Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | 18-May-15 | Sep. 28, 2014 |
Document and Entity Information | |||
Entity Registrant Name | Vista Outdoor Inc. | ||
Entity Central Index Key | 1616318 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Mar-15 | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -28 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $0 | ||
Entity Common Stock, Shares Outstanding | 63,612,736 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED_STATEMENT_OF_COMP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | |||
Sales | $2,083,414 | $1,873,919 | $1,196,031 |
Cost of sales | 1,554,493 | 1,406,616 | 953,593 |
Gross profit | 528,921 | 467,303 | 242,438 |
Operating expenses: | |||
Research and development expense | 9,518 | 13,984 | 8,720 |
Selling, General and Administrative Expense | 283,029 | 219,512 | 132,263 |
Goodwill and Intangible Asset Impairment | 52,220 | 0 | 0 |
Income before interest and income taxes | 184,154 | 233,807 | 101,455 |
Interest Expense | 30,108 | 15,469 | 0 |
Interest Income, Operating | 0 | 0 | 7 |
Income before income taxes | 154,046 | 218,338 | 101,462 |
Income tax provision | 74,518 | 85,081 | 36,770 |
Net income attributable to Vista Outdoor Inc. | 79,528 | 133,257 | 64,692 |
Vista Outdoor Inc. earnings per common share: | |||
Basic (in dollars per share) | $1.25 | $2.09 | $1.01 |
Diluted (in dollars per share) | $1.25 | $2.09 | $1.01 |
Vista Outdoor Inc. weighted-average number of common shares outstanding: | |||
Basic (in shares) | 63,596 | 63,875 | 63,875 |
Diluted (in shares) | 63,857 | 63,875 | 63,875 |
Pension and other postretirement benefit liabilities: | |||
Reclassification of prior service credits for pension and postretirement benefit plans recorded to net income, net of tax benefit of $83, $0, and $0 | -139 | 0 | 0 |
Reclassification of net actuarial loss for pension and postretirement benefit plans recorded to net income, net of tax expense of $(1,334), $0, and $0 | 2,246 | 0 | 0 |
Other Comprehensive Income, Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Reclass, Net of Tax | 0 | 401 | -680 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -50,643 | -1,505 | 0 |
Total other comprehensive income (loss) | -48,536 | -1,104 | -680 |
Comprehensive income | $30,992 | $132,153 | $64,012 |
CONSOLIDATED_STATEMENT_OF_COMP1
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | |||
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Pension Cost, Tax | $83 | $0 | $0 |
Pension and other postretirement benefit liabilities: | |||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Tax | -1,334 | 0 | 0 |
Change in fair value of derivatives, tax expense | 0 | -251 | 426 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $0 | $942 | $0 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $263,951 | $40,004 |
Net receivables | 361,694 | 301,729 |
Net inventories | 375,621 | 421,949 |
Deferred Tax Assets, Net, Current | 50,343 | 46,447 |
Other current assets | 13,452 | 20,901 |
Total current assets | 1,065,061 | 831,030 |
Net property, plant, and equipment | 190,607 | 189,071 |
Goodwill | 782,163 | 847,134 |
Intangible Assets, Net (Excluding Goodwill) | 517,482 | 568,116 |
Deferred charges and other non-current assets | 17,811 | 22,270 |
Total assets | 2,573,124 | 2,457,621 |
Current liabilities: | ||
Long-term Debt, Current Maturities | 17,500 | 0 |
Accounts Payable, Current | 134,432 | 181,513 |
Accrued compensation | 27,146 | 32,449 |
Accrued Income Taxes, Current | 9,569 | 1,678 |
Excise and Sales Taxes | 23,194 | 27,990 |
Other Liabilities, Current | 96,071 | 89,330 |
Total current liabilities | 307,912 | 332,960 |
Long-term Debt, Excluding Current Maturities | 332,500 | 0 |
Long term debt payable to parent | 0 | 1,014,911 |
Accrued pension liability | 59,345 | 0 |
Other long-term liabilities | 31,221 | 23,251 |
Total liabilities | 924,360 | 1,586,890 |
Commitments and contingencies (Notes 11, 13 and 14) | ||
Common stock | 639 | 0 |
Additional paid-in-capital | 1,742,125 | 0 |
Retained earnings | 19,384 | 0 |
Parent company investment | 0 | 872,236 |
Accumulated other comprehensive loss | -110,303 | -1,505 |
Common stock in treasury, at cost—85,940 shares held at March 31, 2015 and 0 shares held at March 31, 2014 | -3,081 | 0 |
Stockholders' Equity Attributable to Parent | 1,648,764 | 870,731 |
Total liabilities and equity | 2,573,124 | 2,457,621 |
Deferred Tax Liabilities, Net, Noncurrent | $193,382 | $215,768 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $0.01 | $0 |
Common stock, authorized shares | 500,000,000 | 0 |
Common stock, issued shares | 63,873,222 | 0 |
Common stock, outstanding shares | 63,873,222 | 0 |
Common stock in treasury, shares | 85,940 | 0 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Cash Flows [Abstract] | |||
Net income attributable to Vista Outdoor Inc. | $79,528 | $133,257 | $64,692 |
Adjustments to net income to arrive at cash provided by operating activities: | |||
Depreciation | 35,405 | 24,891 | 17,298 |
Amortization of intangible assets | 31,146 | 20,011 | 7,830 |
Amortization of deferred financing costs | 2,447 | 897 | 0 |
Goodwill and Intangible Asset Impairment | 52,220 | 0 | 0 |
Deferred income taxes | -947 | 8,746 | -483 |
(Gain) loss on disposal of property | -136 | 7,668 | -71 |
Share-based compensation | 3,012 | 0 | 0 |
Excess tax benefits from share-based plans | -120 | 0 | 0 |
Changes in assets and liabilities: | |||
Net receivables | -72,321 | -357 | -3,496 |
Net inventories | 40,991 | 8,970 | -44,045 |
Accounts payable | -37,837 | -32,277 | 11,073 |
Accrued compensation | -9,047 | 1,016 | 10,203 |
Accrued income taxes | 17,246 | -1,182 | 0 |
Federal Excise Tax Payable | 6,935 | 9,042 | 6,038 |
Pension and other postretirement benefits | 248 | 0 | 0 |
Other assets and liabilities | 5,568 | -8,372 | 6,324 |
Cash provided by operating activities | 154,338 | 172,310 | 75,363 |
Investing Activities | |||
Capital expenditures | -43,189 | -40,234 | -23,395 |
Acquisition of business, net of cash acquired | 0 | -1,301,687 | 0 |
Proceeds from Sale of Property, Plant, and Equipment | 320 | 174 | 0 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | -42,869 | -1,341,747 | -23,395 |
Financing Activities | |||
Proceeds from Lines of Credit | 0 | 200,000 | 0 |
Repayments of Lines of Credit | 0 | -200,000 | 0 |
Proceeds from Issuance of Long-term Debt | 350,000 | 0 | 0 |
Net transfers (to) from parent | 16,181 | 206,678 | -52,417 |
Cash Dividends Paid to Parent Company | -214,000 | ||
Cash Dividends Paid to Parent Company | 214,000 | 0 | 0 |
Payments made on long-term debt | -20,087 | -6,362 | 0 |
Proceeds from issuance of long-term debt to parent | 50,000 | 1,021,273 | 0 |
Payments made to extinguish debt | -50,000 | 0 | 0 |
Payments made for debt issue costs | -10,991 | -12,273 | 0 |
Purchase of treasury shares | -5,097 | 0 | 0 |
Excess Tax Benefit (Tax Deficiency) from Share-based Compensation, Financing Activities | 120 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 116,126 | 1,209,316 | -52,417 |
Effect of Exchange Rate on Cash and Cash Equivalents | -3,648 | 58 | 0 |
(Decrease) increase in cash and cash equivalents | 223,947 | 39,937 | -449 |
Cash and cash equivalents at beginning of year | 40,004 | 67 | 516 |
Cash and cash equivalents at end of year | 263,951 | 40,004 | 67 |
Noncash investing activity: | |||
Capital expenditures included in accounts payable | 5,252 | 8,327 | 789 |
Noncash Financing Activity [Abstract] | |||
Treasury Shares Acquired but Not yet Paid | $1,773 | $0 | $0 |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Total | Common Stock $.01 Par Value | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Parent [Member] |
In Thousands, except Share data, unless otherwise specified | |||||||
Balance at Mar. 31, 2012 | $520,305 | $0 | $0 | $0 | $279 | $0 | |
Balance (in shares) at Mar. 31, 2012 | 0 | ||||||
Parent company investment | 532,301 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Comprehensive income | 64,012 | 0 | -680 | 64,692 | |||
Net transfers (to) from parent | -52,417 | -52,417 | |||||
Dividends | 0 | ||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 64,012 | ||||||
Balance at Mar. 31, 2013 | 531,900 | 0 | 0 | 0 | -401 | 0 | |
Balance (in shares) at Mar. 31, 2013 | 0 | ||||||
Parent company investment | 872,236 | 872,236 | |||||
Increase (Decrease) in Stockholders' Equity | |||||||
Comprehensive income | 132,153 | 0 | -1,104 | 133,257 | |||
Issuance of common stock in connection with spin-off | 63,875,000 | ||||||
Net transfers (to) from parent | 206,678 | 206,678 | |||||
Dividends | 0 | ||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 132,153 | ||||||
Balance at Mar. 31, 2014 | 870,731 | 0 | 0 | 0 | -1,505 | 0 | |
Balance (in shares) at Mar. 31, 2014 | 0 | ||||||
Parent company investment | 0 | 0 | |||||
Increase (Decrease) in Stockholders' Equity | |||||||
Comprehensive income | 30,992 | 19,384 | -48,536 | 60,144 | |||
Issuance of common stock in connection with spin-off | 63,875,000 | 63,875,472 | |||||
Common Stock, Value, Issued | 639 | 639 | |||||
Net transfers (to) from parent | 16,181 | 16,181 | |||||
Restricted stock grants | -7,299 | 7,299 | |||||
Restricted stock grants (in shares) | 180,095 | ||||||
Share-based compensation | 3,012 | 3,012 | |||||
Restricted stock units vested and issued during the period | 123,208 | ||||||
Stock issued during the period, value, restricted units vested | -2,301 | -5,280 | 2,979 | ||||
Treasury stock purchased | -6,870 | -6,870 | |||||
Treasury stock purchased (in shares) | -162,000 | ||||||
Employee benefit plans and other | -6,489 | 0 | 0 | -6,489 | |||
Employee benefit plans and other (in shares) | -138,276 | ||||||
Dividends | -214,000 | -214,000 | |||||
Proceeds from Contributions from Parent | 956,869 | 1,751,692 | |||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 30,992 | -60,262 | |||||
Proceeds from Partnership Contribution | -734,561 | ||||||
Balance at Mar. 31, 2015 | $1,648,764 | $639 | $1,742,125 | $19,384 | ($110,303) | ($3,081) | |
Balance (in shares) at Mar. 31, 2015 | 63,878,499 |
CONSOLIDATED_STATEMENTS_OF_EQU1
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Stockholders' Equity [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $0.01 | $0 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | |||||||||||||||||||||||||||||||
Nature of Operations. Vista Outdoor Inc. (together with our subsidiaries, "we", "our", and "us") is a leading global designer, manufacturer and marketer of consumer products in the growing outdoor sports and recreation markets. We operate in two segments, Shooting Sports and Outdoor Products. Vista Outdoor is headquartered in Utah and has manufacturing operations and facilities in 10 U.S. States, Canada, Mexico and Puerto Rico along with international sales and sourcing operations in Asia, Australia, Canada, Europe, and New Zealand. Vista Outdoor was incorporated in Delaware in 2014. Prior to February 9, 2015, the business was operated as the Sporting Group reporting segment of Alliant Techsystems Inc. (“ATK”). On April 28, 2014, Orbital ATK entered into a Transaction Agreement (the “Transaction Agreement”) among Vista Outdoor, Vista Merger Sub Inc. (“Merger Sub”) and Orbital Sciences Corporation (“Orbital”), providing for, among other things, the transfer of the businesses comprising ATK’s Sporting Group reporting segment to Vista Outdoor (the “Sporting Transfers”), the distribution of all of the shares of Vista Outdoor Inc. common stock on a pro rata basis to the holders of ATK common stock (the “Spin-Off”), and the merger of Merger Sub with and into Orbital (the “ATK/Orbital Merger”), with Orbital surviving the ATK/Orbital Merger as a wholly owned subsidiary of ATK. | ||||||||||||||||||||||||||||||||
On February 9, 2015, ATK completed the Sporting Transfers and the Spin-Off, distributing to its stockholders two shares of Vista Outdoor Inc. common stock for every share of ATK common stock held as of record on February 2, 2015. In connection with the Spin-Off, Vista Outdoor filed a Registration Statement on Form 10 (as amended, the “Form 10”) with the Securities and Exchange Commission (the “SEC”), which was declared effective on January 23, 2015. The Form 10 included an Information Statement (the “Information Statement”) describing the details of the Spin-Off and providing information as to our business and management. | ||||||||||||||||||||||||||||||||
