UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-K

☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934

for the fiscal year ended March 3029, ~~2024~~2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

for the transition period from __________to _________

Commission file number 001-40840

RBC BEARINGS INCORPORATED

(Exact name of registrant as specified in its charter)

Delaware		95-4372080
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

One Tribology Center, Oxford, CT		06478
(Address of principal executive offices)		(Zip Code)

(203) 267-7001

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share	RBC	The New York Stock Exchange
5.00% Series A Mandatory Convertible Preferred Stock, par value $0.01 per share	RBCP	The New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☑

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or Section 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

	Large accelerated filer ☑	Accelerated filer ☐	Non-accelerated filer ☐
	Smaller reporting company ☐	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

The aggregate market value of the registrant’s Common Stock held by non-affiliates of the registrant on September 3028, ~~2023~~2024 (based on the September 2927, ~~2023~~2024 closing sales price of $~~234~~299.1387 of the registrant’s Common Stock, as reported by the New York Stock Exchange) was approximately $68,~~809~~806,~~508~~471,~~876~~608.

As of May 10 9, ~~2024~~2025, RBC Bearings Incorporated had 29 31,~~211~~478,~~612~~058 shares of Common Stock ~~and 4,600,000 shares of Preferred Stock outstanding~~.

Documents Incorporated by Reference:

Portions of the registrant’s proxy statement to be filed within 120 days of the close of the registrant’s fiscal year in connection with the registrant’s Annual Meeting of ~~Shareholders~~Stockholders to be held September 54, ~~2024~~2025, are incorporated by reference into Part III of this Form 10-K.

Auditor Firm ID: 00042 Auditor Name: Ernst & Young LLP Auditor Location: ~~Stamford~~Hartford, CT

TABLE OF CONTENTS

		Page
PART I
Item 1	Business	1
Item 1A	Risk Factors	8
Item 1B	Unresolved Staff Comments	1615
Item 1C	Cybersecurity	1615
Item 2	Properties	1716
Item 3	Legal Proceedings	1716
Item 4	Mine Safety Disclosures	1716
PART II
Item 5	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	1817
Item 6	[Reserved]	2019
Item 7	Management’s Discussion and Analysis of Financial Condition and Results of Operations	2019
Item 7A	Quantitative and Qualitative Disclosures About Market Risk	3229
Item 8	Financial Statements and Supplementary Data	3330
Item 9	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	6662
Item 9A	Controls and Procedures	6662
Item 9B	Other Information	6865
Item 9C	Disclosure Regarding Foreign Jurisdictions That Prevent Inspections	6865
PART III
Item 10	Directors, Executive Officers and Corporate Governance
Item 11	Executive Compensation
Item 12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 13	Certain Relationships, Related Transactions and Director Independence
Item 14	Principal Accounting Fees and Services
PART IV
Item 15	Exhibits and Financial Statement Schedules	7067
Signatures	Signatures	7369

PART I

ITEM 1. BUSINESS

RBC Bearings Incorporated

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~~aerospace, defense and ~~aerospace~~industrial industries. Our precision solutions are integral to the manufacture and operation of most machines 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 the higher end of the bearing, gearing and engineered component markets where we believe our value-added engineering and manufacturing capabilities, and application expertise enable us to differentiate ourselves from our competitors and enhance profitability. We believe our expertise has enabled us to garner leading positions in many of the product markets in which we primarily compete. With 54 facilities in 11 countries, of which 38 are manufacturing facilities, we have been able to significantly broaden our end markets, products, customer base and geographic reach.

All quantitative data contained in this Annual Report on Form 10-K (the “Annual Report”) is stated in millions, except for share and per-share data, number of facilities ~~and their locations~~, ~~square footage,~~ and headcount.

The Bearing, Gearing and Engineered Component Industry

The bearing, gearing and engineered component industry is a fragmented multi-billion-dollar market. Purchasers of bearings, ~~gearings~~gearing and engineered components include producers of commercial and military aircraft, submarines, ~~submarine~~military ~~and vehicle equipment~~vehicles, energy equipment, ~~machinery manufacturers~~warehousing and logistics systems, industrial equipment, ~~and~~automation ~~machinery manufacturers~~systems, construction machinery ~~manufacturers~~, rail and ~~train~~transportation equipment ~~manufacturers~~, packaging and canning machinery ~~manufacturers~~, agriculture and mining equipment ~~manufacturers~~, and ~~specialized~~other ~~equipment~~forms ~~manufacturers,~~of specialized equipment, as well as distributors who service the aftermarket for these products.

Demand for bearings, gearing and precision components in the diversified industrial market is influenced by growth factors in industrial machinery ~~and~~ and equipment shipments, and construction, mining, energy, food and beverage, packaging and canning, semiconductor, and general ~~industrial~~ industrial activity. In addition, usage of existing machinery will impact aftermarket demand for replacement products. In the commercial aerospace market, new aircraft build rates along with carrier traffic ~~volume~~volumes worldwide ~~determines~~determine demand for our solutions. Activity in the defense market is influenced by modernization programs necessitating spending on new equipment, as well as continued utilization of deployed equipment supporting aftermarket demand for replacement bearings, gearing and engineered components.

Customers and Markets

We serve a broad range of end markets where we can add value with our specialty precision bearings, essential systems and engineered components. We classify our customers into two principal categories: industrial and aerospace/defense. These principal end markets utilize a large number of both commercial and specialized bearings, gearings and engineered components. Although we provide a relatively small percentage of total bearings, gearings and engineered components supplied to each of our principal markets, we believe we have leading market positions in many of the specialized product markets in which we primarily compete. Financial information regarding geographic areas is set forth in Part II, Item 8, Note 2019 of this Annual Report on Form 10-K.

Industrial ~~Market~~ Market (6764% of net sales for the fiscal year ended March 3029, ~~2024~~2025)

We manufacture bearings, gearing and engineered components for a wide range of diversified industrial markets, including multi-industry manufacturing, construction, metals and mining, aggregate and cement, food and beverage, oil and natural resource extraction, ~~heavy~~forest ~~truck~~products, ~~aggregates,~~warehousing ~~rail~~ and ~~train~~logistics, ~~food~~grain, ~~and beverage~~transportation, packaging and canning, ~~material~~semiconductor ~~handling~~equipment, ~~semiconductor~~power ~~machinery~~generation, ~~wind~~ waste and water management, and ~~the~~other general industrial markets. Our products target market applications in which our engineering and manufacturing capabilities provide us with a competitive advantage in the marketplace.

1Our largest industrial customers include Caterpillar, Komatsu and Halliburton and various aftermarket distributors including Motion Industries, Applied Industrial, Baldwin Supply, BDI and Purvis Industries. We believe that the diversification of our sales among the various segments of the industrial markets and channels reduces our exposure to downturns in any individual segment. We believe opportunities exist for growth and margin improvement in this market as a result of the introduction of new products, the expansion of aftermarket sales, and continued manufacturing process improvements.

Our largest industrial customers include Caterpillar, Komatsu and Halliburton and various aftermarket distributors including Motion Industries, Applied Industrial, Baldwin Supply, BDI and Purvis Industries. We believe that the diversification of our sales among the various segments of the industrial markets and channels reduces our exposure to downturns in any individual segment. We believe opportunities exist for growth and margin improvement in this market as a result of the introduction of new products, the expansion of aftermarket sales, and continued manufacturing process improvements.1

Aerospace/Defense Market (3336% of net sales for the fiscal year ended March 3029, ~~2024~~2025)

We supply bearings and engineered components for use in commercial, private, and military aircraft and aircraft engines, guided weaponry, space and satellites, vision and optical systems, and military marine and ground applications.

We supply precision products for many of the commercial aircraft currently operating worldwide and are the primary bearing supplier for many of the aircraft OEMs’ product lines. Commercial aerospace customers generally require precision products, often ofconstructed ~~special~~of special materials, and made to unique designs and specifications. Many of our aerospace bearings and engineered component products are designed and certified during the original development of the aircraft being served, which often makes us the primary bearing supplier for the life of that aircraft.

We manufacture bearings and engineered components used by the U.S. Department of Defense (the “DOD”) and certain foreign governments for use in fighter jets, ~~troop transports~~helicopters, naval vessels, ~~helicopters,~~ gas turbine engines, armored vehicles, transport vehicles, guided weaponry, ~~spaceflight~~and space and ~~satellites~~satellite applications. We manufacture an extensive line of standard products that conform to many domestic military application requirements, as well as customized products designed for unique applications. Our bearings and engineered components are manufactured to conform to U.S. military specifications and are typically custom- designed during the original product design phase, which often makes us the sole or primary supplier for the life of that product. Product approval for use on military equipment is often a lengthy process ranging from six months to six years.

Our largest aerospace and defense customers include the U.S. Department of Defense, Boeing, Airbus, Newport News Shipbuilding, Lockheed Martin, Northrop Grumman, Raytheon, Blue Origin and SpaceX and various aftermarket distributors including National Precision Bearing ~~and Wencor~~. We believe our strong relationships with OEMs help drive our aftermarket sales since a portion of OEM sales are ultimately intended for use as replacement parts. We believe that growth and margin expansion in this market will be driven primarily by expanding our international presence, new commercial aircraft introductions, new products, share gains, and the refurbishment and maintenance of existing commercial and military aircraft.

In fiscal ~~2024~~2025, approximately 23% of our net sales were made directly, and we estimate that approximately an additional 9% of our net sales were made indirectly, to the U.S. government. The contracts or subcontracts for these sales may be subject to renegotiation of profit or termination at the election of the U.S. government. Based on experience, we believe that no material renegotiations or refunds will be required. See Part I, Item 1A. “Risk Factors – Future reductions or changes in U.S. government spending could negatively affect our business” of of this Annual Report on Form 10-K.

Our two reportable business segments are aligned with the end- markets for our products. Operating results for the segments are evaluated regularly by our chief operating decision maker in determining resource allocation and assessing performance. The following table provides a summary of our two reportable business segments:

		Net Sales and Percent of Sales for the Fiscal Year Ended (amounts in millions)
Segment		March 3029, ~~2024~~2025			~~April~~March 130, ~~2023~~2024			April 21, ~~2022~~2023		Representative Applications
Industrial	$	1,~~040~~043.~~9 67~~5	%	$	1,~~039~~040.~~0 71~~9	%	$	~~561~~1,039.~~4 60~~0	%	● ~~Mining,~~Heavy ~~energy,~~machinery ~~aggregates, construction, wind equipment~~ and ~~material~~other ~~handling~~capital ●goods ~~Packaging and canning machinery ● Semiconductor equipment ● Industrial gears, components and collets~~manufacturing
Aerospace/Defense	$	519.4 33	%	$	430.3 29	%	$	381.5 40	%	● Airframe control and actuation ● Aircraft engine controls and landing gear ● Missile launchers ● Radar and night vision systems ● Hydraulics and valves ● Space applications
		64	%		67	%		71	%	● Mining, energy, aggregates, construction, and material handling ● Food and beverage, grain and agricultural product handling ● Chemicals, oil and gas ● Warehousing and logistics ● Manufacturing automation and semiconductor equipment ● Power generation, waste and water management ● Rail and transportation
Aerospace/Defense	$	592.8 36	%	$	519.4 33	%	$	430.3 29	%	● Airframe flight control and actuation ● Aircraft engines
										● Helicopter rotary systems ● Landing gear ● Missiles and guided munitions ● Optical and targeting systems ● Hydraulics and valves ● Space and satellite applications

Products

Bearings, gearing and engineered components are employed to perform several functions including reduction of friction, transfer of motion, carriage of loads, and control of pressure and flows. We design, manufacture and market a broad portfolio of bearings, gearing and engineered components.

Plain Bearings. Plain bearings are primarily used to rectify inevitable misalignments in various mechanical components, such as aircraft controls, helicopter rotors, or heavy mining and construction equipment. Such misalignments are either due to machining inaccuracies or result when components change position relative to each other. Plain bearings are produced with either self-lubricating or metal-to-metal designs and consist of several sub-classes, including rod end bearings, spherical plain bearings and journal bearings.

Roller Bearings. Roller bearings are anti-friction products that utilize cylindrical rolling elements. We produce three main designs: tapered roller bearings, needle roller bearings and needle bearing track rollers, and cam followers. We offer several needle roller bearing designs that are used in both industrial applications and certain U.S. military aircraft platforms where there are high loads and the design is constrained by space considerations. A significant portion of our sales of needle roller bearings is to the aftermarket rather than to OEMs. Needle bearing track rollers and cam followers have wide and diversified use in the industrial market and are often prescribed as a primary component in articulated aircraft wings.

Ball Bearings. Ball bearings are devices that utilize high precision ball elements to reduce friction in high-speed applications. We specialize in four main types of ball bearings: high precision aerospace, airframe control, thin section, and industrial ball bearings. High precision ~~aerospace~~ aerospace bearings are primarily sold to customers in the defense industry that require more technically sophisticated bearing products ~~providing~~ providing a high degree of fault tolerance given the criticality of the applications in which they are used. Airframe control ball bearings ~~are~~ are precision ball bearings that are plated to resist corrosion and are qualified under a military specification. Thin section ball bearings are specialized bearings that use extremely thin cross sections and give specialized machinery manufacturers many advantages. We produce a general line of industrial ball bearings sold primarily to the aftermarket.

Mounted Bearings. Mounted bearings are fully assembled bearings with a wide range of shaft attachment methods, rolling elements, housing materials and configurations offering a variety of sealing solutions. Mounted bearing products include mounted ball bearings, mounted roller bearings and mounted plain bearings, and are used in light to heavy loads, and in clean, corrosive or harsh environments. Mounted roller bearings are pre-machined to allow field installation of the Dodge bearing sensor, adding remote monitoring capability in difficult to access applications and unsafe environments. Applications include unit and bulk material handling, industrial air handling, large rotor fans, food processing, roll-out tables, and forest pulp and paper processing equipment.

Enclosed Gearing. We provide a broad range of enclosed gearing product lines including Quantis Gearmotor (helical style gearing with modular ~~configurations~~ configurations and a variety of mounting methods), Torque Arm (shaft-mount gearing with helical style gearing and v-belt input for first stage reduction), Tigear (single reduction, right angle gear reducers with worm style gearing), MagnaGear & Maxum (parallel reducers with helical and planetary style gearing) and Controlled Start Transmission (planetary style gearing with hydraulic clutch package used for soft starting large conveyors). Applications include unit and bulk handling, food processing, roll-out tables, and forest pulp and paper processing equipment.

Motion Control Components. Power transmission components are of three types: mechanical drive components (offering V belt sheaves, synchronous sprockets, bushings and belts) used to change rotational speed between two pieces of equipment; couplings used to transmit torque between two rotating pieces of equipment, such as a motor and a gearbox; and conveyor components, which transfer torque from the mechanical drive equipment to the conveyor belt in bulk material handling applications. Applications include unit and bulk material handling, industrial air handling, large rotor fans, food processing, roll-out tables, and forest pulp and paper processing equipment. We also provide actuation components to customers within our commercial aerospace and space markets.

Engineered Components. Engineered components include highly engineered hydraulics and valves, fasteners, precision mechanical components and machine tool collets. Engineered hydraulics and valves are used in aircraft and submarine applications and aerospace and defense aftermarket services. Precision mechanical components are used in all general industrial applications where some form of movement is required. Machine tool collets are cone-shaped metal sleeves used for holding circular or rod-like pieces in a lathe or other machine that provide effective part holding and accurate part location during machining operations.

Product Design and Development

We produce specialized bearings and engineered components that are often tailored to the specifications of a customer or application. Our sales professionals are highly experienced engineers who collaborate with our customers to develop bearing and engineered component solutions. The product development cycle can follow many paths, which are dependent on the end market or sales channel. The process normally takes between three and six years from concept to sale depending upon the application and the market. A typical process for a major OEM project begins when our design engineers meet with the customer at the machine design conceptualization stage and work with them through the conclusion of the product development.

Often, at the early stage, a bearing or engineered component design is produced that addresses the expected demands of the application including load, stress, heat, thermal gradients, vibration, lubricant supply, pressure and flows, and corrosion resistance, with one or two of these environmental constraints being predominant in the design consideration. A bearing or engineered component design must perform reliably for the period of time required by the customer’s product objectives.

Once a bearing or engineered component is designed, a mathematical simulation is created to replicate the expected application environment and thereby allow optimization with respect to these design variables. Upon conclusion of the design and simulation phase, samples are produced and laboratory testing commences at one of our test laboratories. The purpose of this testing phase is not only to verify the design and the simulation model but also to allow further design improvement where needed. The last phase is field testing by the customer, after which the product is ready for sale.

For many of our Aerospace/Defense products, the culmination of this lengthy process is the receipt of a product approval or certification, generally obtained from either the OEM, the DOD or the Federal Aviation Administration (“FAA”), which allows us to supply the product to the OEM customer and to the aftermarket. We currently have a significant number of such approvals, which often gives us a competitive advantage, and in many of these instances we are the only approved supplier of a given bearing or engineered component.

Manufacturing and Operations

Our manufacturing strategies are focused on product reliability, quality, safety and service. Custom and standard products are produced according to manufacturing schedules that ensure maximum availability of popular items for immediate sale while carefully considering the economies of lot production and special products. Capital programs and manufacturing methods development are focused on quality improvement, production costs, safety and service. AOngoing ~~monthly~~ review of product line production performance ~~assures~~assurance an environment of ~~continuous~~continue attainment of profitability and quality goals.

Capacity. Our plants currently run on a full first shift with second and third shifts at select locations to meet the demands of our customers. We believe that current capacity levels and future annual estimated capital expenditures on equipment up to approximately 3.0% to 3.5% of net sales should permit us to effectively meet demand levels for the foreseeable future.

Inventory Management. We operate an inventory management program designed to balance customer delivery requirements with economically optimal inventory levels. In this program, each product is categorized based on characteristics including order frequency, number of customers and sales volume. Using this classification system, our primary goal is to maintain a sufficient supply of standard items while minimizing costs. In addition, production cost savings are achieved by optimizing plant scheduling around inventory levels and customer delivery requirements. This leads to more efficient utilization of manufacturing facilities and minimizes plant production changes while maintaining sufficient inventories to service customer needs.

Sales, Marketing and Distribution

Our marketing strategy is aimed at increasing sales within our two primary markets, targeting specific applications in which we can exploit our competitive strengths. To affect this strategy, we seek to expand into geographic areas not previously served by us and we continue to capitalize on new markets and industries for existing and new products. We employ a technically proficient sales force and utilize marketing managers, product managers, customer service representatives and product application engineers in our selling efforts.

We have developed our sales force through the hiring of sales personnel with prior industry experience, complemented by an in-house training program. We intend to continue to hire and develop expert sales professionals and strategically locate them to implement our expansion strategy. Today, our direct sales force is located to service North America, Europe, Asia, Australia and Latin America and is responsible for selling all of our products. This selling model leverages our relationship with key customers and provides opportunities to market multiple product lines to both established and potential customers. We also sell our products through a well-established, global network of industrial and aerospace distributors. This channel primarily provides our products to smaller OEM customers, aftermarket customers and the end users of bearings and engineered components that require local inventory and service. We intend to continue to focus on building distributor sales volume.

The Company has a joint venture in North America focused on joint warehouse and transportation 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.

The sale of our products is supported by a well-trained and experienced customer service organization, which provides customers with instant access to key information regarding their purchases. We also provide customers with updated information through our website, and we have developed on-line integration with specific customers, enabling more efficient ordering and timely order fulfillment for those customers.

We store product inventory in warehouses located in the Midwest, Southwest and on the East and West coasts of the U.S. as well as in Australia, Canada, England, France, India, Mexico, the People’s Republic of China, ~~England~~ and Switzerland. The inventory is located in these locations based on analysis of customer demand to provide superior service and product availability.

Competition

Our principal competitors include SKF, New Hampshire Ball Bearings, Regal Rexnord, NORD and Timken, although we compete with different companies for each of our product lines. We believe that for the majority of our products, the principal competitive factors affecting our business are product qualifications, product line breadth, service, quality and price. Although some of our current and potential competitors may have greater financial, marketing, personnel and other resources than us, we believe that we are well-positioned to compete with regard to each of these factors in each of the markets in which we operate.

Product Qualifications. Many of the products we produce are qualified for the application by the OEM, the DOD, the FAA, the user or a combination of these. These credentials have been achieved for thousands of distinct items after years of design, testing and improvement. Applicable Dodge products are compliant as required with related communications, safety, and Ex certifications for use in North America, Mexico, the EU, as well as other select international locations. Several of our products are protected by patents, and we believe that in many cases we have strong brand identity or we are the sole source for products for a particular application.

Product Line Breadth. Our products encompass a broad range of designs which often create a critical mass of complementary bearings, essential systems and engineered components for our markets. This position provides many of our industrial and aerospace customers with a single manufacturer to provide the engineering service and product breadth needed to achieve a series of OEM design objectives and/or aftermarket requirements. This enhances our value to the OEM considerably while strengthening our overall market position.

Service. Product design, performance, reliability, availability, quality, and technical and administrative support are elements that define the service standard for this business. Our customers are sophisticated and demanding, as our products are fundamental and enabling components to the manufacturing or operation of their machinery. We maintain inventory levels of our most popular items for immediate sale and service. Our customers have high expectations regarding product availability and quality, and the primary emphasis of our service efforts is to provide the widest possible range of available products delivered on a timely basis.

Price. We believe our products are priced competitively in the markets we serve and we continually evaluate our manufacturing and other operations to maximize efficiencies in order to maintain competitive prices while maximizing our profit margins. We invest considerable effort to develop our price-to-value algorithms and we price to market levels where required by competitive pressures.

~~Joint Ventures~~Suppliers and Raw Materials

~~Investments~~We obtain raw materials, component inparts ~~affiliated~~and ~~companies~~supplies ~~accounted~~from ~~for~~a ~~under~~variety ~~the~~of ~~equity~~sources ~~method~~and atgenerally ~~March~~from ~~30,~~more ~~2024~~than one supplier. Our principal raw materials are steel and ~~April~~cast iron. 1,Our ~~2023~~suppliers ~~were~~and $0sources of raw materials are based in the U.6S., Europe and $0Asia.6 We purchase steel at market prices, ~~respectively~~which fluctuate as a result of supply and demand driven by economic conditions in the marketplace, and ~~were~~ ~~reported~~we ~~within~~currently ~~other~~pay ~~noncurrent~~import ~~assets~~tariffs on our raw materials sourced outside the ~~consolidated~~U.S. ~~balance~~For ~~sheets~~further discussion of the possible effects of import tariffs and changes in the cost of raw materials on our business, see Part I, Item 1A. “Risk Factors” of this Annual Report on Form 10-K.

~~Suppliers and Raw Materials~~Backlog

~~We obtain~~Our ~~raw~~backlog ~~materials~~as of March 29, 2025 ~~component~~was ~~parts~~$940.7 ~~and~~compared ~~supplies~~to ~~from~~$821.5 aas ~~variety~~of March 30, 2024. Many of ~~sources~~our ~~and~~orders ~~generally~~are ~~from~~fulfilled ~~more~~immediately ~~than~~after ~~one~~the ~~supplier.~~order ~~Our~~has ~~principal~~been placed ~~raw~~by ~~materials~~the ~~are~~customer ~~steel~~ and ~~cast~~would ~~iron.~~not ~~Our~~be ~~suppliers~~seen ~~and~~in ~~sources~~our backlog at the end of ~~raw~~a ~~materials~~reporting ~~are~~period. ~~based~~Orders included in ~~the~~our ~~U.S.~~backlog are subject to cancellation, delay ~~Europe~~or ~~and~~modifications ~~Asia~~by our customers prior to fulfillment. We ~~purchase steel~~sell atmany ~~market~~of ~~prices~~our products pursuant to contractual agreements, ~~which~~single-source relationships ~~fluctuate~~or aslong-term apurchase ~~result~~orders, each of ~~supply~~which ~~and~~may ~~demand~~permit ~~driven~~early termination by ~~economic~~the ~~conditions~~customer. inHowever, ~~the~~we ~~marketplace.~~believe ~~For~~that ~~further~~the unique ~~discussion~~nature of ~~the~~many ~~possible~~of ~~effects~~our ofproducts ~~changes~~prevents inother ~~the~~suppliers ~~cost~~from ofbeing ~~raw~~able ~~materials~~to satisfy customer orders on ~~our~~a ~~business,~~timely ~~see~~or ~~Part~~cost-effective Ibasis, thereby ~~Item~~making ~~1A.~~it ~~“Risk~~impracticable ~~Factors” of~~for ~~this~~our ~~Annual~~customers ~~Report~~to onshift ~~Form~~their ~~10-K~~purchase of these products to other suppliers.

~~Backlog~~Human Capital

~~Our~~RBC ~~order~~employs ~~backlog~~5,334 aspeople ~~of March~~worldwide. ~~30,~~Of ~~2024~~that, ~~was $726.1 compared to $663.8 as of April 1~~3,754 ~~2023. These figures exclude orders from our Sargent marine and Sargent aerospace businesses that~~ are ~~expected~~employed toat ~~be fulfilled more than 12 months after the balance sheet dates. Including all orders from~~ our ~~Sargent marine~~34 ~~and Sargent aerospace businesses, our backlog as of March 30, 2024 was $821~~U.~~5 compared to $759~~S.4 asfacilities ofand ~~April~~ 1,580 ~~2023. Many of our orders~~ are ~~fulfilled~~employed ~~immediately~~at ~~after the order has been placed by the customer and would not be seen in~~ our ~~backlog~~20 atinternational ~~the~~facilities ~~end~~located ~~of a reporting period. Orders included~~ in ~~our backlog are subject to cancellation~~Australia, ~~delay or modifications by our customers prior to fulfillment.~~ WeCanada, ~~sell~~England, ~~many~~France, ofGermany, ~~our~~India, ~~products pursuant to contractual agreements~~Mexico, ~~single-source~~the ~~relationships~~People’s orRepublic ~~long-term~~of ~~purchase orders~~China, ~~each~~Poland ofand ~~which may permit early termination by the customer~~Switzerland. ~~However,~~The wemajority ~~believe that the unique nature~~ of ~~many of~~ our ~~products prevents other suppliers~~personnel ~~from~~are ~~being~~RBC ~~able~~employees torather ~~satisfy~~than ~~customer~~independent ~~orders~~contractors, ontemporaries ~~a timely~~ or ~~cost~~third-~~effective~~party-labor-provider ~~basis, thereby making it impracticable for our customers to shift their purchase of these products to other suppliers~~personnel.

~~Human~~Our human capital objective ~~Capital~~is to attract and retain high-performing people who can work in a culture that fosters innovation and continuous improvement. To achieve that objective, we maintain an aggressive talent recruitment program, a fair and competitive compensation program, an on-going training and development program, and an ethical and safe work environment.

~~RBC~~Talent ~~employs~~Recruitment. Critical ~~5,302~~to ~~people~~our ~~worldwide. Of~~success is that, ~~3,738~~we ~~are~~have ~~employed~~a atdeep ~~our~~and 35talented ~~U.S.~~pool ~~facilities~~of ~~and~~engineers ~~1,564~~who ~~are~~oversee ~~employed~~the atproduction of our 19current ~~international~~products ~~facilities~~to ~~located~~the highest ~~in Canada~~standards, ~~Mexico~~work directly with customers on applications, and direct the research and development for new products. To maintain ~~France,~~that ~~Switzerland,~~talent ~~Germany~~pool, ~~Poland,~~we ~~India,~~actively ~~Australia,~~recruit ~~China~~engineers from over 40 colleges and ~~England~~universities around the U.S. ~~The~~In ~~majority~~addition, ofwe ~~our~~have ~~personnel~~developed deep ~~are~~collaborative ~~RBC~~relationships ~~employees~~with ~~rather~~a ~~than independent~~select ~~contractors~~group of schools, ~~temporaries~~including orinternship ~~third-party~~and ~~labor~~trainee ~~provider~~programs ~~personnel~~with several of these schools.

~~Our~~Compensation. We offer ~~human~~fair ~~capital~~and ~~objective~~competitive iscompensation to ~~attract~~our ~~and~~employees. ~~retain~~Our ~~high-performing~~employee ~~people~~benefits ~~who~~package ~~can~~includes ~~work~~medical, indental aand ~~culture~~vision ~~that~~coverage, ~~fosters~~life ~~innovation~~insurance, supplemental disability coverage, and ~~continuous improvement.~~401(k) Toand ~~achieve~~supplemental ~~that~~employee ~~objective~~retirement plans. In addition, weparticipation ~~maintain~~in anour ~~aggressive~~long-term ~~talent~~equity incentive ~~recruitment~~plan ~~program~~goes very deep in our organization, aproviding ~~fair~~employees ~~and~~with ~~competitive~~equity compensation/awards ~~program, an~~that ~~on-going~~they ~~training~~might ~~and~~not ~~development~~receive ~~program,~~if they ~~and~~worked anfor ~~ethical~~one ~~and~~of ~~safe~~our ~~work environment~~competitors.

~~Talent Recruitment~~Training. ~~Critical~~An toimportant part ~~our~~of ~~success~~achieving isour ~~that~~human wecapital ~~have~~objective ais ~~deep~~our ~~and~~in-house ~~talented~~training ~~pool~~programs of– ~~engineers~~RBC ~~who~~University, ~~oversee~~Materials ~~the~~University, ~~production of our current~~Mechanical ~~products~~Engineering toTraining and the ~~highest~~Customer, ~~standards~~Application, ~~work~~Product ~~directly~~Training ~~with~~(CAPT) ~~customers~~Program. onThese ~~applications,~~programs ~~and~~provide ~~direct~~our ~~the~~employees ~~research~~with ~~and~~a ~~development for new products.~~uniform Tofoundation ~~maintain~~regarding ~~that~~how ~~talent pool,~~ we ~~actively~~do ~~recruit~~business, ~~engineers~~expand ~~from~~their ~~over~~subject 40matter ~~colleges~~expertise, and ~~universities~~develop ~~around~~ the ~~U.S.~~various Inleadership ~~addition,~~positions weacross ~~have~~our ~~developed~~organization, ~~deep~~including ~~collaborative~~plant ~~relationships~~management ~~with~~and ageneral ~~select~~management. ~~group~~We ofalso ~~schools,~~offer ~~including~~a ~~internship~~tuition ~~and~~reimbursement ~~trainee~~program ~~programs~~for ~~with~~many ~~several~~employees ofwishing ~~these~~to ~~schools~~further their classroom education in their chosen field.

~~Compensation~~Ethics. We expect ~~offer~~our ~~fair~~personnel ~~and competitive compensation~~ to ~~our~~conduct ~~employees.~~the ~~Our~~business ~~employee~~of ~~benefits~~RBC ~~package~~in ~~includes~~a ~~medical,~~legal ~~dental~~ and ~~vision~~ethical ~~coverage, life~~manner. ~~insurance,~~To ~~supplemental~~ensure ~~disability~~that ~~coverage,~~they ~~and~~do ~~401(k) and supplemental employee retirement plans. In addition~~that, ~~participation in~~ our ~~long-term~~people ~~equity~~are ~~incentive~~required to ~~plan~~comply ~~goes~~at ~~very~~all ~~deep~~times inwith our ~~organization,~~corporate ~~providing~~Code ~~employees~~of ~~with~~Conduct, ~~equity~~which ~~compensation/awards~~among ~~that~~other ~~they might~~things ~~not~~requires ~~receive~~them ~~if they worked for one of our competitors.~~to:

~~Training.~~● Andeal ~~important part~~fairly of achieving our human capital objective is our in-house training programs – RBC University, Materials University, Mechanical Engineering Training and the Customer, Application, Product Training (CAPT) Program. These programs provide our employees with ~~a uniform foundation regarding how we do business, expand~~ their ~~subject~~coworkers ~~matter expertise,~~ and ~~develop~~RBC’s ~~the various leadership positions across our organization~~customers, ~~including~~suppliers ~~plant management~~ and ~~general management. We also offer a tuition reimbursement program for many employees wishing to further their classroom education in their chosen field.~~competitors,

~~Ethics. We~~● ~~expect our personnel to conduct the business of RBC in a legal and ethical manner. To ensure that they do that, our people are required to~~ comply atwith all ~~times~~applicable ~~with our corporate Code of Conduct~~laws, ~~which among other things requires them to:~~

● ~~deal~~protect ~~fairly with their coworkers and~~ RBC’s ~~customers,~~proprietary ~~suppliers~~information and ~~competitors~~other assets, and

● ~~comply~~avoid ~~with~~conflicts ~~all~~of ~~applicable~~interest ~~laws,~~with RBC.

●Workplace ~~protect~~Safety. Safety is of paramount importance to RBC’s ~~proprietary~~and ~~information~~so we go to great lengths in striving for a zero-incident workplace that is consistent with our mandate to produce the highest quality, highly engineered components for our customers. Our general managers and ~~other~~operations ~~assets~~managers are charged with creating and maintaining the highest standards of safety for employees, visitors and the local community through the use of industry best practices at their facilities. Monthly, each of our facilities reports to senior leadership on key safety metrics and we maintain a proactive approach in assessing and mitigating risk through root cause analysis, communication, training and teamwork.

~~● avoid conflicts of interest with RBC.~~6

~~Workplace Safety.~~Intellectual ~~Safety~~Property is of paramount importance to RBC and so we go to great lengths in striving for a zero-incident workplace that is consistent with our mandate to produce the highest quality, highly engineered components for our customers. Our general managers and operations managers are charged with creating and maintaining the highest standards of safety for employees, visitors and the local community through the use of industry best practices at their facilities. Monthly, each of our facilities reports to senior leadership on key safety metrics and we maintain a proactive approach in assessing and mitigating risk through root cause analysis, communication, training and teamwork.

6We own U.S. and foreign patents and trademark registrations and U.S. copyright registrations and have U.S. trademark and patent applications pending. We file patent applications and maintain patents to protect certain technology, inventions and improvements that are important to the development of our business, and we file trademark applications and maintain trademark registrations to protect product names that have achieved brand-name recognition among our customers. We also rely upon trade secrets, know-how and continuing technological innovation to develop and maintain our competitive position. Many of our brands are well recognized by our customers and are considered valuable assets of our business. We do not believe, however, that any individual item of intellectual property is material to our business.

~~Intellectual Property~~ Regulation

~~We own~~Product UApprovals.S. Essential ~~and~~to ~~foreign~~servicing ~~patents~~the ~~and~~aerospace ~~trademark registrations~~ and ~~U.S.~~defense ~~copyright~~markets ~~registrations~~is ~~and~~the ~~have~~ability ~~U.S.~~to ~~trademark~~obtain ~~and~~product ~~patent applications pending~~approvals. We ~~file~~have ~~patent~~a ~~applications~~substantial ~~and~~number ~~maintain~~of ~~patents to protect certain technology, inventions and improvements that are important~~product toapprovals in the ~~development~~form of ~~our~~OEM ~~business,~~approvals ~~and~~or weParts ~~file~~Manufacturer ~~trademark~~Approvals, ~~applications~~or ~~and~~“PMAs,” ~~maintain~~from ~~trademark~~the ~~registrations to protect product names that have achieved brand-name recognition among our customers~~FAA. We also ~~rely~~have ~~upon~~a ~~trade~~number ~~secrets, know-how and continuing technological~~of ~~innovation~~active toPMA ~~develop~~applications ~~and~~in ~~maintain~~process. ~~our~~These ~~competitive~~approvals ~~position.~~enable ~~Many~~us ofto ~~our~~provide ~~brands~~products ~~are~~used ~~well~~in ~~recognized~~virtually byall ~~our~~domestic ~~customers~~aircraft ~~and~~platforms ~~are considered~~presently ~~valuable~~in ~~assets~~production ofor ~~our business~~operation. ~~We do not believe, however, that any individual item of intellectual property is material to our business.~~

~~Regulation~~We are subject to various other federal laws, regulations and standards. New laws, regulations or standards or changes to existing laws, regulations or standards could subject us to significant additional costs of compliance or liabilities and could result in material reductions to our results of operations, cash flow or revenues.

~~Product Approvals.~~Environmental Essential to servicing the aerospace and defense markets is the ability to obtain product approvals. We have a substantial number of product approvals in the form of OEM approvals or Parts Manufacturer Approvals, or “PMAs,” from the FAA. We also have a number of active PMA applications in process. These approvals enable us to provide products used in virtually all domestic aircraft platforms presently in production or operation.Matters

We are subject to ~~various~~federal, state ~~other~~and ~~federal~~local environmental laws, and regulations, including those governing discharges of pollutants into the air and ~~standards~~water, the storage, handling and disposal of wastes and the health and safety of employees. ~~New~~We ~~laws~~also may be liable under the Comprehensive Environmental Response, Compensation, ~~regulations~~and Liability Act or ~~standards~~similar state laws for the costs of investigation and clean-up of contamination at facilities currently or ~~changes~~formerly toowned ~~existing~~or ~~laws~~operated by us, ~~regulations~~ or ~~standards~~at ~~could~~other ~~subject~~facilities usat towhich ~~significant~~we ~~additional~~have ~~costs~~disposed of ~~compliance~~hazardous orsubstances. ~~liabilities~~In connection with such contamination, we may also be liable for natural resource damages, U.S. government penalties and ~~could~~claims ~~result~~by inthird ~~material~~parties for personal ~~reductions~~injury and property damage. Agencies responsible for enforcing these laws have authority to ~~our~~impose ~~results~~significant civil or criminal penalties for non-compliance. We believe we are currently in material compliance with all applicable requirements of ~~operations,~~environmental ~~cash~~laws. ~~flow~~We ordo ~~revenues~~not anticipate material capital expenditures for environmental compliance in fiscal year 2026.

