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Reportable Segments | 9 Months Ended
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Dec. 31, 2022
Reportable Segments [Abstract] |
Reportable Segments | 12. 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. These reportable operating 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. 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.
|  | Three Months Ended |  |  | Nine Months Ended |
|  | December 31, 2022 |  |  | January 1, 2022 |  |  | December 31, 2022 |  |  | January 1, 2022 |
Net External Sales |  |  |  |  |  |  |  |  |  |  |  |
Aerospace/Defense |  | $ | 105,532 |  |  | $ | 93,203 |  |  | $ | 308,479 |  |  | $ | 276,483 |
Industrial |  |  | 246,093 |  |  |  | 173,750 |  |  |  | 766,393 |  |  |  | 307,575 |
|  | $ | 351,625 |  |  | $ | 266,953 |  |  | $ | 1,074,872 |  |  | $ | 584,058 |
Gross Margin |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace/Defense |  | $ | 41,650 |  |  | $ | 37,454 |  |  | $ | 121,283 |  |  | $ | 112,666 |
Industrial |  |  | 104,390 |  |  |  | 55,891 |  |  |  | 317,056 |  |  |  | 106,916 |
|  | $ | 146,040 |  |  | $ | 93,345 |  |  | $ | 438,339 |  |  | $ | 219,582 |
Selling, General & Administrative Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace/Defense |  | $ | 7,778 |  |  | $ | 7,111 |  |  | $ | 22,718 |  |  | $ | 21,646 |
Industrial |  |  | 29,150 |  |  |  | 18,171 |  |  |  | 89,223 |  |  |  | 29,836 |
Corporate |  |  | 19,854 |  |  |  | 16,420 |  |  |  | 58,188 |  |  |  | 61,655 |
|  | $ | 56,782 |  |  | $ | 41,702 |  |  | $ | 170,129 |  |  | $ | 113,137 |
Operating Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace/Defense |  | $ | 32,081 |  |  | $ | 28,518 |  |  | $ | 93,065 |  |  | $ | 84,629 |
Industrial |  |  | 59,255 |  |  |  | 23,215 |  |  |  | 172,600 |  |  |  | 62,414 |
Corporate |  |  | (20,944 | ) |  |  | (35,868 | ) |  |  | (58,786 | ) |  |  | (85,291 | )
|  | $ | 70,392 |  |  | $ | 15,865 |  |  | $ | 206,879 |  |  | $ | 61,752 |
|  | December 31, 2022 |  |  | April 2, 2022 |
Total Assets |  |  |  |  |  |
Aerospace/Defense |  | $ | 796,363 |  |  | $ | 776,505 |
Industrial |  |  | 3,793,892 |  |  |  | 3,920,957 |
Corporate |  |  | 102,626 |  |  |  | 147,955 |
|  | $ | 4,692,881 |  |  | $ | 4,845,417 |

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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