Except where indicated, references below to transactions completed by Vista Outdoor prior to February 9, 2015, refer to transactions completed by or on behalf of the ATK Sporting Group reporting segment that are reflected on the consolidated and combined financial statements of Vista Outdoor. | ||||||||||||||||||||||||||||||||
Basis of Presentation. The consolidated and combined financial statements reflect our consolidated operations of as a separate stand-alone entity beginning on February 9, 2015. Periods presented prior to the Spin-Off have been prepared on a stand-alone basis and are derived from the consolidated financial statements and accounting records of Orbital ATK and are presented on a combined basis. Subsequent to the Spin-off the financial statements are presented on a consolidated basis. The consolidated and combined financial statements reflect our financial position, results of operations and cash flows as our business was operated as part of Orbital ATK prior to the distribution, in conformity with U.S. generally accepted accounting principles. | ||||||||||||||||||||||||||||||||
Prior to February 9, 2015, the consolidated and combined statements of comprehensive income include expense allocations for certain corporate functions historically provided to us by Orbital ATK, including, but not limited to, human resources, employee benefits administration, treasury, risk management, audit, finance, tax, legal, information technology support, and other shared services. These allocations are reflected in the combined statements of operations within the expense categories to which they relate. The allocations were made on a direct usage basis when identifiable, with the remainder allocated on various bases that are further discussed in Note 16. Management of Vista Outdoor and Orbital ATK consider these allocations to be a reasonable reflection of the utilization of services by, or benefits provided to, us. The allocations may not, however, reflect the expense we would have incurred as a stand-alone company. Following our separation from Orbital ATK, we perform these functions using our resources or purchased services. For an interim period, however, some of these functions will continue to be provided by Orbital ATK under transition services agreements and other commercial agreements. | ||||||||||||||||||||||||||||||||
Prior to February 9, 2015, Orbital ATK maintained a number of defined benefit plans at a corporate level which our employees participated in, and as such, we were charged a portion of the expenses associated with these plans. Subsequent to February 9, 2015, we established separate defined benefit plans and the liabilities were transferred to us. The associated assets will be transferred to us when determinable. See Note 11 for further detail. | ||||||||||||||||||||||||||||||||
Transactions between us and Orbital ATK prior to February 9, 2015 are reflected as effectively settled at the time of the transaction and are included in financing activities in the consolidated combined statements of cash flows. The net effect of these transactions is reflected in the "Parent's Equity" in the combined balance sheets. | ||||||||||||||||||||||||||||||||
The consolidated and combined financial statements also include certain Orbital ATK assets and liabilities that are specifically identifiable or otherwise allocable to us. Our consolidated and combined financial statements may not be indicative of our future performance and do not necessarily reflect what the results of operations, financial position and cash flows would have been had we operated as a stand-alone company during the periods presented. | ||||||||||||||||||||||||||||||||
Principles of Consolidation and Combination. The consolidated and combined financial statements include our net assets and results of operations as described above. All intercompany transactions and accounts within the businesses have been eliminated. | ||||||||||||||||||||||||||||||||
All transactions between Orbital ATK and Vista Outdoor have been included in these combined financial statements. Prior to February 9, 2015 transactions with Orbital ATK or its affiliates are reflected in the combined statements of cash flows as changes in Orbital ATK's net investment within financing activities and in the combined balance sheet within Parent's equity. Subsequent to February 9, 2015 transactions with Orbital ATK or its affiliates are reflected within the Consolidated statements in the appropriate line item. | ||||||||||||||||||||||||||||||||
Fiscal Year. References in this report to a particular fiscal year refer to the year ended March 31 of that calendar year. Our interim quarterly periods are based on 13-week periods and end on Sundays. | ||||||||||||||||||||||||||||||||
Use of Estimates. The preparation of consolidated and combined financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect amounts reported therein. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ from those estimates. | ||||||||||||||||||||||||||||||||
Revenue Recognition. Sales, net of estimates for discounts, returns, rebates, allowances, and excise taxes are recognized when persuasive evidence of an arrangement exists, the price is fixed and determinable, and all risks of ownership have been transferred, and payment is reasonably assured. | ||||||||||||||||||||||||||||||||
Cost of Sales. Cost of sales includes material, labor, and overhead costs associated with product manufacturing, including depreciation, purchasing and receiving, inspection, warehousing, product liability, warranty, and inbound and outbound shipping and handling costs. | ||||||||||||||||||||||||||||||||
Research and Development Costs. Research and development costs consist primarily of compensation and benefits and experimental work materials for our employees who are responsible for the development and enhancement of new and existing products. Research and development costs incurred to develop new products and to enhance existing products are charged to expense as incurred. | ||||||||||||||||||||||||||||||||
Selling, General, and Administrative Expense. Selling, General and Administrative expense includes, among other items, administrative salaries, benefits, commissions, advertising, insurance, and professional fees. | ||||||||||||||||||||||||||||||||
Advertising Costs. Advertising costs including print ads, commercials, catalogs, and brochures are expensed at time of first advertisement. Our co-op program is structured so that certain dealers are eligible for reimbursement of certain types of advertisements on qualifying product purchases and are accrued as purchases are made. Advertising costs totaled $52,941, $44,341, and $25,462 for the years ended March 31, 2015, 2014, and 2013, respectively. | ||||||||||||||||||||||||||||||||
Cash Equivalents. Cash equivalents are all highly liquid cash investments purchased with original maturities of three months or less. | ||||||||||||||||||||||||||||||||
Allowance for Doubtful Accounts. We maintain an allowance for doubtful receivables for estimated losses resulting from the inability of our trade customers to make required payments. We provide an allowance for specific customer accounts where collection is doubtful and also provide an allowance for customer deductions based on historical collection and write-off experience. Additional allowances would be required if the financial conditions of our customers deteriorated. | ||||||||||||||||||||||||||||||||
Inventories. Inventories are stated at the lower of cost, determined using the first-in, first-out ("FIFO") method, or market. Inventory costs associated with work in process inventory and finished goods include material, labor, and manufacturing overhead, while costs associated with raw materials and purchased finished goods include material and inbound freight costs. We provide inventory allowances for any excess and obsolete inventories and periodically write inventory amounts down to market when costs exceed market value. | ||||||||||||||||||||||||||||||||
Warranty Costs. We generally sell our firearm products with a one-year warranty and a variety of our accessories products with warranties ranging primarily from one to three years. The estimated costs of such product warranties are recorded at the time the sale is recorded. Estimated future warranty costs are accrued at the time of sale based upon actual past experience, our current production environment as well as specific and identifiable warranties as applicable. As of March 31, 2015 and 2014, the balance of our warranty reserve was $7,429 and $8,158, respectively. | ||||||||||||||||||||||||||||||||
Accounting for Goodwill and Identifiable Intangible Assets. | ||||||||||||||||||||||||||||||||
Goodwill—We test goodwill for impairment on the first day of our fourth fiscal quarter or upon the occurrence of events or changes in circumstances that indicate that an asset might be impaired. We have determined that the reporting units for our goodwill impairment review are our operating segments, or components of an operating segment, that constitute a business for which discrete financial information is available, and for which segment management regularly reviews the operating results. We then evaluate these components to determine if they are similar and should be aggregated into one reporting unit for testing purposes. | ||||||||||||||||||||||||||||||||
The impairment test is performed using a two-step process. In the first step, we determine the estimated fair value of each reporting unit and compare it to the carrying value of the reporting unit, including goodwill. If the carrying amount of a reporting unit is higher than its fair value, an indication of goodwill impairment exists and the second step must be performed in order to determine the amount of the goodwill impairment. In the second step, we must determine the implied fair value of the reporting unit's goodwill, by allocating the estimated fair value of the reporting unit in a manner similar to a purchase price allocation. The implied fair value is compared to the carrying amount and if the carrying amount of the reporting unit's goodwill exceeds the implied fair value of its goodwill, an impairment loss must be recognized for the excess. | ||||||||||||||||||||||||||||||||
Identifiable Intangible Assets—Our primary identifiable intangible assets include trademarks and trade names, patented technology, and customer relationships. Identifiable intangible assets with finite lives are amortized and evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Identifiable intangibles with indefinite lives are not amortized and are tested for impairment annually on the first day of our fourth fiscal quarter, or more frequently if events warrant. | ||||||||||||||||||||||||||||||||
Our identifiable intangibles with indefinite lives consist of certain trademarks and trade names. The impairment test consists of a comparison of the fair value of the specific intangible asset with its carrying value. The fair value of these assets is measured using the relief-from-royalty method which assumes that the asset has value to the extent that the owner is relieved of the obligation to pay royalties for the benefits received from them. This method requires that we estimate the future revenue for the related brands and technology, the appropriate royalty rate, and the weighted average cost of capital. We base our fair values and estimates on assumptions we believe to be reasonable, but which are unpredictable and inherently uncertain. If the carrying amount of an asset is higher than its fair value, an impairment exists and the asset would be recorded at the fair value. | ||||||||||||||||||||||||||||||||
Stock-Based Compensation. Our stock-based compensation plans, which are described more fully in Note 15, provide for the grant of various types of stock-based incentive awards, including performance awards, total stockholder return performance awards ("TSR awards"), restricted stock, and options to purchase common stock. The types and mix of stock-based incentive awards are evaluated on an ongoing basis and may vary based on our overall strategy regarding compensation, including consideration of the impact of expensing stock awards on our results of operations. | ||||||||||||||||||||||||||||||||