~~Environmental Matters~~Available Information

We ~~are~~ ~~subject~~file toour ~~federal~~annual, ~~state~~ quarterly and ~~local~~current ~~environmental~~reports, ~~laws~~proxy ~~and regulations~~statements, ~~including~~and ~~those~~other ~~governing~~documents ~~discharges~~with ~~of pollutants into~~ the ~~air~~ ~~and~~Securities ~~water,~~Exchange ~~the~~Commission ~~storage,~~(“SEC”) ~~handling~~under ~~and disposal of wastes and~~ the ~~health~~Securities Exchange ~~and~~Act ~~safety~~ of ~~employees~~1934. WeThe ~~also~~public may beread ~~liable under the Comprehensive Environmental Response, Compensation,~~ and ~~Liability~~copy ~~Act~~any ormaterials ~~similar~~filed ~~state~~with ~~laws for~~ the ~~costs~~SEC ofat ~~investigation~~the ~~and~~SEC’s ~~clean-up~~Office of ~~contamination at~~Investor ~~facilities~~Education ~~currently~~and Advocacy orat ~~formerly~~100F ~~owned~~Street, orNE, ~~operated by us~~Washington, orD.C. ~~at other facilities at which we have disposed of hazardous substances~~20549. In ~~connection~~The ~~with~~public ~~such contamination, we~~ may ~~also~~obtain beinformation ~~liable~~on ~~for~~the ~~natural~~operation ~~resource~~of ~~damages,~~the ~~U.S.~~Office ~~government~~of ~~penalties~~Investor Education and ~~claims~~Advocacy by ~~third parties~~calling ~~for~~the ~~personal~~SEC ~~injury~~at ~~and property damage~~1–800–SEC–0330. ~~Agencies~~Also, ~~responsible~~the ~~for~~SEC ~~enforcing~~maintains ~~these~~an ~~laws~~Internet ~~have~~website ~~authority~~that tocontains ~~impose significant civil~~reports, orproxy ~~criminal~~and ~~penalties~~information ~~for~~statements, ~~non-compliance.~~and Weother ~~believe~~information weregarding ~~are~~issuers ~~currently~~that infile ~~material~~electronically ~~compliance~~ with ~~all~~the ~~applicable requirements of environmental laws~~SEC. WeThe dopublic ~~not~~can ~~anticipate~~obtain any ~~material~~documents ~~capital~~that ~~expenditures~~are ~~for~~filed ~~environmental~~by ~~compliance~~us inat ~~fiscal year 2025~~http://www.sec.gov.

~~Available~~In addition, this Annual Report ~~Information~~on Form 10-K and our other periodic filings with the SEC (including our quarterly reports on Form 10-Q and current reports on Form 8-K), any amendments to any of the foregoing, and our governance documents are made available free of charge on our website (https://investor.rbcbearings.com) as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. Copies of the above reports and documents will also be provided free of charge upon written request to us.

We file our annual, quarterly and current reports, proxy statements, and other documents with the Securities Exchange Commission (“SEC”) under the Securities Exchange Act of 1934. The public may read and copy any materials filed with the SEC at the SEC’s Office of Investor Education and Advocacy at 100F Street, NE, Washington, D.C. 20549. The public may obtain information on the operation of the Office of Investor Education and Advocacy by calling the SEC at 1–800–SEC–0330. Also, the SEC maintains an Internet website that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. The public can obtain any documents that are filed by us at http://www.sec.gov.7

~~In addition,~~ITEM this Annual Report on Form 10-K, as well as our quarterly reports on Form 10-Q, current reports on Form 8-K, any amendments to any of the foregoing reports, and our governance documents, are made available free of charge on our website (http://www1A.~~rbcbearings.com) as~~ ~~soon~~RISK as reasonably practicable after such reports are electronically filed with or furnished to the SEC. Copies of the above reports and documents will also be provided free of charge upon written request to us.FACTORS

7Cautionary Statement as to Forward-Looking Information

~~ITEM~~This report includes “forward-looking 1Astatements” within the meaning of the safe harbor provisions of the U.S. ~~RISK~~Private ~~FACTORS~~Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including: projections of earnings, cash flows, revenue or other financial items; statements of the plans, strategies and objectives of management for future operations; statements concerning proposed new services or developments; statements regarding future economic conditions or performance or future growth rates in the markets we serve; statements regarding future raw material costs or supply; statements of belief; and statements of assumptions underlying any of the foregoing. Forward-looking statements may include the words “may,” “could,” “estimate,” “intend,” “plan,” “continue,” “believe,” “expect,” “anticipate” or other comparable terminology, or the negative of such terms.

~~Cautionary~~Although we believe that the ~~Statement~~expectations and assumptions reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition, results of operations, and cash flows, as well as any forward-looking statements, are subject to ~~Forward~~change and to inherent risks and uncertainties, such as those disclosed in this Annual Report on Form 10-~~Looking~~K. ~~Information~~Factors that could cause our actual results, performance and achievements or industry results to differ materially from estimates or projections contained in forward-looking statements include, among others, the following:

~~This report~~● ~~includes~~The ~~“forward-looking~~Company’s ~~statements”~~failure ~~within~~to ~~the~~maintain ~~meaning~~effective ofdisclosure ~~the~~controls ~~safe~~and ~~harbor~~procedures ~~provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal~~ and ~~state~~internal ~~securities~~control ~~laws,~~over ~~including: projections of earnings, cash flows, revenue or other~~ financial ~~items~~reporting; statements of the plans, strategies and objectives of management for future operations; statements concerning proposed new services or developments; statements regarding future economic conditions or performance or future growth rates in the markets we serve; statements regarding future raw material costs or supply; statements of belief; and statements of assumptions underlying any of the foregoing. Forward-looking statements may include the words “may,” “could,” “estimate,” “intend,” “plan,” “continue,” “believe,” “expect,” “anticipate” or other comparable terminology, or the negative of such terms.

~~Although we~~● ~~believe~~Competition ~~that~~in the ~~expectations and assumptions reflected in any of our forward-looking statements are reasonable~~bearings, ~~actual~~engineered ~~results~~components ~~could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition, results of operations,~~ and ~~cash~~essential ~~flows,~~systems as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, such as those disclosed in this Annual Report on Form 10-K. Factors that could cause our actual results, performance and achievements or industry results to differ materially from estimates or projections contained in forward-looking statements include, among others, the following:industries;

● ~~The~~Weaknesses ~~Company’s~~or ~~failure~~cyclicality toin ~~maintain~~any ~~effective~~of ~~disclosure~~the ~~controls~~industries ~~and~~in ~~procedures~~which ~~and~~our ~~internal~~customers ~~control over financial reporting~~operate;

● ~~Competition~~Future reductions in ~~the~~U.S. ~~bearings,~~governmental ~~engineered~~spending ~~components~~or ~~and~~changes ~~essential~~in ~~systems~~governmental ~~industries~~programs, particularly military equipment procurement programs;

● ~~Weaknesses~~The orloss ~~cyclicality~~of inone ~~any~~or more of our significant customers or conditions that adversely affect the ~~industries~~business inof ~~which~~any of our ~~customers~~significant ~~operate~~customers;

● ~~Future~~Our ~~reductions~~ability into ~~U.S.~~obtain ~~governmental~~and ~~spending~~retain orproduct ~~changes in governmental programs, particularly military equipment procurement programs~~approvals;

● ~~The~~Supply ~~loss~~and costs of ~~one~~raw ormaterials ~~more~~(particularly ofsteel) ~~our~~and ~~significant~~energy ~~customers~~resources, the imposition or ~~conditions~~increase ~~that~~of ~~adversely~~import ~~affect~~tariffs, ~~the~~and ~~business~~our ofability ~~any~~to ofpass ~~our~~through ~~significant~~these ~~customers~~costs on a timely basis;

● Our ability to ~~obtain~~acquire and ~~retain~~integrate ~~product~~complementary ~~approvals~~businesses;

● ~~Supply~~Unanticipated ~~and~~liabilities ~~costs~~ of ~~raw~~acquired ~~materials (particularly steel) and energy resources, the imposition of import tariffs, and our ability to pass through these costs on a timely basis~~businesses;

● ~~Our~~Unexpected ~~ability~~equipment tofailures ~~acquire~~or ~~and~~catastrophic ~~integrate complementary businesses~~events;

● ~~Unanticipated~~Our ~~liabilities~~ability ofto ~~acquired~~attract ~~businesses~~and retain our management team and other highly skilled personnel;

● ~~Unexpected~~Work ~~equipment~~stoppages ~~failures~~and other labor problems affecting us or ~~catastrophic~~our ~~events~~customers or suppliers;

● ~~Our~~Changes ~~ability~~in totrade ~~attract~~agreements or treaties and ~~retain~~the ~~our~~imposition ~~management~~or ~~team~~increase ~~and~~of ~~other~~tariffs ~~highly~~on ~~skilled~~our ~~personnel~~goods exported to other countries;

● ~~Work~~Regulatory ~~stoppages~~changes ~~and~~or ~~other~~developments ~~labor~~in ~~problems~~the ~~affecting~~U.S. us or ~~our~~in ~~customers~~foreign countries where we produce or ~~suppliers~~sell products;

● ~~Changes~~Developments ~~in trade agreements~~ or ~~treaties~~disputes ~~and~~concerning ~~the~~patents ~~imposition~~or ~~of tariffs on our goods exported to~~ other ~~countries~~proprietary rights;

● ~~Regulatory~~Risks ~~changes~~associated orwith ~~developments~~utilizing ininformation ~~the~~technology ~~U.S.~~systems, orincluding incyber ~~foreign countries where we produce or sell products~~events;

● ~~Developments~~Risks orassociated ~~disputes~~with ~~concerning~~operating ~~patents~~internationally, orincluding ~~other~~currency ~~proprietary~~translation ~~rights~~risks;

● ~~Risks~~Investors’ ~~associated~~perceptions ~~with~~of ~~utilizing~~us ~~information~~and ~~technology~~our ~~systems, including cyber events~~industry;

● ~~Risks~~The ~~associated~~cancellation ~~with~~of ~~operating~~orders ~~internationally,~~in ~~including~~our ~~currency translation risks~~backlog;

● ~~Investors’~~Possible ~~perceptions~~liability ofand usrecalls ~~and~~with respect to our ~~industry~~products;

● ~~The~~Risks ~~cancellation~~associated with the substantial amount of ~~orders~~goodwill inthat ~~our~~we ~~backlog~~have;

● ~~Possible~~Risks ~~liability~~associated ~~and~~with ~~recalls~~the ~~with~~substantial ~~respect~~amount of debt we incurred to ~~our~~finance ~~products~~the Dodge acquisition; and

● ~~Risks~~Other ~~associated~~risks ~~with~~and ~~the~~uncertainties ~~substantial~~including ~~amount~~but ofnot ~~goodwill~~limited ~~that~~to wethose ~~have;~~described from time to time in our current and quarterly reports filed with the SEC.

●These ~~Risks~~and ~~associated~~additional ~~with~~factors that ~~the~~could ~~substantial~~cause ~~amount~~actual results to differ materially from our forward-looking statements are set forth in this Annual Report on Form 10-K under Part I, Item 1. “Business,” Part I, Item 1A. “Risk Factors,” Part II, Item 7. “Management’s Discussion and Analysis of ~~debt~~Financial weCondition ~~incurred~~and toResults ~~finance~~of ~~the~~Operations,” ~~Dodge~~and ~~acquisition;~~Part II, Item 8. “Financial Statements and Supplementary Data.” All forward-looking statements contained in this report and any subsequently filed reports are expressly qualified in their entirety by these cautionary statements.

●We ~~Other~~have ~~risks~~no ~~and~~duty ~~uncertainties~~to ~~including~~update any ~~but~~forward-looking ~~not~~statements ~~limited~~after the date of this report to ~~those~~conform ~~described~~such ~~from~~statements ~~time~~to actual results or to ~~time~~changes in our ~~current~~expectations. You ~~and~~are ~~quarterly~~advised, ~~reports~~however, ~~filed~~to review any disclosures we make on related subjects in our future periodic filings with the SEC.

These and additional factors that could cause actual results to differ materially from our forward-looking statements are set forth in this Annual Report on Form 10-K under Part I, Item 1. “Business,” Part I, Item 1A. “Risk Factors~~,” Part II, Item 7.~~ ~~“Management’s~~Relating ~~Discussion~~to ~~and~~Our Analysis of Financial Condition and Results of Operations,” and Part II, Item 8. “Financial Statements and Supplementary Data.” All forward-looking statements contained in this report and any subsequently filed reports are expressly qualified in their entirety by these cautionary statements.Company

WeOur business, operating results, ~~have~~cash noflows ~~duty~~or tofinancial ~~update~~condition ~~any~~could ~~forward-looking~~be ~~statements~~materially ~~after~~adversely ~~the~~affected ~~date~~by any of ~~this~~the ~~report~~following torisks. ~~conform~~The ~~such~~trading ~~statements~~price toof ~~actual~~our ~~results~~common stock orcould ~~to changes~~decline indue ~~our~~to ~~expectations.~~any ~~You~~of ~~are~~these ~~advised~~risks, ~~however,~~and toyou ~~review~~could ~~any~~lose ~~disclosures~~all weor ~~make~~part onof ~~related~~your ~~subjects~~investment. inYou ~~our~~should ~~future~~carefully ~~periodic~~consider ~~filings~~these ~~with~~risks ~~the~~before ~~SEC~~investing in shares of our common stock.

~~Risk~~The Company’s failure to maintain ~~Factors~~effective ~~Relating~~disclosure controls and procedures and internal control over financial reporting could result in material misstatements in our financial statements and a failure to ~~Our~~meet our reporting and financial obligations, each of which could have a material adverse effect on the Company’s financial condition and the trading price of our common stock.

~~Our business,~~A ~~operating~~material ~~results,~~weakness ~~cash~~in ~~flows~~a orcompany’s internal ~~financial~~control ~~condition~~over ~~could~~financial bereporting ~~materially~~is ~~adversely~~a ~~affected~~deficiency, byor ~~any~~a combination of ~~the~~deficiencies, ~~following~~in ~~risks. The~~internal ~~trading~~control ~~price~~over offinancial ~~our~~reporting such ~~common~~that ~~stock~~there oris ~~preferred~~a ~~stock~~reasonable ~~could~~possibility ~~decline~~that ~~due~~a tomaterial ~~any~~misstatement of ~~these~~that ~~risks,~~company’s ~~and~~annual ~~you could lose all~~ or ~~part~~interim offinancial ~~your~~statements ~~investment.~~will ~~You~~not ~~should~~be ~~carefully~~prevented ~~consider~~or ~~these~~detected ~~risks~~on ~~before~~a ~~investing~~timely ~~in shares of our common stock or preferred stock~~basis.

~~The~~During the first quarter of ~~Company’s~~fiscal ~~failure~~year to2023, ~~maintain~~the ~~effective~~Company’s ~~disclosure~~management ~~controls~~identified ~~and~~a ~~procedures~~material ~~and~~weakness in internal control over financial reporting ~~could~~related to ~~result~~the indesign ~~material~~of ~~misstatements~~our incontrol ~~our~~to ~~financial~~consider ~~statements~~all relevant terms within executive employment agreements and the related application of relevant authoritative accounting guidance for stock-based compensation, a ~~failure~~non-cash toitem. ~~meet~~Management ~~our~~then re-evaluated its assessment of the effectiveness of internal control over financial reporting and ~~financial~~its ~~obligations,~~disclosure ~~each~~controls ofand ~~which~~procedures and concluded that they were not effective as ~~could~~of ~~have~~April a2, ~~material~~2022, ~~adverse~~making ~~effect~~it onnecessary for the Company’s to restate the financial ~~condition~~statements for fiscal years 2022, 2021 and ~~the~~2020. ~~trading~~Although we ~~price~~have ofremediated ~~our~~this ~~common~~material ~~stock~~weakness, there can be no assurance that additional material weaknesses will not occur in the future.

~~A material~~If ~~weakness~~the inCompany ais ~~company’s~~unable to maintain effective internal control over financial reporting isin athe ~~deficiency~~future, orour aability ~~combination~~to ~~of deficiencies~~record, ~~in internal~~process ~~control~~and ~~over~~report financial ~~reporting~~information timely ~~such~~and ~~that~~accurately ~~there~~could isbe aadversely ~~reasonable~~affected, ~~possibility~~which ~~that~~could asubject ~~material~~the ~~misstatement~~Company ofto ~~that~~litigation ~~company’s annual~~ or ~~interim~~investigations, ~~financial~~require ~~statements~~management resources, ~~will~~increase ~~not~~costs, benegatively ~~prevented~~affect orinvestor ~~detected~~confidence onand aadversely ~~timely~~impact ~~basis~~our stock price.

~~During the~~The ~~first quarter of fiscal year 2023~~bearings, ~~the~~engineered ~~Company’s~~components ~~management identified a material weakness in internal control over financial reporting related to the design of our control to consider all relevant terms within executive employment agreements~~ and ~~the related~~ ~~application~~essential ofsystems ~~relevant~~industries ~~authoritative~~are ~~accounting~~highly ~~guidance for stock-based compensation~~competitive, ~~a non-cash item. Management then re-evaluated its assessment of the effectiveness of internal control over financial reporting~~ and ~~its~~competition ~~disclosure~~could ~~controls~~reduce ~~and~~our ~~procedures~~profitability ~~and~~or ~~concluded that~~limit ~~they~~our ~~were~~ability ~~not effective as of April 2, 2022, making it necessary for the Company~~ to ~~restate the financial statements for fiscal years 2022, 2021 and 2020~~grow. ~~Although we have remediated this material weakness, there can be no assurance that additional material weaknesses will not occur in the future.~~

IfThe global bearings, engineered ~~the~~components ~~Company~~and isessential ~~unable~~systems industries are highly competitive, and we compete with many U.S. and non-U.S. companies, some of which benefit from lower labor costs and fewer regulatory burdens than us. We compete primarily based on product qualifications, product line breadth, service and price. Certain competitors may be better able to ~~maintain~~manage ~~effective~~costs ~~internal~~than ~~control~~us ~~over~~or may have greater financial ~~reporting~~resources than we have. Due to the competitiveness in the ~~future~~bearings, ~~our~~engineered ~~ability~~components toand ~~record,~~essential ~~process~~systems ~~and~~industries we may not be able to increase ~~report~~prices ~~financial~~for ~~information~~our ~~timely~~products to cover increases in our costs, and ~~accurately~~we ~~could~~may beface ~~adversely~~pressure ~~affected~~to reduce prices, which could ~~subject~~materially ~~the~~reduce ~~Company~~our revenues, tocash ~~litigation~~flows orand ~~investigations, require~~profitability. ~~management~~Competitive ~~resources~~factors, ~~increase~~including ~~costs~~changes in market penetration, ~~negatively~~increased ~~affect~~price ~~investor~~competition ~~confidence~~and the introduction of new products and ~~adversely~~technology ~~impact~~by existing and new competitors, could result in a material reduction in our ~~stock~~revenues, cash ~~price~~flows and profitability.

The ~~bearings~~ loss of a major customer, ~~engineered~~or ~~components~~a ~~and~~material adverse ~~essential~~change ~~systems~~in ~~industries~~a ~~are~~major ~~highly~~customer’s ~~competitive~~business, ~~and~~could ~~competition~~result ~~could~~in ~~reduce~~a ~~our~~material ~~profitability or~~reduction ~~limit~~in our ~~ability~~revenues, tocash ~~grow~~flows and profitability.

~~The global~~Our ~~bearings,~~top ~~engineered~~ten ~~components~~customers ~~and~~collectively accounted ~~essential~~for ~~systems~~approximately ~~industries are highly competitive~~44%, ~~and~~44% ~~we compete with many U.S.~~ and ~~non-U.S. companies,~~41% ~~some~~ of ~~which~~our ~~benefit~~net ~~from~~sales ~~lower~~during ~~labor~~fiscal ~~costs and fewer regulatory burdens than us. We compete primarily based on product qualifications~~2025, ~~product~~ ~~line~~2024 ~~breadth, service~~ and ~~price.~~2023, ~~Certain competitors may be better able to manage costs than us or may have greater financial resources than we have~~respectively. ~~Due~~Accordingly, to the ~~competitiveness~~loss ~~in the bearings, engineered components and essential systems industries we may not~~of beone ~~able~~or tomore ~~increase~~of ~~prices~~those ~~for~~customers ~~our~~or ~~products~~a tosubstantial ~~cover~~decrease ~~increases~~ in ~~our~~those ~~costs,~~customers’ ~~and~~purchases wefrom ~~may~~us ~~face~~could ~~pressure~~result toin ~~reduce~~a ~~prices,~~material ~~which~~reduction ~~could materially~~in ~~reduce~~ our revenues, cash flows and profitability. ~~Competitive~~If ~~factors,~~one ~~including changes in market penetration, increased price competition and the introduction~~ of ~~new~~our ~~products~~major ~~and~~customers ~~technology~~were byto ~~existing~~experience ~~and~~an ~~new~~adverse ~~competitors,~~change ~~could result~~ in aits ~~material~~business, ~~reduction~~that incustomer could ~~our~~reduce ~~revenues, cash~~its ~~flows~~purchases ~~and~~from ~~profitability~~us.

The consolidation and combination ~~loss~~of manufacturers could eliminate customers and/or put downward pricing pressures on sales of acomponent ~~major~~parts. ~~customer~~In addition, if one of our customers is acquired or amerged ~~material~~with ~~adverse~~another ~~change~~entity, inthe new entity may discontinue using us as a ~~major~~supplier ~~customer’s~~because of an existing business relationship between one of our competitors and the acquiring company, or because it may be more efficient to consolidate certain suppliers within the newly formed enterprise. The significance of the impact that such consolidations could ~~result~~have inon aour ~~material~~business ~~reduction~~is difficult to predict because we do not know when or if one or more of our customers will engage in merger or acquisition activity. However, if such activity involved our material customers it could materially impact our revenues, cash flows and profitability.

Our top ten customers collectively accounted for approximately 44%, 41% and 36% of our net sales during fiscal 2024, 2023 and 2022, respectively. Accordingly, the loss of one or more of those customers or a substantial decrease in those customers’ purchases from us could result in a material reduction in our revenues, cash flows and profitability. If one of our major customers were to experience an adverse change in its business, that customer could reduce its purchases from us.9

~~The consolidation~~Weakness ~~and~~in ~~combination~~any of ~~manufacturers could eliminate customers and/or put downward pricing pressures on sales of component parts. For example,~~ the ~~consolidation~~industries ~~that has occurred~~ in ~~the defense industry in recent years has reduced the overall number of defense~~which ~~contractors. In addition, if one of~~ our customers ~~is acquired or merged with another entity~~operate, ~~the~~as ~~new~~well ~~entity may discontinue using us~~ as ~~a supplier because of an existing business relationship between one of our competitors and~~ the ~~acquiring~~cyclical ~~company,~~nature ~~or because it may be more efficient to consolidate certain suppliers within the newly formed enterprise. The significance~~ of ~~the impact that such consolidations could have on~~ our ~~business is difficult to predict because we do not know when or if one or more of our~~ customers’ ~~will~~businesses ~~engage in merger or acquisition activity. However~~generally, ~~if such activity involved our material customers it~~ could materially ~~impact~~reduce our revenues, cash ~~flows~~ flows and profitability.

9The mining and construction equipment and other diversified industrial industries to which we sell our products are, to varying degrees, cyclical and tend to decline in response to overall declines in industrial production. Margins in those industries are highly sensitive to demand cycles, and our customers (or our customers’ customers) in those industries historically have tended to delay large capital purchases and projects, including expensive maintenance and upgrades, during economic downturns. As a result, our business is also cyclical, and the demand for our products by these customers depends, in part, on overall levels of industrial production, general economic conditions, and business confidence levels. Many of our customers have historically experienced periodic downturns, which often have had a negative effect on demand for our products. Future downward economic cycles or customer downturns could reduce sales of our products resulting in reductions in our revenues, cash flows and profitability.

~~Weakness in~~Future ~~any~~reductions ofor ~~the~~changes ~~industries~~ in ~~which~~U.S. ~~our~~government spending ~~customers~~could ~~operate,~~negatively asaffect ~~well as the cyclical nature of~~ our ~~customers’ businesses generally, could materially reduce our revenues, cash flows and profitability~~business.

~~The~~In ~~mining~~fiscal ~~and~~2025, ~~construction~~approximately ~~equipment~~3% ~~and~~of ~~other~~our ~~diversified~~net ~~industrial~~sales ~~industries~~were tomade ~~which~~directly, and we ~~sell~~estimate ~~our~~that ~~products~~approximately ~~are,~~an toadditional ~~varying~~9% ~~degrees,~~of ~~cyclical~~our ~~and~~net ~~tend~~sales towere ~~decline in~~made ~~response~~indirectly, to the ~~overall declines in industrial production~~U.S. ~~Margins~~government into ~~those~~support ~~industries~~military ~~are~~or ~~highly~~other ~~sensitive~~government toprojects. ~~demand~~Our ~~cycles,~~failure ~~and our customers~~ (or ~~our~~the ~~customers’~~failure ~~customers)~~of inour ~~those~~customers ~~industries~~that ~~historically~~are ~~have~~prime ~~tended~~ contractors to ~~delay~~the ~~large~~government) ~~capital~~to ~~purchases~~obtain ~~and~~new ~~projects~~government contracts, ~~including expensive~~the ~~maintenance~~cancellation ~~and~~of ~~upgrades,~~government ~~during~~contracts ~~economic~~relating ~~downturns.~~to Asour ~~a result~~products, ~~our~~or ~~business~~reductions in isfederal ~~also~~budget ~~cyclical,~~appropriations ~~and~~for ~~the~~programs ~~demand~~in ~~for~~which our products by ~~these~~are ~~customers~~used ~~depends,~~could inmaterially ~~part,~~reduce onour ~~overall levels of industrial production~~revenues, ~~general~~cash ~~economic~~flows ~~conditions,~~ and ~~business confidence levels~~profitability. A ~~Many~~reduction ofin ~~our~~federal ~~customers~~budget ~~have~~appropriations ~~historically~~relating ~~experienced~~to ~~periodic~~our ~~downturns,~~products ~~which~~could ~~often~~result ~~have~~from ~~had~~ a ~~negative~~shift ~~effect~~in ongovernment ~~demand~~defense ~~for~~spending ~~our~~to other ~~products.~~programs ~~Future~~in ~~downward~~which ~~economic~~we ~~cycles~~are ornot ~~customer~~involved ~~downturns~~or ~~could~~a ~~reduce~~reduction ~~sales~~in ofU.S. ~~our~~government ~~products~~defense ~~resulting~~spending ingenerally ~~reductions~~(due into ~~our~~budget ~~revenues,~~reduction initiatives ~~cash~~or ~~flows~~a ~~and~~shift ~~profitability~~in government spending priorities).

~~Future reductions~~Fluctuating orsupply ~~changes~~and incosts ~~U.S.~~of ~~government~~subcomponents, raw ~~spending~~materials and energy resources could ~~negatively~~materially ~~affect~~reduce our ~~business~~revenues, cash flows and profitability.

InOur ~~fiscal~~business ~~2024,~~is ~~approximately~~dependent 2%on ofthe ~~our~~availability ~~net~~and ~~sales~~costs ~~were~~of ~~made directly~~subcomponents, ~~and~~raw wematerials, ~~estimate~~particularly ~~that~~steel ~~approximately~~(generally anin ~~additional~~the 9%form of ~~our~~stainless ~~net~~and ~~sales~~chrome ~~were made indirectly~~steel, to ~~the~~which ~~U.S.~~are ~~government~~commodity tosteel ~~support~~products), ~~military~~and orenergy ~~other government projects~~resources. ~~Our~~The ~~failure~~availability ~~(or~~and ~~the~~prices ~~failure~~ of ~~our~~subcomponents, ~~customers~~raw ~~that~~materials ~~are~~and ~~prime~~energy ~~contractors~~resources may be subject to ~~the~~change ~~government)~~due to, ~~obtain~~among other things, new ~~government~~laws ~~contracts~~or regulations, ~~the~~economic ~~cancellation~~inflation, ofsuppliers’ ~~government~~allocations ~~contracts~~to ~~relating~~other purchasers, tointerruptions ~~our~~in ~~products,~~production or ~~reductions~~ deliveries by suppliers and changes in ~~federal~~exchange ~~budget~~rates ~~appropriations~~and ~~for~~supplier ~~programs~~costs inand ~~which~~profit ~~our~~expectations. Although ~~products~~we ~~are~~currently ~~used~~maintain ~~could~~alternative ~~materially~~supply ~~reduce~~sources, our ~~revenues,~~business ~~cash~~is ~~flows~~subject ~~and~~to ~~profitability. A~~the ~~reduction~~risk inof ~~federal~~price ~~budget~~fluctuations ~~appropriations~~and ~~relating~~periodic todelays in ~~our~~the ~~products~~delivery ~~could~~of ~~result~~certain ~~from~~subcomponents aor ~~shift~~raw materials. Disruptions in ~~government~~the ~~defense~~supply ~~spending~~of tosubcomponents, ~~other~~raw materials or energy resources ~~programs~~could intemporarily ~~which~~impair weour ~~are~~ability ~~not~~to ~~involved~~manufacture our products for our customers or arequire ~~reduction~~us to pay higher prices in ~~U.S.~~order ~~government~~to ~~defense~~obtain these ~~spending~~items ~~generally~~from ~~(due~~other tosources, ~~budget~~which ~~reduction~~could ~~initiatives or~~thereby aaffect ~~shift~~our innet ~~government~~sales ~~spending~~and ~~priorities)~~profitability.

~~Fluctuating~~Where our customer contracts ~~supply~~permit ~~and~~us to do so, we seek to pass through a significant portion of our additional costs to our customers through steel surcharges or price increases. However, many of ~~subcomponents~~our contracts are fixed-price contracts under which we are not able to pass these additional costs on to our customers. Even where we are able to pass these steel surcharges or price increases to our customers, ~~raw~~there ~~materials~~may be a lag of several months between the time we experience a cost increase and ~~energy~~the ~~resources,~~time we are able to implement surcharges or price increases, particularly for orders already in our backlog. Competitive pressures and the ~~imposition~~terms of ~~import~~certain ~~tariffs~~of our long-term contracts may require us to absorb at least part of these cost increases. As a result, our gross margin percentage could ~~materially~~decline. ~~reduce~~We cannot provide assurances that we will be able to continue to pass these additional costs on to our customers at all or on a timely basis or that our customers will not seek ~~revenues,~~alternative ~~cash~~sources ~~flows~~of ~~and~~supply ~~profitability~~if there are significant or prolonged increases in the price of subcomponents or other raw materials or energy resources.

~~Our business~~Changes isto ~~dependent on the availability~~ and ~~costs~~uncertainty ~~of subcomponents, raw materials, particularly steel (generally~~ in ~~the form of stainless and chrome steel, which are commodity steel products), and energy resources~~U.S. ~~The availability~~ and ~~prices of subcomponents, raw materials~~international ~~and~~trade ~~energy resources may be subject to change due to~~policy, ~~among~~including ~~other~~import ~~things,~~tariffs ~~new~~imposed ~~laws or regulations, economic inflation, suppliers’ allocations to other purchasers, interruptions in production or deliveries~~ by ~~suppliers~~the ~~and changes in exchange rates and supplier costs and profit expectations~~U.S. ~~The United States has imposed tariffs on steel~~ and ~~aluminum imports, and could impose tariffs on~~ other ~~items that we import~~countries, ~~which could increase the cost of raw materials~~ and ~~decrease~~ the ~~available~~resulting ~~supply. Although we currently maintain alternative supply sources~~consequences, our business is subject to the risk of price fluctuations and periodic delays in the delivery of certain subcomponents or raw materials. Disruptions in the supply of subcomponents, raw materials or energy resources could ~~temporarily~~adversely ~~impair our ability~~affect ~~to manufacture~~ our ~~products~~revenue ~~for our customers or require us to pay higher prices in order to obtain these items from other sources, which could thereby affect our net sales~~ and ~~profitability~~profit margin.

~~Where our~~In ~~customer~~early ~~contracts permit us to do so~~2025, wethe ~~seek~~United toStates ~~pass~~imposed ~~through~~tariffs on a ~~significant~~vast ~~portion~~range of ~~our~~imported ~~additional~~goods, ~~costs~~including ~~to our customers through~~ steel ~~surcharges~~and orother ~~price~~raw ~~increases.~~materials ~~However,~~needed ~~many~~in of our ~~contracts~~U.S. ~~are~~manufacturing ~~fixed-price~~operations, ~~contracts~~as ~~under~~part ~~which~~of ~~we are not able to pass these~~ongoing ~~additional~~trade ~~costs~~actions onagainst tothe ~~our~~People’s ~~customers.~~Republic ~~Even~~of ~~where~~China weand ~~are~~most ~~able~~other toforeign ~~pass~~countries. ~~these~~The ~~steel~~changes ~~surcharges~~in orU.S. ~~price~~trade ~~increases~~policy tohave ~~our customers, there~~resulted ~~may~~in bemultiple aother ~~lag~~countries ofimplementing ~~several~~retaliatory ~~months~~tariffs ~~between the time we experience a cost increase~~ and ~~the~~other ~~time~~responsive wetrade ~~are~~policies ~~able~~that apply to ~~implement~~our ~~surcharges~~U.S.-manufactured ~~or price~~products ~~increases,~~sold ~~particularly for orders already~~ in ~~our~~their ~~backlog~~markets. ~~Competitive~~The ~~pressures~~situation ~~and~~is ~~the~~very ~~terms~~fluid ofat ~~certain~~this oftime, ~~our~~and ~~long-term~~subject ~~contracts may require us~~ to ~~absorb~~rapid atchange ~~least~~as ~~part~~the ofU.S. ~~these cost~~ increases., ~~As a result~~decreases, ~~our gross margin percentage could decline. We cannot provide~~suspends ~~assurances~~or ~~that~~reinstates wetariffs ~~will~~against bevarious ~~able~~countries toand ~~continue~~products toand ~~pass~~those ~~these~~countries ~~additional~~respond. ~~costs~~The ontariffs toand ~~our~~retaliatory ~~customers~~tariffs atare ~~all or on a timely basis or that our~~driving ~~customers~~escalating ~~will~~global ~~not~~trade ~~seek~~conflicts ~~alternative~~which ~~sources~~have ofled ~~supply~~to, ifand ~~there~~may ~~are~~continue ~~significant~~to orlead ~~prolonged~~to, ~~increases~~inflationary inpressures ~~the~~and ~~price~~uncertainty, ofwhich ~~subcomponents or~~could ~~other~~impact ~~raw~~our ~~materials or energy resources~~operations.

~~Our results could be impacted by governmental trade policies and tariffs relating to our supplies imported from foreign vendors or our finished goods exported to other countries.~~10

~~From time to time~~Specifically, ~~the~~ U.S.-imposed tariffs ~~government~~increase ~~has~~our ~~imposed~~cost ~~tariffs~~to onimport ~~the~~raw ~~importation~~materials ofand ~~various~~component ~~products~~parts ~~that~~from weforeign ~~use~~sources to(including ~~produce~~ our ~~finished~~foreign ~~goods, and~~operations) ~~various~~which ~~foreign~~will decrease ~~countries,~~our ~~including~~profitability to the ~~People’s~~extent ~~Republic~~that ofwe ~~China,~~are ~~have~~unable orto ~~could~~pass ~~impose~~the ~~retaliatory~~increased cost on to our customers. Any import tariffs imposed on our U.S.-manufactured products ~~exported~~ toby ~~those~~other countries in response to U.S. ~~While~~trade ~~this~~policies ~~situation~~will ~~has~~cause ~~not~~those ~~had~~products ato ~~material~~be ~~adverse~~more ~~effect~~expensive in onthose countries, which may reduce our ~~business~~sales in ~~the~~those ~~past~~countries, ~~future~~thereby ~~tariffs~~adversely on affecting our ~~foreign-sourced~~revenue, ~~supplies~~cash flow and~~/or~~ ~~our~~profitability. In ~~finished~~addition, ~~goods~~any ~~exported~~tariff-driven toreduction ~~other~~in ~~countries~~sales ~~could~~of ~~adversely~~our ~~impact~~customers’ products into which our ~~operating~~products ~~costs~~are orintegrated ~~demand~~will correspondingly reduce the demand for our products, thereby adversely affecting our revenue, profitability and cash flow.

10While we have not experienced a material impact on our business to date, no assurance can be given that will continue to be the case. We are continuing to evaluate the trade situation as it evolves and we are assessing mitigation strategies, including supply chain adjustments and pricing actions. We believe the majority of our imports from Mexico are compliant with the United States-Mexico-Canada Agreement (“USMCA”) and are currently exempt from tariffs upon importing into the United States. The ultimate impact of tariffs on our operations and financial results is currently uncertain and will depend on the scope, duration, and potential expansion of the measures implemented.

Some of our products and operations are subject to certain approvals and government regulations and the loss of such approvals, or our failure to comply with such regulations, could materially reduce our revenues, cash flows and profitability.

Essential to servicing the aerospace market is the ability to obtain product approvals. We have a substantial number of product approvals, which enable us to provide products used in virtually all domestic aircraft platforms presently in production or operation. Product approvals are typically issued by the FAA to designated OEMs who are Production Approval Holders of FAA-approved aircraft. These Production Approval Holders provide quality control oversight and generally limit the number of suppliers directly servicing the commercial aerospace market. ~~Regulations~~ Regulations enacted by the FAA provide for an independent process (the PMA process) that enables suppliers who currently sell their products to the Production Approval Holders to also sell products to the aftermarket. Our foreign sales may be subject to similar approvals or U.S. export control restrictions. We cannot assure you that we will not lose approvals for our aerospace products in the future. The loss or suspension of product approvals could result in lost sales and materially reduce our revenues, cash flows and profitability.

The repair and overhaul of aircraft parts and accessories throughout the world is highly regulated by government agencies, including the FAA. Our repair and overhaul operations are subject to certification pursuant to regulations established by the FAA and foreign government agencies, with regulations varying from country to country, although compliance with FAA requirements generally satisfies regulatory requirements in other countries. Our failure to comply with these regulations, or our compliance with new and more stringent government regulations, if enacted, could have an adverse effect on our business, financial condition and results of operations.

As a U.S. government contractor, we are subject to various procurement and other laws, regulations and contract terms applicable to our industry, including the FAR, the DFARS, the Truth in Negotiations Act, the False Claims Act, the Procurement Integrity Act, the International Traffic in Arms Regulations promulgated under the Arms Export Control Act, the Close the Contractor Fraud Loophole Act, the Foreign Corrupt Practices Act, and CAS, and we could be adversely affected by any negative finding by the U.S. government as to our compliance with them, including suspension or debarment from future government contracting.

The retirement of commercial aircraft could reduce our revenues, cash flows and profitability.

We sell replacement parts used in the repair and overhaul of jet engine and aircraft components, as well as provide such repair and overhaul services ourselves. As aircraft or engines for which we offer replacement parts or repair and overhaul services are retired, demand for these parts and services could decline and could reduce our revenue, cash flows and profitability.

Risks associated with utilizing information technology systems could adversely affect our operations.

We rely upon our information technology (“IT”) systems to process, transmit and store electronic information to manage and operate our business. Further, in the ordinary course of business we store sensitive data, including intellectual property, on our networks. The secure maintenance and transmission of this information is critical to our business operations.

