0001213900-23-041600 | 10-K | XBRL Viewer

Reportable Segments

12 Months Ended

Apr. 01, 2023

20. Reportable Segments

The Company operates through operating segments and reports its financial results based on how its chief operating decision maker makes operating decisions, assesses the performance of the business, and allocates resources. Our operating segments are our reportable segments. These reportable segments are Aerospace/Defense and Industrial and are described below.

Aerospace/Defense. This segment represents the end markets for the Company’s highly engineered bearings and precision components used in commercial aerospace, defense aerospace, and sea and ground defense applications.

Industrial. This segment represents the end markets for the Company’s highly engineered bearings and precision components used in various industrial applications including: power transmission; construction, mining, energy and specialized equipment manufacturing; semiconductor production equipment manufacturing; agricultural machinery, commercial truck and automotive manufacturing; and tool holding.

The accounting policies of the reportable segments are the same as those described in 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.

	Fiscal Year Ended
	April 1, 2023			April 2, 2022			April 3, 2021
Net External Sales
Aerospace/Defense	$	430.3		$	381.5		$	396.2
Industrial		1,039.0			561.4			212.8
	$	1,469.3		$	942.9		$	609.0
Gross Margin
Aerospace/Defense	$	171.0		$	155.1		$	161.2
Industrial		433.8			202.0			72.9
	$	604.8		$	357.1		$	234.1
Selling, General and Administrative Expenses
Aerospace/Defense	$	31.1		$	29.0		$	29.1
Industrial		122.5			58.6			18.0
Corporate		76.1			80.0			55.7
	$	229.7		$	167.6		$	102.8
Operating Income
Aerospace/Defense	$	132.7		$	117.8		$	122.4
Industrial		236.5			107.5			52.9
Corporate		(76.2	)		(104.2	)		(60.7	)
	$	293.0		$	121.1		$	114.6
Total Assets
Aerospace/Defense	$	749.8		$	776.5		$	792.3
Industrial		3,845.7			3,920.9			357.4
Corporate		94.9			148.0			284.6
	$	4,690.4		$	4,845.4		$	1,434.3
Capital Expenditures
Aerospace/Defense	$	9.5		$	7.5		$	8.7
Industrial		29.1			19.3			3.0
Corporate		3.4			3.0			0.1
	$	42.0		$	29.8		$	11.8
Depreciation & Amortization
Aerospace/Defense	$	18.6		$	19.1		$	19.9
Industrial		93.4			43.1			9.6
Corporate		3.4			3.3			3.2
	$	115.4		$	65.5		$	32.7
Geographic External Sales
Domestic	$	1,292.9		$	833.4		$	546.0
Foreign		176.4			109.5			63.0
	$	1,469.3		$	942.9		$	609.0
Geographic Long-Lived Assets
Domestic	$	360.7		$	373.0		$	188.4
Foreign		56.0			58.2			55.5
	$	416.7		$	431.2		$	243.9

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Dodge Acquisition (Details) - USD ($) $ in Millions			12 Months Ended
Dodge Acquisition (Details) - USD ($) $ in Millions	Nov. 01, 2021	Oct. 07, 2021	Apr. 01, 2023	Apr. 02, 2022
Dodge Acquisition (Details) [Line Items]
Net of cash acquired	$ 2,908.2
Term loan facility, net of issuance costs	1,285.8
Net proceeds from common stock and MCPS offerings	1,050.8
Net proceeds from senior notes offering	494.2	$ 492.0
Cash on hand	77.4
Purchase price adjustments	$ 28.7
Purchase of capital stock, percentage	100.00%
Acquisition costs incurred				$ 22.6
Acquired goodwill which is deductible for tax purposes			$ 45.0
Identifiable intangible assets			1,385.1
Dodge revenue for the period			743.1	291.9
Dodge operating income for the period			148.1	$ 29.3
TSA costs			8.8
TSA costs since dodge acquisition			16.8
Customer Relationships [Member]
Dodge Acquisition (Details) [Line Items]
Fair value of customer relationship			$ 1,185.0
Fair value term			24 years
Trade Name [Member]
Dodge Acquisition (Details) [Line Items]
Fair value term			26 years
Fair value of the trade name			$ 200.0

Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions

12 Months Ended

Apr. 01, 2023

Apr. 02, 2022

Apr. 03, 2021

Statement of Comprehensive Income [Abstract]

Net income

$ 166.7

$ 54.7

$ 90.1

Pension and postretirement liability adjustments, net of taxes

^[1]

9.4

4.2

(4.5)

Change in fair value of derivatives

^[2]

(2.2)

Foreign currency translation adjustments

(5.5)

0.4

1.0

Total comprehensive income

$ 168.4

$ 59.3

$ 86.6

[1]	These adjustments were net of tax expense of $2.0, tax expense of $1.1 and tax benefit of $0.9 in fiscal 2023, 2022 and 2021, respectively.
[2]	This adjustment was net of a tax benefit of $0.6 in fiscal 2023.

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Stockholders' Equity (Tables)

12 Months Ended

Apr. 01, 2023

Stockholders' Equity Note [Abstract]

Schedule of stock options outstanding

	Number Of Common Stock Options			Weighted Average Exercise Price		Weighted Average Contractual Life (Years)		Intrinsic Value ($ in millions)
Outstanding, April 2, 2022		695,887		$	141.36		4.1	$	38.3
Awarded		46,985			207.06
Exercised		(116,563	)		99.89
Forfeitures		(2,332	)		172.27
Expirations		(342	)		133.67
Outstanding, April 1, 2023		623,635		$	153.95		3.7	$	49.2

Exercisable, April 1, 2023		276,773		$	132.86		2.7	$	27.6

Schedule of options was estimated at the date of grant using the Black-Scholes

	Fiscal Year Ended
	April 1, 2023			April 2, 2022			April 3, 2021
Dividend yield		0.00	%		0.00	%		0.00	%
Expected weighted-average life (yrs.)		5.0			5.0			5.0
Risk-free interest rate		3.05	%		0.95	%		0.35	%
Expected volatility		45.57	%		43.43	%		41.35	%

Schedule of restricted stock outstanding

	Number Of Restricted Stock Shares			Weighted- Average Grant Date Fair Value
Non-vested, April 2, 2022		228,649		$	169.69
Granted		69,004			201.60
Vested		(102,772	)		159.71
Forfeitures		(2,757	)		158.23
Non-vested, April 1, 2023		192,124		$	186.67

Derivative Financial Instruments

12 Months Ended

Apr. 01, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

13. Derivative Financial Instruments

The Company is exposed to certain risks relating to its ongoing business operations, including market risks relating to fluctuations in interest rates. Derivative financial instruments are recognized on the consolidated balance sheets as either assets or liabilities and are measured at fair value. Changes in the fair values of derivatives are recorded each period in earnings or accumulated other comprehensive income, depending on whether a derivative is effective as part of a hedged transaction. Gains and losses on derivative instruments reported in accumulated other comprehensive income (loss) are subsequently included in earnings in the periods in which earnings are affected by the hedged item. The Company does not use derivative instruments for speculative purposes.

On October 28, 2022, the Company entered into a three-year USD-denominated interest rate swap (the “Swap”) with a third-party financial counterparty under the New Credit Agreement (see Note 12). The Swap was executed to protect the Company from interest rate volatility on our variable-rate Term Loan Facility. The Swap became effective December 30, 2022 and is comprised of a $600.0 notional with a maturity of three years. We receive a variable rate based on one-month Term SOFR and pay a fixed rate of 4.455%. As of April 1, 2023, approximately 78.5% of our debt bears interest at a fixed rate. The notional on the Swap will amortize as follows:

Year 1: $600.0

Year 2: $400.0

Year 3: $100.0

The Swap has been designated as a cash flow hedge of the variability of the first unhedged interest payments (the hedged transactions) paid over the hedging relationship’s specified time period of three years attributable to the borrowing’s contractually specified interest index on the hedged principal of its general borrowing program or replacement or refinancing thereof. The fair value of the Swap has been disclosed in Note 4. The accumulated other comprehensive income derivative component balance was a $2.2 loss at April 1, 2023, net of taxes. The gain/loss reclassified from accumulated other comprehensive income into earnings will be recorded as interest income/expense on the Swap and will be included in the operating section of the Company’s consolidated statements of cash flows.

Employee Benefit Plans (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Mar. 30, 2023	Apr. 01, 2023	Apr. 02, 2022	Apr. 03, 2021
Employee Benefit Plans (Details) [Line Items]
Plan assets		$ 8.7	$ 26.0
Accumulated benefit obligation		$ 3.8	$ 22.8
Discount rates		4.70%	3.30%
Benefit pension plan		$ 4.9	$ 3.2
Net periodic benefit cost		$ 0.2	$ 0.0	$ 0.5
Net periodic benefit discount rate		3.30%	2.70%	2.80%
Plan assets decreased	$ 15.6
Projected benefit obligation decreased	15.6
Other non-operating expense income	$ 4.3	$ (6.6)	$ (0.9)	$ 0.0
Recognized settlement loss		4.3
Employer contributions		8.6	4.6	2.2
Postretirement benefit obligations		6.3	10.0
Postretirement benefit obligations, current		$ 0.8	1.2
Schaublin Plan [Member]
Employee Benefit Plans (Details) [Line Items]
Number of employees		149
Swiss Tool Plan [Member]
Employee Benefit Plans (Details) [Line Items]
Number of employees		29
Schaublin and Swiss Tool, Sponsor Pension Plans [Member]
Employee Benefit Plans (Details) [Line Items]
Net periodic benefit cost		$ 1.8	1.7	$ 1.1
Unfunded liabilities		$ 1.5
Supplemental Executive Retirement Plan [Member]
Employee Benefit Plans (Details) [Line Items]
Compensation, description		The SERP allows eligible employees to elect to defer up to 75% of their current salary and up to 100% of bonus compensation. The SERP also includes employees of the Dodge division. As of April 1, 2023 and April 2, 2022, the SERP assets were $28.6 and $30.5, respectively, and are included within other noncurrent assets on the consolidated balance sheets. As of April 1, 2023 and April 2, 2022, the SERP liabilities were $25.7 and $26.4, respectively, and are included within accrued expenses and other current liabilities and other noncurrent liabilities on the balance sheets.
Postretirement Medical and Life Insurance Benefits [Member]
Employee Benefit Plans (Details) [Line Items]
Postretirement benefit obligations		$ 2.4	$ 2.3
Accrued expense and other current liabilities		$ 0.2
Minimum [Member]
Employee Benefit Plans (Details) [Line Items]
Employer contribution percentage		10.00%
Maximum [Member]
Employee Benefit Plans (Details) [Line Items]
Employer contribution percentage		100.00%

Other Noncurrent Liabilities

12 Months Ended

Apr. 01, 2023

Other Noncurrent Liabilities [Abstract]

Other Noncurrent Liabilities

14. Other Noncurrent Liabilities

The significant components of other noncurrent liabilities consist of:

	April 1, 2023		April 2, 2022
Other postretirement benefits	$	10.0	$	16.3
Noncurrent income tax liability		14.6		18.1
Deferred compensation		25.7		26.4
Contract liabilities		19.8		10.4
Noncurrent finance lease liabilities		48.5		48.0
Other		4.1		1.2
	$	122.7	$	120.4

Accounting Policies, by Policy (Policies)

12 Months Ended

Apr. 01, 2023

Accounting Policies [Abstract]

General

General

The consolidated financial statements include the accounts of RBC Bearings Incorporated and its wholly-owned subsidiaries. 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 year 2023 contained 52 weeks, fiscal year 2022 contained 52 weeks and fiscal year 2021 contained 53 weeks.

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, goodwill and intangible assets, depreciation and amortization, income taxes and tax reserves, purchase price allocation for acquired assets and liabilities, and the valuation of options.

Revenue Recognition

Revenue Recognition

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 all of our contracts, the Company either provides distinct goods or services. Where both distinct goods and services are provided, 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. The Company has determined that the customer obtains control upon shipment of the product based on the shipping terms (i.e. when it ships from RBC’s dock or when the product arrives at the customer’s dock) and recognizes revenue when control has transferred to the customer. Once a customer has obtained control, the customer is able to direct the use of, and obtain substantially all of the remaining benefits from, the asset.

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. 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 years ended April 1, 2023, April 2, 2022 and April 3, 2021, respectively. 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 and are recorded in cost of sales. 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.

Government Assistance

Government Assistance

Like other companies involved in the aerospace industry that were impacted by the COVID-19 pandemic, the Company took part in the Aviation Manufacturing Jobs Protection (“AMJP”) program. The AMJP program provided funding to eligible businesses to pay a portion of their compensation costs for certain categories of employees for a period of time as part of a U.S. Department of Transportation program designed to maintain jobs in the aviation industry. During the 12-month periods ended April 1, 2023, April 2, 2022 and April 3, 2021, the Company recorded grant revenue of $3.1, $4.4 and $0, respectively, all of which was recorded within costs of sales on the consolidated statements of operations. The Company does not expect to receive any future grant revenue associated with the AMJP program. The Company is not currently receiving grant revenue from any other sources and does not anticipate doing so in future periods.

Cash and Cash Equivalents and Marketable Securities

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 with various banks and 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 uses an expected credit loss model to estimate the credit losses expected over the life of an exposure (or pool of exposures). The estimate of expected credit losses considers historical information, current information and reasonable and supportable forecasts, including estimates of prepayments. Financial instruments with similar risk characteristics are grouped together when estimating expected credit losses. 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 15% of accounts receivables at both April 1, 2023 and April 2, 2022.

Inventory

Inventory

Inventory is 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 noncurrent assets on the consolidated balance sheets.

Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment are recorded at cost. Depreciation and amortization of property, plant and equipment, is recorded using the straight-line method over the estimated useful lives of the respective assets. Depreciation of assets is reported within depreciation and amortization. Expenditures for normal maintenance and repairs are charged to expense as incurred.

The estimated useful lives of the Company’s property, plant and equipment are as 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

Leases

Leases

The Company determines if an arrangement is a lease at contract inception. For leases where the Company is the lessee, it recognizes lease assets and related lease liabilities at the lease commencement date based on the present value of lease payments over the lease term. The lease term is the noncancellable period for which a lessee has the right to use an underlying asset, including periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option and periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option. For renewal options, the Company performs an assessment at commencement if it is reasonably likely to exercise the option. The assessment is based on the Company’s intentions, past practices, estimates and factors that create an economic incentive for the Company. Generally, the Company is not reasonably certain to exercise the renewal option in a lease contract, with the exception of some of our leased manufacturing facilities. While some of the Company’s leases include options allowing early termination of the lease, the Company historically has not terminated its lease agreements early unless there is an economic, financial or business reason to do so; therefore, the Company does not typically consider the termination option in its lease term at commencement.

The Company must classify each lease as a finance lease or an operating lease. The Company’s finance leases are included in property, plant and equipment, net. Amortization of these assets is included in depreciation and amortization expense. The Company’s operating leases consist of rent commitments under various leases for office space, warehouses, land and buildings.

Most of the Company’s leases do not provide an implicit interest rate. As a result, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments.

Subsequent to the initial measurement, the lease liability continues to be measured at the present value of unpaid lease payments throughout the lease term. The lease liability is remeasured if the lease is modified and the modification is not accounted for as a separate contract, there is a change in the assessment of the lease term, the assessment of a purchase option exercise or the amount probable of being owed under a residual value guarantee, or a contingency is resolved resulting in some or all of the variable lease payments becoming fixed payments. Subsequent to the initial measurement, the right-of-use asset for a finance lease is equivalent to the initial measurement less accumulated amortization and any accumulated impairment losses. Generally, amortization of finance leases is recorded to cost of sales on a straight-line basis over the lease term. Subsequent to initial measurement, the right-of-use asset for an operating lease is equivalent to initial measurement less accumulated amortization (the difference between the straight-line lease cost for the period and the accretion of the lease liability using the effective interest method).

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 carrying value of such asset may not be recoverable. Separate tests are performed for goodwill and indefinite lived intangible assets. We completed a quantitative test of impairment on the indefinite lived intangible assets with no impairment noted in the current year. The determination of any goodwill impairment is made at the reporting unit level. The Company determines the fair value of a reporting unit and compares it to its carrying amount. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized for any amount by which the carrying amount exceeds the reporting unit’s 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, revenue 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 2023 test was 10.0% 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 2023 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 42.5%. The fair value of the reporting units exceeds the carrying value by a minimum of 13.1% at each of the two reporting units.

Contract Liabilities (Deferred Revenue)

Contract Liabilities (Deferred Revenue)

The Company may receive a customer advance or deposit 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 noncurrent 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.

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 Attributable to Common Stockholders

Net Income Per Share Attributable to Common Stockholders

Basic net income per share attributable to common stockholders is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding.

Diluted net income per share attributable to common stockholders is computed by dividing net income attributable to common stockholders by the sum of the weighted-average number of common shares and dilutive common share equivalents then outstanding using the treasury stock method. Common share equivalents consist of the incremental common shares issuable upon the exercise of stock options and the conversion of MCPS to common shares.

We exclude outstanding stock options, stock awards and the MCPS from the calculations if the effect would be anti-dilutive. The dilutive effect of the MCPS is calculated using the if-converted method. The if-converted method assumes that these securities were converted to shares of common stock at the later of the September 24, 2021 issuance date or the beginning of the reporting period to the extent that the effect is dilutive. If the effect is anti-dilutive, we calculate net income per share attributable to common stockholders by adjusting net income in the numerator for the effect of the cumulative MCPS dividends for the respective period.

For the fiscal years ended April 1, 2023 and April 2, 2022, the effect of assuming the conversion of the 4,600,000 shares of MCPS into shares of common stock was anti-dilutive, and therefore excluded from the calculation of diluted earnings per share attributable to common stockholders. Accordingly, net income was reduced by cumulative MCPS dividends, as presented in our consolidated statement of operations, for purposes of calculating net income attributable to common stockholders.