Performance awards are valued at the fair value of our stock as of the grant date and expense is recognized based on the number of shares expected to vest under the terms of the award under which they are granted. We use an integrated Monte Carlo simulation model to determine the fair value of the TSR awards and the calculated fair value is recognized into income over the vesting period. Restricted stock issued vests over periods ranging from one to four years and is valued based on the market value of our stock on the grant date. The estimated grant date fair value of stock options is recognized into income on a straight-line basis over the requisite service period, generally one to three years. The estimated fair value of each option is calculated using the Black-Scholes option-pricing model. See Note 15 for further details. | ||||||||||||||||||||||||||||||||
Prior to February 9, 2015, all of our stock-based compensation expense was attributable to our participation in Orbital ATK long-term incentive plans. Expense recognized prior to February 9, 2015 was based on awards attributable to those plans. | ||||||||||||||||||||||||||||||||
Income Taxes. Prior to the Spin-off, our domestic operations were included in Orbital ATK's U.S. federal and state income tax returns and all income taxes have been paid by Orbital ATK. Our foreign operations have been included in our own tax filings and we have paid the taxes. Income tax expense and other income tax related information contained in these combined financial statements are presented on a separate tax return basis as if we filed our own tax returns. Prior to the Spin-off current domestic income tax liabilities are assumed to be immediately settled with Orbital ATK and are relieved through the Parent's equity in the statement of cash flows. | ||||||||||||||||||||||||||||||||
After the Spin-off, we account for income taxes under the asset and liability method in accordance with the accounting standard for income taxes. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities. Under this method, changes in tax rates and laws are recognized in income in the period such changes are enacted. | ||||||||||||||||||||||||||||||||
We record net deferred tax assets to the extent that we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent results of operations. Significant estimates are required for this analysis. If we were to determine that the amount of deferred income tax assets we would be able to realize in the future had changed, we would make an adjustment to the valuation allowance which would decrease or increase the provision for income taxes. | ||||||||||||||||||||||||||||||||
The provision for federal, foreign, and state and local income taxes is calculated on income before income taxes based on current tax law and includes the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. Such provision differs from the amounts currently payable because certain items of income and expense are recognized in different reporting periods for financial reporting purposes than for income tax purposes. | ||||||||||||||||||||||||||||||||
We periodically assess our liabilities and contingencies for all periods that are currently open to examination or have not been effectively settled based on the most current available information. Where it is not more likely than not that our tax position will be sustained, we record the entire resulting tax liability and when it is more likely than not of being sustained, we record our best estimate of the resulting tax liability. To the extent our assessment of the tax outcome of these matters changes, such change in estimate will impact the income tax provision in the period of change. It is our policy to record interest and penalties related to income taxes as part of the income tax expense for financial reporting purposes. | ||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities. From time to time, we use derivatives, consisting primarily of commodity forward contracts to hedge forecasted purchases of certain commodities and foreign currency exchange contracts to hedge forecasted transactions denominated in a foreign currency. We do not hold or issue derivatives for trading purposes. At the inception of each derivative instrument, we document the relationship between the hedging instrument and the hedged item, as well as our risk-management objectives and strategy for undertaking the hedge transaction. We assess, both at the hedge's inception and on an ongoing basis, whether the derivative instrument is highly effective in offsetting changes in the hedged item. Derivatives are recognized on the balance sheet at fair value. The effective portion of changes in fair value of derivatives designated as cash flow hedges are recorded to accumulated OCI and recognized in earnings when the hedged item affects earnings. The ineffective portion of derivatives designated as cash flow hedges and changes in fair value of derivative instruments not designated in a qualifying hedging relationship are reflected in current earnings. Our current derivatives are designated as cash flow hedges. See Note 3 for further details. | ||||||||||||||||||||||||||||||||
Worker's Compensation. The liability for losses under our worker's compensation program has been actuarially determined and the portion of the worker's compensation liability that is related to our employees was $8,439 and $7,873 as of March 31, 2015 and 2014, respectively. | ||||||||||||||||||||||||||||||||
Translation of Foreign Currencies. Assets and liabilities of foreign subsidiaries are translated at current exchange rates and the effects of these translation adjustments are reported as a component of accumulated other comprehensive loss ("AOCL") in equity. Income and expenses in foreign currencies are translated at the average exchange rate during the period. Foreign exchange transaction gains and losses in fiscal years 2015, 2014 and 2013 were not material. | ||||||||||||||||||||||||||||||||
Parent's Equity. Parent's Equity in the combined statements of financial position represents Orbital ATK's historical investment in us, the net effect of cost allocations from and transactions with Orbital ATK, net cash activity, and our accumulated earnings. See Note 16. | ||||||||||||||||||||||||||||||||
Earnings Per Share Data. Basic earnings per share ("EPS") is computed based upon the weighted average number of common shares outstanding for each period. Diluted EPS is computed based on the weighted average number of common shares and common equivalent shares. Common equivalent shares represent the effect of stock-based awards (see Note 15) during each period presented, which, if exercised, earned, or converted, would have a dilutive effect on earnings per share. On February 9, 2015, 63,875,000 shares of our common stock were distributed to Orbital ATK shareholders of record to complete the Spin-Off from ATK. For comparative purposes we have used weighted average shares of 63,875,000 to calculate basic and diluted EPS for all periods prior to the Spin-Off, as we had no outstanding common shares or dilutive stock-based awards. | ||||||||||||||||||||||||||||||||
In computing EPS for the fiscal years presented, earnings, as reported for each respective period, is divided by (in thousands): | ||||||||||||||||||||||||||||||||
Years Ended March 31 | ||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Basic EPS shares outstanding | 63,596 | 63,875 | 63,875 | |||||||||||||||||||||||||||||
Dilutive effect of stock-based awards | 261 | — | — | |||||||||||||||||||||||||||||
Diluted EPS shares outstanding | 63,857 | 63,875 | 63,875 | |||||||||||||||||||||||||||||
Shares excluded from the calculation of diluted EPS because the option exercise/threshold price was greater than the average market price of the common shares | 122 | — | — | |||||||||||||||||||||||||||||
Comprehensive Loss. | ||||||||||||||||||||||||||||||||
The components of AOCL, net of income taxes, are as follows: | ||||||||||||||||||||||||||||||||
March 31 | ||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||
Pension and other postretirement benefit liabilities | $ | (58,155 | ) | $ | — | |||||||||||||||||||||||||||
Cumulative translation adjustment | (52,148 | ) | (1,505 | ) | ||||||||||||||||||||||||||||
Total accumulated other comprehensive loss | $ | (110,303 | ) | $ | (1,505 | ) | ||||||||||||||||||||||||||
The following table summarizes the changes in the balance of AOCL, net of income tax: | ||||||||||||||||||||||||||||||||
Year ended March 31, 2015 | Year ended March 31, 2014 | |||||||||||||||||||||||||||||||
Derivatives | Pension and other Postretire-ment Benefits | Cumulative translation adjustment | Total | Derivatives | Pension and other Postretire-ment Benefits | Cumulative translation adjustment | Total | |||||||||||||||||||||||||
Beginning of period unrealized gain (loss) in AOCL | $ | — | $ | — | $ | (1,505 | ) | $ | (1,505 | ) | $ | (401 | ) | $ | — | $ | — | $ | (401 | ) | ||||||||||||
Net decrease in fair value of derivatives | 974 | — | — | 974 | (374 | ) | — | — | (374 | ) | ||||||||||||||||||||||
Net losses reclassified from AOCL, offsetting the price paid to suppliers (1) | (974 | ) | — | — | (974 | ) | (224 | ) | — | — | (224 | ) | ||||||||||||||||||||
Net losses reclassified from AOCL, due to ineffectiveness (1) | — | — | — | — | 999 | — | — | 999 | ||||||||||||||||||||||||
Net actuarial losses reclassified from AOCL (2) | — | 2,246 | — | 2,246 | — | — | — | — | ||||||||||||||||||||||||
Prior service costs reclassified from AOCL (2) | — | (139 | ) | — | (139 | ) | — | — | — | — | ||||||||||||||||||||||
Adjustment due to Spin-Off (3) | — | (60,262 | ) | — | (60,262 | ) | — | — | — | — | ||||||||||||||||||||||
Net change in cumulative translation adjustment | — | — | (50,643 | ) | (50,643 | ) | — | — | (1,505 | ) | (1,505 | ) | ||||||||||||||||||||
End of period unrealized gain (loss) in AOCL | $ | — | $ | (58,155 | ) | $ | (52,148 | ) | $ | (110,303 | ) | $ | — | $ | — | $ | (1,505 | ) | $ | (1,505 | ) | |||||||||||
(1) Amounts related to our derivative instruments that were reclassified from AOCL were recorded as a component of cost of sales for each period presented. | ||||||||||||||||||||||||||||||||
(2) Amounts related to our pension and other postretirement benefits that were reclassified from AOCL were recorded as a component of net periodic benefit cost for each period presented (Note 11). | ||||||||||||||||||||||||||||||||
(3) Adjustment represents the AOCL assumed upon the completion of the Spin-off related to the pension plan and post-retirement and post-employment liabilities. | ||||||||||||||||||||||||||||||||
During the year ended March 31, 2014, there was a loss of $1,637 recognized in earnings as a result of ineffectiveness on forward contracts for copper and zinc. There was no ineffectiveness recognized in earnings for these contracts during any other fiscal years presented. We expect that any unrealized losses will be realized and reported in cost of sales as the cost of the commodities is included in cost of sales. Estimated and actual gains or losses will change as market prices change. | ||||||||||||||||||||||||||||||||
Fair Value of Nonfinancial Instruments. The carrying amount of receivables, inventory, accounts payable and accrued liabilities approximates fair value because of the short maturity of these instruments. See Note 2 for additional disclosure regarding fair value of financial instruments. | ||||||||||||||||||||||||||||||||
New Accounting Pronouncements. On May 28, 2014, the FASB issued ASU 2014-09 Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, including most industry-specific revenue recognition guidance. This guidance is effective for periods beginning after December 15, 2016 and early application is not permitted. We are in the process of evaluating the impact this standard will have on us. | ||||||||||||||||||||||||||||||||
There are no other new accounting pronouncements that are expected to have a significant impact on our consolidated and combined financial statements. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value of Financial Instruments | 2. Fair Value of Financial Instruments | ||||||||||||||||