We may face cyber events and other IT security threats, including malware, ransomware, phishing and other intrusions, to our IT infrastructure, attempts to gain unauthorized access to proprietary, classified or confidential information, and threats to the physical security of our IT systems. As a U.S. government contractor, our risk of cyber events may be greater than the risk faced by other companies that are not government contractors. In addition to security threats, our IT systems may also be subject to network, software or hardware failures. The unavailability of our IT systems, the failure of these systems to perform as anticipated, or any significant breach of data security could cause loss of data, disrupt our operations, require significant management attention and resources, subject us to liability to third parties or regulatory actions or contract termination, and negatively impact our reputation among our customers and the public, which could have a negative impact on our financial and competitive position, results of operations and liquidity. In addition, our business with our customers and vendors could be impacted by cyber events on their IT systems.11

ToWe ~~address~~may ~~the~~face ~~risk~~cyber toevents ~~our~~and other IT ~~systems~~security ~~and~~threats, ~~data~~including malware, weransomware, ~~maintain~~phishing anand other intrusions, to our IT ~~security~~infrastructure, ~~program~~attempts ~~designed~~to gain unauthorized access to ~~resist~~proprietary, ~~cyber~~classified ~~events~~or confidential information, and threats to ~~mitigate~~ the ~~damage~~physical ~~from~~security ~~successful~~of our IT systems. As a U.S. government contractor, our risk of cyber events may be greater than the risk faced by other companies that are not government contractors. In addition ~~Refer~~to security threats, our IT systems may also be subject to ~~Part~~network, Isoftware or hardware failures. The unavailability of our IT systems, the ~~Item~~failure 1Cof these systems to perform as anticipated, or any significant breach of ~~this~~data ~~Annual~~security ~~Report~~could ~~for~~cause ~~details~~loss ~~regarding~~of data, disrupt our operations, ~~data~~require ~~protection~~significant management attention and ~~cybersecurity~~resources, ~~risk~~subject ~~management~~us ~~program~~to liability to third parties or regulatory actions or contract termination, and negatively impact our reputation among our customers and the public, which could have a negative impact on our financial and competitive position, results of operations and liquidity. In addition, our business with our customers and vendors could be impacted by cyber events on their IT systems.

11To address the risk to our IT systems and data, we maintain an IT security program designed to resist cyber events and to mitigate the damage from successful events. Refer to Part I, Item 1C of this Annual Report for details regarding our data protection and cybersecurity risk management program.

Work stoppages and other labor problems could materially reduce our ability to operate our business.

We currently have three collective bargaining agreements covering employees at our Plymouth, Indiana, Fairfield, Connecticut and West Trenton, New Jersey facilities, representing approximately 7% of our U.S.-based hourly employees as of March 3029, ~~2024~~2025. While we believe our relations with our employees are satisfactory, the inability to satisfactorily negotiate and enter into new collective bargaining agreements upon expiration, or a lengthy strike or other work stoppage at any of our facilities, particularly at some of our larger facilities, could materially reduce our ability to operate our business. In addition, any attempt by our employees not currently represented by a union to join a union could result in additional expenses, including with respect to wages, benefits and pension obligations.

In addition, work stoppages at one or more of our customers or suppliers (including suppliers of transportation services), many of which have large unionized workforces, could also cause disruptions to our business that we cannot control, and these disruptions could materially reduce our revenues, cash flows and profitability.

Unexpected equipment failures or catastrophic events could increase our costs and reduce our sales due to production curtailments or shutdowns.

Our manufacturing processes are dependent upon critical pieces of turning, milling, grinding, and electrical equipment, and this equipment could, on occasion, be out of service as a result of unanticipated failures. In addition to equipment failures, our facilities are also subject to the risk of catastrophic loss due to unanticipated events such as fires, explosions, earthquakes or violent weather conditions. In the future, we could experience material plant shutdowns or periods of reduced production as a result of these types of equipment failures or catastrophes. Interruptions in production capabilities would inevitably increase our production costs and reduce revenues, cash flows and profitability for the affected period.

We may not be able to continue to make the acquisitions necessary for us to realize our growth strategy.

The acquisition of businesses that complement or expand our operations is an important element of our business strategy. We frequently engage in evaluations of potential acquisitions and negotiations for possible acquisitions, some of which, if consummated, could be significant to us. We cannot assure you that we will be successful in identifying attractive acquisition candidates or completing acquisitions on favorable terms in the future. Our inability to acquire businesses, or to operate them profitably once acquired, could have a material adverse effect on our business, financial position, cash flow and growth.

Our ability to realize anticipated benefits and synergies from our acquisitions could be affected by a number of factors, including: the need for greater than expected cash or other financial resources or management time in order to implement or integrate acquisitions; increases in other expenses related to an acquisition, including restructuring and other exit costs; the timing and impact of purchase accounting adjustments; difficulties in employee or management integration, including labor disruptions or disputes; and unanticipated liabilities associated with acquired businesses.

Any potential cost-saving opportunities may take several quarters following an acquisition to implement, and any results of these actions may not be realized for several quarters thereafter, if at all.

~~Businesses that we acquire may have liabilities for which we are liable.~~12

InBusinesses ~~order~~that towe ~~complete~~acquire ~~an acquisition, it~~ may behave ~~necessary for us to assume the~~ liabilities ~~of the acquired business. These liabilities may be known at the time of the acquisition,~~ ~~but~~for ~~could be underestimated by us, or they may not be known to us until after the acquisition. In the case of an acquisition in~~ which we ~~do not assume all the liabilities of the acquired business,~~ we typically obtain indemnification from the seller against the unassumed liabilities, although no assurance can be given that such indemnification will be sufficient in amount, scope or duration to fully offset the risk of the unassumed liabilities. Liabilities of acquired businesses that ultimately are borne by us (either because we assume them or our indemnification right proves to be insufficient or unenforceable) could have a material adverse effect on our business, financial condition or results of operationsliable. In addition, after we complete an acquisition we may learn of other matters that adversely affect us, such as issues relating to the acquired business’s compliance with applicable laws, or issues relating to its supply chain, customer relationships or order demand.

12In order to complete an acquisition, it may be necessary for us to assume the liabilities of the acquired business. These liabilities may be known at the time of the acquisition, but could be underestimated by us, or they may not be known to us until after the acquisition. In the case of an acquisition in which we do not assume all the liabilities of the acquired business, we typically obtain indemnification from the seller against the unassumed liabilities, although no assurance can be given that such indemnification will be sufficient in amount, scope or duration to fully offset the risk of the unassumed liabilities. Liabilities of acquired businesses that ultimately are borne by us (either because we assume them or our indemnification right proves to be insufficient or unenforceable) could have a material adverse effect on our business, financial condition or results of operations. In addition, after we complete an acquisition we may learn of other matters that adversely affect us, such as issues relating to the acquired business’s compliance with applicable laws, or issues relating to its supply chain, customer relationships or order demand.

Goodwill and indefinite-lived intangibles comprise a significant portion of our total assets, and if we determine that goodwill and indefinite-lived intangibles have become impaired in the future, our results of operations and financial condition in such years may be materially and adversely affected.

Goodwill represents the excess of cost over the fair market value of net assets acquired in business combinations. Indefinite-lived intangibles represent repair station certifications obtained in business combinations and assumed to have indefinite lives. As of March 3029, ~~2024~~2025, we had $1,~~874~~872.92 of goodwill and $24.3 of indefinite-lived intangibles, representing approximately 4140% of our total assets. We review goodwill and indefinite-lived intangibles at least annually for impairment and any excess in carrying value over the estimated fair value is charged to the results of operations. Our estimates of fair value are based on assumptions about the future operating cash flows, growth rates, discount rates applied to these cash flows, and current market estimates of value. If we are required to record a charge to earnings because of an impairment of goodwill or indefinite-lived intangibles, our results of operations and financial condition could be materially and adversely affected.

We depend heavily on our senior management and other key personnel, the loss of whom could materially affect our financial performance and prospects.

Our business is managed by a number of key personnel, including our CEO Dr. Michael J. Hartnett. Our future success will depend on, among other things, our ability to retain the services of these personnel and to hire their successors and other highly qualified employees at all levels.

Our international operations are subject to risks inherent in such activities.

We have operations in Australia, England, Canada, France, Germany, India, Mexico, the Peoples Republic of China, Poland and Switzerland. Of our 54 facilities in 11 countries, 1920 are located outside the U.S., including 1012 manufacturing facilities in four countries.

In fiscal ~~2024~~2025, approximately 1211% of our net sales were generated by our international operations. ~~We expect that this proportion is likely to increase as we seek to increase our penetration of foreign markets, including through acquisitions.~~ Our foreign operations are subject to the risks inherent in such activities such as: currency devaluations, logistical and communication challenges, costs of complying with a variety of foreign ~~laws~~ laws and regulations, greater difficulties in protecting and maintaining our rights to intellectual property, difficulty in staffing and ~~managing~~ managing geographically diverse operations, acts of terrorism or war or other acts that may cause social disruption which are difficult to quantify or predict, and general economic conditions in these foreign markets. Our international operations may be negatively impacted by changes in government policies, such as changes in laws and regulations, restrictions on imports and exports, sources of supply, duties or tariffs, the introduction of measures to control inflation, and changes in the rate or method of taxation. To date we have not experienced ~~significant~~ significant difficulties with the foregoing risks associated with our international operations.

Currency translation risks may have a material impact on our results of operations.

The majority of our foreign operations utilize the local currency as their functional currency. Foreign currency transaction gains and losses are included in earnings. Foreign currency transaction exposure arises primarily from the transfer of foreign currency from one subsidiary to another within the group and to foreign currency-denominated trade receivables. Unrealized currency translation gains and losses are recorded on the balance sheet upon translation of the foreign operations’ functional currency to the reporting currency. Because our financial statements are denominated in U.S. dollars, changes in currency exchange rates between the U.S. dollar and the currencies used by our international operations have had, and will continue to have, an impact on our earnings. We periodically enter into derivative financial instruments such as ~~forward~~cross ~~exchange~~currency ~~contracts~~swaps to reduce the effect of fluctuations in exchange rates on ~~certain~~transactions ~~third-party sales~~and ~~transactions~~account balances denominated in non-functional currencies. Currency fluctuations may affect our financial performance in the future and we cannot predict the impact of future exchange rate fluctuations on our results of operations. See Part II, Item 7A. “Quantitative and Qualitative Disclosures about Market Risk—Foreign Currency Exchange Rates” of this Annual Report on Form 10-K.

We may incur material losses for product liability and recall-related claims.

We are subject to a risk of product and recall-related liability in the event that the failure, use or misuse of any of our products results in personal injury, death or property damage or our products do not conform to our customers’ specifications. In particular, our products are installed in a number of types of vehicle fleets, including airplanes, helicopters, trains, automobiles, heavy trucks and farm equipment, many of which may be subject to government-ordered recalls as well as voluntary recalls by the manufacturer. If one of our products is found to be defective, causes a fleet to be disabled or otherwise results in a product recall, significant claims may be brought against us. We currently maintain insurance coverage for product liability claims but not for recall-related claims. We cannot assure you that product liability claims, if made, would not exceed our insurance coverage limits. Claims that are not covered by insurance, or that exceed insurance coverage limits, could result in material losses. Claims that are covered by insurance could result in increased future insurance costs.

Our intellectual property and proprietary information are valuable, and any inability to protect them could adversely affect our business and results of operations; in addition, we may be subject to infringement claims by third parties.

Our ability to compete effectively is dependent upon our ability to protect and preserve the intellectual property and proprietary information owned, licensed or otherwise used by us. We have numerous U.S. and foreign trademark registrations and patents. We also have U.S. and foreign trademark and patent applications pending. We cannot assure you that our pending trademark and patent applications will result in trademark registrations and issued patents, and our failure to secure rights under these applications may limit our ability to protect the intellectual property rights that these applications were intended to cover. Although we have attempted to protect our intellectual property and proprietary information both in the United States and in foreign countries through a combination of patent, trademark, copyright and trade secret protection, and non-disclosure agreements, these steps may be insufficient to prevent unauthorized use of our intellectual property and proprietary information, particularly in foreign countries where the protection available for such intellectual property and proprietary information may be limited. We cannot assure you that any of our intellectual property rights will not be infringed upon or that our trade secrets will not be misappropriated or otherwise become known to or independently developed by competitors. We may not have adequate remedies available for any such infringement or other unauthorized use. We cannot assure you that any infringement claims asserted by us will not result in our intellectual property being challenged or invalidated, that our intellectual property will be held to be of adequate scope to protect our business, or that we will be able to deter current and former employees, contractors or other parties from breaching confidentiality obligations and misappropriating trade secrets.

We could become subject to litigation claiming that our intellectual property or proprietary information infringes the rights of a third party. In that event, we could incur substantial defense costs and, if such litigation is successful, we could be required to pay the claimant damages for our past use of such intellectual property or proprietary information, and we could either be required to pay royalties for our use of it in the future or be prohibited from using it in the future. Our inability to use our intellectual property and proprietary ~~information~~ information on a cost-effective basis in the future could have a material adverse effect on our revenue, cash flow and profitability. See Part I, Item 1. “Business—Intellectual Property” of this Annual Report on Form 10-K.

Cancellation of orders in our backlog could negatively impact our revenues, cash flows and profitability.

As of March 3029, ~~2024~~2025, we had an order backlog of $~~821~~940.~~5, including all orders from our Sargent marine and Sargent aerospace businesses~~7. However, orders included in our backlog may be subject to cancellation, delay or other modifications by our customers and we cannot assure you that these orders will ultimately be fulfilled.

Quarterly performance can be affected by the timing of government product inspections and approvals.

A portion of our revenue is associated with contracts with the U.S. government that require onsite inspection and approval of the products by government personnel before we may ship the products, and we have no control over the timing of those inspections and approvals. If products scheduled for delivery in one quarter are not inspected or approved until the following quarter, the delay would adversely affect our sales and profitability for the quarter in which the shipments were scheduled.

We incurred substantial debt in order to complete the Dodge acquisition, which could constrain our business and exposes us to the risk of defaults under our debt instruments.

In fiscal 2022, we incurred $1,800.0 of total debt to finance the Dodge acquisition. As of March 3029, ~~2024~~2025, our total debt was $920.1~~,191~~.9. This debt could or will have important consequences, including, but not limited to:

●

this debt requires us to make significant interest and principal payments in the future;

●

a substantial portion of our cash flow from operations will be used to repay the principal and interest on our debt, thereby reducing the funds available to us for other purposes including for strategic acquisitions, working capital, capital expenditures, and general corporate purposes;

●

our flexibility in planning for and reacting to changes in our business, the competitive landscape and the markets in which we operate may be limited; and

●

we may be placed at a competitive disadvantage relative to other companies in our industry with less debt or comparable debt on more favorable terms.

Our ability to make scheduled payments on and to refinance our indebtedness depends on and is subject to our financial and operating performance and no assurance can be given that our business will generate sufficient cash flow to service our debt.

Additionally, our ability to comply with the financial and other covenants contained in our debt instruments could be affected by, among other things, changes in our results of operations, the incurrence of additional indebtedness, the pricing of our products, our success at implementing cost reduction initiatives, our ability to successfully implement our overall business strategy, or changes in industry-specific or general ~~economic~~ economic conditions which are beyond our control. The breach of any of these covenants could result in a default or event of default under our debt instruments, which, if not cured or waived, could result in our being required to repay these borrowings before their due date. If we are forced to refinance these borrowings on less favorable terms or cannot refinance these borrowings, our prospects, business, financial condition, results of operations and cash flows could be materially and adversely affected and could cause us to become bankrupt or otherwise insolvent. In addition, these covenants may restrict our ability to engage in transactions that we believe would otherwise be in the best interests of our business and stockholders.

Increases in interest rates would increase the cost of servicing our term loan and could reduce our profitability.

As of March 3029, ~~2024~~2025, $~~400~~100.0 of our term loan was subject to a fixed-rate interest swap but the remaining $~~275~~313.0 balance of the term loan bears interest at a variable rate. Future increases in interest rates would increase the cost of servicing the portion of the term loan not subject to a swap, which could materially reduce our profitability and cash flows.

Risk Factors Related to our Capital Stock

Provisions in our charter documents may prevent or hinder efforts to acquire a controlling interest in us.

Provisions of our certificate of incorporation and bylaws may discourage, delay or prevent a merger, acquisition or other change in control that stockholders may consider favorable, including transactions that might benefit our stockholders or in which our stockholders might otherwise receive a premium for their shares. These provisions may also prevent or frustrate attempts by our stockholders to replace or remove our management.

Pursuant to our charter documents, our Board of Directors (the “Board”) consists of ~~eight~~nine members serving staggered three-year terms and divided into three classes. As a result, two annual meetings are required to change a majority of the Board members.

Our certificate of incorporation authorizes the issuance of 10,000,000 shares of preferred stock, with such designations, rights and preferences as may be determined from time to time by the Board, without stockholder approval. We utilized this authorization to issue 4,600,000 shares of 5.00% Series A Mandatory Convertible Preferred Stock ~~(“MCPS”)~~ in fiscal 2022., ~~Certain~~which ~~terms~~converted ofinto ~~the~~shares ~~MCPS~~of ~~could~~our ~~make an~~common ~~attempt~~stock toin ~~acquire~~October ~~RBC more difficult or expensive~~2024. In the future the Board could authorize the issuance of some or all of the ~~5,400,000 remaining~~ authorized shares of preferred stock with rights, preferences and privileges that ~~rank equally with the MCPS, or that~~ could ~~have~~ have the effect of discouraging, delaying or preventing a change in control of us, or that could impede our stockholders’ ability to to approve a transaction they consider in their best interests. Although we have no present intention to issue any additional preferred stock, no assurance can be given that we will not do so in the future. Holders of our common stock do not have preemptive rights to subscribe for a pro rata portion of preferred stock or any other capital stock that we may issue in the future.

15We do not expect to pay cash dividends on our common stock in the foreseeable future.

WeExcept for a $2.00 per common share special dividend paid in 2014, we have never paid any cash dividends on our common stock and we do not expect to pay cash dividends on ~~our~~the common stock in the foreseeable future. Instead, we plan to apply earnings and ~~our~~excess ~~ability~~cash, if any, to ~~pay~~the ~~dividends~~service onof our debt, and the ~~MCPS~~expansion isand ~~subject~~development of our business (although the Company does have a $100.0 common stock repurchase plan that we have never toexecuted ~~various~~under). ~~limitations~~Thus, any return on an investment in our common stock would depend solely on an increase, if any, in the market value of the common stock.

~~Except for~~ITEM ~~a $2~~1B.00 ~~per~~UNRESOLVED ~~common~~STAFF share special dividend paid in 2014, we have not paid any cash dividends on our common stock and we do not expect to pay cash dividends on the common stock in the foreseeable future. Instead, we plan to apply earnings and excess cash, if any, to the service of our debt, the payment of quarterly dividends on the MCPS, and the expansion and development of our business. Thus, any return on an investment in our common stock would depend solely on an increase, if any, in the market value of the common stock.COMMENTS

~~Our ability to pay dividends on the MCPS depends on several factors including:~~None

●ITEM ~~The~~1C. ~~amount of cash we have on hand and cash generated by our business;~~CYBERSECURITY

●Cybersecurity Risk ~~Our~~Management ~~anticipated~~and ~~financing needs, including our debt service obligations;~~Governance

●In response ~~The~~to ~~ability~~the increasing threat of continuously evolving cybersecurity risks, we continue to invest in our ~~subsidiaries~~information technology and operational technology cybersecurity processes. We maintain a data protection and cybersecurity risk management program based upon the National Institute of Standards and Technology (“NIST”) Cybersecurity framework to ~~distribute~~assess, identify ~~cash~~and manage cybersecurity risks. As part of this program, we maintain defensive network perimeter safeguards, internal mitigation and control features, continuous system and network monitoring, and contingency data protection. The Company ensures regular data and system backups through planned schedules. We utilize local backups for quick recovery and off-site, off-line and physical backups to safeguard against disasters. Our cybersecurity program includes steps for assessing the severity of a cybersecurity threat, identifying the source of a cybersecurity threat including whether the cybersecurity threat is associated with a third-party service provider, implementing cybersecurity testing, detection, response, prevention and mitigation strategies. We also have a notification process for real-time escalation of material cyber incidents by members of our ~~parent~~internal ~~company~~cybersecurity team to senior management, including ~~which~~our ~~issued~~Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, Corporate Controller, General Counsel and the Audit ~~MCPS;~~Committee of the Board of Directors. The Company’s information security team also engages third-party security consultants for penetration testing, training and system enhancements. Our Director of Information Technology is responsible for leading global cybersecurity risk reduction efforts and compliance.

~~● Regulatory restrictions on our ability to pay dividends, including those under the Delaware General Corporation Law; and~~15

●The Audit ~~Contractual~~Committee ~~restrictions~~is onresponsible for oversight of our ~~ability~~risk management with respect to ~~pay~~information ~~dividends~~technology operations and cybersecurity and oversees risk management in the area of data privacy. As part of this process, ~~including~~the ~~under~~Audit Committee oversees the data protection and cybersecurity risk management program, which includes reviewing management’s risk assessments and the steps management has taken to monitor or mitigate our ~~bank~~cybersecurity ~~credit~~risk ~~agreement~~exposure. ~~with~~Management ~~Wells~~regularly ~~Fargo~~provides data protection and cybersecurity reports to the Audit Committee, which include updates on cybersecurity initiatives, cybersecurity metrics and threat landscape.

~~ITEM~~Despite our efforts with respect 1Bto information technology operations, cybersecurity and data privacy, we have been, and may continue to be, impacted by breaches in data security and lapses in data privacy, which occur from time to time. ~~UNRESOLVED~~During ~~STAFF~~fiscal ~~COMMENTS~~year 2025, the Company did not experience any cybersecurity incidents that have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations, cash flow or financial condition.

~~None~~ITEM 2. PROPERTIES

~~ITEM~~Our principal executive office 1Cis located at One Tribology Center, Oxford, Connecticut, which we own. ~~CYBERSECURITY~~Our Dodge Industrial subsidiary has office space in Simpsonville, South Carolina, which we lease.

~~Cybersecurity~~We own or lease 38 manufacturing ~~Risk~~facilities ~~Management~~in five countries. 26 of those manufacturing facilities are located in the U.S., one is located in Poland, eight are located in Mexico, two are located in Switzerland and ~~Governance~~one is located in China.

~~In response to the increasing threat of continuously evolving cybersecurity risks, we continue to invest in our information technology and operational technology cybersecurity processes.~~ We ~~maintain~~own aor ~~data~~lease ~~protection~~ten ~~and cybersecurity~~distribution ~~risk~~centers ~~management~~in ~~program based upon~~ the ~~National~~United ~~Institute of Standards and Technology (“NIST”) Cybersecurity framework to assess~~States, ~~identify~~ ~~and manage cybersecurity risks. As part of this program~~Canada, ~~we maintain defensive network perimeter safeguards~~France, ~~internal mitigation and control features~~Mexico, ~~continuous system and network monitoring~~Germany, ~~and contingency data protection. The Company ensures regular data and system backups through planned schedules. We utilize local backups for quick recovery and off-site~~India, ~~off-line and physical backups to safeguard against disasters. Our cybersecurity program includes steps for assessing~~ the ~~severity~~United ofKingdom a cybersecurity threat, identifying the source of a cybersecurity threat including whether the cybersecurity threat is associated with a third-party service provider, implementing cybersecurity testing, detection, response, prevention and ~~mitigation strategies~~Australia. We also ~~have a~~utilize ~~notification~~third ~~process~~party ~~for real-time escalation of material cyber incidents by members of our internal cybersecurity team to senior management,~~logistics’ ~~including~~firms ~~our~~located ~~Chief~~strategically ~~Executive~~around ~~Officer, Chief Operating Officer, Chief Financial Officer, Corporate Controller, General Counsel and~~ the ~~Audit~~ ~~Committee~~world ofto ~~the~~supplement ~~Board~~distribution of ~~Directors.~~our ~~The Company’s information security team also engages third-party security consultants for penetration testing, training and system enhancements~~products. ~~Our Director of Information Technology is responsible for leading global cybersecurity risk reduction efforts and compliance.~~

~~The Audit~~We ~~Committee~~believe isthat ~~responsible~~as ~~for oversight of our risk management with respect to information technology operations and cybersecurity and oversees risk management in~~ the ~~area~~ term of ~~data~~each ~~privacy. As part~~ of ~~this~~our ~~process,~~leased ~~the~~facilities ~~Audit~~expires ~~Committee~~we ~~oversees~~will ~~the~~be ~~data~~able ~~protection~~to ~~and cybersecurity~~either ~~risk~~secure ~~management~~a ~~program,~~renewal ~~which includes reviewing management’s risk assessments and the steps management has taken to monitor~~ or ~~mitigate~~enter ~~our~~into ~~cybersecurity~~a ~~risk~~lease ~~exposure.~~for ~~Management~~an ~~regularly~~alternate ~~provides~~location ~~data protection and cybersecurity reports to the~~on ~~Audit~~market ~~Committee, which include updates on cybersecurity initiatives, cybersecurity metrics and threat landscape~~terms.

~~Despite our~~We ~~efforts~~believe ~~with~~that ~~respect~~our toexisting facilities ~~information~~and ~~technology~~equipment ~~operations,~~are ~~cybersecurity~~generally ~~and~~in ~~data~~good ~~privacy~~condition, weare ~~have~~well ~~been,~~maintained and ~~may~~adequate ~~continue~~ to ~~be, impacted~~carry byon ~~breaches~~our incurrent ~~data security and lapses in data privacy, which occur from time to time~~operations. ~~During~~We ~~fiscal year 2024, the Company~~also ~~did~~believe ~~not~~that ~~experience~~our ~~any~~existing ~~cybersecurity~~manufacturing ~~incidents~~facilities ~~that~~ have ~~materially~~sufficient ~~affected~~capacity ~~or are reasonably likely~~ to ~~materially~~meet ~~affect~~increased ~~the~~customer ~~Company, including its business strategy, results of operations or financial condition~~demand.

16ITEM 3. LEGAL PROCEEDINGS

~~ITEM~~In 2022 and 2023, the Company 2received civil investigative demands from the United States Department of Justice pursuant to the False Claims Act, 31 U.S.C. ~~PROPERTIES~~§ 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. The investigation is ongoing and it is not possible to determine whether the investigation will have a material adverse effect, if any, on the Company.

~~Our principal~~Besides ~~executive~~the ~~office~~matter ~~consists~~described in ofthe ~~approximately~~previous 70paragraph,~~000~~ ~~square~~from ~~feet~~time ~~located~~to attime ~~One~~we ~~Tribology~~are ~~Center,~~involved ~~Oxford,~~in ~~Connecticut~~litigation that arises in the ordinary course of business, ~~which~~but we do not ~~own,~~believe ~~and~~that ~~our~~any ~~Dodge~~such ~~Industrial~~litigation ~~subsidiary~~in ~~has~~which ~~approximately~~we ~~75,000~~are ~~square~~currently ~~feet~~involved, ofeither ~~office~~individually ~~space~~or in ~~Simpsonville~~the aggregate, ~~South~~is ~~Carolina,~~likely ~~which~~to have a material weadverse ~~lease~~effect on our business, financial condition, operating results, cash flow or prospects.

~~Our Industrial~~ITEM business segment maintains approximately 1,725,000 square feet of manufacturing space across 14 facilities in California, Connecticut, Indiana, New Jersey, North Carolina, Ohio, Oklahoma, South Carolina and Tennessee, some of which we own and some of which we lease4. ~~This~~MINE ~~manufacturing~~SAFETY space includes approximately 460,000 square feet in two owned facilities in North Carolina and South Carolina, and approximately 650,000 square feet in three leased facilities in North Carolina, South Carolina and Tennessee, all of which are used by Dodge Industrial. The Industrial business segment also maintains approximately 467,000 square feet of manufacturing space across six leased facilities in China, Mexico, and Switzerland and two owned facilities in Poland and Switzerland.DISCLOSURES

~~Our Aerospace/Defense~~Not business segment maintain approximately 889,000 square feet of manufacturing space across 14 facilities in Arizona, California, Connecticut, Georgia, Indiana, South Carolina and Nevada, some of which we own and some of which we leaseapplicable. This manufacturing space includes 163,000 square feet in one owned facility in Arizona. The Aerospace/Defense business segment also maintains approximately 108,000 square feet of manufacturing space across two leased facilities in Mexico.

We own or lease approximately 239,000 square feet in three distribution centers located in California, South Carolina, and Tennessee, and we also lease several sales offices in various locations in the United States, Canada, France, China, Germany India and Australia. We also utilize third party logistics’ firms located strategically around the world to supplement distribution of our products.16

~~We believe~~PART ~~that as the term of each of our leased facilities expires we will be able to either secure a renewal or enter into a lease for an alternate location on market terms.~~II

~~ITEM 3.~~Price ~~LEGAL~~Range ~~PROCEEDINGS~~of Our Common Stock

~~On March~~Our 9,common ~~2022~~stock ~~and~~is ~~March~~quoted ~~21,~~on ~~2023,~~ the ~~Company~~New ~~received~~York ~~civil investigative demands from the United States Department of Justice pursuant~~Stock toExchange ~~the~~under ~~False Claims Act, 31 U.S.C. § 3733 (~~the symbol “~~FCA”)~~RBC.” ~~The~~As 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~~May ~~FCA.~~9, ~~The Company is cooperating with the investigation. As the investigation is in its early stages~~2025, itthere iswas ~~not~~one ~~possible~~holder toof ~~determine~~record ~~whether~~of ~~the~~our ~~investigation~~common ~~will have a material adverse effect, if any, on the Company~~stock.

~~Besides the~~The ~~matter~~following ~~described~~table in shows the ~~previous~~high ~~paragraph,~~and ~~from~~low ~~time~~sales toprices ~~time we are involved in litigation that arises in the ordinary course~~ of ~~business,~~ ~~but~~our wecommon dostock ~~not~~during ~~believe that any such litigation in which we are currently involved, either individually or in~~ the ~~aggregate, is~~periods ~~likely to have a material adverse effect on our business, financial condition, operating results, cash flow or prospects.~~indicated:

ITEM 4. MINE SAFETY DISCLOSURES

	Fiscal 2025				Fiscal 2024
	High		Low		High		Low
First Quarter	$	299.25	$	241.43	$	236.95	$	195.18
Second Quarter		309.01		260.53		253.00		203.65
Third Quarter		346.78		272.50		288.16		214.14
Fourth Quarter		372.83		290.56		285.79		240.36

~~Not~~The last reported sale price ~~applicable~~of our common stock on the New York Stock Exchange on May 9, 2025 was $349.25 per share.

17Dividends

~~PART~~Except for a $2.00 per common IIshare special dividend paid in 2014, we have never paid any cash dividends on our common stock and we do not expect to pay cash dividends on the common stock in the foreseeable future.

~~ITEM 5.~~Issuer ~~MARKET~~Purchases ~~FOR~~of ~~REGISTRANT’S~~Equity ~~COMMON~~Securities ~~EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES~~

~~Price Range~~Our repurchases of ~~Our~~shares of ~~Common~~our ~~Stock~~common ~~and~~stock ~~Preferred~~during ~~Stock~~the fourth quarter of fiscal 2025 are as follows:

Our common stock is quoted on the New York Stock Exchange under the symbol “RBC.” As of May 10, 2024, there was one holder of record of our common stock.

Period	Total number of shares purchased⁽¹⁾		Average price paid per share⁽²⁾		Number of shares purchased as part of the publicly announced program⁽³⁾		Approximate dollar value of shares still available to be purchased under the program (in millions)⁽³⁾
12/29/2024 – 01/25/2025		16	$	297.81		—	$	100.0
01/26/2025 – 02/22/2025		2,226		361.38		—		100.0
02/23/2025 – 03/29/2025		180		353.20		—	$	100.0
Total		2,422	$	360.35		—

~~The following~~(1) ~~table~~Consists ~~shows~~of ~~the~~shares ~~high~~of ~~and~~RBC ~~low~~restricted ~~sales~~stock ~~prices~~repurchased from employees upon the vesting of ~~our~~those ~~common~~shares ~~stock~~in ~~during~~order to fund the ~~periods~~employees’ ~~indicated:~~tax withholding obligation. These repurchased shares were never in the open market.

	Fiscal 2024				Fiscal 2023
	High		Low		High		Low
First Quarter	$	236.95	$	195.18	$	202.73	$	152.90
Second Quarter		253.00		203.65		264.94		179.21
Third Quarter		288.16		214.14		256.29		202.13
Fourth Quarter		285.79		240.36		254.50		204.67

(2)	The closing price for our stock on the trading day immediately preceding the restricted stock vesting date.

~~The last~~(3) ~~reported~~In ~~sale~~2019, ~~price~~our Board of Directors authorized us to repurchase up to $100.0 of our common stock onfrom time to time in the ~~New~~open ~~York~~market ~~Stock~~in ~~Exchange~~compliance with SEC Rule 10b-18 depending on ~~May~~market 10conditions, ~~2024~~alternative ~~was~~uses ~~$271~~of capital, and other relevant factors.56 ~~per~~Purchases ~~share~~may be commenced, suspended, or discontinued at any time without prior notice. The repurchase plan does not have an expiration date. As of March 29, 2025, the Company has not repurchased any shares pursuant to this program.

~~The MCPS (i.e., our outstanding preferred stock) is quoted on the New York Stock Exchange under the symbol “RBCP.” As of May 10, 2024, there was one holder of record of the MCPS.~~17

~~The following~~Recent ~~table~~Sales ~~shows the high and low sales prices~~ of ~~the~~Unregistered ~~MCPS during the periods indicated:~~Securities

	Fiscal 2024				Fiscal 2023
	High		Low		High		Low
First Quarter	$	112.53	$	98.75	$	102.93	$	81.01
Second Quarter		118.68		101.97		127.19		92.95
Third Quarter		131.99		103.29		123.15		101.39
Fourth Quarter		129.12		116.30		121.21		101.57

During the fourth quarter of fiscal 2025, we did not issue any securities that were not registered under the Securities Act of 1933.

~~The~~Equity ~~last~~Compensation ~~reported sale price of the MCPS on the New York Stock Exchange on May 10, 2024 was $122.34 per share.~~Plans

18Information regarding equity compensation plans required to be disclosed pursuant to this Item is included in Part II, Item 8, Note 16 of this Annual Report on Form 10-K.

~~Issuer Purchases~~Performance ~~of Equity Securities~~ Graph

InThe following graph shows ~~2019,~~the ~~our~~total ~~Board~~return ofto ~~Directors~~our ~~authorized~~stockholders uscompared to ~~repurchase~~the upRussell 3000 Index and the S&P 400 Industrials (Sector) (TR) over the period from March 28, 2020 to ~~$100~~March 29, 2025.0 Because of the diversity of our ~~common~~markets ~~stock~~and ~~from~~products, ~~time~~we todo ~~time~~not believe that a combination of peer issuers can be selected on ~~the~~an ~~open~~industry ~~market,~~or inline-of-business ~~block~~basis to provide a meaningful basis for comparing shareholder return. Accordingly, ~~trade~~the ~~transactions~~Russell 3000 Index, ~~and~~which ~~through~~is ~~privately~~comprised ~~negotiated~~of ~~transactions~~issuers with generally similar market capitalizations to that of the Company, is included in ~~compliance~~the ~~with~~graph ~~SEC~~as ~~Rule~~permitted ~~10b-18~~by ~~depending~~applicable regulations. Each line on ~~market~~the ~~conditions,~~graph assumes that $100 was invested in our common stock or in the ~~alternative~~respective ~~uses~~indices ofon ~~capital~~March 28, ~~and~~2020 ~~other~~based ~~relevant~~on ~~factors~~the closing price on that date. ~~Purchases~~The ~~may~~graph bethen ~~commenced~~presents the value of these investments, assuming ~~suspended~~reinvestment of dividends, orthrough ~~discontinued~~the atclose ~~any~~of ~~time~~trading ~~without~~on ~~prior notice~~March 29, 2025.

Total share repurchases under the 2019 plan during the fourth quarter of fiscal 2024 are as follows:

	March 28, 2020		April 3, 2021		April 2, 2022		April 1, 2023		March 30, 2024		March 29, 2025
RBC Bearings Incorporated	$	100.00	$	180.13	$	177.77	$	211.55	$	245.71	$	295.89
Russell 3000 Index		100.00		167.27		185.66		168.99		218.50		233.21
S&P 400 Industrials (Sector) (TR)		100.00		195.70		201.62		209.71		283.87		263.02

Period	Total number of shares purchased		Average price paid per share		Number of shares purchased as part of the publicly announced program		Approximate dollar value of shares still available to be purchased under the program (in millions)
12/31/2023 – 01/27/2024		16	$	278.77		16	$	63.7
01/28/2024 – 02/24/2024		12,565		268.22		12,565		60.3
02/25/2024 – 03/30/2024		7		264.87		7	$	60.3
Total		12,588	$	268.23		12,588

The cumulative total return shown on the stock performance graph indicates historical results only and may not be indicative of future results.

~~During the fourth quarter of fiscal 2024, we did not issue any common stock that was not registered under the Securities Act of 1933.~~18

~~Equity Compensation~~ITEM ~~Plans~~6. [RESERVED]

~~Information regarding~~Not ~~equity compensation plans required to be disclosed pursuant to this Item is included in Part II, Item 8, Note 17 of this Annual Report on Form 10-K~~applicable.

19ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

~~Performance~~The financial and business ~~Graph~~analysis below provides information that we believe is relevant to an assessment and understanding of our consolidated financial position, results of operations and cash flows. This financial and business analysis should be read in conjunction with the consolidated financial statements and related notes. All references to “Notes” in this Item 7 refer to the “Notes to Consolidated Financial Statements” included in Item 8 of this Annual Report on Form 10-K.

The following ~~graph~~discussion ~~shows~~contains ~~the~~statements ~~total~~reflecting our ~~return~~views toabout our ~~stockholders~~future ~~compared~~performance tothat ~~the~~constitute ~~Russell~~“forward-looking ~~3000~~statements” ~~Index~~within ~~and~~ the ~~S&P~~meaning ~~400 Industrials (Sector) (TR) over the period from March 30, 2019 to March 30, 2024. Because~~ of the ~~diversity~~safe ~~of our markets and products, we do not believe that~~harbor aprovisions ~~combination~~ of ~~peer~~the ~~issuers can be selected on an industry or line-of-business basis to provide a meaningful basis for comparing shareholder return~~U.S. ~~Accordingly,~~Private ~~the~~Securities ~~Russell~~Litigation ~~3000~~Reform ~~Index,~~Act ~~which is comprised~~ of ~~issuers with generally similar market capitalizations to that of the Company, is included in the graph as permitted by applicable regulations~~1995. ~~Each~~See ~~line on~~ the ~~graph~~information ~~assumes~~provided ~~that $100 was invested~~ in ~~our common~~Part ~~stock or in the respective indices on March 30~~I, ~~2019~~Item ~~based on the closing price on that date~~1A. ~~The graph then presents the value~~“Risk Factors” of ~~these~~this ~~investments,~~Annual ~~assuming~~Report ~~reinvestment~~on ofForm ~~dividends,~~10-K ~~through~~under the ~~close~~heading of“Cautionary ~~trading~~Statement onas ~~March~~to ~~30,~~Forward-Looking ~~2024~~Information.”