For the fiscal year ended April 1, 2023, 110,368 employee stock options and 1,185 restricted shares were excluded from the calculation of diluted earnings per share attributable to common stockholders. For the fiscal year ended April 2, 2022, 179,289 employee stock options and 325 restricted shares have been excluded from the calculation of diluted earnings per share attributable to common stockholders. At April 3, 2021, 176,432 employee stock options and 35,780 restricted shares have been excluded from the calculation of diluted earnings per share attributable to common stockholders. The inclusion of these employee stock options and restricted shares would have been anti-dilutive.

The table below reflects the calculation of weighted-average shares outstanding for each period presented as well as the computation of basic and diluted net income per share attributable to common stockholders.

	Fiscal Year Ended
	April 1, 2023		April 2, 2022		April 3, 2021
Net income	$	166.7	$	54.7	$	90.1
Preferred stock dividends		22.9		12.0		—
Net income attributable to common stockholders	$	143.8	$	42.7	$	90.1
Denominator:
Denominator for basic net income per share attributable to common stockholders — weighted-average shares outstanding		28,764,092		26,946,355		24,851,344
Effect of dilution due to employee stock awards		308,337		364,674		298,061
Denominator for diluted net income per share attributable to common stockholders — weighted-average shares outstanding		29,072,429		27,311,029		25,149,405
Basic net income per share attributable to common stockholders	$	5.00	$	1.58	$	3.63
Diluted net income per share attributable to common stockholders	$	4.94	$	1.56	$	3.58

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. During fiscal year 2023, impairment charges totaling $2.0 were recorded, of which, $1.7 was associated with consolidation and restructuring efforts at some of our plants located in South Carolina.

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 from their functional currencies to the reporting currency 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).

Fair Value of Measurements

Fair Value 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, accounts receivable, prepaid expenses 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 Facilities approximate fair value, as these obligations have interest rates which vary in conjunction with current market conditions and have been classified as Level 2 in the valuation hierarchy. The Senior Notes are reported at carrying value on the consolidated balance sheets. The fair value of the Senior Notes as of April 1, 2023 was $450.0 and was computed based on quoted market prices (observable inputs) and classified as Level 1 of the fair value hierarchy. The fair value of the interest rate swap was $2.8 at April 1, 2023, measured using Level 2 inputs. This amount is included in other noncurrent liabilities on the Company consolidated balance sheets. The interest rate swap, net of taxes, is $2.2 and is included in accumulated other comprehensive income on the Company’s consolidated balance sheets, and in the Company’s consolidated statements of comprehensive income.

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			Change in Fair Value of Derivatives			Pension and Postretirement Liability			Total
Balance at April 2, 2022	$	0.9		$	—		$	(6.7	)	$	(5.8	)
Other comprehensive income before reclassifications		(5.5	)		—			—			(5.5	)
Amounts recorded in/ reclassified from accumulated other comprehensive loss		—			(2.2	)		9.4			7.2
Net current period other comprehensive income		(5.5	)		(2.2	)		9.4			1.7
Balance at April 1, 2023	$	(4.6	)	$	(2.2	)	$	2.7		$	(4.1	)

Stock-Based Compensation

Stock-Based Compensation

The Company recognizes stock-based compensation cost relating to all stock-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. The Company estimates expected forfeitures at the grant date and recognizes stock-based compensation costs, accordingly.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Recent Accounting Standards Adopted

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The objective of the standard is to address operational challenges likely to arise in accounting for contract modifications and hedge accounting due to reference rate reform. The amendments in this ASU provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The standard update is effective for all entities as of March 12, 2020 through December 31, 2022. This guidance is available immediately and may be implemented in any period prior to the guidance expiration on December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. The Company adopted this ASU during the third quarter of fiscal year 2023 and elected to apply the practical expedient which allows us to account for the modification of the New Credit Agreement discussed in Note 12 to the financial statements as if the modification was not substantial. The impact of the adoption of this standard update did not have a material impact on the Company’s consolidated financial statements.

In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832). ASU 2021-10 is intended to increase transparency of government assistance by requiring entities to disclose the types of government assistance, the entity’s accounting for government assistance, and the effect of the government assistance on an entity’s financial statements. This new guidance is effective for all entities for annual reporting periods beginning after December 15, 2021. The Company has made the required disclosures associated with this ASU in Note 2 of this Annual Report.

Recent Accounting Standards Yet to Be Adopted

Other new pronouncements issued but not effective until after April 1, 2023 are not expected to have a material impact on our financial position, results of operations or liquidity.

Leases (Details) - Schedule of future undiscounted lease payments for the remaining lease terms of operating lease $ in Millions	Apr. 01, 2023 USD ($)
Schedule of Future Undiscounted Lease Payments for the Remaining Lease Terms of Operating Lease [Abstract]
Within one year	$ 7.2
One to two years	5.7
Two to three years	5.0
Three to four years	5.1
Four to five years	3.6
Thereafter	25.6
Total future undiscounted lease payments	52.2
Less: imputed interest	(10.7)
Total operating lease liabilities	$ 41.5

Debt (Details) - Schedule of balances payable under all borrowing facilities - USD ($) $ in Millions	Apr. 01, 2023	Apr. 02, 2022
Schedule of Balances Payable Under All Borrowing Facilities [Abstract]
Revolver and term loan facilities	$ 900.0	$ 1,200.0
Senior notes	500.0	500.0
Debt issuance cost	(13.7)	(20.9)
Other	8.7	9.2
Total debt	1,395.0	1,688.3
Less: current portion	1.5	1.5
Long-term debt	$ 1,393.5	$ 1,686.8

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

- Definition

The carrying value as of the balance sheet date of the noncurrent portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Income Taxes (Details) - Schedule of net deferred tax assets (liabilities) - USD ($) $ in Millions	12 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Deferred tax assets:
Pension and postretirement benefits	$ 1.8	$ 2.7
Employee compensation accruals	10.9	8.2
Inventory	15.8	14.1
Operating lease liabilities	7.8	8.8
Finance lease liabilities	0.0	7.7
Stock compensation	3.4	4.2
Tax loss and credit carryforwards	12.5	12.1
State tax	1.3	1.4
Other accrued liabilities	8.9	11.4
Other	13.9	2.4
Total gross deferred tax assets	76.3	73.0
Valuation allowance	(8.5)	(8.6)
Total deferred tax assets	67.8	64.4
Deferred tax liabilities:
Property, plant and equipment	(33.5)	(42.7)
Operating lease assets	(7.7)	(8.9)
Other	(3.3)	(2.9)
Intangible assets	(317.4)	(324.4)
Total deferred tax liabilities	(361.9)	(378.9)
Total net deferred liabilities	$ (294.1)	$ (314.5)

Goodwill and Intangible Assets (Details) - Schedule of intangible assets - USD ($) $ in Millions	11 Months Ended
	Apr. 30, 2022	Apr. 01, 2023	Apr. 02, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		$ 1,589.9	$ 1,585.0
Accumulated Amortization		161.3	97.8
Non-amortizable repair station certifications, Weighted Average Useful Lives
Non-amortizable repair station certifications, Gross Carrying Amount		24.3	24.3
Non-amortizable repair station certifications, Accumulated Amortization
Total, Weighted Average Useful Lives	24 years
Total, Gross Carrying Amount		1,614.2	1,609.3
Total, Accumulated Amortization		161.3	97.8
Product approvals [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	24 years
Gross Carrying Amount		50.7	50.9
Accumulated Amortization		18.4	16.7
Customer relationships and lists [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	24 years
Gross Carrying Amount		1,293.7	1,294.6
Accumulated Amortization		106.5	53.4
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	25 years
Gross Carrying Amount		215.4	216.4
Accumulated Amortization		23.3	15.0
Distributor agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives
Gross Carrying Amount			0.7
Accumulated Amortization			0.7
Patents and trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	16 years
Gross Carrying Amount		13.4	12.3
Accumulated Amortization		7.2	6.6
Domain names [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	10 years
Gross Carrying Amount		0.4	0.4
Accumulated Amortization		0.4	0.4
Internal-use software [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	4 years
Gross Carrying Amount		15.2	8.6
Accumulated Amortization		4.4	3.9
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Lives	5 years
Gross Carrying Amount		1.1	1.1
Accumulated Amortization		$ 1.1	$ 1.1

Inventory (Tables)

12 Months Ended

Apr. 01, 2023

Schedule of Inventory Current [Abstract]

Schedule of inventory, current

	April 1, 2023		April 2, 2022
Raw materials	$	132.4	$	112.6
Work in process		132.5		123.0
Finished goods		322.3		280.5
	$	587.2	$	516.1

Allowance for Doubtful Accounts (Tables)

12 Months Ended

Apr. 01, 2023

Receivables [Abstract]

Schedule of allowance for doubtful accounts

Fiscal Year Ended	Balance at Beginning of Year		Additions		Other*			Write-offs			Balance at End of Year
April 1, 2023	$	2.7	$	0.8	$	0.4		$	(0.2	)	$	3.7
April 2, 2022		1.8		1.4		(0.1	)		(0.4	)		2.7
April 3, 2021		1.6		0.5		(0.1	)		(0.2	)		1.8

*	Foreign currency, price discrepancies, customer returns, disposition and acquisition transactions.

Stockholders' Equity

12 Months Ended

Apr. 01, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

17. Stockholders’ Equity

Preferred Stock

We are authorized to issue 10,000,000 shares of preferred stock, $0.01 par value per share, in one or more series and to fix the powers, designations, preferences and relative participating, option or other rights thereof, including dividend rights, conversion rights, voting rights, redemption terms, liquidation preferences and the number of shares constituting any series, without any further vote or action by our stockholders.

On September 24, 2021, we completed an offering of 4,600,000 shares of 5.00% Series A Mandatory Convertible Preferred Stock (“MCPS”) in a public offering registered under the Securities Act of 1933, as amended (the “Securities Act”), including 600,000 shares issued pursuant to the full exercise of the option granted to the underwriters of the MCPS offering to purchase additional shares solely to cover over-allotments. The trading symbol for the MCPS is “RBCP.” The net proceeds from the offering were approximately $445.3 after deducting underwriting discounts and commissions and offering expenses. On November 1, 2021, the Company used the proceeds to fund a portion of the purchase price for the acquisition of Dodge.

Holders of MCPS are entitled to receive, when, as and if declared by our Board of Directors, or an authorized committee thereof, out of funds legally available for payment, cumulative dividends at the annual rate of 5.00% of the liquidation preference of $100 per share, payable in cash or, subject to certain limitations, by delivery of shares of common stock or any combination of cash and shares of common stock, at our election; provided, however, that any unpaid dividends on the MCPS will continue to accumulate as described in the Certificate of Designations that sets forth the rights, preferences and privileges of the MCPS. The Company made dividend payments of $5.8 on April 15, 2022, $5.7 on July 15, 2022, $5.7 on October 17, 2022, and $5.7 on January 17, 2023. The Company also had accrued $4.9 as of April 1, 2023 for dividends that were to be paid on April 17, 2023.

The MCPS has a liquidation preference of $100 per share plus accrued and unpaid dividends. As of April 1, 2023, the MCPS had an aggregate liquidation preference of $464.9.

Subject to certain exceptions, no dividend or distribution will be declared or paid on shares of our common stock, and no common stock will be purchased, redeemed or otherwise acquired for consideration by us or any of our subsidiaries unless, in each case, all accumulated and unpaid dividends for all preceding dividend periods have been declared and paid, or a sufficient amount of cash or number of shares of common stock has been set apart for the payment of such dividends, on all outstanding shares of MCPS. 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.

Unless earlier converted or redeemed, each share of MCPS will automatically convert, for settlement on or about October 15, 2024, into between 0.4413 and 0.5405 shares of common stock, subject to customary anti-dilution adjustments. The conversion rate that will apply to mandatory conversions will be determined based on the average of the daily volume-weighted average prices over the 20 consecutive trading days beginning on, and including, the 21st scheduled trading day immediately before October 15, 2024. The conversion rate applicable to mandatory conversions may in certain circumstances be increased to compensate holders of the MCPS for certain unpaid accumulated dividends.

Common Stock

We are authorized to issue 60,000,000 shares of common stock, $0.01 par value per share. Holders of common stock are entitled to one vote per share. Holders of common stock are entitled to receive dividends, if and when declared by our Board of Directors, and to share ratably in our assets legally available for distribution to our stockholders in the event of liquidation after giving effect to any liquidation preference for the benefit of the MCPS or any other preferred stock then outstanding. Holders of common stock have no preemptive, subscription, redemption, or conversion rights. The holders of common stock do not have cumulative voting rights. The holders of a majority of the shares of common stock can elect all of the directors and can control our management and affairs.

On September 24, 2021, we completed an offering of 3,450,000 shares of common stock in a public offering registered under the Securities Act at an offering price of $185 per share, including 450,000 shares issued pursuant to the full exercise of the option granted to the underwriters of the offering to purchase additional shares. The net proceeds from the offering were approximately $605.5 after deducting underwriting discounts and commissions and offering expenses. On November 1, 2021, the Company used the proceeds to fund a portion of the cash purchase price for the acquisition of Dodge.

Long-Term Equity Incentive Plans

2013 Long-Term Incentive Plan. The 2013 Long-Term Incentive Plan provided for grants of stock options, stock appreciation rights, restricted stock and performance awards. The purpose of the Plan was 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. The Company’s Compensation Committee administers 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 administers 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.

2021 Long-Term Incentive Plan. The 2021 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 administers 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. Under the Plans, the Compensation Committee or the Board may approve the award of grants of incentive stock options and other non-qualified stock options. The Compensation Committee also has the authority to approve the grant of options that will become fully vested and exercisable automatically upon a change in control. The Compensation Committee may not, however, approve an award to any one person in any calendar year for options to purchase common stock equal to more than 10% of the total number of shares authorized under the relevant Plan, and it may not approve an award of incentive options first exercisable in any calendar year whose underlying shares have a fair market value greater than $0.1 determined at the time of grant. The Compensation Committee will approve the exercise price and term of any option in its discretion; however, the exercise price may not be less than 100% of the fair market value of a share of common stock on the date of grant. Under the Plans, any incentive stock option must be exercised within seven years of the date of grant. Under the Plans, the exercise price of an incentive option awarded to a person who owns stock constituting more than 10% of the Company’s voting power may not be less than 110% of such fair market value on such date and the option must be exercised within five years of the date of grant. As of April 1, 2023, there were 92,736 outstanding options to purchase shares of common stock granted under the 2013 Long-Term Incentive Plan, 92,336 of which were exercisable. As of April 1, 2023, there were 530,899 outstanding options to purchase shares of common stock granted under the 2017 Long-Term Incentive Plan, 184,437 of which were exercisable. As of April 1, 2023, there were no outstanding options to purchase shares of common stock granted under the 2021 Long-Term Incentive Plan.

Restricted Stock. Under the Plans, the Compensation Committee may approve the award of restricted stock subject to the conditions and restrictions, and for the duration that it determines in its discretion. Under the 2017 and 2021 Long-Term Incentive Plans, the number of shares that may be used for restricted stock or restricted unit grants under the Plan may not exceed 50% of the total authorized number of shares under the Plan. As of April 1, 2023, there were 2,000, 190,124 and zero shares of restricted stock outstanding under the 2013, 2017 and 2021 Long-Term Incentive Plans, respectively.

Performance Awards. The Compensation Committee may approve the grant of performance awards contingent upon achievement by the grantee or by the Company, of set goals and objectives regarding specified performance criteria, over a specified performance cycle. Awards may include specific dollar-value target awards, performance units, the value of which is established at the time of grant, and/or performance shares, the value of which is equal to the fair market value of a share of common stock on the date of grant. The value of a performance award may be fixed or fluctuate on the basis of specified performance criteria. A performance award may be paid out in cash and/or shares of common stock or other securities. Certain senior executive officers receive performance awards in the form of stock options and restricted stock, as described in the preceding paragraphs.

Stock Appreciation Rights. The Compensation Committee may approve the grant of stock appreciation rights, or SARs, subject to the terms and conditions contained in the Plans. The exercise price of a SAR must equal the fair market value of a share of the Company’s common stock on the date the SAR was granted. Upon exercise of a SAR, the grantee will receive an amount in shares of our common stock equal to the difference between the fair market value of a share of common stock on the date of exercise and the exercise price of the SAR, multiplied by the number of shares as to which the SAR is exercised. There were no SARs issued or outstanding under the Plans as of April 1, 2023.

Amendment and Termination of the Plans. Except as otherwise provided in an award agreement, the Board of Directors, without approval of the stockholders, may amend or terminate the Plans, except that no amendment will become effective without prior approval of the stockholders of the Company if stockholder approval would be required by applicable law or regulations, including if required (i) under the provisions of Section 409A or any successor thereto, (ii) under the provisions of Section 422 of the Code or any successor thereto, or (iii) by any listing requirement of the principal stock exchange on which the common stock is then listed. Subject to the provisions of an award agreement, which may be more restrictive, no termination of the Plans shall materially and adversely affect any of the rights or obligations of any person, without his or her written consent, under any grant of options or other incentives previous granted under the Plans.

A summary of the status of the Company’s stock options outstanding as of April 1, 2023 and changes during the year then ended is presented below. All cashless exercises of options are handled through an independent broker.

	Number Of Common Stock Options			Weighted Average Exercise Price		Weighted Average Contractual Life (Years)		Intrinsic Value ($ in millions)
Outstanding, April 2, 2022		695,887		$	141.36		4.1	$	38.3
Awarded		46,985			207.06
Exercised		(116,563	)		99.89
Forfeitures		(2,332	)		172.27
Expirations		(342	)		133.67
Outstanding, April 1, 2023		623,635		$	153.95		3.7	$	49.2

Exercisable, April 1, 2023		276,773		$	132.86		2.7	$	27.6

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
	April 1, 2023			April 2, 2022			April 3, 2021
Dividend yield		0.00	%		0.00	%		0.00	%
Expected weighted-average life (yrs.)		5.0			5.0			5.0
Risk-free interest rate		3.05	%		0.95	%		0.35	%
Expected volatility		45.57	%		43.43	%		41.35	%

The weighted average fair value per share of options granted was $90.39 in fiscal 2023, $76.65 in fiscal 2022 and $52.78 in fiscal 2021.