The current authoritative guidance on fair value clarifies the definition of fair value, prescribes a framework for measuring fair value, establishes a fair value hierarchy based on the inputs used to measure fair value, and expands disclosures about the use of fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. | |||||||||||||||||
The valuation techniques required by the current authoritative literature are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect internal market assumptions. These two types of inputs create the following fair value hierarchy: | |||||||||||||||||
Level 1—Quoted prices for identical instruments in active markets. | |||||||||||||||||
Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. | |||||||||||||||||
Level 3—Significant inputs to the valuation model are unobservable. | |||||||||||||||||
The following section describes the valuation methodologies we use to measure our financial instruments at fair value. | |||||||||||||||||
Derivative financial instruments and hedging activities—In order to manage our exposure to commodity pricing and foreign currency risk, we periodically utilize commodity and foreign currency derivatives, which are considered Level 2 instruments. As discussed further in Note 3, we have no outstanding commodity forward contracts that were entered into to hedge forecasted purchases of copper and zinc. Commodity derivatives are valued based on prices of futures exchanges and recently reported transactions in the marketplace. Foreign currency derivatives are valued based on observable market transactions of spot currency rates and forward currency prices. No foreign currency derivatives were outstanding as of March 31, 2015. | |||||||||||||||||
Long-Term Debt—The fair value of the variable-rate long-term debt is calculated based on current market rates for debt of the same risk and maturities. The fair value of the fixed-rate debt is based on market quotes for each issuance. We consider these to be Level 2 instruments. | |||||||||||||||||
There were no financial assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2015 and 2014. | |||||||||||||||||
The following table presents our financial assets and liabilities that are not measured at fair value on a recurring basis. The carrying values and estimated fair values were as follows: | |||||||||||||||||
As of March 31, 2015 | As of March 31, 2014 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Variable rate debt | $ | 350,000 | $ | 350,000 | $ | — | $ | — | |||||||||
Fixed rate long-term debt payable to parent | — | — | 300,000 | 309,339 | |||||||||||||
Variable rate long-term debt payable to parent | — | — | 714,911 | 715,223 | |||||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments | ||||||||||||
We are exposed to market risks arising from adverse changes in: | |||||||||||||
• | commodity prices affecting the cost of raw materials and energy, | ||||||||||||
• | interest rates, and | ||||||||||||
• | foreign exchange risks | ||||||||||||
In the normal course of business, these risks are managed through a variety of strategies, including the use of derivative instruments. Commodity forward contracts are periodically used to hedge forecast purchases of certain commodities, and foreign currency exchange contracts are used to hedge forecast transactions denominated in a foreign currency. | |||||||||||||
We did not enter into any forward contracts for commodities during fiscal 2015 or 2014. | |||||||||||||
We entered into into various foreign currency forward contracts during fiscal 2015, but did not during fiscal 2014 or 2013. Forward contracts are used to hedge forecast inventory purchases and subsequent payments, or customer receivables, denominated in foreign currencies and were designated and qualified as effective cash flow hedges. Ineffectiveness with respect to forecast inventory purchases was calculated based on changes in the forward rate until the anticipated purchase occurs; ineffectiveness of the hedge of the accounts payable was evaluated based on the change in fair value of its anticipated settlement. | |||||||||||||
The fair value of the foreign currency forward contracts is recorded within other assets or liabilities, as appropriate, and the effective portion is reflected in accumulated Other Comprehensive Income (Loss) in the financial statements. The gains or losses on the foreign currency forward contracts are recorded in earnings when the related inventory is sold. | |||||||||||||
As of March 31, 2015, we had no outstanding commodity forward contracts or foreign currency forward contracts. | |||||||||||||
For the periods presented below, the derivative gains and losses in the consolidated income statements related to commodity forward contracts and foreign currency forward contracts were as follows: | |||||||||||||
Pretax amount of gain | Gain or (loss) recognized | ||||||||||||
(loss) reclassified from | in income on derivative | ||||||||||||
Accumulated Other | (ineffective portion and | ||||||||||||
Comprehensive Income | amount excluded from | ||||||||||||
(Loss) | effectiveness testing) | ||||||||||||
Location | Amount | Location | Amount | ||||||||||
Fiscal year ended March 31, 2015 | |||||||||||||
Commodity forward contracts | Cost of Sales | $ | — | Cost of Sales | $ | — | |||||||
Foreign currency forward contracts | Cost of Sales | 974 | Cost of Sales | — | |||||||||
Fiscal year ended March 31, 2014 | |||||||||||||
Commodity forward contracts | Cost of Sales | $ | 365 | Cost of Sales | $ | (1,637 | ) | ||||||
Foreign currency forward contracts | Cost of Sales | — | Cost of Sales | — | |||||||||
All derivatives used by us during the periods presented were designated as hedging instruments. | |||||||||||||
During the year ended March 31, 2014, we recognized a loss of $1,637 in earnings as a result of ineffectiveness on forward contracts for copper and zinc. There was no ineffectiveness recognized in earnings for these contracts during any other fiscal years presented. We expect that any unrealized losses will be realized and reported in cost of sales as the cost of the commodities is included in cost of sales. Estimated and actual gains or losses will change as market prices change. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Business Combinations [Abstract] | |||||||||
Acquisitions | Acquisitions | ||||||||
In accordance with the accounting standards regarding business combinations, the results of acquired businesses are included in our consolidated and combined financial statements from the date of acquisition. The purchase price for each acquisition is allocated to the acquired assets and liabilities based on fair value. The excess purchase price over estimated fair value of the net assets acquired is recorded as goodwill. | |||||||||
Savage Arms Acquisition | |||||||||
On June 21, 2013, we acquired Savage Arms, a leading manufacturer of sporting long guns. Operating under the brand names of Savage Arms, Stevens and Savage Range Systems, Savage Arms designs, manufactures and markets centerfire and rimfire rifles, shotguns and shooting range systems used for hunting as well as competitive and recreational target shooting. Savage Arms is included within the Shooting Sports segment. The purchase price was $315,000 net of cash acquired. We believe the acquisition complemented our growing portfolio of leading consumer brands and allowed us to build upon offerings with Savage Arms' prominent, respected brands known for accuracy, quality, innovation, value and craftsmanship. Savage Arms' sales distribution channels, new product development, and sophistication in manufacturing significantly increased our presence with a highly-relevant product offering to distributors, retailers and consumers. Savage Arms employs approximately 400 employees. The purchase price allocation was completed during the first quarter of fiscal 2015. None of the goodwill generated in this acquisition will be deductible for tax purposes. | |||||||||
Bushnell Acquisition | |||||||||
On November 1, 2013, we acquired Bushnell. Bushnell is a leading global designer, marketer and distributor of branded sports optics, outdoor accessories and eyewear. Bushnell is included within the Outdoor Products segment. The purchase price was $985,000 net of cash acquired, subject to customary post-closing adjustments. We believe the acquisition broadened our existing capabilities in the commercial shooting sports market and expanded our portfolio of branded shooting sports products. In addition, this transaction enabled us to enter new sporting markets in golf and snow sports. We have leveraged Bushnell’s strong sourcing, marketing, branding and distribution capabilities and capitalized on Bushnell’s track record of successfully integrating acquisitions and delivering profitable growth. Bushnell employs approximately 1,100 employees. The purchase price allocation was completed during the third quarter of fiscal 2015. A portion of the goodwill generated in this acquisition will be deductible for tax purposes. The total amount of goodwill related to the acquisition deductible for tax purposes is $19,095. | |||||||||
Allocation of Consideration Transferred to Net Assets Acquired: | |||||||||
The purchase prices were allocated based on the estimated fair value of net assets acquired and liabilities assumed at the date of the acquisitions. During fiscal 2015, we recorded fair value adjustments to the preliminary purchase price allocation reported at March 31, 2014. Purchase price adjustments were applied retrospectively back to the date of the acquisitions. These adjustments did not have a material impact on net income (loss) in fiscal 2014 and, therefore, we have not adjusted our net income (loss) for the year ended March 31, 2014. | |||||||||
The following table summarizes the fair values of the assets acquired and liabilities assumed in the acquisitions as originally reported in our Form 10 for the year ended March 31, 2014 and as revised for adjustments made during fiscal 2015: | |||||||||
Savage Arms Purchase Price Allocation | |||||||||
As Originally Reported | As Revised | ||||||||
Purchase price net of cash acquired: | |||||||||
Cash paid | $ | 315,000 | $ | 315,000 | |||||
Cash received for working capital | (2,498 | ) | (2,498 | ) | |||||
Total purchase price | 312,502 | 312,502 | |||||||
Fair value of assets acquired: | |||||||||
Receivables | $ | 39,374 | $ | 39,374 | |||||
Inventories | 36,499 | 36,499 | |||||||
Tradename, technology, and customer relationship intangibles | 126,600 | 126,600 | |||||||
Property, plant, and equipment | 24,965 | 24,965 | |||||||
Other assets | 6,589 | 7,040 | |||||||
Total assets | 234,027 | 234,478 | |||||||
Fair value of liabilities assumed: | |||||||||
Accounts payable | 14,461 | 14,461 | |||||||
Deferred tax liabilities | 49,915 | 49,545 | |||||||
Other liabilities | 22,314 | 21,733 | |||||||
Total liabilities | 86,690 | 85,739 | |||||||
Net assets acquired | 147,337 | 148,739 | |||||||
Goodwill | $ | 165,165 | $ | 163,763 | |||||
Bushnell Purchase Price Allocation | |||||||||
As Originally Reported | As Revised | ||||||||
Purchase price net of cash acquired: | |||||||||
Cash paid | $ | 985,000 | $ | 985,000 | |||||
Cash paid for additional working capital | 4,185 | 4,185 | |||||||
Total purchase price | 989,185 | 989,185 | |||||||
Fair value of assets acquired: | |||||||||
Net receivables | $ | 108,434 | $ | 109,429 | |||||
Net inventories | 160,793 | 157,184 | |||||||
Tradename, technology, and customer relationship intangibles | 364,843 | 364,700 | |||||||
Property, plant, and equipment | 25,080 | 25,055 | |||||||
Other assets | 10,938 | 7,765 | |||||||
Total assets | 670,088 | 664,133 | |||||||
Fair value of liabilities assumed: | |||||||||
Accounts payable | 80,092 | 80,099 | |||||||
Deferred income taxes | 75,692 | 88,121 | |||||||
Other liabilities | 30,025 | 30,932 | |||||||
Total liabilities | 185,809 | 199,152 | |||||||
Net assets acquired | 484,279 | 464,981 | |||||||
Goodwill | $ | 504,906 | $ | 524,204 | |||||
Intangible assets from above include: | |||||||||
Value | Useful life (years) | ||||||||
Savage Arms | |||||||||
Indefinite lived tradenames | $ | 70,200 | Indefinite | ||||||
Tradenames | 12,900 | 20-May | |||||||
Customer Relationships | 43,500 | 10-May | |||||||