	March 30, 2019		March 28, 2020		April 3, 2021		April 2, 2022		April 1, 2023		March 30, 2024
RBC Bearings Incorporated	$	100.00	$	86.50	$	155.81	$	153.77	$	182.98	$	212.54
Russell 3000 Index		100.00		89.43		149.58		166.03		151.13		195.39
S&P 400 Industrials (Sector) (TR)		100.00		78.98		154.57		159.24		165.64		224.20

General

~~The~~We are a well-known international manufacturer of ~~cumulative~~highly ~~total~~engineered ~~return~~precision ~~shown~~bearings, components and essential systems for the aerospace, defense and industrial industries. Our precision solutions are integral to the manufacture and operation of most machines and mechanical systems, reduce wear to moving parts, facilitate proper power transmission, and reduce damage and energy loss caused by friction. While we manufacture products in all major bearing categories, we focus primarily on the ~~stock~~higher ~~performance~~end ~~graph~~of ~~indicates~~the ~~historical~~bearing ~~results~~market ~~only~~where we believe our value-added manufacturing and ~~may~~engineering ~~not~~capabilities enable beus ~~indicative~~to differentiate ourselves from our competitors and enhance profitability. We believe our unique expertise has enabled us to garner leading positions in many of ~~future~~the ~~results~~product markets in which we primarily compete. With 54 facilities in 11 countries, of which 38 are manufacturing facilities, we have been able to significantly broaden our end markets, products, customer base and geographic reach. We have a fiscal year consisting of 52 or 53 weeks, ending on the Saturday closest to March 31. Based on this policy, fiscal 2025 had 52 weeks and fiscal 2024 had 52 weeks.

~~ITEM~~We currently operate under two reportable business 6.segments ~~[RESERVED]~~– Aerospace/Defense and Industrial:

~~Not applicable~~● Aerospace/Defense. This segment represents the end markets for the Company’s highly engineered bearings and precision components used in commercial aerospace, defense aerospace, defense marine, defense ground vehicles, missiles and guided munitions, and space and satellite applications.

~~ITEM 7~~● Industrial. ~~MANAGEMENT~~This segment represents the end markets for the Company’Ss ~~DISCUSSION~~highly ~~AND~~engineered ~~ANALYSIS~~bearings, OFgearing ~~FINANCIAL~~and ~~CONDITION~~precision ~~AND~~components ~~RESULTS~~used OFin ~~OPERATIONS~~various industrial applications including: construction, mining, forestry, energy, agricultural and other machinery; aggregate and cement handling; food and beverage manufacturing; grain, and agricultural product handling; metals and mining material handling; chemicals, oil and gas production; warehousing and logistics; manufacturing automation and semiconductor equipment; power generation; waste and water management; rail and transportation.

~~The financial~~We ~~and~~use ~~business~~gross ~~analysis~~margin ~~below~~as ~~provides~~the ~~information~~primary ~~that~~measurement weto assess ~~believe~~the isfinancial ~~relevant~~performance toof aneach ~~assessment~~reportable segment. End market and ~~understanding~~channel ofsales within our ~~consolidated financial~~segments ~~position,~~are ~~results~~based ofon ~~operations~~internal definitions and ~~cash~~metrics ~~flows.~~considered ~~This~~by ~~financial~~management and ~~business~~are ~~analysis~~periodically ~~should~~reviewed beand ~~read~~updated inprospectively. ~~conjunction~~For ~~with~~fiscal ~~the consolidated~~year ~~financial~~2024, ~~statements~~we ~~and~~estimate ~~related notes~~approximately $6.9 ~~All~~of ~~references~~sales toclassified ~~“Notes”~~as inindustrial ~~this~~distribution ~~Item~~for 7fiscal ~~refer~~year to2024 ~~the~~would ~~“Notes~~now ~~to Consolidated~~be ~~Financial~~classified ~~Statements”~~as ~~included~~industrial inOEM. ~~Item~~Fiscal 8year of2024 ~~this~~was not ~~Annual~~recast ~~Report~~to onreflect ~~Form~~this ~~10-K~~change.

The ~~following~~ ~~discussion~~markets ~~contains~~for ~~statements reflecting~~ our ~~views~~products are ~~about~~cyclical, ~~our~~and ~~future~~we ~~performance~~have ~~that~~endeavored ~~constitute~~to ~~“forward-looking~~mitigate ~~statements” within~~this ~~the~~cyclicality ~~meaning~~by ofentering ~~the~~into ~~safe~~single ~~harbor~~and ~~provisions~~sole-source ofrelationships ~~the~~and ~~U.S.~~long-term purchase ~~Private~~agreements, ~~Securities~~through ~~Litigation~~diversification ~~Reform~~across ~~Act~~multiple ofmarket ~~1995.~~segments ~~See~~within the ~~information~~Aerospace/Defense ~~provided in~~and ~~Part~~Industrial Isegments, ~~Item~~by increasing ~~1A.~~sales ~~“Risk~~to ~~Factors”~~the ofaftermarket, ~~this~~and ~~Annual~~by ~~Report~~focusing on ~~Form~~developing ~~10-K~~highly ~~under~~customized ~~the heading “Cautionary Statement as to Forward-Looking Information~~solutions.”

20Currently, our strategy is built around maintaining our role as a leading manufacturer of highly engineered bearings and precision components through the following efforts:

~~General~~● Developing innovative solutions. By leveraging our design and manufacturing expertise and our extensive customer relationships, we continue to develop new products for markets in which there are substantial growth opportunities.

~~We are~~● aExpanding ~~well-known~~customer ~~international~~base ~~manufacturer of highly engineered precision bearings, components~~ and ~~essential~~penetrating ~~systems~~end ~~for the industrial, defense and aerospace industries~~markets. ~~Our~~We ~~precision~~continually ~~solutions~~seek ~~are~~opportunities ~~integral~~ to ~~the~~access ~~manufacture~~new ~~and operation of most machines and mechanical systems~~customers, ~~reduce~~geographic ~~wear~~locations ~~to moving parts, facilitate proper power transmission,~~ and ~~reduce damage and energy loss caused by friction. While we manufacture products in all major~~ bearing ~~categories,~~platforms wewith ~~focus~~existing primarily on the higher end of the bearing market where we believe our value-added manufacturing and engineering capabilities enable us to differentiate ourselves from our competitors and enhance profitability. We believe our unique expertise has enabled us to garner leading positions in many of the product markets in which we primarily compete. With 54 facilities in 11 countries, of which 38 are manufacturing facilities, we have been able to significantly broaden our end markets, products, ~~customer base and geographic reach. We have a fiscal year consisting of 52~~ or 53profitable ~~weeks,~~new ~~ending~~product ~~on the Saturday closest to March 31~~opportunities. ~~Based on this policy, fiscal 2024 had 52 weeks and fiscal 2023 had 52 weeks. We currently operate under two reportable business segments – Aerospace/Defense and Industrial:~~

● ~~Aerospace/Defense~~Increasing aftermarket sales. ~~This~~We ~~segment~~believe ~~represents~~that ~~the~~increasing ~~end~~our ~~markets~~aftermarket ~~for~~sales of replacement parts will further enhance the ~~Company’s~~continuity ~~highly~~and ~~engineered~~predictability ~~bearings~~of our revenues and ~~precision~~enhance ~~components~~our ~~used~~profitability. inSuch ~~commercial~~sales ~~aerospace,~~include ~~defense~~sales ~~aerospace~~to third party distributors, and ~~marine~~sales to OEMs for replacement products and ~~ground~~aftermarket ~~defense~~services. ~~applications~~We can further increase the percentage of our revenues derived from the replacement market by continuing to implement several initiatives.

● Industrial. This segment represents the end markets for the Company’s highly engineered bearings, gearings 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.19

~~The markets~~● ~~for~~Pursuing ~~our~~selective ~~products~~acquisitions. ~~are~~The ~~cyclical,~~acquisition ~~and~~of webusinesses ~~have~~that ~~endeavored~~complement toor ~~mitigate~~expand ~~this~~our ~~cyclicality~~operations byhas ~~entering~~been ~~into single~~ and ~~sole-source~~continues ~~relationships and~~to ~~long-term~~be ~~purchase~~an ~~agreements,~~important ~~through~~element ~~diversification~~of ~~across~~our ~~multiple~~business ~~market~~strategy. ~~segments~~We ~~within~~believe ~~the~~that ~~Aerospace/Defense~~there ~~and~~will ~~Industrial segments,~~continue byto ~~increasing~~be ~~sales~~consolidation towithin the ~~aftermarket,~~industry ~~and~~that bymay ~~focusing~~present onus ~~developing~~with ~~highly~~acquisition ~~customized solutions~~opportunities.

~~Currently, our~~ ~~strategy~~We ishave ~~built~~demonstrated ~~around~~expertise ~~maintaining~~in ~~our~~acquiring and ~~role~~integrating asbearing aand ~~leading~~precision ~~manufacturer~~engineered ofcomponent ~~highly~~manufacturers ~~engineered~~that ~~bearings~~have complementary products or distribution channels and have ~~precision~~provided ~~components~~significant margin enhancement. We have consistently increased the profitability of acquired businesses through a process of methods and systems improvement coupled with the ~~following~~introduction ~~efforts:~~of complementary and proprietary new products. Since 1992 we have completed 29 acquisitions, which have broadened our end markets, products, customer base and geographic reach.

● Developing innovative solutions. By leveraging our design and manufacturing expertise and our extensive customer relationships, we continue to develop new products for markets in which there are substantial growth opportunities.Outlook

●For ~~Expanding~~the ~~customer~~fiscal ~~base~~year ~~and~~ended March ~~penetrating~~29, ~~end~~2025, ~~markets~~63.8% Weof ~~continually~~our ~~seek~~net ~~opportunities~~sales were attributable to ~~access~~the ~~new~~Industrial ~~customers,~~segment ~~geographic~~while ~~locations~~the Aerospace/Defense segment contributed 36.2% of our net sales. Our net sales increased 4.9% year over year due to an increase of 14.1% in Aerospace and ~~bearing~~Defense segment ~~platforms~~sales ~~with~~and ~~existing~~a ~~products~~0.2% orincrease ~~profitable~~in ~~new~~Industrial ~~product~~segment ~~opportunities~~sales.

●Aerospace ~~Increasing~~and ~~aftermarket~~Defense segment sales. Weincreased ~~believe~~14.1% ~~that~~year ~~increasing~~over ~~our~~year. ~~aftermarket~~Commercial ~~sales~~aerospace ofincreased ~~replacement~~13.3%, ~~parts~~demonstrating ~~will further enhance~~ the ~~continuity~~continued recovery and ~~predictability~~early stages of ~~our~~a growth ~~revenues and enhance our profitability~~cycle. ~~Such~~Defense sales, ~~include~~which ~~sales~~represent toapproximately ~~third~~32.4% ~~party~~of ~~distributors,~~segment ~~and~~ sales toduring ~~OEMs~~the ~~for~~year, ~~replacement~~were ~~products~~up ~~and aftermarket services~~15.9% Wefor ~~will~~the ~~further~~year. ~~increase~~Our ~~the~~backlog in ~~percentage~~this ofmarket ~~our~~is ~~revenues~~significant ~~derived~~and ~~from~~deliveries ~~the~~are ~~replacement~~expected ~~market~~to bycontinue ~~continuing~~ to ~~implement~~grow ~~several~~in ~~initiatives~~the coming years.

●Industrial ~~Pursuing~~segment ~~selective~~sales ~~acquisitions~~increase 0.2% ~~The~~year ~~acquisition~~over ofyear, ~~businesses~~led ~~that~~by ~~complement~~a or1.4% ~~expand~~increase ~~our~~in ~~operations~~distribution ~~has~~and ~~been~~aftermarket ~~and~~sales. ~~continues~~Sales to beOEMs anwere ~~important~~down ~~element of our business strategy~~2.1% Weyear ~~believe~~over ~~that~~year, primarily ~~there~~driven ~~will~~by ~~continue~~softness toin ~~be consolidation within~~ the ~~industry~~energy ~~that~~and ~~may~~semicon ~~present us with acquisition opportunities~~markets.

WeFor the fourth quarter ~~have~~of ~~demonstrated~~fiscal ~~expertise~~2025, 64.1% of our net sales was attributable to the Industrial segment compared to approximately 35.9% for the Aerospace/Defense segment. Approximately $191.5 of Industrial segment sales in ~~acquiring~~the ~~and~~fourth ~~integrating~~quarter ~~bearing~~of fiscal 2025 were to distribution and ~~precision~~aftermarket ~~engineered~~compared ~~component~~to ~~manufacturers~~approximately ~~that~~$186.8 ~~have~~in ~~complementary~~the prior year while approximately $88.9 were made directly to OEMs ~~products~~in orthe ~~distribution~~fourth ~~channels~~quarter ~~and~~of ~~have~~fiscal ~~provided~~2025 ~~significant~~compared ~~margin~~to ~~enhancement~~approximately $84.5 Wein ~~have~~the ~~consistently~~prior year. Net sales in the Aerospace/Defense segment increased $14.9, or 10.6%, for the ~~profitability~~fourth quarter of fiscal 2025 compared to the same period last fiscal year. Commercial aerospace net sales, which consisted of ~~acquired~~$85.9 ~~businesses~~of ~~through~~OEM aand ~~process~~$23.3 of ~~methods~~distribution and ~~systems~~aftermarket, ~~improvement~~increased ~~coupled~~by ~~with~~11.6% compared to the ~~introduction~~fourth quarter of fiscal ~~complementary~~2024 when OEM net sales were $78.2 and ~~proprietary new~~distribution ~~products~~and aftermarket net sales were $19.7. ~~Since~~This ~~1992~~was wedriven ~~have~~by ~~completed~~a 29continuing recovery ~~acquisitions,~~as ~~which~~build ~~have~~rates ~~broadened~~and ~~our~~orders ~~end~~grew in the OEM market and aftermarket demand remained strong. Our defense markets, ~~products~~net sales, which ~~customer~~consisted ~~base~~of $38.1 of OEM and ~~geographic~~$10.0 of distribution and aftermarket, increased 8.2% compared to the fourth quarter of ~~reach~~fiscal 2024 when OEM net sales were $34.2 and distribution and aftermarket net sales were $10.3.

~~Outlook~~The Company forecasts net sales to be approximately $424.0 to $434.0 in the first quarter of fiscal 2026, compared to $406.3 in the first quarter of fiscal 2025, which represents a growth rate of 4.4% to 6.8%.

Our ~~net~~ ~~sales~~backlog ~~increased~~as ~~6.2%~~of ~~year~~March ~~over~~29, 2025 ~~year~~was ~~due~~$940.7 compared to an$821.5 ~~increase~~as of ~~20.7%~~March in30, ~~Aerospace~~2024. ~~and~~This ~~Defense~~increase ~~segment~~reflects ~~sales~~continued ~~and~~growth, amost ~~0.2%~~notably ~~increase~~ in ~~Industrial~~our commercial aerospace ~~segment~~and ~~sales.~~marine defense end markets

~~Aerospace~~ We experienced solid operating cash flow ~~and~~generation ~~Defense~~during ~~segment~~fiscal ~~sales~~2025 ~~increased~~(as ~~20.7%~~discussed ~~year~~in ~~over~~the ~~year.~~“Liquidity ~~Commercial~~and ~~aerospace~~Capital ~~increased~~Resources” 20section below).~~3%,~~ ~~demonstrating~~We ~~the~~believe ~~continued~~that ~~recovery~~operating cash flows and ~~early~~available ~~stages~~credit ofunder aour ~~growth~~revolving ~~cycle.~~bank ~~Defense~~credit ~~sales,~~facilities ~~which~~will ~~represent~~provide ~~approximately~~adequate ~~31.9%~~resources ofto ~~segment~~fund ~~sales~~internal ~~during~~growth initiatives for the ~~year~~foreseeable future, ~~were~~including upat ~~more than~~least ~~21.6%~~the ~~for~~next ~~the~~12 ~~year~~months. ~~Our~~As ~~backlog~~of inMarch ~~this~~29, ~~end~~2025, ~~market~~we ishad ~~significant~~cash ~~and~~of ~~deliveries~~$36.8, ~~are~~of ~~expected~~which, to$23.7 ~~continue~~was tocash held ~~accelerate~~by inour ~~the~~foreign ~~coming years~~operations.

21Sources of Revenue

~~For the~~A ~~fiscal~~contract ~~year~~with ~~ended~~a ~~March~~customer exists ~~30,~~when ~~2024,~~there ~~approximately~~is ~~66.7%~~commitment ofand ~~our~~approval ~~net~~from ~~sales~~both ~~were~~parties ~~attributable~~involved, to the ~~Industrial~~rights ~~segment while the Aerospace/Defense segment contributed approximately 33.3%~~ of ~~our net sales. For~~ the ~~fourth~~parties ~~quarter~~are ~~of fiscal 2024~~identified, ~~approximately 65.6%~~payment ofterms ~~our~~are ~~net sales were attributable to the Industrial segment compared to approximately 34.4% for the Aerospace/Defense~~defined, ~~segment. Approximately $186.8 of Industrial segment sales in~~ the ~~fourth~~contract ~~quarter~~has ofcommercial ~~fiscal~~substance ~~2024 were to distribution~~ and ~~aftermarket compared~~collectability toof ~~$185.7~~consideration inis ~~the prior year while approximately $84~~probable.5 ~~were~~The ~~made~~Company ~~directly~~has todetermined ~~OEMs~~that in the ~~fourth~~contract ~~quarter of fiscal 2024~~with ~~compared to $86.9 in~~ the ~~prior~~customer ~~year.~~is ~~Net~~established ~~sales~~when in the ~~Aerospace/Defense~~customer ~~segment~~purchase ~~increased~~order ~~$20.6,~~is accepted or 16acknowledged.~~8%,~~ ~~for~~Long-term ~~the~~agreements ~~fourth~~(“LTAs”) ~~quarter of~~are ~~fiscal~~used ~~2024~~by ~~compared to~~ the ~~same~~Company ~~period last fiscal year. Commercial aerospace, which consisted of $78.2 of OEM~~ and ~~$19.7~~certain of ~~distribution~~ ~~and~~its ~~aftermarket,~~customers ~~increased~~to byreduce ~~12.0%~~their ~~compared~~supply touncertainty ~~the~~for ~~fourth~~a ~~quarter~~period of ~~fiscal~~time, ~~2023~~typically ~~when~~multiple ~~OEM net sales were $68~~years.8 ~~and~~While ~~distribution~~these ~~and~~LTAs ~~aftermarket~~define ~~net~~commercial ~~sales~~terms ~~were~~including ~~$18.5.~~pricing, ~~This~~termination ~~was~~rights ~~driven by a continuing recovery as build rates~~ and ~~orders~~other ~~escalate~~contractual ~~in the OEM markets and the aftermarket begins to pick up. Our defense markets~~requirements, ~~which~~they ~~consisted~~do ofnot ~~$34.2~~represent ~~of OEM and $10.3 of~~the ~~distribution~~contract ~~and~~with ~~aftermarket, increased by 29.0% compared to~~ the ~~fourth~~customer ~~quarter~~for ofrevenue ~~fiscal~~recognition ~~2023 when OEM net sales were $28~~purposes.~~2 and distribution and aftermarket net sales were $6.3.~~

The Company forecasts net sales to be approximately $415.0 to $420.0 in the first quarter of fiscal 2025, compared to $387.1 in the first quarter of fiscal 2024, which represents a growth rate of 7.2% to 8.5%. 20

~~Our order~~Approximately ~~backlog,~~98% as of ~~March~~the ~~30,~~Company’s revenue ~~2024,~~ was ~~$726.1~~generated ~~compared~~from tothe ~~$663.8~~sale as of ~~April~~products 1,to ~~2023.~~customers ~~These~~in ~~figures~~the ~~exclude~~Industrial ~~orders from our Sargent marine~~ and ~~Sargent~~Aerospace/Defense ~~aerospace~~markets ~~businesses~~for ~~that~~each ~~are~~of ~~expected to be fulfilled more than 12 months after~~ the ~~balance~~years ~~sheet dates. Including~~ended ~~all~~March ~~orders~~29, ~~from~~2025 ~~our Sargent marine~~ and ~~Sargent aerospace businesses, our backlog as of~~ March 30, 2024 ~~was $821~~.5 ~~compared~~The toremaining ~~$759.4~~2% as of ~~April~~the 1,Company’s ~~2023.~~revenue ~~This~~for ~~increase~~each ~~reflects~~of ~~continued~~the ~~growth,~~last ~~most~~two ~~notably~~fiscal inyears ~~our~~was ~~commercial~~derived ~~aerospace~~from services ~~and~~performed ~~marine~~for ~~defense~~customers, ~~end~~which ~~markets.~~included ~~Beginning in~~repair ~~fiscal~~and ~~year~~refurbishment ~~2025,~~work weperformed ~~will~~on ~~disclose~~customer-controlled ~~our~~assets ~~full~~as ~~backlog~~well ~~for~~as ~~periods~~design and ~~presented~~test work.

~~We experienced~~Refer solid operating cash flow generation during fiscal 2024 (as discussed in the “Liquidity and Capital Resources” section below). We believe that operating cash flows and available credit under our revolving bank credit facilities will provide adequate resources to ~~fund~~Note ~~internal~~2 ~~growth initiatives~~ for ~~the~~further discussion ~~foreseeable~~regarding ~~future, including at least~~ the ~~next~~Company’s 12revenue ~~months~~policy. ~~As of March 30, 2024, we had cash and cash equivalents of $63.5, of which, $25.9 was cash held by our foreign operations.~~

~~Sources~~ Cost of ~~Revenue~~Sales

~~A contract~~Cost ~~with~~of asales ~~customer~~includes ~~exists~~employee compensation ~~when there is commitment~~ and ~~approval from both parties involved~~benefits, ~~the~~raw ~~rights of the parties are identified~~materials, ~~payment~~ ~~terms~~outside ~~are defined~~processing, ~~the~~depreciation ~~contract has commercial substance and collectability~~ of ~~consideration~~manufacturing ismachinery 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~~equipment, ~~typically~~supplies ~~multiple years. While these LTAs define commercial terms including pricing, termination rights~~ and ~~other contractual requirements, they do not~~manufacturing ~~represent the contract with the customer for revenue recognition purposes~~overhead.

~~Approximately 98%~~Less ofthan ~~the~~half ~~Company’s~~of ~~revenue~~our ~~was~~factory costs, ~~generated~~depending ~~from~~on ~~the~~product ~~sale~~mix, ofare ~~products~~attributable to ~~customers~~raw inmaterials, ~~the~~purchased ~~Industrial~~components and ~~Aerospace/Defense~~outside ~~markets for~~processing. ~~each~~When ofwe ~~the~~experience ~~years~~raw material ~~ended March 30~~inflation, ~~2024~~we ~~and~~attempt ~~April~~to 1,offset ~~2023.~~these ~~The~~cost ~~remaining~~increases 2%by ofchanging ~~the~~our ~~Company’s~~buying ~~revenue~~patterns, ~~for~~expanding ~~each~~our ofvendor ~~the~~network ~~last~~and ~~two~~passing ~~fiscal~~through ~~years~~price ~~was~~increases ~~derived~~when ~~from~~possible. ~~services~~Although ~~performed~~we ~~for~~experienced ~~customers,~~cost ~~which~~inflation ~~included~~on ~~repair~~raw material, labor and ~~refurbishment~~overhead ~~work~~for ~~performed~~this onfiscal ~~customer-controlled~~year, ~~assets~~we aswere ~~well~~able asto ~~design~~mitigate it through pricing and ~~test~~strategic ~~work~~sourcing efforts.

~~Refer~~We monitor gross margin performance through a process of monthly operation reviews with all our divisions. We develop new products to ~~Note~~target 2certain ~~for~~markets ~~further~~allied ~~discussion~~to ~~regarding~~our strategies by first understanding volume levels and product pricing and then constructing manufacturing strategies to achieve defined margin objectives. We only pursue product lines where we believe that the ~~Company’s~~developed ~~revenue~~manufacturing ~~policy~~process will yield the targeted margins. Management monitors gross margins of all product lines on a monthly basis to determine which manufacturing processes or prices should be adjusted.

~~Cost of~~Fiscal ~~Sales~~2025 Compared to Fiscal 2024

~~Cost of~~Results ~~sales includes employee compensation and benefits, raw materials, outside processing, depreciation~~ of ~~manufacturing machinery and equipment, supplies and manufacturing overhead.~~Operations

~~Less than~~(amounts ~~half~~in ~~of our factory costs~~millions, ~~depending~~except onshare ~~product mix, are attributable to raw materials, purchased components~~ and ~~outside processing.~~per ~~When~~share we experience raw material inflation, we attempt to offset these cost increases by changing our buying patterns, expanding our vendor network and passing through price increases when possible. Although we experienced cost inflation on raw material, labor and overhead for this fiscal year, we were able to mitigate it through pricing and strategic sourcing efforts.data)

We monitor gross margin performance through a process of monthly operation reviews with all our divisions. We develop new products to target certain markets allied to our strategies by first understanding volume levels and product pricing and then constructing manufacturing strategies to achieve defined margin objectives. We only pursue product lines where we believe that the developed manufacturing process will yield the targeted margins. Management monitors gross margins of all product lines on a monthly basis to determine which manufacturing processes or prices should be adjusted.

	FY25		FY24		$ Change		% Change
Net sales	$	1,636.3	$	1,560.3	$	76.0		4.9	%
Net income attributable to common stockholders	$	233.8	$	186.9	$	46.9		25.0	%
Net income per common share attributable to common stockholders: Diluted	$	7.70	$	6.41
Weighted average common shares attributable to common stockholders: Diluted		30,354,470		29,189,056

22Net sales for the fiscal year ended March 29, 2025 increased $76.0, or 4.9%, compared to fiscal 2024. This increase was the result of a 0.2% increase in our Industrial segment, while net sales in our Aerospace/Defense segment increased 14.1% year over year. Industrial segment sales experienced the strongest contribution to growth in the metals and mining, warehousing and logistics, and food and beverage markets. Within Aerospace/Defense, total commercial aerospace net sales increased 13.3% and defense net sales increased 15.9% year over year. The commercial aerospace increase reflects the continued recovery in the market over the last year.

~~Fiscal~~Net income attributable to common stockholders increased by $46.9 to $233.8 for fiscal 2025 compared to fiscal 2024. ~~Compared~~The net income attributable to ~~Fiscal~~common ~~2023~~stockholders of $233.8 in fiscal 2025 was impacted by $1.5 of restructuring and consolidation charges, $59.8 of interest expense, $12.4 of preferred stock dividends, and $65.7 of income tax expense. The net income attributable to common stockholders of $186.9 in fiscal 2024 was impacted by $3.0 of restructuring and consolidation charges, $78.7 of interest expense, $23.0 of preferred stock dividends, and $51.9 of income tax expense.

~~Results of Operations~~21

~~(amounts in~~Gross ~~millions, except share and per share data)~~Margin

	FY24			FY23			$ Change		% Change
	FY25			FY24			$ Change		% Change
Net sales	$	1,560.3		$	1,469.3		$	91.0		6.2	%
Gross Margin	$	726.1		$	670.5		$	55.6		8.3	%
Net income attributable to common stockholders	$	186.9		$	143.8		$	43.1		30.1	%
Gross Margin %		44.4	%		43.0	%
Net income per common share attributable to common stockholders: Diluted	$	6.41		$	4.94
Weighted average common shares attributable to common stockholders: Diluted		29,189,056			29,072,429

~~Net sales~~Gross ~~for~~margin ~~the~~was ~~fiscal year ended March 30, 2024 increased $91~~44.~~0, or 6.2~~4%, of sales for fiscal ~~2024~~2025 compared to ~~fiscal 2023~~43.0% ~~This~~for ~~increase in net sales was~~ the ~~result~~same ofperiod anlast 0year.2% ~~increase~~Gross inmargin ~~our~~of ~~Industrial~~$670.5 ~~segment, while sales~~ in ~~our~~fiscal ~~Aerospace/Defense~~2024 ~~segment~~included ~~increased 20~~$0.7%3 ~~year~~of ~~over~~inventory ~~year.~~rationalization ~~Industrial~~costs ~~segment~~associated ~~sales~~with ~~remain~~consolidation ~~very~~efforts ~~strong,~~at ~~most~~one ~~notably,~~of inour ~~the~~facilities ~~mining,~~located ~~energy,~~in ~~and general industrial markets~~California. ~~Within Aerospace/Defense, total commercial aerospace increased 20.3% and defense increased 21.6% year over year.~~ The ~~commercial aerospace increase reflects the~~expansion ~~continued recovery~~ in ~~the~~margin ~~market~~during ~~over~~fiscal ~~the~~2025 ~~last~~reflects ~~year, and what we believe is~~ the ~~start~~combination of aproduct ~~growth~~mix, ~~cycle~~pricing asand ~~aircraft~~continued ~~build~~cost ~~rates~~efficiencies atand ~~large~~synergies achieved ~~OEMs~~through ~~are expected to escalate in coming years~~integration.

Net income attributable to common stockholders increased by $43.1 to $186.9 for fiscal 2024 compared to fiscal 2023. The net income attributable to common stockholders of $186.9 in fiscal 2024 was impacted by $3.0 of restructuring and consolidation charges incurredSelling, ~~$78.7~~General ~~of interest expense, $23.0 of preferred stock dividends~~ and $51.9 of income tax expense. The net income attributable to common stockholders of $143.8 in fiscal 2023 was impacted by $8.8 of transition service agreement (TSA) costs associated with the Dodge acquisition, $2.7 of restructuring and consolidation charges incurred at some of our plants located in South Carolina, $76.7 of interest expense, $22.9 of preferred stock dividends and $43.0 of income tax expense.Administrative

Gross Margin

	FY25			FY24			$ Change		% Change
SG&A	$	279.3		$	253.5		$	25.8		10.2	%
% of net sales		17.1	%		16.2	%

	FY24			FY23			$ Change		% Change
Gross Margin	$	670.5		$	604.8		$	65.7		10.9	%
Gross Margin %		43.0	%		41.2	%

SG&A expenses increased by $25.8 to $279.3 for fiscal 2025 compared to fiscal 2024. The increase in SG&A was primarily driven by personnel costs, IT costs and other professional fees.

Gross margin was 43.0% of sales for fiscal 2024 compared to 41.2% for the same period last year. Gross margin during fiscal 2024 included $0.3 of inventory rationalization costs associated with consolidation efforts at one of our facilities located in California. Gross margin in fiscal 2023 included $0.2 of inventory rationalization costs associated with consolidation efforts at one of our facilities located in South Carolina. The expansion in margin during fiscal 2024 reflects the combination of continued cost efficiencies achieved through integrationOther, ~~product mix, pricing and the ability to maintain appropriate pricing levels while facing an inflationary environment both as it relates to manufacturing costs and human capital.~~Net

Selling, General and Administrative

	FY25			FY24			$ Change		% Change
Other, net	$	76.9		$	74.8		$	2.1		2.8	%
% of net sales		4.7	%		4.8	%

	FY24			FY23			$ Change		% Change
SG&A	$	253.5		$	229.7		$	23.8		10.4	%
% of net sales		16.2	%		15.6	%

Other operating expenses for fiscal 2025 totaled $76.9 compared to $74.8 for fiscal 2024. For fiscal 2025, other operating costs consisted primarily of $71.8 of amortization expense, $1.5 of plant consolidation and restructuring costs, $1.2 of bad debt expense and $2.4 of other items. For fiscal 2024, other operating expenses consisted primarily of $70.4 of amortization expense, $2.7 of plant consolidation and restructuring costs, $0.2 of bad debt expense, $0.3 of acquisition costs, $0.6 of losses on disposal of assets, and $0.6 of other items.

~~SG&A expenses~~Interest ~~increased by $23.8 to $253.5 for fiscal 2024 compared to fiscal 2023. The increase in SG&A was primarily driven by personnel costs~~Expense, ~~IT costs and other professional fees.~~Net

Other, Net

	FY25			FY24			$ Change			% Change
Interest expense	$	59.8		$	78.7		$	(18.9	)		(23.9	)%
% of net sales		3.7	%		5.0	%

	FY24			FY23			$ Change			% Change
Other, net	$	74.8		$	82.1		$	(7.3	)		(8.9	)%
% of net sales		4.8	%		5.6	%

Interest expense, net, consists of interest charged on the Company’s debt agreements and amortization of deferred financing fees, offset by interest income. Interest expense, net was $59.8 for fiscal 2025 compared to $78.7 for fiscal 2024. The decrease in interest expense is primarily related to our debt reduction efforts, as well as the Interest Rate Swap and the Cross Currency Swap, which have enabled us to manage interest costs.

23Other Non-Operating (Income)/Expense

Other operating expenses for fiscal 2024 totaled $74.8 compared to $82.1 for fiscal 2023. For fiscal 2024, other operating costs consisted primarily of $70.4 of amortization expense, $2.7 of plant consolidation and restructuring costs, $0.2 of bad debt expense, $0.3 of acquisition costs, $0.6 of losses on disposal of assets, and $0.6 of other items. For fiscal 2023, other operating expenses were comprised of $8.9 of TSA costs and other costs associated with the Dodge acquisition, $69.1 of amortization expense, $2.5 of plant consolidation and restructuring costs, $0.8 of bad debt expense, $0.3 of asset impairments, $0.3 of losses on disposal of assets, and $0.2 of other items.

	FY25			FY24			$ Change			%Change
Other non-operating (income)/expense	$	(1.8	)	$	1.7		$	(3.5	)		(205.9	)%
% of net sales		(0.1	)%		0.1	%

~~Interest~~Other non-operating income ~~Expense~~for fiscal 2025 totaled $1.8, ~~Net~~consisting primarily of a $4.0 legal settlement partially offset by post-retirement benefit costs and foreign exchange gains and losses. Non-operating costs incurred during fiscal 2024 were $1.7, consisting primarily of post-retirement benefit costs.

	FY24			FY23			$ Change		% Change
Interest expense	$	78.7		$	76.7		$	2.0		2.6	%
% of net sales		5.0	%		5.2	%

Income Taxes

Interest expense, net, consists of interest charged on the Company’s debt agreements and amortization of deferred financing fees, offset by interest income. Interest expense, net was $78.7 for fiscal 2024 compared to $76.7 for fiscal 2023 as a result of additional interest on our variable rate debt. Though interest rates have steadily increased since the beginning of fiscal 2023, the interest rate swap that we entered into that year (see “Liquidity and Capital Resources” below) has enabled us to manage interest costs as approximately 75% of our debt bears interest at a fixed rate, after giving effect to the interest rate swap agreement in place.

	FY25			FY24
Income tax expense	$	65.7		$	51.9
Effective tax rate with discrete items		21.1	%		19.8	%
Effective tax rate without discrete items		23.5	%		22.9	%

~~Other Non-Operating Expense~~22

	FY24			FY23			$ Change			% Change
Other non-operating expense	$	1.7		$	6.6		$	(4.9	)		(74.0	)%
% of net sales		0.1	%		0.4	%

Income tax expense for fiscal 2025 was $65.7 compared to $51.9 for fiscal 2024. Our effective income tax rate for fiscal 2025 was 21.1% compared to 19.8% for fiscal 2024. The effective income tax rates are different from the U.S. statutory rate due to the U.S. credits for increasing research activities and foreign-derived intangible income provision, which decrease the rate, and differences in foreign and state income taxes, which increase the rate. The effective income tax rate for fiscal 2025 of 21.1% included discrete items totaling a benefit of $7.6 which is substantially related to a benefit associated with stock-based compensation, a reduction in unrecognized tax benefits due to the expiration of the statute of limitations, and benefits related to the release of a valuation allowance and an adjustment related to state remeasurements. The effective income tax rate for fiscal 2025 without these discrete items would have been 23.5%. The effective income tax rate for fiscal 2024 of 19.8% included discrete items totaling a benefit of $8.2 which is substantially related to a benefit associated with stock-based compensation, a reduction in unrecognized tax benefits due to the expiration of the statute of limitations, and the accrual of deferred tax assets related to state tax modifications. The effective income tax rate for fiscal 2024 without these discrete items would have been 22.9%.

~~Other non-operating~~Global ~~expense~~Minimum for fiscal 2024 totaled $1.7, consisting primarily of post-retirement benefit costs. Non-operating costs incurred during fiscal 2023 were $6.6, consisting primarily of costs associated with post-retirement benefit plans led by a $4.3 settlement loss related to the derecognition of $15.6 of pension liabilities and $15.6 of pension assets resulting from an annuity contract executed in March 2023.Tax

~~Income~~In October 2021, the Organisation ~~Taxes~~for Economic Co-operation and Development (“OECD”) announced an Inclusive Framework on Base Erosion and Profit Shifting including Pillar Two Model Rules defining the global minimum tax, which calls for the taxation of large multinational corporations at a minimum rate of 15%. Subsequently multiple sets of administrative guidance have been issued. Many non-US tax jurisdictions have either recently enacted legislation to adopt certain components of the Pillar Two Model Rules beginning in 2024 with the adoption of additional components in later years or announced their plans to enact legislation in future years. The Company has performed an assessment of the potential impact to its income taxes as a result of Pillar Two. Based on the results of the assessment, the Company believes that it can avail itself of the transitional safe harbor rules in all jurisdictions in which the Company operates. We will continue to monitor both the U.S. and international legislative developments related to Pillar Two to assess for any potential impacts. We are continuing to evaluate the impacts of enacted legislation and pending legislation to enact Pillar Two Model Rules in the non-US tax jurisdictions in which we operate.

	FY24			FY23
Income tax expense	$	51.9		$	43.0
Effective tax rate with discrete items		19.8	%		20.5	%
Effective tax rate without discrete items		22.9	%		22.9	%

Segment Information

~~Income tax~~We ~~expense~~report ~~for~~our ~~fiscal~~financial ~~2024 was $51.9 compared to $43.0 for fiscal 2023. Our effective income tax rate for fiscal 2024 was 19.8% compared~~results tounder ~~20.5%~~two ~~for~~operating ~~fiscal~~segments: ~~2023.~~Aerospace/Defense ~~The~~and ~~effective income tax rates are different from the U~~Industrial.S. ~~statutory~~We ~~rate~~use ~~due~~gross tomargin ~~the~~as ~~U.S. credits for increasing research activities and foreign-derived intangible income provision which decrease~~ the ~~rate~~primary ~~and~~measurement differences in foreign and state income taxes which increase the rate. The effective income tax rate for fiscal 2024 of 19.8% included discrete items totaling a benefit of $8.2 which is substantially related to aassess ~~benefit associated with stock-based compensation, a reduction in unrecognized tax benefits due to~~ the ~~expiration of the statute of limitations, and the accrual of deferred tax assets related to state tax modifications. The effective~~financial ~~income~~performance ~~tax rate for fiscal 2024 without these discrete items would have been 22.9%. The effective income tax rate for fiscal 2023~~ of ~~20.5%~~ ~~included~~each ~~discrete~~reportable ~~items of $5~~segment.1 of benefit comprised substantially of a benefit associated with stock-based compensation and a reduction in unrecognized tax benefits partially due to the expiration of the statute of limitations. The effective income tax rate for fiscal 2023 without these discrete items would have been 22.9%.

