of equity awards (in shares) | 255,732 | |||||
Change in net prior service cost and actuarial losses, net of taxes of$101, $415, $782 for year ended 2019, 2018 and 2017 respectively | 1,383 | 1,383 | ||||
Issuance of restricted stock | ||||||
Issuance of restricted stock (in shares) | 110,159 | |||||
Impact from adoption of ASU 2014-09 and 2016-09 | 1,144 | 1,144 | ||||
Currency translation adjustments | 6,155 | 6,155 | ||||
Balance at end at Mar. 31, 2018 | $ 251 | 339,148 | (2,285) | 536,978 | $ (39,540) | 834,552 |
Balance at end (in shares) at Mar. 31, 2018 | 25,123,694 | (713,687) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 105,193 | 105,193 | ||||
Share-based compensation | 16,087 | 16,087 | ||||
Repurchase of common stock | $ (5,232) | (5,232) | ||||
Repurchase of common stock (in shares) | (39,226) | |||||
Exercise of equity awards | $ 5 | 23,266 | 23,271 | |||
Exercise of equity awards (in shares) | 352,552 | |||||
Change in net prior service cost and actuarial losses, net of taxes of$101, $415, $782 for year ended 2019, 2018 and 2017 respectively | 332 | 332 | ||||
Issuance of restricted stock | ||||||
Issuance of restricted stock (in shares) | 130,950 | |||||
Other | 154 | 154 | ||||
Impact from adoption of ASU 2014-09 and 2016-09 | (277) | (277) | ||||
Currency translation adjustments | (5,514) | (5,514) | ||||
Balance at end at Mar. 30, 2019 | $ 256 | $ 378,655 | $ (7,467) | $ 641,894 | $ (44,772) | $ 968,566 |
Balance at end (in shares) at Mar. 30, 2019 | 25,607,196 | (752,913) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Change in net prior service cost and actuarial losses, net of taxes | $ 101 | $ 415 | $ 782 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 105,193 | $ 87,141 | $ 70,623 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 19,992 | 19,016 | 18,100 |
Excess tax benefits from stock-based compensation | (4,780) | ||
Deferred income taxes | (4,904) | (702) | 8,323 |
Amortization of intangible assets | 9,666 | 9,344 | 9,272 |
Amortization of deferred financing costs | 921 | 1,424 | 1,424 |
Consolidation and restructuring charges | 16,906 | 6,619 | 1,443 |
Loss on extinguishment of debt | 987 | ||
Stock-based compensation | 16,087 | 13,403 | 12,111 |
Loss on disposition of assets | 853 | 241 | 2,504 |
Gain on acquisition | (293) | ||
Changes in operating assets and liabilities, net of acquisitions: | |||
Accounts receivable | (17,307) | (5,934) | (7,294) |
Inventory | (37,841) | (14,490) | (9,057) |
Prepaid expenses and other current assets | (506) | 1,088 | (2,815) |
Other non-current assets | (6,331) | (3,355) | (2,412) |
Accounts payable | 5,881 | 10,494 | (1,397) |
Accrued expenses and other current liabilities | (2,475) | (2,285) | 5,480 |
Other non-current liabilities | 1,425 | 8,285 | 10 |
Net cash provided by operating activities | 108,547 | 130,289 | 101,242 |
Cash flows from investing activities: | |||
Purchase of property, plant and equipment | (41,346) | (27,976) | (20,894) |
Acquisition of businesses, net of cash acquired | (651) | ||
Proceeds from sale of assets | 1,920 | 87 | 188 |
Proceeds from sale of business | 22,284 | ||
Net cash used in investing activities | (17,142) | (27,889) | (21,357) |
Cash flows from financing activities: | |||
Proceeds from revolving credit facility | 149,250 | ||
Repayments of revolving credit facility | (110,500) | (84,000) | (84,500) |
Repayments of term loans | (168,750) | (13,750) | (10,000) |
Finance fees paid in connection with credit facility | (852) | ||
Payments of notes payable | (471) | (475) | (469) |
Repurchase of common stock | (5,232) | (4,992) | (4,754) |
Exercise of stock options | 23,271 | 13,274 | 16,170 |
Excess tax benefits from stock-based compensation | 4,780 | ||
Net cash (used in) provided by financing activities | (113,284) | (89,943) | (78,773) |
Effect of exchange rate changes on cash | (2,400) | 2,783 | (1,397) |
Cash and cash equivalents: | |||
(Decrease)/increase during the year | (24,279) | 15,240 | (285) |
Cash, at beginning of year | 54,163 | 38,923 | 39,208 |
Cash, at end of year | 29,884 | 54,163 | 38,923 |
Supplemental disclosures of cash flow information: | |||
Income taxes | 22,141 | 21,045 | 29,699 |
Interest | $ 4,228 | $ 6,227 | $ 7,277 |
Organization and Business
Organization and Business | 12 Months Ended |
Mar. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business | 1. Organization and Business RBC Bearings Incorporated, together with its subsidiaries, is an international manufacturer and marketer of highly engineered precision bearings and products, which are integral to the manufacture and operation of most machines, aircraft and mechanical systems, to reduce wear to moving parts, facilitate proper power transmission, reduce damage and energy loss caused by friction and control pressure and flow. The terms “we”, “us”, “our”, “RBC” and the “Company” mean RBC Bearings Incorporated and its subsidiaries, unless the context indicates another meaning. While we manufacture products in all major categories, we focus primarily on highly technical or regulated bearing products and engineered products for specialized markets that require sophisticated design, testing and manufacturing capabilities. We believe our unique expertise has enabled us to garner leading positions in many of the product markets in which we primarily compete. Over the past fifteen years, we have broadened our end markets, products, customer base and geographic reach. We currently have 42 facilities of which 33 are manufacturing facilities in 5 countries. The Company operates in four reportable business segments—roller bearings, plain bearings, ball bearings and engineered products—in which it manufactures roller bearing components and assembled parts and designs and manufactures high-precision roller and ball bearings. The Company sells to a wide variety of original equipment manufacturers (“OEMs”) and distributors who are widely dispersed geographically. No one customer accounted for more than 9% of the Company’s net sales in fiscal 2019, 2018 or 2017. The Company’s segments are further discussed in Part II, Item 8. “Financial Statements and Supplemental Data,” Note 18 “Reportable Segments.” |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies General The consolidated financial statements include the accounts of RBC Bearings Incorporated, Roller Bearing Company of America, Inc. (“RBCA”) and its wholly-owned subsidiaries, Industrial Tectonics Bearings Corporation (“ITB”), RBC Nice Bearings, Inc. (“Nice”), RBC Precision Products - Bremen, Inc. (“Bremen (MBC)”), RBC Precision Products - Plymouth, Inc. (“Plymouth”), RBC Lubron Bearing Systems, Inc. (“Lubron”), RBC Oklahoma, Inc. (“RBC Oklahoma”), RBC Aircraft Products, Inc. (“API”), RBC Southwest Products, Inc. (“SWP”), All Power Manufacturing Co. (“All Power”), RBC Aerostructures LLC (“AeroS”), Western Precision Aero LLC (“WPA”), Climax Metal Products Company (“CMP”), RBC Turbine Components LLC (“TCI”), Sonic Industries, Inc. (“Sonic”), Sargent Aerospace and Defense LLC (“Sargent”), Airtomic LLC. (“Airtomic”), Schaublin Holding S.A. and its wholly-owned subsidiaries Schaublin SA, RBC Bearings Polska sp. Z.o.o., RBC France SAS and Schaublin GmbH (“Schaublin”), RBC de Mexico S DE RL DE CV (“Mexico”), RBC Bearings U.K. Limited and its wholly-owned subsidiary Phoenix Bearings Limited (“Phoenix”), Allpower de Mexico S DE RL DE CV (“Tecate”) and RBC Bearings Canada, Inc. Divisions of RBCA include: RBC Corporate, RBC E-Shop, RBC Aerospace sales office and warehouse, Transport Dynamics (“TDC”), Heim (“Heim Bearings Company”), Engineered Components (“ECD”), RBC Aerocomponents (“AeroC”), PIC Design (“PIC Design”), RBC Hartsville, RBC West Trenton, RBC Bishopsville, RBC Eastern Distribution Center, Shanghai Representative office of Roller Bearing Company of America, Inc. (“RBC Shanghai”) and RBC Grand Prarie TX location. U.S. Bearings (“USB”) is a division of SWP and Schaublin USA is a division of Nice. All intercompany balances and transactions have been eliminated in consolidation. The Company has a fiscal year consisting of 52 or 53 weeks, ending on the Saturday closest to March 31. Based on this policy, fiscal years 2019, 2018 and 2017 each contained 52 weeks. The amounts are shown in thousands, unless otherwise indicated. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates are used for, but not limited to, the accounting for the allowance for doubtful accounts, valuation of inventories, accrued expenses, goodwill and intangible assets, depreciation and amortization, income taxes and tax reserves, pension and postretirement obligations and the valuation of options. Revenue Recognition On April 1, 2018, the Company adopted 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 (LTAs) 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 LTAs define commercial terms including pricing, termination rights and other contractual requirements, they do not represent the contract with the customer for revenue recognition purposes. 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 that 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 of the product based on the shipping terms (either when it ships from RBC’s dock or when the product arrives at the customer’s dock) 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 94% of the Company’s revenue was recognized in this manner based on sales for the year ended March 30, 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 revenue recognition over time 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 year ended March 30, 2019. Revenue recognition over time 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 year ended March 30, 2019. For both of these types of contracts, revenue is recognized over time 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 revenue recognition 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 estimated shipping and handling costs are accrued. Prior to the adoption of ASC Topic 606, the Company recognized revenue in accordance with ASC Topic 605. Our accounting policy was as follows: The Company recognizes revenue only after the following four basic criteria are met: ● Persuasive evidence of an arrangement exists; ● Delivery has occurred or services have been rendered; ● The seller’s price to the buyer is fixed or determinable; and ● Collectability is reasonably assured. Revenue is recognized upon the passage of title, which generally is at the time of shipment, except for certain customers for which it occurs when the products reach their destination. Accounts receivable, net of applicable allowances, is recorded when revenue is recorded. We also on occasion record deferred revenue on our balance sheet as a liability. Deferred revenue represents progress payments received, primarily from one customer, to cover purchases of raw materials per the terms of multi-year long-term contracts. Revenue associated with these agreements is recognized in accordance with the criteria discussed above. 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. The Company maintains its cash accounts primarily with Bank of America, N.A., Credit Suisse Group AG and Wells Fargo & Company. The domestic balances are insured by the Federal Deposit Insurance Company up to $250. The Company has not experienced any losses in such accounts. Accounts Receivable, Net and Concentration of Credit Risk Accounts receivable include amounts billed and currently due from customers. The amounts due are stated at their estimated net realizable value. The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company reviews the collectability of its receivables on an ongoing basis taking into account a combination of factors. The Company reviews potential problems, such as past due accounts, a bankruptcy filing or deterioration in the customer’s financial condition, to ensure the Company is adequately accrued for potential loss. Accounts are considered past due based on when payment was originally due. If a customer’s situation changes, such as a bankruptcy or creditworthiness, or there is a change in the current economic climate, the Company may modify its estimate of the allowance for doubtful accounts. The Company will write-off accounts receivable after reasonable collection efforts have been made and the accounts are deemed uncollectible. The Company sells to a large number of OEMs and distributors who service the aftermarket. The Company’s credit risk associated with accounts receivable is minimized due to its customer base and wide geographic dispersion. The Company performs ongoing credit evaluations of its customers’ financial condition and generally does not require collateral or charge interest on outstanding amounts. The Company had no concentrations of credit risk with any one customer greater than approximately 7% of accounts receivables at March 30, 2019 and 6% at March 31, 2018. Inventory Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first-in, first-out method. The Company accounts for inventory under a full absorption method, and records adjustments to the value of inventory based upon past sales history and forecasted plans to sell our inventories. The physical condition, including age and quality, of the inventories is also considered in establishing its valuation. These adjustments are estimates, which could vary significantly, either favorably or unfavorably, from actual requirements if future economic conditions, customer inventory levels or competitive conditions differ from our expectations. Contract Assets (Unbilled Receivables) Pursuant to the over-time revenue recognition model, revenue may be recognized prior to the customer being invoiced. An unbilled receivable is recorded to reflect revenue that is recognized when (1) the cost-to-cost method is applied and (2) such revenue exceeds the amount invoiced to the customer. Contract assets are included within prepaid expenses and other current assets or other assets on the consolidated balance sheet. Property, Plant and Equipment Property, plant and equipment are recorded at cost. Depreciation and amortization of property, plant and equipment, including equipment under capital leases, is provided for by the straight-line method over the estimated useful lives of the respective assets or the lease term, if shorter. Depreciation of assets under capital leases is reported within depreciation and amortization. The cost of equipment under capital leases is equal to the lower of the net present value of the minimum lease payments or the fair market value of the leased equipment at the inception of the lease. Expenditures for normal maintenance and repairs are charged to expense as incurred. The estimated useful lives of the Company’s property, plant and equipment follows: Buildings and improvements 20-30 years Machinery and equipment 3-15 years Leasehold improvements Shorter of the term of lease or estimated useful life Goodwill and Indefinite-Lived Intangible Assets Goodwill (representing the excess of the amount paid to acquire a company over the estimated fair value of the net assets acquired) and Indefinite Lived Intangible Assets are not amortized but instead are tested for impairment annually, or when events or circumstances indicate that the value may have declined. Separate tests are performed for goodwill and indefinite lived intangible assets. We apply a qualitative test of impairment on the indefinite lived intangible assets. This is done by assessing the existence of events or circumstances which would make it more likely than not that impairment is present. No such factors were identified during our current year analysis. The determination of any goodwill impairment is made at the reporting unit level and consists of two steps. First, the Company determines the fair value of a reporting unit and compares it to its carrying amount. Second, if the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the goodwill’s implied fair value. The Company applies the income approach (discounted cash flow method) in testing goodwill for impairment. The key assumptions used in the discounted cash flow method used to estimate fair value include discount rates, revenue growth rates, terminal growth rates and cash flow projections. Discount rates, growth rates and cash flow projections are the most sensitive and susceptible to change as they require significant management judgment. Discount rates are determined by using a weighted average cost of capital (“WACC”). The WACC considers market and industry data as well as Company-specific risk factors for each reporting unit in determining the appropriate discount rate to be used. The discount rate utilized for each reporting unit for our fiscal 2019 test was 11.0% and is indicative of the return an investor would expect to receive for investing in such a business. Terminal growth rate determination follows common methodology of capturing the present value of perpetual cash flow estimates beyond the last projected period assuming a constant WACC and long-term growth rates. The terminal growth rate used for our fiscal 2019 test was 2.5%. The Company has determined that, to date, no impairment of goodwill exists and fair value of the reporting units exceeded the carrying value in total by approximately 102.7%. The fair value of the reporting units exceeds the carrying value by a minimum of 27.2% at each of the four reporting units. A decrease of 1.0% in our terminal growth rate would not result in impairment of goodwill for any of our reporting units. An increase of 1.0% in our discount rate would not result in impairment of goodwill for any of our reporting units. The Company performs the annual impairment testing during the fourth quarter of each fiscal year. Although no changes are expected, if the actual results of the Company are less favorable than the assumptions the Company makes regarding estimated cash flows, the Company may be required to record an impairment charge in the future. Deferred Financing Costs Deferred financing costs are amortized on a straight-line basis over the lives of the related credit agreements. Contract Liabilities (Deferred Revenue) The Company may receive a customer advance or deposit, or have an unconditional right to receive a customer advance, prior to revenue being recognized. Since the performance obligations related to such advances may not have been satisfied, a contract liability is established. Contract liabilities are included within accrued expenses and other current liabilities or other non-current liabilities on the consolidated balance sheets until the respective revenue is recognized. Advance payments are not considered a significant financing component as the timing of the transfer of the related goods or services is at the discretion of the customer. Pension and Postretirement Health Care and Life Insurance Benefits The Company has one consolidated noncontributory defined benefit pension plan covering union employees in its Heim division plant in Fairfield, Connecticut, its Bremen subsidiary plant in Plymouth, Indiana and former union employees of the Tyson subsidiary in Glasgow, Kentucky and the Nice subsidiary in Kulpsville, Pennsylvania. The Company, for the benefit of employees at its Heim, West Trenton, Bremen and PIC facilities and former union employees of its Tyson and Nice subsidiaries, sponsors contributory defined benefit health care plans that provide postretirement medical and life insurance benefits to union employees who have attained certain age and/or service requirements while employed by the Company. The plans are unfunded and costs are paid as incurred. Postretirement benefit obligations are included in “Accrued expenses and other current liabilities” and “Other non-current liabilities” in the consolidated balance sheet. We calculate our pension costs as required under U.S. GAAP, and the calculations and assumptions utilized require judgment. U.S. GAAP outlines the methodology used to determine pension expense or income for financial reporting purposes. Pension expense is split between operating income and non-operating income, where only the service cost component is included in operating income (within cost of sales and other, net on the consolidated statement of operations) and the non-service components are included in retirement benefits non-service expense (within other non-operating expense on the consolidated statement of operations). For purposes of determining retirement benefits non-service expense under U.S. GAAP, a calculated “market-related value” of our plan assets is used to develop the amount of deferred asset gains or losses to be amortized. The market-related value of assets is determined using actual asset gains or losses over a three-year period. Under U.S. GAAP, a “corridor” approach may be elected and applied in the recognition of asset and liability gains or losses which limits expense recognition to the net outstanding gains and losses in excess of the greater of 10% of the projected benefit obligation (PBO) or the calculated “market-related value” of assets. We do not use a “corridor” approach in the calculation of Financial Accounting Standards (FAS) pension expense. We recognize the funded status of a postretirement benefit plan (defined benefit pension and other benefits) as an asset or liability in our consolidated balance sheets. Funded status represents the difference between the PBO of the plan and the market value of the plan’s assets. Previously unrecognized deferred amounts such as demographic or asset gains or losses and the impact of historical plan changes are included in accumulated other comprehensive income/loss. Changes in these amounts in future years will be reflected through accumulated other comprehensive income/loss and amortized in future pension expense generally over the estimated average remaining employee service period. Income Taxes The Company accounts for income taxes using the liability method, which requires it to recognize a current tax liability or asset for current taxes payable or refundable and a deferred tax liability or asset for the estimated future tax effects of temporary differences between the financial statement and tax reporting bases of assets and liabilities to the extent that they are realizable. Deferred tax expense (benefit) results from the net change in deferred tax assets and liabilities during the year. A valuation allowance is recorded to reduce deferred tax assets to the amount that is more likely than not to be realized. The Company is exposed to certain tax contingencies in the ordinary course of business and records those tax liabilities in accordance with the guidance for accounting for uncertain tax positions. Temporary differences relate primarily to the timing of deductions for depreciation, stock-based compensation, goodwill amortization relating to the acquisition of operating divisions, basis differences arising from acquisition accounting, pension and retirement benefits, and various accrued and prepaid expenses. Deferred tax assets and liabilities are recorded at the rates expected to be in effect when the temporary differences are expected to reverse. 