Bushnell | |||||||||
Indefinite lived tradenames | $ | 95,100 | Indefinite | ||||||
Tradenames | 105,700 | 15 | |||||||
Technology | 15,900 | 20-Jun | |||||||
Customer Relationships | 148,000 | 15 | |||||||
Supplemental Pro Forma Data: | |||||||||
We used the acquisition method of accounting to account for these acquisitions and, accordingly, the results of Savage Arms and Bushnell are included in our combined financial statements for the period subsequent to the date of acquisition. The following unaudited supplemental pro forma data for the year ended March 31, 2014 present consolidated information as if the acquisition had been completed on April 1, 2012. The pro forma results were calculated by combining our results with the standalone results of Savage Arms and Bushnell for the pre-acquisition periods, which were adjusted to account for certain costs which would have been incurred during this pre-acquisition period: | |||||||||
YEAR ENDED | |||||||||
(Amounts in thousands except per share data) | 31-Mar-14 | ||||||||
Sales | $ | 2,280,071 | |||||||
Net income | 153,643 | ||||||||
Basic earnings per common share | 2.41 | ||||||||
Diluted earnings per common share | 2.41 | ||||||||
The unaudited supplemental pro forma data above include the following significant non-recurring adjustments made to account for certain costs which would have been incurred if the acquisition had been completed on April 1, 2012, as adjusted for the applicable tax impact: | |||||||||
YEAR ENDED | |||||||||
(Amounts in thousands) | 31-Mar-14 | ||||||||
Inventory Step-up, net1 | $ | (9,765 | ) | ||||||
Fees for advisory, legal, accounting services2 | (12,475 | ) | |||||||
1. Adjustment reflects the increased cost of goods sold expense which results from the fair value step-up in inventory of $15,500 which was expensed over the first inventory cycle. | |||||||||
2. We removed the fees that were incurred in connection with the acquisition of Savage and Bushnell from fiscal 2014, and considered those fees as incurred during the first quarter of fiscal 2013. Costs were recorded in General and administrative expense. | |||||||||
We made no acquisitions during fiscal 2015 or 2013. |
Receivables
Receivables | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Receivables [Abstract] | |||||||||
Receivables | Receivables | ||||||||
Receivables, are summarized as follows: | |||||||||
March 31 | |||||||||
2015 | 2014 | ||||||||
Trade Receivables | $ | 370,335 | $ | 304,232 | |||||
Other Receivables | 2,089 | 3,118 | |||||||
Less allowance for doubtful accounts | (10,730 | ) | (5,621 | ) | |||||
Net receivables | $ | 361,694 | $ | 301,729 | |||||
No customer represented more than 10% of the total trade receivables balance as of March 31, 2015. As of March 31, 2014, the largest individual customer account balance accounted for 15% of the total trade receivables balance. No other customers represented more than 10% of the total trade receivables balance. | |||||||||
The following is a reconciliation of the changes in our allowance for doubtful accounts during fiscal 2014 and 2015: | |||||||||
Balance at April 1, 2013 | $ | 5,342 | |||||||
Expense | 5,912 | ||||||||
Write-offs | (4,954 | ) | |||||||
Reversals and other adjustments | (679 | ) | |||||||
Balance at March 31, 2014 | 5,621 | ||||||||
Expense | 6,875 | ||||||||
Write-offs | (1,010 | ) | |||||||
Reversals and other adjustments | (756 | ) | |||||||
Balance at March 31, 2015 | $ | 10,730 | |||||||
Inventories_Inventories
Inventories Inventories | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventory Disclosure [Text Block] | Inventories | ||||||||
Inventories consist of the following: | |||||||||
March 31 | |||||||||
2015 | 2014 | ||||||||
Raw materials | $ | 107,848 | $ | 102,277 | |||||
Work/Contracts in process | 53,740 | 59,604 | |||||||
Finished goods | 214,033 | 260,068 | |||||||
Net inventories | $ | 375,621 | $ | 421,949 | |||||
Property_Plant_and_Equipment
Property, Plant, and Equipment | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant, and Equipment | Property, Plant, and Equipment | ||||||||
Property, plant, and equipment is stated at cost and depreciated over estimated useful lives using a straight-line method. Machinery and equipment are depreciated over 3 to 10 years and buildings and improvements are depreciated over 3 to 40 years. Depreciation expense was $35,405 in fiscal 2015, $24,891 in fiscal 2014, and $17,298 in fiscal 2013. | |||||||||
We review property, plant, and equipment for impairment when indicators of potential impairment are present. When such impairment is identified, it is recorded as a loss in that period. Maintenance and repairs are charged to expense as incurred. Major improvements that extend useful lives are capitalized and depreciated. The cost and accumulated depreciation of property, plant, and equipment retired or otherwise disposed of are removed from the related accounts, and any residual values are charged or credited to income. | |||||||||
Property, plant, and equipment consists of the following: | |||||||||
March 31 | |||||||||
2015 | 2014 | ||||||||
Land | $ | 8,614 | $ | 8,919 | |||||
Buildings and improvements | 47,752 | 43,218 | |||||||
Machinery and equipment | 250,210 | 224,112 | |||||||
Property not yet in service | 39,110 | 39,549 | |||||||
Gross property, plant, and equipment | 345,686 | 315,798 | |||||||
Less accumulated depreciation | (155,079 | ) | (126,727 | ) | |||||
Net property, plant, and equipment | $ | 190,607 | $ | 189,071 | |||||
Goodwill_and_Deferred_Charges_
Goodwill and Deferred Charges and Other Non-Current Assets | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Goodwill and Deferred Charges and Other Non-Current Assets | |||||||||||||||||||||||||
Goodwill and Deferred Charges and Other Non-Current Assets | e changes in the carrying amount of goodwill by segment were as follows: | ||||||||||||||||||||||||
Shooting Sports | Outdoor Products | Total | |||||||||||||||||||||||
Balance at March 31, 2013 | $ | 83,167 | $ | 77,114 | $ | 160,281 | |||||||||||||||||||
Acquisitions | 163,763 | 524,204 | 687,967 | ||||||||||||||||||||||
Effect of foreign currency exchange rates | (443 | ) | (671 | ) | (1,114 | ) | |||||||||||||||||||
Balance at March 31, 2014 | 246,487 | 600,647 | 847,134 | ||||||||||||||||||||||
Impairment | (41,020 | ) | — | (41,020 | ) | ||||||||||||||||||||
Effect of foreign currency exchange rates | (947 | ) | (23,004 | ) | (23,951 | ) | |||||||||||||||||||
Balance at March 31, 2015 | $ | 204,520 | $ | 577,643 | $ | 782,163 | |||||||||||||||||||
The acquisitions in fiscal 2014 in Outdoor Products and Shooting Sports related to the Bushnell and Savage Arms acquisitions, respectively, as previously discussed. | |||||||||||||||||||||||||
As a result of the current market correction impacting demand for firearms and a decline in our near-term projected cash flows in the Firearms reporting unit, during the quarter ended December 28, 2014 we determined a triggering event had occurred which indicated it was more likely than not that the fair value of the reporting unit was less than the book value. The fair value of the reporting unit is determined using both an income and market approach. The value estimated using a discounted cash flow model is weighted against the estimated value derived from the guideline company market approach method. This market approach method estimates the price reasonably expected to be realized from the sale of the company based on comparable companies. | |||||||||||||||||||||||||
The goodwill recorded within the Shooting Sports segment above is presented net of $41,020 of impairment losses. In addition, as a result of the market correction noted above we evaluated the fair value of the tradenames as well. We determined the fair value of the tradenames based on the relief of royalty method and used a royalty rate of 6% for the Savage Arms tradename based on public guideline royalty-based transactions and a discount rate of 16%. This analysis resulted in a $11,200 noncash impairment charge that was recorded within the Firearms reporting unit related to the non-amortizing Savage Arms tradename intangible. The remeasurement of goodwill and intangible assets is classified as a Level 3 fair value assessment as described in Note 2 due to the significance of unobservable inputs developed using company-specific information. | |||||||||||||||||||||||||
The goodwill recorded within Outdoor Products above is presented net of $47,791 of accumulated impairment losses recorded prior to April 1, 2013. | |||||||||||||||||||||||||
Net intangibles includes amortizing and non-amortizing assets consisting of trademarks, tradenames and brand names that are not being amortized as their estimated useful lives are considered indefinite. | |||||||||||||||||||||||||
Net intangibles consisted of the following: | |||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||||||||
Gross | Accumulated | Total | Gross | Accumulated | Total | ||||||||||||||||||||
carrying | amortization | carrying | amortization | ||||||||||||||||||||||
amount | amount | ||||||||||||||||||||||||
Tradenames | $ | 184,660 | $ | (34,260 | ) | $ | 150,400 | $ | 184,660 | $ | (21,723 | ) | $ | 162,937 | |||||||||||
Patented technologies | 22,600 | (8,488 | ) | 14,112 | 22,600 | (5,956 | ) | 16,644 | |||||||||||||||||
Customer relationships and other | 190,936 | (31,064 | ) | 159,872 | 200,248 | (16,011 | ) | 184,237 | |||||||||||||||||
Total | 398,196 | (73,812 | ) | 324,384 | 407,508 | (43,690 | ) | 363,818 | |||||||||||||||||
Non-amortizing trade names | 193,098 | — | 193,098 | 204,298 | — | 204,298 | |||||||||||||||||||
Net intangibles | $ | 591,294 | $ | (73,812 | ) | $ | 517,482 | $ | 611,806 | $ | (43,690 | ) | $ | 568,116 | |||||||||||
The assets in the table above are being amortized using a straight-line method over a weighted average remaining period of approximately 12.4 years. Amortization expense related to these assets was $31,146 in fiscal 2015, $20,011 in fiscal 2014, and $7,830 in fiscal 2013. We expect amortization expense related to these assets to be as follows: | |||||||||||||||||||||||||
Fiscal 2016 | $ | 29,618 | |||||||||||||||||||||||
Fiscal 2017 | 29,352 | ||||||||||||||||||||||||
Fiscal 2018 | 29,352 | ||||||||||||||||||||||||
Fiscal 2019 | 26,608 | ||||||||||||||||||||||||
Fiscal 2020 | 25,725 | ||||||||||||||||||||||||
Thereafter | 183,729 | ||||||||||||||||||||||||
Total | $ | 324,384 | |||||||||||||||||||||||
Deferred charges and other non-current assets consist of the following: | |||||||||||||||||||||||||
March 31 | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Debt issuance costs | $ | 10,691 | $ | 12,273 | |||||||||||||||||||||
Less accumulated amortization | (356 | ) | (897 | ) | |||||||||||||||||||||
Net debt issuance costs | 10,335 | 11,376 | |||||||||||||||||||||||
Other non-current assets | 7,476 | 10,894 | |||||||||||||||||||||||
Total deferred charges and other non-current assets | $ | 17,811 | $ | 22,270 | |||||||||||||||||||||
Other_Accrued_Liabilities
Other Accrued Liabilities | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Other Liabilities Disclosure [Abstract] | |||||||||
Other Accrued Liabilities | The major categories of other current and long-term accrued liabilities are as follows: | ||||||||
March 31 | |||||||||
2015 | 2014 | ||||||||
In-transit inventory and other | $ | 39,236 | $ | 33,045 | |||||
Rebates | 14,889 | 17,593 | |||||||
Employee benefits and insurance | 14,375 | 14,379 | |||||||
Accrued advertising | 8,073 | 3,051 | |||||||
Warranty | 7,429 | 8,158 | |||||||
Customer obligations | 5,982 | 5,394 | |||||||
Freight accrual | 3,012 | 1,735 | |||||||
Product liability | 1,534 | 1,470 | |||||||
Accrued taxes | 1,148 | 4,505 | |||||||
Interest | 393 | — | |||||||
Total other accrued liabilities—current | $ | 96,071 | $ | 89,330 | |||||
Non-current portion of accrued income tax liability | $ | 23,406 | $ | 14,056 | |||||
Management nonqualified deferred compensation plan | 715 | 4,753 | |||||||
Performance share liability | 641 | 1,040 | |||||||
Environmental remediation | 529 | 521 | |||||||
Other | 5,930 | 2,881 | |||||||
Total other long-term liabilities | $ | 31,221 | $ | 23,251 | |||||