~~Global Minimum~~Aerospace/Defense ~~Tax~~Segment:

In October 2021, the Organisation for Economic Co-operation and Development (“OECD”) announced an Inclusive Framework on Base Erosion and Profit Shifting including Pillar Two Model Rules defining the global minimum tax, which calls for the taxation of large multinational corporations at a minimum rate of 15%. Subsequently multiple sets of administrative guidance have been issued. Many non-US tax jurisdictions have either recently enacted legislation to adopt certain components of the Pillar Two Model Rules beginning in 2024 with the adoption of additional components in later years or announced their plans to enact legislation in future years. We are continuing to evaluate the impacts of enacted legislation and pending legislation to enact Pillar Two Model Rules in the non-US tax jurisdictions in which we operate.

	FY25			FY24			$ Change		% Change
Net sales	$	592.8		$	519.4		$	73.4		14.1	%

Gross margin	$	243.1		$	208.8		$	34.3		16.4	%
Gross margin %		41.0	%		40.2	%

SG&A	$	42.6		$	37.8		$	4.8		12.6	%
% of segment net sales		7.2	%		7.3	%

24Net sales increased $73.4, or 14.1%, for fiscal 2025 compared to fiscal 2024. Commercial aerospace net sales, which consisted of $317.8 of OEM and $83.1 of distribution and aftermarket, increased by 13.3% compared to fiscal 2024 when OEM net sales were $278.5 and distribution and aftermarket net sales were $75.3. This was driven by a continuing recovery as build rates and orders grew in the OEM markets and aftermarket demand remained strong. Our defense markets net sales, which consisted of $146.3 of OEM and $45.6 of distribution and aftermarket, increased by 15.9% compared to fiscal 2024 when OEM net sales were $135.3 and distribution and aftermarket net sales were $30.3.

~~Segment~~Our backlog and recent ~~Information~~results reflect continued growth in demand which we expect to continue in upcoming quarters. Our defense markets, which represented about 32.4% of sales, increased by approximately 15.9% during the period, driven by increased sales and order volume in the marine, fixed wing, and missiles and guided munitions end markets. Distribution and aftermarket sales, which represent 21.7% of segment sales, were up 21.7% year over year.

WeGross margin was $243.1, ~~report~~or ~~our~~41.0% ~~financial~~of ~~results~~net ~~under~~sales, ~~two~~in ~~operating~~fiscal ~~segments:~~2025 ~~Aerospace/Defense~~compared ~~and~~to ~~Industrial~~$208.8, Weor ~~use~~40.2% ~~gross~~of sales, for the same period in fiscal 2024. We anticipate additional margin expansion in the upcoming year as the ~~primary~~growing ~~measurement~~ orders for commercial products are expected to ~~assess~~increase ~~the~~volumes flowing ~~financial~~through ~~performance~~our ofmanufacturing ~~each~~facilities ~~reportable~~driving ~~segment~~cost efficiencies.

~~Aerospace/Defense Segment:~~23

	FY24			FY23			$ Change		% Change
Net sales	$	519.4		$	430.3		$	89.1		20.7	%
Gross margin	$	208.8		$	171.0		$	37.8		22.2	%
Gross margin %		40.2	%		39.7	%
SG&A	$	37.8		$	31.1		$	6.7		21.7	%
% of segment net sales		7.3	%		7.2	%

Industrial Segment:

Net sales increased $89.1, or 20.7%, for fiscal 2024 compared to fiscal 2023. Commercial aerospace, which consisted of $278.5 of OEM and $75.3 of distribution and aftermarket, increased by 20.3% compared to fiscal 2023 when OEM net sales were $234.4 and distribution and aftermarket net sales were $59.7. This was driven by a continuing recovery as build rates and orders escalated in the OEM markets and the aftermarket began to pick up. Our defense markets, which consisted of $135.3 of OEM and $30.3 of distribution and aftermarket, increased by 21.6% compared to fiscal 2023 when OEM net sales were $110.3 and distribution and aftermarket net sales were $25.9.

	FY25			FY24			$ Change		% Change
Net sales	$	1,043.5		$	1,040.9		$	2.6		0.2	%

Gross margin	$	483.0		$	461.7		$	21.3		4.6	%
Gross margin %		46.3	%		44.4	%

SG&A	$	136.5		$	132.8		$	3.7		2.9	%
% of segment net sales		13.1	%		12.8	%

~~During~~Net ~~the~~sales ~~year,~~increased ~~we saw~~$2.6, ~~improvement~~or in0.2%, ~~the~~during ~~sales~~fiscal ~~and~~2025 ~~order~~compared ~~volume~~ to ~~our~~the ~~commercial~~same ~~aerospace~~period ~~customers~~last asyear. ~~aircraft~~The ~~build~~continued ~~rates~~strong ~~continued~~performance towas ~~grow.~~driven ~~Our backlog~~by the mining and ~~recent~~general industrial ~~results~~markets. ~~reflect~~Sales ~~the~~to ~~early~~distribution ~~stages~~and ofthe ~~this~~aftermarket ~~process~~were ~~which~~$717.4 wein ~~expect~~fiscal to2025 ~~continue~~compared to ~~see~~$707.6 in ~~upcoming~~the ~~quarters.~~prior ~~Our defense markets~~year, ~~which~~a ~~represented~~1.4% year ~~about~~over 31year increase.9% ofOEM sales, ~~increased~~were by$326.1 ~~approximately~~for 21fiscal 2025 compared to $333.6%3 ~~during~~in the ~~period,~~prior ~~driven~~year. byThe ~~increased sales~~2.1% ~~and~~decrease ~~order~~in ~~volume~~OEM insales compared to the ~~marine~~prior ~~and~~year ~~helicopter~~was ~~end~~primarily ~~markets.~~due ~~Overall~~to ~~distribution~~softness ~~and~~in ~~aftermarket~~the ~~sales~~machinery, ~~which~~oil ~~represent~~and ~~20.3% of segment sales~~gas, ~~were~~and upsemiconductor ~~23.4%~~equipment ~~year~~end ~~over year~~markets.

Gross margin was $~~208~~483.80, or 40 46.23% of net sales, in fiscal ~~2024~~2025 compared to $~~171~~461.07, or 3944.74% of sales, for the same period in fiscal ~~2023~~2024. ~~We anticipate~~The ~~margin~~ expansion in ~~the~~margin year ~~next~~over year aswas ~~the~~attributable ~~increasing~~to ~~orders~~manufacturing onefficiencies ~~commercial~~and ~~products~~product ~~add volume through our plants driving cost efficiencies~~mix.

~~Industrial Segment~~Corporate:

	FY24			FY23			$ Change		% Change
	FY25			FY24			$ Change		% Change
Net sales	$	1,040.9		$	1,039.0		$	1.9		0.2	%
SG&A	$	100.2		$	82.9		$	17.3		20.8	%
Gross margin	$	461.7		$	433.8		$	27.9		6.4	%
% of total net sales		6.1	%		5.3	%
Gross margin %		44.4	%		41.8	%
SG&A	$	132.8		$	122.5		$	10.3		8.4	%
% of segment net sales		12.8	%		11.8	%

~~Net~~Corporate ~~sales~~SG&A for fiscal 2025 increased $117.9, 3 or 020.28%, ~~during fiscal 2024~~ compared to ~~the same period last year. The continued strong performance was driven by the energy, mining, and general industrial markets. Sales to distribution and the aftermarket were $707.6 in~~ fiscal 2024 ~~compared~~due to ~~$691.7~~increased spending in ~~the~~IT ~~prior~~and ~~year,~~personnel-related ~~a 2~~costs.3% ~~year~~As ~~over~~a ~~year~~percentage ~~increase.~~of ~~OEM~~net sales, ~~were~~Corporate ~~$333.3~~SG&A ~~for~~was ~~fiscal~~relatively ~~2024~~flat ~~compared to $347.3 in the prior~~ year. ~~The~~over ~~4.0% decrease in OEM sales compared to the prior~~ year ~~was primarily due to some softness in the semicon end market~~.

~~Gross margin~~Liquidity was $461.7, or 44.4% of net sales, in fiscal 2024 compared to $433.8, or 41.8% of sales, for the same period in fiscal 2023. The gross margin for the fiscal 2023 included the unfavorable impact of $0.2 associated with inventory rationalization costs at one of our plants in South Carolina. The expansion in margin year over year was led by cost efficiencies achieved through synergy, product mix, and ~~maintenance~~Capital ~~of appropriate pricing levels to offset the inflationary environment primarily driven by the cost of materials, energy and human capital.~~Resources

25Our business is capital-intensive. Our capital requirements include manufacturing equipment and materials. In addition, we have historically fueled our growth, in part, through acquisitions. We have historically met our working capital, capital expenditure requirements and acquisition funding needs through our net cash flows provided by operations, various debt arrangements and sale of equity to investors. We believe that operating cash flows and available credit under our revolving bank credit facilities will provide adequate resources to fund internal growth initiatives for the foreseeable future.

~~Corporate:~~Our ability to meet future working capital, capital expenditures and debt service requirements will depend on our future financial performance, which will be affected by a range of economic, competitive and business factors, particularly interest rates, cyclical changes in our end markets and prices for steel and our ability to pass through price increases on a timely basis, many of which are outside of our control. In addition, future acquisitions could have a significant impact on our liquidity position and our need for additional funds.

	FY24			FY23			$ Change		% Change
SG&A	$	82.9		$	76.1		$	6.8		9.0	%
% of total net sales		5.3	%		5.2	%

From time to time, we evaluate our existing facilities and operations and their strategic importance to us. If we determine that a given facility or operation does not have future strategic importance, we may sell, relocate, consolidate or otherwise dispose of those operations. Although we believe our operations would not be materially impaired by such dispositions, relocations or consolidations, we could incur significant cash or non-cash charges in connection with them.

Corporate SG&A increased $6.8 or 9.0% for fiscal 2024 compared to fiscal 2023 due to increased spend in IT and personnel-related costs. As a percentage of net sales, Corporate SG&A was relatively flat year over year.Liquidity

~~Liquidity~~As of March 29, 2025, we had cash of $36.8, of which, approximately $23.7 was cash held by our foreign operations. We expect that our undistributed foreign earnings will be re-invested indefinitely for working capital, internal growth and ~~Capital~~acquisitions ~~Resources~~for and by our foreign subsidiaries, with the exception of our Canadian operations as there are no current plans to expand on the sales operations within that jurisdiction. As discussed in further detail below, we also have the ability to borrow money from our existing credit facilities.

~~Our business~~Domestic isCredit capital-intensive. Our capital requirements include manufacturing equipment and materials. In addition, we have historically fueled our growth, in part, through acquisitions. We have historically met our working capital, capital expenditure requirements and acquisition funding needs through our net cash flows provided by operations, various debt arrangements and sale of equity to investors. We believe that operating cash flows and available credit under our revolving bank credit facilities will provide adequate resources to fund internal growth initiatives for the foreseeable future.Facility

~~Our ability~~In tofiscal ~~meet~~2022, ~~future~~RBC ~~working capital~~Bearings Incorporated, ~~capital~~our ~~expenditures~~top holding company, and ~~debt~~our ~~service~~Roller ~~requirements~~Bearing ~~will~~Company ~~depend~~of onAmerica, ~~our~~Inc. ~~future~~subsidiary ~~financial~~(“RBCA”) ~~performance,~~entered into a ~~which~~Credit ~~will~~Agreement be(the ~~affected~~“Credit byAgreement”) awith ~~range~~Wells ofFargo ~~economic~~Bank, ~~competitive~~National ~~and~~Association ~~business~~(“Wells ~~factors~~Fargo”), ~~particularly~~as ~~interest~~Administrative Agent, ~~rates~~Collateral Agent, ~~cyclical~~Swingline ~~changes~~Lender inand ~~our end~~Letter ~~markets~~of Credit Issuer and ~~prices~~the ~~for~~other ~~steel~~lenders ~~and~~party ~~our~~thereto. ~~ability~~The toCredit ~~pass~~Agreement ~~through~~provides the ~~price~~Company ~~increases~~with on(a) a ~~timely basis~~$1,300.0 ~~many~~term ofloan (the “Term Loan”), which ~~are~~was ~~outside~~used to fund a portion of ~~our~~the cash purchase price for ~~control~~the acquisition of Dodge Industrial and to pay related fees and expenses, and (b) a $500.0 Inrevolving ~~addition~~credit facility (the “Revolving Credit Facility” and together with the Term Loan, ~~future~~the ~~acquisitions~~“Facilities”). ~~could~~Debt ~~have~~issuance acosts ~~significant~~associated ~~impact~~with onthe ~~our~~Credit Agreement ~~liquidity~~totaled ~~position~~$14.9 and ~~our~~are ~~need~~being ~~for~~amortized ~~additional~~over ~~funds~~the life of the Credit Agreement.

~~Liquidity~~Amounts outstanding under the Facilities generally bear 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 0.50% and (iii) Term SOFR (as defined in the Credit Agreement based on SOFR, the secured overnight financing rate administered by the Federal Reserve Bank of New York) plus 1.00% or (b) Term SOFR 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 (as defined within the Credit Agreement) from time to time. The Facilities are subject to a SOFR floor of 0.00%. As of March 29, 2025, the Company’s margin was 1.00% for SOFR loans, the commitment fee rate was 0.175%, and the letter of credit fee rate was 1.00%. A portion of the Term Loan is subject to a fixed-rate interest swap as discussed in Note 12.

~~As of~~The ~~March~~Term ~~30,~~Loan ~~2024,~~matures wein ~~had~~November 2026 ~~cash~~ and ~~cash~~amortizes ~~equivalents~~in ofquarterly ~~$63.5,~~installments ofwith ~~which,~~the ~~approximately~~balance ~~$25~~payable on the maturity date.9 ~~was~~The ~~cash~~Company ~~held~~can byelect ~~our~~to ~~foreign~~prepay ~~operations.~~some or all Weof ~~expect~~the ~~that~~outstanding ~~our~~balance ~~undistributed~~from ~~foreign~~time ~~earnings~~to time without penalty, which will beoffset ~~re-invested~~future ~~indefinitely~~quarterly ~~for~~amortization ~~working~~installments. ~~capital~~Due to prepayments previously made, ~~internal~~the ~~growth~~required ~~and~~future ~~acquisitions~~ principal payments on the Term Loan are $0 for fiscal 2026 and by$413.0 ~~our~~for ~~foreign~~fiscal ~~subsidiaries~~2027. AsThe ~~discussed~~Revolving Credit inFacility ~~further~~expires ~~detail~~in ~~below~~November 2026, weat ~~also~~which ~~have~~time ~~the~~all ~~ability~~amounts tooutstanding ~~borrow~~under ~~money~~the ~~from~~Revolving ~~our~~Credit ~~existing credit~~Facility ~~facilities~~will be payable.

~~Domestic~~The 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 Credit ~~Facility~~Agreement) of 5.00:1.00, which maximum Total Net Leverage Ratio shall decrease during certain subsequent test periods as set forth in the 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 March 29, 2025 the Company was in compliance with all debt covenants.

~~In fiscal~~The ~~2022, RBC Bearings Incorporated, our top holding company, and our Roller Bearing Company of America, Inc. subsidiary (“RBCA”) entered into a~~ Credit Agreement ~~(the “Credit Agreement”) with Wells Fargo Bank, National Association (“Wells Fargo”),~~allows ~~as Administrative Agent, Collateral Agent, Swingline Lender and Letter of Credit Issuer and~~ the ~~other lenders party thereto. The Credit Agreement provides the~~ Company ~~with (a) a $1~~to,~~300.0~~ ~~term~~among ~~loan~~other ~~(the “Term Loan”)~~things, ~~which~~make ~~was~~distributions ~~used~~ to ~~fund~~stockholders, arepurchase ~~portion~~its ~~of the cash purchase price for the acquisition of Dodge Industrial~~stock, ~~Inc.~~incur ~~(“Dodge”)~~other ~~and~~debt toor ~~pay related fees and expenses~~liens, ~~and~~or ~~(b)~~acquire ~~a $500.0~~or ~~revolving~~dispose ~~credit~~of ~~facility~~assets ~~(the~~provided ~~“Revolving~~that ~~Credit Facility” and together with~~ the ~~Term~~Company ~~Loan,~~complies ~~the “Facilities”). Debt issuance costs associated~~ with ~~the~~certain ~~Credit~~requirements ~~Agreement totaled $14.9~~ and ~~are~~limitations ~~being amortized over the life~~ of the Credit Agreement.

~~Initially, amounts~~The ~~outstanding under the Facilities generally bore interest at either, at the~~ Company’s ~~option, (a) a base rate determined~~domestic bysubsidiaries ~~reference~~have toguaranteed 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~~obligations ~~ratio~~under ~~of total net debt to consolidated EBITDA (as defined within~~ the Credit Agreement~~) from time to time. In December 2022~~, ~~the~~and ~~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 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~~obligations ~~ratio~~and ofthe ~~total net debt to consolidated~~domestic ~~EBITDA.~~subsidiaries’ ~~The~~guaranty ~~Facilities~~ are ~~subject~~secured toby a ~~SOFR~~pledge ~~floor~~ of ~~0.00%.~~substantially Asall of ~~March~~the ~~30,~~assets ~~2024,~~of the Company’s ~~margin was 1.25% for SOFR loans, the commitment fee rate was 0.20%,~~ and ~~the~~its ~~letter~~domestic ~~of credit fee rate was 1~~subsidiaries.~~25%. A portion of the Term Loan is subject to a fixed-rate interest swap as discussed in Note 13.~~

~~The Term~~ ~~Loan~~As ~~matures~~of inMarch ~~November~~29, ~~2026~~2025, ~~and~~$413.0 ~~amortizes~~was inoutstanding under ~~quarterly installments with~~ the ~~balance~~Term ~~payable~~Loan, ~~on the maturity date~~$5.0 ~~The~~was ~~Company can~~outstanding ~~elect~~under tothe ~~prepay~~Revolving ~~some~~Credit orFacility ~~all~~and $3.7 of the ~~outstanding~~Revolving ~~balance~~Credit ~~from~~Facility ~~time~~was tobeing ~~time without penalty, which will offset future quarterly amortization~~utilized ~~installments. Due~~ to ~~prepayments~~provide ~~previously~~letters ~~made,~~of ~~the~~credit ~~required~~to ~~future~~secure ~~principal payments on~~ the ~~Term~~Company’s ~~Loan~~obligations ~~are~~relating $0to ~~for~~certain ~~fiscal~~insurance ~~2025, $0 for fiscal 2026, and $675~~programs.0 ~~for fiscal 2027.~~ The ~~Revolving~~Company ~~Credit~~had ~~Facility~~the ~~expires~~ability to inborrow ~~November~~up ~~2026,~~to atan ~~which~~additional ~~time~~$491.3 ~~all amounts outstanding~~ under the Revolving Credit Facility ~~will~~as beof ~~payable~~March 29, 2025.

~~The Credit~~Senior 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 Credit Agreement) of 5.00:1.00, which maximum Total Net Leverage Ratio shall decrease during certain subsequent test periods as set forth in the 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 March 30, 2024 the Company was in compliance with all debt covenants.Notes

~~The~~In fiscal 2022, RBCA issued ~~Credit~~$500.0 ~~Agreement~~aggregate ~~allows~~principal ~~the~~amount ~~Company~~of ~~to,~~4.375% ~~among~~Senior ~~other~~Notes ~~things,~~due ~~make~~2029 ~~distributions~~(the to“Senior ~~stockholders,~~Notes”). ~~repurchase~~The ~~its~~net ~~stock,~~proceeds ~~incur~~from ~~other~~the ~~debt~~issuance orof ~~liens,~~the orSenior ~~acquire~~Notes orwere ~~dispose~~approximately of$492.0, ~~assets~~after ~~provided~~deducting ~~that~~initial ~~the~~purchasers’ ~~Company~~discounts ~~complies~~and ~~with~~commissions ~~certain~~and ~~requirements~~offering expenses, and ~~limitations~~were used to fund a portion of the ~~Credit Agreement~~purchase price for the acquisition of Dodge.

26The 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 ~~Company’s~~ ~~domestic~~Senior ~~subsidiaries~~Notes ~~have~~are guaranteed jointly ~~the~~and ~~Company’s~~severally ~~obligations~~on ~~under the~~a ~~Credit~~senior ~~Agreement,~~unsecured ~~and~~basis ~~the~~by ~~Company’s~~RBC ~~obligations~~Bearings and ~~the~~certain ~~domestic~~of ~~subsidiaries~~RBCA’ ~~guaranty~~s ~~are~~existing ~~secured~~and byfuture awholly-owned ~~pledge~~domestic subsidiaries ofthat ~~substantially~~also ~~all~~guarantee of the ~~assets~~Credit ~~of the Company and its domestic subsidiaries~~Agreement.

~~As of~~Interest ~~March~~on ~~30, 2024, $675.0 was outstanding under~~ the ~~Term~~Senior ~~Loan, $3.7 of the Revolving Credit Facility was being utilized to provide letters~~Notes ofaccrues ~~credit~~at toa ~~secure~~rate ~~the Company’s obligations relating to certain insurance programs, and $18.0~~ of ~~the Revolving Credit Facility had been used to fund the purchase of the business assets of Specline, Inc~~4.375% ~~which~~and is ~~discussed~~payable semi–annually in ~~Note~~cash 9.in ~~The~~arrears ~~Company~~on ~~had~~April ~~the~~15 ~~ability to~~and ~~borrow~~October up15 ~~to an additional $478.3 under the Revolving Credit Facility as~~ of ~~March~~each ~~30, 2024~~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. 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.

In fiscal 2022, 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, and were used to fund a portion of the purchase price for the acquisition of Dodge.25

~~The Senior~~Foreign ~~Notes~~Borrowing 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.Arrangements

~~The Senior~~One ~~Notes~~of ~~are~~our ~~guaranteed~~foreign ~~jointly~~subsidiaries, Schaublin ~~and~~SA, ~~severally~~has on a ~~senior~~CHF ~~unsecured~~5.0 ~~basis~~(approximately by$5.5 ~~RBC~~USD) ~~Bearings~~credit ~~and~~line ~~certain~~(the of“Foreign ~~RBCA’s~~Credit ~~existing~~Line”) ~~and~~with Credit Suisse (Switzerland) Ltd. to provide future ~~wholly-owned~~working ~~domestic~~capital, ~~subsidiaries~~if ~~that~~necessary. ~~also~~As of March 29, 2025, $0.1 was being utilized to provide a bank guarantee. Fees associated with the Foreign Credit ~~Agreement~~Line are nominal.

~~Interest~~In July 2024, Swiss Tool Systems, onone ~~the~~of ~~Senior~~our ~~Notes~~foreign ~~accrues~~subsidiaries, atpurchased athe ~~rate~~building ofwhere 4it operates for CHF 7.~~375%~~1 ~~and~~(approximately is$8.4 ~~payable~~USD) ~~semi–annually~~and intook ~~cash~~out ina ~~arrears~~10-year fixed-rate mortgage on ~~April~~the 15building ~~and~~for ~~October~~CHF 154.0 of(approximately ~~each year~~$4.5 USD).

~~The Senior~~Interest ~~Notes~~Rate ~~will~~Swap 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.

27In fiscal 2023, the Company entered into a three-year U.S. dollar-denominated interest rate swap (“the Interest Rate Swap”) from a third-party financial counterparty under the Credit Agreement. The Interest Rate Swap was executed to protect the Company from interest rate volatility on our variable-rate Term Loan. The Interest Rate 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%. The notional on the Interest Rate Swap will amortize as follows:

~~Foreign Borrowing~~Year ~~Arrangements~~1: $600.0

~~One of~~Year our foreign subsidiaries, Schaublin SA, has a CHF 5.0 (approximately $5.8 USD) credit line (the “Foreign Credit Line”) with Credit Suisse (Switzerland) Ltd. to provide future working capital, if necessary. As of March 30, 2024, $2.2: ~~had been borrowed from the Foreign Credit Line and~~ $0400.~~1 was being utilized to provide a bank guarantee. Fees associated with the Foreign Credit Line are nominal.~~0

~~Interest Rate~~Year ~~Swap~~3: $100.0

~~In fiscal~~The ~~2023,~~Interest ~~the~~Rate ~~Company~~Swap ~~entered~~has been ~~into~~designated as a ~~three-year~~cash ~~USD-denominated~~flow ~~interest~~hedge ~~rate~~of ~~swap (“~~the ~~Swap”)~~variability ~~from~~of ~~a third-party financial counterparty under~~ the ~~Credit~~first ~~Agreement.~~unhedged ~~The~~interest ~~Swap~~payments ~~was executed to protect~~ (the ~~Company~~hedged ~~from~~transactions) ~~interest~~paid ~~rate~~over ~~volatility on our variable-rate~~the ~~Term~~hedging ~~Loan~~relationship’s ~~Facility.~~specified ~~The~~time ~~Swap~~period ~~became effective December 30, 2022 and is comprised~~ of ~~a $600.0 notional with a maturity of~~ three years~~. We~~ ~~receive~~attributable ato ~~variable~~the ~~rate~~borrowing’s ~~based~~contractually onspecified ~~one-month Term SOFR and pay a fixed rate of 4.455%. As of March 30, 2024, approximately 75% of our~~interest ~~debt~~index ~~bore~~on ~~interest at a fixed rate after giving effect to~~ the ~~Swap~~hedged inprincipal ~~place.~~of ~~The~~its ~~notional~~general onborrowing ~~the~~program ~~Swap~~or ~~will~~replacement ~~amortize~~or asrefinancing ~~follows:~~thereof.

~~Year 1:~~Cross ~~$600.0~~Currency Swap

~~Year~~The Company is exposed to foreign 2:exchange ~~$400~~rate fluctuations as some of our subsidiaries operate in various countries.0

~~Year~~On August 12, 2024, the Company 3:entered into the Cross Currency Swap with a third-party financial counterparty. The objective of the Cross Currency Swap is to economically hedge the Company’s net investment in its lower-tier European subsidiary, Schaublin, against adverse changes in the Swiss franc/U.S. dollar exchange rate. The Cross Currency Swap is based upon a net investment of CHF 69.4 ($~~100~~80.0 USD) notional amount with a three-year maturity date. RBC receives a fixed U.S. dollar amount on a month-to-month basis based upon a fixed annual rate of 2.77% of the notional amount. At maturity, RBC will net-settle the principal of the Cross Currency Swap in cash with the counterparty. The Cross Currency Swap has been designated as a net investment hedge on an after-tax basis.

~~The Swap~~Preferred 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.Stock

~~Cash~~Prior to October 15, 2024, ~~Flows~~the Company had outstanding 4,600,000 shares of 5.00% Series A Mandatory Convertible Preferred Stock (“MCPS”) to which we paid a quarterly dividend aggregating $5.75, but on that date each then-outstanding share of the MCPS converted into 0.4413 shares of common stock, resulting in the retirement of the MCPS and the issuance of 2,029,955 shares of common stock. Because the MCPS is no longer outstanding, the Company will not pay MCPS dividends in the future, resulting in a cash savings of $23.0 per year.

~~Fiscal 2024 Compared to Fiscal 2023~~26

~~The following~~Cash ~~table summarizes our cash flow activities:~~Flows

	FY24			FY23			$ Change
Net cash provided by (used in):
Operating activities	$	274.7		$	220.6		$	54.1
Investing activities		(52.2	)		(14.0	)		(38.2	)
Financing activities		(223.5	)		(322.8	)		99.3
Effect of exchange rate changes on cash		(0.9	)		(1.3	)		0.4
(Decrease)/increase in cash and cash equivalents	$	(1.9	)	$	(117.5	)	$	115.6

Fiscal 2025 Compared to Fiscal 2024

~~During fiscal 2024, we generated cash of $274.7 from operating activities compared to $220.6 for fiscal 2023.~~ The ~~increase~~following of $54.1 was mainly the result of a $43.2 increase in net income and a $12.4 favorable change in non-cash activity partially offset by a net unfavorable change in operating assets and liabilities of $1.5. The unfavorable change in operating assets and liabilities is detailed in the table ~~below.~~ ~~The~~summarizes ~~change~~our ~~in non-~~cash ~~activity was primarily driven by $3.9 more depreciation and amortization, $3.4 more stock-based compensation~~ ~~and~~flow ~~a favorable change in deferred taxes of $9.1, partially offset by $4.2 less amortization of deferred financing costs.~~activities:

	FY25			FY24			$ Change
Net cash provided by (used in):
Operating activities	$	293.6		$	274.7		$	18.9
Investing activities		(49.8	)		(52.2	)		2.4
Financing activities		(270.4	)		(223.5	)		(46.9	)
Effect of exchange rate changes on cash		(0.1	)		(0.9	)		0.8
(Decrease)/increase in cash	$	(26.7	)	$	(1.9	)	$	(24.8	)

~~The~~During fiscal 2025, we generated ~~following~~cash ~~chart~~of ~~summarizes~~$293.6 from operating activities compared to $274.7 for fiscal 2024. The increase of $18.9 was mainly the ~~impact~~result onof a $36.3 increase in net income partially offset by a $6.2 unfavorable change in non-cash ~~flow~~activity ~~from~~and net unfavorable change in operating assets and liabilities of ~~for~~$11.2. ~~fiscal~~The ~~2024~~unfavorable ~~versus~~change ~~fiscal~~in ~~2023~~operating assets and liabilities is detailed in the table below. The change in non-cash activity was primarily driven by $0.7 more depreciation and amortization and $11.0 more stock-based compensation partially offset by $0.6 less amortization of deferred financing costs, a $14.5 unfavorable change in deferred taxes, $0.5 less non-cash operating lease expense, $0.2 less losses on the disposition of assets, and $2.1 less in restructuring and other non-cash charges.

	FY24			FY23
Cash provided by (used in):
Accounts receivable	$	(13.4	)	$	7.8
Inventory		(31.6	)		(71.7	)
Prepaid expenses and other current assets		(2.4	)		(5.8	)
Other noncurrent assets		(3.0	)		(0.8	)
Accounts payable		(30.7	)		(11.1	)
Accrued expenses and other current liabilities		9.0			6.0
Other noncurrent liabilities		(0.5	)		4.5
Total change in operating assets and liabilities	$	(72.6	)	$	(71.1	)

The following chart summarizes the impact on cash flow from operating assets and liabilities for fiscal 2025 versus fiscal 2024.

During fiscal 2024, we used $52.2 for investing activities as compared to $14.0 for fiscal 2023. This increase in cash used was primarily attributable to $19.3 of cash used for acquisitions in fiscal 2024 compared to a favorable purchase price adjustment of $27.5 in fiscal 2023. This was partially offset by $8.8 fewer capital expenditures in fiscal 2024 compared to fiscal 2023.

	FY25			FY24
Cash provided by (used in):
Accounts receivable	$	(53.3	)	$	(13.4	)
Inventory		(32.3	)		(31.6	)
Prepaid expenses and other current assets		(3.9	)		(2.4	)
Other noncurrent assets		0.5			(3.0	)
Accounts payable		22.2			(30.7	)
Accrued expenses and other current liabilities		(2.3	)		9.0
Other noncurrent liabilities		(14.7	)		(0.5	)
Total change in operating assets and liabilities	$	(83.8	)	$	(72.6	)

During fiscal ~~2024~~2025, we used ~~cash of~~ $~~223~~49.58 for ~~financing~~investing activities as compared to $~~322~~52.82 infor fiscal ~~2023~~2024. This ~~favorable~~decrease ~~change~~in cash used was primarily ~~due~~ attributable to $819.83 ~~more~~less cash ~~proceeds~~used ~~from~~for ~~exercises~~acquisitions ofin ~~employee~~fiscal ~~stock options, $20~~2025.3 ofThis ~~proceeds~~was ~~received~~partially ~~from~~offset ~~our~~by ~~revolving~~$16.6 ~~credit~~more ~~facilities~~capital expenditures and $~~75.~~0 .3 less ~~repayment~~proceeds from the sale of ~~debt~~assets in fiscal 2025 compared to ~~the~~fiscal ~~prior year~~2024.

~~Capital~~During fiscal 2025, we ~~Expenditures~~used cash of $270.4 for financing activities compared to $223.5 in fiscal 2024. This change was primarily due to $82.4 more repayments on our revolving credit facilities and $37.0 more repayments on the Term Loan partially offset by $46.7 more proceeds from our revolving credit facilities, $14.5 more proceeds from the exercise of employee stock options, $4.5 proceeds from a mortgage, and $5.8 less preferred stock dividends paid.

~~Our capital~~Capital expenditures in fiscal 2024 were $33.2 compared to $42.0 in fiscal 2023. We expect to make capital expenditures of approximately 3.0% to 3.5% of net sales during fiscal 2025 in connection with our existing business. We funded our fiscal 2024 capital expenditures, and expect to fund fiscal 2025 capital expenditures, principally through existing cash and internally generated funds. We may also make substantial additional capital expenditures in connection with acquisitions.Expenditures

~~Critical~~Our capital expenditures in ~~Accounting~~fiscal ~~Policies~~2025 were $49.8 compared to $33.2 in fiscal 2024. We expect to make capital expenditures of approximately 3.0% to 3.5% of net sales during fiscal 2026 in connection with our existing business. We funded our fiscal 2025 capital expenditures, and ~~Estimates~~expect to fund fiscal 2026 capital expenditures, principally through existing cash and internally generated funds. We may also make substantial additional capital expenditures in connection with acquisitions.

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. We evaluate our estimates on an on-going basis. 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, the valuation of options and the valuation of business combinations. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. We believe our judgments related to these accounting estimates are appropriate. Actual results may differ from these estimates under different assumptions or conditions.27

~~Revenue Recognition.~~Critical ~~The~~Accounting ~~performance~~Policies 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. Approximately 98% of the Company’s revenue was recognized in this manner based on sales for the fiscal years ended March 30, 2024 and April 1, 2023.Estimates

~~The Company~~Our ~~has~~discussion ~~determined~~and ~~performance~~analysis of ~~obligations~~our ~~are~~financial ~~satisfied~~condition ~~over~~and ~~time~~results ~~for~~of ~~customer~~operations ~~contracts~~are ~~where~~based ~~RBC~~upon ~~provides~~our ~~services~~consolidated tofinancial ~~customers and~~statements, ~~also~~which ~~for~~have abeen ~~limited~~prepared ~~number~~in accordance ofwith ~~product sales~~U.S. ~~RBC~~generally ~~has~~accepted ~~determined~~accounting ~~revenue~~principles. ~~recognition~~The ~~over~~preparation ~~time~~of isthese ~~appropriate~~financial ~~for~~statements ~~our~~requires ~~service~~us ~~revenue contracts~~to asmake ~~they~~estimates and ~~create~~judgments orthat ~~enhance~~affect anthe ~~asset~~reported ~~that~~amounts ~~the~~of ~~customer~~assets, ~~controls~~liabilities, ~~throughout~~revenues ~~the~~and ~~duration~~expenses ofand ~~the~~related ~~contract.~~disclosure ~~Approximately~~of 2%contingent ofassets ~~the~~and ~~Company’s~~liabilities. ~~revenue~~We ~~was~~evaluate ~~recognized~~our inestimates ~~this~~on ~~manner~~an ~~based~~ on-going ~~sales~~basis. ~~for~~Estimates ~~the~~are ~~fiscal~~used ~~years ended March 30~~for, ~~2024~~but ~~and~~not ~~April~~limited 1to, ~~2023. Revenue~~the ~~recognition~~accounting ~~over time is appropriate~~ for ~~customer contracts with product sales in which~~ the ~~product~~allowance for ~~sold~~credit ~~has~~losses, novaluation ~~alternative~~of ~~use to~~inventories, ~~RBC~~goodwill ~~without~~and ~~significant~~intangible ~~economic~~assets, ~~loss~~depreciation and ~~an enforceable right to payment exists~~amortization, ~~including~~income ataxes ~~normal~~and ~~profit~~tax ~~margin from the customer~~reserves, in the ~~event~~valuation of ~~contract~~options ~~termination.~~and ~~These~~the ~~types~~valuation of ~~contracts~~business ~~comprised~~combinations. ~~less~~We ~~than~~base 1%our ofestimates ~~total~~on ~~sales~~historical ~~for~~experience ~~the~~and ~~fiscal~~on ~~years~~various ~~ended March~~other ~~30,~~assumptions ~~2024~~that ~~and~~are ~~April~~believed 1,to ~~2023.~~be ~~For~~reasonable ~~both~~under ofthe ~~these types of contracts~~circumstances, ~~revenue is recognized over time based on~~ the ~~extent~~results of ~~progress~~which ~~towards completion~~form of the ~~performance~~basis ~~obligation.~~for ~~The~~making ~~Company~~judgments ~~utilizes~~ about the ~~cost-to-cost~~carrying ~~measure~~values of ~~progress~~assets ~~for~~and ~~over-time~~liabilities ~~revenue~~that ~~recognition contracts~~are asnot wereadily ~~believe~~apparent ~~this~~from ~~measure~~other ~~best~~sources. ~~depicts~~We ~~the~~believe ~~transfer~~our ofjudgments ~~control~~related to ~~the customer, which occurs as we incur costs on contracts.~~these ~~Revenues,~~accounting ~~including~~estimates ~~profits,~~ are ~~recorded proportionally as costs are incurred~~appropriate. ~~Costs~~Actual toresults ~~fulfill~~may ~~include~~differ ~~labor,~~from ~~materials,~~these ~~subcontractors’ costs,~~estimates ~~and~~under ~~other~~different ~~direct~~assumptions ~~and~~or ~~indirect costs~~conditions.

Revenue Recognition. 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. Approximately 98% of the Company’s revenue was recognized in this manner based on sales for the fiscal years ended March 29, 2025 and March 30, 2024.