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 year presented as well as the computation of basic and diluted net income per common share: Fiscal Year Ended March 30, 2019 March 31, 2018 April 1, 2017 Net income $ 105,193 $ 87,141 $ 70,623 Denominator: Denominator for basic net income per common share—weighted-average shares 24,357,684 23,948,565 23,521,615 Effect of dilution due to employee stock options 358,529 415,224 263,021 Denominator for diluted net income per common share—adjusted weighted-average shares 24,716,213 24,363,789 23,784,636 Basic net income per common share $ 4.32 $ 3.64 $ 3.00 Diluted net income per common share $ 4.26 $ 3.58 $ 2.97 At March 30, 2019, 256,990 employee stock options and 1,500 restricted shares have been excluded from the calculation of diluted earnings per share. At March 31, 2018, 217,280 employee stock options and 53,073 restricted shares have been excluded from the calculation of diluted earnings per share. At April 1, 2017, 459,500 employee stock options and 3,000 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. Impairment of Long-Lived Assets The Company assesses the net realizable value of its long-lived assets and evaluates such assets for impairment whenever indicators of impairment are present. For amortizable long-lived assets to be held and used, if indicators of impairment are present, management determines whether the sum of the estimated undiscounted future cash flows is less than the carrying amount. The amount of asset impairment, if any, is based on the excess of the carrying amount over its fair value, which is estimated based on projected discounted future operating cash flows using a discount rate reflecting the Company’s average cost of funds. To date, no indicators of impairment exist other than those resulting in the restructuring charges already recorded. Long-lived assets to be disposed of by sale or other means are reported at the lower of carrying amount or fair value, less costs to sell. Foreign Currency Translation and Transactions Assets and liabilities of the Company's foreign operations are translated into U.S. dollars using the exchange rate in effect at the balance sheet date. Results of operations are translated using the average exchange rate prevailing throughout the period. The effects of exchange rate fluctuations on translating foreign currency assets and liabilities into U.S. dollars are included in accumulated other comprehensive income (loss), while gains and losses resulting from foreign currency transactions are included in other non-operating expense (income). Net income of the Company's foreign operations for fiscal 2019, 2018 and 2017 amounted to $7,180, $776 and $7,414, respectively. Total assets of the Company's foreign operations were $115,789 and $135,801 at March 30, 2019 and March 31, 2018, respectively. Fair Value of Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Inputs used to measure fair value are within a hierarchy consisting of three levels. Level 1 inputs represent unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 inputs represent unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. Level 3 inputs represent unobservable inputs for the asset or liability. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The carrying amounts reported in the balance sheet for cash and cash equivalents, short-term investments, accounts receivable, prepaids and other current assets, and accounts payable and accruals, and other current liabilities approximate their fair value due to their short-term nature. The carrying amounts of the Company's borrowings under the Revolver and Schaublin mortgage approximate fair value, as these obligations have interest rates which vary in conjunction with current market conditions. The carrying value of the mortgage on our Schaublin building approximates fair value as the rates since entering into the mortgage in fiscal 2013 have not significantly changed. Both borrowings have been classified as Level 2 in the valuation hierarchy. 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, all of which are presented in the consolidated statements of stockholders’ equity and 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 March 31, 2018 $ 2,213 $ (4,498 ) $ (2,285 ) Other comprehensive income before reclassifications (5,514 ) (440 ) (5,954 ) Amounts reclassified from accumulated other comprehensive loss — 772 772 Net current period other comprehensive income (5,514 ) 332 (5,182 ) Balance at March 30, 2019 $ (3,301 ) $ (4,166 ) $ (7,467 ) Share-Based Compensation The Company recognizes compensation cost relating to all share-based payment transactions in the financial statements based upon the grant-date fair value of the instruments issued over the requisite service period. The fair value of each option grant was estimated on the date of grant using the Black-Scholes pricing model. Recent Accounting Pronouncements 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) In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718) In May 2017, the FASB issued ASU No. 2017-09, Compensation – Stock Compensation (Topic 718) In March 2017, the FASB issued ASU No. 2017-07, Compensation – Retirement Benefits (Topic 715) In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740) In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accountin 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 111 thousand 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. Recent Accounting Standards Yet to Be Adopted In February 2018, the FASB issued ASU No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220) In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350) In September 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) The Company has elected the modified retrospective transition method which permits the application of the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company has elected not to apply the recognition requirements to short-term leases, and will recognize the lease payments in the income statement on a straight-line basis over the lease term and variable payments in the period in which the obligation for those payments is incurred. The Company has elected the following practical expedients (which must be elected as a package and applied consistently to all leases): an entity need not reassess whether any expired or existing contracts are or contain leases; an entity need not reassess the lease classification for any expired or existing leases; and an entity need not reassess initial direct costs for any existing leases. The Company has also elected the practical expedient which permits the inclusion of lease and nonlease components as a single component and account for it as a lease. This election must be made by asset class. 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 | 12 Months Ended |
Mar. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 3. Revenue from Contracts with Customers Adoption Method and Impact The Company adopted ASC Topic 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 $277 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 $1,323 and contract liabilities of $754 were recorded, along with an $847 reduction to work-in-process inventory as a result of the ASC Topic 606 adoption using the modified retrospective method. In addition, as a result of the accounting changes resulting from this new accounting standard, sales, operating income and net income for the fiscal year ended March 30, 2019 increased by $1,278, $666 and $574, respectively. Basic and diluted net income per common share each increased by $0.02 for the fiscal year ended March 30, 2019 as revenue from service contracts was accelerated into the period as a result of the change to an over-time revenue recognition model. On the consolidated balance sheet, work-in-process inventory was $1,260 lower at March 30, 2019 than 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 $1,895, $2,085 and $297, 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 years ended March 30, 2019, March 31, 2018 and April 1, 2017 are as follows: Principal End Markets: For the Fiscal Year Ended March 30, 2019 Aerospace Industrial Total Plain $ 238,259 $ 84,992 $ 323,251 Roller 70,682 73,150 143,832 Ball 21,621 50,686 72,307 Engineered Products 100,571 62,555 163,126 $ 431,133 $ 271,383 $ 702,516 For the Fiscal Year Ended March 31, 2018 Aerospace Industrial Total Plain $ 220,649 $ 76,059 $ 296,708 Roller 65,496 66,525 132,021 Ball 18,076 49,730 67,806 Engineered Products 114,490 63,924 178,414 $ 418,711 $ 256,238 $ 674,949 For the Fiscal Year Ended April 1, 2017 Aerospace Industrial Total Plain $ 211,624 $ 66,076 $ 277,700 Roller 61,461 48,022 109,483 Ball 16,972 41,476 58,448 Engineered Products 113,787 55,970 169,757 $ 403,844 $ 211,544 $ 615,388 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 – “Summary of 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 Topic 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 $219,298 at March 30, 2019. The Company expects to recognize revenue on approximately 71% and 95% 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 March 30, 2019 and March 31, 2018, accounts receivable with customers, net, were $130,735 and $116,890, respectively. The tables below represent a roll-forward of contract assets and contract liabilities for the twelve-month period ended March 30, 2019: Contract Assets - Current (1) Balance at April 1, 2018 $ 1,323 Additional revenue recognized in excess of billings 3,928 Less: amounts billed to customers (3,356 ) Balance at March 30, 2019 $ 1,895 (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 14,773 Revenue recognized (19,769 ) Reclassification to/from noncurrent 667 Balance at March 30, 2019 $ 10,121 (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 (667 ) Balance at March 30, 2019 $ 587 (3) Included within other non-current liabilities on the consolidated balance sheet. As of March 30, 2019, the Company does not have any contract assets classified as noncurrent on the consolidated balance sheet. |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts | 12 Months Ended |
Mar. 30, 2019 | |
Receivables [Abstract] | |
Allowance for Doubtful Accounts | The activity in the allowance for doubtful accounts consists of the following: Fiscal Year Ended Balance at Beginning of Year Additions Other* Write-offs Balance at End of Year March 30, 2019 $ 1,326 $ 203 $ (85 ) $ (14 ) $ 1,430 March 31, 2018 1,213 125 73 (85 ) 1,326 April 1, 2017 1,324 96 (157 ) (50 ) 1,213 *Foreign currency, disposition and acquisition transactions. |
Inventory
Inventory | 12 Months Ended |
Mar. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory | 5. Inventory Inventories are summarized below: March 30, 2019 March 31, 2018 Raw materials $ 48,690 $ 44,102 Work in process 90,820 77,890 Finished goods 195,491 184,132 $ 335,001 $ 306,124 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Mar. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 6. Property, Plant and Equipment Property, plant and equipment consist of the following: March 30, 2019 March 31, 2018 Land $ 18,735 $ 19,723 Buildings and improvements 86,477 86,237 Machinery and equipment 289,467 259,645 394,679 365,605 Less: accumulated depreciation and amortization (186,784 ) (173,092 ) $ 207,895 $ 192,513 |
Restructuring of Operations
Restructuring of Operations | 12 Months Ended |
Mar. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring of Operations | 7. Restructuring of Operations Sale of Miami Division On November 28, 2018, the Company sold its Avborne Accessory Group, Inc. subsidiary (“Miami division”) for a sales price of $22,284, subject to a final working capital adjustment. The Miami division, which is based in Miami, Florida, provides maintenance, repair and overhaul services (“MRO”) for a wide variety of aircraft accessories. As a result of the transaction, the Company recorded an after-tax loss of $12,754 associated with the restructuring in the third quarter of fiscal 2019 attributable to the Engineered Products segment. The $12,754 loss was comprised of $22,284 of proceeds received less transaction costs of $1,690, charges associated with goodwill of $6,691, intangible assets of $20,373 and other net assets of $10,332, partially offset by a $4,048 tax benefit. The pre-tax loss of $16,802 was recognized within other, net within the consolidated statement of operations. Prior to the transaction, the Franklin, IN division, which was previously included within Avborne Accessory Group, Inc., was transferred to a separate subsidiary of the Company named Airtomic LLC. In the fourth quarter of fiscal 2019, the Company recognized income of $258 upon realization of actual costs associated with the wind-down of the business. Restructuring of Canadian 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 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 included 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 other, net 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 were 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 were 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, respectively, comprised primarily of employee termination costs and building maintenance costs. These costs were recorded within other, net within the consolidated statement of operations and are all attributable to the Engineered Products segment. The impact from restructuring in fiscal 2019 has been immaterial. The total cumulative impact resulting from the restructuring was $6,743 in after-tax charges, all attributable to the Engineered Products segment. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Mar. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 8. Goodwill and Intangible Assets Goodwill Goodwill balances, by segment, consist of the following: Roller Plain Ball Engineered Products Total March 31, 2018 $ 16,007 $ 79,597 $ 5,623 $ 166,897 $ 268,124 Disposition — — — (6,691 ) (6,691 ) Translation adjustments — — — (2 ) (2 ) March 30, 2019 $ 16,007 $ 79,597 $ 5,623 $ 160,204 $ 261,431 $6,691 of goodwill was included in the net loss on the sale of the Miami division during the third quarter of fiscal 2019. Miami was previously included within the Engineered Products (“EP”) Reporting Unit (“RU”). When a business within an RU is sold, the Company is required to perform an interim goodwill impairment test on that RU which consists of two steps. First, the Company determines the fair value of the RU and compares it to its carrying amount. Second, if the carrying amount of the RU exceeds its fair value, an impairment loss is recognized for any excess of the carrying amount of the RU’s goodwill over the goodwill’s implied fair value. The Company conducted this interim test over the EP RU as of the date of sale (November 28, 2018) using the same approach used during our most recent annual test (the income approach, also known as the discounted cash flow method). The discount rate utilized for the EP RU for our interim test was 11.0% and is indicative of the return an investor would expect to receive for investing in such a business. The terminal growth rate used for our interim test was 2.5%. The Company has determined that, at that date, no impairment of goodwill existed and fair value of the EP RU exceeded the carrying value in total by approximately 21.9%. The Company performed the annual impairment testing during the fourth quarter of fiscal 2019 for all of the Company’s RUs. All of the Company’s RUs passed the impairment assessment. Intangible Assets March 30, 2019 March 31, 2018 Weighted Average Useful Lives Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Product approvals 24 $ 50,878 $ 10,481 $ 50,878 $ 8,351 Customer relationships and lists 24 96,458 19,149 106,583 16,499 Trade names 10 15,959 7,447 18,734 6,765 Distributor agreements 5 722 722 722 722 Patents and trademarks 16 10,534 5,540 9,657 4,810 Domain names 10 437 437 437 430 Other 3 2,473 2,325 1,433 1,303 177,461 46,101 188,444 38,880 Non-amortizable repair station certifications n/a 24,281 — 34,200 — Total 22 $ 201,742 $ 46,101 $ 222,644 $ 38,880 $9,919 of net assets associated with the repair station certifications, $8,674 of net assets associated with customer relationships, and $1,780 of net assets associated with trade names were included in the net loss on the sale of the Miami division during the third quarter of fiscal 2019. Amortization expense for definite-lived intangible assets during fiscal years 2019, 2018 and 2017 was $9,666, $9,344 and $9,272, respectively. Estimated amortization expense for the five succeeding fiscal years and thereafter is as follows: 2020 $ 8,050 2021 8,001 2022 7,882 2023 7,802 2024 7,670 2025 and thereafter 91,955 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Mar. 30, 2019 | |
Other Liabilities, Noncurrent [Abstract] | |
Accrued Expenses and Other Current Liabilities | 9. Accrued Expenses and Other Current Liabilities The significant components of accrued expenses and other current liabilities are as follows: March 30, 2019 March 31, 2018 Employee compensation and related benefits $ 14,485 $ 14,240 Taxes 4,789 2,939 Deferred revenue 10,121 13,613 Workers compensation 2,685 2,086 Legal 1,184 1,228 Other 6,806 6,671 $ 40,070 $ 40,777 |
Debt
Debt | 12 Months Ended |