We provide product warranties on certain products within the Shooting Sports and Outdoor Products segments. We provide consumer warranties against manufacturing and materials defects on firearm products with a one-year warranty and a variety of our accessories products with warranties ranging primarily from one to three years. The estimated costs of such product warranties are recorded at the time the sale is recorded. Estimated future warranty costs are accrued at the time of sale based upon actual past experience, our current production environment as well as specific and identifiable warranties as applicable. The warranty liability recorded at each balance sheet date reflects the estimated liability for warranty coverage for products delivered based on historical information and current trends. The following is a reconciliation of the changes in our product warranty liability during the periods presented: | |||||||||
Balance at April 1, 2013 | $ | 1,394 | |||||||
Payments made | (1,837 | ) | |||||||
Warranties issued | 2,401 | ||||||||
Warranties assumed in acquisition | 4,573 | ||||||||
Changes related to preexisting warranties | 1,627 | ||||||||
Balance at March 31, 2014 | 8,158 | ||||||||
Payments made | (3,699 | ) | |||||||
Warranties issued | 3,059 | ||||||||
Changes related to preexisting warranties | (89 | ) | |||||||
Balance at March 31, 2015 | $ | 7,429 | |||||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||
Mar. 31, 2015 | |||||
Debt Disclosure [Abstract] | |||||
Long-Term Debt | Long-term debt, including the current portion, consisted of the following: | ||||
31-Mar-15 | |||||
Senior Credit Facility dated February 9, 2015: | |||||
Term A Loan due 2020 | $ | 350,000 | |||
Revolving Credit Facility due 2020 | — | ||||
Principal amount of long-term debt | 350,000 | ||||
Less: current portion | 17,500 | ||||
Carrying amount of long-term debt, excluding current portion | $ | 332,500 | |||
Credit Agreement | |||||
On December 19, 2014, we entered into a Credit Agreement (the “Credit Agreement”) which is comprised of a senior secured term loan of $350,000 (the “Term Loan”) and a senior secured revolving credit facility of $400,000 (the “Revolving Credit Facility”), both of which mature five years from the date the Term Loan was drawn under the Credit Agreement, which was February 9, 2015. | |||||
The Term Loan is subject to quarterly principal payments of $4,375 beginning in June 2015, with the remaining balance due on February 9, 2020. Substantially all domestic tangible and intangible assets of Vista Outdoor and our subsidiaries are pledged as collateral under the Credit Agreement. Borrowings under the Credit Agreement bear interest at a rate equal to either the sum of a base rate plus a margin or the sum of a Eurodollar rate plus a margin. Each margin is based on our consolidated leverage ratio, as defined in the Agreement, and based on the current ratio, the base rate margin is 0.75% and the Eurodollar margin is 1.75%. The interest rate for the Term Loan as of March 31, 2015 was 1.93%. We pay a commitment fee on the unused portion of the Revolving Credit Facility based on our consolidated leverage ratio, and based on the current ratio, this fee is 0.30%. As of March 31, 2015, we had no borrowings against our $400,000 Revolving Credit Facility and had outstanding letters of credit of $14,551, which reduced amounts available on the Revolving Credit Facility to $385,449. Debt issuance costs totaling approximately $11,000 are being amortized over the term of the Term Loan. | |||||
Scheduled Minimum Loan Payments | |||||
The scheduled minimum loan payments on outstanding long-term debt are as follows: | |||||
Fiscal 2016 | $ | 17,500 | |||
Fiscal 2017 | 17,500 | ||||
Fiscal 2018 | 17,500 | ||||
Fiscal 2019 | 17,500 | ||||
Fiscal 2020 | 280,000 | ||||
Thereafter | — | ||||
Total | $ | 350,000 | |||
Covenants and Default Provisions | |||||
Our Credit Agreement imposes restrictions, including limitations on our ability to incur additional debt, enter into capital leases, grant liens, pay dividends and make certain other payments, sell assets, or merge or consolidate with or into another entity. In addition, the Credit Agreement limits our ability to enter into sale-and-leaseback transactions. The Credit Agreement allows us to make unlimited “restricted payments” (as defined in the Credit Agreement), which, among other items, would allow payments for future share repurchases, as long as we maintain a certain amount of liquidity and maintain certain senior debt limits, with a limit, when those senior debt limits are not met, of $150,000 plus proceeds of any equity issuances plus 50% of net income since February 9, 2015. The Credit Agreement also requires that we meet and maintain specified financial ratios, including a minimum interest coverage ratio and a maximum consolidated leverage ratio. Our ability to comply with these covenants and to meet and maintain the financial ratios may be affected by events beyond our control. Borrowings under the Credit Agreement are subject to compliance with these covenants. As of March 31, 2015, we were in compliance with the financial covenants. | |||||
Cash Paid for Interest on Debt | |||||
Cash paid for interest totaled $742 in fiscal 2015. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans | ||||||||||||||||
Prior to February 9, 2015, our eligible U.S. employees and retirees participated in a defined benefit pension plan provided by Orbital ATK. These plans were accounted for as multiemployer benefit plans in our consolidated and combined financial statements, and the portion of our liability with this U.S. plan was not reflected in our consolidated and combined balance sheets. On the distribution date, we assumed the benefit obligation attributable to our employees for this plan, and this is reflected in our consolidated and combined balance sheet as of March 31, 2015. Prior to February 9, 2015, Our consolidated and combined statements of comprehensive income include expense allocations for these benefits. These expenses were funded through intercompany transactions with Orbital ATK which are reflected within Parent's equity in our consolidated and combined financial statements. | |||||||||||||||||
Subsequent to February 9, 2015, we established a noncontributory defined benefit pension plan (the "Plan") which covers substantially all employees hired prior to January 1, 2007 and retained similar provisions as those that existed within the Orbital ATK plans. Eligible non-union employees hired on or after January 1, 2007 and certain union employees are not covered by a defined benefit plan, but substantially all of such employees receive an employer contribution through a defined contribution plan (as described in more detail below). On January 31, 2013, the Orbital ATK plans were amended to freeze the current pension formula benefits effective June 30, 2013 and to implement a new cash balance formula applicable to pay and service starting July 1, 2013. This amendment was carried over into our Plan. The cash balance formula provides each affected employee with pay credits based on the sum of that employee's age plus years of pension service as of December 31 of each calendar year, plus 4% annual interest credits. Prior to the effective date of the amendment, the Orbital ATK plans provided either pension benefits based on employee annual pay levels and years of credited service or based on stated amounts for each year of credited service. We fund the Plan in accordance with federal requirements calculated using appropriate actuarial methods. Plan assets are held in a trust and are invested in a diversified portfolio of equity investments, fixed income investments, real estate, timber, energy investments, hedge funds, private equity, and cash. For certain Plan assets where the fair market value is not readily determinable, estimates of the fair value are determined using the best available information including the most recent audited financial statements. | |||||||||||||||||
We provide defined benefit pension plans and defined contribution plans for the majority of our employees. We have tax qualified defined benefit plans, a supplemental (nonqualified) defined benefit pension plan, a defined contribution plan, and a supplemental (non-qualified) defined contribution plan. A qualified plan meets the requirements of certain sections of the Internal Revenue Code and, generally, contributions to qualified plans are tax deductible. A qualified plan typically provides benefits to a broad group of employees and may not discriminate in favor of highly compensated employees in coverage, benefits or contributions. In addition, we provide medical and life insurance benefits to certain retirees and their eligible dependents through our postretirement plans. | |||||||||||||||||
Defined Benefit Plans | |||||||||||||||||
We are required to reflect the funded status of the pension and other postretirement ("PRB") plans on the consolidated balance sheet subsequent to February 9, 2015. The funded status of the plans is measured as the difference between the plan assets at fair value and the projected benefit obligation. we have recognized the aggregate of all underfunded plans within the accrued pension liability and postretirement and postemployment benefits liabilities. The portion of the amount by which the actuarial present value of benefits included in the projected benefit obligation exceeds the fair value of plan assets, payable in the next 12 months, is reflected in other accrued liabilities. | |||||||||||||||||
Previously unrecognized differences between actual amounts and estimates based on actuarial assumptions are included in accumulated other comprehensive loss in our consolidated balance sheet and the difference between actual amounts and estimates based on actuarial assumptions has been recognized in other comprehensive income in the period in which they occur. | |||||||||||||||||
Our measurement date for remeasuring our plan assets and benefit obligations is March 31. | |||||||||||||||||
Pension Plans. We have qualified noncontributory defined benefit pension plans that cover substantially all employees hired prior to January 1, 2007. Eligible non-union employees hired on or after January 1, 2007 and certain union employees are not covered by a defined benefit plan but substantially all do receive an employer contribution through a defined contribution plan, discussed below. On January 31, 2013, the Orbital ATK Plans were amended for non-union employees to freeze the current pension formula benefits effective June 30, 2013 and to implement a new cash balance formula applicable to pay and service starting July 1, 2013. This amendment was carried over into our Plan. The cash balance formula provides each affected employee with pay credits based on the sum of that employee's age plus years of pension service as of December 31 of each calendar year, plus 4% annual interest credits. Prior to the effective date of the amendment, the plans provide either pension benefits based on employee annual pay levels and years of credited service or stated amounts for each year of credited service. We fund the plans in accordance with federal requirements calculated using appropriate actuarial methods. Depending on the plan they are covered by, employees generally vest after three or five years. | |||||||||||||||||
We also sponsor a nonqualified supplemental executive retirement plan which provides certain executives and highly compensated employees the opportunity to receive pension benefits in excess of those payable through tax qualified pension plans. The benefit obligation of these plans is included in the pension information below. | |||||||||||||||||
Other Postretirement Benefit Plans. Generally, employees who terminated employment with us on or before January 1, 2004 and were at least age 50 or 55 with at least five or ten years of service, depending on the provisions of the pension plan they are eligible for, are entitled to a pre- and/or post-65 healthcare company subsidy and retiree life insurance coverage. Employees who terminated employment after January 1, 2004, but before January 1, 2006, are eligible only for a pre-65 company subsidy. The portion of the healthcare premium cost borne by us for such benefits is based on the pension plan the employees are eligible for, years of service, and age at termination. The effect of the PRB plan is not material to the consolidated and combined financial statements. | |||||||||||||||||