~~Pursuant~~Inventory. Inventory tois stated at the ~~over-time~~lower ~~revenue~~of ~~recognition~~cost ~~model,~~or ~~revenue~~net ~~may~~realizable bevalue. ~~recognized~~Cost ~~prior~~is todetermined by the ~~customer~~first-in, ~~being~~first-out ~~invoiced~~method. AnWe ~~unbilled~~account ~~receivable~~for isinventory ~~recorded~~under toa ~~reflect~~full ~~revenue~~absorption ~~that~~method. isWe ~~recognized~~record ~~when~~adjustments ~~(1)~~to the ~~cost-to-cost~~value ~~method~~of isinventory ~~applied~~based ~~and~~upon ~~(2)~~past ~~such~~sales ~~revenue~~history ~~exceeds~~and ~~the~~forecasted ~~amount~~plans ~~invoiced~~ to sell ~~the~~our ~~customer~~inventories. ~~Contract~~The ~~assets~~physical ~~are~~condition, ~~included~~including ~~within~~age ~~prepaid~~and ~~expenses~~quality, ~~and~~of ~~other~~the ~~current~~inventories ~~assets~~is also considered in establishing its valuation. These adjustments are estimates, which could vary significantly, either favorably or ~~other~~unfavorably, ~~noncurrent~~from ~~assets~~actual onrequirements ~~the~~if ~~consolidated~~future economic ~~balance~~conditions, ~~sheets~~customer inventory levels or competitive conditions differ from our expectations.

~~Inventory.~~Goodwill and Indefinite-Lived ~~Inventory~~Intangible isAssets. ~~stated~~Goodwill at(representing the ~~lower~~excess of ~~cost~~the oramount ~~net~~paid ~~realizable~~to ~~value.~~acquire ~~Cost~~a iscompany ~~determined~~over bythe estimated fair value of the net ~~first~~assets acquired) and indefinite-inlived intangible assets are not amortized but instead are tested for impairment annually, ~~first-out~~or ~~method~~when events or circumstances indicate that the carrying value of such asset may not be recoverable. WeSeparate ~~account for~~tests ~~inventory~~are ~~under~~performed afor ~~full~~goodwill and ~~absorption~~indefinite ~~method~~lived intangible assets. WeThe ~~record~~Company ~~adjustments~~performs tothe annual impairment testing during the ~~value~~fourth quarter of ~~inventory~~each ~~based~~fiscal ~~upon~~year. We ~~past~~completed ~~sales~~a ~~history~~quantitative ~~and~~test ~~forecasted~~of impairment on the indefinite lived intangible assets with no impairment noted in fiscal year 2025. ~~plans~~The todetermination ~~sell~~of ~~our~~any ~~inventories~~goodwill impairment is made at the reporting unit level. The ~~physical~~Company ~~condition,~~determines ~~including~~the ~~age~~fair value of a reporting unit and ~~quality,~~compares it to its carrying amount. If the carrying amount of the ~~inventories~~reporting unit exceeds its fair value, an impairment loss is recognized ~~also~~for ~~considered~~the inamount ~~establishing~~by which the carrying amount exceeds the reporting unit’s fair value. The Company applies the income approach ~~its~~(discounted ~~valuation~~cash flow method) in testing goodwill for impairment. ~~These~~The ~~adjustments~~key ~~are~~assumption ~~estimates~~used in the discounted cash flow method used to estimate fair value is gross margin, which ~~could~~is ~~vary~~affected ~~significantly,~~by ~~either~~expectations ~~favorably~~about future market or ~~unfavorably~~economic conditions. The fair value of the reporting units exceeds the carrying value by a minimum of 13.8% at each of the two reporting units. Assuming no growth in gross margin within the model would not result in impairment of goodwill for any of our reporting units. Although no changes are expected, ~~from~~if the actual ~~requirements~~results ifof ~~future~~the ~~economic~~Company ~~conditions~~are less favorable than the assumptions the Company makes regarding estimated cash flows, ~~customer~~the ~~inventory~~Company ~~levels~~may orbe ~~competitive~~required ~~conditions~~to record ~~differ~~an ~~from~~impairment ~~our~~charge ~~expectations~~in the future.

~~Goodwill~~Valuation ~~and~~of ~~Indefinite-Lived Intangible~~Business ~~Assets~~Combinations. We ~~Goodwill~~allocate ~~(representing~~ the ~~excess~~amounts ofwe ~~the~~pay ~~amount~~for ~~paid~~each acquisition to ~~acquire a company over~~ the ~~estimated fair value of the net~~ assets ~~acquired)~~we acquire and ~~indefinite-lived~~liabilities ~~intangible~~we ~~assets~~assume ~~are~~based ~~not~~on ~~amortized~~their ~~but~~estimated ~~instead~~fair ~~are tested for impairment annually, or when~~values ~~events~~at ~~or circumstances indicate that~~ the ~~carrying~~date ~~value~~ of ~~such~~acquisition, ~~asset~~including ~~may~~identifiable ~~not be recoverable. Separate tests are performed for goodwill and indefinite lived~~ intangible assets., Wewhich ~~completed~~either aarise ~~quantitative~~from ~~test~~a ofcontractual ~~impairment~~or onlegal ~~the~~right ~~indefinite~~or ~~lived~~are ~~intangible assets with~~separable nofrom ~~impairment noted in fiscal year 2024. The determination of any~~ goodwill ~~impairment is made at the reporting unit level~~. ~~The~~We ~~Company determines~~base the fair value of aidentifiable ~~reporting~~intangible ~~unit~~assets ~~and~~acquired 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~~a ~~goodwill~~business ~~for~~combination ~~impairment.~~on ~~The~~detailed ~~key~~valuations ~~assumptions used in the discounted cash flow method used to estimate fair value include the discount rates, revenue growth rates and EBITDA margin~~ which are ~~affected~~prepared bywith ~~expectations about future market or economic conditions. Discount rates, revenue growth rates and EBITDA margin are~~ the ~~most~~ ~~sensitive~~assistance ~~and~~of ~~susceptible to change as they require significant management judgment. Discount rates are determined by using~~ a ~~weighted average~~specialist ~~cost of capital (“WACC”). The WACC considers market~~ and ~~industry~~consider ~~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~~ ~~2024~~best ~~test~~estimates ~~was~~of ~~10.0%~~inputs and isassumptions ~~indicative~~that ofa ~~the~~market ~~return~~participant ~~an investor~~ would ~~expect to receive for investing in such a business~~ use. ~~Terminal growth~~We ~~rate~~utilize ~~determination follows common methodology of capturing the present value of perpetual cash flow estimates beyond the last projected period assuming~~ a ~~constant~~specialist ~~WACC and long-term growth rates. The terminal growth rate used~~ for ~~our~~these ~~fiscal~~valuations ~~2024~~due ~~test was 2.5%. The Company has determined that,~~ to ~~date,~~the nocomplexity ~~impairment of goodwill exists~~ and ~~fair~~estimation ~~value~~uncertainty ofinvolved ~~the~~in ~~reporting~~determining ~~units exceeded~~ the ~~carrying value in total by approximately 53.5%. The~~ fair value ~~of the reporting units exceeds the carrying value by a minimum of 18.8% at each~~ ofgiven the ~~two~~significant ~~reporting~~assumptions ~~units~~involved. ASignificant ~~decrease~~assumptions ofutilized ~~1.0%~~ in ~~our~~the ~~terminal~~valuation ~~growth~~models ~~rate~~include ~~would~~discount ~~not~~rates, ~~result~~revenue ~~in impairment of goodwill for any of our~~growth ~~reporting~~rates ~~units.~~and AnEBITDA ~~increase of 1~~margins.0% inWe ~~our~~allocate ~~discount~~to ~~rate would not result in impairment of~~ goodwill ~~for~~ any ofexcess ~~our~~purchase ~~reporting~~price ~~units. Assuming~~over ~~no growth in EBITDA margin within~~ the ~~model~~fair ~~would~~value ~~not result in impairment~~ of ~~goodwill~~the ~~for~~net ~~any~~tangible ofand ~~our~~identifiable ~~reporting units. The Company~~intangible ~~performs~~assets ~~the annual impairment testing during the fourth quarter of each fiscal year~~acquired. ~~Although~~Transaction nocosts ~~changes~~associated ~~are~~with ~~expected,~~these ifacquisitions ~~the actual results of the Company~~ are ~~less~~expensed ~~favorable~~as ~~than~~incurred ~~the~~through ~~assumptions~~other, ~~the~~net ~~Company~~on ~~makes regarding estimated cash flows,~~ the ~~Company may be required~~consolidated tostatements ~~record~~of ~~an impairment charge in the future~~operations.

~~Valuation~~ ofIncome ~~Business Combinations~~Taxes. WeAs ~~allocate~~part of the ~~amounts~~process of wepreparing ~~pay~~the ~~for~~consolidated ~~each~~financial ~~acquisition~~statements, we are required to estimate the ~~assets~~income wetaxes ~~acquire~~in ~~and~~each ~~liabilities~~jurisdiction wein ~~assume~~which ~~based~~we ~~on their~~operate. ~~estimated~~This ~~fair~~process ~~values~~involves atestimating the ~~date~~actual ofcurrent ~~acquisition,~~tax ~~including~~liabilities ~~identifiable~~together ~~intangible~~with ~~assets,~~assessing ~~which~~temporary ~~either~~differences ~~arise~~resulting from athe ~~contractual or~~differing ~~legal~~treatment ~~right~~of oritems ~~are~~for ~~separable~~tax ~~from~~and ~~goodwill.~~financial Wereporting ~~base~~purposes. ~~the~~These ~~fair~~differences ~~value~~result ofin ~~identifiable~~deferred ~~intangible~~tax assets ~~acquired~~and inliabilities, awhich ~~business combination~~are onincluded ~~detailed~~in ~~valuations~~the ~~which~~consolidated ~~are~~balance ~~prepared~~sheets. ~~with~~We ~~the~~must ~~assistance~~then ofassess athe ~~specialist~~likelihood ~~and~~that ~~consider~~the ~~our~~deferred ~~best~~tax ~~estimates~~assets ofwill ~~inputs~~be recovered, and ~~assumptions~~to ~~that~~the aextent ~~market~~that ~~participant~~we ~~would~~believe ~~use.~~that Werecovery ~~utilize~~is anot ~~specialist~~more ~~for~~than ~~these~~likely, ~~valuations~~we ~~due~~are required to ~~the~~establish ~~complexity~~a ~~and~~valuation ~~estimation~~allowance. ~~uncertainty~~If ~~involved in~~a ~~determining~~valuation ~~the~~allowance is ~~fair~~established ~~value~~or ~~given~~increased ~~the~~during ~~significant~~any ~~assumptions~~period, ~~involved.~~we ~~Significant~~are ~~assumptions~~required ~~utilized~~to ininclude ~~the~~this ~~valuation~~amount ~~models~~as ~~include discount~~an ~~rates,~~expense ~~revenue~~within ~~growth~~the ~~rates~~tax ~~and~~provision ~~EBITDA~~in ~~margins.~~the Weconsolidated statements ~~allocate~~of tooperations. ~~goodwill~~Significant ~~any~~judgment ~~excess~~is ~~purchase~~required ~~price~~in ~~over~~determining ~~the~~our ~~fair~~provision ~~value~~for ofincome ~~the net~~taxes, ~~tangible~~deferred ~~and~~tax ~~identifiable intangible~~ assets ~~acquired.~~and ~~Transaction~~liabilities, accrual ~~costs~~for ~~associated~~uncertain ~~with~~tax ~~these~~positions ~~acquisitions~~and ~~are~~any ~~expensed~~valuation asallowance ~~incurred through~~recognized ~~other,~~against net ondeferred ~~the~~tax ~~consolidated statements of operations~~assets.

Income Taxes. As part of the process of preparing the consolidated financial statements, we are required to estimate the income taxes in each jurisdiction in which we operate. This process involves estimating the actual current tax liabilities together with assessing temporary differences resulting from the differing treatment of items for tax and financial reporting purposes. These differences result in deferred tax assets and liabilities, which are included in the consolidated balance sheets. We must then assess the likelihood that the deferred tax assets will be recovered, and to the extent that we believe that recovery is not more than likely, we are required to establish a valuation allowance. If a valuation allowance is established or increased during any period, we are required to include this amount as an expense within the tax provision in the consolidated statements of operations. Significant judgment is required in determining our provision for income taxes, deferred tax assets and liabilities, accrual for uncertain tax positions and any valuation allowance recognized against net deferred tax assets.28

30Recent Accounting Pronouncements

~~Recent~~For a discussion of recent ~~Accounting~~accounting ~~Pronouncements~~pronouncements, refer to Note 2.

~~For~~Off-Balance aSheet ~~discussion of recent accounting pronouncements, refer to Note 2.~~Arrangements

~~Impact~~The Company has $3.7 of outstanding standby letters of ~~Inflation~~credit, ~~and~~all ~~Changes~~of inwhich ~~Prices~~are under the Revolving Credit Facility. We had no significant off-balance sheet arrangements as of ~~Raw~~March ~~Materials~~29, 2025.

InITEM ~~fiscal 2024, the economy experienced inflation~~7A. WeQUANTITATIVE ~~purchase~~AND ~~steel~~QUALITATIVE atDISCLOSURES ~~market~~ABOUT ~~prices,~~MARKET which fluctuate as a result of supply and demand in the marketplace. To date, we have managed price increases by changing our buying patterns, expanding our vendor network, and passing increases on to our customers through price increases on our products, the assessment of steel surcharges on our customers, or entry into LTAs with our customers containing escalator provisions tied to our invoiced price of steel. However, even if we are able to pass these cost increases to our customers, there may be a time lag of several months between the time we experience a cost increase and when we implement surcharges or price increases, particularly for orders already in our backlog. As a result, our gross margin percentage may decline.RISK

~~Competitive pressures~~We ~~and~~are ~~the~~exposed ~~terms of certain of our long-term contracts may require us~~ to ~~absorb~~market atrisks which ~~least~~arise ~~part of these cost increases, particularly~~ during ~~periods~~the ofnormal ~~high~~course ~~inflation. Our principal raw materials are stainless and 52100 wire and rod steel (types~~ of ~~high~~business ~~alloy~~from ~~steel), which~~changes ~~have~~in ~~historically~~interest ~~been~~rates ~~readily available. We have never experienced a work stoppage due to a supply shortage. We maintain multiple sources for raw materials including steel~~ and ~~have~~foreign ~~various~~currency ~~supplier~~exchange ~~agreements~~rates. ~~Through sole-source arrangements, supplier agreements and pricing, we have been able to minimize our exposure to fluctuations in raw material prices.~~

~~Our~~Interest ~~suppliers~~Rates. ~~and sources~~We ofcurrently ~~raw~~have ~~materials~~variable ~~are~~rate ~~based~~debt inoutstanding under the ~~U.S.,~~ ~~Europe~~Term ~~and~~Loan ~~Asia~~Facility. We ~~believe~~regularly ~~that~~evaluate ~~our~~the ~~sources~~impact ~~are~~of ~~adequate~~interest ~~for~~rate changes on our ~~needs~~net inincome ~~the~~and ~~foreseeable future,~~cash ~~that~~flow ~~there~~and ~~exist~~take ~~alternative~~action ~~suppliers~~to ~~for~~limit our ~~raw~~exposure ~~materials,~~when appropriate. As discussed in “Liquidity and ~~that~~Capital Resources” in ~~most~~Item ~~cases~~7 ~~readily~~of ~~available~~this ~~alternative~~Annual ~~materials can~~Report, bewe ~~used~~have ~~for~~utilized ~~most~~the Interest Rate Swap to fix a portion of ~~our~~the ~~raw~~variable ~~materials~~rate interest expense associated with the Term Loan.

~~Off-Balance~~Foreign Currency Exchange ~~Sheet~~Rates. ~~Arrangements~~As an international company, our operations transact in the following foreign currencies:

~~The~~● ~~Company~~Australia ~~has~~– ~~$3.7~~Australian ofdollar ~~outstanding standby~~● ~~letters~~India of– ~~credit,~~rupee ~~all~~● ofCanada ~~which~~– ~~are~~Canadian ~~under~~dollar ~~the~~● ~~Revolving~~Mexico ~~Credit~~– ~~Facility.~~peso We● ~~also~~China ~~have~~– aChinese ~~contractual~~yuan ~~obligation~~● ~~for~~Poland ~~licenses~~– ~~related to~~zloty ~~the~~● ~~implementation~~France and ~~upgrade~~Germany of– aneuro ~~enterprise~~● ~~resource~~Switzerland ~~planning~~– ~~(“ERP”)~~Swiss ~~system.~~franc ~~The~~● ~~remaining~~England ~~contractual~~– ~~obligation related~~British ~~to these ERP license costs of $7.6 will end in June of 2026.~~pound

~~Other~~As a result, we are exposed ~~than~~to risk associated with fluctuating currency exchange rates between the ~~items~~U.S. ~~noted~~dollar ~~above,~~and these currencies. Foreign currency transaction gains and losses are included in earnings. Approximately 11% of our net sales were impacted by foreign currency fluctuations in fiscal 2025 compared to approximately 12% of net sales in fiscal 2024. For those countries outside the U.S. where we ~~had~~have nosales, ~~significant~~a ~~off-balance~~strengthening in ~~sheet~~the ~~arrangements~~U.S. dollar or devaluation in the local currency would reduce the value of our local inventory as presented in our consolidated financial statements. In addition, a stronger U.S. dollar or a weaker local currency would result in reduced net sales, operating profit and shareholders’ equity due to the impact of ~~March~~foreign 30exchange translation on our consolidated financial statements. The opposite would be true if the U.S. dollar were to get comparatively weaker to those foreign currencies. Fluctuations in foreign currency exchange rates may make our products more expensive or increase our operating costs, ~~2024~~affecting our competitiveness and our profitability.

31Changes in exchange rates between the U.S. dollar and other currencies and volatile economic, political and market conditions in emerging market countries have in the past adversely affected our financial performance and may in the future adversely affect the value of our assets located outside the United States and our results of operations.

~~ITEM~~We periodically enter 7Ainto derivative financial instruments to reduce the effect of fluctuations in exchange rates on transactions and account balances denominated in non-functional currencies. ~~QUANTITATIVE~~As ~~AND~~of ~~QUALITATIVE~~March ~~DISCLOSURES~~29, ~~ABOUT~~2025, ~~MARKET~~the ~~RISK~~Company had the Cross Currency Swap, which is discussed in “Liquidity and Capital Resources” in Item 7 of this Annual Report.

~~We are exposed to market risks, which arise during the normal course of business from changes in interest rates and foreign currency exchange rates.~~29

~~Interest~~ITEM ~~Rates~~8. ~~We currently~~FINANCIAL ~~have~~STATEMENTS ~~variable~~AND ~~rate~~SUPPLEMENTARY debt outstanding under the Term Loan Facility. We regularly evaluate the impact of interest rate changes on our net income and cash flow and take action to limit our exposure when appropriate. As discussed in “Liquidity and Capital Resources” in Item 7 of this Annual Report, we have utilized an interest rate swap to fix a portion of the variable rate interest expense associated with the Term Loan. As of March 30, 2024, approximately 75% of our debt bears interest at a fixed rate after giving effect to the interest rate swap agreement in place.DATA

~~Foreign Currency~~Report ~~Exchange~~of ~~Rates.~~Independent AsRegistered anPublic ~~international company, our operations transact in the following foreign currencies:~~Accounting Firm

●To ~~Australia~~the –Stockholders ~~Australian dollar ● India – rupee ● Canada – Canadian dollar ● Mexico – peso ● China – Chinese yuan ● Poland – zloty ● France~~ and ~~Germany~~the –Board ~~euro~~of ●Directors of ~~Switzerland~~RBC –Bearings ~~Swiss franc ● England – British pound~~Incorporated

~~As a~~Opinion ~~result,~~on ~~we are exposed to risk associated with fluctuating currency exchange rates between~~ the ~~U.S.~~Financial dollar and these currencies. Foreign currency transaction gains and losses are included in earnings. Approximately 12% of our net sales were impacted by foreign currency fluctuations in fiscal 2024 compared to approximately 12% of net sales in fiscal 2023. For those countries outside the U.S. where we have sales, a strengthening in the U.S. dollar or devaluation in the local currency would reduce the value of our local inventory as presented in our consolidated financial statements. In addition, a stronger U.S. dollar or a weaker local currency would result in reduced net sales, operating profit and shareholders’ equity due to the impact of foreign exchange translation on our consolidated financial statements. Fluctuations in foreign currency exchange rates may make our products more expensive or increase our operating costs, affecting our competitiveness and our profitability.Statements

~~Changes~~We have audited the accompanying consolidated inbalance ~~exchange~~sheets ~~rates~~of ~~between~~RBC Bearings Incorporated (the ~~U.S.~~Company) ~~dollar~~as ~~and~~of ~~other~~March ~~currencies~~29, 2025 and ~~volatile~~March ~~economic~~30, ~~political~~2024, the related consolidated statements of operations, comprehensive income, stockholders’ equity and ~~market~~cash ~~conditions~~flows for each of the three years in ~~emerging~~the ~~market~~period ended March 29, ~~countries~~2025, ~~have~~and inthe related notes (collectively referred to as the ~~past~~“consolidated ~~adversely~~financial ~~affected~~statements”). In our opinion, the consolidated financial ~~performance~~statements ~~and~~present ~~may~~fairly, in all material respects, the ~~future~~financial ~~adversely~~position ~~affect~~of the ~~value~~Company ofat ~~our~~March ~~assets located~~29, ~~outside~~2025 ~~the~~and ~~United~~March ~~States~~30, 2024, and ~~our~~the results of its operations and its cash flows for each of the three years in the period ended March 29, 2025, in conformity with U.S. generally accepted accounting principles.

We ~~periodically~~also ~~enter~~have ~~into derivative~~audited, ~~financial~~in ~~instruments~~accordance inwith the ~~form~~ standards of ~~forward~~the ~~exchange~~Public ~~contracts~~Company toAccounting ~~reduce~~Oversight Board (United States) (PCAOB), the ~~effect~~Company’s ofinternal ~~fluctuations~~control inover ~~exchange~~financial ~~rates~~reporting onas of ~~certain~~March ~~third-party~~29, ~~sales~~2025, ~~and~~based ~~purchase~~on ~~transactions~~criteria ~~denominated~~established in ~~non~~Internal Control-~~functional~~Integrated ~~currencies.~~Framework Asissued by the Committee of ~~March~~Sponsoring 30Organizations of the Treadway Commission (2013 framework), ~~2024~~and our report dated May 16, ~~the~~2025 ~~Company~~expressed ~~had~~an ~~no forward~~unqualified ~~exchange~~opinion ~~contracts~~thereon.

32Basis for Opinion

~~ITEM~~These financial statements are the responsibility 8of the Company’s management. ~~FINANCIAL~~Our ~~STATEMENTS~~responsibility ~~AND~~is ~~SUPPLEMENTARY~~to ~~DATA~~express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

~~Report~~We conducted our audits in accordance with the standards of ~~Independent~~the ~~Registered~~PCAOB. ~~Public~~Those ~~Accounting~~standards ~~Firm~~require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

~~To the~~Critical ~~Stockholders~~Audit ~~and the Board of Directors of RBC Bearings Incorporated~~Matter

~~Opinion~~The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the ~~Financial~~critical ~~Statements~~audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosures to which it relates.

~~We have audited the accompanying consolidated balance sheets of RBC Bearings Incorporated (the Company) as of March~~ 30, 2024 and April 1, 2023, the related consolidated statements of operations, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended March 30, 2024, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at March 30, 2024 and April 1, 2023, and the results of its operations and its cash flows for each of the three years in the period ended March 30, 2024, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of March 30, 2024, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated May 17, 2024 expressed an unqualified opinion thereon.

		*Valuation of Goodwill – Industrial Reporting Unit*

Description of the Matter		At March 29, 2025, the Company’s goodwill was $1,872 million, which is allocated primarily to the Industrial reporting unit. As discussed in Notes 2 and 9 of the consolidated financial statements, goodwill is tested for impairment at least annually at the reporting unit level. As of February 22, 2025, the Company’s measurement date, the Company determined that the fair value of the reporting unit exceeded its carrying value and therefore no impairment was recognized. Auditing management’s annual goodwill impairment test was complex and judgmental due to the significant estimations required to determine the fair value of the reporting unit. In particular, the determination of the fair value required management to make significant assumptions, including gross margin, which is affected by expectations about future market or economic conditions.

How We Addressed the Matter in Our Audit		We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s goodwill impairment review process, including controls over management’s review of the significant assumptions described above. To test the estimated fair value, we performed audit procedures, with the assistance of our valuation specialists, that included, among others, assessing the methodologies utilized and testing the significant assumptions discussed above and the underlying data used by the Company in its analysis. We compared the significant assumptions used by management to current industry and economic trends. We assessed the historical accuracy of management’s estimates and performed sensitivity analyses of significant assumptions to evaluate changes in fair value that would result from changes in the underlying assumptions. In addition, we evaluated the reconciliation of the fair value of the reporting unit to the market capitalization of the Company.

~~Basis~~/s/ Ernst ~~for~~& ~~Opinion~~Young LLP

~~These~~We ~~financial~~have ~~statements~~served ~~are~~as the ~~responsibility of the~~ Company’s ~~management.~~auditor ~~Our responsibility is to express an opinion on the Company’s financial statements based on our audits.~~since ~~We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U~~2002.~~S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.~~

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatementHartford, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.Connecticut

~~Critical Audit~~May ~~Matter~~16, 2025

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosures to which it relates.31

33RBC Bearings Incorporated

		Valuation of Goodwill – Annual impairment evaluation
Description of the Matter		At March 30, 2024, the Company’s goodwill was $1,874.9 million. As discussed in Notes 2 and 10 of the consolidated financial statements, goodwill is tested for impairment at the reporting unit level annually, or when events or circumstances indicate that the carrying value of such asset may not be recoverable. The Company estimates the fair value of its reporting units using an income approach, specifically a discounted cash flow analysis. Auditing management’s annual goodwill impairment test was complex and highly judgmental due to the significant estimation required to determine the fair value of the reporting units. The fair value estimates were sensitive to changes in significant assumptions such as the discount rates, revenue growth rates and EBITDA margin which are affected by expectations about future market or economic conditions.
How We Addressed the Matter in Our Audit		We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s goodwill impairment review process, including controls over management’s review of the significant assumptions described above. To test the estimated fair value of the Company’s reporting units, we performed audit procedures, with the assistance of our valuation specialists, that included, among others, assessing the methodologies utilized and testing the significant assumptions discussed above and the underlying data used by the Company in its analysis. We compared the significant assumptions used by management to current industry and economic trends. We assessed the historical accuracy of management’s estimates and performed sensitivity analyses of significant assumptions to evaluate the changes in the fair value of the reporting units that would result from changes in the underlying assumptions. In addition, we evaluated the reconciliation of the fair value of the reporting units to the market capitalization of the Company.

Consolidated Balance Sheets

~~/s/ Ernst~~(amounts &in ~~Young~~millions, ~~LLP~~except share and per share data)

We have served as the Company’s auditor since 2002.

	March 29, 2025			March 30, 2024
ASSETS
Current assets:
Cash	$	36.8		$	63.5
Accounts receivable, net of allowance for credit losses of $5.4 at March 29, 2025 and $4.4 at March 30, 2024		307.6			255.2
Inventory		654.5			622.8
Prepaid expenses and other current assets		28.4			24.0
Total current assets		1,027.3			965.5
Property, plant and equipment, net		359.0			361.0
Operating lease assets		58.6			41.4
Goodwill		1,872.2			1,874.9
Intangible assets, net		1,325.1			1,391.9
Other noncurrent assets		43.0			43.9
Total assets	$	4,685.2		$	4,678.6
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	138.4		$	116.2
Accrued expenses and other current liabilities		166.0			167.3
Current operating lease liabilities		9.2			7.0
Current portion of long-term debt		1.7			3.8
Total current liabilities		315.3			294.3
Long-term debt, less current portion		918.4			1,188.1
Noncurrent operating lease liabilities		50.3			35.3
Deferred income taxes		257.8			284.2
Other noncurrent liabilities		112.0			124.8
Total liabilities		1,653.8			1,926.7
Commitments and contingencies (Note 17)
Stockholders’ equity:
Preferred stock, $.01 par value; authorized shares: 10,000,000 as of March 29, 2025 and March 30, 2024, respectively; issued shares: 0 and 4,600,000 as of March 29, 2025 and March 30, 2024, respectively		—			0.0
Common stock, $.01 par value; authorized shares: 60,000,000 at March 29, 2025 and March 30, 2024, respectively; issued shares: 32,522,189 and 30,227,444 at March 29, 2025 and March 30, 2024, respectively		0.3			0.3
Additional paid-in capital		1,682.5			1,625.2
Accumulated other comprehensive income/(loss)		(1.4	)		0.7
Retained earnings		1,450.6			1,216.8
Treasury stock, at cost, 1,046,569 shares and 1,015,053 shares at March 29, 2025 and March 30, 2024, respectively		(100.6	)		(91.1	)
Total stockholders’ equity		3,031.4			2,751.9
Total liabilities and stockholders’ equity	$	4,685.2		$	4,678.6

~~Stamford, Connecticut~~See accompanying notes.

~~May 17, 2024~~32

34RBC Bearings Incorporated

~~RBC~~Consolidated ~~Bearings~~Statements ~~Incorporated~~of Operations

~~Consolidated~~(amounts ~~Balance~~in millions, except share and per share ~~Sheets~~data)

(amounts in millions, except share and per share data)

	Fiscal Year Ended
	March 29, 2025			March 30, 2024		April 1, 2023
Net sales	$	1,636.3		$	1,560.3	$	1,469.3
Cost of sales		910.2			889.8		864.5
Gross margin		726.1			670.5		604.8
Operating expenses:
Selling, general and administrative		279.3			253.5		229.7
Other, net		76.9			74.8		82.1
Total operating expenses		356.2			328.3		311.8
Operating income		369.9			342.2		293.0
Interest expense, net		59.8			78.7		76.7
Other non-operating expense/(income)		(1.8	)		1.7		6.6
Income before income taxes		311.9			261.8		209.7
Provision for income taxes		65.7			51.9		43.0
Net income	$	246.2		$	209.9	$	166.7
Preferred stock dividends		12.4			23.0		22.9
Net income attributable to common stockholders	$	233.8		$	186.9	$	143.8

Net income per common share attributable to common stockholders:
Basic	$	7.76		$	6.47	$	5.00
Diluted	$	7.70		$	6.41	$	4.94
Weighted average common shares:
Basic		30,136,501			28,917,008		28,764,092
Diluted		30,354,470			29,189,056		29,072,429

	March 30, 2024			April 1, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	63.5		$	65.4
Accounts receivable, net of allowance for doubtful accounts of $4.4 at March 30, 2024 and $3.7 at April 1, 2023		255.2			239.6
Inventory		622.8			587.2
Prepaid expenses and other current assets		24.0			21.1
Total current assets		965.5			913.3
Property, plant and equipment, net		361.0			375.3
Operating lease assets, net		41.4			41.4
Goodwill		1,874.9			1,869.8
Intangible assets, net		1,391.9			1,452.9
Other noncurrent assets		43.9			37.7
Total assets	$	4,678.6		$	4,690.4
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	116.2		$	146.8
Accrued expenses and other current liabilities		167.3			153.4
Current operating lease liabilities		7.0			7.6
Current portion of long-term debt		3.8			1.5
Total current liabilities		294.3			309.3
Long-term debt, less current portion		1,188.1			1,393.5
Noncurrent operating lease liabilities		35.3			33.9
Deferred income taxes		284.2			295.1
Other noncurrent liabilities		124.8			122.7
Total liabilities		1,926.7			2,154.5
Commitments and contingencies (Note 18)
Stockholders’ equity:
Preferred stock, $.01 par value; authorized shares: 10,000,000 as of March 30, 2024 and April 1, 2023, respectively; issued shares: 4,600,000 as of March 30, 2024 and April 1, 2023, respectively		0.0			0.0
Common stock, $.01 par value; authorized shares: 60,000,000 at March 30, 2024 and April 1, 2023, respectively; issued shares: 30,227,444 and 29,989,948 at March 30, 2024 and April 1, 2023, respectively		0.3			0.3
Additional paid-in capital		1,625.2			1,589.9
Accumulated other comprehensive income/(loss)		0.7			(4.1	)
Retained earnings		1,216.8			1,029.9
Treasury stock, at cost, 1,015,053 shares and 966,398 shares at March 30, 2024 and April 1, 2023, respectively		(91.1	)		(80.1	)
Total stockholders’ equity		2,751.9			2,535.9
Total liabilities and stockholders’ equity	$	4,678.6		$	4,690.4

See accompanying notes.

~~See accompanying notes.~~33

35RBC Bearings Incorporated

~~RBC~~Consolidated ~~Bearings~~Statements ~~Incorporated~~of Comprehensive Income

~~Consolidated~~(amounts ~~Statements of~~in ~~Operations~~millions)

(amounts in millions, except share and per share data)

	Fiscal Year Ended
	March 29, 2025			March 30, 2024		April 1, 2023
Net income	$	246.2		$	209.9	$	166.7
Pension and postretirement liability adjustments, net of taxes ⁽¹⁾		2.4			0.4		9.4
Change in fair value of Interest Rate Swap⁽²⁾		(1.4	)		3.4		(2.2	)
Change in fair value of Cross Currency Swap⁽³⁾		(0.2	)		—		—
Foreign currency translation adjustments		(2.9	)		1.0		(5.5	)
Total comprehensive income	$	244.1		$	214.7	$	168.4

	Fiscal Year Ended
	March 30, 2024		April 1, 2023		April 2, 2022
Net sales	$	1,560.3	$	1,469.3	$	942.9
Cost of sales		889.8		864.5		585.8
Gross margin		670.5		604.8		357.1
Operating expenses:
Selling, general and administrative		253.5		229.7		167.6
Other, net		74.8		82.1		68.4
Total operating expenses		328.3		311.8		236.0
Operating income		342.2		293.0		121.1
Interest expense, net		78.7		76.7		41.5
Other non-operating expense		1.7		6.6		0.9
Income before income taxes		261.8		209.7		78.7
Provision for income taxes		51.9		43.0		24.0
Net income	$	209.9	$	166.7	$	54.7
Preferred stock dividends		23.0		22.9		12.0
Net income attributable to common stockholders	$	186.9	$	143.8	$	42.7
Net income per common share attributable to common stockholders:
Basic	$	6.47	$	5.00	$	1.58
Diluted	$	6.41	$	4.94	$	1.56
Weighted average common shares:
Basic		28,917,008		28,764,092		26,946,355
Diluted		29,189,056		29,072,429		27,311,029

⁽¹⁾

These adjustments were net of tax expense of $0.6, tax expense of $0.4 and tax expense of $2.0 in fiscal 2025, 2024 and 2023, respectively.

~~See~~(2) ~~accompanying~~These ~~notes~~adjustments were net of tax benefit of $0.4, tax expense of $1.0 and tax benefit of $0.6 in fiscal 2025, 2024 and 2023, respectively.

36(3) This adjustment was net of tax benefit of $0.0 for fiscal 2025.

~~RBC~~See ~~Bearings~~accompanying ~~Incorporated~~notes.

~~Consolidated Statements of Comprehensive Income~~34

~~(amounts~~RBC inBearings ~~millions)~~Incorporated

	Fiscal Year Ended
	March 30, 2024		April 1, 2023			April 2, 2022
Net income	$	209.9	$	166.7		$	54.7
Pension and postretirement liability adjustments, net of taxes (1)		0.4		9.4			4.2
Change in fair value of derivatives, net of taxes (2)		3.4		(2.2	)		—
Foreign currency translation adjustments		1.0		(5.5	)		0.4
Total comprehensive income	$	214.7	$	168.4		$	59.3

Consolidated Statements of Stockholders’ Equity

(1)amounts ~~These adjustments were net of tax expense of $0.4, tax expense of $2.0 and tax expense of $1.1~~ in ~~fiscal 2024~~millions, ~~2023~~except ~~and~~share ~~2022, respectively.~~data)

(2) These adjustments were net of tax expense of $1.0 and net of tax benefit of $0.6 in fiscal 2024 and fiscal 2023, respectively.

	Common Stock				Preferred Stock						Additional Paid-in		Accumulated Other Comprehensive			Retained			Treasury Stock						Total Stockholders’
	Shares		Amount		Shares			Amount			Capital		Income/(Loss)			Earnings			Shares			Amount			Equity
Balance at April 2, 2022		29,807,208	$	0.3		4,600,000		$	0.0		$	1,564.3	$	(5.8	)	$	886.1			(928,322	)	$	(72.4	)	$	2,372.5
Net income		—		—		—			—			—		—			166.7			—			—			166.7
Stock-based compensation		—		—		—			—			14.0		—			—			—			—			14.0
Preferred stock dividends		—		—		—			—			—		—			(22.9	)		—			—			(22.9	)
Tax withholding for common stock issued under equity incentive plans		—		—		—			—			—		—			—			(38,076	)		(7.7	)		(7.7	)
Exercise of equity awards		116,563		0.0		—			—			11.6		—			—			—			—			11.6
Change in pension and post-retirement plan benefit adjustments, net of tax expense of $2.0		—		—		—			—			—		9.4			—			—			—			9.4
Issuance of restricted stock, net of forfeitures		66,177		—		—			—			—		—			—			—			—			—
Change in fair value of Interest Rate Swap, net of tax benefit of $0.6		—		—		—			—			—		(2.2	)		—			—			—			(2.2	)
Currency translation adjustments		—		—		—			—			—		(5.5	)		—			—			—			(5.5	)
Balance at April 1, 2023		29,989,948	$	0.3		4,600,000		$	0.0		$	1,589.9	$	(4.1	)	$	1,029.9			(966,398	)	$	(80.1	)	$	2,535.9
Net income		—		—		—			—			—		—			209.9			—			—			209.9
Stock-based compensation		—		—		—			—			14.9		—			—			—			—			14.9
Preferred stock dividends		—		—		—			—			—		—			(23.0	)		—			—			(23.0	)
Tax withholding for common stock issued under equity incentive plans		—		—		—			—			—		—			—			(48,655	)		(11.0	)		(11.0	)
Exercise of equity awards		168,321		0.0		—			—			20.4		—			—			—			—			20.4
Change in pension and post-retirement plan benefit adjustments, net of tax expense of $0.4		—		—		—			—			—		0.4			—			—			—			0.4
Issuance of restricted stock, net of forfeitures		69,175		—		—			—			—		—			—			—			—			—
Change in fair value of Interest Rate Swap, net of tax expense of $1.0		—		—		—			—			—		3.4			—			—			—			3.4
Currency translation adjustments		—		—		—			—			—		1.0			—			—			—			1.0
Balance at March 30, 2024		30,227,444	$	0.3		4,600,000		$	0.0		$	1,625.2	$	0.7		$	1,216.8			(1,015,053	)	$	(91.1	)	$	2,751.9
Net income		—		—		—			—			—		—			246.2			—			—			246.2
Stock-based compensation		—		—		—			—			22.0		—			—			—			—			22.0
Preferred stock dividends		—		—		—			—			—		—			(12.4	)		—			—			(12.4	)
Tax withholding for common stock issued under equity incentive plans		—		—		—			—			—		—			—			(31,516	)		(9.5	)		(9.5	)
Conversion of mandatory convertible preferred stock to common stock		2,029,955		—		(4,600,000	)		(0.0	)		—		—			—			—			—			(0.0	)
Exercise of equity awards		223,693		0.0		—			—			34.9		—			—			—			—			34.9
Change in pension and post-retirement plan benefit adjustments, net of tax expense of $0.6		—		—		—			—			—		2.4			—			—			—			2.4
Issuance of restricted stock, net of forfeitures		41,097		—		—			—			0.4		—			—			—			—			0.4
Change in fair value of Interest Rate Swap, net of tax benefit of $0.4		—		—		—			—			—		(1.4	)		—			—			—			(1.4	)
Change in fair value of Cross Currency Swap, net of tax benefit of $0.0		—		—		—			—			—		(0.2	)		—			—			—			(0.2	)
Currency translation adjustments		—		—		—			—			—		(2.9	)		—			—			—			(2.9	)
Balance at March 29, 2025		32,522,189	$	0.3		—			—		$	1,682.5	$	(1.4	)	$	1,450.6			(1,046,569	)	$	(100.6	)	$	3,031.4

See accompanying notes.