Mar. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | 10. Debt Credit Facility In connection with the Sargent Aerospace & Defense 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 Company’s prior credit agreement with JP Morgan. The Credit Agreement provided the Company with a $200,000 term loan (the “Term Loan”) and a $350,000 revolving credit facility and was to expire on April 24, 2020. On May 31, 2018, the Company paid off the remaining balance of the Term Loan and wrote off $987 in unamortized debt issuance costs associated with the Term Loan which were recorded within other non-operating expense on the consolidated statements of operations. On January 31, 2019, the Company amended the Credit Agreement with Wells Fargo Bank, National Association, as Administrative Agent, Collateral Agent, Swingline Lender and Letter of Credit Issuer, and the other lenders party thereto. The Credit Agreement as so amended (the “Amended Credit Agreement”) now provides the Company with a $250,000 revolving credit facility (the “Revolver”). The Revolver expires on January 31, 2024. Debt issuance costs associated with the Amended Credit Agreement totaled $852 and will be amortized through January 31, 2024 along with the unamortized debt issuance costs remaining from the Credit Agreement. Amounts outstanding under the Revolver generally bear interest at (a) a base rate determined by reference to the higher of (1) Wells Fargo’s prime lending rate, (2) the federal funds effective rate plus 1/2 of 1% and (3) the one-month LIBOR rate plus 1%, or (b) LIBOR plus a specified margin, depending on the type of borrowing being made. The applicable margin is based on the Company's consolidated ratio of total net debt to consolidated EBITDA at each measurement date. Currently, the Company's margin is 0.00% for base rate loans and 0.75% for LIBOR loans. The Amended Credit Agreement requires the Company to comply with various covenants, including among other things, a financial covenant to maintain a ratio of consolidated net debt to adjusted EBITDA not greater than 3.50 to 1. The Amended 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 Amended Credit Agreement. As of March 30, 2019, the Company was in compliance with all such covenants. The Company’s domestic subsidiaries have guaranteed the Company’s obligations under the Amended Credit Agreement. The Company’s obligations under the Amended Credit Agreement and the domestic subsidiaries’ guarantee are secured by a pledge of substantially all of the domestic assets of the Company and its domestic subsidiaries. Approximately $3,990 of the Revolver is being utilized to provide letters of credit to secure the Company’s obligations relating to certain insurance programs. As of March 30, 2019, $1,912 in unamortized debt issuance costs remain. The Company has the ability to borrow up to an additional $206,760 under the Revolver as of March 30, 2019. Other Notes Payable On October 1, 2012, one of our foreign divisions, Schaublin, purchased the land and building, that it occupied and had been leasing for CHF 14,067 (approximately $14,910 ). Schaublin obtained a 20-year fixed-rate mortgage of CHF 9,300 (approximately $9,857) at an interest rate of 2.9%. The balance of the purchase price of CHF 4,767 (approximately $5,053) was paid from cash on hand. The balance on this mortgage as of March 30, 2019 was CHF 6,278, or $6,308. The balances payable under all borrowing facilities are as follows: March 30, 2019 March 31, 2018 Revolver and term loan facilities $ 39,250 $ 169,250 Debt issuance cost (1,912 ) (2,968 ) Other 6,308 7,073 Total debt 43,646 173,355 Less: current portion 467 19,238 Long-term debt $ 43,179 $ 154,117 The current portion of long-term debt as of both March 30, 2019 and March 31, 2018 includes the current portion of the Schaublin mortgage and the current portion of the Revolver and Term Loan. The Company’s required future annual principal payments for the next five years and thereafter are $467 for fiscal 2020, $467 for fiscal 2021, $467 for fiscal 2022, $467 for fiscal 2023, $39,717 for fiscal 2024 and $3,973 thereafter. |
Other Non-Current Liabilities
Other Non-Current Liabilities | 12 Months Ended |
Mar. 30, 2019 | |
Other Liabilities, Noncurrent [Abstract] | |
Other Non-Current Liabilities | 11. Other Non-Current Liabilities The significant components of other non-current liabilities consist of: March 30, 2019 March 31, 2018 Other postretirement benefits $ 2,358 $ 2,450 Non-current income tax liability 19,854 20,176 Deferred compensation 15,425 13,620 Other 994 884 $ 38,631 $ 37,130 |
Pension Plan
Pension Plan | 12 Months Ended |
Mar. 30, 2019 | |
Retirement Benefits [Abstract] | |
Pension Plan | 12. Pension Plan At March 30, 2019, the Company has one consolidated noncontributory defined benefit pension plan covering union employees in its Heim division plant in Fairfield, Connecticut, its Bremen subsidiary plant in Plymouth, Indiana and former union employees of the Tyson subsidiary in Glasgow, Kentucky and the Nice subsidiary in Kulpsville, Pennsylvania. Plan assets are comprised primarily of equity and fixed income investments, as follows: March 30, 2019 March 31, 2018 Cash and cash equivalents $ 925 $ 1,107 U.S. equity mutual funds 20,310 18,881 International equity mutual funds 1,876 1,985 Fixed income mutual funds 3,052 2,936 $ 26,163 $ 24,909 The fair value of the above investments is determined using quoted market prices of identical instruments. Therefore, the valuation inputs within the fair value hierarchy established by ASC 820 are classified as Level 1 of the valuation hierarchy. The following tables set forth the funded status of the Company’s defined benefit pension plan and the amount recognized in the balance sheet at March 30, 2019 and March 31, 2018: March 30, 2019 March 31, 2018 Change in benefit obligation: Benefit obligation at beginning of year $ 24,570 $ 25,049 Service cost 258 232 Interest cost 885 904 Actuarial gain 389 (38 ) Benefits paid (1,595 ) (1,577 ) Benefit obligation at end of year $ 24,507 $ 24,570 Change in plan assets: Fair value of plan assets at beginning of year $ 24,909 $ 23,154 Actual return on plan assets 1,349 1,832 Employer contributions 1,500 1,500 Benefits paid (1,595 ) (1,577 ) Fair value of plan assets at end of year $ 26,163 $ 24,909 Overfunded status at end of year $ 1,656 $ 339 Amounts recognized in the consolidated balance sheet: Non-current assets $ 1,656 $ 339 Amounts recognized in accumulated other comprehensive loss: Prior service cost $ 37 $ 71 Net actuarial loss 7,307 7,596 Accumulated other comprehensive loss $ 7,344 $ 7,667 Amounts included in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost in 2020: Prior service cost $ 35 Net actuarial loss 887 Total $ 922 Benefits under the union plans are not a function of employees’ salaries; thus, the accumulated benefit obligation equals the projected benefit obligation. The following table sets forth net periodic benefit cost of the Company’s plan for the three fiscal years in the period ended March 30, 2019: Fiscal Year Ended March 30, 2019 March 31, 2018 April 1, 2017 Components of net periodic benefit cost: Service cost $ 258 $ 232 $ 251 Interest cost 885 904 889 Expected return on plan assets (1,667 ) (1,610 ) (1,581 ) Amortization of prior service cost 35 35 60 Amortization of losses 995 1,207 1,394 Net periodic benefit cost $ 506 $ 768 $ 1,013 The assumptions used in determining the net periodic benefit cost information are as follows: FY 2019 FY 2018 FY 2017 Discount rate 3.70 % 3.70 % 3.40 % Expected long-term rate of return on plan assets 6.75 % 7.00 % 7.00 % The discount rate used in determining the funded status as of March 30, 2019 and March 31, 2018 was 3.50% and 3.70%, respectively. To determine the postretirement net periodic benefit costs in fiscal 2019, the RP-2014 adjusted to 2006 blue collar mortality table projected to the measurement date with Scale MP-2018 was used. To determine the postretirement net periodic benefit costs in fiscal 2018, the RP-2014 adjusted to 2006 blue collar mortality table projected to the measurement date with Scale MP-2017 was used. To determine the postretirement net periodic benefit costs in fiscal 2017, the RP-2014 adjusted to 2006 blue collar mortality table projected to the measurement date with Scale MP-2016 was used. In developing the overall expected long-term return on plan assets assumption, a building block approach was used in which rates of return in excess of inflation were considered separately for equity securities and debt securities. The excess returns were weighted by the representative target allocation and added along with an appropriate rate of inflation to develop the overall expected long-term return on plan assets assumption. The Company’s long-term target allocation of plan assets is 70% equity and 30% fixed income investments. The Company’s investment program objective is to achieve a rate of return on plan assets which will fund the plan liabilities and provide for required benefits while avoiding undue exposure to risk to the plan and increases in funding requirements. The following benefit payments, which reflect future service as appropriate, are expected to be paid. The benefit payments are based on the same assumptions used to measure the Company’s benefit obligation at the end of fiscal 2019: 2020 $ 1,705 2021 1,722 2022 1,737 2023 1,743 2024 1,734 2025-2029 8,132 Although no contributions are required for fiscal 2020, the Company expects to make cash contributions in the $750 to $1,500 range. One of the Company’s foreign operations, Schaublin, sponsors a pension plan for its approximately 146 employees in conformance with Swiss pension law. The plan is funded with a reputable (S&P rating A+) Swiss insurer. Through the insurance contract, the Company has effectively transferred all investment and mortality risk to the insurance company, which guarantees the federally mandated annual rate of return and the conversion rate at retirement. As a result, the plan has no unfunded liability; the interest cost is exactly offset by actual return. Thus, the net periodic cost is equal to the amount of annual premium paid by the Company. For fiscal years 2019, 2018 and 2017, the Company made contribution and premium payments equal to $887, $889 and $875, respectively. The Company also has defined contribution plans under Section 401(k) of the Internal Revenue Code for all of its employees not covered by a collective bargaining agreement. Employer contributions under this plan, ranging from 10%-100% of eligible amounts contributed by employees, amounted to $1,889, $1,714 and $1,585 in fiscal 2019, 2018 and 2017, respectively. Effective September 1, 1996, the Company adopted a non-qualified Supplemental Executive Retirement Plan (“SERP”) for a select group of highly compensated management employees designated by the Board of the Company. The SERP allowed eligible employees to elect to defer, until termination of their employment, the receipt of up to 25% of their salary. In August 2008, the plan was modified, allowing eligible employees to elect to defer up to 75% of their current salary and up to 100% of bonus compensation. Employer contributions under this plan equal the lesser of 25% of the deferrals, or 1.75% of the employee’s annual salary, which vest in full after one year of service following the effective date of the SERP. Employer contributions under this plan amounted to $312, $271 and $256 in fiscal 2019, 2018 and 2017, respectively. |
Postretirement Health Care and
Postretirement Health Care and Life Insurance Benefits | 12 Months Ended |
Mar. 30, 2019 | |
Defined Contribution Plan [Abstract] | |
Postretirement Health Care and Life Insurance Benefits | 13. Postretirement Health Care and Life Insurance Benefits The Company, for the benefit of employees at its Heim, West Trenton, Bremen and PIC facilities and former union employees of its Tyson and Nice subsidiaries, sponsors contributory defined benefit health care plans that provide postretirement medical and life insurance benefits to union employees who have attained certain age and/or service requirements while employed by the Company. The plans are unfunded and costs are paid as incurred. Postretirement benefit obligations are included in “Accrued expenses and other current liabilities” and “Other non-current liabilities” in the consolidated balance sheet. The following table set forth the funded status of the Company’s postretirement benefit plans, the amount recognized in the balance sheet at March 30, 2019 and March 31, 2018: March 30, 2019 March 31, 2018 Change in benefit obligation: Benefit obligation at beginning of year $ 2,671 $ 2,963 Service cost 47 33 Interest cost 91 98 Actuarial gain (131 ) (297 ) Benefits paid (131 ) (126 ) Benefit obligation at end of year $ 2,547 $ 2,671 Change in plan assets: Fair value of plan assets at beginning of year $ — $ — Company contributions 131 126 Benefits paid (131 ) (126 ) Fair value of plan assets at end of year $ — $ — Underfunded status at end of year $ (2,547 ) $ (2,671 ) Amounts recognized in the consolidated balance sheet: Current liability $ (189 ) $ (221 ) Non-current liability (2,358 ) (2,450 ) Net liability recognized $ (2,547 ) $ (2,671 ) Amounts recognized in accumulated other comprehensive loss: Prior service cost $ 12 $ 15 Net actuarial loss (191 ) (85 ) Accumulated other comprehensive loss $ (179 ) $ (70 ) Amounts included in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost in 2020: Prior service cost $ 3 Net actuarial loss (20 ) Total $ (17 ) Fiscal Year Ended Components of net periodic benefit cost: March 30, 2019 March 31, 2018 April 1, 2017 Service cost $ 47 $ 33 $ 41 Interest cost 91 98 102 Prior service cost amortization 3 3 3 Amount of loss recognized (25 ) (4 ) 26 Net periodic benefit cost $ 116 $ 130 $ 172 The Company measures its plans as of the last day of the fiscal year. The plans contractually limit the benefit to be provided for certain groups of current and future retirees. As a result, there is no health care trend associated with these groups. The discount rate used in determining the accumulated postretirement benefit obligation was 3.50% at March 30, 2019 and 3.70% at March 31, 2018. The discount rate used in determining the net periodic benefit cost was 3.70% for fiscal 2019, 3.70% for fiscal 2018, and 3.40% for fiscal 2017. To determine the postretirement net periodic benefit costs in fiscal 2019, the RP-2014 adjusted to 2006 blue collar mortality table projected to the measurement date with Scale MP-2018 was used. To determine the postretirement net periodic benefit costs in fiscal 2018, the RP-2014 adjusted to 2006 blue collar mortality table projected to the measurement date with Scale MP-2017 was used. To determine the postretirement net periodic benefit costs in fiscal 2017, the RP-2014 adjusted to 2006 blue collar mortality table projected to the measurement date with Scale MP-2016 was used. The following benefit payments, which reflect future service as appropriate, are expected to be paid. The benefit payments are based on the same assumptions used to measure the Company’s benefit obligation at the end of fiscal 2019: 2020 $ 189 2021 185 2022 185 2023 193 2024 184 2025-2029 937 |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes Income before income taxes for the Company's domestic and foreign operations is as follows: Fiscal Year Ended March 30, 2019 March 31, 2018 April 1, 2017 Domestic $ 115,747 $ 116,513 $ 94,629 Foreign 10,343 3,338 10,255 Total income before income taxes $ 126,090 $ 119,851 $ 104,884 The provision for income taxes consists of the following: Fiscal Year Ended March 30, 2019 March 31, 2018 April 1, 2017 Current tax expense: Federal $ 18,200 $ 28,555 $ 21,903 State 2,908 1,313 887 Foreign 4,693 3,544 3,148 25,801 33,412 25,938 Deferred tax expense: Federal (4,111 ) (273 ) 8,299 State (756 ) 457 245 Foreign (37 ) (886 ) (221 ) (4,904 ) (702 ) 8,323 Total income taxes $ 20,897 $ 32,710 $ 34,261 On December 22, 2017, the United States enacted significant changes to the U.S. tax law following the passage and signing of the TCJA. The legislation significantly changes U.S. tax law by, among other things, lowering corporate income tax rates, implementing a territorial tax system and imposing a one-time repatriation tax on undistributed foreign earnings. The Act permanently reduces the U.S. corporate income tax rate from 35% to 21% effective for tax years beginning after December 31, 2017. The primary impacts of the TCJA reflected in the consolidated financial statements relate to the remeasurement of deferred tax assets and liabilities resulting from the change in the corporate rate and a one-time mandatory transition tax on accumulated earnings of foreign operations. The SEC provided guidance that allows the Company to record provisional amounts if the accounting assessment is incomplete for impacts of the Act, with the requirement that the accounting be finalized in a period not to exceed one year form the date of enactment. As of December 22, 2018 the Company has completed the accounting for the tax effects of the Act and there have been no material changes to previously recorded amounts. 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. An additional tax law change provided under TCJA introduced new rules for the treatment of certain foreign income, including FDII for tax years beginning after December 31, 2017. The Company has evaluated this provision of TCJA and believes that FDII results in a favorable impact on the application of ASC 740. In addition to the impact of a full fiscal year with a lower U.S. federal statutory tax rate, the Company recorded a net tax benefit of $1,651 in fiscal 2019 resulting from the Tax Reform Act. An analysis of the difference between the provision for income taxes and the amount computed by applying the U.S. statutory income tax rate to pre-tax income follows: Fiscal Year Ended March 30, 2019 March 31, 2018 April 1, 2017 Income taxes using U.S. federal statutory rate $ 26,479 $ 37,825 $ 36,710 State income taxes, net of federal benefit 1,714 1,221 676 Domestic production activities deduction — (1,374 ) (1,803 ) Revaluation of deferred tax liabilities due to federal rate change 282 (9,318 ) — Stock-based compensation (5,155 ) (4,905 ) — Foreign rate differential 2,484 1,604 (662 ) Transition tax (161 ) 9,166 — Research and development credits (1,765 ) (1,293 ) (1,163 ) Foreign derived intangible income (FDII) (1,772 ) — — U.S. unrecognized tax positions (951 ) 452 (290 ) Other - net (258 ) (668 ) 793 $ 20,897 $ 32,710 $ 34,261 Net deferred tax assets (liabilities) are comprised of the following: March 30, 2019 March 31, 2018 Deferred tax assets: Postretirement benefits $ 560 $ 577 Employee compensation accruals 4,034 1,620 Inventory 9,298 7,688 Stock compensation 4,734 4,917 Tax loss and credit carryforwards 9,863 4,952 State tax 1,270 1,134 Other 187 77 Total gross deferred tax assets 29,946 20,965 Valuation allowance (3,643 ) (2,318 ) Total deferred tax assets $ 26,303 $ 18,647 Deferred tax liabilities: Property, plant and equipment $ (16,312 ) $ (13,648 ) Pension (388 ) (78 ) Intangible assets (16,465 ) (16,670 ) Total deferred tax liabilities $ (33,165 ) $ (30,396 ) Total net deferred liabilities $ (6,862 ) $ (11,749 ) The Company evaluates deferred tax assets to ensure that the estimated future taxable income will be sufficient in character (i.e. capital versus ordinary income treatment), amount and timing to result in their recovery. After considering the positive and negative evidence, a valuation allowance has been recorded on foreign tax credits and on certain state credits and state net operating losses as it is more likely than not (i.e. greater than a 50% likelihood) that these items will not be utilized. For the Company’s fiscal year ended March 30, 2019 the valuation allowance increased by $1,325 which pertained to an increase of U.S. federal and state credits. For the Company’s fiscal year ended March 31, 2018 the valuation allowance increased by $1,400 which pertained to an increase of state credits. These valuation allowances are required because management has determined, based on financial projections and available tax strategies, that it is unlikely the net operating losses and credits will be utilized before they expire. If events or circumstances change, valuation allowances are adjusted at that time resulting in an income tax benefit or charge. At March 30, 2019, the Company has state net operating losses in different jurisdictions at varying amounts up to $7,332, which expire at various dates through 2038. At March 30, 2019, the Company has U.S. federal and state credits in different jurisdictions at varying amounts up to $5,668 which will expire at various dates through 2039. At March 30, 2019, the Company has foreign credits in different jurisdictions at varying amounts up to $936 which will expire at various dates through 2038. The TCJA required a mandatory deemed repatriation of certain undistributed earnings of the Company’s foreign operations as of December 31, 2017. If the earnings were distributed in the form of cash dividends, the Company would not be subject to additional U.S. income taxes but could be subject to foreign income and withholding taxes. Under accounting standards (ASC 740) a deferred tax liability is not recorded for the excess of the tax basis over the financial reporting (book) basis of an investment in a foreign subsidiary if the indefinite reinvestment criteria is met. A provision has not been made for additional U.S. and foreign taxes at March 30, 2019 on approximately $11,708 of undistributed earnings of foreign operations because the Company intends to reinvest these funds indefinitely to support foreign growth opportunities. It is not practicable to estimate the unrecognized deferred tax liability on these undistributed earnings. These earnings could become subject to additional tax under certain circumstances including, but not limited to, loans to the Company, or upon sale or pledging of the subsidiary’s stock. Uncertain Tax Positions Unrecognized income tax benefits represent income tax positions taken on income tax returns but not yet recognized in the consolidated financial statements. If recognized, substantially all of the unrecognized tax benefits for the Company’s fiscal years ended March 30, 2019 and March 31, 2018 would affect the effective income tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: March 30, 2019 March 31, 2018 April 1, 2017 Balance, beginning of year $ 11,935 $ 13,775 $ 14,297 Gross (decreases) increases – tax positions taken during a prior period 624 (2,475 ) (488 ) Gross increases – tax positions taken during the current period 2,697 1,146 1,280 Reductions due to settlement with taxing authorities — — (223 ) Reductions due to lapse of the applicable statute of limitations (1,777 ) (511 ) (1,091 ) Balance, end of year $ 13,479 $ 11,935 $ 13,775 The Company recognizes the interest and penalties accrued related to unrecognized tax benefits in income tax expense. The Company recognized expense of $45 and $284 and a benefit of $36 related to interest and penalties on its statement of operations for the fiscal years ended March 30, 2019, March 31, 2018 and April 1, 2017, respectively. The Company has approximately $1,193 and $1,148 of accrued interest and penalties at March 30, 2019 and March 31, 2018, respectively. The Company believes it is reasonably possible that some of its unrecognized tax positions may be effectively settled by the end of the Company’s fiscal year ending March 28, 2020 due to the closing of audits and the statute of limitations expiring in varying jurisdictions. The decrease, pertaining primarily to federal and state credits and state tax, is estimated to be $1,197. 