0001213900-22-029810 | 10-K | XBRL Viewer

Income Taxes (Details) - Schedule of provision for income taxes and amount computed by applying the U.S. statutory income tax rate to pre-tax income - USD ($) $ in Thousands	12 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Mar. 28, 2020
Schedule of provision for income taxes and amount computed by applying the U.S. statutory income tax rate to pre-tax income [Abstract]
Company-owned life insurance	$ (37)	$ (1,173)	$ 334
Foreign derived intangible income (FDII)	(1,489)	(1,088)	(1,569)
U.S. unrecognized tax positions	$ 2,142	$ 4	$ (146)

Stockholders' Equity (Details) - Schedule of stock options outstanding	12 Months Ended
	Apr. 02, 2022 USD ($)
Stockholders' Equity (Details) - Schedule of stock options outstanding [Line Items]
Awarded
Forfeitures
Expirations
Outstanding, April 2, 2022	4 years 1 month 6 days

Income Taxes (Details) - Schedule of unrecognized tax benefits - USD ($) $ in Thousands	12 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Mar. 28, 2020
Schedule of unrecognized tax benefits [Abstract]
Gross increases (decreases) – tax positions taken during a prior period	$ 415	$ (166)	$ 123

Dodge Acquisition (Tables)

12 Months Ended

Apr. 02, 2022

Dodge Acquisition [Abstract]

Schedule of cost reduction initiatives or anticipated integration costs related to the acquisitions

	Fiscal Year Ended
	April 2, 2022		April 3, 2021		March 28, 2020

Net sales	$	1,327,559	$	1,182,017	$	1,322,910
Net income	$	123,418	$	99,438	$	104,980
Basic net income per share available to common stockholders	$	3.52	$	2.69	$	2.92
Diluted net income per share available to common stockholders	$	3.48	$	2.67	$	2.89

Leases (Details) - Schedule of future undiscounted lease payments for the remaining lease terms of operating lease $ in Thousands	Apr. 02, 2022 USD ($)
Schedule of future undiscounted lease payments for the remaining lease terms of operating lease [Abstract]
Total future undiscounted lease payments	$ 53,155
Less: imputed interest	$ (8,416)

Other Noncurrent Liabilities (Details) - Schedule of other noncurrent liabilities - USD ($) $ in Thousands	12 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Schedule of other noncurrent liabilities [Abstract]
Contract liabilities	$ 10,401	$ 3,754
Noncurrent finance lease liabilities	48,049
Other Liabilities, Noncurrent	$ 120,409	$ 55,416

Dodge Acquisition

12 Months Ended

Apr. 02, 2022

Dodge Acquisition [Abstract]

Dodge Acquisition

Dodge Acquisition

On November 1, 2021, the Company completed the acquisition of Dodge for approximately $2,908,241, net of cash acquired and subject to certain adjustments. The purchase price was paid with (i) $1,285,761 of borrowing under the Term Loan Facility, net of issuance costs, (ii) $1,050,811 of net proceeds from the common stock and MCPS offerings, (iii) $494,200 of net proceeds from the Senior Notes offering, and (iv) approximately $77,469 of cash on hand. In the acquisition, the Company purchased 100% of the capital stock of certain entities, including Dodge Mechanical Power Transmission Company Inc. (now known as Dodge Industrial, Inc.), and certain other assets relating to ABB Asea Brown Boveri Ltd’s mechanical power transmission business.

With offices in Greenville, South Carolina, Dodge is a leading manufacturer of mounted bearings, gearings and mechanical products with market-leading brand recognition. Dodge manufactures a complete line of mounted bearings, enclosed gearing and power transmission components across a diverse set of industrial end markets. Dodge primarily operates across the construction and mining aftermarket, and the food & beverage, warehousing and general machinery verticals, with sales predominately in the Americas.

When the Company entered into the Dodge acquisition agreement in July 2021, its obligation to pay the purchase price was supported by a $2,800,000 bridge financing commitment (the “Bridge Commitment”), which was replaced prior to the closing of the acquisition by the equity and debt financings described in Notes 15 and 11 and cash on hand.