3735

RBC Bearings Incorporated

Consolidated Statements of ~~Stockholders’~~Cash ~~Equity~~Flows

(amounts in millions~~, except share data~~)

															Accumulated
	Fiscal Year Ended
													Additional		Other											Total
	March 29, 2025			March 30, 2024			April 1, 2023
		Common Stock						Preferred Stock					Paid-in		Comprehensive			Retained		Treasury Stock						Stockholders’
Cash flows from operating activities:
		Shares			Amount			Shares			Amount		Capital		Income/(Loss)			Earnings		Shares			Amount			Equity
Net income	$	246.2		$	209.9		$	166.7
Balance at April 3, 2021		26,110,320		$	0.3			—		$	—	$	462.6	$	(10.4	)	$	843.4		(884,701	)	$	(63.8	)	$	1,232.1
Adjustments to reconcile net income to net cash provided by operating activities:
Net income		—			—			—			—		—		—			54.7		—			—			54.7
Depreciation and amortization		120.0			119.3			115.4
Stock-based compensation		—			—			—			—		32.9		—			—		—			—			32.9
Deferred income taxes		(26.8	)		(12.3	)		(21.4	)
Preferred stock dividends		—			—			—			—		—		—			(12.0	)	—			—			(12.0	)
Amortization of deferred financing costs		2.4			3.0			7.2
Repurchase of common stock		—			—			—			—		—		—			—		(43,621	)		(8.6	)		(8.6	)
Stock-based compensation		28.4			17.4			14.0
Exercise of equity awards		149,896			0.0			—			—		18.0		—			—		—			—			18.0
Noncash operating lease expense		6.3			6.8			7.2
Change in pension and post-retirement plan benefit adjustments, net of tax expense of $1.1		—			—			—			—		—		4.2			—		—			—			4.2
Loss on disposition of assets		0.4			0.6			0.3
Issuance of restricted stock, net of forfeitures		96,992			—			—			—		—		—			—		—			—			—
Consolidation, restructuring and other noncash charges		0.5			2.6			2.3
Preferred stock issuance, net of issuance costs		—			—			4,600,000			0.0		445.3		—			—		—			—			445.3
Changes in operating assets and liabilities, net of acquisitions:
Common stock issuance, net of issuance costs		3,450,000			0.0			—			—		605.5		—			—		—			—			605.5
Accounts receivable		(53.3	)		(13.4	)		7.8
Currency translation adjustments		—			—			—			—		—		0.4			—		—			—			0.4
Inventory		(32.3	)		(31.6	)		(71.7	)
Balance at April 2, 2022		29,807,208		$	0.3			4,600,000		$	0.0	$	1,564.3	$	(5.8	)	$	886.1		(928,322	)	$	(72.4	)	$	2,372.5
Prepaid expenses and other current assets		(3.9	)		(2.4	)		(5.8	)
Net income		—			—			—			—		—		—			166.7		—			—			166.7
Other noncurrent assets		0.5			(3.0	)		(0.8	)
Stock-based compensation		—			—			—			—		14.0		—			—		—			—			14.0
Accounts payable		22.2			(30.7	)		(11.1	)
Preferred stock dividends		—			—			—			—		—		—			(22.9	)	—			—			(22.9	)
Accrued expenses and other current liabilities		(2.3	)		9.0			6.0
Repurchase of common stock		—			—			—			—		—		—			—		(38,076	)		(7.7	)		(7.7	)
Other noncurrent liabilities		(14.7	)		(0.5	)		4.5
Exercise of equity awards		116,563			0.0			—			—		11.6		—			—		—			—			11.6
Net cash provided by operating activities		293.6			274.7			220.6
Change in pension and post-retirement plan benefit adjustments, net of tax expense of $2.0		—			—			—			—		—		9.4			—		—			—			9.4
Cash flows from investing activities:
Issuance of restricted stock, net of forfeitures		66,177			—			—			—		—		—			—		—			—			—
Capital expenditures		(49.8	)		(33.2	)		(42.0	)
Change in fair value of derivatives, net of tax benefit of $0.6		—			—			—			—		—		(2.2	)		—		—			—			(2.2	)
Proceeds from sale of assets		0.0			0.3			0.5
Currency translation adjustments		—			—			—			—		—		(5.5	)		—		—			—			(5.5	)
Acquisition of businesses/purchase price adjustments for acquisition		—			(19.3	)		27.5
Balance at April 1, 2023		29,989,948		$	0.3			4,600,000		$	0.0	$	1,589.9	$	(4.1	)	$	1,029.9		(966,398	)	$	(80.1	)	$	2,535.9
Net cash used in investing activities		(49.8	)		(52.2	)		(14.0	)
Net income		—			—			—			—		—		—			209.9		—			—			209.9
Cash flows from financing activities:
Stock-based compensation		—			—			—			—		14.9		—			—		—			—			14.9
Proceeds received from revolving credit facilities		67.0			20.3			—
Preferred stock dividends		—			—			—			—		—		—			(23.0	)	—			—			(23.0	)
Finance fees paid in connection with credit facilities and senior notes		—			—			(0.1	)
Repurchase of common stock		—			—			—			—		—		—			—		(48,655	)		(11.0	)		(11.0	)
Repayments of revolving credit facilities		(82.4	)		—			—
Exercise of equity awards		168,321			0.0			—			—		20.4		—			—		—			—			20.4
Repayments of term loans		(262.0	)		(225.0	)		(300.0	)
Change in pension and post-retirement plan benefit adjustments, net of tax expense of $0.4		—			—			—			—		—		0.4			—		—			—			0.4
Repayments of notes payable		(1.6	)		(1.6	)		(0.5	)
Issuance of restricted stock, net of forfeitures		69,175			—			—			—		—		—			—		—			—			—
Proceeds from mortgage		4.5			—			—
Change in fair value of derivatives, net of tax expense of $1.0		—			—			—			—		—		3.4			—		—			—			3.4
Principal payments on finance lease obligations		(4.1	)		(3.6	)		(3.2	)
Currency translation adjustments		—			—			—			—		—		1.0			—		—			—			1.0
Preferred stock dividends paid		(17.2	)		(23.0	)		(22.9	)
Balance at March 30, 2024		30,227,444		$	0.3			4,600,000		$	0.0	$	1,625.2	$	0.7		$	1,216.8		(1,015,053	)	$	(91.1	)	$	2,751.9
Exercise of stock options		34.9			20.4			11.6
Repurchase of common stock		(9.5	)		(11.0	)		(7.7	)
Net cash used in financing activities		(270.4	)		(223.5	)		(322.8	)
Effect of exchange rate changes on cash		(0.1	)		(0.9	)		(1.3	)
Cash:
Increase/(decrease) during the year		(26.7	)		(1.9	)		(117.5	)
Cash, at beginning of year		63.5			65.4			182.9
Cash, at end of year	$	36.8		$	63.5		$	65.4
Supplemental disclosures of cash flow information:
Cash paid for:
Income taxes	$	101.3		$	56.4		$	60.4
Interest		55.4			75.7			69.9

See accompanying notes.

3836

RBC Bearings Incorporated

~~Consolidated~~Notes ~~Statements of~~to ~~Cash~~Consolidated ~~Flows~~Financial Statements

(amounts in millions, except share and per share data)

	Fiscal Year Ended
	March 30, 2024			April 1, 2023			April 2, 2022
Cash flows from operating activities:
Net income	$	209.9		$	166.7		$	54.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		119.3			115.4			65.5
Deferred income taxes		(12.3	)		(21.4	)		0.2
Amortization of deferred financing costs		3.0			7.2			18.9
Consolidation and restructuring and other non-cash charges		2.6			2.3			2.4
Noncash operating lease expense		6.8			7.2			5.8
Loss on extinguishment of debt		—			—			1.0
Stock-based compensation		17.4			14.0			32.9
Loss on disposition of assets		0.6			0.3			0.3
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		(13.4	)		7.8			(53.5	)
Inventory		(31.6	)		(71.7	)		(16.2	)
Prepaid expenses and other current assets		(2.4	)		(5.8	)		(1.8	)
Other noncurrent assets		(3.0	)		(0.8	)		(8.2	)
Accounts payable		(30.7	)		(11.1	)		52.4
Accrued expenses and other current liabilities		9.0			6.0			22.1
Other noncurrent liabilities		(0.5	)		4.5			3.8
Net cash provided by operating activities		274.7			220.6			180.3
Cash flows from investing activities:
Capital expenditures		(33.2	)		(42.0	)		(29.8	)
Acquisition of businesses and related purchase price adjustments		(19.3	)		27.5			(2,908.2	)
Purchase of marketable securities		—			—			(30.0	)
Proceeds from sale of marketable securities		—			—			120.5
Proceeds from sale of assets		0.3			0.5			0.0
Net cash used in investing activities		(52.2	)		(14.0	)		(2,847.5	)
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
Proceeds from revolving credit facilities		20.3			—			—
Finance fees paid in connection with credit facilities and senior notes		—			(0.1	)		(19.5	)
Repayments of term loans		(225.0	)		(300.0	)		(113.0	)
Repayments of notes payable		(1.6	)		(0.5	)		(0.5	)
Principal payments on finance lease obligations		(3.6	)		(3.2	)		(1.6	)
Preferred stock dividends paid		(23.0	)		(22.9	)		(7.1	)
Repurchase of common stock		(11.0	)		(7.7	)		(8.6	)
Proceeds from exercise of equity awards		20.4			11.6			18.0
Net cash provided by/(used in) financing activities		(223.5	)		(322.8	)		2,698.5
Effect of exchange rate changes on cash		(0.9	)		(1.3	)		0.5
Cash and cash equivalents:
(Decrease)/increase during the year		(1.9	)		(117.5	)		31.8
Cash and cash equivalents, at beginning of year		65.4			182.9			151.1
Cash and cash equivalents, at end of year	$	63.5		$	65.4		$	182.9
Supplemental disclosures of cash flow information:
Cash paid for:
Income taxes	$	56.4		$	60.4		$	17.1
Interest		75.7			69.9			11.6

1. Organization and Business

~~See~~RBC ~~accompanying~~Bearings ~~notes~~Incorporated, together with its subsidiaries, is an international manufacturer and marketer of highly engineered precision bearings, components and essential systems for the aerospace, defense and industrial 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 20 years, we have broadened our end markets, products, customer base and geographic reach. We currently have 54 facilities in 11 countries, of which 38 are manufacturing facilities.

39The 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 18% of the Company’s net sales in fiscal 2025, 17% of net sales in fiscal 2024 and 16% of net sales in fiscal 2023. The Company’s segments are further discussed in Note 19.

~~RBC~~2. Summary of ~~Bearings~~Significant ~~Incorporated~~Accounting Policies

~~Notes~~Basis toof ~~Consolidated Financial Statements~~Presentation

~~(amounts~~The inconsolidated ~~millions,~~financial statements ~~except~~include ~~share~~the accounts of RBC Bearings Incorporated and ~~per~~its wholly-owned subsidiaries. All intercompany balances and transactions ~~share~~have ~~data)~~been eliminated in consolidation.

1.The Company has a fiscal year consisting of 52 or 53 weeks, ending on the Saturday closest to March ~~Organization~~31. Based on this policy, fiscal year 2025 contained 52 weeks, fiscal year 2024 contained 52 weeks and ~~Business~~fiscal year 2023 contained 52 weeks.

~~RBC~~Certain ~~Bearings~~amounts ~~Incorporated, together~~reported ~~with~~in ~~its~~previous ~~subsidiaries,~~years ishave anbeen ~~international~~reclassified ~~manufacturer and marketer of highly engineered precision bearings, components and essential systems for the industrial, defense and aerospace industries, which are integral~~ to ~~the~~conform ~~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~~fiscal weyear ~~manufacture~~2025 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 capabilitiespresentation. 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 19 years, we have broadened our end markets, products, customer base and geographic reach. We currently have 54 facilities in 11 countries, of which 38 are manufacturing facilities.

~~The~~Use 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 17% of the Company’s net sales in fiscal 2024, 16% of net sales in fiscal 2023 and 11% of net sales in fiscal 2022. The Company’s segments are further discussed in Note 20.Estimates

2The 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. ~~Summary~~ Actual results could differ from those estimates. Estimates are used for, but not limited to, the accounting for the allowance for credit losses, valuation of ~~Significant~~inventories, ~~Accounting~~goodwill and intangible ~~Policies~~assets, depreciation and amortization, income taxes and tax reserves, purchase price allocation for acquired assets and liabilities, and the valuation of options.

~~General~~Revenue Recognition

~~The~~A ~~consolidated~~contract ~~financial~~with a customer ~~statements~~exists ~~include~~when there is commitment and approval from both parties involved, the ~~accounts~~rights of ~~RBC~~the ~~Bearings~~parties ~~Incorporated~~are identified, payment terms are defined, the contract has commercial substance, and ~~its~~collectability ~~wholly-owned~~of ~~subsidiaries~~consideration is probable. ~~All~~The ~~intercompany~~Company ~~balances~~has determined that the contract with the customer is established when the customer purchase order is accepted or acknowledged. LTAs are used by the Company and ~~transactions~~certain of ~~have~~its ~~been~~customers ~~eliminated~~to inreduce ~~consolidation~~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.

~~The~~When the Company ~~has~~accepts or acknowledges a ~~fiscal year~~customer ~~consisting~~purchase order, the type of 52good or 53service ~~weeks,~~is ~~ending~~defined on a line-by-line basis. The majority of the ~~Saturday~~Company’s revenue ~~closest~~relates to ~~March 31.~~the ~~Based~~sale onof ~~this~~goods ~~policy,~~and ~~fiscal~~contains ~~year~~a ~~2024~~single ~~contained~~performance obligation for each distinct good. The remainder of the Company’s 52revenue ~~weeks,~~from ~~fiscal~~customers ~~year~~is ~~2023~~generated ~~contained~~from 52services ~~weeks~~performed. These services include repair and ~~fiscal~~refurbishment ~~year~~work ~~2022~~performed ~~contained~~on 52customer-controlled assets ~~weeks~~as well as design and test work.

~~Use~~Transaction price reflects the amount of ~~Estimates~~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. The Company generally sells products and services with observable standalone selling prices.

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.37

~~Revenue~~The ~~Recognition~~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.

AThe ~~contract~~Company ~~with~~has adetermined performance obligations are satisfied over time for customer contracts where RBC provides services to customers and also for a limited ~~exists~~number ~~when~~of ~~there~~product sales. RBC has determined revenue recognition over time is ~~commitment~~appropriate ~~and~~for ~~approval~~our ~~from~~service ~~both~~revenue ~~parties~~contracts ~~involved,~~as they create or enhance an asset that the ~~rights~~customer controls throughout the duration of the ~~parties~~contract. ~~are~~Revenue ~~identified,~~recognition ~~payment~~over ~~terms~~time ~~are~~is ~~defined,~~appropriate for customer contracts with product sales in which the ~~contract~~product sold has ~~commercial~~no ~~substance,~~alternative use to RBC without significant economic loss and ~~collectability~~an enforceable ofright ~~consideration~~to ispayment ~~probable.~~exists, ~~The~~including ~~Company~~a ~~has~~normal ~~determined~~profit ~~that~~margin from the customer, in the event of contract ~~with~~termination. These types ~~the~~of ~~customer~~contracts iscomprised ~~established~~less ~~when~~than 1% of total sales for the ~~customer~~fiscal ~~purchase~~years ~~order~~ended isMarch ~~accepted~~29, or2025, ~~acknowledged~~March 30, 2024 and April 1, 2023, respectively. For ~~LTAs~~both ~~are~~of ~~used~~these bytypes of contracts, revenue is recognized over time based on the ~~Company~~extent ~~and~~of ~~certain~~progress towards completion of the performance ~~its~~obligation. ~~customers~~The toCompany ~~reduce~~utilizes ~~their~~the ~~supply~~cost-to-cost ~~uncertainty~~measure of progress for aover-time ~~period~~revenue recognition contracts as the Company believes this measure best depicts the transfer of ~~time~~control to the customer, ~~typically~~which ~~multiple~~occurs ~~years.~~as ~~While~~the ~~these~~Company ~~LTAs~~incurs ~~define~~costs ~~commercial~~on ~~terms including~~contracts. ~~pricing~~Revenues, ~~termination~~including profits, ~~rights~~are ~~and~~recorded ~~other~~proportionally ~~contractual~~as ~~requirements,~~costs ~~they~~are doincurred. ~~not~~Costs ~~represent~~to ~~the~~fulfill ~~contract~~include ~~with~~labor, ~~the~~materials, ~~customer~~subcontractors’ ~~for~~costs, ~~revenue~~and ~~recognition~~other ~~purposes~~direct and indirect costs.

~~When~~Contract ~~the~~costs ~~Company~~are ~~accepts~~the incremental orcosts ~~acknowledges~~of aobtaining ~~customer~~and ~~purchase~~fulfilling ~~order~~a contract (i.e., costs that would not have been incurred if the ~~type~~contract ofhad ~~good~~not orbeen ~~service~~obtained) isto provide ~~defined~~goods onand aservices ~~line-by-line~~to ~~basis~~customers. ~~The~~Contract ~~majority~~costs largely consist of ~~the~~design ~~Company’s~~and development costs for molds, dies and other tools ~~revenue~~that ~~relates~~RBC towill own and that will be used in producing the ~~sale~~products ofunder ~~goods~~the ~~and~~supply ~~contains~~arrangements. These contract costs are amortized to expense on a ~~single~~systematic ~~performance~~and ~~obligation~~rational ~~for~~basis ~~each~~over ~~distinct~~a ~~good.~~period ~~The~~consistent ~~remainder~~with the transfer to the customer of the ~~Company’s~~goods or services to which ~~revenue~~the ~~from~~asset ~~customers~~relates isand ~~generated~~are ~~from~~recorded ~~services~~in ~~performed~~cost of sales. ~~These~~Costs ~~services~~incurred ~~include~~to ~~repair~~obtain ~~and~~a ~~refurbishment~~contract ~~work~~are ~~performed~~primarily onrelated ~~customer-controlled~~to sales commissions and ~~assets~~are expensed as ~~well~~incurred. asThese ~~design~~costs are included within selling, general and ~~test~~administrative ~~work~~costs on the consolidated statements of operations.

40In 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.

~~Transaction~~Government 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. The Company generally sells products and services with observable standalone selling prices.Assistance

~~The~~Like ~~performance~~other ~~obligations~~companies involved ~~for~~in the ~~majority~~aerospace ofindustry ~~RBC’s~~that ~~product~~were ~~sales~~impacted ~~are~~by ~~satisfied~~the atCOVID-19 pandemic, the ~~point~~Company intook ~~time~~part in ~~which~~ the ~~products~~Aviation ~~are~~Manufacturing ~~shipped~~Jobs Protection (“AMJP”) program. The ~~Company~~AMJP ~~has~~program ~~determined that~~provided ~~the~~funding ~~customer~~to ~~obtains~~eligible ~~control~~businesses ~~upon~~to ~~shipment~~pay ofa ~~the~~portion ~~product~~of ~~based~~their oncompensation ~~the~~costs ~~shipping~~for certain ~~terms~~categories ~~(i.e.~~of ~~when~~employees itfor ~~ships~~a ~~from~~period ~~RBC’s~~of ~~dock or~~time ~~when~~as ~~the~~part ~~product~~of ~~arrives~~a atU.S. ~~the~~Department ~~customer’s~~of ~~dock)~~Transportation ~~and~~program ~~recognizes~~designed ~~revenue~~to ~~when~~maintain ~~control~~jobs in ~~has~~the ~~transferred~~aviation toindustry. During the ~~customer.~~fiscal ~~Once~~years ~~a customer~~ended ~~has~~March ~~obtained~~29, ~~control~~2025, ~~the~~March ~~customer~~30, is2024 ~~able~~and toApril ~~direct~~1, 2023, the ~~use~~Company recorded grant revenue of $0.0, $0.0 and ~~obtain~~$3.1, ~~substantially~~respectively, all of which was recorded within cost of sales on the ~~remaining~~consolidated ~~benefits~~statements ~~from,~~of operations. The Company does not expect to receive any future grant revenue associated with the ~~asset~~AMJP program.

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 fiscal years ended March 30, 2024, April 1, 2023 and April 2, 2022, 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 the Company believes this measure best depicts the transfer of control to the customer, which occurs as the Company incurs 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.Cash

~~Contract~~The ~~costs~~Company ~~are~~maintains ~~the incremental~~its ~~costs~~cash ofaccounts ~~obtaining~~with ~~and~~various ~~fulfilling~~global ainstitutions ~~contract~~and ~~(i.e.,~~has ~~costs that would~~ not ~~have~~experienced ~~been~~any ~~incurred~~losses 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~~such ~~the products under the supply arrangements~~accounts. ~~These~~The ~~contract~~Company ~~costs~~performs ~~are~~periodic ~~amortized~~evaluations ~~to expense~~of ~~on a systematic and rational basis over a period consistent with~~ the ~~transfer~~relative tocredit ~~the~~standing ~~customer~~ of ~~the~~its ~~goods~~financial orinstitutions ~~services~~and ~~to which~~monitors the ~~asset~~amount ~~relates and are recorded in cost~~ of ~~sales~~exposure. Costs incurred to obtain a contract are primarily related to sales commissions and are expensed as incurred. These costs are included within selling, general and administrative costs on the consolidated statements of operations.

InAccounts ~~certain contracts~~Receivable, ~~the Company~~Net ~~facilitates shipping~~ and ~~handling activities after control has transferred to the customer. The Company has elected to record~~Concentration ~~all~~of ~~shipping~~Credit 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.Risk

~~Government~~Accounts ~~Assistance~~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 credit losses 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.

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 fiscal years ended March 30, 2024, April 1, 2023 and April 2, 2022, the Company recorded grant revenue of $0.0, $3.1 and $4.4, respectively, all of which was recorded within cost 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.38

~~Cash~~The Company sells to a large number of OEMs and ~~Cash~~distributors ~~Equivalents~~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 concentrations of credit risk with no individual customer greater than 10% as of March 29, 2025 or March 30, 2024 with the exception of Motion Industries. Approximately 15% and 16% of accounts receivable at March 29, 2025 and March 30, 2024, respectively, were attributable to Motion Industries.

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.Inventory

41Inventory 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.

~~Accounts~~Contract ~~Receivable,~~Assets ~~Net~~(Unbilled ~~and Concentration of Credit Risk~~Receivables)

~~Accounts~~Pursuant ~~receivable~~to ~~include~~the over-time ~~amounts~~revenue ~~billed~~recognition ~~and~~model, ~~currently~~revenue ~~due~~may ~~from~~be ~~customers.~~recognized ~~The~~prior ~~amounts~~to ~~due~~the ~~are~~customer ~~stated~~being atinvoiced. ~~their~~An ~~estimated~~unbilled ~~net~~receivable ~~realizable~~is ~~value.~~recorded ~~The~~to ~~Company maintains~~reflect anrevenue ~~allowance~~that ~~for~~is ~~doubtful~~recognized ~~accounts~~when ~~for~~(1) ~~estimated losses resulting from~~ the ~~inability of its customers~~ cost-to-cost ~~make~~method ~~required~~is ~~payments.~~applied ~~The Company~~and ~~uses~~(2) ansuch ~~expected~~revenue ~~credit~~exceeds ~~loss model to estimate~~ the ~~credit~~amount ~~losses~~invoiced ~~expected~~to ~~over~~ the ~~life of an exposure (or pool of exposures)~~customer. ~~The~~Contract ~~estimate~~assets ofare ~~expected~~included ~~credit~~within ~~losses~~prepaid ~~considers~~expenses ~~historical~~and ~~information,~~other current ~~information~~assets ~~and~~or ~~reasonable~~other ~~and~~noncurrent ~~supportable~~assets ~~forecasts, including~~on 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~~consolidated ~~are deemed~~balance ~~uncollectible~~sheets.

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 concentrations of credit risk with no individual customer greater than 10% as of March 30Property, ~~2024~~Plant ~~or April 1, 2023 with the exception of Motion Industries. Approximately 16%~~ and ~~15% of accounts receivable at both March 30, 2024 and April 1, 2023, respectively, were attributable to Motion Industries.~~Equipment

~~Inventory~~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.

~~Inventory~~The isestimated ~~stated~~useful ~~at the~~lives ~~lower~~ of ~~cost or net realizable value. Cost is determined by~~ the ~~first-in, first-out method. The~~ Company’s ~~accounts for inventory under a full absorption method~~property, ~~and~~plant ~~records adjustments to the value of inventory based upon past sales history~~ and ~~forecasted~~equipment ~~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,~~as 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.follows:

Contract Assets (Unbilled Receivables)

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

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.Leases

~~Property~~The Company determines if an arrangement is a lease at contract inception. For leases where the Company is the lessee, ~~Plant~~it recognizes lease assets and ~~Equipment~~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. 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.

~~Property,~~The ~~plant~~Company ~~and~~must ~~equipment~~classify ~~are~~each ~~recorded~~lease atas ~~cost.~~a ~~Depreciation~~finance ~~and~~lease ~~amortization~~or ofan ~~property,~~operating ~~plant~~lease. ~~and~~The ~~equipment,~~Company’s isfinance ~~recorded~~leases ~~using~~are ~~the~~included ~~straight-line~~in ~~method~~property, ~~over the~~plant ~~estimated~~and ~~useful~~equipment, ~~lives~~net. Amortization of ~~the~~these ~~respective~~ assets. ~~Depreciation of assets~~ is ~~reported~~included ~~within~~in depreciation and amortization expense. ~~Expenditures for~~The ~~normal~~Company’s ~~maintenance~~operating ~~and~~leases ~~repairs~~consist ~~are~~of ~~charged~~rent tocommitments under ~~expense~~various asleases ~~incurred~~for office space, warehouses, land and buildings.

~~The~~Most ~~estimated useful lives~~ of the Company’s leases ~~property~~do not provide an implicit interest rate. As a result, ~~plant~~the ~~and~~Company ~~equipment~~uses ~~are~~its asincremental ~~follows:~~borrowing rate based on the information available at the commencement date in determining the present value of lease payments.

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

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 or SG&A 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.

~~Leases~~39

~~The~~Goodwill ~~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~~Indefinite-Lived ~~lease liabilities~~Intangible 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.Assets

42Goodwill (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. The Company performs the annual impairment testing during the fourth quarter of each fiscal year. We completed a quantitative test of impairment on the indefinite lived intangible assets with no impairment noted in fiscal year 2025. 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 the 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 assumption used in the discounted cash flow method used to estimate fair value is gross margin, which is affected by expectations about future market or economic conditions. The fair value of the reporting units exceeds the carrying value by a minimum of 13.8% at each of the two reporting units. Assuming no growth in gross margin within the model would not result in impairment of goodwill for any of our reporting units. Although no changes are expected, if the actual results of the Company are less favorable than the assumptions the Company makes regarding estimated cash flows, the Company may be required to record an impairment charge in the future.

~~The~~Contract ~~Company~~Liabilities ~~must~~(Deferred 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.Revenue)

~~Most~~The ofCompany ~~the~~may ~~Company’s~~receive a ~~leases~~customer doadvance ~~not~~or ~~provide~~deposit anprior ~~implicit~~to ~~interest~~revenue ~~rate~~being recognized. AsSince athe ~~result~~performance obligations related to such advances may not have been satisfied, ~~the~~a ~~Company~~contract ~~uses~~liability ~~its~~is ~~incremental~~established. ~~borrowing~~Contract ~~rate~~liabilities ~~based~~are included within accrued expenses and other current liabilities or other noncurrent liabilities on the ~~information available~~consolidated atbalance sheets until the ~~commencement~~respective ~~date~~revenue inis ~~determining~~recognized. Advance payments are not considered a significant financing component as the ~~present~~timing ~~value~~of the transfer of ~~lease~~the ~~payments~~related goods or services is at the discretion of the customer.

~~Subsequent~~Income 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.Taxes

~~Goodwill~~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 ~~Indefinite-Lived~~a ~~Intangible~~deferred ~~Assets~~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.

~~Goodwill~~Temporary ~~(representing~~differences ~~the~~relate ~~excess~~primarily ~~of the amount paid~~ to ~~acquire a company over~~ the ~~estimated~~timing ~~fair value~~ of ~~the~~deductions ~~net~~for ~~assets~~depreciation, ~~acquired) and indefinite~~stock-~~lived~~based ~~intangible assets are not amortized but instead are tested for impairment annually~~compensation, orgoodwill ~~when~~amortization ~~events~~relating orto ~~circumstances indicate that~~ the ~~carrying~~acquisition ~~value~~ of ~~such asset may not be recoverable. Separate tests are performed for goodwill and indefinite lived intangible assets. We completed~~ aoperating ~~quantitative~~divisions, ~~test~~amortization of ~~impairment on the indefinite lived~~ intangible assets with no impairment noted in fiscal year 2024. 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, anbasis ~~impairment~~differences ~~loss~~arising isfrom ~~recognized~~acquisition 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 the discount ratesaccounting, ~~revenue~~pension ~~growth rates~~ and ~~EBITDA margin which are affected by expectations about future market or economic~~retirement ~~conditions. Discount rates~~benefits, ~~revenue growth rates~~ and ~~EBITDA~~various ~~margin~~accrued ~~are the most sensitive~~ and ~~susceptible~~prepaid ~~to change as they require significant management judgment~~expenses. ~~Discount~~Deferred ~~rates~~tax ~~are~~assets ~~determined by using a weighted average cost of capital (“WACC”). The WACC considers market~~ and ~~industry~~liabilities ~~data~~are asrecorded ~~well~~at ~~as Company-specific risk factors for each reporting unit in determining~~ the ~~appropriate~~rates ~~discount~~expected ~~rate~~ to be ~~used. The discount rate utilized for each reporting unit for our fiscal 2024 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~~effect ~~the~~when ~~present value of perpetual cash flow estimates beyond~~ the ~~last~~temporary ~~projected~~differences ~~period~~are ~~assuming~~expected ~~a constant WACC and long-term growth rates. The terminal growth rate used for our fiscal 2024 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 53~~reverse.~~5%. The fair value of the reporting units exceeds the carrying value by a minimum of 18.8% at each of the two reporting units.~~

~~Contract Liabilities (Deferred Revenue)~~40

~~The~~Global ~~Company~~Minimum 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.Tax

43In October 2021, the OECD announced an Inclusive Framework on Base Erosion and Profit Shifting including Pillar Two Model Rules defining the global minimum tax, which calls for the taxation of large multinational corporations at a minimum rate of 15%. Subsequently multiple sets of administrative guidance have been issued. Many non-US tax jurisdictions have either recently enacted legislation to adopt certain components of the Pillar Two Model Rules beginning in 2024 with the adoption of additional components in later years or announced their plans to enact legislation in future years. The Company has performed an assessment of the potential impact to its income taxes as a result of Pillar Two. Based on the results of the assessment, the Company believes that it can avail itself of the transitional safe harbor rules in all jurisdictions in which the Company operates. We will continue to monitor both the U.S. and international legislative developments related to Pillar Two to assess for any potential impacts. We are continuing to evaluate the impacts of enacted legislation and pending legislation to enact Pillar Two Model Rules in the non-US tax jurisdictions in which we operate.

Net Income ~~Taxes~~Per Share Attributable to Common Stockholders

~~The~~Basic ~~Company~~net ~~accounts for~~ income ~~taxes~~ ~~using~~per ~~the liability method, which requires it to recognize a current tax liability or asset for current taxes payable or refundable~~share ~~and~~attributable ~~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~~common ~~extent~~stockholders ~~that~~is ~~they~~computed ~~are~~by ~~realizable.~~dividing ~~Deferred tax expense (benefit) results from the~~ net ~~change~~income inattributable ~~deferred tax assets and liabilities during the year. A valuation allowance is recorded~~ to ~~reduce~~common ~~deferred~~stockholders ~~tax~~by ~~assets to~~ the ~~amount~~weighted-average ~~that is more likely than not to be realized. The Company is exposed to certain tax contingencies in the ordinary course of~~number ~~business~~of ~~and~~common ~~records~~shares ~~those tax liabilities in accordance with the guidance for accounting for uncertain tax positions~~outstanding.

~~Temporary~~Diluted ~~differences~~net ~~relate~~income ~~primarily~~per ~~to the~~share ~~timing~~attributable ofto ~~deductions~~common ~~for~~stockholders ~~depreciation,~~is ~~stock-based~~computed ~~compensation,~~by ~~goodwill~~dividing ~~amortization~~net ~~relating~~income attributable to common stockholders by the ~~acquisition~~sum of ~~operating~~the ~~divisions,~~weighted-average ~~amortization~~number of ~~intangible~~common ~~assets,~~shares ~~basis~~and ~~differences~~dilutive ~~arising~~common ~~from~~share ~~acquisition~~equivalents ~~accounting,~~then ~~pension~~outstanding ~~and~~using ~~retirement~~the ~~benefits,~~treasury ~~and~~stock ~~various~~method. Common share equivalents ~~accrued~~consist ~~and~~of ~~prepaid~~the ~~expenses.~~incremental ~~Deferred~~common ~~tax~~shares ~~assets~~issuable ~~and~~upon ~~liabilities~~the ~~are~~exercise ~~recorded~~of atstock options, the ~~rates~~vesting ~~expected~~of torestricted beshares, incontingently ~~effect~~issuable shares ~~when~~related to performance-based awards and the ~~temporary differences~~conversion ~~are~~of ~~expected~~MCPS (i.e., our outstanding preferred stock) to ~~reverse~~common shares.

~~Global~~We ~~Minimum~~exclude ~~Tax~~outstanding stock options, stock awards, contingently issuable shares related to performance-based 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 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.

InThe ~~October~~Company ~~2021~~issued 2, ~~the OECD announced an Inclusive Framework on Base Erosion and Profit Shifting including Pillar Two Model Rules defining the global minimum tax~~029,955 shares ~~which calls for the taxation~~ of ~~large~~common ~~multinational~~stock ~~corporations~~upon ~~at a minimum rate of 15%. Subsequently multiple sets of administrative guidance have been issued. Many non-US tax jurisdictions have either recently enacted legislation to adopt certain components of~~ the ~~Pillar Two~~conversion ~~Model Rules beginning in 2024 with the adoption~~ of ~~additional components in later years or announced their plans to enact legislation in future years. We are continuing to evaluate~~ the ~~impacts of enacted legislation and pending legislation to enact Pillar Two Model Rules in the non-US tax jurisdictions in which we operate~~MCPS.

~~Net~~Because ~~Income~~the ~~Per~~MCPS ~~Share~~is ~~Attributable~~no longer outstanding, the Company will not pay dividends on the MCPS in the future. This will amount to ~~Common Stockholders~~a cash savings of $23.0 per year.

~~Basic~~For ~~net~~the ~~income~~fiscal ~~per~~years ~~share~~ended ~~attributable~~March to29, 2025, March 30, 2024 and April 1, 2023, the effect of assuming the conversion of the 4,600,000 shares of MCPS into shares of common ~~stockholders~~stock iswas ~~computed~~anti-dilutive, byand ~~dividing~~therefore ~~net~~excluded ~~income~~from the calculation of diluted earnings per share attributable to common stockholders. Accordingly, net income was reduced by ~~the~~cumulative ~~weighted-average~~MCPS ~~number~~dividends, as presented in our consolidated statement of operations, for purposes of ~~common~~calculating ~~shares~~net ~~outstanding~~income attributable to common stockholders.

~~Diluted~~For ~~net~~the ~~income~~fiscal ~~per~~year ~~share~~ended ~~attributable~~March to29, ~~common~~2025, ~~stockholders~~55,449 isemployee ~~computed~~stock byoptions ~~dividing~~and ~~net~~130 ~~income~~restricted ~~attributable~~shares towere ~~common~~excluded ~~stockholders~~from by the ~~sum~~calculation of ~~the~~diluted ~~weighted-average~~earnings per share ~~number~~attributable ofto common ~~shares~~stockholders. ~~and~~For ~~dilutive~~the ~~common~~fiscal ~~share~~year ~~equivalents~~ended ~~then~~March ~~outstanding~~30, ~~using~~2024, ~~the~~120,954 ~~treasury~~employee stock ~~method.~~options ~~Common~~and ~~share~~250 ~~equivalents~~restricted shares ~~consist~~were ofexcluded from the ~~incremental~~calculation of diluted earnings per share attributable to common ~~shares~~stockholders. ~~issuable~~At ~~upon~~April ~~the~~1, ~~exercise~~2023, of110,368 employee stock options and 1,185 restricted shares were excluded from the ~~conversion~~calculation of ~~MCPS~~diluted ~~(i.e.,~~earnings ~~our~~per ~~outstanding preferred~~share ~~stock)~~attributable to common stockholders. The inclusion of these employee stock options and restricted shares would have been anti-dilutive.

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 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.41

~~For~~The ~~the~~table ~~fiscal~~below ~~years~~reflects ~~ended~~the ~~March~~calculation ~~30,~~of ~~2024~~weighted-average ~~and~~shares ~~April~~outstanding 1,for ~~2023,~~each ~~the~~period ~~effect~~presented ofas ~~assuming~~well ~~the~~as ~~conversion of~~ the ~~4,600,000~~computation ~~shares~~ of ~~MCPS~~basic ~~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~~per ~~income~~share attributable to common stockholders.

For the fiscal year ended March 30, 2024, 120,954 employee stock options and 250 restricted shares were excluded from the calculation of diluted earnings per share 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. At April 2, 2022, 179,289 employee stock options and 325 restricted shares were 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.

