RBC Bearings (RBC) fiscal year 2026 10-K (period ending March 28, 2026) presents a balance sheet with total assets of $5.12B versus $4.69B in the prior fiscal year (March 29, 2025), driven primarily by the July 18, 2025 acquisition of VACCO Industries from ESCO Technologies for $276.7M. The VACCO purchase price allocation, finalized at period end, assigned $127.9M to goodwill and $123.8M to other intangibles, meaning approximately 91% of the acquisition consideration landed in assets that carry zero recovery under the liquidation lens. Under standard liquidation haircuts, the company's recovery posture is materially negative. MFFAIS estimates confirm this: CLV of -$1.36B, LLV of -$1.07B, and OLV of -$293M, with the least-negative OLV reflecting the tangible operating asset base net of face-value liabilities. The asset base is dominated by goodwill, intangibles, and other acquisition-derived non-tangibles; the filing does not separately tag the consolidated goodwill balance or net intangibles in the TAG_CONTEXT provided, so specific dollar values are drawn from the VACCO purchase price allocation table and the MD&A narrative rather than direct XBRL tagging. Total D&A of $128.8M for FY2026 (versus $120.0M in FY2025) reflects the step-up in intangible amortization from prior acquisitions, with standalone intangible amortization of $81.0M disclosed in Note 18. The debt stack includes $500M of 4.375% Senior Notes due 2029, a term loan with $173M outstanding at period end (subsequently paid down to $146M post-close), and a revolving credit facility that had $200M drawn to fund the VACCO acquisition. Interest expense declined to $49.8M from $59.8M year-over-year as term loan principal has been systematically reduced. Restructuring activity in FY2026 included closure of the Dodge China facility within the Industrial segment, generating $4.1M in plant consolidation costs and a $2.1M inventory write-down, with $1.4M in restructuring accruals remaining for FY2027 retention and lease termination costs. The Industrial segment carries $3.56B in segment assets versus $3.59B in the prior year, reflecting modest amortization runoff on the 2021 Dodge acquisition intangibles; the Aerospace & Defense segment grew from $1.01B to $1.47B in segment assets, primarily due to VACCO. An ongoing DOJ False Claims Act investigation (civil investigative demands received 2022-2023) is unquantified and unaccrued; management characterizes it as not expected to be material, but it represents a contingent liability at face value in a liquidation scenario. Filing discusses pension obligations for Swiss operations (Schaublin and Swiss Tool plans) in MD&A but the consolidated defined benefit obligation quantum is not separately tagged in XBRL within TAG_CONTEXT. No goodwill impairment was recorded in FY2026. TAG_CONTEXT is empty for this filing, precluding any XBRL-tag-specific flagging; all observations are drawn from the filing narrative and financial statement disclosures.
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