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 28, 2016. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Mar. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 15. Stockholders’ Equity Long-Term Equity Incentive Plans 2005 Long-Term Incentive Plan The 2005 Long-Term Incentive Plan provides for grants of stock options, stock appreciation rights, restricted stock and performance awards. Directors, officers and other employees and persons who engage in services for the Company are eligible for grants under the Plan. The purpose of the Plan is to provide these individuals with incentives to maximize stockholder value and otherwise contribute to the Company’s success and to enable the Company to attract, retain and reward the best available persons for positions of responsibility. 1,139,170 shares of common stock were authorized for issuance under the Plan, subject to adjustment in the event of a reorganization, stock split, merger or similar change in the Company’s corporate structure or in the outstanding shares of common stock. An amendment to increase the number of shares available for issuance under the 2005 Long-Term Incentive Plan from 1,139,170 to 1,639,170 was approved by shareholder vote in September 2006. A further amendment to increase the number of shares available for issuance under the 2005 Long-Term Incentive Plan from 1,639,170 to 2,239,170 was approved by shareholder vote in September 2007. A further amendment to increase the number of shares available for issuance under the 2005 Long-Term Incentive Plan from 2,239,170 to 2,939,170 was approved by shareholder vote in September, 2010. The 2005 Stock Option Plan has been terminated and no additional stock options or restricted stock will be granted pursuant to the Plan. The Company’s Board also has the authority to administer the Plan and to take all actions that the Compensation Committee is otherwise authorized to take under the Plan. The terms and conditions of each award made under the Plan, including vesting requirements, is set forth consistent with the Plan in a written agreement with the grantee. 2013 Long-Term Incentive Plan The 2013 Long-Term Incentive Plan provides for grants of stock options, stock appreciation rights, restricted stock and performance awards. The purpose of the Plan is to provide our directors, officers and other employees and persons who engage in services for us with incentives to maximize stockholder value and otherwise contribute to our success and to enable us to attract, retain and reward the best available persons for positions of responsibility. 1,500,000 shares of common stock were authorized for issuance under the Plan, subject to adjustment in the event of a reorganization, stock split, merger or similar change in the Company’s corporate structure or in the outstanding shares of common stock. The Company may grant shares of restricted stock to its employees and directors in the future under the Plan. The Company’s Compensation Committee will administer the Plan. The Company’s Board also has the authority to administer the Plan and to take all actions that the Compensation Committee is otherwise authorized to take under the Plan. The terms and conditions of each award made under the Plan, including vesting requirements, is set forth consistent with the Plan in a written agreement with the grantee. 2017 Long-Term Incentive Plan The 2017 Long-Term Incentive Plan provides for grants of stock options, stock appreciation rights, restricted stock and performance awards. Directors, officers and other employees and persons who engage in services for the Company are eligible for grants under the Plan. The purpose of the Plan is to provide these individuals with incentives to maximize stockholder value and otherwise contribute to the Company’s success and to enable the Company to attract, retain and reward the best available persons for positions of responsibility. 1,500,000 shares of common stock were authorized for issuance under the Plan, subject to adjustment in the event of a reorganization, stock split, merger or similar change in the Company’s corporate structure or in the outstanding shares of common stock. The Company may grant shares of restricted stock to its employees and directors in the future under the Plan. The Company’s Compensation Committee will administer the Plan. The Company’s Board also has the authority to administer the Plan and to take all actions that the Compensation Committee is otherwise authorized to take under the Plan. The terms and conditions of each award made under the Plan, including vesting requirements, is set forth consistent with the Plan in a written agreement with the grantee. Stock Options. Restricted Stock. Stock Appreciation Rights. Performance Awards. Amendment and Termination of the Plan. A summary of the status of the Company’s stock options outstanding as of March 30, 2019 and changes during the year then ended is presented below. All cashless exercises of options and warrants are handled through an independent broker. Number Of Weighted Average Weighted Average Contractual Life (Years) Intrinsic Value Outstanding, March 31, 2018 937,417 $ 76.03 5.2 $ 45,151 Awarded 201,315 133.21 Exercised (352,552 ) 66.01 Forfeitures (43,040 ) 84.07 Outstanding, March 30, 2019 743,140 $ 95.82 5.3 $ 23,301 Exercisable, March 30, 2019 137,762 $ 71.07 3.8 $ 7,728 The fair value for the Company’s options was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions, which are updated to reflect current expectations of the dividend yield, expected life, risk-free interest rate and using historical volatility to project expected volatility: Fiscal Year Ended March 30, 2019 March 31, 2018 April 1, 2017 Dividend yield 0.00 % 0.00 % 0.00 % Expected weighted-average life (yrs.) 5.0 5.0 5.0 Risk-free interest rate 2.77 % 2.02 % 1.17 % Expected volatility 25.16 % 24.17 % 28.45 % The weighted average fair value per share of options granted was $37.02 in fiscal 2019, $26.73 in fiscal 2018, and $20.58 in fiscal 2017. The Company recorded $3,725 (net of taxes of $1,119) in compensation in fiscal 2019 related to option awards. As of March 30, 2019, there was $13,597 of unrecognized compensation costs related to options which is expected to be recognized over a weighted average period of 3.5 years. The total fair value of options that vested in fiscal 2019, 2018 and 2017 was $28,006, $27,113 and $19,899, respectively. The total intrinsic value of options exercised in fiscal 2019, 2018 and 2017 was $26,060, $16,002 and $21,188, respectively. Of the total awards outstanding at March 30, 2019, 734,814 are either fully vested or are expected to vest. These shares have a weighted average exercise price of $95.82, an intrinsic value of $23,040 and a weighted average contractual term of 5.3 years. A summary of the status of the Company’s restricted stock outstanding as of March 30, 2019 and the changes during the year then ended is presented below. Number Of Weighted-Average Non-vested, March 31, 2018 304,978 $ 87.75 Granted 144,020 133.05 Vested (118,047 ) 82.13 Forfeitures (13,070 ) 95.66 Non-vested, March 30, 2019 317,881 $ 110.03 The Company recorded $8,645 (net of taxes of $2,598) in compensation in fiscal 2019 related to restricted stock awards. These awards were valued at the fair market value of the Company’s common stock on the date of issuance and are being amortized as expense over the applicable vesting period. Unrecognized expense for restricted stock was $27,652 at March 30, 2019. This cost is expected to be recognized over a weighted average period of approximately 3.0 years. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. Commitments and Contingencies The Company leases facilities under non-cancelable operating leases, which expire on various dates through January 2029, with lease expense aggregating $5,384, $5,440, and $5,548 in fiscal 2019, 2018 and 2017, respectively. The Company also has non-cancelable operating leases for transportation, computer and office equipment, which expire at various dates. Lease expense for fiscal 2019, 2018 and 2017 aggregated $1,788, $1,721 and $1,656, respectively. Certain of the above leases are renewable while none contain material contingent rent or concession clauses. The aggregate future minimum lease payments under operating leases are as follows: 2020 $ 5,317 2021 4,280 2022 2,885 2023 1,863 2024 1,031 2025 and thereafter 2,593 As of March 30, 2019, approximately 7.7% of the Company’s hourly employees in the U.S. and abroad were represented by labor unions. The Company enters into government contracts and subcontracts that are subject to audit by the government. In the opinion of the Company’s management, the results of such audits, if any, are not expected to have a material impact on the cash flows, financial condition or results of operations of the Company. For fiscal 2019, 2018 and 2017, there were no audits by the government, the results of which, in the opinion of the Company’s management, had a material impact on the cash flows, financial condition or results of operations of the Company. The Company is subject to federal, state and local environmental laws and regulations, including those governing discharges of pollutants into the air and water, the storage, handling and disposal of wastes and the health and safety of employees. The Company also may be liable under the Comprehensive Environmental Response, Compensation, and Liability Act or similar state laws for the costs of investigation and cleanup of contamination at facilities currently or formerly owned or operated by the Company, or at other facilities at which the Company may have disposed of hazardous substances. In connection with such contamination, the Company may also be liable for natural resource damages, government penalties and claims by third parties for personal injury and property damage. Agencies responsible for enforcing these laws have authority to impose significant civil or criminal penalties for non-compliance. The Company believes it is currently in material compliance with all applicable requirements of environmental laws. The Company does not anticipate material capital expenditures for environmental compliance in fiscal years 2020 or 2021. Investigation and remediation of contamination is ongoing at some of the Company’s sites. In particular, state agencies have been overseeing groundwater monitoring activities at the Company’s facility in Hartsville, South Carolina and a corrective action plan at the Company’s facility in Clayton, Georgia. At Hartsville, the Company is monitoring low levels of contaminants in the groundwater caused by former operations. Plans are currently underway to conclude remediation and monitoring activities. In connection with the purchase of the Fairfield, Connecticut facility in 1996, the Company agreed to assume responsibility for completing clean-up efforts previously initiated by the prior owner. The Company submitted data to the state that the Company believes demonstrates that no further remedial action is necessary, although the state may require additional clean-up or monitoring. In connection with the purchase of the Company’s Clayton, Georgia facility, the Company agreed to take assignment of the hazardous waste permit covering such facility and to assume certain responsibilities to implement a corrective action plan concerning the remediation of certain soil and groundwater contamination present at that facility. The corrective action plan is ongoing. Although there can be no assurance, the Company does not expect the costs associated with the above sites to be material. From time to time, we are involved in litigation and administrative proceedings which arise in the ordinary course of our business. We do not believe that any litigation or proceeding in which we are currently involved, either individually or in the aggregate, is likely to have a material adverse effect on our business, financial condition, operating results, cash flow or prospects. |
Other, Net
Other, Net | 12 Months Ended |
Mar. 30, 2019 | |
Other Net | |
Other, Net | 17. Other, Net Other, net is comprised of the following: Fiscal Year Ended March 30, 2019 March 31, 2018 April 1, 2017 Plant consolidation and restructuring costs $ 16,906 $ 7,685 $ 4,124 Acquisition costs — — 55 Provision for doubtful accounts 203 125 96 Amortization of intangibles 9,666 9,344 9,272 Other expense (income) 339 (515 ) (844 ) $ 27,114 $ 16,639 $ 12,703 |
Reportable Segments
Reportable Segments | 12 Months Ended |
Mar. 30, 2019 | |
Segment Reporting [Abstract] | |
Reportable Segments | 18. 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. The accounting policies of the reportable segments are the same as those described in Part II, Item 8. “Financial Statements and Supplementary Data,” Note 2 “Summary of Significant Accounting Policies.” Segment performance is evaluated based on segment net sales and gross margin. Items not allocated to segment operating income include corporate administrative expenses and certain other amounts. Identifiable assets by reportable segment consist of those directly identified with the segment’s operations. Corporate assets consist of cash, fixed assets and certain prepaid expenses. Fiscal Year Ended March 30, 2019 March 31, 2018 April 1, 2017 Net External Sales Plain $ 323,251 $ 296,708 $ 277,700 Roller 143,832 132,021 109,483 Ball 72,307 67,806 58,448 Engineered Products 163,126 178,414 169,757 $ 702,516 $ 674,949 $ 615,388 Gross Margin $ 129,297 $ 115,886 $ 110,636 Roller 61,559 55,160 41,865 Ball 29,846 27,965 22,772 Engineered Products 55,951 59,526 54,938 $ 276,653 $ 258,537 $ 230,211 Selling, General and Administrative Expenses $ 25,617 $ 25,991 $ 23,585 Roller 6,266 6,307 6,116 Ball 6,428 6,773 5,657 Engineered Products 19,664 21,071 19,065 Corporate 59,529 52,982 48,499 $ 117,504 $ 113,124 $ 102,922 Operating Income Plain $ 100,048 $ 86,628 $ 81,484 Roller 55,148 48,831 34,008 Ball 23,222 20,919 16,593 Engineered Products 16,183 25,081 30,884 Corporate (62,566 ) (52,685 ) (48,383 ) $ 132,035 $ 128,774 $ 114,586 Total Assets Plain $ 393,014 $ 401,248 $ 371,169 Roller 166,733 157,012 147,226 Ball 66,443 60,000 55,788 Engineered Products 458,058 465,479 474,339 Corporate 63,119 59,012 60,325 $ 1,147,367 $ 1,142,751 $ 1,108,847 Capital Expenditures Plain $ 13,185 $ 11,468 $ 9,386 Roller 5,328 4,245 4,021 Ball 3,276 2,407 2,155 Engineered Products 18,715 7,209 4,591 Corporate 842 2,647 741 $ 41,346 $ 27,976 $ 20,894 Depreciation & Amortization Plain $ 9,849 $ 9,296 $ 9,075 Roller 4,029 4,109 4,198 Ball 1,971 1,752 1,836 Engineered Products 10,412 10,777 10,443 Corporate 3,397 2,426 1,820 $ 29,658 $ 28,360 $ 27,372 Geographic External Sales Domestic $ 633,381 $ 592,818 $ 540,774 Foreign 69,135 82,131 74,614 $ 702,516 $ 674,949 $ 615,388 Fiscal Year Ended March 30, 2019 March 31, 2018 April 1, 2017 Geographic Long-Lived Assets Domestic $ 165,533 $ 150,716 $ 144,389 Foreign 42,362 41,797 39,236 $ 207,895 $ 192,513 $ 183,625 Intersegment Sales Plain $ 6,292 $ 5,209 $ 4,061 Roll 14,650 13,262 15,202 Ball 3,363 2,408 1,732 Engineered Products 38,948 31,857 28,955 $ 63,253 $ 52,736 $ 49,950 The net loss of $16,544 related to the sale of the Miami division during fiscal 2019 is included within the Engineered Products segment. All intersegment sales are eliminated in consolidation. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 30, 2019 | |
Accounting Policies [Abstract] | |
General | General The consolidated financial statements include the accounts of RBC Bearings Incorporated, Roller Bearing Company of America, Inc. (“RBCA”) and its wholly-owned subsidiaries, Industrial Tectonics Bearings Corporation (“ITB”), RBC Nice Bearings, Inc. (“Nice”), RBC Precision Products - Bremen, Inc. (“Bremen (MBC)”), RBC Precision Products - Plymouth, Inc. (“Plymouth”), RBC Lubron Bearing Systems, Inc. (“Lubron”), RBC Oklahoma, Inc. (“RBC Oklahoma”), RBC Aircraft Products, Inc. (“API”), RBC Southwest Products, Inc. (“SWP”), All Power Manufacturing Co. (“All Power”), RBC Aerostructures LLC (“AeroS”), Western Precision Aero LLC (“WPA”), Climax Metal Products Company (“CMP”), RBC Turbine Components LLC (“TCI”), Sonic Industries, Inc. (“Sonic”), Sargent Aerospace and Defense LLC (“Sargent”), Airtomic LLC. (“Airtomic”), Schaublin Holding S.A. and its wholly-owned subsidiaries Schaublin SA, RBC Bearings Polska sp. Z.o.o., RBC France SAS and Schaublin GmbH (“Schaublin”), RBC de Mexico S DE RL DE CV (“Mexico”), RBC Bearings U.K. Limited and its wholly-owned subsidiary Phoenix Bearings Limited (“Phoenix”), Allpower de Mexico S DE RL DE CV (“Tecate”) and RBC Bearings Canada, Inc. Divisions of RBCA include: RBC Corporate, RBC E-Shop, RBC Aerospace sales office and warehouse, Transport Dynamics (“TDC”), Heim (“Heim Bearings Company”), Engineered Components (“ECD”), RBC Aerocomponents (“AeroC”), PIC Design (“PIC Design”), RBC Hartsville, RBC West Trenton, RBC Bishopsville, RBC Eastern Distribution Center, Shanghai Representative office of Roller Bearing Company of America, Inc. (“RBC Shanghai”) and RBC Grand Prarie TX location. U.S. Bearings (“USB”) is a division of SWP and Schaublin USA is a division of Nice. All intercompany balances and transactions have been eliminated in consolidation. The Company has a fiscal year consisting of 52 or 53 weeks, ending on the Saturday closest to March 31. Based on this policy, fiscal years 2019, 2018 and 2017 each contained 52 weeks. The amounts are shown in thousands, unless otherwise indicated. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates are used for, but not limited to, the accounting for the allowance for doubtful accounts, valuation of inventories, accrued expenses, goodwill and intangible assets, depreciation and amortization, income taxes and tax reserves, pension and postretirement obligations and the valuation of options. |