The Company recorded $2.4 (net of taxes of $0.7) in compensation in fiscal 2023 related to option awards. As of April 1, 2023, there was $8.2 of unrecognized compensation costs related to options which is expected to be recognized over a weighted average period of 3.5 years. The total intrinsic value of options exercised in fiscal 2023, 2022 and 2021 was $16.9, $11.9 and $12.7, respectively.

Of the total awards outstanding at April 1, 2023, 620,981 were either fully vested or are expected to vest. These shares have a weighted average exercise price of $153.80, an intrinsic value of $49.0 and a weighted average contractual term of 3.7 years.

A summary of the status of the Company’s restricted stock outstanding as of April 1, 2023 and the changes during the year then ended is presented below.

	Number Of Restricted Stock Shares			Weighted- Average Grant Date Fair Value
Non-vested, April 2, 2022		228,649		$	169.69
Granted		69,004			201.60
Vested		(102,772	)		159.71
Forfeitures		(2,757	)		158.23
Non-vested, April 1, 2023		192,124		$	186.67

The weighted average fair value per share of restricted stock awards granted was $201.60 in fiscal 2023, $198.04 in fiscal 2022 and $153.70 in fiscal 2021.

The Company recorded $8.4 (net of taxes of $2.5) in compensation in fiscal 2023 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. The total fair value of restricted stock awards that vested during fiscal 2023, 2022, and 2021 was $21.2, $22.1 and $19.5 , respectively. Unrecognized expense for restricted stock was $16.3 at April 1, 2023. This cost is expected to be recognized over a weighted average period of approximately 2.8 years.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.3-04)
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-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 14
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Sep. 24, 2021	Apr. 01, 2023	Apr. 02, 2022	Apr. 03, 2021	Jan. 17, 2023	Oct. 17, 2022	Jul. 15, 2022	Apr. 15, 2022
Stockholders' Equity (Details) [Line Items]
Preferred stock, shares authorized (in Shares)		10,000,000	10,000,000
Preferred stock, par value (in Dollars per share)		$ 0.01	$ 0.01
Common stock, shares authorized (in Shares)		60,000,000	60,000,000
Common stock, par value (in Dollars per share)		$ 0.01	$ 0.01
Stock constituting voting interest, minimum		10.00%
Exercise price minimum percent of fair market value of common stock share		110.00%
Exercised period		5 years
Option Awards [Member]
Stockholders' Equity (Details) [Line Items]
Maximum option to purchase common stock, percentage		10.00%
Maximum fair market value limit to approve an award of incentive options		$ 0.1
Percentage of minimum fair value of common stock		100.00%
Weighted average fair value per share of options granted (in Dollars per share)		$ 90.39	$ 76.65	$ 52.78
Stock-based compensation, option awards		$ 2.4
Taxes on stock based compensation, option awards		0.7
Unrecognized compensation costs related to options		$ 8.2
Weighted average period		3 years 6 months
Total intrinsic value of options exercised		$ 16.9	$ 11.9	$ 12.7
Restrictive Stock [Member]
Stockholders' Equity (Details) [Line Items]
Percentage of total authorized number of shares		50.00%
Total Awards [Member]
Stockholders' Equity (Details) [Line Items]
Total awards outstanding either fully vested or expected to vest (in Shares)		620,981
Total awards outstanding, vested or expected to vest, weighted average exercise price (in Dollars per share)		$ 153.8
Total awards outstanding, vested or expected to vest, intrinsic value		$ 49.0
Total awards outstanding, vested or expected to vest, weighted average contractual term in years		3 years 8 months 12 days
Restricted Stock Awards [Member]
Stockholders' Equity (Details) [Line Items]
Weighted average fair value per share of options granted (in Dollars per share)		$ 201.6	$ 198.04	$ 153.7
Stock-based compensation, restricted stock awards		$ 8.4
Taxes on stock based compensation, restricted stock awards		2.5
Total fair value of restricted stock vested		21.2	$ 22.1	$ 19.5
Unrecognized compensation costs related to restricted stock		$ 16.3
Weighted average period		2 years 9 months 18 days
2013 Long-Term Incentive Plan [Member]
Stockholders' Equity (Details) [Line Items]
Shares of common stock were authorized for issuance (in Shares)		1,500,000
Outstanding options to purchase (in Shares)		92,736
Outstanding options to purchase exercisable (in Shares)		92,336
2013 Long-Term Incentive Plan [Member] \| Restrictive Stock [Member]
Stockholders' Equity (Details) [Line Items]
Restricted stock outstanding (in Shares)		2,000
2017 Long-Term Incentive Plan [Member]
Stockholders' Equity (Details) [Line Items]
Shares of common stock were authorized for issuance (in Shares)		1,500,000
Outstanding options to purchase (in Shares)		530,899
Outstanding options to purchase exercisable (in Shares)		184,437
2017 Long-Term Incentive Plan [Member] \| Restrictive Stock [Member]
Stockholders' Equity (Details) [Line Items]
Restricted stock outstanding (in Shares)		190,124
2021 Long Term Incentive Plan [Member]
Stockholders' Equity (Details) [Line Items]
Shares of common stock were authorized for issuance (in Shares)		1,500,000
2021 Long-Term Incentive Plans [Member] \| Restrictive Stock [Member]
Stockholders' Equity (Details) [Line Items]
Restricted stock outstanding (in Shares)		0
Preferred Stock [Member]
Stockholders' Equity (Details) [Line Items]
Preferred stock, shares authorized (in Shares)		10,000,000
Preferred stock, par value (in Dollars per share)		$ 0.01
Shares offered (in Shares)	4,600,000
Percentage of series A mandatory convertible preferred stock	5.00%
Shares issued (in Shares)	600,000
Net proceeds	$ 445.3
Annual rate, percentage		5.00%
Liquidation preference. per share (in Dollars per share)		$ 100
Dividends payment					$ 5.7	$ 5.7	$ 5.7	$ 5.8
Accrued dividends		$ 4.9
Liquidation, description		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.
Preferred stock conversion, description		Unless earlier converted or redeemed, each share of MCPS will automatically convert, for settlement on or about October 15, 2024, into between 0.4413 and 0.5405 shares of common stock, subject to customary anti-dilution adjustments.
Common Stock [Member]
Stockholders' Equity (Details) [Line Items]
Shares offered (in Shares)	3,450,000
Shares issued (in Shares)	450,000
Net proceeds	$ 605.5
Offering price per share (in Dollars per share)	$ 185
Series A Mandatory Convertible Preferred Stock [Member]
Stockholders' Equity (Details) [Line Items]
Liquidation preference. per share (in Dollars per share)		$ 100
Aggregate liquidation preference		$ 464.9

Reportable Segments (Tables)

12 Months Ended

Apr. 01, 2023

Reportable Segments [Abstract]

Schedule of segment information

	Fiscal Year Ended
	April 1, 2023			April 2, 2022			April 3, 2021
Net External Sales
Aerospace/Defense	$	430.3		$	381.5		$	396.2
Industrial		1,039.0			561.4			212.8
	$	1,469.3		$	942.9		$	609.0
Gross Margin
Aerospace/Defense	$	171.0		$	155.1		$	161.2
Industrial		433.8			202.0			72.9
	$	604.8		$	357.1		$	234.1
Selling, General and Administrative Expenses
Aerospace/Defense	$	31.1		$	29.0		$	29.1
Industrial		122.5			58.6			18.0
Corporate		76.1			80.0			55.7
	$	229.7		$	167.6		$	102.8
Operating Income
Aerospace/Defense	$	132.7		$	117.8		$	122.4
Industrial		236.5			107.5			52.9
Corporate		(76.2	)		(104.2	)		(60.7	)
	$	293.0		$	121.1		$	114.6
Total Assets
Aerospace/Defense	$	749.8		$	776.5		$	792.3
Industrial		3,845.7			3,920.9			357.4
Corporate		94.9			148.0			284.6
	$	4,690.4		$	4,845.4		$	1,434.3
Capital Expenditures
Aerospace/Defense	$	9.5		$	7.5		$	8.7
Industrial		29.1			19.3			3.0
Corporate		3.4			3.0			0.1
	$	42.0		$	29.8		$	11.8
Depreciation & Amortization
Aerospace/Defense	$	18.6		$	19.1		$	19.9
Industrial		93.4			43.1			9.6
Corporate		3.4			3.3			3.2
	$	115.4		$	65.5		$	32.7
Geographic External Sales
Domestic	$	1,292.9		$	833.4		$	546.0
Foreign		176.4			109.5			63.0
	$	1,469.3		$	942.9		$	609.0
Geographic Long-Lived Assets
Domestic	$	360.7		$	373.0		$	188.4
Foreign		56.0			58.2			55.5
	$	416.7		$	431.2		$	243.9

Related Party Transactions

12 Months Ended

Apr. 01, 2023

Related Party Transactions

21. Related Party Transactions

Equity Method Investee

The Company has a joint venture in North America focused on joint logistics and e-business services. This joint venture, CoLinx, LLC (“CoLinx”), includes five equity members: Timken, SKF Group, Schaeffler Group, RBC Bearings Incorporated and Gates Industrial Corp. The e-business service focuses on information and business services for authorized distributors in the Industrial segment. RBC Bearings Incorporated became a part of this joint venture as a result of the acquisition of Dodge on November 1, 2021. Total purchases from CoLinx for the fiscal years ended April 1, 2023 and April 2, 2022 were $18.4 and $7.2, respectively, and were included within selling, general and administrative costs on the consolidated statements of operations. Amounts outstanding in respect of these transactions were payables of $1.8 and $2.5 as of April 1, 2023 and April 2, 2022, respectively, and were included within accounts payable on the consolidated balance sheets. No dividends were received from CoLinx during the periods presented. The Company does not have any other equity method investees. The Company does not have any other significant related party transactions.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Other Noncurrent Liabilities (Tables)

12 Months Ended

Apr. 01, 2023

Other Noncurrent Liabilities [Abstract]

Schedule of other noncurrent liabilities

	April 1, 2023		April 2, 2022
Other postretirement benefits	$	10.0	$	16.3
Noncurrent income tax liability		14.6		18.1
Deferred compensation		25.7		26.4
Contract liabilities		19.8		10.4
Noncurrent finance lease liabilities		48.5		48.0
Other		4.1		1.2
	$	122.7	$	120.4

Dodge Acquisition (Tables)

12 Months Ended

Apr. 01, 2023

Dodge Acquisition Abstract

Schedule of assets acquired and liabilities assumed were recorded based on their fair values at the date of acquisition

	November 1, 2021
Cash and cash equivalents	$	81.9
Accounts receivable		83.5
Inventory		136.1
Prepaid expenses and other current assets		1.3
Property, plant and equipment		165.1
Operating lease assets		9.8
Goodwill		1,596.1
Other intangible assets		1,385.1
Other noncurrent assets		3.7
Accounts payable		(69.3	)
Accrued rebates		(30.2	)
Accrued expenses and other current liabilities		(44.8	)
Deferred tax liabilities		(298.6	)
Other noncurrent liabilities		(57.0	)
Net assets acquired		2,962.7
Less cash received		81.9
Net consideration	$	2,880.8

Schedule of pro forma operating results

	Fiscal Year Ended
	April 2, 2022		April 3, 2021

Net sales	$	1,327.6	$	1,182.0
Net income	$	113.1	$	99.9

Goodwill and Intangible Assets

12 Months Ended

Apr. 01, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

10. Goodwill and Intangible Assets

Goodwill

Goodwill balances, by segment, consist of the following:

	Plain			Roller			Ball			Engineered Products			Aerospace/ Defense		Industrial			Total
April 3, 2021	$	79.6		$	16.0		$	5.6		$	176.3			—		—		$	277.5
Allocation in the third quarter of fiscal 2022 ⁽¹⁾		(79.6	)		(16.0	)		(5.6	)		(176.3	)		194.1		83.4			—
Acquisition ⁽²⁾		—			—			—			—			—		1,624.8			1,624.8
Translation adjustments		—			—			—			—			—		(0.2	)		(0.2	)
April 2, 2022		—			—			—			—		$	194.1	$	1,708.0		$	1,902.1
Acquisition ⁽²⁾		—			—			—			—			—		(28.7	)		(28.7	)
Translation adjustments		—			—			—			—			—		(3.6	)		(3.6	)
April 1, 2023		—			—			—			—		$	194.1	$	1,675.7		$	1,869.8

⁽¹⁾	Represents reallocation of goodwill as a result of our change in segments in the third quarter of fiscal 2022. See Note 20 for further details.

⁽²⁾	Goodwill associated with the acquisition of Dodge discussed further in Note 9.

Intangible Assets

			April 1, 2023				April 2, 2022
	Weighted Average Useful Lives		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Product approvals		24	$	50.7	$	18.4	$	50.9	$	16.7
Customer relationships and lists		24		1,293.7		106.5		1,294.6		53.4
Trade names		25		215.4		23.3		216.4		15.0
Distributor agreements		—		—		—		0.7		0.7
Patents and trademarks		16		13.4		7.2		12.3		6.6
Domain names		10		0.4		0.4		0.4		0.4
Internal-use software		4		15.2		4.4		8.6		3.9
Other		5		1.1		1.1		1.1		1.1
				1,589.9		161.3		1,585.0		97.8
Non-amortizable repair station certifications		n/a		24.3		—		24.3		—
Total		24	$	1,614.2	$	161.3	$	1,609.3	$	97.8

Amortization expense for definite-lived intangible assets during fiscal years 2023, 2022 and 2021 was $69.1, $34.7 and $10.2, respectively. Estimated amortization expense for the five succeeding fiscal years and thereafter is as follows:

2024	$	70.0
2025		70.0
2026		68.0
2027		66.1
2028		63.6
2029 and thereafter		1,090.9

Inventory (Details) - Schedule of inventory, current - USD ($) $ in Millions	Apr. 01, 2023	Apr. 02, 2022
Schedule of Inventory Current [Abstract]
Raw materials	$ 132.4	$ 112.6
Work in process	132.5	123.0
Finished goods	322.3	280.5
Inventory net, total	$ 587.2	$ 516.1

Consolidated Balance Sheets - USD ($) $ in Millions	Apr. 01, 2023	Apr. 02, 2022
Current assets:
Cash and cash equivalents	$ 65.4	$ 182.9
Accounts receivable, net of allowance for doubtful accounts of $3.7 at April 1, 2023 and $2.7 at April 2, 2022	239.6	247.5
Inventory	587.2	516.1
Prepaid expenses and other current assets	21.1	15.7
Total current assets	913.3	962.2
Property, plant and equipment, net	375.3	386.7
Operating lease assets, net	41.4	44.5
Goodwill	1,869.8	1,902.1
Intangible assets, net	1,452.9	1,511.5
Other noncurrent assets	37.7	38.4
Total assets	4,690.4	4,845.4
Current liabilities:
Accounts payable	146.8	158.6
Accrued expenses and other current liabilities	153.4	145.3
Current operating lease liabilities	7.6	8.1
Current portion of long-term debt	1.5	1.5
Total current liabilities	309.3	313.5
Long-term debt, less current portion	1,393.5	1,686.8
Noncurrent operating lease liabilities	33.9	36.7
Deferred income taxes	295.1	315.5
Other noncurrent liabilities	122.7	120.4
Total liabilities	2,154.5	2,472.9
Commitments and contingencies (Note 18)
Stockholders’ equity:
Preferred stock, $.01 par value; authorized shares: 10,000,000 as of April 1, 2023 and April 2, 2022, respectively; issued shares: 4,600,000 as of April 1, 2023 and April 2, 2022, respectively	0.0	0.0
Common stock, $.01 par value; authorized shares: 60,000,000 at April 1, 2023 and April 2, 2022, respectively; issued shares: 29,989,948 and 29,807,208 at April 1, 2023 and April 2, 2022, respectively	0.3	0.3
Additional paid-in capital	1,589.9	1,564.3
Accumulated other comprehensive income/(loss)	(4.1)	(5.8)
Retained earnings	1,029.9	886.1
Treasury stock, at cost, 966,398 shares and 928,322 shares at April 1, 2023 and April 2, 2022, respectively	(80.1)	(72.4)
Total stockholders’ equity	2,535.9	2,372.5
Total liabilities and stockholders’ equity	$ 4,690.4	$ 4,845.4

Other, Net

12 Months Ended

Apr. 01, 2023

Other Income and Expenses [Abstract]

Other, Net

19. Other, Net

Other, net is comprised of the following:

	Fiscal Year Ended
	April 1, 2023		April 2, 2022		April 3, 2021
Plant consolidation and restructuring costs	$	2.5	$	1.1	$	2.9
Acquisition costs and transition services		8.9		30.6		—
Provision for doubtful accounts		0.8		0.5		0.5
Amortization of intangibles		69.1		34.7		10.2
Loss on disposal of assets		0.3		0.3		1.3
Other expense		0.5		1.2		1.8
	$	82.1	$	68.4	$	16.7

Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Millions	12 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 03, 2021
Statement of Comprehensive Income [Abstract]
Net of tax expenses	$ 2.0	$ 1.1
Tax expenses (benefit)	$ 0.6		$ 0.9

Leases (Details) - USD ($) $ in Millions		12 Months Ended
Leases (Details) - USD ($) $ in Millions	Nov. 01, 2021	Apr. 01, 2023	Apr. 02, 2022	Apr. 03, 2021
Disclosure Text Block [Abstract]
Cash paid included in the measurement of operating lease liabilities		$ 8.5	$ 7.8
Operating lease assets obtained in exchange for new operating lease liabilities		2.0	11.6
Operating lease assets obtained in exchange for new operating lease liabilities			11.6
Operating lease assets obtained in exchange for operating lease liabilities through dodge acquisition	$ 9.8
Lease modifications which resulted in newly obtained lease assets in exchange for new operating lease liabilities		3.1	3.3
Cash paid included in the measurement of finance lease liabilities		5.0	1.6
Cash paid for finance lease liabilities included within the financing cash flow section		3.2	1.6
Cash paid for finance lease liabilities included within the operating cash flow section		1.8
Finance lease assets obtained in exchange for new finance lease liabilities		4.0	52.9
Finance lease assets obtained in exchange for new finance lease liabilities	$52.9
Finance lease assets obtained in exchange for operating lease liabilities through dodge acquisition	$ 39.0
Lease modifications		0.1	0.0
Operating lease expense		9.9	8.3	$ 7.6
Finance lease expense		6.4	2.0
Amortization expense of finance lease assets		4.5	1.3
Interest expense of finance lease assets		$ 1.9	$ 0.7
Weighted-average remaining lease term, operating lease		10 years 10 months 24 days
Weighted average discount rate of operating leases		4.40%
Weighted-average remaining lease term. finance lease		15 years 3 months 18 days
Weighted average discount rate of finance lease		3.40%

Organization and Business

12 Months Ended

Apr. 01, 2023

Accounting Policies [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, components and essential systems for the industrial, defense and aerospace industries, 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 18 years, we have broadened our end markets, products, customer base and geographic reach. We currently have 52 facilities in 10 countries, of which 37 are manufacturing facilities.