	Fiscal Year Ended
	March 29, 2025		March 30, 2024		April 1, 2023
Net income	$	246.2	$	209.9	$	166.7
Preferred stock dividends		12.4		23.0		22.9
Net income attributable to common stockholders	$	233.8	$	186.9	$	143.8
Denominator:
Denominator for basic net income per share attributable to common stockholders — weighted-average shares outstanding		30,136,501		28,917,008		28,764,092
Effect of dilution due to contingently issuable shares related to performance-based awards		11,564		—		—
Effect of dilution due to employee stock awards		206,405		272,048		308,337
Denominator for diluted net income per share attributable to common stockholders — weighted-average shares outstanding		30,354,470		29,189,056		29,072,429
Basic net income per share attributable to common stockholders	$	7.76	$	6.47	$	5.00
Diluted net income per share attributable to common stockholders	$	7.70	$	6.41	$	4.94

44Impairment of Long-Lived Assets

The ~~table~~Company ~~below~~assesses ~~reflects~~ the ~~calculation~~net realizable value of ~~weighted~~its long-~~average~~lived ~~shares~~assets ~~outstanding~~and evaluates such assets for ~~each~~impairment ~~period~~whenever ~~presented~~indicators asof ~~well~~impairment asare present. For amortizable long-lived assets to be held and used, if indicators of impairment are present, management determines whether the ~~computation~~sum of ~~basic~~the ~~and~~estimated ~~diluted~~undiscounted ~~net~~future ~~income~~cash flows is less than the carrying amount. The amount of asset impairment, if ~~per~~any, ~~share~~is ~~attributable~~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 2025, impairment charges related to ~~common~~certain ~~stockholders~~patents and trademarks totaling $0.5 were recorded based on our internal assessments performed.

	Fiscal Year Ended
	March 30, 2024		April 1, 2023		April 2, 2022
Net income	$	209.9	$	166.7	$	54.7
Preferred stock dividends		23.0		22.9		12.0
Net income attributable to common stockholders	$	186.9	$	143.8	$	42.7
Denominator:
Denominator for basic net income per share attributable to common stockholders — weighted-average shares outstanding		28,917,008		28,764,092		26,946,355
Effect of dilution due to employee stock awards		272,048		308,337		364,674
Denominator for diluted net income per share attributable to common stockholders — weighted-average shares outstanding		29,189,056		29,072,429		27,311,029
Basic net income per share attributable to common stockholders	$	6.47	$	5.00	$	1.58
Diluted net income per share attributable to common stockholders	$	6.41	$	4.94	$	1.56

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.

~~Impairment~~Foreign ofCurrency ~~Long-Lived~~Translation ~~Assets~~and Transactions

~~The~~Assets ~~Company~~and ~~assesses~~liabilities of the ~~net~~Company’s ~~realizable~~foreign ~~value of~~operations ~~its~~are ~~long-lived~~translated ~~assets~~into ~~and~~U.S. ~~evaluates~~dollars ~~such~~using ~~assets~~the ~~for~~exchange ~~impairment~~rate ~~whenever~~in ~~indicators~~effect ofat ~~impairment~~the ~~are~~balance ~~present~~sheet date. ~~For amortizable long-lived~~Results ~~assets to be held and used, if indicators~~ of ~~impairment~~operations are ~~present,~~translated ~~management~~using ~~determines whether~~ the ~~sum~~average ofexchange ~~the~~rate ~~estimated~~prevailing ~~undiscounted future~~throughout ~~cash flows is less than~~ the ~~carrying amount~~period. The ~~amount~~effects of ~~asset~~exchange ~~impairment,~~rate ~~if any, is based on the excess of the carrying amount~~fluctuations ~~over its fair value, which is estimated based~~ on ~~projected~~translating ~~discounted~~foreign ~~future~~currency ~~operating~~assets ~~cash~~and ~~flows~~liabilities ~~using~~from atheir ~~discount~~functional ~~rate~~currencies ~~reflecting~~to the ~~Company’s~~ ~~average~~reporting ~~cost~~currency ofare ~~funds.~~included ~~During~~in ~~fiscal~~accumulated other ~~year~~comprehensive ~~2024~~income/(loss), ~~impairment~~while ~~charges~~gains ~~related to machinery~~ and ~~equipment~~losses ~~and~~resulting ~~certain~~from ~~patents~~foreign ~~and trademarks~~currency ~~totaling~~transactions ~~$2.5~~are ~~were~~included ~~recorded~~in ~~based~~other onnon-operating expense ~~our internal assessments performed~~(income).

~~Long-lived~~Research ~~assets~~and toDevelopment ~~be disposed of by sale or other means are reported at the lower of carrying amount or fair value, less costs to sell.~~

~~Foreign~~Costs ~~Currency~~are ~~Translation~~incurred in connection with efforts aimed at discovering and ~~Transactions~~implementing new knowledge that is critical to developing new products, processes or services, significantly improving existing products or services, and developing new applications for existing products and services. Research and development costs for the creation of new and improved products, processes and services were approximately $33.0, $33.0 and $31.8, for fiscal years 2025, 2024 and 2023, respectively.

~~Assets~~Fair ~~and~~Value 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).Measurements

~~Research~~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 ~~Development~~liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

Costs are incurred in connection with efforts aimed at discovering and implementing new knowledge that is critical to developing new products, processes or services, significantly improving existing products or services, and developing new applications for existing products and services. Research and development costs for the creation of new and improved products, processes and services were approximately $33.0, $31.8 and $27.6, for fiscal years 2024, 2023 and 2022, respectively.42

~~Fair~~The ~~Value~~Company’s ~~Measurements~~financial instruments consist primarily of cash, accounts receivable, trade accounts payable, short-term borrowings, long-term debt, and derivatives in the form of an interest rate swap and a cross currency swap. Due to their short-term nature, the carrying value of cash, 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 $470.5 and $456.8 at March 29, 2025 and March 30, 2024, respectively. The carrying value of this debt was $495.1 at March 29, 2025 and $494.2 at March 30, 2024. 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 $(0.3) and $1.6 at March 29, 2025 and March 30, 2024, respectively, and was measured using Level 2 inputs. This amount is included in accrued expenses and other current liabilities on the Company’s consolidated balance sheets. The Interest Rate Swap, net of taxes, had accumulated other comprehensive loss of $(0.2) and accumulated other comprehensive income of $1.2 as of March 29, 2025 and March 30, 2024 and was included in accumulated other comprehensive income/(loss) on the Company’s consolidated balance sheets, and in the Company’s consolidated statements of comprehensive income/(loss). The fair value of the Cross Currency Swap was $(0.2) at March 29, 2025, and was measured using Level 2 inputs. This amount is included in other noncurrent liabilities on the Company’s consolidated balance sheets. The Cross Currency Swap, net of taxes, had accumulated other comprehensive loss of $(0.2) as of March 29, 2025, and was included in accumulated other comprehensive income/(loss) on the Company’s consolidated balance sheets, and in the Company’s consolidated statements of comprehensive income/(loss).

~~Fair~~The ~~value~~Company isdoes ~~the~~not ~~price that~~believe ~~would~~it behas ~~received~~significant toconcentrations 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~~risk ~~levels.~~associated ~~Level~~with 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~~counterparties 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~~its ~~fair~~financial ~~value measurement~~instruments.

45Accumulated Other Comprehensive Income/(Loss)

The ~~carrying~~components ~~amounts~~of ~~reported~~comprehensive income/(loss) inthat ~~the~~relate ~~balance~~to ~~sheet for~~the ~~cash~~Company ~~and~~are ~~cash~~net ~~equivalents~~income, ~~accounts~~foreign ~~receivable~~currency translation adjustments, ~~accounts~~changes ~~payable~~in the fair value of derivatives and ~~accruals,~~pension plan and ~~other~~postretirement ~~current~~benefits, ~~liabilities~~all ~~approximate~~of ~~their~~which ~~fair value~~are ~~due~~presented toin ~~their~~the ~~short-term~~consolidated ~~nature~~statements of stockholders’ equity and comprehensive income/(loss).

The ~~carrying~~following ~~amounts~~summarizes of the ~~Company’s borrowings~~ ~~under~~activity ~~the~~within ~~Facilities~~each ~~approximate~~component 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 March 30, 2024 was $456.8 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 $1.6 at March 30, 2024, measured using Level 2 inputs. This amount is included in other noncurrent liabilities on the Company consolidated balance sheets. The fair value of the interest rate swap remaining in accumulated other comprehensive income/(loss), net of taxes~~, was $1.2 as of March 30, 2024.~~:

Accumulated Other Comprehensive Income (Loss)

	Currency Translation			Change in Fair Value of Interest Rate Swap			Change in Fair Value of Cross Currency Swap			Pension and Postretirement Liability		Total
Balance at March 30, 2024	$	(3.6	)	$	1.2		$	—		$	3.1	$	0.7
Reclassification to net income		—			2.0			—			—		2.0
Change in pension and postretirement liability		—			—			—			2.4		2.4
Net loss on foreign currency translation		(2.9	)		—			—			—		(2.9	)
Loss on Interest Rate Swap, net of taxes		—			(3.4	)		—			—		(3.4	)
Loss on Cross Currency Swap, net of taxes		—			—			(0.2	)		—		(0.2	)
Net current period other comprehensive income		(2.9	)		(1.4	)		(0.2	)		2.4		(2.1	)
Balance at March 29, 2025	$	(6.5	)	$	(0.2	)	$	(0.2	)	$	5.5	$	(1.4	)

~~The~~Stock-Based 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).Compensation

The ~~following~~Company ~~summarizes~~recognizes stock-based compensation cost relating to all stock-based payment transactions in the financial statements based upon the grant-date fair value of ~~activity~~the ~~within~~instruments issued over the requisite service period. The fair value of each ~~component~~option grant was estimated on the date of ~~accumulated~~grant ~~other~~using the ~~comprehensive~~Black-Scholes ~~income~~pricing ~~(loss)~~model. The Company estimates expected forfeitures at the grant date and recognizes stock-based compensation costs, ~~net~~accordingly. ofThe ~~taxes:~~Company also recognizes stock-based compensation cost relating to restricted stock awards that are earned by employees prior to being granted as liability awards.

	Currency Translation			Change in Fair Value of Derivatives			Pension and Postretirement Liability		Total
Balance at April 1, 2023	$	(4.6	)	$	(2.2	)	$	2.7	$	(4.1	)
Reclassification to net income		—			4.2			—		4.2
Net loss on foreign currency translation		1.0			—			—		1.0
Amortization of net gain, net of tax expense of $0.4		—			—			0.4		0.4
Gain on derivative instrument, net of tax expense of $0.9		—			(0.8	)		—		(0.8	)
Net current period other comprehensive income		1.0			3.4			0.4		4.8
Balance at March 30, 2024	$	(3.6	)	$	1.2		$	3.1	$	0.7

~~Stock-Based~~Recent ~~Compensation~~Accounting Pronouncements

~~The~~In ~~Company~~November ~~recognizes~~2023, ~~stock-based compensation~~Financial ~~cost~~Accounting ~~relating~~Standards toBoard ~~all~~(FASB) ~~stock-based~~issued ~~payment~~Accounting ~~transactions~~Standards inUpdate ~~the~~(ASU) ~~financial~~2023-07, ~~statements~~Segment ~~based~~Reporting ~~upon~~(Topic ~~the~~280): ~~grant-date~~Improvements ~~fair~~to Reportable ~~value~~Segment ofDisclosures. ~~the~~The ~~instruments issued~~amendments ~~over~~in ASU 2023-07 improve the ~~requisite~~disclosures ~~service~~about ~~period.~~a ~~The~~public ~~fair~~entity’s ~~value~~reportable ofsegments and ~~each~~address ~~option~~requests ~~grant~~from ~~was~~investors ~~estimated~~for onadditional, ~~the~~more ~~date~~detailed ofinformation ~~grant~~about ~~using~~a ~~the~~reportable ~~Black-Scholes pricing~~segment’s ~~model~~expenses. ~~The~~Following ~~Company~~the release ~~estimates~~of ~~expected~~ASU ~~forfeitures~~2023-07 atin November 2023, the ~~grant~~effective date ~~and~~will ~~recognizes~~be ~~stock-based~~annual ~~compensation~~reporting ~~costs~~periods beginning after December 15, ~~accordingly~~2023. ~~The~~ ~~Company~~As ~~also~~of March ~~recognizes~~29, ~~stock-based~~2025, ~~compensation~~the ~~cost~~Company ~~relating~~has toupdated ~~restricted~~our ~~stock~~segment ~~awards~~disclosure ~~that~~to ~~are~~comply ~~earned~~with bythe ~~employees~~updated ~~prior~~requirements. Refer to ~~being~~“Note 19: Reportable ~~granted~~Segments” asfor ~~liability~~additional ~~awards~~information.

~~Recent~~In ~~Accounting~~December ~~Pronouncements~~2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in ASU 2023-09 address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024. We are currently evaluating the impact the standard will have on our consolidated financial statements.

In November ~~2023~~2024, ~~Financial Accounting~~the ~~Standards Board (~~FASB) issued ~~Accounting Standards Update (~~ASU) ~~2023~~2024-0703, ~~Segment~~Disaggregation ~~Reporting~~of ~~(Topic~~Income ~~280):~~Statement ~~Improvements~~Expenses ~~to Reportable Segment Disclosures~~(DISE). The ~~amendments~~new instandard ~~ASU~~requires ~~2023-07~~disclosure ~~improve~~of ~~the~~specific ~~disclosures~~types of ~~about~~expenses aincluded ~~public~~in ~~entity’s~~the ~~reportable~~expense ~~segments and~~captions ~~address~~presented ~~requests~~on ~~from~~the ~~investors~~face ~~for~~of ~~additional,~~the ~~more~~income ~~detailed~~statement ~~information~~as ~~about~~well aas ~~reportable~~disclosures ~~segment’s~~about selling expenses. ~~Following the~~ ~~release of~~ ASU ~~2023~~2024-0703 inis ~~November 2023, the~~ effective ~~date~~for ~~will be~~ annual reporting periods beginning after December 15, ~~2024.~~2026, Asand ofinterim reporting periods beginning after ~~March~~December 3015, ~~2024,~~2027. ~~the~~We ~~Company~~are iscurrently evaluating the impact the standard will have on ~~its~~our consolidated financial statements.

46Other new pronouncements issued but not effective until after March 29, 2025 are not expected to have a material impact on our financial position, results of operations or liquidity.

~~In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures~~3. ~~The amendments in ASU 2023-09 address investor requests~~ Revenue ~~for~~from ~~more~~Contracts ~~transparency~~with about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. Following the release of ASU 2023-09 in December 2023, the effective date will be annual reporting periods beginning after December 15, 2024. As of March 30, 2024, the Company is evaluating the impact on its consolidated financial statements.Customers

~~Other~~Disaggregation ~~new pronouncements issued but not effective until after March 30, 2024 are not expected to have a material impact on our financial position, results~~ of ~~operations or liquidity.~~Revenue

~~3. Revenue~~The following table disaggregates ~~from~~total ~~Contracts~~revenue ~~with~~by ~~Customers~~end market which is how we view our reportable segments (see Note 19):

Disaggregation of Revenue

	Fiscal Year Ended
	March 29, 2025		March 30, 2024		April 1, 2023
Aerospace/Defense	$	592.8	$	519.4	$	430.3
Industrial		1,043.5		1,040.9		1,039.0
	$	1,636.3	$	1,560.3	$	1,469.3

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

	Fiscal Year Ended
	March 30, 2024		April 1, 2023		April 2, 2022
	March 29, 2025		March 30, 2024		April 1, 2023
Aerospace/Defense	$	519.4	$	430.3	$	381.5
United States	$	1,449.7	$	1,375.4	$	1,292.9
Industrial		1,040.9		1,039.0		561.4
International		186.6		184.9		176.4
	$	1,~~560~~636.3	$	1,~~469~~560.3	$	~~942~~1,469.93

The following table ~~disaggregates~~illustrates ~~total~~the approximate percentage of revenue byrecognized ~~geographic~~for ~~origin~~performance obligations satisfied over time versus the amount of revenue recognized for performance obligations satisfied at a point in time:

	Fiscal Year Ended
	March 30, 2024			April 1, 2023			April 2, 2022
	March 29, 2025			March 30, 2024			April 1, 2023
United States	$	1,375.4		$	1,292.9		$	833.4
Point-in-time		98	%		98	%		98	%
International		184.9			176.4			109.5
Over time		2	%		2	%		2	%
	$	1,560.3		$	1,469.3		$	942.9
		100	%		100	%		100	%

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:44

	Fiscal Year Ended
	March 30, 2024			April 1, 2023			April 2, 2022
Point-in-time		98	%		98	%		97	%
Over time		2	%		2	%		3	%
		100	%		100	%		100	%

Remaining Performance Obligations

Remaining ~~Performance~~performance ~~Obligations~~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 $542.2 at March 29, 2025. The Company expects to recognize revenue on approximately 65% and 89% of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter.

~~Remaining~~Contract 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 $464.4 at March 30, 2024. The Company expects to recognize revenue on approximately 62% and 92% of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter.Balances

~~Contract~~The ~~Balances~~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.

~~The~~Contract ~~timing~~Assets of(Unbilled Receivables) ~~revenue~~- ~~recognition, invoicing~~Pursuant ~~and~~to ~~cash~~the ~~collections~~over-time ~~affect~~revenue ~~accounts~~recognition ~~receivable~~model, ~~unbilled~~revenue ~~receivables~~may ~~(contract~~be ~~assets)~~recognized ~~and~~prior ~~customer~~to ~~advances~~the ~~and~~customer ~~deposits~~being ~~(contract~~invoiced. ~~liabilities)~~An onunbilled ~~the~~receivable ~~consolidated~~is ~~balance~~recorded ~~sheets.~~to ~~These~~reflect ~~assets~~revenue ~~and~~that ~~liabilities~~is ~~are~~recognized ~~reported~~when on(1) the ~~consolidated~~cost-to-cost ~~balance~~method ~~sheets~~is onapplied anand ~~individual contract~~(2) ~~basis~~such atrevenue exceeds the ~~end~~amount ofinvoiced ~~each~~to ~~reporting~~the ~~period~~customer.

47As of March 29, 2025 and March 30, 2024, current contract assets were $6.6 and $6.9, respectively, and included within prepaid expenses and other current assets on the consolidated balance sheets. The decrease in contract assets was primarily due to amounts billed to customers during the period partially offset by the recognition of revenue related to the satisfaction or partial satisfaction of performance obligations prior to billing. As of March 29, 2025 and March 30, 2024, the Company did not have any contract assets classified as noncurrent on the consolidated balance sheets.

Contract ~~Assets~~Liabilities (~~Unbilled~~Deferred ~~Receivables~~Revenue) - ~~Pursuant~~The toCompany ~~the~~may ~~over-time~~receive ~~revenue~~a ~~recognition~~customer ~~model~~advance or deposit, ~~revenue~~or ~~may~~have bean ~~recognized~~unconditional ~~prior~~right to ~~the~~receive a customer advance, prior to revenue being ~~invoiced~~recognized. An ~~unbilled~~Since ~~receivable~~the isperformance ~~recorded~~obligations related to ~~reflect~~such ~~revenue~~advances ~~that~~may not have been satisfied, a contract liability is ~~recognized~~established. ~~when~~Advance ~~(1)~~payments are not considered a significant financing component as the ~~cost-to-cost~~timing ~~method~~of isthe ~~applied~~transfer ~~and~~of ~~(2)~~the ~~such~~related ~~revenue~~goods ~~exceeds~~or ~~the~~services ~~amount~~is ~~invoiced~~at tothe discretion of the customer.

As of March 3029, ~~2024~~2025 and ~~April~~March 130, ~~2023~~2024, current contract ~~assets~~liabilities were $632.97 and $422.5, respectively, and included within ~~prepaid~~accrued expenses and other current ~~assets~~ liabilities on the consolidated balance sheets. The increase in current contract ~~assets~~liabilities was primarily due to ~~the~~advance ~~recognition~~payments received and the reclassification of ~~revenue~~a ~~related~~portion toof ~~the~~advance ~~satisfaction or~~payments ~~partial~~received ~~satisfaction~~from ofthe ~~performance~~noncurrent ~~obligations~~portion ~~prior~~of tocontract ~~billing~~liabilities partially offset by ~~amounts~~revenue recognized ~~billed~~on tocustomer ~~customers~~contracts. ~~during~~For the ~~period~~year ended March 29, 2025, the Company recognized revenues of $18.1 that were included in the Ascontract liability balance as of March 30, 2024. ~~and~~For ~~April~~the 1year ended March 30, ~~2023~~2024, the Company ~~did~~recognized ~~not~~revenues ~~have~~of ~~any~~$16.4 ~~contract~~that ~~assets~~were included ~~classified~~in asthe ~~noncurrent~~contract onliability ~~the~~balance ~~consolidated~~at ~~balance sheets~~April 1, 2023.

~~Contract~~As ~~Liabilities~~of ~~(Deferred Revenue)~~March -29, ~~The~~2025 ~~Company~~and ~~may~~March 30, ~~receive~~2024, anoncurrent ~~customer~~contract ~~advance~~liabilities orwere ~~deposit,~~$12.1 orand ~~have~~$19.9, anrespectively, ~~unconditional~~and ~~right~~included towithin ~~receive~~other anoncurrent ~~customer~~liabilities ~~advance,~~on ~~prior~~the toconsolidated ~~revenue~~balance ~~being recognized~~sheets. ~~Since~~The ~~the~~decrease ~~performance~~in ~~obligations~~noncurrent ~~related~~contract toliabilities ~~such~~was ~~advances~~primarily ~~may~~due ~~not~~to ~~have~~the ~~been~~reclassification ~~satisfied,~~of a ~~contract~~portion ~~liability~~of isadvance ~~established. Advance~~ payments ~~are~~received ~~not~~to ~~considered a significant financing component as~~ the ~~timing~~current ofportion ~~the transfer~~ of ~~the~~contract ~~related~~liabilities ~~goods or~~partially ~~services~~offset isby atnoncurrent ~~the~~advance ~~discretion~~payments ~~of the customer~~received.

AsVariable of March 30, 2024 and April 1, 2023, current contract liabilities were $22.5 and $20.6, 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 March 30, 2024, the Company recognized revenues of $16.4 that were included in the contract liability balance as of April 1, 2023. For the year ended April 1, 2023, the Company recognized revenues of $13.1 that were included in the contract liability balance at April 2, 2022.Consideration

AsThe amount of ~~March~~consideration to ~~30,~~which ~~2024~~the Company expects to be entitled in exchange for the goods and ~~April~~services is not generally subject to significant variations. 1However, ~~2023,~~the ~~noncurrent~~Company ~~contract~~does ~~liabilities~~offer ~~were~~certain ~~$19.9~~customers ~~and~~rebates, ~~$19.8~~prompt payment discounts, ~~respectively~~end-user discounts, ~~and~~the ~~included~~right ~~within~~to return eligible products, and/or other ~~noncurrent~~forms ~~liabilities~~of onvariable consideration. The Company estimates this variable consideration using the ~~consolidated~~expected value amount, ~~balance~~which ~~sheets~~is based on historical experience. The ~~increase~~Company inincludes ~~noncurrent~~estimated ~~contract~~amounts ~~liabilities~~in ~~was~~the ~~primarily~~transaction ~~due~~price to ~~advance~~the ~~payments~~extent ~~received~~it ~~partially~~is ~~offset~~probable that bya significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration ~~reclassification~~is resolved. The Company adjusts the estimate of arevenue ~~portion~~at the earlier of ~~advance~~when ~~payments~~the ~~received~~amount of consideration the Company expects to receive changes or when the ~~current~~consideration ~~portion~~becomes offixed. ~~contract~~Accrued customer rebates were $40.0 and $38.0 at March 29, 2025 and March 30, 2024, respectively, and are included within accrued expenses and other current liabilities on the consolidated balance sheets.

~~Variable Consideration~~45

~~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~~4. Fair 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 $38.0 and $39.6 at March 30, 2024 and April 1, 2023, respectively, and are included within accrued expenses and other current liabilities on the consolidated balance sheets.Value

4. Fair value is defined as the ~~Value~~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:

~~Fair~~Level ~~value~~1 is– ~~defined~~Unadjusted asquoted ~~the price~~prices ~~that would be expected to be received to sell an asset or paid to transfer a liability~~ in ~~an orderly transaction between market~~active ~~participants~~markets atfor ~~the~~identical ~~measurement~~assets ~~date~~or ~~(exit price)~~liabilities. ~~The FASB provides accounting rules that classify the inputs used to measure fair value into the following hierarchy:~~

Level 1 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 23 – ~~Unadjusted~~Unobservable ~~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~~Financial 3assets –and ~~Unobservable~~liabilities are ~~inputs~~classified ~~for~~in their entirety based on the ~~asset or~~lowest ~~liability~~level of input that is significant to the fair value measurement.

~~Financial~~As ~~assets~~a ~~and~~result ~~liabilities~~of the occurrence ~~are~~of ~~classified~~triggering inevents ~~their~~such ~~entirety~~as ~~based~~purchase onaccounting ~~the~~for ~~lowest~~acquisitions, ~~level~~the ofCompany ~~input~~measures ~~that~~certain isassets ~~significant~~and toliabilities ~~the~~based ~~fair~~on ~~value~~Level 3 ~~measurement~~inputs.

48Recurring Fair Value Measurements

AsThe Company’s financial instruments consist primarily of cash, accounts receivable, trade accounts payable, short-term borrowings, long-term debt, and derivatives in the form of an interest rate swap and a ~~result~~cross currency swap. Due to their short-term nature, the carrying value of cash, 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 ~~occurrence~~Company’s long-term fixed-rate debt, based on quoted market prices, was $470.5 and $456.8 at March 29, 2025 and March 30, 2024, respectively. The carrying value of ~~triggering~~this ~~events~~debt ~~such~~was as$495.1 ~~purchase~~at ~~accounting~~March 29, 2025 and $494.2 at March 30, 2024. The fair value of long-term fixed-rate debt was measured using Level 1 inputs. Due to the nature of fair value calculations for ~~acquisitions~~variable-rate debt, the carrying value of the Company’s ~~measures~~long-term variable-rate ~~certain~~debt ~~assets~~is a reasonable estimate of its fair value. The fair value of the Interest Rate Swap was $(0.3) and $1.6 at March 29, 2025 and March 30, 2024, respectively, and was measured using Level 2 inputs. This amount is included in accrued expenses and other current liabilities ~~based~~on the Company’s consolidated balance sheets. The Interest Rate Swap, net of taxes, had accumulated other comprehensive loss of $(0.2) and accumulated other comprehensive income of $1.2 as of March 29, 2025 and March 30, 2024 and was included in accumulated other comprehensive income/(loss) on ~~Level~~the Company’s consolidated balance sheets, and in the Company’s consolidated statements 3of comprehensive income/(loss). The fair value of the Cross Currency Swap was $(0.2) at March 29, 2025, and was measured using Level 2 inputs. This amount is included in other noncurrent liabilities on the Company’s consolidated balance sheets. The Cross Currency Swap, net of taxes, had accumulated other comprehensive loss of $(0.2) as of March 29, 2025, and was included in accumulated other comprehensive income/(loss) on the Company’s consolidated balance sheets, and in the Company’s consolidated statements of comprehensive income/(loss).

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

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 swap5. ~~Due to their short-term nature, the carrying value~~ Allowance 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 $456.8 and $450.0 at March 30, 2024 and April 1, 2023, respectively. The carrying value of this debt was $494.2 at March 30, 2024 and $493.3 at April 1, 2023. 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~~Credit 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 $1.6 and $2.8 at March 30, 2024 and April 1, 2023, respectively, and was 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, had accumulated other comprehensive income of $1.2 and accumulated other comprehensive loss of $2.2 as of March 30, 2024 and April 1, 2023 and was included in accumulated other comprehensive income/(loss) on the Company’s consolidated balance sheets, and in the Company’s consolidated statements of comprehensive income.Losses

The ~~Company~~activity ~~does~~in ~~not~~the ~~believe~~allowance itfor ~~has~~credit ~~significant~~losses ~~concentrations~~consists of ~~risk associated with~~ the ~~counterparties to its financial instruments.~~following:

5. Allowance for Doubtful Accounts

Fiscal Year Ended	Balance at Beginning of Year		Additions		Other*			Write-offs			Balance at End of Year
March 29, 2025	$	4.4	$	1.2	$	(0.1	)	$	(0.1	)	$	5.4
March 30, 2024	$	3.7	$	0.2	$	0.5		$	—		$	4.4
April 1, 2023	$	2.7	$	0.8	$	0.4		$	(0.2	)	$	3.7

~~The~~* ~~activity~~Foreign incurrency, ~~the~~price ~~allowance for~~discrepancies, ~~doubtful~~customer ~~accounts~~returns, ~~consists~~disposition ofand ~~the~~acquisition ~~following:~~transactions.

Fiscal Year Ended	Balance at Beginning of Year		Additions		Other*			Write-offs			Balance at End of Year
March 30, 2024	$	3.7	$	0.2	$	0.5		$	—		$	4.4
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

* Foreign currency, price discrepancies, customer returns, disposition and acquisition transactions6. Inventory

~~6. Inventory~~The major classes of inventories are summarized below:

Inventories are summarized below:

	March 29, 2025			March 30, 2024
Raw materials and work in process		30.8	%		28.4	%
Finished goods and components		69.2	%		71.6	%
		100.0	%		100.0	%

	March 30, 2024		April 1, 2023
Raw materials	$	138.1	$	132.4
Work in process		137.9		132.5
Finished goods		346.8		322.3
	$	622.8	$	587.2

7. Property, Plant and Equipment

7. Property, ~~Plant~~ plant and ~~Equipment~~equipment consist of the following:

Property, plant and equipment consist of the following:

	March 29, 2025			March 30, 2024
Land	$	27.4		$	25.2
Buildings and improvements		187.4			175.0
Machinery and equipment		523.3			497.8
		738.1			698.0
Less: accumulated depreciation		(379.1	)		(337.0	)
	$	359.0		$	361.0

	March 30, 2024			April 1, 2023
Land	$	25.2		$	25.2
Buildings and improvements		175.0			174.3
Machinery and equipment		497.8			472.8
		698.0			672.3
Less: accumulated depreciation		(337.0	)		(297.0	)
	$	361.0		$	375.3

Depreciation expense was $48.2, $48.9 and $46.2 for the fiscal years ended March 29, 2025, March 30, 2024, and April 1, 2023, respectively. Of these amounts, $6.8, $6.3 and $5.1 were included within selling, general and administrative expenses on the consolidated statements of operations for the fiscal years ended March 29, 2025, March 30, 2024, and April 1, 2023, respectively. The remainder was included within cost of sales on the consolidated statements of operations.

~~Depreciation expense was $48.9, $46.2 and $30.~~8 ~~for the fiscal years ended March 30, 2024, April 1, 2023, and April 2, 2022, respectively~~. Leases

49The 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 2025 to March 2043, including renewal options.

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

For the year ended March 30, 2024, $51.8 of assets included in buildings and improvements and $7.9 of assets included in machinery and equipment were accounted for as 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. At March 30, 2024 and April 1, 2023, the Company had accumulated amortization of $10.3 and $5.8 associated with these assets, respectively. Amortization expense associated with these finance leases was $4.9, $4.5 and $1.3 for the years ended March 30, 2024, April 1, 2023 and April 2, 2022, respectively, and is included within depreciation expense as mentioned above.

Assets:	Balance Sheet Classification	March 29, 2025		March 30, 2024
Operating lease assets	Operating lease assets	$	58.6	$	41.4
Finance lease right of use assets, net	Property, plant and equipment, net		45.3		49.4
Total leased assets, net		$	103.9	$	90.8

Liabilities:
Current operating lease liabilities	Current operating lease liabilities	$	9.2	$	7.0
Current finance lease liabilities	Accrued expenses and other current liabilities		5.9		5.7
Noncurrent operating lease liabilities	Noncurrent operating lease liabilities		50.3		35.3
Noncurrent finance lease liabilities	Other noncurrent liabilities		43.4		46.7
Total lease liabilities		$	108.8	$	94.7

For the year ended March 29, 2025, $51.8 of assets included in buildings and improvements and $8. ~~Leases~~8 of assets included in machinery and equipment were accounted for as finance leases. For the year ended March 30, 2024, $51.8 of assets included in buildings and improvements and $7.9 of assets included in machinery and equipment were accounted for as finance leases. At March 29, 2025 and March 30, 2024, the Company had accumulated amortization of $15.3 and $10.3 associated with these assets, respectively. Amortization expense associated with these finance leases was $5.2, $4.9 and $4.5 for the years ended March 29, 2025, March 30, 2024 and April 1, 2023, respectively, and is included within depreciation expense disclosed in Note 7.

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 2024 to March 2043, including renewal options.47

~~The~~Cash ~~following~~paid ~~table~~associated ~~represents~~with operating lease liabilities was $9.0 and $8.1 for the ~~impact~~fiscal years ended March 29, 2025 and March 30, 2024, respectively, all of ~~leasing~~which were onincluded within the operating cash flow section of the consolidated ~~balance~~statements ~~sheets:~~of cash flows. Lease assets obtained in exchange for new operating lease liabilities were $24.4 and $1.7 for the fiscal years ended March 29, 2025 and March 30, 2024, respectively. Lease modifications which resulted in newly obtained lease assets in exchange for new operating lease liabilities were $0.8 and $5.4 for the fiscal years ended March 29, 2025 and March 30, 2024, respectively.

	Balance Sheet Classification	March 30, 2024		April 1, 2023
Assets:
Operating lease assets, net	Operating lease assets, net	$	41.4	$	41.4
Finance lease right of use assets, net	Property, plant and equipment, net		49.4		52.2
Total leased assets, net		$	90.8	$	93.6
Liabilities:
Current operating lease liabilities	Current operating lease liabilities	$	7.0	$	7.6
Current finance lease liabilities	Accrued expenses and other current liabilities		5.7		5.2
Noncurrent operating lease liabilities	Noncurrent operating lease liabilities		35.3		33.9
Noncurrent finance lease liabilities	Other noncurrent liabilities		46.7		48.5
Total lease liabilities		$	94.7	$	95.2

Cash paid associated with finance lease liabilities was $6.0 and $5.3 for the fiscal years ended March 29, 2025 and March 30, 2024, respectively. Of these amounts, $4.1 and $3.6 were included within the financing cash flow section of the consolidated statements of cash flows for the fiscal years ended March 29, 2025 and March 30, 2024, respectively. $1.7 and $1.8 of these cash payments were included within the operating cash flow section of the consolidated statements of cash flows for the fiscal years ended March 29, 2025 and March 30, 2024, respectively. Lease assets obtained in exchange for new finance lease liabilities were $1.3 and $2.3 for the fiscal years ended March 29, 2025 and March 30, 2024, respectively. Lease modifications which resulted in reductions of lease assets in exchange for reductions of finance lease liabilities were $0.0 and $0.0 for the fiscal years ended March 29, 2025 and March 30, 2024, respectively.

~~Cash~~Total ~~paid associated with~~ operating lease ~~liabilities~~expense was $810.4, $10.1 and $89.59 for the fiscal years ended March 3029, ~~2024 and April 1~~2025, 2023, 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 $1.7 and $2.0 for the fiscal years ended March 30, 2024 and April 1, 2023, respectively. ~~Lease~~Short-term ~~modifications~~and ~~which resulted in newly~~variable ~~obtained~~ lease ~~assets~~expenses ~~in exchange for new operating lease liabilities~~ were $5immaterial.~~4 and $3.1 for the fiscal years ended March 30, 2024 and April 1, 2023, respectively.~~

~~Cash~~Total ~~paid associated with~~ finance lease ~~liabilities~~expense was $57.~~3 and $5.~~0 for the fiscal ~~years~~year ended March 3029, ~~2024~~2025, ~~and~~of ~~April 1~~which, ~~2023, respectively~~$5.3 Ofwas ~~these~~related ~~amounts,~~to ~~$3.6~~amortization ~~and~~expense ~~$3.2~~of ~~were~~finance ~~included within~~lease ~~the~~assets ~~financing~~and ~~cash~~$1.7 was ~~flow~~related ~~section~~to ofinterest ~~the~~expense. ~~consolidated~~Total ~~statements~~finance oflease ~~cash~~expense ~~flows~~was $6.7 for the fiscal ~~years~~year ended March 30, 2024, ~~and~~of ~~April 1~~which, ~~2023, respectively.~~ $15.80 ~~and~~was ~~$1.8~~related to ofamortization ~~these~~expense ~~cash payments were included within the operating cash flow section~~ of ~~the~~finance ~~consolidated~~lease ~~statements of~~assets ~~cash flows for the fiscal years ended March 30, 2024~~ and ~~April~~ $1~~, 2023, respectively~~.7 ~~Lease~~was ~~assets~~related ~~obtained~~to ininterest ~~exchange~~expense. ~~for~~Total ~~new~~ finance lease ~~liabilities~~expense ~~were~~was $26.~~3 and $~~4.0 for the fiscal ~~years~~year ended ~~March 30, 2024 and~~ April 1, 2023, ~~respectively.~~of ~~Lease modifications~~ which ~~resulted~~, in$4.5 ~~reductions~~was ofrelated ~~lease~~to ~~assets~~amortization inexpense ~~exchange for reductions~~ of finance lease ~~liabilities~~assets ~~were~~and $01.09 ~~and~~was $0related to interest expense.1 ~~for~~Variable ~~the~~lease ~~fiscal~~expense ~~years ended~~was ~~March~~immaterial ~~30,~~for ~~2024~~each ~~and~~of ~~April~~the 1,last ~~2023,~~three ~~respectively~~fiscal years.

~~Total~~Future ~~operating~~undiscounted lease ~~expense~~ ~~was~~payments ~~$10.1, $9.9 and $8.3~~ for the ~~fiscal~~remaining ~~years~~lease ~~ended~~terms as of March 3029, ~~2024~~2025, ~~April~~including 1,renewal ~~2023~~options ~~and~~reasonably ~~April~~certain 2,of ~~2022~~being exercised, ~~respectively.~~are ~~Short-term~~as ~~and variable lease expense were immaterial.~~follows:

	Operating Leases			Finance Leases
Within one year	$	9.3		$	6.0
One to two years		9.4			5.5
Two to three years		7.3			4.7
Three to four years		5.9			4.0
Four to five years		5.5			4.2
Thereafter		42.8			37.5
Total future undiscounted lease payments		80.2			61.9
Less: imputed interest		(20.7	)		(12.6	)
Total lease liabilities	$	59.5		$	49.3

~~Total~~The ~~finance~~weighted-average remaining lease ~~expense was~~term ~~$6.7~~on ~~for the fiscal year ended~~ March 3029,

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