Revenue Recognition | Revenue Recognition On April 1, 2018, the Company adopted 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 (LTAs) 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 LTAs define commercial terms including pricing, termination rights and other contractual requirements, they do not represent the contract with the customer for revenue recognition purposes. 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 that 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 of the product based on the shipping terms (either when it ships from RBC’s dock or when the product arrives at the customer’s dock) 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 94% of the Company’s revenue was recognized in this manner based on sales for the year ended March 30, 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 revenue recognition over time 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 year ended March 30, 2019. Revenue recognition over time 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 year ended March 30, 2019. For both of these types of contracts, revenue is recognized over time 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 revenue recognition 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 estimated shipping and handling costs are accrued. Prior to the adoption of ASC Topic 606, the Company recognized revenue in accordance with ASC Topic 605. Our accounting policy was as follows: The Company recognizes revenue only after the following four basic criteria are met: ● Persuasive evidence of an arrangement exists; ● Delivery has occurred or services have been rendered; ● The seller’s price to the buyer is fixed or determinable; and ● Collectability is reasonably assured. Revenue is recognized upon the passage of title, which generally is at the time of shipment, except for certain customers for which it occurs when the products reach their destination. Accounts receivable, net of applicable allowances, is recorded when revenue is recorded. We also on occasion record deferred revenue on our balance sheet as a liability. Deferred revenue represents progress payments received, primarily from one customer, to cover purchases of raw materials per the terms of multi-year long-term contracts. Revenue associated with these agreements is recognized in accordance with the criteria discussed above. |
Cash and Cash Equivalents | 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. The Company maintains its cash accounts primarily with Bank of America, N.A., Credit Suisse Group AG and Wells Fargo & Company. The domestic balances are insured by the Federal Deposit Insurance Company up to $250. The Company has not experienced any losses in such accounts. |
Accounts Receivable, Net and Concentration of Credit Risk | Accounts Receivable, Net and Concentration of Credit Risk Accounts receivable include amounts billed and currently due from customers. The amounts due are stated at their estimated net realizable value. The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company reviews the collectability of its receivables on an ongoing basis taking into account a combination of factors. The Company reviews potential problems, such as past due accounts, a bankruptcy filing or deterioration in the customer’s financial condition, to ensure the Company is adequately accrued for potential loss. Accounts are considered past due based on when payment was originally due. If a customer’s situation changes, such as a bankruptcy or creditworthiness, or there is a change in the current economic climate, the Company may modify its estimate of the allowance for doubtful accounts. The Company will write-off accounts receivable after reasonable collection efforts have been made and the accounts are deemed uncollectible. The Company sells to a large number of OEMs and distributors who service the aftermarket. The Company’s credit risk associated with accounts receivable is minimized due to its customer base and wide geographic dispersion. The Company performs ongoing credit evaluations of its customers’ financial condition and generally does not require collateral or charge interest on outstanding amounts. The Company had no concentrations of credit risk with any one customer greater than approximately 7% of accounts receivables at March 30, 2019 and 6% at March 31, 2018. |
Inventory | Inventory Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first-in, first-out method. The Company accounts for inventory under a full absorption method, and records adjustments to the value of inventory based upon past sales history and forecasted plans to sell our inventories. The physical condition, including age and quality, of the inventories is also considered in establishing its valuation. These adjustments are estimates, which could vary significantly, either favorably or unfavorably, from actual requirements if future economic conditions, customer inventory levels or competitive conditions differ from our expectations. |
Contract Assets (Unbilled Receivables) | Contract Assets (Unbilled Receivables) Pursuant to the over-time revenue recognition model, revenue may be recognized prior to the customer being invoiced. An unbilled receivable is recorded to reflect revenue that is recognized when (1) the cost-to-cost method is applied and (2) such revenue exceeds the amount invoiced to the customer. Contract assets are included within prepaid expenses and other current assets or other assets on the consolidated balance sheet. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are recorded at cost. Depreciation and amortization of property, plant and equipment, including equipment under capital leases, is provided for by the straight-line method over the estimated useful lives of the respective assets or the lease term, if shorter. Depreciation of assets under capital leases is reported within depreciation and amortization. The cost of equipment under capital leases is equal to the lower of the net present value of the minimum lease payments or the fair market value of the leased equipment at the inception of the lease. Expenditures for normal maintenance and repairs are charged to expense as incurred. The estimated useful lives of the Company’s property, plant and equipment follows: Buildings and improvements 20-30 years Machinery and equipment 3-15 years Leasehold improvements Shorter of the term of lease or estimated useful life |
Goodwill and Indefinite-Lived Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets Goodwill (representing the excess of the amount paid to acquire a company over the estimated fair value of the net assets acquired) and Indefinite Lived Intangible Assets are not amortized but instead are tested for impairment annually, or when events or circumstances indicate that the value may have declined. Separate tests are performed for goodwill and indefinite lived intangible assets. We apply a qualitative test of impairment on the indefinite lived intangible assets. This is done by assessing the existence of events or circumstances which would make it more likely than not that impairment is present. No such factors were identified during our current year analysis. The determination of any goodwill impairment is made at the reporting unit level and consists of two steps. First, the Company determines the fair value of a reporting unit and compares it to its carrying amount. Second, if the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the goodwill’s implied fair value. The Company applies the income approach (discounted cash flow method) in testing goodwill for impairment. The key assumptions used in the discounted cash flow method used to estimate fair value include discount rates, revenue growth rates, terminal growth rates and cash flow projections. Discount rates, growth rates and cash flow projections are the most sensitive and susceptible to change as they require significant management judgment. Discount rates are determined by using a weighted average cost of capital (“WACC”). The WACC considers market and industry data as well as Company-specific risk factors for each reporting unit in determining the appropriate discount rate to be used. The discount rate utilized for each reporting unit for our fiscal 2019 test was 11.0% and is indicative of the return an investor would expect to receive for investing in such a business. Terminal growth rate determination follows common methodology of capturing the present value of perpetual cash flow estimates beyond the last projected period assuming a constant WACC and long-term growth rates. The terminal growth rate used for our fiscal 2019 test was 2.5%. The Company has determined that, to date, no impairment of goodwill exists and fair value of the reporting units exceeded the carrying value in total by approximately 102.7%. The fair value of the reporting units exceeds the carrying value by a minimum of 27.2% at each of the four reporting units. A decrease of 1.0% in our terminal growth rate would not result in impairment of goodwill for any of our reporting units. An increase of 1.0% in our discount rate would not result in impairment of goodwill for any of our reporting units. The Company performs the annual impairment testing during the fourth quarter of each fiscal year. Although no changes are expected, if the actual results of the Company are less favorable than the assumptions the Company makes regarding estimated cash flows, the Company may be required to record an impairment charge in the future. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs are amortized on a straight-line basis over the lives of the related credit agreements. |
Contract Liabilities (Deferred Revenue) | Contract Liabilities (Deferred Revenue) The Company may receive a customer advance or deposit, or have an unconditional right to receive a customer advance, prior to revenue being recognized. Since the performance obligations related to such advances may not have been satisfied, a contract liability is established. Contract liabilities are included within accrued expenses and other current liabilities or other non-current liabilities on the consolidated balance sheets until the respective revenue is recognized. Advance payments are not considered a significant financing component as the timing of the transfer of the related goods or services is at the discretion of the customer. |
Pension and Postretirement Health Care and Life Insurance Benefits | Pension and Postretirement Health Care and Life Insurance Benefits The Company has one consolidated noncontributory defined benefit pension plan covering union employees in its Heim division plant in Fairfield, Connecticut, its Bremen subsidiary plant in Plymouth, Indiana and former union employees of the Tyson subsidiary in Glasgow, Kentucky and the Nice subsidiary in Kulpsville, Pennsylvania. The Company, for the benefit of employees at its Heim, West Trenton, Bremen and PIC facilities and former union employees of its Tyson and Nice subsidiaries, sponsors contributory defined benefit health care plans that provide postretirement medical and life insurance benefits to union employees who have attained certain age and/or service requirements while employed by the Company. The plans are unfunded and costs are paid as incurred. Postretirement benefit obligations are included in “Accrued expenses and other current liabilities” and “Other non-current liabilities” in the consolidated balance sheet. We calculate our pension costs as required under U.S. GAAP, and the calculations and assumptions utilized require judgment. U.S. GAAP outlines the methodology used to determine pension expense or income for financial reporting purposes. Pension expense is split between operating income and non-operating income, where only the service cost component is included in operating income (within cost of sales and other, net on the consolidated statement of operations) and the non-service components are included in retirement benefits non-service expense (within other non-operating expense on the consolidated statement of operations). For purposes of determining retirement benefits non-service expense under U.S. GAAP, a calculated “market-related value” of our plan assets is used to develop the amount of deferred asset gains or losses to be amortized. The market-related value of assets is determined using actual asset gains or losses over a three-year period. Under U.S. GAAP, a “corridor” approach may be elected and applied in the recognition of asset and liability gains or losses which limits expense recognition to the net outstanding gains and losses in excess of the greater of 10% of the projected benefit obligation (PBO) or the calculated “market-related value” of assets. We do not use a “corridor” approach in the calculation of Financial Accounting Standards (FAS) pension expense. We recognize the funded status of a postretirement benefit plan (defined benefit pension and other benefits) as an asset or liability in our consolidated balance sheets. Funded status represents the difference between the PBO of the plan and the market value of the plan’s assets. Previously unrecognized deferred amounts such as demographic or asset gains or losses and the impact of historical plan changes are included in accumulated other comprehensive income/loss. Changes in these amounts in future years will be reflected through accumulated other comprehensive income/loss and amortized in future pension expense generally over the estimated average remaining employee service period. |
Income Taxes | Income Taxes The Company accounts for income taxes using the liability method, which requires it to recognize a current tax liability or asset for current taxes payable or refundable and a deferred tax liability or asset for the estimated future tax effects of temporary differences between the financial statement and tax reporting bases of assets and liabilities to the extent that they are realizable. Deferred tax expense (benefit) results from the net change in deferred tax assets and liabilities during the year. A valuation allowance is recorded to reduce deferred tax assets to the amount that is more likely than not to be realized. The Company is exposed to certain tax contingencies in the ordinary course of business and records those tax liabilities in accordance with the guidance for accounting for uncertain tax positions. Temporary differences relate primarily to the timing of deductions for depreciation, stock-based compensation, goodwill amortization relating to the acquisition of operating divisions, basis differences arising from acquisition accounting, pension and retirement benefits, and various accrued and prepaid expenses. Deferred tax assets and liabilities are recorded at the rates expected to be in effect when the temporary differences are expected to reverse. |
Net Income Per Common Share | 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 year presented as well as the computation of basic and diluted net income per common share: Fiscal Year Ended March 30, 2019 March 31, 2018 April 1, 2017 Net income $ 105,193 $ 87,141 $ 70,623 Denominator: Denominator for basic net income per common share—weighted-average shares 24,357,684 23,948,565 23,521,615 Effect of dilution due to employee stock options 358,529 415,224 263,021 Denominator for diluted net income per common share—adjusted weighted-average shares 24,716,213 24,363,789 23,784,636 Basic net income per common share $ 4.32 $ 3.64 $ 3.00 Diluted net income per common share $ 4.26 $ 3.58 $ 2.97 At March 30, 2019, 256,990 employee stock options and 1,500 restricted shares have been excluded from the calculation of diluted earnings per share. At March 31, 2018, 217,280 employee stock options and 53,073 restricted shares have been excluded from the calculation of diluted earnings per share. At April 1, 2017, 459,500 employee stock options and 3,000 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. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company assesses the net realizable value of its long-lived assets and evaluates such assets for impairment whenever indicators of impairment are present. For amortizable long-lived assets to be held and used, if indicators of impairment are present, management determines whether the sum of the estimated undiscounted future cash flows is less than the carrying amount. The amount of asset impairment, if any, is based on the excess of the carrying amount over its fair value, which is estimated based on projected discounted future operating cash flows using a discount rate reflecting the Company’s average cost of funds. To date, no indicators of impairment exist other than those resulting in the restructuring charges already recorded. Long-lived assets to be disposed of by sale or other means are reported at the lower of carrying amount or fair value, less costs to sell. |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions Assets and liabilities of the Company's foreign operations are translated into U.S. dollars using the exchange rate in effect at the balance sheet date. Results of operations are translated using the average exchange rate prevailing throughout the period. The effects of exchange rate fluctuations on translating foreign currency assets and liabilities into U.S. dollars are included in accumulated other comprehensive income (loss), while gains and losses resulting from foreign currency transactions are included in other non-operating expense (income). Net income of the Company's foreign operations for fiscal 2019, 2018 and 2017 amounted to $7,180, $776 and $7,414, respectively. Total assets of the Company's foreign operations were $115,789 and $135,801 at March 30, 2019 and March 31, 2018, respectively. |
Fair Value of Measurements | Fair Value of Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Inputs used to measure fair value are within a hierarchy consisting of three levels. Level 1 inputs represent unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 inputs represent unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. Level 3 inputs represent unobservable inputs for the asset or liability. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The carrying amounts reported in the balance sheet for cash and cash equivalents, short-term investments, accounts receivable, prepaids and other current assets, and accounts payable and accruals, and other current liabilities approximate their fair value due to their short-term nature. The carrying amounts of the Company's borrowings under the Revolver and Schaublin mortgage approximate fair value, as these obligations have interest rates which vary in conjunction with current market conditions. The carrying value of the mortgage on our Schaublin building approximates fair value as the rates since entering into the mortgage in fiscal 2013 have not significantly changed. Both borrowings have been classified as Level 2 in the valuation hierarchy. |
Accumulated Other Comprehensive Income (Loss) | 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, all of which are presented in the consolidated statements of stockholders’ equity and 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 March 31, 2018 $ 2,213 $ (4,498 ) $ (2,285 ) Other comprehensive income before reclassifications (5,514 ) (440 ) (5,954 ) Amounts reclassified from accumulated other comprehensive loss — 772 772 Net current period other comprehensive income (5,514 ) 332 (5,182 ) Balance at March 30, 2019 $ (3,301 ) $ (4,166 ) $ (7,467 ) |