The Company operates in two reportable business segments—aerospace/defense and industrial—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 16% of the Company’s net sales in fiscal 2023, 11% of net sales in fiscal 2022 and 7% of net sales in fiscal 2021. The Company’s segments are further discussed in Note 20 “Reportable Segments.”

Stockholders' Equity (Details) - Schedule of stock options outstanding $ / shares in Units, $ in Millions	12 Months Ended
	Apr. 01, 2023 USD ($) $ / shares shares
Number of Common Stock Options
Stockholders' Equity (Details) - Schedule of stock options outstanding [Line Items]
Outstanding, April 2, 2022 \| shares	695,887
Awarded \| shares	46,985
Exercised \| shares	(116,563)
Forfeitures \| shares	(2,332)
Expirations \| shares	(342)
Outstanding, April 1, 2023 \| shares	623,635
Exercisable, April 1, 2023 \| shares	276,773
Weighted Average Exercise Price
Stockholders' Equity (Details) - Schedule of stock options outstanding [Line Items]
Outstanding, April 2, 2022 \| $ / shares	$ 141.36
Awarded \| $ / shares	207.06
Exercised \| $ / shares	99.89
Forfeitures \| $ / shares	172.27
Expirations \| $ / shares	133.67
Outstanding, April 1, 2023 \| $ / shares	153.95
Exercisable, April 1, 2023 \| $ / shares	$ 132.86
Weighted Average Contractual Life (Years)
Stockholders' Equity (Details) - Schedule of stock options outstanding [Line Items]
Outstanding, April 2, 2022	4 years 1 month 6 days
Outstanding, April 1, 2023	3 years 8 months 12 days
Exercisable, April 1, 2023	2 years 8 months 12 days
Intrinsic Value
Stockholders' Equity (Details) - Schedule of stock options outstanding [Line Items]
Outstanding, April 2, 2022 \| $	$ 38.3
Awarded \| $
Exercised \| $
Forfeitures \| $
Expirations \| $
Outstanding, April 1, 2023 \| $	49.2
Exercisable, April 1, 2023 \| $	$ 27.6

Stockholders' Equity (Details) - Schedule of options was estimated at the date of grant using the Black-Scholes	12 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 03, 2021
Schedule of options was estimated at the date of grant using the Black-Scholes [Abstract]
Dividend yield	0.00%	0.00%	0.00%
Expected weighted-average life (yrs.)	5 years	5 years	5 years
Risk-free interest rate	3.05%	0.95%	0.35%
Expected volatility	45.57%	43.43%	41.35%

Dodge Acquisition (Details) - Schedule of assets acquired and liabilities assumed were recorded based on their fair values at the date of acquisition $ in Millions	Nov. 01, 2021 USD ($)
Schedule of Assets Acquired and Liabilities Assumed were Recorded Based on their Fair Values at the Date of Acquisition [Abstract]
Cash and cash equivalents	$ 81.9
Accounts receivable	83.5
Inventory	136.1
Prepaid expenses and other current assets	1.3
Property, plant and equipment	165.1
Operating lease assets	9.8
Goodwill	1,596.1
Other intangible assets	1,385.1
Other noncurrent assets	3.7
Accounts payable	(69.3)
Accrued rebates	(30.2)
Accrued expenses and other current liabilities	(44.8)
Deferred tax liabilities	(298.6)
Other noncurrent liabilities	(57.0)
Net assets acquired	2,962.7
Less cash received	81.9
Net consideration	$ 2,880.8

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 Millions	12 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 03, 2021
Schedule of Provision for Income Taxes and Amount Computed by Applying the USStatutory Income Tax Rate to Pre Tax Income [Abstract]
Income taxes using U.S. federal statutory rate	$ 44.0	$ 16.5	$ 23.8
State income taxes, net of federal benefit	3.9	1.9	2.3
Stock-based compensation	(1.6)	(2.6)	(2.6)
Foreign rate differential	1.1	1.6	1.6
Research and development credits	(2.4)	(1.5)	(1.3)
Company-owned life insurance	0.3	0.0	(1.2)
Foreign derived intangible income (FDII)	(2.7)	(1.5)	(1.1)
U.S. unrecognized tax positions	(1.9)	5.4	1.8
Acquisition costs	0.0	1.7
Valuation allowance	0.0	2.3	0.2
Other - net	2.3	0.2	(0.4)
Provision for income taxes	$ 43.0	$ 24.0	$ 23.1

Allowance for Doubtful Accounts (Details) - Schedule of allowance for doubtful accounts - USD ($)
$ in Millions

12 Months Ended

Apr. 01, 2023

Apr. 02, 2022

Apr. 03, 2021

Schedule Of Allowance For Doubtful Accounts Abstract

Allowance for doubtful accounts, Balance at Beginning of Year

$ 2.7

$ 1.8

$ 1.6

Allowance for doubtful accounts, Additions

0.8

1.4

0.5

Allowance for doubtful accounts, Other

^[1]

0.4

(0.1)

Allowance for doubtful accounts, Write-offs

(0.2)

(0.4)

(0.2)

Allowance for doubtful accounts, Balance at End of Year

$ 3.7

$ 2.7

$ 1.8

[1]	Foreign currency, price discrepancies, customer returns, disposition and acquisition transactions.

Revenue from Contracts with Customers (Details) - Schedule of percentage of revenue recognized for performance obligations satisfied over time versus the amount of revenue recognized	12 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 03, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of revenue	100.00%	100.00%	100.00%
Point-in-time [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of revenue	98.00%	97.00%	96.00%
Over time [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of revenue	2.00%	3.00%	4.00%

Goodwill and Intangible Assets (Tables)

12 Months Ended

Apr. 01, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill balances, by segment

	Plain			Roller			Ball			Engineered Products			Aerospace/ Defense		Industrial			Total
April 3, 2021	$	79.6		$	16.0		$	5.6		$	176.3			—		—		$	277.5
Allocation in the third quarter of fiscal 2022 ⁽¹⁾		(79.6	)		(16.0	)		(5.6	)		(176.3	)		194.1		83.4			—
Acquisition ⁽²⁾		—			—			—			—			—		1,624.8			1,624.8
Translation adjustments		—			—			—			—			—		(0.2	)		(0.2	)
April 2, 2022		—			—			—			—		$	194.1	$	1,708.0		$	1,902.1
Acquisition ⁽²⁾		—			—			—			—			—		(28.7	)		(28.7	)
Translation adjustments		—			—			—			—			—		(3.6	)		(3.6	)
April 1, 2023		—			—			—			—		$	194.1	$	1,675.7		$	1,869.8

⁽¹⁾	Represents reallocation of goodwill as a result of our change in segments in the third quarter of fiscal 2022. See Note 20 for further details.

⁽²⁾	Goodwill associated with the acquisition of Dodge discussed further in Note 9.

Schedule of intangible assets

			April 1, 2023				April 2, 2022
	Weighted Average Useful Lives		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Product approvals		24	$	50.7	$	18.4	$	50.9	$	16.7
Customer relationships and lists		24		1,293.7		106.5		1,294.6		53.4
Trade names		25		215.4		23.3		216.4		15.0
Distributor agreements		—		—		—		0.7		0.7
Patents and trademarks		16		13.4		7.2		12.3		6.6
Domain names		10		0.4		0.4		0.4		0.4
Internal-use software		4		15.2		4.4		8.6		3.9
Other		5		1.1		1.1		1.1		1.1
				1,589.9		161.3		1,585.0		97.8
Non-amortizable repair station certifications		n/a		24.3		—		24.3		—
Total		24	$	1,614.2	$	161.3	$	1,609.3	$	97.8

Schedule of estimated amortization expense

2024	$	70.0
2025		70.0
2026		68.0
2027		66.1
2028		63.6
2029 and thereafter		1,090.9

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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+ Details

Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 03, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 46.2	$ 30.8	$ 22.5
Finance leases, amortization expense	51.5	50.4
Finance leases included in machinery and equipment	6.5	1.2
Finance leases accumulated amortization	5.8	1.3
Finance Lease, Right-of-Use Asset, Amortization	$ 4.5	$ 1.3

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Apr. 01, 2023	May 12, 2023	Oct. 02, 2021
Document Information Line Items
Entity Registrant Name	RBC Bearings INC
Document Type	10-K
Current Fiscal Year End Date	--04-01
Entity Common Stock, Shares Outstanding		29,025,177
Entity Public Float			$ 6,030,035,239
Amendment Flag	false
Entity Central Index Key	0001324948
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Document Period End Date	Apr. 01, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	false
Document Annual Report	true
Document Transition Report	false
Entity File Number	001-40840
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-4372080
Entity Address, Address Line One	One Tribology Center
Entity Address, City or Town	Oxford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06478
City Area Code	(203)
Local Phone Number	267-7001
Entity Interactive Data Current	Yes
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Stamford, CT
Document Financial Statement Error Correction [Flag]	false
Common Stock, par value $0.01 per share
Document Information Line Items
Trading Symbol	RBC
Title of 12(b) Security	Common Stock, par value $0.01 per share
Security Exchange Name	NYSE
5.00% Series A Mandatory Convertible Preferred Stock, par value $0.01 per share
Document Information Line Items
Trading Symbol	RBCP
Title of 12(b) Security	5.00% Series A Mandatory Convertible Preferred Stock, par value $0.01 per share
Security Exchange Name	NYSE

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 03, 2021
Summary of Significant Accounting Policies (Details) [Line Items]
Fiscal year, description	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 year 2023 contained 52 weeks, fiscal year 2022 contained 52 weeks and fiscal year 2021 contained 53 weeks.
Fiscal year contains	364 days	364 days	371 days
Percentage of sales where revenue is recognized over time	1.00%	1.00%	1.00%
Recorded grant revenue	$ 3.1	$ 4.4	$ 0.0
Goodwill and indefinite-lived intangible assets, description	The discount rate utilized for each reporting unit for our fiscal 2023 test was 10.0% 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 2023 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 42.5%. The fair value of the reporting units exceeds the carrying value by a minimum of 13.1% at each of the two reporting units.
Number of restricted shares excluded	1,185	325	35,780
Impairment charges	$ 2.0
Consolidation and restructuring	$ 1.7
Common Stock [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Conversion share	4,600,000	4,600,000
Minimum [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Fiscal year consisting of weeks	364 days
Maximum [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Fiscal year consisting of weeks	371 days
Interest Rate Swap [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Interest rate swap, net of tax	$ 2.2
Accounts Receivable [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Concentration Risk, Percentage	15.00%	15.00%
Senior Notes [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Fair value of the senior notes	$ 450.0
Level 2 [Member] \| Interest Rate Swap [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Fair value of the interest rate swap	$ 2.8
Employee Stock [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Number of restricted shares excluded	110,368	179,289	176,432

Property, Plant and Equipment

12 Months Ended

Apr. 01, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

7. Property, Plant and Equipment

Property, plant and equipment consist of the following:

	April 1, 2023			April 2, 2022
Land	$	25.2		$	24.2
Buildings and improvements		174.3			170.1
Machinery and equipment		472.8			444.7
		672.3			639.0
Less: accumulated depreciation		(297.0	)		(252.3	)
	$	375.3		$	386.7

Depreciation expense was $46.2, $30.8 and $22.5 for the fiscal years ended April 1, 2023, April 2, 2022 and April 3, 2021, respectively.

Finance Leases

For the year ended April 1, 2023, $51.5 of assets included in buildings and improvements and $6.5 of assets included in machinery and equipment were accounted for as finance leases. For the year ended April 2, 2022, $50.4 of assets included in buildings and improvements and $1.2 of assets included in machinery and equipment were accounted for as finance leases. At April 1, 2023 and April 2, 2022, the Company had accumulated amortization of $5.8 and $1.3 associated with these assets, respectively. Amortization expense associated with these finance leases was $4.5 and $1.3 for the years ended April 1, 2023 and April 2, 2022, respectively, and is included within depreciation expense as mentioned above.

Accrued Expenses and Other Current Liabilities (Details) - Schedule of accrued expenses and other current liabilities - USD ($) $ in Millions	12 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Schedule of Accrued Expenses and Other Current Liabilities [Abstract]
Employee compensation and related benefits	$ 34.7	$ 34.7
Taxes	17.5	11.7
Contract liabilities	20.6	19.6
Accrued rebates	39.6	35.2
Workers compensation and insurance	0.8	1.1
Acquisition costs	0.6	4.6
Current finance lease liabilities	5.2	3.9
Accrued preferred stock dividends	4.9	4.9
Interest	10.6	11.0
Audit fees	0.3	0.6
Legal	1.6	0.5
Returns and warranties	7.5	7.7
Other	9.5	9.8
Accrued expenses and other current liabilities	$ 153.4	$ 145.3

Income Taxes (Details) - Schedule of income before income taxes for the Company’s domestic and foreign operations - USD ($) $ in Millions	12 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 03, 2021
Income Taxes (Details) - Schedule of income before income taxes for the Company’s domestic and foreign operations [Line Items]
Total income before income taxes	$ 209.7	$ 78.7	$ 113.2
Domestic [Member]
Income Taxes (Details) - Schedule of income before income taxes for the Company’s domestic and foreign operations [Line Items]
Total income before income taxes	191.0	68.8	108.6
Foreign [Member]
Income Taxes (Details) - Schedule of income before income taxes for the Company’s domestic and foreign operations [Line Items]
Total income before income taxes	$ 18.7	$ 9.9	$ 4.6

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases

12 Months Ended

Apr. 01, 2023

Leases [Abstract]

Leases

8. Leases

The Company enters into leases for manufacturing facilities, warehouses, sales offices, information technology equipment, plant equipment, vehicles and certain other equipment with varying end dates from April 2023 to March 2043, including renewal options.

The following table represents the impact of leasing on the consolidated balance sheets:

	Balance Sheet Classification	April 1, 2023		April 2, 2022
Assets:
Operating lease assets, net	Operating lease assets, net	$	41.4	$	44.5
Finance lease right of use assets, net	Property, plant and equipment, net		52.2		51.6
Total leased assets, net		$	93.6	$	96.1

Liabilities:
Current operating lease liabilities	Current operating lease liabilities		7.6		8.1
Current finance lease liabilities	Accrued expenses and other current liabilities		5.2		3.9
Noncurrent operating lease liabilities	Noncurrent operating lease liabilities		33.9		36.7
Noncurrent finance lease liabilities	Other noncurrent liabilities		48.5		48.0
Total lease liabilities		$	95.2	$	96.7

Cash paid included in the measurement of operating lease liabilities was $8.5 and $7.8 for the fiscal years ended April 1, 2023 and April 2, 2022, respectively, all of which were included within the operating cash flow section of the consolidated statements of cash flows. Lease assets obtained in exchange for new operating lease liabilities were $2.0 and $11.6 for the fiscal years ended April 1, 2023 and April 2, 2022, respectively. Of the $11.6 of operating lease assets obtained for new operating lease liabilities during fiscal 2022, $9.8 were obtained on November 1, 2021 as part of the Dodge acquisition. Lease modifications which resulted in newly obtained lease assets in exchange for new operating lease liabilities were $3.1 and $3.3 for the fiscal years ended April 1, 2023 and April 2, 2022, respectively.

Cash paid included in the measurement of finance lease liabilities was $5.0 and $1.6 for the fiscal years ended April 1, 2023 and April 2, 2022, respectively. Of these amounts, $3.2 and $1.6 were included within the financing cash flow section of the consolidated statements of cash flows for the fiscal years ended April 1, 2023 and April 2, 2022, respectively. $1.8 was included within the operating cash flow section of the consolidated statements of cash flows for the fiscal year ended April 1, 2023. Lease assets obtained in exchange for new finance lease liabilities were $4.0 and $52.9 for the fiscal years ended April 1, 2023 and April 2, 2022, respectively. Of the $52.9 of finance lease assets obtained for new operating lease liabilities during fiscal 2022, $39.0 were obtained on November 1, 2021 as part of the Dodge acquisition. Lease modifications which resulted in reductions of lease assets in exchange for reductions of finance lease liabilities were $0.1 and $0.0 for the fiscal years ended April 1, 2023 and April 2, 2022, respectively.

Total operating lease expense was $9.9, $8.3 and $7.6 for the fiscal years ended April 1, 2023, April 2, 2022 and April 3, 2021, respectively. Short-term and variable lease expense were immaterial.

Total finance lease expense was $6.4 for the fiscal years ended April 1, 2023, of which, $4.5 was related to amortization expense of finance lease assets and $1.9 was related to interest expense. Total finance lease expense was $2.0 for the fiscal years ended April 2, 2022, of which, $1.3 was related to amortization expense of finance lease assets and $0.7 was related to interest expense. Variable lease expense was immaterial.