Acquisition costs incurred for the fiscal year ended April 2, 2022 totaled $22,598 and were recorded as period expenses and included within other, net within the consolidated statements of operations. This acquisition was accounted for as a purchase transaction. The preliminary purchase price allocation is subject to change pending a final valuation of the assets and liabilities acquired. The assets acquired and liabilities assumed were recorded based on their fair values at the date of acquisition as follows:

	November 1, 2021
Cash and cash equivalents	$	81,868
Accounts receivable		83,532
Inventory		136,376
Prepaid expenses and other current assets		1,261	s
Property, plant and equipment		165,109
Operating lease assets		9,768
Goodwill		1,624,793
Other intangible assets		1,385,082
Other noncurrent assets		3,672
Accounts payable		69,757
Accrued rebates		30,184
Accrued expenses and other current liabilities		46,699
Deferred tax liabilities		299,711
Other noncurrent liabilities		57,001
Net assets acquired		2,990,109
Less cash received		81,868
Net consideration	$	2,908,241

The goodwill associated with this acquisition is the result of expected synergies from combining the operations of the acquired business with the Company’s operations and intangible assets that do not qualify for separate recognition, such as an assembled workforce. $44,952 of the acquired goodwill is deductible for tax purposes.

The fair value of the identifiable intangible assets of $1,385,082, consisting primarily of customer relationships and trade names, was determined using the income approach. Specifically, a multi-period, excess earnings method was utilized for the customer relationships and the relief-from-royalty method was utilized for the trade name. The fair value of the customer relationships, $1,185,000, is being amortized based on the economic pattern of benefit over a period of 24 years; the fair value of the trade name, $200,000, is being amortized on a straight-line basis over a 26-year term. These amortization periods represent the estimated useful lives of the assets.

The results of operations for Dodge have been included in the Company’s financial statements for the period subsequent to the completion of the acquisition on November 1, 2021. Dodge contributed $291,873 of revenue and $29,260 of operating income for the fiscal year ended April 2, 2022. The following table reflects the unaudited pro forma operating results of the Company for the twelve month periods ended April 2, 2022, April 3, 2021 and March 28, 2020, which gives effect to the acquisition of Dodge as if the Company had been acquired on March 31, 2019. The pro forma results are based on assumptions that the Company believes are reasonable under the circumstances. The pro forma results are not necessarily indicative of the operating results that would have occurred had the acquisitions been effective March 31, 2019, nor are they intended to be indicative of results that may occur in the future. The underlying pro forma information includes the historical financial results of the Company and the acquired business adjusted for certain items such as amortization of acquired intangible assets and acquisition costs incurred. The pro forma information does not include the effects of any synergies, cost reduction initiatives or anticipated integration costs related to the acquisitions.

	Fiscal Year Ended
	April 2, 2022		April 3, 2021		March 28, 2020

Net sales	$	1,327,559	$	1,182,017	$	1,322,910
Net income	$	123,418	$	99,438	$	104,980
Basic net income per share available to common stockholders	$	3.52	$	2.69	$	2.92
Diluted net income per share available to common stockholders	$	3.48	$	2.67	$	2.89

Upon closing, the Company entered into a transition services agreement (“TSA”) with ABB, pursuant to which ABB agreed to support the information technology, human resources and benefits, finance, tax and treasury functions of the Dodge business for six to twelve months. The Company has the option to extend the support period for up to a maximum of an additional year for certain IT services. RBC has the right to terminate individual services at any point over the renewal term. All services are expected to be terminated by the end of the second quarter of fiscal 2023. Since the purchase of the Dodge business, costs associated with the TSA were $8,003 through April 2, 2022 and were included in other, net on the Company’s consolidated statement of operations.

Goodwill and Intangible Assets (Details) - Schedule of estimated amortization expense $ in Thousands	Apr. 02, 2022 USD ($)
Schedule of estimated amortization expense [Abstract]
2027	$ 63,664

Debt (Details) - Schedule of balances payable under all borrowing facilities - USD ($) $ in Thousands	Apr. 02, 2022	Apr. 03, 2021
Schedule of balances payable under all borrowing facilities [Abstract]
Revolver and term loan facilities	$ 1,200,000	$ 11,657

Leases (Details) - Schedule of future undiscounted lease payments for the remaining lease terms of finance lease $ in Thousands	Apr. 02, 2022 USD ($)
Schedule of future undiscounted lease payments for the remaining lease terms of finance lease [Abstract]
Total future undiscounted lease payments	$ 68,886
Less: imputed interest	$ (16,974)

Income Taxes (Details) - Schedule of provision for income taxes - USD ($) $ in Thousands	12 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Mar. 28, 2020
Deferred tax expense:
Total	$ (1,201)	$ 1,509	$ 6,502