Stock-Based Compensation | Share-Based Compensation The Company recognizes compensation cost relating to all share-based payment transactions in the financial statements based upon the grant-date fair value of the instruments issued over the requisite service period. The fair value of each option grant was estimated on the date of grant using the Black-Scholes pricing model. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements 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) In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718) In May 2017, the FASB issued ASU No. 2017-09, Compensation – Stock Compensation (Topic 718) In March 2017, the FASB issued ASU No. 2017-07, Compensation – Retirement Benefits (Topic 715) In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740) In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accountin 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 111 thousand 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. Recent Accounting Standards Yet to Be Adopted In February 2018, the FASB issued ASU No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220) In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350) In September 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) The Company has elected the modified retrospective transition method which permits the application of the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company has elected not to apply the recognition requirements to short-term leases, and will recognize the lease payments in the income statement on a straight-line basis over the lease term and variable payments in the period in which the obligation for those payments is incurred. The Company has elected the following practical expedients (which must be elected as a package and applied consistently to all leases): an entity need not reassess whether any expired or existing contracts are or contain leases; an entity need not reassess the lease classification for any expired or existing leases; and an entity need not reassess initial direct costs for any existing leases. The Company has also elected the practical expedient which permits the inclusion of lease and nonlease components as a single component and account for it as a lease. This election must be made by asset class. 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. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Accounting Policies [Abstract] | |
Estimated Useful Lives Of The Company Property Plant And Equipment | The estimated useful lives of the Company’s property, plant and equipment follows: Buildings and improvements 20-30 years Machinery and equipment 3-15 years Leasehold improvements Shorter of the term of lease or estimated useful life |
Schedule Of Calculation Of Weighted-Average Shares Outstanding | The table below reflects the calculation of weighted-average shares outstanding for each year presented as well as the computation of basic and diluted net income per common share: Fiscal Year Ended March 30, 2019 March 31, 2018 April 1, 2017 Net income $ 105,193 $ 87,141 $ 70,623 Denominator: Denominator for basic net income per common share—weighted-average shares 24,357,684 23,948,565 23,521,615 Effect of dilution due to employee stock options 358,529 415,224 263,021 Denominator for diluted net income per common share—adjusted weighted-average shares 24,716,213 24,363,789 23,784,636 Basic net income per common share $ 4.32 $ 3.64 $ 3.00 Diluted net income per common share $ 4.26 $ 3.58 $ 2.97 |
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 March 31, 2018 $ 2,213 $ (4,498 ) $ (2,285 ) Other comprehensive income before reclassifications (5,514 ) (440 ) (5,954 ) Amounts reclassified from accumulated other comprehensive loss — 772 772 Net current period other comprehensive income (5,514 ) 332 (5,182 ) Balance at March 30, 2019 $ (3,301 ) $ (4,166 ) $ (7,467 ) |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of comparative information of the company's overall revenues | Comparative information of the Company’s overall revenues for the years ended March 30, 2019, March 31, 2018 and April 1, 2017 are as follows: Principal End Markets: For the Fiscal Year Ended March 30, 2019 Aerospace Industrial Total Plain $ 238,259 $ 84,992 $ 323,251 Roller 70,682 73,150 143,832 Ball 21,621 50,686 72,307 Engineered Products 100,571 62,555 163,126 $ 431,133 $ 271,383 $ 702,516 For the Fiscal Year Ended March 31, 2018 Aerospace Industrial Total Plain $ 220,649 $ 76,059 $ 296,708 Roller 65,496 66,525 132,021 Ball 18,076 49,730 67,806 Engineered Products 114,490 63,924 178,414 $ 418,711 $ 256,238 $ 674,949 For the Fiscal Year Ended April 1, 2017 Aerospace Industrial Total Plain $ 211,624 $ 66,076 $ 277,700 Roller 61,461 48,022 109,483 Ball 16,972 41,476 58,448 Engineered Products 113,787 55,970 169,757 $ 403,844 $ 211,544 $ 615,388 |
Schedule of roll-forward of contract assets and contract liabilities | The tables below represent a roll-forward of contract assets and contract liabilities for the twelve-month period ended March 30, 2019: Contract Assets - Current (1) Balance at April 1, 2018 $ 1,323 Additional revenue recognized in excess of billings 3,928 Less: amounts billed to customers (3,356 ) Balance at March 30, 2019 $ 1,895 (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 14,773 Revenue recognized (19,769 ) Reclassification to/from noncurrent 667 Balance at March 30, 2019 $ 10,121 (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 (667 ) Balance at March 30, 2019 $ 587 (3) Included within other non-current liabilities on the consolidated balance sheet. |
Allowance for Doubtful Accoun_2
Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Receivables [Abstract] | |
Schedule of allowance for doubtful accounts | The activity in the allowance for doubtful accounts consists of the following: Fiscal Year Ended Balance at Additions Other* Write-offs Balance at March 30, 2019 $ 1,326 $ 203 $ (85 ) $ (14 ) $ 1,430 March 31, 2018 1,213 125 73 (85 ) 1,326 April 1, 2017 1,324 96 (157 ) (50 ) 1,213 *Foreign currency, disposition and acquisition transactions. |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories are summarized below: March 30, 2019 March 31, 2018 Raw materials $ 48,690 $ 44,102 Work in process 90,820 77,890 Finished goods 195,491 184,132 $ 335,001 $ 306,124 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant and equipment | Property, plant and equipment consist of the following: March 30, 2019 March 31, 2018 Land $ 18,735 $ 19,723 Buildings and improvements 86,477 86,237 Machinery and equipment 289,467 259,645 394,679 365,605 Less: accumulated depreciation and amortization (186,784 ) (173,092 ) $ 207,895 $ 192,513 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Goodwill Balances, By Segment | Goodwill balances, by segment, consist of the following: Roller Plain Ball Engineered Products Total March 31, 2018 $ 16,007 $ 79,597 $ 5,623 $ 166,897 $ 268,124 Disposition — — — (6,691 ) (6,691 ) Translation adjustments — — — (2 ) (2 ) March 30, 2019 $ 16,007 $ 79,597 $ 5,623 $ 160,204 $ 261,431 |
Schedule Of Intangible Assets | Intangible Assets March 30, 2019 March 31, 2018 Weighted Average Useful Lives Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Product approvals 24 $ 50,878 $ 10,481 $ 50,878 $ 8,351 Customer relationships and lists 24 96,458 19,149 106,583 16,499 Trade names 10 15,959 7,447 18,734 6,765 Distributor agreements 5 722 722 722 722 Patents and trademarks 16 10,534 5,540 9,657 4,810 Domain names 10 437 437 437 430 Other 3 2,473 2,325 1,433 1,303 177,461 46,101 188,444 38,880 Non-amortizable repair station certifications n/a 24,281 — 34,200 — Total 22 $ 201,742 $ 46,101 $ 222,644 $ 38,880 |
Schedule Of Estimated Amortization Expense | Estimated amortization expense for the five succeeding fiscal years and thereafter is as follows: 2020 $ 8,050 2021 8,001 2022 7,882 2023 7,802 2024 7,670 2025 and thereafter 91,955 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Other Liabilities, Noncurrent [Abstract] | |
Schedule of accrued expenses and other current liabilities | The significant components of accrued expenses and other current liabilities are as follows: March 30, 2019 March 31, 2018 Employee compensation and related benefits $ 14,485 $ 14,240 Taxes 4,789 2,939 Deferred revenue 10,121 13,613 Workers compensation 2,685 2,086 Legal 1,184 1,228 Other 6,806 6,671 $ 40,070 $ 40,777 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of balances payable under borrowing facilities | The balances payable under all borrowing facilities are as follows: March 30, 2019 March 31, 2018 Revolver and term loan facilities $ 39,250 $ 169,250 Debt issuance cost (1,912 ) (2,968 ) Other 6,308 7,073 Total debt 43,646 173,355 Less: current portion 467 19,238 Long-term debt $ 43,179 $ 154,117 |
Other Non-Current Liabilities (
Other Non-Current Liabilities (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Other Liabilities, Noncurrent [Abstract] | |
Schedule of other non-current liabilities | The significant components of other non-current liabilities consist of: March 30, 2019 March 31, 2018 Other postretirement benefits $ 2,358 $ 2,450 Non-current income tax liability 19,854 20,176 Deferred compensation 15,425 13,620 Other 994 884 $ 38,631 $ 37,130 |
Pension Plan (Tables)
Pension Plan (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of summary of plan assets | Plan assets are comprised primarily of equity and fixed income investments, as follows: March 30, 2019 March 31, 2018 Cash and cash equivalents $ 925 $ 1,107 U.S. equity mutual funds 20,310 18,881 International equity mutual funds 1,876 1,985 Fixed income mutual funds 3,052 2,936 $ 26,163 $ 24,909 |
Schedule of funded status of defined benefit pension plan and amount recognized in balance sheet | The following tables set forth the funded status of the Company’s defined benefit pension plan and the amount recognized in the balance sheet at March 30, 2019 and March 31, 2018: March 30, 2019 March 31, 2018 Change in benefit obligation: Benefit obligation at beginning of year $ 24,570 $ 25,049 Service cost 258 232 Interest cost 885 904 Actuarial gain 389 (38 ) Benefits paid (1,595 ) (1,577 ) Benefit obligation at end of year $ 24,507 $ 24,570 Change in plan assets: Fair value of plan assets at beginning of year $ 24,909 $ 23,154 Actual return on plan assets 1,349 1,832 Employer contributions 1,500 1,500 Benefits paid (1,595 ) (1,577 ) Fair value of plan assets at end of year $ 26,163 $ 24,909 Overfunded status at end of year $ 1,656 $ 339 Amounts recognized in the consolidated balance sheet: Non-current assets $ 1,656 $ 339 Amounts recognized in accumulated other comprehensive loss: Prior service cost $ 37 $ 71 Net actuarial loss 7,307 7,596 Accumulated other comprehensive loss $ 7,344 $ 7,667 |
Schedule of components of net periodic benefit cost | Amounts included in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost in 2020: Prior service cost $ 35 Net actuarial loss 887 Total $ 922 |
Schedule of forth net periodic benefit cost | The following table sets forth net periodic benefit cost of the Company’s plan for the three fiscal years in the period ended March 30, 2019: Fiscal Year Ended March 30, 2019 March 31, 2018 April 1, 2017 Components of net periodic benefit cost: Service cost $ 258 $ 232 $ 251 Interest cost 885 904 889 Expected return on plan assets (1,667 ) (1,610 ) (1,581 ) Amortization of prior service cost 35 35 60 Amortization of losses 995 1,207 1,394 Net periodic benefit cost $ 506 $ 768 $ 1,013 |
Schedule of assumptions used in determining net periodic benefit cost | The assumptions used in determining the net periodic benefit cost information are as follows: FY 2019 FY 2018 FY 2017 Discount rate 3.70 % 3.70 % 3.40 % Expected long-term rate of return on plan assets 6.75 % 7.00 % 7.00 % |
Schedule of future service benefit payments | The benefit payments are based on the same assumptions used to measure the Company’s benefit obligation at the end of fiscal 2019: 2020 $ 1,705 2021 1,722 2022 1,737 2023 1,743 2024 1,734 2025-2029 8,132 |
Postretirement Health Care an_2
Postretirement Health Care and Life Insurance Benefits (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Defined Contribution Plan [Abstract] | |
Schedule of funded status of postretirement benefit plans and amount recognized in balance sheet | The following table set forth the funded status of the Company’s postretirement benefit plans, the amount recognized in the balance sheet at March 30, 2019 and March 31, 2018: March 30, 2019 March 31, 2018 Change in benefit obligation: Benefit obligation at beginning of year $ 2,671 $ 2,963 Service cost 47 33 Interest cost 91 98 Actuarial gain (131 ) (297 ) Benefits paid (131 ) (126 ) Benefit obligation at end of year $ 2,547 $ 2,671 Change in plan assets: Fair value of plan assets at beginning of year $ — $ — Company contributions 131 126 Benefits paid (131 ) (126 ) Fair value of plan assets at end of year $ — $ — Underfunded status at end of year $ (2,547 ) $ (2,671 ) Amounts recognized in the consolidated balance sheet: Current liability $ (189 ) $ (221 ) Non-current liability (2,358 ) (2,450 ) Net liability recognized $ (2,547 ) $ (2,671 ) Amounts recognized in accumulated other comprehensive loss: Prior service cost $ 12 $ 15 Net actuarial loss (191 ) (85 ) Accumulated other comprehensive loss $ (179 ) $ (70 ) Amounts included in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost in 2020: Prior service cost $ 3 Net actuarial loss (20 ) Total $ (17 ) |
Schedule of postretirement benefit costs | Fiscal Year Ended Components of net periodic benefit cost: March 30, 2019 March 31, 2018 April 1, 2017 Service cost $ 47 $ 33 $ 41 Interest cost 91 98 102 Prior service cost amortization 3 3 3 Amount of loss recognized (25 ) (4 ) 26 Net periodic benefit cost $ 116 $ 130 $ 172 |
Schedule of expected postretirement benefit payments | The following benefit payments, which reflect future service as appropriate, are expected to be paid. The benefit payments are based on the same assumptions used to measure the Company’s benefit obligation at the end of fiscal 2019: 2020 $ 189 2021 185 2022 185 2023 193 2024 184 2025-2029 937 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of income before income tax, domestic and foreign | Income before income taxes for the Company’s domestic and foreign subsidiaries is as follows: Fiscal Year Ended March 30, 2019 March 31, 2018 April 1, 2017 Domestic $ 115,747 $ 116,513 $ 94,629 Foreign 10,343 3,338 10,255 Total income before income taxes $ 126,090 $ 119,851 $ 104,884 |
Schedule of components of income tax expense (benefit) | The provision for income taxes consists of the following: Fiscal Year Ended March 30, 2019 March 31, 2018 April 1, 2017 Current tax expense: Federal $ 18,200 $ 28,555 $ 21,903 State 2,908 1,313 887 Foreign 4,693 3,544 3,148 25,801 33,412 25,938 Deferred tax expense: Federal (4,111 ) (273 ) 8,299 State (756 ) 457 245 Foreign (37 ) (886 ) (221 ) (4,904 ) (702 ) 8,323 Total income taxes $ 20,897 $ 32,710 $ 34,261 |
Schedule of effective income tax rate reconciliation | An analysis of the difference between the provision for income taxes and the amount computed by applying the U.S. statutory income tax rate to pre-tax income follows: Fiscal Year Ended March 30, 2019 March 31, 2018 April 1, 2017 Income taxes using U.S. federal statutory rate $ 26,479 $ 37,825 $ 36,710 State income taxes, net of federal benefit 1,714 1,221 676 Domestic production activities deduction — (1,374 ) (1,803 ) Revaluation of deferred tax liabilities due to federal rate change 282 (9,318 ) — Stock based compensation (5,155 ) (4,905 ) — Foreign rate differential 2,484 1,604 (662 ) Transition tax (161 ) 9,166 — Research and development credits (1,765 ) (1,293 ) (1,163 ) Foreign derived intangible income (FDII) (1,772 ) — — U.S. unrecognized tax positions (951 ) 452 (290 ) Other - net (258 ) (668 ) 793 $ 20,897 $ 32,710 $ 34,261 |
Schedule of deferred tax assets and liabilities | Net deferred tax assets (liabilities) are comprised of the following: March 30, 2019 March 31, 2018 Deferred tax assets: Postretirement benefits $ 560 $ 577 Employee compensation accruals 4,034 1,620 Inventory 9,298 7,688 Stock compensation 4,734 4,917 Tax loss and credit carryforwards 9,863 4,952 State tax 1,270 1,134 Other 187 77 Total gross deferred tax assets 29,946 20,965 Valuation allowance (3,643 ) (2,318 ) Total deferred tax assets $ 26,303 $ 18,647 Deferred tax liabilities: Property, plant and equipment $ (16,312 ) $ (13,648 ) Pension (388 ) (78 ) Intangible assets (16,465 ) (16,670 ) Total deferred tax liabilities $ (33,165 ) $ (30,396 ) Total net deferred liabilities $ (6,862 ) $ (11,749 ) |
Schedule of unrecognized compensation cost, nonvested awards | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: March 30, 2019 March 31, 2018 April 1, 2017 Balance, beginning of year $ 11,935 $ 13,775 $ 14,297 Gross (decreases) increases – tax positions taken during a prior period 624 (2,475 ) (488 ) Gross increases – tax positions taken during the current period 2,697 1,146 1,280 Reductions due to settlement with taxing authorities — — (223 ) Reductions due to lapse of the applicable statute of limitations (1,777 ) (511 ) (1,091 ) Balance, end of year $ 13,479 $ 11,935 $ 13,775 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Schedule of summary of status of stock options outstanding | A summary of the status of the Company’s stock options outstanding as of March 30, 2019 and changes during the year then ended is presented below. All cashless exercises of options and warrants are handled through an independent broker. Number Of Weighted Average Weighted Average Contractual Life (Years) Intrinsic Value Outstanding, March 31, 2018 937,417 $ 76.03 5.2 $ 45,151 Awarded 201,315 133.21 Exercised (352,552 ) 66.01 Forfeitures (43,040 ) 84.07 Outstanding, March 30, 2019 743,140 $ 95.82 5.3 $ 23,301 Exercisable, March 30, 2019 137,762 $ 71.07 3.8 $ 7,728 |
Schedule of black-scholes option pricing model | The fair value for the Company’s options was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions, which are updated to reflect current expectations of the dividend yield, expected life, risk-free interest rate and using historical volatility to project expected volatility: Fiscal Year Ended March 30, 2019 March 31, 2018 April 1, 2017 Dividend yield 0.00 % 0.00 % 0.00 % Expected weighted-average life (yrs.) 5.0 5.0 5.0 Risk-free interest rate 2.77 % 2.02 % 1.17 % Expected volatility 25.16 % 24.17 % 28.45 % |
Schedule of summary of status of restricted stock outstanding | A summary of the status of the Company’s restricted stock outstanding as of March 30, 2019 and the changes during the year then ended is presented below. Number Of Weighted-Average Non-vested, March 31, 2018 304,978 $ 87.75 Granted 144,020 133.05 Vested (118,047 ) 82.13 Forfeitures (13,070 ) 95.66 Non-vested, March 30, 2019 317,881 $ 110.03 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum rental payments for operating leases | The aggregate future minimum lease payments under operating leases are as follows: 2020 $ 5,317 2021 4,280 2022 2,885 2023 1,863 2024 1,031 2025 and thereafter 2,593 |
Other, Net (Tables)
Other, Net (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Other Net | |
Schedule of other cost and expense, by component | Other, net is comprised of the following: Fiscal Year Ended March 30, 2019 March 31, 2018 April 1, 2017 Plant consolidation and restructuring costs $ 16,906 $ 7,685 $ 4,124 Acquisition costs — — 55 Provision for doubtful accounts 203 125 96 Amortization of intangibles 9,666 9,344 9,272 Other expense (income) 339 (515 ) (844 ) $ 27,114 $ 16,639 $ 12,703 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of segment information | Identifiable assets by reportable segment consist of those directly identified with the segment’s operations. Corporate assets consist of cash, fixed assets and certain prepaid expenses. Fiscal Year Ended March 30, 2019 March 31, 2018 April 1, 2017 Net External Sales Plain $ 323,251 $ 296,708 $ 277,700 Roller 143,832 132,021 109,483 Ball 72,307 67,806 58,448 Engineered Products 163,126 178,414 169,757 $ 702,516 $ 674,949 $ 615,388 Gross Margin Plain $ 129,297 $ 115,886 $ 110,636 Roller 61,559 55,160 41,865 Ball 29,846 27,965 22,772 Engineered Products 55,951 59,526 54,938 $ 276,653 $ 258,537 $ 230,211 Selling, General and Administrative Expenses $ 25,617 $ 25,991 $ 23,585 Roller 6,266 6,307 6,116 Ball 6,428 6,773 5,657 Engineered Products 19,664 21,071 19,065 Corporate 59,529 52,982 48,499 $ 117,504 $ 113,124 $ 102,922 Operating Income $ 100,048 $ 86,628 $ 81,484 Roller 55,148 48,831 34,008 Ball 23,222 20,919 16,593 Engineered Products 16,183 25,081 30,884 Corporate (62,566 ) (52,685 ) (48,383 ) $ 132,035 $ 128,774 $ 114,586 Total Assets Plain $ 393,014 $ 401,248 $ 371,169 Roller 166,733 157,012 147,226 Ball 66,443 60,000 55,788 Engineered Products 458,058 465,479 474,339 Corporate 63,119 59,012 60,325 $ 1,147,367 $ 1,142,751 $ 1,108,847 Capital Expenditures Plain $ 13,185 $ 11,468 $ 9,386 Roller 5,328 4,245 4,021 Ball 3,276 2,407 2,155 Engineered Products 18,715 7,209 4,591 Corporate 842 2,647 741 $ 41,346 $ 27,976 $ 20,894 Depreciation & Amortization Plain $ 9,849 $ 9,296 $ 9,075 Roller 4,029 4,109 4,198 Ball 1,971 1,752 1,836 Engineered Products 10,412 10,777 10,443 Corporate 3,397 2,426 1,820 $ 29,658 $ 28,360 $ 27,372 Geographic External Sales Domestic $ 633,381 $ 592,818 $ 540,774 Foreign 69,135 82,131 74,614 $ 702,516 $ 674,949 $ 615,388 Fiscal Year Ended March 30, 2019 March 31, 2018 April 1, 2017 Geographic Long-Lived Assets Domestic $ 165,533 $ 150,716 $ 144,389 Foreign 42,362 41,797 39,236 $ 207,895 $ 192,513 $ 183,625 Intersegment Sales Plain $ 6,292 $ 5,209 $ 4,061 Roll 14,650 13,262 15,202 Ball 3,363 2,408 1,732 Engineered Products 38,948 31,857 28,955 $ 63,253 $ 52,736 $ 49,950 |