Future undiscounted lease payments for the remaining lease terms as of April 1, 2023, including renewal options reasonably certain of being exercised, are as follows:

	Operating Leases
Within one year	$	7.2
One to two years		5.7
Two to three years		5.0
Three to four years		5.1
Four to five years		3.6
Thereafter		25.6
Total future undiscounted lease payments		52.2
Less: imputed interest		(10.7	)
Total operating lease liabilities	$	41.5

	Finance Leases
Within one year	$	5.1
One to two years		5.2
Two to three years		5.1
Three to four years		4.5
Four to five years		4.0
Thereafter		45.5
Total future undiscounted lease payments		69.4
Less: imputed interest		(15.7	)
Total finance lease liabilities	$	53.7

The weighted-average remaining lease term on April 1, 2023 for our operating leases is 10.9 years. The weighted-average discount rate on April 1, 2023 for our operating leases is 4.4%.

The weighted-average remaining lease term on April 1, 2023 for our finance leases is 15.3 years. The weighted-average discount rate on April 1, 2023 for our finance leases is 3.4%.

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions	Apr. 01, 2023	Apr. 02, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts (in Dollars)	$ 3.7	$ 2.7
Preferred stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized	10,000,000	10,000,000
Preferred stock, issued	4,600,000	4,600,000
Common stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, authorized	60,000,000	60,000,000
Common stock, issued	29,989,948	29,807,208
Treasury stock, shares	966,398	928,322

Revenue from Contracts with Customers

12 Months Ended

Apr. 01, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

3. Revenue from Contracts with Customers

Disaggregation of Revenue

The following table disaggregates total revenue by end market which is how we view our reportable segments (see Note 20):

	Fiscal Year Ended
	April 1, 2023		April 2, 2022		April 3, 2021
Aerospace/Defense	$	430.3	$	381.5	$	396.2
Industrial		1,039.0		561.4		212.8
	$	1,469.3	$	942.9	$	609.0

The following table disaggregates total revenue by geographic origin:

	Fiscal Year Ended
	April 1, 2023		April 2, 2022		April 3, 2021
United States	$	1,292.9	$	833.4	$	546.0
International		176.4		109.5		63.0
	$	1,469.3	$	942.9	$	609.0

The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over time versus the amount of revenue recognized for performance obligations satisfied at a point in time:

	Fiscal Year Ended
	April 1, 2023			April 2, 2022			April 3, 2021
Point-in-time		98	%		97	%		96	%
Over time		2	%		3	%		4	%
		100	%		100	%		100	%

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. 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 $391.5 at April 1, 2023. The Company expects to recognize revenue on approximately 65% and 90% 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. These assets and liabilities are reported on the consolidated balance sheets on an individual contract basis at the end of each reporting period.

Contract Assets (Unbilled Receivables) - 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.

As of April 1, 2023 and April 2, 2022, current contract assets were $4.5 and $3.9, respectively, and included within prepaid expenses and other current assets on the consolidated balance sheets. The increase in contract assets was primarily due to the recognition of revenue related to the satisfaction or partial satisfaction of performance obligations prior to billing partially offset by amounts billed to customers during the period. As of April 1, 2023 and April 2, 2022, the Company did not have any contract assets classified as noncurrent on the consolidated balance sheets.

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. 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.

As of April 1, 2023 and April 2, 2022, current contract liabilities were $20.6 and $19.6, respectively, and included within accrued expenses and other current liabilities on the consolidated balance sheets. The increase in current contract liabilities was primarily due to advance payments received and the reclassification of a portion of advance payments received from the noncurrent portion of contract liabilities partially offset by revenue recognized on customer contracts. For the year ended April 1, 2023, the Company recognized revenues of $13.1 that were included in the contract liability balance as of April 2, 2022. For the year ended April 2, 2022, the Company recognized revenues of $13.6 that were included in the contract liability balance at April 3, 2021.

As of April 1, 2023 and April 2, 2022, noncurrent contract liabilities were $19.8 and $10.4, respectively, and included within other noncurrent liabilities on the consolidated balance sheets. The increase in noncurrent contract liabilities was primarily due to advance payments received partially offset by the reclassification of a portion of advance payments received to the current portion of contract liabilities.

Variable Consideration

The amount of consideration to which the Company expects to be entitled in exchange for the goods and services is not generally subject to significant variations. However, the Company does offer certain customers rebates, prompt payment discounts, end-user discounts, the right to return eligible products, and/or other forms of variable consideration. The Company estimates this variable consideration using the expected value amount, which is based on historical experience. The Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company adjusts the estimate of revenue at the earlier of when the amount of consideration the Company expects to receive changes or when the consideration becomes fixed. Accrued customer rebates were $39.6 and $35.2 at April 1, 2023 and April 2, 2022, respectively, and are included within accrued expenses and other current liabilities on the consolidated balance sheets.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Inventory

12 Months Ended

Apr. 01, 2023

Inventory Disclosure [Abstract]

Inventory

6. Inventory

Inventories are summarized below:

	April 1, 2023		April 2, 2022
Raw materials	$	132.4	$	112.6
Work in process		132.5		123.0
Finished goods		322.3		280.5
	$	587.2	$	516.1

Other, Net (Tables)

12 Months Ended

Apr. 01, 2023

Other Income and Expenses [Abstract]

Schedule of other, net

	Fiscal Year Ended
	April 1, 2023		April 2, 2022		April 3, 2021
Plant consolidation and restructuring costs	$	2.5	$	1.1	$	2.9
Acquisition costs and transition services		8.9		30.6		—
Provision for doubtful accounts		0.8		0.5		0.5
Amortization of intangibles		69.1		34.7		10.2
Loss on disposal of assets		0.3		0.3		1.3
Other expense		0.5		1.2		1.8
	$	82.1	$	68.4	$	16.7

Commitments and Contingencies (Details) $ in Millions	12 Months Ended
Commitments and Contingencies (Details) $ in Millions	Apr. 01, 2023 USD ($)
Commitments and Contingencies [Abstract]
Employees represented by labor unions percentage	6.00%
Letters of Credit Outstanding, Amount	$ 3.7
License Cost	$ 10.5

Debt (Details) SFr in Millions, $ in Millions			12 Months Ended
Debt (Details) SFr in Millions, $ in Millions	Nov. 01, 2021 USD ($)	Oct. 07, 2021 USD ($)	Apr. 01, 2023 USD ($)	Apr. 01, 2023 CHF (SFr)	Apr. 02, 2022 USD ($)	Apr. 03, 2021 USD ($)	Apr. 01, 2023 CHF (SFr)
Debt Instrument [Line Items]
Unamortized debt issuance costs written off	$ 0.9
Commitment fee rate			0.20%	0.20%
Credit fee rate			1.25%	1.25%
Future principal payments for fiscal 2024			$ 0.0
Future principal payments for fiscal 2025			0.0
Future principal payments for fiscal 2026			0.0
Future principal payments for fiscal 2027			$ 900.0
New credit agreement, description			The New Credit Agreement requires the Company to comply with various covenants, including the following financial covenants: (a) a maximum Total Net Leverage Ratio (as defined within the New Credit Agreement) of 5.50:1.00, which maximum Total Net Leverage Ratio shall decrease during certain subsequent test periods as set forth in the New Credit Agreement (provided that, no more than once during the term of the Facilities, such maximum ratio applicable at such time may be increased by the Company by 0.50:1.00 for a period of twelve (12) months after the consummation of a material acquisition), and (b) a minimum Interest Coverage Ratio of 2.00:1.00.	The New Credit Agreement requires the Company to comply with various covenants, including the following financial covenants: (a) a maximum Total Net Leverage Ratio (as defined within the New Credit Agreement) of 5.50:1.00, which maximum Total Net Leverage Ratio shall decrease during certain subsequent test periods as set forth in the New Credit Agreement (provided that, no more than once during the term of the Facilities, such maximum ratio applicable at such time may be increased by the Company by 0.50:1.00 for a period of twelve (12) months after the consummation of a material acquisition), and (b) a minimum Interest Coverage Ratio of 2.00:1.00.
Outstanding amounts still owed under the term loan facility			$ 900.0
Revolving credit facility, borrowing capacity			496.3
Senior notes, aggregate principal amount		$ 500.0			$ 1,285.8
Senior notes, interest rate		4.375%
Net proceeds from issuance of senior notes	494.2	$ 492.0
Senior notes, interest rate		4.375%
Redemption of Senior Notes using proceeds of certain equity offerings			40.00%	40.00%
Redemption price of senior notes			104.375%	104.375%
Term Loan Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility	1,300.0
Make Whole Premium [Member]
Debt Instrument [Line Items]
Redemption price of senior notes			100.00%	100.00%
New Credit Agreement [Member]
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis					amounts outstanding under the Facilities generally bore interest at either, at the Company’s option, (a) a base rate determined by reference to the higher of (i) Wells Fargo’s prime lending rate, (ii) the federal funds effective rate plus 1/2 of 1.00% and (iii) the one-month LIBOR rate plus 1.00% or (b) the LIBOR rate plus a specified margin, depending on the type of borrowing being made. The applicable margin was based on the Company’s consolidated ratio of total net debt to consolidated EBITDA (as defined within the New Credit Agreement) from time to time. In December 2022 the New Credit Agreement was amended to replace LIBOR with the secured overnight financing rate administered by the Federal Reserve Bank of New York (“SOFR”) so that borrowings under the Facilities denominated in U.S. dollars bear interest at a rate per annum equal to Term SOFR (as defined in the New Credit Agreement) plus a credit spread adjustment of 0.10% plus a margin ranging from 0.75% to 2.00% depending on the Company’s consolidated ratio of total net debt to consolidated EBITDA. The Facilities are subject to a SOFR floor of 0.00%. As of April 1, 2023, the Company’s margin was 1.25% for SOFR loans
Revolving credit facility, letters of credit			$ 3.7
Foreign Term Loan [Member] \| Schaublin [Member]
Debt Instrument [Line Items]
Revolving credit facility \| SFr							SFr 15.0
Term loan			15.4
Foreign Revolver [Member] \| Schaublin [Member]
Debt Instrument [Line Items]
Revolving credit facility			15.4
Term loan \| SFr				SFr 15.0
New Foreign Revolver [Member}
Debt Instrument [Line Items]
New foreign revolver, borrowed amount			0.1
Amended Credit Agreement [Member] \| Revolver [Member]
Debt Instrument [Line Items]
Revolving credit facility	500.0
Unamortized debt issuance costs	$ 14.9
Foreign Revolver [Member] \| Schaublin [Member]
Debt Instrument [Line Items]
Term loan			$ 5.4	SFr 5.0

Summary of Significant Accounting Policies (Details) - Schedule of accumulated other comprehensive income (loss) $ in Millions	12 Months Ended
	Apr. 01, 2023 USD ($)
Schedule of Accumulated Other Comprehensive Income Loss [Abstract]
Balance at beginning, currency translation	$ 0.9
Balance at beginning, Change in Fair Value of Derivatives
Balance at beginning, Pension and Postretirement Liability	(6.7)
Balance at beginning, Total	(5.8)
Other comprehensive income before reclassifications, currency translation	(5.5)
Other comprehensive income before reclassifications, Change in Fair Value of Derivatives
Other comprehensive income before reclassifications, Pension and Postretirement Liability
Other comprehensive income before reclassifications, Total	(5.5)
Amounts recorded in/ reclassified from accumulated other comprehensive loss, currency translation
Amounts recorded in/ reclassified from accumulated other comprehensive loss, Change in Fair Value of Derivatives	(2.2)
Amounts recorded in/ reclassified from accumulated other comprehensive loss, Pension and Postretirement Liability	9.4
Amounts recorded in/ reclassified from accumulated other comprehensive loss, Total	7.2
Net current period other comprehensive income, currency translation	(5.5)
Net current period other comprehensive income, Change in Fair Value of Derivatives	(2.2)
Net current period other comprehensive income, Pension and Postretirement Liability	9.4
Net current period other comprehensive income, Total	1.7
Balance at ending, currency translation	(4.6)
Balance at ending, Change in Fair Value of Derivatives	(2.2)
Balance at ending, Pension and Postretirement Liability	2.7
Balance at ending, Total	$ (4.1)

Income Taxes (Details) - Schedule of provision for income taxes - USD ($) $ in Millions	12 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 03, 2021
Current tax expense:
Federal	$ 53.0	$ 18.3	$ 15.2
State	7.5	2.6	1.1
Foreign	3.9	2.9	2.6
Total	64.4	23.8	18.9
Deferred tax expense:
Federal	(20.0)	(0.5)	2.7
State	(2.6)	(0.3)	1.5
Foreign	1.2	1.0	0.0
Total	(21.4)	0.2	4.2
Total income taxes	$ 43.0	$ 24.0	$ 23.1

Leases (Tables)

12 Months Ended

Apr. 01, 2023

Leases [Abstract]

Schedule of impact of leasing on the consolidated balance sheets

	Balance Sheet Classification	April 1, 2023		April 2, 2022
Assets:
Operating lease assets, net	Operating lease assets, net	$	41.4	$	44.5
Finance lease right of use assets, net	Property, plant and equipment, net		52.2		51.6
Total leased assets, net		$	93.6	$	96.1

Liabilities:
Current operating lease liabilities	Current operating lease liabilities		7.6		8.1
Current finance lease liabilities	Accrued expenses and other current liabilities		5.2		3.9
Noncurrent operating lease liabilities	Noncurrent operating lease liabilities		33.9		36.7
Noncurrent finance lease liabilities	Other noncurrent liabilities		48.5		48.0
Total lease liabilities		$	95.2	$	96.7

Schedule of future undiscounted lease payments for the remaining lease terms of operating lease

	Operating Leases
Within one year	$	7.2
One to two years		5.7
Two to three years		5.0
Three to four years		5.1
Four to five years		3.6
Thereafter		25.6
Total future undiscounted lease payments		52.2
Less: imputed interest		(10.7	)
Total operating lease liabilities	$	41.5

Schedule of future undiscounted lease payments for the remaining lease terms of finance lease

	Finance Leases
Within one year	$	5.1
One to two years		5.2
Two to three years		5.1
Three to four years		4.5
Four to five years		4.0
Thereafter		45.5
Total future undiscounted lease payments		69.4
Less: imputed interest		(15.7	)
Total finance lease liabilities	$	53.7

Fair Value (Details) - USD ($) $ in Millions	Apr. 01, 2023	Apr. 02, 2022
Fair Value (Details) [Line Items]
Other Long-Term Debt, Noncurrent	$ 450.0	$ 463.8
Carrying value of debt amount	493.3	$ 492.4
Interest Rate Swap [Member]
Fair Value (Details) [Line Items]
Interest rate swap, net of taxes	2.2
Fair Value, Inputs, Level 2 [Member] \| Interest Rate Swap [Member]
Fair Value (Details) [Line Items]
Fair value interest amount	$ 2.8

Stockholders' Equity (Details) - Schedule of restricted stock outstanding	12 Months Ended
	Apr. 01, 2023 $ / shares shares
Number of Restricted Stock Shares
Stockholders' Equity (Details) - Schedule of restricted stock outstanding [Line Items]
Non-vested, April 2, 2022 \| shares	228,649
Granted \| shares	69,004
Vested \| shares	(102,772)
Forfeitures \| shares	(2,757)
Non-vested, April 1, 2023 \| shares	192,124
Weighted- Average Grant Date Fair Value
Stockholders' Equity (Details) - Schedule of restricted stock outstanding [Line Items]
Non-vested, April 2, 2022 \| $ / shares	$ 169.69
Granted \| $ / shares	201.6
Vested \| $ / shares	159.71
Forfeitures \| $ / shares	158.23
Non-vested, April 1, 2023 \| $ / shares	$ 186.67

Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Common Stock	Preferred Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income/(Loss)	Retained Earnings	Treasury Stock	Total
Balance at Mar. 28, 2020	$ 0.3		$ 433.2	$ (6.9)	$ 753.3	$ (57.0)	$ 1,122.9
Balance (in Shares) at Mar. 28, 2020	25,881,415					(838,982)
Net income					90.1		90.1
Stock-based compensation			18.1				18.1
Repurchase of common stock						$ (6.8)	(6.8)
Repurchase of common stock (in Shares)						(45,719)
Exercise of equity awards	$ 0.0		11.3				11.3
Exercise of equity awards (in Shares)	141,767
Change in pension and post-retirement plan benefit adjustments				(4.5)			(4.5)
Issuance of restricted stock, net of forfeitures
Issuance of restricted stock, net of forfeitures (in Shares)	87,138
Currency translation adjustments				1.0			1.0
Balance at Apr. 03, 2021	$ 0.3		462.6	(10.4)	843.4	$ (63.8)	1,232.1
Balance (in Shares) at Apr. 03, 2021	26,110,320					(884,701)
Net income					54.7		54.7
Preferred stock dividends					(12.0)		(12.0)
Preferred stock issuance, net of issuance costs		$ 0.0	445.3				445.3
Preferred stock issuance, net of issuance costs (in Shares)		4,600,000
Common stock issuance, net of issuance costs	$ 0.0		605.5				605.5
Common stock issuance, net of issuance costs (in Shares)	3,450,000
Stock-based compensation			32.9				32.9
Repurchase of common stock						$ (8.6)	(8.6)
Repurchase of common stock (in Shares)						(43,621)
Exercise of equity awards	$ 0.0		18.0				18.0
Exercise of equity awards (in Shares)	149,896
Change in pension and post-retirement plan benefit adjustments				4.2			4.2
Issuance of restricted stock, net of forfeitures
Issuance of restricted stock, net of forfeitures (in Shares)	96,992
Currency translation adjustments				0.4			0.4
Balance at Apr. 02, 2022	$ 0.3	$ 0.0	1,564.3	(5.8)	886.1	$ (72.4)	2,372.5
Balance (in Shares) at Apr. 02, 2022	29,807,208	4,600,000				(928,322)
Net income					166.7		166.7
Preferred stock dividends					(22.9)		(22.9)
Change in fair value of derivatives				(2.2)			(2.2)
Stock-based compensation			14.0				14.0
Repurchase of common stock						$ (7.7)	(7.7)
Repurchase of common stock (in Shares)						(38,076)
Exercise of equity awards	$ 0.0		11.6				11.6
Exercise of equity awards (in Shares)	116,563
Change in pension and post-retirement plan benefit adjustments				9.4			9.4
Issuance of restricted stock, net of forfeitures
Issuance of restricted stock, net of forfeitures (in Shares)	66,177
Currency translation adjustments				(5.5)			(5.5)
Balance at Apr. 01, 2023	$ 0.3	$ 0.0	$ 1,589.9	$ (4.1)	$ 1,029.9	$ (80.1)	$ 2,535.9
Balance (in Shares) at Apr. 01, 2023	29,989,948	4,600,000				(966,398)