The following table shows changes in the benefit obligation, plan assets, and funded status of our qualified and non-qualified pension plans and other PRB plans. Benefit obligation balances presented below reflect the projected benefit obligation ("PBO") for our pension plans and accumulated PRB obligations ("APBO") or our other PRB plans. | |||||||||||||||||
Pension Benefits and PRB | |||||||||||||||||
Year Ended March 31 | |||||||||||||||||
2015 | |||||||||||||||||
Obligations and Funded Status | |||||||||||||||||
Change in benefit obligation | |||||||||||||||||
Benefit obligation at beginning of year | $ | — | |||||||||||||||
Service cost | 215 | ||||||||||||||||
Interest cost | 1,207 | ||||||||||||||||
Plan Amendments | — | ||||||||||||||||
Actuarial loss (gain) | (1,588 | ) | |||||||||||||||
Transfers from Spin-Off | 225,753 | ||||||||||||||||
Benefits paid | (492 | ) | |||||||||||||||
Benefit obligation at end of year | $ | 225,095 | |||||||||||||||
Change in plan assets | |||||||||||||||||
Fair value of plan assets at beginning of year | $ | — | |||||||||||||||
Actual return on plan assets | 2,425 | ||||||||||||||||
Retiree contributions | — | ||||||||||||||||
Employer contributions | — | ||||||||||||||||
Transfers from Spin-Off | 163,034 | ||||||||||||||||
Benefits paid | (492 | ) | |||||||||||||||
Fair value of plan assets at end of year | 164,967 | ||||||||||||||||
Funded status | $ | (60,128 | ) | ||||||||||||||
Pension Benefits and PRB | |||||||||||||||||
Year Ended March 31 | |||||||||||||||||
2015 | |||||||||||||||||
Amounts Recognized in the Balance Sheet | |||||||||||||||||
Other accrued liabilities | $ | (783 | ) | ||||||||||||||
Accrued pension and postemployment liabilities | (59,345 | ) | |||||||||||||||
Net amount recognized | $ | (60,128 | ) | ||||||||||||||
Accumulated other comprehensive loss related to: | |||||||||||||||||
Unrecognized net actuarial losses | $ | 104,298 | |||||||||||||||
Unrecognized prior service benefits | (11,620 | ) | |||||||||||||||
Accumulated other comprehensive loss | $ | 92,678 | |||||||||||||||
The estimated amount that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in fiscal 2016 is as follows: | |||||||||||||||||
Pension and PRB | |||||||||||||||||
Recognized net actuarial losses | $ | 8,842 | |||||||||||||||
Amortization of prior service benefits | (1,748 | ) | |||||||||||||||
Total | $ | 7,094 | |||||||||||||||
The accumulated benefit obligation for all defined benefit pension plans was $223,155 as of March 31, 2015. | |||||||||||||||||
March 31 | |||||||||||||||||
2015 | |||||||||||||||||
Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets | |||||||||||||||||
Projected benefit obligation | $ | 223,155 | |||||||||||||||
Accumulated benefit obligation | 223,155 | ||||||||||||||||
Fair value of plan assets | 164,967 | ||||||||||||||||
The components of net periodic benefit cost are as follows: | |||||||||||||||||
Pension Benefits and PRB | |||||||||||||||||
Years Ended March 31 | |||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
Service cost | $ | 1,163 | $ | 1,617 | $ | 4,194 | |||||||||||
Interest cost | 6,546 | 6,122 | 9,696 | ||||||||||||||
Expected return on plan assets | (7,734 | ) | (7,536 | ) | (11,106 | ) | |||||||||||
Amortization of unrecognized net loss | 5,970 | 6,814 | 8,253 | ||||||||||||||
Amortization of unrecognized prior service cost | (1,213 | ) | (1,081 | ) | (317 | ) | |||||||||||
Net periodic benefit cost | $ | 4,732 | $ | 5,936 | $ | 10,720 | |||||||||||
As disclosed above, prior to the Spin-Off, our employees participated in various retirement and postretirement benefits sponsored by Orbital ATK. Because Orbital ATK provided these benefits to our eligible employees and retirees, the costs to our participating employees in these plans were reflected in the consolidated and combined financial statements, while the related assets and liabilities were retained by Orbital ATK. Expense allocations for these benefits were determined based on a review of personnel by business unit and based on allocations of corporate and other shared functional personnel. All cost allocations related to the various retirement benefit plans have been deemed paid by us to Orbital ATK in the period in which the cost was recorded in the consolidated and combined statements of income as a component of cost of sales and selling, general and administrative expenses. Allocated benefit cost from Orbital ATK were funded through intercompany transactions, which were reflected within the net parent investment on the consolidated and combined balance sheets. | |||||||||||||||||
Assumptions | |||||||||||||||||
Pension Benefits | |||||||||||||||||
2015 | |||||||||||||||||
Weighted-Average Assumptions Used to Determine Benefit Obligations as of March 31 | |||||||||||||||||
Discount rate | 3.87 | % | |||||||||||||||
Rate of compensation increase | 3.78 | % | |||||||||||||||
Pension Benefits | |||||||||||||||||
2015 | |||||||||||||||||
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Year Ended March 31 | |||||||||||||||||
Discount rate | 4.5 | % | |||||||||||||||
Expected long-term rate of return on plan assets | 7.25 | % | |||||||||||||||
Rate of compensation increase: | |||||||||||||||||
Union | 3.22 | % | |||||||||||||||
Salaried | 3.47 | % | |||||||||||||||
In developing the expected long-term rate of return assumption, we consider input from our actuaries and other advisors, annualized returns of various major indices over a long-term time horizon, and our own historical 5-year and 10-year compounded investment returns. The expected long-term rate of return of 7.25% used in fiscal 2015 for the plans was based on an asset allocation range of 20 - 45% in equity investments, 35 - 50% in fixed income investments, 0 - 10% in real estate/real asset investments, 15 - 30% collectively in hedge fund and private equity investments, and 0 - 6% in cash investments. The actual return in any fiscal year will likely differ from our assumption, but we estimate our return based on long-term projections and historical results. Therefore, any variance in a given year does not necessarily indicate that the assumption should be changed. | |||||||||||||||||
Plan Assets | |||||||||||||||||
Pension. As disclosed above, prior to the Spin-Off, our employees participated in various retirement and postretirement benefits sponsored by Orbital ATK. Upon Spin-Off we established the Plan and were transferred the liabilities for our employees balances within the Orbital ATK plans. The right to Plan assets associated with the Plan have also been transfered however the assets have not been transferred out of the Orbital ATK plan asset pools as of March 31, 2015. We expect to complete the asset transfer by the end of the first quarter of fiscal 2016. As such all assets are currently included within the Orbital ATK asset pool and are managed based on the Orbital ATK methodology. The information below reflects our estimated allocated portion of the assets and will not reflect the precise assets that will be transferred to us. | |||||||||||||||||
Our pension plan weighted-average asset allocations at March 31, 2015, and the target allocations for fiscal 2016, by asset category are as follows: | |||||||||||||||||
Target | Actual as of | ||||||||||||||||
Range | March 31 | ||||||||||||||||
2016 | 2015 | ||||||||||||||||
Asset Category | |||||||||||||||||
Domestic equity | 10 - 25% | 20.7 | % | ||||||||||||||
International equity | 10 - 20% | 13.7 | % | ||||||||||||||
Fixed income | 35 - 50% | 42.5 | % | ||||||||||||||
Real assets | 0 - 10% | 4.8 | % | ||||||||||||||
Hedge funds/private equity | 15 - 30% | 14.8 | % | ||||||||||||||
Other investments/cash | 0 - 6% | 3.5 | % | ||||||||||||||
Total | 100% | 100 | % | ||||||||||||||
Orbital ATK has a committee which, assisted by outside consultants, evaluates the objectives and investment policies concerning its long-term investment goals and asset allocation strategies. Upon completion of the transfer of Plan assets our committee will begin to complete these procedures. Plan assets are invested in various asset classes that are expected to produce a sufficient level of diversification and investment return over the long term. The investment goals are (1) to meet or exceed the assumed actuarial rate of return over the long term within reasonable and prudent levels of risk, and (2) to preserve the real purchasing power of assets to meet future obligations. The nature and duration of benefit obligations, along with assumptions concerning asset class returns and return correlations, are considered when determining an appropriate asset allocation to achieve the investment objectives. Pension plan assets for our qualified pension plans are held in a trust for the benefit of the plan participants and are invested in a diversified portfolio of equity investments, fixed income investments, real asset investments (real estate, timber, energy), hedge funds, private equity, and cash. Risk targets are established and monitored against acceptable ranges. All investment policies and procedures are designed to ensure that the plans' investments are in compliance with the Employee Retirement Income Security Act. Guidelines are established defining permitted investments within each asset class. | |||||||||||||||||
In order to manage the volatility between the value of pension assets and liabilities, Orbital ATK has maintained an allocation to long-duration fixed income investments. Orbital ATK regularly reviewed the actual asset allocation and periodically rebalances its investments to the targeted allocation when considered appropriate. Target allocation ranges are guidelines, not limitations, and occasionally due to market conditions and other factors actual asset allocation may vary above or below a target. | |||||||||||||||||
The implementation of the investment strategy discussed above is executed through a variety of investment structures such as: direct share or bond ownership, common/collective trusts, or registered investment companies. Valuation methodologies differ for each of these structures. The valuation methodologies used for these investments structures are as follows: | |||||||||||||||||
U.S. Government Securities, Corporate Debt, Common and Preferred Stock, Other Investments, and Registered Investment Companies: Investments are valued at the closing price reported on the active market on which the individual securities are traded. | |||||||||||||||||
Common/Collective Trusts: Investments in a collective investment vehicle are valued by multiplying the investee company's net asset value per share with the number of units or shares owned at the valuation date as determined by the investee company. Net asset value per share is determined by the investee company's custodian or fund administrator by deducting from the value of the assets of the investee company all of its liabilities and the resulting number is divided by the outstanding number of shares or units. Investments held by the CCT, including collateral invested for securities on loan, are valued on the basis of valuations furnished by a pricing service approved by the CCT's investment manager, which determines valuations using methods based on market transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders, or at fair value as determined in good faith by the CCT's investment manager. | |||||||||||||||||
Partnership/Joint Venture Interests: Given the inherent illiquidity of many partnership/joint venture investments, these investments are generally valued based on unobservable inputs that reflect the reporting entity's own assumptions about the assumptions that market participants would use pricing the asset. While the valuation methodologies may differ among each entity, methods for valuing these assets may include, but are not limited to, 1) discounted cash flow analysis, 2) net asset values, and 3) comparable trading data for similar investments. | |||||||||||||||||
Funds in Insurance Company Accounts: These investments are valued at fair value by discounting the related cash flows based on current yields of similar instruments with comparable durations considering the credit-worthiness of the issuer. | |||||||||||||||||
