Reportable Segments

9 Months Ended

Dec. 28, 2019

Segment Reporting [Abstract]

Reportable Segments

12. Reportable Segments

The Company operates through operating segments for which separate financial information is available, and for which operating results are evaluated regularly by the Company’s chief operating decision maker in determining resource allocation and assessing performance. Those operating segments are aggregated as reportable segments as they have similar economic characteristics, including nature of the products and production processes, distribution patterns and classes of customers.

The Company has four reportable business segments, Plain Bearings, Roller Bearings, Ball Bearings and Engineered Products, which are described below.

Plain Bearings. Plain bearings are produced with either self-lubricating or metal-to-metal designs and consists of several sub-classes, including rod end bearings, spherical plain bearings and journal bearings. Unlike ball bearings, which are used in high-speed rotational applications, plain bearings are primarily used to rectify inevitable misalignments in various mechanical components.

Roller Bearings. Roller bearings are anti-friction bearings that use rollers instead of balls. The Company manufactures four basic types of roller bearings: heavy-duty needle roller bearings with inner rings, tapered roller bearings, track rollers and aircraft roller bearings.

Ball Bearings. The Company manufactures four basic types of ball bearings: high precision aerospace, airframe control, thin section and commercial ball bearings, which are used in high-speed rotational applications.

Engineered Products. Engineered Products consists of highly engineered hydraulics, fasteners, collets and precision components used in aerospace, marine and industrial applications.

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. 

	Three Months Ended						Nine Months Ended
	December 28, 2019			December 29, 2018			December 28, 2019			December 29, 2018
Net External Sales
Plain	$	86,876		$	79,306		$	264,372		$	235,311
Roller		31,829			34,841			101,273			107,711
Ball		18,475			16,720			53,609			52,832
Engineered Products		39,839			40,586			122,364			124,500
	$	177,019		$	171,453		$	541,618		$	520,354
Gross Margin
Plain	$	35,016		$	31,921		$	104,830		$	93,404
Roller		14,048			14,631			41,968			45,858
Ball		8,184			6,861			23,486			21,548
Engineered Products		13,463			14,714			42,235			42,875
	$	70,711		$	68,127		$	212,519		$	203,685
Selling, General & Administrative Expenses
Plain	$	6,726		$	6,475		$	19,774		$	18,997
Roller		1,632			1,559			4,893			4,739
Ball		1,598			1,656			4,805			4,867
Engineered Products		4,410			4,795			13,147			15,231
Corporate		16,353			14,657			48,961			44,209
	$	30,719		$	29,142		$	91,580		$	88,043
Operating Income
Plain	$	27,503		$	25,044		$	82,583		$	72,443
Roller		12,427			13,049			36,731			41,083
Ball		6,579			5,164			18,623			16,532
Engineered Products		8,274			(8,082	)		25,699			8,315
Corporate		(17,317	)		(15,337	)		(50,371	)		(46,653	)
	$	37,466		$	19,838		$	113,265		$	91,720
Intersegment Sales
Plain	$	1,638		$	1,285		$	4,994		$	4,525
Roller		3,498			3,602			10,722			10,771
Ball		585			740			2,170			2,302
Engineered Products		11,449			9,284			33,022			28,400
	$	17,170		$	14,911		$	50,908		$	45,998

The net loss of $16,802 related to the sale of the Miami division during the third quarter of fiscal 2019 is included within the Engineered Products segment. All intersegment sales are eliminated in consolidation.