Reportable Segments (Details) - Schedule of segment information - USD ($) $ in Millions	12 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 03, 2021
Net External Sales
Net External Sales	$ 1,469.3	$ 942.9	$ 609.0
Gross Margin
Gross Margin	604.8	357.1	234.1
Selling, General and Administrative Expenses
Selling, General and Administrative Expenses	229.7	167.6	102.8
Operating Income
Operating Income	293.0	121.1	114.6
Total Assets
Total Assets	4,690.4	4,845.4	1,434.3
Capital Expenditures
Capital Expenditures	42.0	29.8	11.8
Depreciation & Amortization
Depreciation & Amortization	115.4	65.5	32.7
Geographic External Sales
Geographic External Sales	1,469.3	942.9	609.0
Geographic Long-Lived Assets
Geographic Long-Lived Assets	416.7	431.2	243.9
Aerospace/ Defense [Member]
Net External Sales
Net External Sales	430.3	381.5	396.2
Gross Margin
Gross Margin	171.0	155.1	161.2
Selling, General and Administrative Expenses
Selling, General and Administrative Expenses	31.1	29.0	29.1
Operating Income
Operating Income	132.7	117.8	122.4
Total Assets
Total Assets	749.8	776.5	792.3
Capital Expenditures
Capital Expenditures	9.5	7.5	8.7
Depreciation & Amortization
Depreciation & Amortization	18.6	19.1	19.9
Industrial [Member]
Net External Sales
Net External Sales	1,039.0	561.4	212.8
Gross Margin
Gross Margin	433.8	202.0	72.9
Selling, General and Administrative Expenses
Selling, General and Administrative Expenses	122.5	58.6	18.0
Operating Income
Operating Income	236.5	107.5	52.9
Total Assets
Total Assets	3,845.7	3,920.9	357.4
Capital Expenditures
Capital Expenditures	29.1	19.3	3.0
Depreciation & Amortization
Depreciation & Amortization	93.4	43.1	9.6
Corporate [Member]
Selling, General and Administrative Expenses
Selling, General and Administrative Expenses	76.1	80.0	55.7
Operating Income
Operating Income	(76.2)	(104.2)	(60.7)
Total Assets
Total Assets	94.9	148.0	284.6
Capital Expenditures
Capital Expenditures	3.4	3.0	0.1
Depreciation & Amortization
Depreciation & Amortization	3.4	3.3	3.2
Domestic [Member]
Geographic External Sales
Geographic External Sales	1,292.9	833.4	546.0
Geographic Long-Lived Assets
Geographic Long-Lived Assets	360.7	373.0	188.4
Foreign [Member]
Geographic External Sales
Geographic External Sales	176.4	109.5	63.0
Geographic Long-Lived Assets
Geographic Long-Lived Assets	$ 56.0	$ 58.2	$ 55.5

Debt (Tables)

12 Months Ended

Apr. 01, 2023

Debt Disclosure [Abstract]

Schedule of balances payable under all borrowing facilities

	April 1, 2023			April 2, 2022
Revolver and term loan facilities	$	900.0		$	1,200.0
Senior notes		500.0			500.0
Debt issuance cost		(13.7	)		(20.9	)
Other		8.7			9.2
Total debt		1,395.0			1,688.3
Less: current portion		1.5			1.5
Long-term debt	$	1,393.5		$	1,686.8

Allowance for Doubtful Accounts

12 Months Ended

Apr. 01, 2023

Receivables [Abstract]

Allowance for Doubtful Accounts

5. 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
April 1, 2023	$	2.7	$	0.8	$	0.4		$	(0.2	)	$	3.7
April 2, 2022		1.8		1.4		(0.1	)		(0.4	)		2.7
April 3, 2021		1.6		0.5		(0.1	)		(0.2	)		1.8

*	Foreign currency, price discrepancies, customer returns, disposition and acquisition transactions.

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	12 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Revenue from Contract with Customer [Abstract]
Aggregate amount of the transaction price allocated to remaining performance obligations	$ 391.5
Performance obligations expected to be satisfied in the future	The Company expects to recognize revenue on approximately 65% and 90% of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter.
Current contract assets	$ 4.5	$ 3.9
Current contract liabilities	20.6	19.6
Revenue recognized included in the contract liability	13.1	13.6
Noncurrent contract liabilities	19.8	10.4
Accrued rebates	$ 39.6	$ 35.2

Commitments and Contingencies

12 Months Ended

Apr. 01, 2023

Commitments and Contingencies [Abstract]

Commitments and Contingencies

18. Commitments and Contingencies

As of April 1, 2023, approximately 6% of the Company’s hourly employees in the U.S. and abroad were represented by labor unions.

The Company enters into U.S. government contracts and subcontracts that are subject to audit by the U.S. 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 2023, 2022 and 2021, there were no audits by the U.S. 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, U.S. 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 2024 or 2025.

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. 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.

On March 9, 2022 and March 21, 2023, the Company received civil investigative demands from the United States Department of Justice pursuant to the False Claims Act, 31 U.S.C. § 3733 (the “FCA”). The investigation concerns allegations that the Company submitted false claims in connection with (i) certifying that the Company’s employees were eligible for unemployment insurance benefits and pandemic relief and worked reduced hours and (ii) received grant proceeds in violation of the FCA. The Company is cooperating with the investigation. As the investigation is in its early stages, it is not possible to determine whether the investigation will have a material adverse effect, if any, on the Company.

Besides the matter described in the previous paragraph, from time to time we are involved in litigation that arises in the ordinary course of business, but we do not believe that any such litigation 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.

The Company has $3.7 of outstanding standby letters of credit, all of which are under the Revolving Credit Facility. We also have a contractual obligation for licenses related to the implementation and upgrade of an enterprise resource planning (“ERP”) system for Dodge. These ERP license costs of $10.5 will be incurred over a five-year period.

Summary of Significant Accounting Policies (Details) - Schedule of estimated useful lives	12 Months Ended
	Apr. 01, 2023
Buildings and Improvements [Member] \| Minimum [Member]
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items]
Property, plant and equipment, useful life	20 years
Buildings and Improvements [Member] \| Maximum [Member]
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items]
Property, plant and equipment, useful life	30 years
Machinery and Equipment [Member] \| Minimum [Member]
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items]
Property, plant and equipment, useful life	3 years
Machinery and Equipment [Member] \| Maximum [Member]
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items]
Property, plant and equipment, useful life	15 years
Leasehold Improvements [Member]
Summary of Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items]
Property, plant and equipment, useful life, description	Shorter of the term of lease or estimated useful life

Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Apr. 01, 2023	Apr. 02, 2022	Apr. 03, 2021
Income Taxes (Details) [Line Items]
State net operating losses, percentage	50.00%
Valuation allowance	$ 0.2	$ 2.4
State net operating loss carryovers	$ 7.2
Expiration date	2036
Undistributed foreign earnings	$ 63.1
Recognized expenses on interest and penalties	0.1	0.1	$ 0.1
Accrued interest and penalties	1.5	$ 1.4
Decrease in federal and state credits and state tax	$ 2.1
Foreign Tax Authority [Member]
Income Taxes (Details) [Line Items]
Expiration date	2028
Foreign net operating loss carryovers	$ 2.3
U.S. federal and state [Member]
Income Taxes (Details) [Line Items]
Expiration date	2038
U.S. federal and state credits	$ 10.0
Canadian Investment [Member]
Income Taxes (Details) [Line Items]
Expiration date	2037
Investment tax credits	$ 0.2

Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 03, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 69.1	$ 34.7	$ 10.2

Related Party Transactions (Details) - USD ($)	12 Months Ended
Related Party Transactions (Details) - USD ($)	Apr. 01, 2023	Apr. 02, 2022
Related Party Transactions [Abstract]
Total purchases	$ 18.4	$ 7.2
Outstanding amounts payables	$ 1.8	$ 2.5

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Apr. 01, 2023

Accrued Expenses and Other Current Liabilities [Abstract]

Schedule of accrued expenses and other current liabilities

	April 1, 2023		April 2, 2022
Employee compensation and related benefits	$	34.7	$	34.7
Taxes		17.5		11.7
Contract liabilities		20.6		19.6
Accrued rebates		39.6		35.2
Workers compensation and insurance		0.8		1.1
Acquisition costs		0.6		4.6
Current finance lease liabilities		5.2		3.9
Accrued preferred stock dividends		4.9		4.9
Interest		10.6		11.0
Audit fees		0.3		0.6
Legal		1.6		0.5
Returns and warranties		7.5		7.7
Other		9.5		9.8
	$	153.4	$	145.3

Consolidated Statements of Operations - USD ($) $ in Millions	12 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 03, 2021
Income Statement [Abstract]
Net sales	$ 1,469.3	$ 942.9	$ 609.0
Cost of sales	864.5	585.8	374.9
Gross margin	604.8	357.1	234.1
Operating expenses:
Selling, general and administrative	229.7	167.6	102.8
Other, net	82.1	68.4	16.7
Total operating expenses	311.8	236.0	119.5
Operating income	293.0	121.1	114.6
Interest expense, net	76.7	41.5	1.4
Other non-operating expense/(income)	6.6	0.9	0.0
Income before income taxes	209.7	78.7	113.2
Provision for income taxes	43.0	24.0	23.1
Net income	166.7	54.7	90.1
Preferred stock dividends	22.9	12.0
Net income attributable to common stockholders	$ 143.8	$ 42.7	$ 90.1
Net income per common share attributable to common stockholders:
Basic (in Dollars per share)	$ 5	$ 1.58	$ 3.63
Diluted (in Dollars per share)	$ 4.94	$ 1.56	$ 3.58
Weighted average common shares:
Basic (in Shares)	28,764,092	26,946,355	24,851,344
Diluted (in Shares)	29,072,429	27,311,029	25,149,405

Revenue from Contracts with Customers (Details) - Schedule of disaggregates total revenue by geographic origin - USD ($) $ in Millions	12 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 03, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 1,469.3	$ 942.9	$ 609.0
United States [Member]
Disaggregation of Revenue [Line Items]
Net sales	1,292.9	833.4	546.0
International [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 176.4	$ 109.5	$ 63.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Other, Net (Details) - Schedule of other, net - USD ($) $ in Millions	12 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 03, 2021
Schedule of Other Net [Abstract]
Plant consolidation and restructuring costs	$ 2.5	$ 1.1	$ 2.9
Acquisition costs and transition services	8.9	30.6
Provision for doubtful accounts	0.8	0.5	0.5
Amortization of intangibles	69.1	34.7	10.2
Loss on disposal of assets	0.3	0.3	1.3
Other expense	0.5	1.2	1.8
Total other, net	$ 82.1	$ 68.4	$ 16.7

Employee Benefit Plans

12 Months Ended

Apr. 01, 2023

Employee Benefit Plans [Abstract]

Employee Benefit Plans

15. Employee Benefit Plans

Noncontributory Defined Benefit Pension Plan

At April 1, 2023, the Company has one consolidated noncontributory defined benefit pension plan (the “Plan”) covering union employees in its Heim division plant in Fairfield, Connecticut, its Plymouth 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 of April 1, 2023 and April 2, 2022, Plan assets were $8.7 and $26.0, respectively.

The fair value of the above investments was determined using quoted market prices of identical instruments. Therefore, the valuation inputs within the fair value hierarchy established by ASC 820 were classified as Level 1 of the valuation hierarchy.

Benefits under the Plan are not a function of employees’ salaries; thus, the accumulated benefit obligation equals the projected benefit obligation. At April 1, 2023 and April 2, 2022, the projected benefit obligation was $3.8 and $22.8, respectively.

The discount rates used in determining the funded status of the Plan as of April 1, 2023 and April 2, 2022 were 4.70% and 3.30%, respectively.

The funded status of the Plan and the amount recognized in the balance sheet at April 1, 2023 and April 2, 2022 were $4.9 and $3.2, respectively. These overfunded amounts are included within noncurrent assets on the consolidated balance sheets.

Net periodic benefit cost of the Plan for fiscal years 2023, 2022 and 2021 was $0.2, $0.0 and $0.5, respectively. The discount rate used to determine net periodic benefit cost for fiscal years 2023, 2022 and 2021 was 3.30%, 2.70% and 2.80%, respectively.

On March 30, 2023, the Company was able to significantly reduce its liabilities associated with the Plan by executing a non-participating Single Group Premium Annuity Contract (“the Annuity Contract”) with American United Life Insurance Company (“AUL”), a OneAmerica Company. The Contract transfers the burden of making future benefit payments for transferring annuitants to AUL in return for a fixed one-time premium. The annuitants were primarily comprised of retirees and vested participants who had been terminated. As a result of this pension settlement, Plan assets decreased by $15.6, the projected benefit obligation decreased by $15.6, and the Company recognized a settlement loss of $4.3, included in other non-operating expense/(income). The $4.3 settlement loss was previously included within accumulated other comprehensive income/loss on the consolidated balance sheets.

Foreign Pension Plans

Two of the Company’s foreign operations, Schaublin and Swiss Tool, sponsor pension plans for their approximately 149 and 29 employees, respectively, in conformance with Swiss pension law. The Schaublin plan is funded with an independent semi-autonomous collective provident foundation whereas the Swiss Tool plan is funded with a reputable Swiss insurer. The unfunded liabilities of these plans at April 1, 2023 were $1.5. For fiscal years 2023, 2022 and 2021, net periodic benefit cost for these plans was $1.8, $1.7 and $1.1, respectively.

401(k) Plans

The Company 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 $8.6, $4.6 and $2.2 in fiscal 2023, 2022 and 2021, respectively.

Supplemental Executive Retirement Plan

The Company maintains a non-qualified Supplemental Executive Retirement Plan (“SERP”) for a select group of senior management employees. The SERP allows eligible employees to elect to defer up to 75% of their current salary and up to 100% of bonus compensation. The SERP also includes employees of the Dodge division. As of April 1, 2023 and April 2, 2022, the SERP assets were $28.6 and $30.5, respectively, and are included within other noncurrent assets on the consolidated balance sheets. As of April 1, 2023 and April 2, 2022, the SERP liabilities were $25.7 and $26.4, respectively, and are included within accrued expenses and other current liabilities and other noncurrent liabilities on the balance sheets.

Defined Benefit Health Care Plans

The Company, for the benefit of employees at its Heim, West Trenton, Plymouth 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 were $2.4 and $2.3 at April 1, 2023 and April 2, 2022, respectively. Of these amounts, $0.2 are considered current and are included within accrued expenses and other current liabilities on the consolidated balance sheets as of both April 1, 2023 and April 2, 2022. The remainder of the balances are included in other noncurrent liabilities in the consolidated balance sheets. The Company also maintains a frozen defined benefit heath care plan for employees of the Dodge division with postretirement benefit obligations of $6.3 and $10.0 at April 1, 2023 and April 2, 2022, respectively. Of these amounts, $0.8 and $1.2 are considered current at April 1, 2023 and April 2, 2022, respectively. The amounts are included within the same balance sheet line items as other postretirement health care plans maintained by the Company.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Summary of Significant Accounting Policies (Details) - Schedule of basic and diluted net income per common share - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 03, 2021
Schedule of Basic and Diluted Net Income Per Common Share [Abstract]
Net income	$ 166.7	$ 54.7	$ 90.1
Preferred stock dividends	22.9	12.0
Net income attributable to common stockholders	$ 143.8	$ 42.7	$ 90.1
Denominator:
Denominator for basic net income per share attributable to common stockholders — weighted-average shares outstanding	28,764,092	26,946,355	24,851,344
Effect of dilution due to employee stock awards	308,337	364,674	298,061
Denominator for diluted net income per share attributable to common stockholders — weighted-average shares outstanding	29,072,429	27,311,029	25,149,405
Basic net income per share attributable to common stockholders	$ 5	$ 1.58	$ 3.63
Diluted net income per share attributable to common stockholders	$ 4.94	$ 1.56	$ 3.58

Income Taxes (Details) - Schedule of unrecognized tax benefits - USD ($) $ in Millions	12 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 03, 2021
Schedule of Unrecognized Tax Benefits [Abstract]
Balance, beginning of year	$ 22.8	$ 16.6	$ 14.2
Gross increases (decreases) – tax positions taken during a prior period	(8.9)	0.4	(0.2)
Gross increases – tax positions taken during the current period	1.7	7.6	4.0
Reductions due to lapse of the applicable statute of limitations	(2.5)	(1.8)	(1.4)
Balance, end of year	$ 13.1	$ 22.8	$ 16.6

Summary of Significant Accounting Policies

12 Months Ended

Apr. 01, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

General

Use of Estimates

Revenue Recognition

Government Assistance

Cash and Cash Equivalents

Accounts Receivable, Net and Concentration of Credit Risk

Inventory

Contract Assets (Unbilled Receivables)

Property, Plant and Equipment

The estimated useful lives of the Company’s property, plant and equipment are as 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

Leases

Goodwill and Indefinite-Lived Intangible Assets

Contract Liabilities (Deferred Revenue)

Income Taxes

Net Income Per Share Attributable to Common Stockholders

Basic net income per share attributable to common stockholders is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding.