Income Taxes (Details) - Schedule of net deferred tax assets (liabilities) - USD ($) $ in Thousands	Apr. 02, 2022	Apr. 03, 2021
Deferred tax assets:
Finance lease liabilities	$ 7,676

Accrued Expenses and Other Current Liabilities (Details) - Schedule of accrued expenses and other current liabilities - USD ($) $ in Thousands	12 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Schedule of accrued expenses and other current liabilities [Abstract]
Employee compensation and related benefits	$ 34,697	$ 11,846
Contract liabilities	19,556	16,998
Current finance lease liabilities	$ 3,863

Label

Element

Value

LiquidationDescription

roll_LiquidationDescription

In the event of our voluntary or involuntary liquidation, winding-up or dissolution, no distribution of our assets may be made to holders of our common stock until we have paid holders of MCPS, each of which will be entitled to receive a liquidation preference in the amount of $100 per share plus accumulated and unpaid dividends.

AllocationInTheThirdQuarter

roll_AllocationInTheThirdQuarter

$ (79,597,000)

^[1]

AllocationInTheThirdQuarter

roll_AllocationInTheThirdQuarter

(16,007,000)

^[1]

AllocationInTheThirdQuarter

roll_AllocationInTheThirdQuarter

(5,623,000)

^[1]

AllocationInTheThirdQuarter

roll_AllocationInTheThirdQuarter

(176,309,000)

^[1]

AllocationInTheThirdQuarter

roll_AllocationInTheThirdQuarter

194,124,000

^[1]

AllocationInTheThirdQuarter

roll_AllocationInTheThirdQuarter

83,412,000

^[1]

AllocationInTheThirdQuarter

roll_AllocationInTheThirdQuarter

^[1]

ConcentrationRiskPercentage

roll_ConcentrationRiskPercentage

15.00%

ConcentrationRiskPercentage

roll_ConcentrationRiskPercentage

7.00%

IncreaseDecreaseInAccruedExpensesAndOtherCurrentLiabilities

roll_IncreaseDecreaseInAccruedExpensesAndOtherCurrentLiabilities

$ 22,067,000

IncreaseDecreaseInAccruedExpensesAndOtherCurrentLiabilities

roll_IncreaseDecreaseInAccruedExpensesAndOtherCurrentLiabilities

2,573,000

IncreaseDecreaseInAccruedExpensesAndOtherCurrentLiabilities

roll_IncreaseDecreaseInAccruedExpensesAndOtherCurrentLiabilities

$ (14,000)

OutstandingOptionsToPurchase

roll_OutstandingOptionsToPurchase

177,512

OutstandingOptionsToPurchase

roll_OutstandingOptionsToPurchase

518,375

MaximumOptionToPurchaseCommonStockPercentage

roll_MaximumOptionToPurchaseCommonStockPercentage

10.00%

OutstandingOptionsToPurchaseExercisable

roll_OutstandingOptionsToPurchaseExercisable

138,052

OutstandingOptionsToPurchaseExercisable

roll_OutstandingOptionsToPurchaseExercisable

92,461

ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodFairMarketValueMaximumLimit

roll_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodFairMarketValueMaximumLimit

$ 100,000

PercentageOfMinimumFairValueValueOfSharesOfCommonStock

roll_PercentageOfMinimumFairValueValueOfSharesOfCommonStock

100.00%

OptionToBeExercisedWithinPeShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedWeightedAverageRemainingContractualTerm

roll_OptionToBeExercisedWithinPeShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedWeightedAverageRemainingContractualTerm

10 years

ShareBasedCompensationArrangementByShareBasedPaymentAwardVotingInterestPercentage

roll_ShareBasedCompensationArrangementByShareBasedPaymentAwardVotingInterestPercentage

10.00%

OfferingPricePerShare

roll_OfferingPricePerShare

$ 185

ScheduleOfEstimatedUsefulLivesTableTextBlock

roll_ScheduleOfEstimatedUsefulLivesTableTextBlock

Buildings and improvements	20-30 years
Machinery and equipment	3-15 years
Leasehold improvements	Shorter of the term of lease or estimated useful life

ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePriceMinimumPercent

roll_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePriceMinimumPercent

110.00%

OptionsMustBeExercisedWithinDateOfGrant

roll_OptionsMustBeExercisedWithinDateOfGrant

5 years

PercentageOfTotalAuthorizedNumberOfShares

roll_PercentageOfTotalAuthorizedNumberOfShares

50.00%

RevenuePerformanceObligationPercentage