Organization and Business (Deta
Organization and Business (Details Narrative) | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Maximum amount of sales that one customer accounted for percentage | 9.00% | 9.00% | 9.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Mar. 30, 2019 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 30 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property Plant And Equipment Useful Life Description | Shorter of the term of lease or estimated useful life |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Accounting Policies [Abstract] | |||
Net income | $ 105,193 | $ 87,141 | $ 70,623 |
Denominator: | |||
Denominator for basic net income per common share-weighted-average shares | 24,357,684 | 23,948,565 | 23,521,615 |
Effect of dilution due to employee stock options | 358,529 | 415,224 | 263,021 |
Denominator for diluted net income per common share-adjusted weighted-average shares | 24,716,213 | 24,363,789 | 23,784,636 |
Basic net income per common share (in dollars per share) | $ 4.32 | $ 3.64 | $ 3 |
Diluted net income per common share (in dollars per share) | $ 4.26 | $ 3.58 | $ 2.97 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Accounting Policies [Abstract] | |||
Balance Beginning, Currency Translation | $ 2,213 | ||
Other comprehensive income before reclassifications, Currency Translation | (5,514) | ||
Amounts reclassified from accumulated other comprehensive loss, Currency Translation | |||
Net current period other comprehensive income, Currency Translation | (5,514) | $ 6,155 | $ (4,164) |
Balance Ending, Currency Translation | (3,301) | 2,213 | |
Balance Beginning, Pension and Postretirement Liability | (4,498) | ||
Other comprehensive income before reclassifications, Pension and Postretirement Liability | (440) | ||
Amounts reclassified from accumulated other comprehensive loss, Pension and Postretirement Liability | 772 | ||
Net current period other comprehensive income, Pension and Postretirement Liability | 332 | 1,383 | $ 1,331 |
Balance Ending, Pension and Postretirement Liability | (4,166) | (4,498) | |
Balance Beginning, Total | (2,285) | ||
Other comprehensive income before reclassifications | (5,954) | ||
Amounts reclassified from accumulated other comprehensive loss | 772 | ||
Net current period other comprehensive income | (5,182) | ||
Balance Ending, Total | $ (7,467) | $ (2,285) |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Details Narrative) $ in Thousands | 12 Months Ended | |||
Mar. 30, 2019USD ($)shares | Mar. 31, 2018USD ($)shares | Apr. 01, 2017USD ($)shares | Apr. 02, 2016USD ($) | |
Number of Employee Stock Options Excluded from the Calculation of Diluted Earnings Per Share | shares | 256,990 | 217,280 | 459,500 | |
Net income (loss) | $ 105,193 | $ 87,141 | $ 70,623 | |
Assets, Total | $ 1,147,367 | 1,142,751 | 1,108,847 | |
Goodwill, Impaired, Facts and Circumstances Leading to Impairment | A decrease of 1.0% in our terminal growth rate would not result in impairment of goodwill for any of our reporting units. An increase of 1.0% in our discount rate would not result in impairment of goodwill for any of our reporting units. | |||
Tax benefits from stock based compensation | 4,780 | |||
Unrecognized excess tax benefits | $ 13,479 | 11,935 | 13,775 | $ 14,297 |
U.S. statutory tax rate (in percent) | 21.00% | |||
Previously U.S. statutory tax rate (in percent) | 35.00% | |||
Cost of sales | $ 425,863 | 416,412 | 385,177 | |
Percentage of decrease in terminal growth rate | 1.00% | |||
Percentage of increase discount rate | 1.00% | |||
Accounting Standards Update 2017-07 [Member] | ||||
Reclassification net periodic benefit cost | 633 | 893 | ||
Cost of sales | 426 | 615 | ||
Other, net | 207 | 278 | ||
Measurement Input, Long-term Revenue Growth Rate [Member] | ||||
Fair Value Inputs, Long-term Revenue Growth Rate | 2.5 | |||
Measurement Input, Discount Rate [Member] | ||||
Fair Value Inputs, Long-term Revenue Growth Rate | 1 | |||
Foreign Tax Authority [Member] | ||||
Net income (loss) | $ 7,180 | 776 | $ 7,414 | |
Assets, Total | $ 115,789 | $ 135,801 | ||
Restricted Stock [Member] | ||||
Number of Employee Stock Options Excluded from the Calculation of Diluted Earnings Per Share | shares | 1,500 | 53,073 | 3,000 | |
Maximum [Member] | ||||
Cash, FDIC Insured Amount | $ 250 | |||
Percentage Of Goodwill Fair Value Exceeding Carrying Value | 102.70% | |||
Minimum [Member] | ||||
Percentage Of Goodwill Fair Value Exceeding Carrying Value | 27.20% | |||
Accounts Receivable [Member] | ||||
Concentration Risk, Percentage | 7.00% | 6.00% | ||
Sales [Member] | ||||
Percentage of revenue recognition | 6.00% | |||
Sales [Member] | ||||
Percentage of revenue recognition | 94.00% | |||
Stock-Based Compensation [Member] | ||||
Tax benefits from stock based compensation | $ 5,679 | $ 4,917 | ||
Unrecognized excess tax benefits | $ 1,144 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Revenue from contracts with customers | $ 702,516 | $ 674,949 | $ 615,388 |
Plain [Member] | |||
Revenue from contracts with customers | 323,251 | 296,708 | 277,700 |
Roller [Member] | |||
Revenue from contracts with customers | 143,832 | 132,021 | 109,483 |
Ball [Member] | |||
Revenue from contracts with customers | 72,307 | 67,806 | 58,448 |
Engineered Products [Member] | |||
Revenue from contracts with customers | 163,126 | 178,414 | 169,757 |
Aerospace [Member] | |||
Revenue from contracts with customers | 431,133 | 418,711 | 403,844 |
Aerospace [Member] | Plain [Member] | |||
Revenue from contracts with customers | 238,259 | 220,649 | 211,624 |
Aerospace [Member] | Roller [Member] | |||
Revenue from contracts with customers | 70,682 | 65,496 | 61,461 |
Aerospace [Member] | Ball [Member] | |||
Revenue from contracts with customers | 21,621 | 18,076 | 16,972 |
Aerospace [Member] | Engineered Products [Member] | |||
Revenue from contracts with customers | 100,571 | 114,490 | 113,787 |
Industrial [Member] | |||
Revenue from contracts with customers | 271,383 | 256,238 | 211,544 |
Industrial [Member] | Plain [Member] | |||
Revenue from contracts with customers | 84,992 | 76,059 | 66,076 |
Industrial [Member] | Roller [Member] | |||
Revenue from contracts with customers | 73,150 | 66,525 | 48,022 |
Industrial [Member] | Ball [Member] | |||
Revenue from contracts with customers | 50,686 | 49,730 | 41,476 |
Industrial [Member] | Engineered Products [Member] | |||
Revenue from contracts with customers | $ 62,555 | $ 63,924 | $ 55,970 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers (Details 1) $ in Thousands | 12 Months Ended | |
Mar. 30, 2019USD ($) | ||
Contract Assets - Current | ||
Balance at beginning | $ 1,323 | [1] |
Additional revenue recognized in excess of billings | 3,928 | [1] |
Less: amounts billed to customers | (3,356) | [1] |
Balance at ending | 1,895 | [1] |
Contract Liabilities - Current | ||
Balance at beginning | 14,450 | [2] |
Payments received prior to revenue being recognized | 14,773 | [2] |
Revenue recognized | (19,769) | [2] |
Reclassification to/from noncurrent | 667 | [2] |
Balance at ending | 10,121 | [2] |
Contract Liabilities - Noncurrent | ||
Balance at beginning | 1,254 | [3] |
Reclassification to/from current | (667) | [3] |
Balance at ending | $ 587 | [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 C_5
Revenue from Contracts with Customers (Details Narrative) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Mar. 30, 2019USD ($)Number$ / shares | Mar. 31, 2018USD ($)$ / shares | Apr. 01, 2017USD ($)$ / shares | Apr. 02, 2018USD ($) | |
Retained earnings | $ 641,894 | $ 536,978 | ||
Sales | 702,516 | 674,949 | $ 615,388 | |
Operating income | 132,035 | 128,774 | 114,586 | |
Net income (loss) | $ 105,193 | $ 87,141 | $ 70,623 | |
Basic income per share (in dollars per share) | $ / shares | $ 4.32 | $ 3.64 | $ 3 | |
Diluted income per share (in dollars per share) | $ / shares | $ 4.26 | $ 3.58 | $ 2.97 | |
Inventory work-in-process | $ 90,820 | $ 77,890 | ||
Transaction price allocated to remaining performance obligations | 1 year | |||
The aggregate amount of the transaction price allocated to remaining performance obligations | $ 219,298 | |||
Remaining performance obligations over the next 12 months | 71.00% | |||
Remaining performance obligations over the next 24 months | 95.00% | |||
Revenue recognize remaining performance obligations | Remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter. | |||
Accounts receivable with customers, net | $ 130,735 | $ 116,890 | ||
Number of segment | Number | 4 | |||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||
Retained earnings | $ 297 | $ (277) | ||
Contract assets | 1,323 | |||
Contract liabilities | 754 | |||
Sales | 1,278 | |||
Operating income | 666 | |||
Net income (loss) | $ 574 | |||
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 | $ (1,260) | $ (847) | ||
Prepaids and other current assets | 1,895 | |||
Accrued expenses and other current liabilities | $ 2,058 |
Allowance for Doubtful Accoun_3
Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | ||
Receivables [Abstract] | ||||
Allowance for doubtful accounts, Balance at Beginning of Year | $ 1,326 | $ 1,213 | $ 1,324 | |
Allowance for doubtful accounts, Additions | 203 | 125 | 96 | |
Allowance for doubtful accounts, Other | [1] | (85) | 73 | (157) |
Allowance for doubtful accounts, Write-offs | (14) | (85) | (50) | |
Allowance for doubtful accounts, Balance at End of Year | $ 1,430 | $ 1,326 | $ 1,213 | |
[1] | Foreign currency, disposition and acquisition transactions. |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 48,690 | $ 44,102 |
Work in process | 90,820 | 77,890 |
Finished goods | 195,491 | 184,132 |
Inventory, total | $ 335,001 | $ 306,124 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 18,735 | $ 19,723 |
Buildings and improvements | 86,477 | 86,237 |
Machinery and equipment | 289,467 | 259,645 |
Property, plant and equipment, Gross | 394,679 | 365,605 |
Less: accumulated depreciation and amortization | (186,784) | (173,092) |
Property, plant and equipment, Net | $ 207,895 | $ 192,513 |
Restructuring of Operations (De
Restructuring of Operations (Details Narrative) - USD ($) $ in Thousands | Nov. 28, 2018 | Mar. 30, 2019 | Dec. 29, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | Apr. 02, 2016 |
Restructuring Cost and Reserve [Line Items] | ||||||||||
Unrecognized tax benefit | $ 13,479 | $ 11,935 | $ 13,479 | $ 11,935 | $ 13,775 | $ 14,297 | ||||
Intangible assets | 155,641 | 183,764 | 155,641 | 183,764 | ||||||
Goodwill | 261,431 | 268,124 | 261,431 | 268,124 | ||||||
Pre-tax income (loss) | 126,090 | 119,851 | $ 104,884 | |||||||
Avborne Accessory Group, Inc. [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Proceeds from sale of subsidiaries | $ 22,284 | |||||||||
Transaction cost | 1,690 | 1,690 | ||||||||
Unrecognized tax benefit | (4,048) | (4,048) | ||||||||
Other net assets | 10,332 | 10,332 | ||||||||
Intangible assets | 20,373 | 20,373 | ||||||||
Goodwill | 6,691 | 6,691 | ||||||||
Pre-tax income (loss) | 258 | 258 | ||||||||
Miami Division [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Goodwill | $ 6,691 | |||||||||
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 cumulative restructuring after-tax charges | 6,743 | |||||||||
After tax loss associated with restructuring | $ 12,754 | |||||||||
Goodwill | $ 160,204 | $ 166,897 | 160,204 | $ 166,897 | ||||||
Engineered Products [Member] | Miami Division [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Pre-tax income (loss) | $ (16,802) |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Details) $ in Thousands | 12 Months Ended |
Mar. 30, 2019USD ($) | |
Goodwill [Line Items] | |
Goodwill beginnning balance | $ 268,124 |
Disposition | (6,691) |
Translation adjustments | (2) |
Goodwill ending balance | 261,431 |
Roller [Member] | |
Goodwill [Line Items] | |
Goodwill beginnning balance | 16,007 |
Disposition | |
Translation adjustments | |
Goodwill ending balance | 16,007 |
Plain [Member] | |
Goodwill [Line Items] | |
Goodwill beginnning balance | 79,597 |
Disposition | |
Translation adjustments | |
Goodwill ending balance | 79,597 |
Ball [Member] | |
Goodwill [Line Items] | |
Goodwill beginnning balance | 5,623 |
Disposition | |
Translation adjustments | |
Goodwill ending balance | 5,623 |
Engineered Products [Member] | |
Goodwill [Line Items] | |
Goodwill beginnning balance | 166,897 |
Disposition | (6,691) |
Translation adjustments | (2) |
Goodwill ending balance | $ 160,204 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Lives | 22 years | |
Non-amortizable repair station certifications | $ 24,281 | $ 34,200 |
Gross amount | 201,742 | 222,644 |
Accumulated Amortization | $ 46,101 | 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 | $ 10,481 | 8,351 |
Customer Relationships And Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Lives | 24 years | |
Gross Carrying Amount | $ 96,458 | 106,583 |
Accumulated Amortization | $ 19,149 | 16,499 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Lives | 10 years | |
Gross Carrying Amount | $ 15,959 | 18,734 |
Accumulated Amortization | $ 7,447 | 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 | $ 10,534 | 9,657 |
Accumulated Amortization | $ 5,540 | 4,810 |
Domain Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Lives | 10 years | |
Gross Carrying Amount | $ 437 | 437 |
Accumulated Amortization | $ 437 | 430 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Lives | 3 years | |
Gross Carrying Amount | $ 2,473 | 1,433 |
Accumulated Amortization | $ 2,325 | $ 1,303 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Details 2) $ in Thousands | Mar. 30, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | $ 8,050 |
2021 | 8,001 |
2022 | 7,882 |
2023 | 7,802 |
2024 | 7,670 |
2025 and thereafter | $ 91,955 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | Dec. 29, 2018 | |
Amortization of intangible assets | $ 9,666 | $ 9,344 | $ 9,272 | |
Goodwill | $ 261,431 | $ 268,124 | ||
Percentage of decrease in terminal growth rate | 1.00% | |||
Percentage of increase discount rate | 1.00% | |||
Miami Division [Member] | ||||
Goodwill | $ 6,691 | |||
Miami Division [Member] | Repair Station Certifications [Member] | ||||
Finite-Lived Intangible Assets, Net | 9,919 | |||
Miami Division [Member] | Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets, Net | 8,674 | |||
Miami Division [Member] | Trade Names [Member] | ||||
Finite-Lived Intangible Assets, Net | $ 1,780 | |||
Miami Division [Member] | Engineered Products And Reporting Unit [Member] | ||||
Goodwill impairment test discount rate percentage | 11.00% | |||
Goodwill impairment terminal growth rate percentage | 2.50% | |||
Percentage of exceeded carrying value | 21.90% |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Other Liabilities, Noncurrent [Abstract] | ||
Employee compensation and related benefits | $ 14,485 | $ 14,240 |
Taxes | 4,789 | 2,939 |
Deferred revenue | 10,121 | 13,613 |
Workers compensation | 2,685 | 2,086 |
Legal | 1,184 | 1,228 |
Other | 6,806 | 6,671 |
Accrued expenses and other current liabilities, net | $ 40,070 | $ 40,777 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Debt Instrument [Line Items] | ||
Debt issuance cost | $ (1,912) | $ (2,968) |
Total debt | 43,646 | 173,355 |
Less: current portion | 467 | 19,238 |
Long-term debt | 43,179 | 154,117 |
Other Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 6,308 | 7,073 |
Revolving Credit Facility And Term Loan Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 39,250 | $ 169,250 |
Debt (Details Narrative)
Debt (Details Narrative) SFr in Thousands, $ in Thousands | Jan. 31, 2019USD ($) | May 31, 2018USD ($) | Apr. 24, 2015USD ($) | Oct. 01, 2012USD ($) | Oct. 01, 2012CHF (SFr) | Mar. 30, 2019USD ($)Number | Mar. 31, 2018USD ($) | Apr. 01, 2017USD ($) | Mar. 30, 2019CHF (SFr) | Oct. 01, 2012CHF (SFr) |
Debt Instruments, Issuance Costs | $ 1,912 | $ 2,968 | ||||||||
Unamortization Of Financing Costs | 852 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 467 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 467 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 467 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 467 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 39,717 | |||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 3,973 | |||||||||
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 | $ 6,308 | |||||||||
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 6,278 | |||||||||
Maximum [Member] | Amended Credit Agreement [Member] | ||||||||||
Consolidated net debt adjusted EBITDA ratio | Number | 3.50 | |||||||||
Minimum [Member] | Amended Credit Agreement [Member] | ||||||||||
Consolidated net debt adjusted EBITDA ratio | Number | 1 | |||||||||
Revolver [Member] | ||||||||||
Line of Credit | $ 3,990 | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 206,760 | |||||||||
Unamortized debt issuance costs | $ 1,912 | |||||||||
Revolver [Member] | Amended Credit Agreement [Member] | ||||||||||
Line of Credit | $ 250,000 | |||||||||
Unamortized debt issuance costs | $ 852 | |||||||||
Debt instrument maturity term | Jan. 31, 2024 | |||||||||
Term Loan [Member] | ||||||||||
Unamortization Of Financing Costs | $ 987 | |||||||||
Sargent Aerospace Defense Business [Member] | ||||||||||
Business Acquisition, Date of Acquisition Agreement | Apr. 24, 2015 | |||||||||
Sargent Aerospace Defense Business [Member] | Revolving Credit Facility [Member] | ||||||||||
Debt Instrument, Face Amount | $ 350,000 | |||||||||
Sargent Aerospace Defense Business [Member] | Term Loan [Member] | ||||||||||
Debt Instrument, Face Amount | $ 200,000 | |||||||||
Swingline Lender And Letter Of Credit Issuer [Member] | Base Rate [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | |||||||||
Swingline Lender And Letter Of Credit Issuer [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||||||
Debt Instrument, Description of Variable Rate Basis | Higher of (1) Wells Fargo’s prime lending rate, (2) the federal funds effective rate plus 1/2 of 1% and (3) the one-month LIBOR rate plus 1%, or (b) LIBOR plus a specified margin, depending on the type of borrowing being made. |
Other Non-Current Liabilities_2
Other Non-Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Other Liabilities, Noncurrent [Abstract] | ||
Other postretirement benefits | $ 2,358 | $ 2,450 |
Non-current income tax liability | 19,854 | 20,176 |
Deferred compensation | 15,425 | 13,620 |
Other | 994 | 884 |
Other Liabilities, Noncurrent | $ 38,631 | $ 37,130 |
Pension Plan (Details)
Pension Plan (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Plan Assets | $ 26,163 | $ 24,909 |
Cash and Cash Equivalents [Member] | ||
Plan Assets | 925 | 1,107 |
U.S. Equity Mutual Funds [Member] | ||
Plan Assets | 20,310 | 18,881 |
International Equity Mutual Funds [Member] | ||
Plan Assets | 1,876 | 1,985 |
Fixed Income Funds [Member] | ||
Plan Assets | $ 3,052 | $ 2,936 |
Pension Plan (Details 1)
Pension Plan (Details 1) - Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | $ 24,570 | $ 25,049 | |
Service cost | 258 | 232 | $ 251 |
Interest cost | 885 | 904 | 889 |
Actuarial gain | 389 | (38) | |
Benefits paid | (1,595) | (1,577) | |
Benefit obligation at end of year | 24,507 | 24,570 | 25,049 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 24,909 | 23,154 | |
Actual return on plan assets | 1,349 | 1,832 | |
Employer contributions | 1,500 | 1,500 | |
Benefits paid | (1,595) | (1,577) | |
Fair value of plan assets at end of year | 26,163 | 24,909 | $ 23,154 |
Overfunded status at end of year | 1,656 | 339 | |
Amounts recognized in the consolidated balance sheet: | |||
Non-current assets | $ 1,656 | $ 339 |
Pension Plan (Details 2)
Pension Plan (Details 2) - Pension Plan [Member] - USD ($) $ in Thousands | Apr. 30, 2019 | Mar. 31, 2018 |
Amounts recognized in accumulated other comprehensive loss: | ||