	Fiscal Year Ended
	April 1, 2023		April 2, 2022		April 3, 2021
Net income	$	166.7	$	54.7	$	90.1
Preferred stock dividends		22.9		12.0		—
Net income attributable to common stockholders	$	143.8	$	42.7	$	90.1
Denominator:
Denominator for basic net income per share attributable to common stockholders — weighted-average shares outstanding		28,764,092		26,946,355		24,851,344
Effect of dilution due to employee stock awards		308,337		364,674		298,061
Denominator for diluted net income per share attributable to common stockholders — weighted-average shares outstanding		29,072,429		27,311,029		25,149,405
Basic net income per share attributable to common stockholders	$	5.00	$	1.58	$	3.63
Diluted net income per share attributable to common stockholders	$	4.94	$	1.56	$	3.58

Impairment of Long-Lived Assets

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

Fair Value Measurements

Accumulated Other Comprehensive Income (Loss)

The following summarizes the activity within each component of accumulated other comprehensive income (loss), net of taxes:

	Currency Translation			Change in Fair Value of Derivatives			Pension and Postretirement Liability			Total
Balance at April 2, 2022	$	0.9		$	—		$	(6.7	)	$	(5.8	)
Other comprehensive income before reclassifications		(5.5	)		—			—			(5.5	)
Amounts recorded in/ reclassified from accumulated other comprehensive loss		—			(2.2	)		9.4			7.2
Net current period other comprehensive income		(5.5	)		(2.2	)		9.4			1.7
Balance at April 1, 2023	$	(4.6	)	$	(2.2	)	$	2.7		$	(4.1	)

Stock-Based Compensation

Recent Accounting Pronouncements

Recent Accounting Standards Adopted

Recent Accounting Standards Yet to Be Adopted

Other new pronouncements issued but not effective until after April 1, 2023 are not expected to have a material impact on our financial position, results of operations or liquidity.

Leases (Details) - Schedule of impact of leasing on the consolidated balance sheets - USD ($) $ in Millions	Apr. 01, 2023	Apr. 02, 2022
Assets:
Operating lease assets, net	$ 41.4	$ 44.5
Finance lease right of use assets, net	52.2	51.6
Total leased assets, net	93.6	96.1
Liabilities:
Current operating lease liabilities	7.6	8.1
Current finance lease liabilities	5.2	3.9
Noncurrent operating lease liabilities	33.9	36.7
Noncurrent finance lease liabilities	48.5	48.0
Total lease liabilities	$ 95.2	$ 96.7

Other Noncurrent Liabilities (Details) - Schedule of other noncurrent liabilities - USD ($) $ in Millions	12 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Schedule of Other Noncurrent Liabilities [Abstract]
Other postretirement benefits	$ 10.0	$ 16.3
Noncurrent income tax liability	14.6	18.1
Deferred compensation	25.7	26.4
Contract liabilities	19.8	10.4
Noncurrent finance lease liabilities	48.5	48.0
Other	4.1	1.2
Other Liabilities, Noncurrent	$ 122.7	$ 120.4

Accrued Expenses and Other Current Liabilities

12 Months Ended

Apr. 01, 2023

Accrued Expenses and Other Current Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities

11. Accrued Expenses and Other Current Liabilities

The significant components of accrued expenses and other current liabilities are as follows:

	April 1, 2023		April 2, 2022
Employee compensation and related benefits	$	34.7	$	34.7
Taxes		17.5		11.7
Contract liabilities		20.6		19.6
Accrued rebates		39.6		35.2
Workers compensation and insurance		0.8		1.1
Acquisition costs		0.6		4.6
Current finance lease liabilities		5.2		3.9
Accrued preferred stock dividends		4.9		4.9
Interest		10.6		11.0
Audit fees		0.3		0.6
Legal		1.6		0.5
Returns and warranties		7.5		7.7
Other		9.5		9.8
	$	153.4	$	145.3

Property, Plant and Equipment (Details) - Schedule of property, plant and equipment - USD ($) $ in Millions	Apr. 01, 2023	Apr. 02, 2022
Schedule of Property Plant and Equipment [Abstract]
Land	$ 25.2	$ 24.2
Buildings and improvements	174.3	170.1
Machinery and equipment	472.8	444.7
Property, plant and equipment, gross	672.3	639.0
Less: accumulated depreciation	(297.0)	(252.3)
Property, plant and equipment, net	$ 375.3	$ 386.7

Derivative Financial Instruments (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Oct. 28, 2022	Apr. 01, 2023
Derivative Financial Instruments (Details) [Line Items]
Maturity years	3 years
Fixed rate of interest percentage	4.455%
Specified time period	3 years
Year 1 [Member]
Derivative Financial Instruments (Details) [Line Items]
Notional amount	$ 600.0
Year 2 [Member]
Derivative Financial Instruments (Details) [Line Items]
Notional amount	400.0
Year Three [Member]
Derivative Financial Instruments (Details) [Line Items]
Notional amount	100.0
Interest Rate Swap [Member]
Derivative Financial Instruments (Details) [Line Items]
Notional amount	$ 600.0
Percentage of debt that bears interest at a fixed rate	78.50%
Other comprehensive income derivative component		$ 2.2

Fair Value

12 Months Ended

Apr. 01, 2023

Fair Value Disclosures [Abstract]

Fair Value

4. Fair Value

Fair value is defined as the price that would be expected to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The FASB provides accounting rules that classify the inputs used to measure fair value into the following hierarchy:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 – Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability.

Level 3 – Unobservable inputs for the asset or liability.

Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

As a result of the occurrence of triggering events such as purchase accounting for acquisitions, the Company measures certain assets and liabilities based on Level 3 inputs.

Recurring Fair Value Measurements

The Company’s financial instruments consist primarily of cash and cash equivalents, accounts receivable, trade accounts payable, short-term borrowings, long-term debt, and a derivative in the form of an interest rate swap. Due to their short-term nature, the carrying value of cash and cash equivalents, accounts receivable, trade accounts payable, accrued expenses and short-term borrowings are a reasonable estimate of their fair value. Long-term assets held on our balance sheets related to benefit plan obligations are measured at fair value. The fair value of the Company’s long-term fixed-rate debt, based on quoted market prices, was $450.0 and $463.8 at April 1, 2023 and April 2, 2022, respectively. The carrying value of this debt was $493.3 at April 1, 2023 and $492.4 at April 2, 2022. The fair value of long-term fixed-rate debt was measured using Level 1 inputs. Due to the nature of fair value calculations for variable-rate debt, the carrying value of the Company’s long-term variable-rate debt is a reasonable estimate of its fair value. The fair value of the interest rate swap was $2.8 at April 1, 2023, measured using Level 2 inputs. This amount is included in other noncurrent liabilities on the Company’s consolidated balance sheets. The interest rate swap, net of taxes, is $2.2 and is included in accumulated other comprehensive income on the Company’s consolidated balance sheets, and in the Company’s consolidated statements of comprehensive income.

The Company does not believe it has significant concentrations of risk associated with the counterparties to its financial instruments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Goodwill and Intangible Assets (Details) - Schedule of estimated amortization expense $ in Millions	Apr. 01, 2023 USD ($)
Schedule of Estimated Amortization Expense [Abstract]
2024	$ 70.0
2025	70.0
2026	68.0
2027	66.1
2028	63.6
2029 and thereafter	$ 1,090.9

Goodwill and Intangible Assets (Details) - Schedule of goodwill balances, by segment - USD ($)
$ in Millions

12 Months Ended

Apr. 01, 2023

Apr. 02, 2022

Goodwill [Line Items]

Balance at beginning

$ 1,902.1

$ 277.5

Allocation in the third quarter of fiscal 2022

^[1]

Acquisition

^[2]

(28.7)

1,624.8

Translation adjustments

(3.6)

(0.2)

Balance at end

1,869.8

1,902.1

Plain [Member]

Goodwill [Line Items]

Balance at beginning

79.6

Allocation in the third quarter of fiscal 2022

^[1]

(79.6)

Acquisition

^[2]

Translation adjustments

Balance at end

Roller [Member]

Goodwill [Line Items]

Balance at beginning

16.0

Allocation in the third quarter of fiscal 2022

^[1]

(16.0)

Acquisition

^[2]

Translation adjustments

Balance at end

Ball [Member]

Goodwill [Line Items]

Balance at beginning

5.6

Allocation in the third quarter of fiscal 2022

^[1]

(5.6)

Acquisition

^[2]

Translation adjustments

Balance at end

Engineered Products [Member]

Goodwill [Line Items]

Balance at beginning

176.3

Allocation in the third quarter of fiscal 2022

^[1]

(176.3)

Acquisition

^[2]

Translation adjustments

Balance at end

Aerospace/ Defense [Member]

Goodwill [Line Items]

Balance at beginning

194.1

Allocation in the third quarter of fiscal 2022

^[1]

194.1

Acquisition

^[2]

Translation adjustments

Balance at end

194.1

Industrial [Member]

Goodwill [Line Items]

Balance at beginning

1,708.0

Allocation in the third quarter of fiscal 2022

^[1]

83.4

Acquisition

^[2]

(28.7)

1,624.8

Translation adjustments

(3.6)

(0.2)

Balance at end

$ 1,675.7

$ 1,708.0

[1]	Represents reallocation of goodwill as a result of our change in segments in the third quarter of fiscal 2022. See Note 20 for further details.
[2]	Goodwill associated with the acquisition of Dodge discussed further in Note 9.

Revenue from Contracts with Customers (Tables)

12 Months Ended

Apr. 01, 2023

Revenue from Contract with Customer [Abstract]

Schedule of disaggregates total revenue by reportable segments

	Fiscal Year Ended
	April 1, 2023		April 2, 2022		April 3, 2021
Aerospace/Defense	$	430.3	$	381.5	$	396.2
Industrial		1,039.0		561.4		212.8
	$	1,469.3	$	942.9	$	609.0

Schedule of disaggregates total revenue by geographic origin

	Fiscal Year Ended
	April 1, 2023		April 2, 2022		April 3, 2021
United States	$	1,292.9	$	833.4	$	546.0
International		176.4		109.5		63.0
	$	1,469.3	$	942.9	$	609.0

Schedule of percentage of revenue recognized for performance obligations satisfied over time versus the amount of revenue recognized

	Fiscal Year Ended
	April 1, 2023			April 2, 2022			April 3, 2021
Point-in-time		98	%		97	%		96	%
Over time		2	%		3	%		4	%
		100	%		100	%		100	%

Consolidated Statements of Stockholders' Equity (Parentheticals) - USD ($) $ in Millions	12 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 03, 2021
Statement of Stockholders' Equity [Abstract]
Net of tax benefit	$ 0.6		$ 0.9
Net of tax expense	$ 2.0	$ 1.1

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Apr. 01, 2023

Accounting Policies [Abstract]

Schedule of estimated useful lives

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 basic and diluted net income per common share

	Fiscal Year Ended
	April 1, 2023		April 2, 2022		April 3, 2021
Net income	$	166.7	$	54.7	$	90.1
Preferred stock dividends		22.9		12.0		—
Net income attributable to common stockholders	$	143.8	$	42.7	$	90.1
Denominator:
Denominator for basic net income per share attributable to common stockholders — weighted-average shares outstanding		28,764,092		26,946,355		24,851,344
Effect of dilution due to employee stock awards		308,337		364,674		298,061
Denominator for diluted net income per share attributable to common stockholders — weighted-average shares outstanding		29,072,429		27,311,029		25,149,405
Basic net income per share attributable to common stockholders	$	5.00	$	1.58	$	3.63
Diluted net income per share attributable to common stockholders	$	4.94	$	1.56	$	3.58

Schedule of accumulated other comprehensive income (loss)

	Currency Translation			Change in Fair Value of Derivatives			Pension and Postretirement Liability			Total
Balance at April 2, 2022	$	0.9		$	—		$	(6.7	)	$	(5.8	)
Other comprehensive income before reclassifications		(5.5	)		—			—			(5.5	)
Amounts recorded in/ reclassified from accumulated other comprehensive loss		—			(2.2	)		9.4			7.2
Net current period other comprehensive income		(5.5	)		(2.2	)		9.4			1.7
Balance at April 1, 2023	$	(4.6	)	$	(2.2	)	$	2.7		$	(4.1	)

Leases (Details) - Schedule of future undiscounted lease payments for the remaining lease terms of finance lease $ in Millions	Apr. 01, 2023 USD ($)
Schedule of Future Undiscounted Lease Payments for the Remaining Lease Terms of Finance Lease [Abstract]
Within one year	$ 5.1
One to two years	5.2
Two to three years	5.1
Three to four years	4.5
Four to five years	4.0
Thereafter	45.5
Total future undiscounted lease payments	69.4
Less: imputed interest	(15.7)
Total finance lease liabilities	$ 53.7

Debt

12 Months Ended

Apr. 01, 2023

Debt Disclosure [Abstract]

Debt

12. Debt

Domestic Credit Facility

On November 1, 2021, RBC Bearings Incorporated, our top holding company, and our Roller Bearing Company of America, Inc. subsidiary (“RBCA”) entered into a Credit Agreement (the “New Credit Agreement”) with Wells Fargo Bank, National Association (“Wells Fargo”), as Administrative Agent, Collateral Agent, Swingline Lender and Letter of Credit Issuer and the other lenders party thereto, and terminated the Company’s prior Credit Agreement, which was entered into with Wells Fargo in 2015 (the “2015 Credit Agreement”). The New Credit Agreement provides the Company with (a) a $1,300.0 term loan facility (the “Term Loan Facility”), which was used to fund a portion of the cash purchase price for the acquisition of Dodge and to pay related fees and expenses, and (b) a $500.0 revolving credit facility (the “Revolving Credit Facility” and together with the Term Loan Facility, the “Facilities”). Debt issuance costs associated with the New Credit Agreement totaled $14.9 and are being amortized over the life of the New Credit Agreement. When the 2015 Credit Agreement was terminated the Company wrote off $0.9 of previously unamortized debt issuance costs.

Prior to December 2022, amounts outstanding under the Facilities generally bore interest at either, at the Company’s option, (a) a base rate determined by reference to the higher of (i) Wells Fargo’s prime lending rate, (ii) the federal funds effective rate plus 1/2 of 1.00% and (iii) the one-month LIBOR rate plus 1.00% or (b) the LIBOR rate plus a specified margin, depending on the type of borrowing being made. The applicable margin was based on the Company’s consolidated ratio of total net debt to consolidated EBITDA (as defined within the New Credit Agreement) from time to time. In December 2022 the New Credit Agreement was amended to replace LIBOR with the secured overnight financing rate administered by the Federal Reserve Bank of New York (“SOFR”) so that borrowings under the Facilities denominated in U.S. dollars bear interest at a rate per annum equal to Term SOFR (as defined in the New Credit Agreement) plus a credit spread adjustment of 0.10% plus a margin ranging from 0.75% to 2.00% depending on the Company’s consolidated ratio of total net debt to consolidated EBITDA. The Facilities are subject to a SOFR floor of 0.00%. As of April 1, 2023, the Company’s margin was 1.25% for SOFR loans; and the commitment fee rate was 0.20% and the letter of credit fee rate was 1.25%. A portion of the Term Loan Facility is subject to a fixed- rate interest swap as discussed in Note 13, Derivative Financial Instruments.

The Term Loan Facility will mature in November 2026 and amortizes in quarterly installments with the balance payable on the maturity date. The Company can elect to prepay some or all of the outstanding balance from time to time without penalty, which will offset future quarterly amortization installments. Due to prepayments previously made, the required future principal payments on the Term Loan Facility are $0 for fiscal 2024, $0 for fiscal 2025, $0 for fiscal 2026, and approximately $900.0 for fiscal 2027. The Revolving Credit Facility will expire in November 2026, at which time all amounts outstanding under the Revolving Credit Facility will be payable.

The New Credit Agreement requires the Company to comply with various covenants, including the following financial covenants: (a) a maximum Total Net Leverage Ratio (as defined within the New Credit Agreement) of 5.50:1.00, which maximum Total Net Leverage Ratio shall decrease during certain subsequent test periods as set forth in the New Credit Agreement (provided that, no more than once during the term of the Facilities, such maximum ratio applicable at such time may be increased by the Company by 0.50:1.00 for a period of twelve (12) months after the consummation of a material acquisition), and (b) a minimum Interest Coverage Ratio of 2.00:1.00. As of April 1, 2023, the Company was in compliance with all debt covenants.

The New 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 New Credit Agreement.

The Company’s domestic subsidiaries have guaranteed the Company’s obligations under the New Credit Agreement, and the Company’s obligations and the domestic subsidiaries’ guaranty are secured by a pledge of substantially all of the domestic assets of the Company and its domestic subsidiaries.

As of April 1, 2023, $900.0 was outstanding under the Term Loan Facility and approximately $3.7 of the Revolving Credit Facility was being utilized to provide letters of credit to secure the Company’s obligations relating to certain insurance programs, and the Company had the ability to borrow up to an additional $496.3 under the Revolving Credit Facility.

Senior Notes

On October 7, 2021, RBCA issued $500.0 aggregate principal amount of 4.375% Senior Notes due 2029 (the “Senior Notes”). The net proceeds from the issuance of the Senior Notes were approximately $492.0 after deducting initial purchasers’ discounts and commissions and offering expenses. On November 1, 2021, the Company used the proceeds to fund a portion of the cash purchase price for the acquisition of Dodge.

The Senior Notes were issued pursuant to an indenture with Wilmington Trust, National Association, as trustee (the “Indenture”). The Indenture contains covenants limiting the ability of the Company to (i) incur additional indebtedness or guarantee indebtedness, (ii) declare or pay dividends, redeem stock or make other distributions to stockholders, (iii) make investments, (iv) create liens or use assets as security in other transactions, (v) merge or consolidate, or sell, transfer, lease or dispose of substantially all of its assets, (vi) enter into transactions with affiliates, and (vii) sell or transfer certain assets. These covenants contain various exceptions, limitations and qualifications. At any time that the Senior Notes are rated investment grade, certain of these covenants will be suspended.

The Senior Notes are guaranteed jointly and severally on a senior unsecured basis by RBC Bearings and certain of RBCA’s existing and future wholly-owned domestic subsidiaries that also guarantee the New Credit Agreement.

Interest on the Senior Notes accrues at a rate of 4.375% and is payable semi–annually in cash in arrears on April 15 and October 15 of each year.

