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Reportable Segments
 9 Months Ended
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