Prior service cost | $ 37 | $ 71 |
Net actuarial loss | 7,307 | 7,596 |
Accumulated other comprehensive loss | $ 7,344 | $ 7,667 |
Pension Plan (Details 3)
Pension Plan (Details 3) - Pension Plan [Member] $ in Thousands | Mar. 30, 2019USD ($) |
Amounts included in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost in 2018: | |
Prior service cost | $ 35 |
Net actuarial loss | 887 |
Total | $ 922 |
Pension Plan (Details 4)
Pension Plan (Details 4) - Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Components of net periodic benefit cost: | |||
Service cost | $ 258 | $ 232 | $ 251 |
Interest cost | 885 | 904 | 889 |
Expected return on plan assets | (1,667) | (1,610) | (1,581) |
Amortization of prior service cost | 35 | 35 | 60 |
Amortization of losses | 995 | 1,207 | 1,394 |
Net periodic benefit cost | $ 506 | $ 768 | $ 1,013 |
Pension Plan (Details 5)
Pension Plan (Details 5) | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Retirement Benefits [Abstract] | |||
Discount rate | 3.70% | 3.70% | 3.40% |
Expected long-term rate of return on plan assets | 6.75% | 7.00% | 7.00% |
Pension Plan (Details 6)
Pension Plan (Details 6) - Pension Plan [Member] $ in Thousands | Mar. 30, 2019USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | $ 1,705 |
2021 | 1,722 |
2022 | 1,737 |
2023 | 1,743 |
2024 | 1,734 |
2025-2029 | $ 8,132 |
Pension Plan (Details Narrative
Pension Plan (Details Narrative) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019USD ($)Number | Mar. 31, 2018USD ($) | Apr. 01, 2017USD ($) | |
Pension Plan Entire Disclosure [Line Items] | |||
Discount rate used in determining the accumulated postretirement benefit obligation | 3.50% | 3.70% | |
Cash contributions minimum | $ 750 | ||
Cash contributions maximum | $ 1,500 | ||
Minimum [Member] | |||
Pension Plan Entire Disclosure [Line Items] | |||
Target Allocation of Plan Assets in Equity | 30.00% | ||
Maximum [Member] | |||
Pension Plan Entire Disclosure [Line Items] | |||
Target Allocation of Plan Assets in Equity | 70.00% | ||
Schaublin Pension Plan [Member] | |||
Pension Plan Entire Disclosure [Line Items] | |||
Number of employees covered by the Schaublin pension plan | Number | 146 | ||
Company contribution and premium payments | $ 887 | $ 889 | $ 875 |
Pension Plans [Member] | |||
Pension Plan Entire Disclosure [Line Items] | |||
Employer contributions | $ 1,889 | 1,714 | 1,585 |
Pension Plans [Member] | Minimum [Member] | |||
Pension Plan Entire Disclosure [Line Items] | |||
Employer Contribution Percentage | 10.00% | ||
Pension Plans [Member] | Maximum [Member] | |||
Pension Plan Entire Disclosure [Line Items] | |||
Employer Contribution Percentage | 100.00% | ||
Supplemental Employee Retirement Plan [Member] | |||
Pension Plan Entire Disclosure [Line Items] | |||
Eligible employee compensation | 25.00% | ||
Employer contributions | $ 312 | $ 271 | $ 256 |
Percentage Of Employees Annual Salary | 1.75% |
Postretirement Health Care an_3
Postretirement Health Care and Life Insurance Benefits (Details) - Postretirement Benefit Costs [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Change in benefit obligation: | ||
Benefit obligation at beginning of year | $ 2,671 | $ 2,963 |
Service cost | 47 | 33 |
Interest cost | 91 | 98 |
Actuarial gain | (131) | (297) |
Benefits paid | (131) | (126) |
Benefit obligation at end of year | 2,547 | 2,671 |
Change in plan assets: | ||
Fair value of plan assets at beginning of year | ||
Company contributions | 131 | 126 |
Benefits paid | (131) | (126) |
Fair value of plan assets at end of year | ||
Underfunded status at end of year | (2,547) | (2,671) |
Amounts recognized in the consolidated balance sheet: | ||
Current liability | (189) | (221) |
Non-current liability | (2,358) | (2,450) |
Net liability recognized | (2,547) | (2,671) |
Amounts recognized in accumulated other comprehensive loss: | ||
Prior service cost | 12 | 15 |
Net actuarial loss | (191) | (85) |
Accumulated other comprehensive loss | $ (179) | $ (70) |
Postretirement Health Care an_4
Postretirement Health Care and Life Insurance Benefits (Details 1) - Postretirement Benefit Plans [Member] $ in Thousands | Mar. 30, 2019USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Prior service cost | $ 3 |
Net actuarial loss | (20) |
Total | $ (17) |
Postretirement Health Care an_5
Postretirement Health Care and Life Insurance Benefits (Details 2) - Postretirement Benefit Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 47 | $ 33 | $ 41 |
Interest cost | 91 | 98 | 102 |
Prior service cost amortization | 3 | 3 | 3 |
Amount of loss recognized | (25) | (4) | 26 |
Net periodic benefit cost | $ 116 | $ 130 | $ 172 |
Postretirement Health Care an_6
Postretirement Health Care and Life Insurance Benefits (Details 3) - Postretirement Benefit Costs [Member] $ in Thousands | Mar. 30, 2019USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | $ 189 |
2021 | 185 |
2022 | 185 |
2023 | 193 |
2024 | 184 |
2025-2029 | $ 937 |
Postretirement Health Care an_7
Postretirement Health Care and Life Insurance Benefits (Details Narrative) | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.50% | 3.70% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.70% | 3.70% | 3.40% |
Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.50% | 3.70% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.70% | 3.70% | 3.40% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Income Taxes [Line Items] | |||
Income before income taxes | $ 126,090 | $ 119,851 | $ 104,884 |
Domestic Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Income before income taxes | 115,747 | 116,513 | 94,629 |
Foreign Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Income before income taxes | $ 10,343 | $ 3,338 | $ 10,255 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Current tax expense: | |||
Federal | $ 18,200 | $ 28,555 | $ 21,903 |
State | 2,908 | 1,313 | 887 |
Foreign | 4,693 | 3,544 | 3,148 |
Current Income Tax Expense (Benefit) | 25,801 | 33,412 | 25,938 |
Deferred tax expense: | |||
Federal | (4,111) | (273) | 8,299 |
State | (756) | 457 | 245 |
Foreign | (37) | (886) | (221) |
Deferred Income Tax Expense (Benefit) | (4,904) | (702) | 8,323 |
Total | $ 20,897 | $ 32,710 | $ 34,261 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Income Tax Disclosure [Abstract] | |||
Income taxes using U.S. federal statutory rate | $ 26,479 | $ 37,825 | $ 36,710 |
State income taxes, net of federal benefit | 1,714 | 1,221 | 676 |
Domestic production activities deduction | (1,374) | (1,803) | |
Revaluation of deferred tax liabilities due to federal rate change | 282 | (9,318) | |
Stock based compensation | (5,155) | (4,905) | |
Foreign rate differential | 2,484 | 1,604 | (662) |
Transition tax | (161) | 9,166 | |
Research and development credits | (1,765) | (1,293) | (1,163) |
Foreign derived intangible income (FDII) | (1,772) | ||
U.S. unrecognized tax positions | (951) | 452 | (290) |
Other - net | (258) | (668) | 793 |
Income Tax Expense (Benefit) | $ 20,897 | $ 32,710 | $ 34,261 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Deferred tax assets: | ||
Postretirement benefits | $ 560 | $ 577 |
Employee compensation accruals | 4,034 | 1,620 |
Inventory | 9,298 | 7,688 |
Stock compensation | 4,734 | 4,917 |
Tax loss and credit carryforwards | 9,863 | 4,952 |
State tax | 1,270 | 1,134 |
Other | 187 | 77 |
Total gross deferred tax assets | 29,946 | 20,965 |
Valuation allowance | (3,643) | (2,318) |
Total deferred tax assets | 26,303 | 18,647 |
Deferred tax liabilities: | ||
Property, plant and equipment | (16,312) | (13,648) |
Pension | (388) | (78) |
Intangible assets | (16,465) | (16,670) |
Total deferred tax liabilities | (33,165) | (30,396) |
Total net deferred liabilities | $ (6,862) | $ (11,749) |
Income Taxes (Details 4)
Income Taxes (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance, beginning of year | $ 11,935 | $ 13,775 | $ 14,297 |
Gross (decreases) increases - tax positions taken during a prior period | 624 | (2,475) | (488) |
Gross increases - tax positions taken during the current period | 2,697 | 1,146 | 1,280 |
Reductions due to settlement with taxing authorities | (223) | ||
Reductions due to lapse of the applicable statute of limitations | (1,777) | (511) | (1,091) |
Balance, end of year | $ 13,479 | $ 11,935 | $ 13,775 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Income Tax Contingency [Line Items] | |||
Valuation Allowances and Reserves, Period Increase (Decrease) | $ 1,325 | $ 1,400 | |
Net Operating Losses | 7,332 | ||
Undistributed foreign earnings | 11,708 | ||
Accrued interest and penalties | 1,193 | 1,148 | |
Recognized expenss (benefit) related to interest and penalties | 45 | $ 284 | $ (36) |
Estimated Decrease In Unrecognized Tax Positions In Credits And State Tax | $ 1,197 | ||
Corporate income tax rate | 21.00% | ||
Previous Corporate income tax rate | 35.00% | ||
Income tax expense benefit | $ 1,651 | ||
Domestic Tax Authority [Member] | |||
Income Tax Contingency [Line Items] | |||
Tax Credit Carryforward Expiration Year | 2039 | ||
Effective Income Tax Rate Reconciliation, Tax Credit, Amount, Total | $ 936 | ||
Foreign Tax Authority [Member] | |||
Income Tax Contingency [Line Items] | |||
Tax Credit Carryforward Expiration Year | 2038 | ||
Effective Income Tax Rate Reconciliation, Tax Credit, Amount, Total | $ 5,668 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - Employee Stock Option [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Mar. 30, 2019USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number Of Common Stock Options, Outstanding, Beginning balance | shares | 937,417 |
Number Of Common Stock Options, Awarded | shares | 201,315 |
Number Of Common Stock Options, Exercised | shares | (352,552) |
Number Of Common Stock Options, Forfeitures | shares | (43,040) |
Number Of Common Stock Options, Outstanding, Ending balance | shares | 743,140 |
Number Of Common Stock Options, Exercisable, Ending balance | shares | 137,762 |
Weighted Average Exercise Price, Outstanding, Beginning balance | $ / shares | $ 76.03 |
Weighted Average Exercise Price, Awarded | $ / shares | 133.21 |
Weighted Average Exercise Price, Exercised | $ / shares | 66.01 |
Weighted Average Exercise Price, Forfeitures | $ / shares | 84.07 |
Weighted Average Exercise Price, Outstanding, Ending balance | $ / shares | 95.82 |
Weighted Average Exercise Price, Exercisable, Ending balance | $ / shares | $ 71.07 |
Weighted Average Contractual Life (Years), Beginning balance | 5 years 2 months 12 days |
Weighted Average Contractual Life (Years), Outstanding | 5 years 3 months 18 days |
Weighted Average Contractual Life (Years), Exercisable | 3 years 9 months 18 days |
Intrinsic Value, Beginning balance | $ | $ 45,151 |
Intrinsic Value, Ending Outstanding | $ | 23,301 |
Intrinsic Value, Exercisable | $ | $ 7,728 |
Stockholders' Equity (Details 1
Stockholders' Equity (Details 1) | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Stockholders' Equity Note [Abstract] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected weighted-average life (yrs.) | 5 years | 5 years | 5 years |
Risk-free interest rate | 2.77% | 2.02% | 1.17% |
Expected volatility | 25.16% | 24.17% | 28.45% |
Stockholders' Equity (Details 2
Stockholders' Equity (Details 2) | 12 Months Ended |
Mar. 30, 2019$ / sharesshares | |
Stockholders' Equity Note [Abstract] | |
Number Of Restricted Stock Shares, Non-vested, Beginning balance | shares | 304,978 |
Number Of Restricted Stock Shares, Granted | shares | 144,020 |
Number Of Restricted Stock Shares, Vested | shares | (118,047) |
Number Of Restricted Stock Shares, Forfeitures | shares | (13,070) |
Number Of Restricted Stock Shares, Non-vested, Ending balance | shares | 317,881 |
Weighted-Average Grant Date Fair Value, Non-vested, Beginning balance | $ / shares | $ 87.75 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 133.05 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 82.13 |
Weighted-Average Grant Date Fair Value, Forfeitures | $ / shares | 95.66 |
Weighted-Average Grant Date Fair Value, Non-vested, Ending balance | $ / shares | $ 110.03 |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum option to purchase common stock, percentage | 10.00% | ||
Maximum fair market value limit to approve an award of incentive options | $ 100 | ||
Stock constituting voting interest, minimum | 10.00% | ||
Restricted stock outstanding | 317,881 | 304,978 | |
Total fair value of options vested | $ 28,006 | $ 27,113 | $ 19,899 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 37.02 | $ 26.73 | $ 20.58 |
Total intrinsic value of options exercised | $ 26,060 | $ 16,002 | $ 21,188 |
Total awards outstanding either fully vested or expected to vest | 734,814 | ||
Total awards outstanding, vested or expected to vest, weighted average exercise price | $ 95.82 | ||
Total awards outstanding, vested or expected to vest, intrinsic value | $ 23,040 | ||
Total awards outstanding, vested or expected to vest, weighted average contractual term in years | 5 years 3 months 18 days | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding options | 743,140 | 937,417 | |
Number Of Common Stock Options, Exercisable, Ending balance | 137,762 | ||
Unrecognized compensation costs | $ 13,597 | ||
Two Thousand Five Long TermIncentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding options | 30,200 | ||
Number Of Common Stock Options, Exercisable, Ending balance | 0 | ||
Restricted stock outstanding | 271,876 | ||
Option to be exercised within period, maximum, in years | 10 years | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock outstanding | 46,005 | ||
Unrecognized compensation costs | $ 27,652 | ||
Unrecognized compensation costs related to options expected to be recognized over a weighted average period in years | 3 years 6 months | ||
Net of taxes | $ 2,598 | ||
Restricted stock awards compensation | $ 8,645 | ||
Two Thousand Thirteen Long Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant options | 515,100 | ||
Common stock authorized for issuance | 1,500,000 | ||
Option to be exercised within period, maximum, in years | 7 years | ||
Number Of Common Stock Options, Exercisable, Ending balance | 107,562 | ||
Restricted stock outstanding | 197,840 | ||
Net of taxes | $ 1,119 | ||
Restricted stock awards compensation | $ 3,725 | ||
2017 Long - Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock authorized for issuance | 1,500,000 | ||
Option to be exercised within period, maximum, in years | 7 years | ||
Two Thousand Five Longterm Incentive Plan Amendments In September Two Thousand Ten [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common Stock, Capital Shares Reserved for Future Issuance | 2,239,170 | ||
Two Thousand Five Longterm Incentive Plan Amendments In September Two Thousand Ten [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common Stock, Capital Shares Reserved for Future Issuance | 2,939,170 | ||
More Than Ten Percent Company's Voting Power [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price minimum percent of fair market value of common stock share | 110.00% | ||
Two Thousand Five Long Term Incentive Plan Amendment In September Two Thousand Seven [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common Stock, Capital Shares Reserved for Future Issuance | 1,639,170 | ||
Two Thousand Five Long Term Incentive Plan Amendment In September Two Thousand Seven [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common Stock, Capital Shares Reserved for Future Issuance | 2,239,170 | ||
Two Thousand Five Long-Term Incentive Plan, Amendments In September Two Thousand Six [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common Stock, Capital Shares Reserved for Future Issuance | 1,139,170 | ||
Two Thousand Five Long-Term Incentive Plan, Amendments In September Two Thousand Six [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common Stock, Capital Shares Reserved for Future Issuance | 1,639,170 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Thousands | Mar. 30, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2020 | $ 5,317 |
2021 | 4,280 |
2022 | 2,885 |
2023 | 1,863 |
2024 | 1,031 |
2025 and thereafter | $ 2,593 |
Commitments and Contingencies_3
Commitments and Contingencies (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating Leases Rent Expense For Transportation Computer And Office Equipment | $ 1,788 | $ 1,721 | $ 1,656 |
Employees Represented By Labor Unions | 7.70% | ||
Operating Leases, Rent Expense | $ 5,384 | $ 5,440 | $ 5,548 |
Operating Lease Expiration Date | January 2029 |
Other, Net (Details)
Other, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Other Net | |||
Plant consolidation and restructuring costs | $ 16,906 | $ 7,685 | $ 4,124 |
Acquisition costs | 55 | ||
Provision for doubtful accounts | 203 | 125 | 96 |
Amortization of intangibles | 9,666 | 9,344 | 9,272 |
Other expense (income) | 339 | (515) | (844) |
Other, net | $ 27,114 | $ 16,639 | $ 12,703 |
Reportable Segments (Details)
Reportable Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Segment Reporting Information [Line Items] | |||
Net External Sales | $ 702,516 | $ 674,949 | $ 615,388 |
Gross Margin | 276,653 | 258,537 | 230,211 |
Selling, General & Administrative Expenses | 117,504 | 113,124 | 102,922 |
Operating Income | 132,035 | 128,774 | 114,586 |
Total Assets | 1,147,367 | 1,142,751 | 1,108,847 |
Capital Expenditures | 41,346 | 27,976 | 20,894 |
Depreciation & Amortization | 29,658 | 28,360 | 27,372 |
Geographic External Sales | 702,516 | 674,949 | 615,388 |
Geographic Long-Lived Assets | 207,895 | 192,513 | 183,625 |
Intersegment Sales | 63,253 | 52,736 | 49,950 |
Plain [Member] | |||
Segment Reporting Information [Line Items] | |||
Net External Sales | 323,251 | 296,708 | 277,700 |
Gross Margin | 129,297 | 115,886 | 110,636 |
Selling, General & Administrative Expenses | 25,617 | 25,991 | 23,585 |
Operating Income | 100,048 | 86,628 | 81,484 |
Total Assets | 393,014 | 401,248 | 371,169 |
Capital Expenditures | 13,185 | 11,468 | 9,386 |
Depreciation & Amortization | 9,849 | 9,296 | 9,075 |
Intersegment Sales | 6,292 | 5,209 | 4,061 |
Roller [Member] | |||
Segment Reporting Information [Line Items] | |||
Net External Sales | 143,832 | 132,021 | 109,483 |
Gross Margin | 61,559 | 55,160 | 41,865 |
Selling, General & Administrative Expenses | 6,266 | 6,307 | 6,116 |
Operating Income | 55,148 | 48,831 | 34,008 |
Total Assets | 166,733 | 157,012 | 147,226 |
Capital Expenditures | 5,328 | 4,245 | 4,021 |
Depreciation & Amortization | 4,029 | 4,109 | 4,198 |
Intersegment Sales | 14,650 | 13,262 | 15,202 |
Ball [Member] | |||
Segment Reporting Information [Line Items] | |||
Net External Sales | 72,307 | 67,806 | 58,448 |
Gross Margin | 29,846 | 27,965 | 22,772 |
Selling, General & Administrative Expenses | 6,428 | 6,773 | 5,657 |
Operating Income | 23,222 | 20,919 | 16,593 |
Total Assets | 66,443 | 60,000 | 55,788 |
Capital Expenditures | 3,276 | 2,407 | 2,155 |
Depreciation & Amortization | 1,971 | 1,752 | 1,836 |
Intersegment Sales | 3,363 | 2,408 | 1,732 |
Engineered Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net External Sales | 163,126 | 178,414 | 169,757 |
Gross Margin | 55,951 | 59,526 | 54,938 |
Selling, General & Administrative Expenses | 19,664 | 21,071 | 19,065 |
Operating Income | 16,183 | 25,081 | 30,884 |
Total Assets | 458,058 | 465,479 | 474,339 |
Capital Expenditures | 18,715 | 7,209 | 4,591 |
Depreciation & Amortization | 10,412 | 10,777 | 10,443 |
Intersegment Sales | 38,948 | 31,857 | 28,955 |
Corporate Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Selling, General & Administrative Expenses | 59,529 | 52,982 | 48,499 |
Operating Income | (62,566) | (52,685) | (48,383) |
Total Assets | 63,119 | 59,012 | 60,325 |
Capital Expenditures | 842 | 2,647 | 741 |
Depreciation & Amortization | 3,397 | 2,426 | 1,820 |
Domestic Tax Authority [Member] | |||
Segment Reporting Information [Line Items] | |||
Geographic External Sales | 633,381 | 592,818 | 540,774 |
Geographic Long-Lived Assets | 165,533 | 150,716 | 144,389 |
Foreign Tax Authority [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 115,789 | 135,801 | |
Geographic External Sales | 69,135 | 82,131 | 74,614 |
Geographic Long-Lived Assets | $ 42,362 | $ 41,797 | $ 39,236 |
Reportable Segments (Details Na
Reportable Segments (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Net income (loss) | $ 105,193 | $ 87,141 | $ 70,623 |
Miami Division [Member] | |||
Net income (loss) | $ (16,544) |