The Senior Notes will mature on October 15, 2029. The Company may redeem some or all of the Senior Notes at any time on or after October 15, 2024 at the redemption prices set forth in the Indenture, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The Company may also redeem up to 40% of the Senior Notes using the proceeds of certain equity offerings completed before October 15, 2024, at a redemption price equal to 104.375% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, at any time prior to October 15, 2024, the Company may redeem some or all of the Senior Notes at a price equal to 100% of the principal amount, plus a “make–whole” premium, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If the Company sells certain of its assets or experiences specific kinds of changes in control, the Company must offer to purchase the Senior Notes.

Foreign Borrowing Arrangements

One of our foreign subsidiaries, Schaublin SA (“Schaublin”), entered into two separate credit agreements in 2019 with Credit Suisse (Switzerland) Ltd. (the “Foreign Credit Agreements”) to (i) finance the acquisition of our Swiss Tool business unit, and (ii) provide future working capital. The Foreign Credit Agreements provided Schaublin with a CHF 15.0 (approximately $15.4 USD) term loan, which was extinguished in February 2022, and a CHF 15.0 (approximately $15.4 USD) revolving credit facility, which was terminated in October 2022. Schaublin now has a separate CHF 5.0 (approximately $5.4 USD) revolving credit facility (the “New Foreign Revolver”) with Credit Suisse to provide future working capital, if necessary. As of April 1, 2023, $0.1 had been borrowed from the New Foreign Revolver. Fees associated with the New Foreign Revolver are nominal.

The balances payable under all borrowing facilities are as follows:

	April 1, 2023			April 2, 2022
Revolver and term loan facilities	$	900.0		$	1,200.0
Senior notes		500.0			500.0
Debt issuance cost		(13.7	)		(20.9	)
Other		8.7			9.2
Total debt		1,395.0			1,688.3
Less: current portion		1.5			1.5
Long-term debt	$	1,393.5		$	1,686.8

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 03, 2021
Cash flows from operating activities:
Net income	$ 166.7	$ 54.7	$ 90.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	115.4	65.5	32.7
Deferred income taxes	(21.4)	0.2	4.2
Amortization of deferred financing costs	7.2	18.9	0.5
Consolidation and restructuring and other non-cash charges	2.3	2.4	2.5
Noncash operating lease expense	7.2	5.8	5.4
Loss on extinguishment of debt		1.0
Stock-based compensation	14.0	32.9	18.1
Loss on disposition of assets	0.3	0.3	1.3
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	7.8	(53.5)	19.0
Inventory	(71.7)	(16.2)	0.9
Prepaid expenses and other current assets	(5.8)	(1.8)	(0.4)
Other noncurrent assets	(0.8)	(8.2)	(16.3)
Accounts payable	(11.1)	52.4	(14.8)
Accrued expenses and other current liabilities	6.0	22.1	2.6
Other noncurrent liabilities	4.5	3.8	6.6
Net cash provided by operating activities	220.6	180.3	152.4
Cash flows from investing activities:
Capital expenditures	(42.0)	(29.8)	(11.8)
Acquisition of businesses and related purchase price adjustments	27.5	(2,908.2)	0.3
Purchase of marketable securities		(30.0)	(100.1)
Proceeds from sale of marketable securities		120.5	10.0
Proceeds from sale of assets	0.5	0.0	0.1
Net cash used in investing activities	(14.0)	(2,847.5)	(101.5)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs		605.5
Proceeds from issuance of preferred stock, net of issuance costs		445.3
Proceeds from term loans, net of financing costs		1,285.8
Proceeds from senior notes, net of financing costs		494.2
Finance fees paid in connection with credit facilities and senior notes	(0.1)	(19.5)
Repayments of revolving credit facilities			(3.0)
Repayments of term loans	(300.0)	(113.0)	(4.4)
Repayments of notes payable	(0.5)	(0.5)	(0.5)
Principal payments on finance lease obligations	(3.2)	(1.6)
Preferred stock dividends paid	(22.9)	(7.1)
Repurchase of common stock	(7.7)	(8.6)	(6.8)
Exercise of equity awards	11.6	18.0	11.3
Net cash provided by/(used in) financing activities	(322.8)	2,698.5	(3.4)
Effect of exchange rate changes on cash	(1.3)	0.5	0.3
Cash and cash equivalents:
(Decrease)/increase during the year	(117.5)	31.8	47.8
Cash and cash equivalents, at beginning of year	182.9	151.1	103.3
Cash and cash equivalents, at end of year	65.4	182.9	151.1
Cash paid for:
Income taxes	60.4	17.1	16.7
Interest	$ 69.9	$ 11.6	$ 1.1

Revenue from Contracts with Customers (Details) - Schedule of disaggregates total revenue by reportable segments - USD ($) $ in Millions	12 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Apr. 03, 2021
Revenue, Major Customer [Line Items]
Net sales	$ 1,469.3	$ 942.9	$ 609.0
Aerospace/Defense [Member]
Revenue, Major Customer [Line Items]
Net sales	430.3	381.5	396.2
Industrial [Member]
Revenue, Major Customer [Line Items]
Net sales	$ 1,039.0	$ 561.4	$ 212.8

- Definition

+ References

+ Details

Organization and Business (Details) - Segments	12 Months Ended
Organization and Business (Details) - Segments	Apr. 01, 2023	Apr. 02, 2022	Apr. 03, 2021
Accounting Policies [Abstract]
Current number of reportable segments (in Segments)	2
Largest customer as a percent of net sales	16.00%	11.00%	7.00%

Dodge Acquisition

12 Months Ended

Apr. 01, 2023

Dodge Acquisition [Abstract]

Dodge Acquisition

9. Dodge Acquisition

On November 1, 2021, the Company completed the acquisition of Dodge for approximately $2,908.2, net of cash acquired and subject to certain adjustments. The purchase price was paid with (i) $1,285.8 of borrowing under the Term Loan Facility, net of issuance costs, (ii) $1,050.8 of net proceeds from the common stock and MCPS offerings, (iii) $494.2 of net proceeds from the Senior Notes offering, and (iv) approximately $77.4 of cash on hand. Since the close of the transaction, adjustments totaling $28.7 have been recorded as a reduction of the purchase price.

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 Simpsonville, 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.

Acquisition costs incurred for the fiscal year ended April 2, 2022 totaled $22.6 and were recorded as period expenses and included within other, net within the consolidated statements of operations. Remaining acquisition-related costs incurred for the fiscal year ended April 1, 2023 were immaterial. This acquisition was accounted for as a purchase transaction. The purchase price allocation was completed during the third quarter of fiscal 2023. 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	$	81.9
Accounts receivable		83.5
Inventory		136.1
Prepaid expenses and other current assets		1.3
Property, plant and equipment		165.1
Operating lease assets		9.8
Goodwill		1,596.1
Other intangible assets		1,385.1
Other noncurrent assets		3.7
Accounts payable		(69.3	)
Accrued rebates		(30.2	)
Accrued expenses and other current liabilities		(44.8	)
Deferred tax liabilities		(298.6	)
Other noncurrent liabilities		(57.0	)
Net assets acquired		2,962.7
Less cash received		81.9
Net consideration	$	2,880.8

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. $45.0 of the acquired goodwill is deductible for tax purposes.

The fair value of the identifiable intangible assets of $1,385.1, 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, $1,185.0, is being amortized based on the economic pattern of benefit over a period of 24 years; the fair value of the trade name, $200.0, 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 $743.1 of revenue and $148.1 of operating income for the fiscal year ended April 1, 2023. Dodge contributed $291.9 of revenue and $29.3 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 fiscal years ended April 2, 2022 and April 3, 2021, 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

Net sales	$	1,327.6	$	1,182.0
Net income	$	113.1	$	99.9

Upon closing, the Company entered into a transition services agreement (the “Dodge 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. Substantially all services under the Dodge TSA terminated on November 1, 2022. Costs associated with the Dodge TSA were $8.8 for the fiscal year ended April 1, 2023 and are included in other, net on the Company’s consolidated statement of operations. Since the purchase of the Dodge business on November 1, 2021, costs associated with the Dodge TSA were $16.8.

Property, Plant and Equipment (Tables)

12 Months Ended

Apr. 01, 2023

Property, Plant and Equipment [Abstract]

Schedule of property, plant and equipment

	April 1, 2023			April 2, 2022
Land	$	25.2		$	24.2
Buildings and improvements		174.3			170.1
Machinery and equipment		472.8			444.7
		672.3			639.0
Less: accumulated depreciation		(297.0	)		(252.3	)
	$	375.3		$	386.7

Dodge Acquisition (Details) - Schedule of pro forma operating results - USD ($) $ in Millions	12 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Schedule of Pro Forma Operating Results [Abstract]
Net sales	$ 1,327.6	$ 1,182.0
Net income	$ 113.1	$ 99.9

Income Taxes

12 Months Ended

Apr. 01, 2023

Income Tax Disclosure [Abstract]

Income Taxes

16. Income Taxes

Income before income taxes for the Company’s domestic and foreign operations is as follows:

	Fiscal Year Ended
	April 1, 2023		April 2, 2022		April 3, 2021
Domestic	$	191.0	$	68.8	$	108.6
Foreign		18.7		9.9		4.6
Total income before income taxes	$	209.7	$	78.7	$	113.2

The provision for income taxes consists of the following:

	Fiscal Year Ended
	April 1, 2023			April 2, 2022			April 3, 2021
Current tax expense:
Federal	$	53.0		$	18.3		$	15.2
State		7.5			2.6			1.1
Foreign		3.9			2.9			2.6
		64.4			23.8			18.9
Deferred tax expense:
Federal		(20.0	)		(0.5	)		2.7
State		(2.6	)		(0.3	)		1.5
Foreign		1.2			1.0			(0.0	)
		(21.4	)		0.2			4.2
Total income taxes	$	43.0		$	24.0		$	23.1

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
	April 1, 2023			April 2, 2022			April 3, 2021
Income taxes using U.S. federal statutory rate	$	44.0		$	16.5		$	23.8
State income taxes, net of federal benefit		3.9			1.9			2.3
Stock-based compensation		(1.6	)		(2.6	)		(2.6	)
Foreign rate differential		1.1			1.6			1.6
Research and development credits		(2.4	)		(1.5	)		(1.3	)
Company-owned life insurance		0.3			(0.0	)		(1.2	)
Foreign derived intangible income (FDII)		(2.7	)		(1.5	)		(1.1	)
U.S. unrecognized tax positions		(1.9	)		5.4			1.8
Acquisition costs		0.0			1.7			—
Valuation allowance		0.0			2.3			0.2
Other - net		2.3			0.2			(0.4	)
	$	43.0		$	24.0		$	23.1

Net deferred tax assets (liabilities) are comprised of the following:

	April 1, 2023			April 2, 2022
Deferred tax assets:
Pension and postretirement benefits	$	1.8		$	2.7
Employee compensation accruals		10.9			8.2
Inventory		15.8			14.1
Operating lease liabilities		7.8			8.8
Finance lease liabilities		0.0			7.7
Stock compensation		3.4			4.2
Tax loss and credit carryforwards		12.5			12.1
State tax		1.3			1.4
Other accrued liabilities		8.9			11.4
Other		13.9			2.4
Total gross deferred tax assets		76.3			73.0
Valuation allowance		(8.5	)		(8.6	)
Total deferred tax assets	$	67.8		$	64.4

Deferred tax liabilities:
Property, plant and equipment	$	(33.5	)	$	(42.7	)
Operating lease assets		(7.7	)		(8.9	)
Other		(3.3	)		(2.9	)
Intangible assets		(317.4	)		(324.4	)
Total deferred tax liabilities	$	(361.9	)	$	(378.9	)

Total net deferred liabilities	$	(294.1	)	$	(314.5	)

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 and foreign credits and 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 April 1, 2023 the valuation allowance decreased by less than $0.2. For the Company’s fiscal year ended April 2, 2022 the valuation allowance increased by $2.4, which primarily pertained to a capital loss carryforward and an increase of U.S. federal and 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 April 1, 2023, the Company had state net operating loss carryovers in different jurisdictions at varying amounts up to $7.2, which expire at various dates through 2036. At April 1, 2023, the Company had foreign net operating loss carryovers in different jurisdictions at varying amounts that sum up to $2.3 which will expire at various dates through fiscal 2028. At April 1, 2023, the Company had U.S. federal and state credits in different jurisdictions at varying amounts up to $10 which principally expire at various dates through 2038. At April 1, 2023, the Company had Canadian investment tax credits up to $0.2 which will expire at various dates through 2037.

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. The Tax Cuts and Jobs Act (TCJA) required a mandatory deemed repatriation of certain undistributed earnings of the Company’s foreign subsidiaries as of December 31, 2017, and income taxes were accrued accordingly. If these deemed repatriated earnings were distributed in the form of cash dividends, the Company would not be subject to additional U.S. income taxes, other than tax arising from the movement of foreign exchange rates on previously taxed earnings, but could be subject to foreign income and withholding taxes. A provision has not been made for additional U.S. and foreign taxes at April 1, 2023 on approximately $63.1 of undistributed earnings of foreign subsidiaries or for any additional tax on the deemed repatriated earnings because the Company intends to reinvest these funds indefinitely to support foreign growth opportunities. Due to the inherent complexity of the multinational tax environment in which the company operates, 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 foreign 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 April 1, 2023 and April 2, 2022 would affect the effective income tax rate.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	April 1, 2023			April 2, 2022			April 3, 2021
Balance, beginning of year	$	22.8		$	16.6		$	14.2
Gross increases (decreases) – tax positions taken during a prior period		(8.9	)		0.4			(0.2	)
Gross increases – tax positions taken during the current period		1.7			7.6			4.0
Reductions due to lapse of the applicable statute of limitations		(2.5	)		(1.8	)		(1.4	)
Balance, end of year	$	13.1		$	22.8		$	16.6

The Company recognizes the interest and penalties accrued related to unrecognized tax benefits in income tax expense. The Company recognized expense of $0.1, $0.1 and $0.1 of interest and penalties on its statement of operations for the fiscal years ended April 1, 2023, April 2, 2022 and April 3, 2021, respectively. The Company had approximately $1.5 and $1.4 of accrued interest and penalties at April 1, 2023 and April 2, 2022, 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 April 1, 2024, due to the closing of audits and the statute of limitations expiring in various jurisdictions. The decrease, pertaining primarily to federal and state credits and state tax, is estimated to be $2.1.

The Company files income tax returns in numerous U.S. and foreign jurisdictions, with returns subject to examination for varying periods, but generally back to and including the year ending March 28, 2020, although certain tax credits generated in earlier years are open under statute from April 1, 2006. The Company is no longer subject to U.S. federal tax examination by the Internal Revenue Service for years ending before March 28, 2020.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Income Taxes (Tables)

12 Months Ended

Apr. 01, 2023

Income Tax Disclosure [Abstract]

Schedule of income before income taxes for the Company’s domestic and foreign operations

	Fiscal Year Ended
	April 1, 2023		April 2, 2022		April 3, 2021
Domestic	$	191.0	$	68.8	$	108.6
Foreign		18.7		9.9		4.6
Total income before income taxes	$	209.7	$	78.7	$	113.2

Schedule of provision for income taxes

	Fiscal Year Ended
	April 1, 2023			April 2, 2022			April 3, 2021
Current tax expense:
Federal	$	53.0		$	18.3		$	15.2
State		7.5			2.6			1.1
Foreign		3.9			2.9			2.6
		64.4			23.8			18.9
Deferred tax expense:
Federal		(20.0	)		(0.5	)		2.7
State		(2.6	)		(0.3	)		1.5
Foreign		1.2			1.0			(0.0	)
		(21.4	)		0.2			4.2
Total income taxes	$	43.0		$	24.0		$	23.1

Schedule of provision for income taxes and amount computed by applying the U.S. statutory income tax rate to pre-tax income

	Fiscal Year Ended
	April 1, 2023			April 2, 2022			April 3, 2021
Income taxes using U.S. federal statutory rate	$	44.0		$	16.5		$	23.8
State income taxes, net of federal benefit		3.9			1.9			2.3
Stock-based compensation		(1.6	)		(2.6	)		(2.6	)
Foreign rate differential		1.1			1.6			1.6
Research and development credits		(2.4	)		(1.5	)		(1.3	)
Company-owned life insurance		0.3			(0.0	)		(1.2	)
Foreign derived intangible income (FDII)		(2.7	)		(1.5	)		(1.1	)
U.S. unrecognized tax positions		(1.9	)		5.4			1.8
Acquisition costs		0.0			1.7			—
Valuation allowance		0.0			2.3			0.2
Other - net		2.3			0.2			(0.4	)
	$	43.0		$	24.0		$	23.1

Schedule of net deferred tax assets (liabilities)

	April 1, 2023			April 2, 2022
Deferred tax assets:
Pension and postretirement benefits	$	1.8		$	2.7
Employee compensation accruals		10.9			8.2
Inventory		15.8			14.1
Operating lease liabilities		7.8			8.8
Finance lease liabilities		0.0			7.7
Stock compensation		3.4			4.2
Tax loss and credit carryforwards		12.5			12.1
State tax		1.3			1.4
Other accrued liabilities		8.9			11.4
Other		13.9			2.4
Total gross deferred tax assets		76.3			73.0
Valuation allowance		(8.5	)		(8.6	)
Total deferred tax assets	$	67.8		$	64.4

Deferred tax liabilities:
Property, plant and equipment	$	(33.5	)	$	(42.7	)
Operating lease assets		(7.7	)		(8.9	)
Other		(3.3	)		(2.9	)
Intangible assets		(317.4	)		(324.4	)
Total deferred tax liabilities	$	(361.9	)	$	(378.9	)

Total net deferred liabilities	$	(294.1	)	$	(314.5	)

Schedule of unrecognized tax benefits

	April 1, 2023			April 2, 2022			April 3, 2021
Balance, beginning of year	$	22.8		$	16.6		$	14.2
Gross increases (decreases) – tax positions taken during a prior period		(8.9	)		0.4			(0.2	)
Gross increases – tax positions taken during the current period		1.7			7.6			4.0
Reductions due to lapse of the applicable statute of limitations		(2.5	)		(1.8	)		(1.4	)
Balance, end of year	$	13.1		$	22.8		$	16.6