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while we believe ourvaluation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. | |||||||||||||||||
Fair Value—The following table presents the pension plan investments using the fair value hierarchy discussed in Note 2 as of March 31, 2015. We expect to complete the asset transfer by the end of the first quarter of fiscal 2016. As such all assets are currently included within the Orbital ATK asset pool and are managed based on the Orbital ATK methodology. The information below reflects our estimated allocated portion of the assets and will not reflect the precise assets that will be transferred to us. | |||||||||||||||||
Quoted Prices | Significant Other | Significant | Total | ||||||||||||||
in Active | Observable Inputs | Unobservable | |||||||||||||||
Markets for | (Level 2) | Inputs | |||||||||||||||
Identical Assets | (Level 3) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Interest-bearing cash | $ | — | $ | 215 | $ | — | $ | 215 | |||||||||
U.S. Government securities | 10,430 | 758 | — | 11,188 | |||||||||||||
Corporate debt | — | 26,909 | 12 | 26,921 | |||||||||||||
Common stock | 7,280 | 347 | — | 7,627 | |||||||||||||
Partnership/joint venture interest | — | — | 48,977 | 48,977 | |||||||||||||
Other investments | — | 205 | — | 205 | |||||||||||||
Common/collective trusts | — | 48,823 | — | 48,823 | |||||||||||||
Registered investment companies | 8,613 | 9,558 | — | 18,171 | |||||||||||||
Value of funds in insurance company accounts | — | 2,769 | 71 | 2,840 | |||||||||||||
Total | $ | 26,323 | $ | 89,584 | $ | 49,060 | $ | 164,967 | |||||||||
The following table presents a reconciliation of Level 3 assets held during the year ended March 31, 2015: | |||||||||||||||||
Corporate Debt | Insurance | Partnerships/ | |||||||||||||||
Contracts | Joint Ventures | ||||||||||||||||
Balance at April 1, 2014 | $ | 13 | $ | 75 | $ | 45,221 | |||||||||||
Realized (losses) gains | — | — | 2,534 | ||||||||||||||
Net unrealized (losses) gains | — | — | (365 | ) | |||||||||||||
Net purchases, issuances, and settlements | (1 | ) | (4 | ) | 1,587 | ||||||||||||
Net transfers into (out of) Level 3 | — | — | — | ||||||||||||||
Balance at March 31, 2015 | $ | 12 | $ | 71 | $ | 48,977 | |||||||||||
There was no direct ownership of our common stock included in plan assets as of any of the periods presented. | |||||||||||||||||
Contributions | |||||||||||||||||
During fiscal 2015, Orbital ATK, on our behalf, contributed $5,782 directly to the pension trust and $133 directly to retirees under its supplemental (nonqualified) executive retirement plan. We also contributed $93 to our other PRB plans. We are required to make contributions of $2,000 to meet our legally required minimum contributions for fiscal 2016. We also expect to distribute approximately $597 directly to retirees under our supplemental executive retirement plans, and contribute approximately $186 to our other postretirement benefit plans in fiscal 2016. | |||||||||||||||||
Expected Future Benefit Payments | |||||||||||||||||
The following benefit payments, which reflect expected future service, are expected to be paid in the years ending March 31. The pension benefits will be paid primarily out of the pension trust. | |||||||||||||||||
Pension | |||||||||||||||||
Benefits | |||||||||||||||||
2016 | $ | 11,283 | |||||||||||||||
2017 | 11,551 | ||||||||||||||||
2018 | 12,233 | ||||||||||||||||
2019 | 13,232 | ||||||||||||||||
2020 | 14,863 | ||||||||||||||||
2021 through 2025 | 76,555 | ||||||||||||||||
Defined Contribution Plan | |||||||||||||||||
We also sponsor a defined contribution plan. Participation in this plan is available to substantially all U.S. employees. The defined contribution plan is a 401(k) plan, with an employee stock ownership ("ESOP") feature, to which employees may contribute up to 50% of their pay (highly compensated employees are subject to limitations). Employee contributions are invested, at the employees' direction, among a variety of investment alternatives. Participants may transfer amounts into and out of the investment alternatives at any time, except for our common stock fund. Effective January 1, 2013 employees no longer had the option to invest in the Orbital ATK common stock fund. Balances in the fund prior to January 1, 2013 remain in the fund unless distributed or transferred. Effective January 1, 2004, our matching contribution and non-elective contribution to this plan depends on a participant's years of service, pension plan participation, and certain other factors. Participants receive: | |||||||||||||||||
• | a matching contribution of 100% of the first 3% of the participant's contributed pay plus 50% of the next 2% of the participant's contributed pay, or | ||||||||||||||||
• | a matching contribution of 50% of the first 6% of the participant's contributed pay or, | ||||||||||||||||
• | a matching contribution of 100% of the first 3% of the participant's contributed pay plus 50% of the next 3% of the participant's contributed pay (subject to one-year vesting) and a non-elective contribution based on recognized compensation, age and service (subject to three-year vesting), or | ||||||||||||||||
• | an automatic enrollment of a 6% pre-tax contribution rate (of which the participant can either change or opt out) along with a matching contribution of 100% of the first 3% of the participant's contributed pay plus 50% of the next 3% of the participant's contributed pay (subject to one-year vesting) and a non-elective contribution based on recognized compensation, age and service (subject to three-year vesting), or | ||||||||||||||||
• | a non-elective contribution based on the recognized compensation, age, and service (subject to three-year vesting), or | ||||||||||||||||
• | no matching contribution. | ||||||||||||||||
Orbital ATK, on our behalf, contributed $12,936 in fiscal 2015, $10,057 in fiscal 2014, and $7,017 in fiscal 2013. | |||||||||||||||||
As of March 31, 2015, we had approximately 5,200 U.S. employees eligible under the plan. We have union-represented employees at our Westfield, MA location, comprising approximately 4.1% of its total workforce. The collective bargaining agreement expires in fiscal 2018. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | Income Taxes | ||||||||||||
Income before income taxes is as follows: | |||||||||||||
Years Ended March 31 | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Current: | |||||||||||||
US | $ | 133,027 | $ | 217,673 | $ | 100,043 | |||||||
Non-US | 21,019 | 665 | 1,419 | ||||||||||
Income before income taxes | $ | 154,046 | $ | 218,338 | $ | 101,462 | |||||||
Our income tax provision consists of | |||||||||||||
: | |||||||||||||
Years Ended March 31 | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Current: | |||||||||||||
Federal | $ | 61,202 | $ | 64,163 | $ | 33,553 | |||||||
State | 4,866 | 9,197 | 3,683 | ||||||||||
Non-US | 9,052 | 2,845 | 18 | ||||||||||
Deferred: | |||||||||||||
Federal | 150 | 8,356 | (972 | ) | |||||||||
State | 410 | (60 | ) | 488 | |||||||||
Non-US | (1,162 | ) | 580 | — | |||||||||
Income tax provision | $ | 74,518 | $ | 85,081 | $ | 36,770 | |||||||
The items responsible for the differences between the federal statutory rate and our effective rate are as follows: | |||||||||||||
Years Ended March 31 | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal impact | 4.7 | % | 4.2 | % | 4.1 | % | |||||||
Domestic manufacturing deduction | (2.9 | )% | (3.1 | )% | (2.8 | )% | |||||||
Nondeductible transaction costs | 3.8 | % | 1 | % | — | % | |||||||
Nondeductible goodwill impairment | 9.3 | % | — | % | — | % | |||||||
Other | (1.5 | )% | 1.9 | % | (0.1 | )% | |||||||
Income tax provision | 48.4 | % | 39 | % | 36.2 | % | |||||||
Deferred income taxes arise because of differences in the timing of the recognition of income and expense items for financial statement reporting and income tax purposes. The net effect of these temporary differences between the carrying amounts of assets and liabilities are classified in the consolidated and combined financial statements of financial position as current or noncurrent assets or liabilities based upon the classification of the related assets and liabilities or, if there is no corresponding balance on the balance sheet, the expected period for reversal. As of March 31, 2015 and 2014 the components of deferred tax assets and liabilities were as follows: | |||||||||||||
Years Ended March 31 | |||||||||||||
2015 | 2014 | ||||||||||||
Deferred Tax Assets: | |||||||||||||
Inventory | $ | 22,617 | $ | 14,763 | |||||||||
Retirement benefits | 22,594 | — | |||||||||||
Accounts receivable | 9,523 | 11,035 | |||||||||||
Accruals for employee benefits | 8,409 | 7,737 | |||||||||||
Other reserves | 7,841 | 8,150 | |||||||||||
Loss and credit carryforwards | 5,072 | 16,333 | |||||||||||
Total deferred tax assets | 76,056 | 58,018 | |||||||||||
Valuation allowance | (4,650 | ) | (9,642 | ) | |||||||||
Total net deferred assets | 71,406 | 48,376 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Intangible assets | (186,737 | ) | (197,105 | ) | |||||||||
Property, plant and equipment | (24,785 | ) | (22,426 | ) | |||||||||
Other | (2,923 | ) | 1,834 | ||||||||||
Total deferred tax liabilities | (214,445 | ) | (217,697 | ) | |||||||||
Net deferred income tax (liabilities)/assets | $ | (143,039 | ) | $ | (169,321 | ) | |||||||
We believe it is more likely than not that the recorded deferred benefits will be realized through the reduction of future taxable income. Our recorded valuation allowance of $4,650 at March 31, 2015 relates to certain capital loss, tax credits and net operating losses that are not expected to be realized before their expiration. The valuation allowance decreased during fiscal 2015 primarily due to the expiration of certain capital losses and credits and the use of certain credits. | |||||||||||||
Included in the net deferred tax liability are federal, foreign and state net operating loss and credit carryovers, $4,669 of which expires in years ending from March 31, 2015 through March 31, 2035 and $403 that may be carried over indefinitely. The carryforwards presented above are net of any applicable uncertain tax positions. | |||||||||||||
We have provided for U.S. deferred income taxes in the amount of $6,885 on undistributed earnings not considered indefinitely reinvested. Additionally, we have undistributed earnings of $26,410 generated from certain foreign subsidiaries for which no deferred tax liability has been recorded, as we intend to indefinitely reinvest these earnings. These undistributed earnings may become taxable in the United States upon a repatriation of assets from the subsidiary or a sale or liquidation of the subsidiary. Determination of the amount of any unrecognized deferred income tax liability on the temporary difference for these indefinitely reinvested undistributed earnings is not practicable. | |||||||||||||
At March 31, 2015, and 2014, unrecognized tax benefits that have not been recorded in the financial statements amounted to $30,768 and $25,693, respectively, of which $25,875 and $21,650, respectively, would affect the effective tax rate. The remaining balance is related to deferred tax items which only impact the timing of tax payments. Although the timing and outcome of audit settlements are uncertain, it is reasonably possible that a $1,908 reduction of the uncertain tax benefits will occur in the next 12 months. The settlement of these unrecognized tax benefits could result in earnings from $0 to $1,561. | |||||||||||||
We have classified uncertain tax positions as non-current income tax liabilities unless expected to be paid within one year. A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows: | |||||||||||||
Year ended March 31, 2015 | Year ended March 31, 2014 | Year ended March 31, 2013 | |||||||||||
Unrecognized Tax Benefits—beginning of period | $ | 23,237 | $ | 4,565 | $ | 3,539 | |||||||
Gross increases—tax positions in prior periods | 2,275 | 15,536 | — | ||||||||||
Gross decreases—tax positions in prior periods | (283 | ) | — | (54 | ) | ||||||||
Gross increases—current-period tax positions | 2,262 | 3,220 | 1,421 | ||||||||||
Settlements | (52 | ) | — | (221 | ) | ||||||||
Lapse of statute of limitations | (105 | ) | (84 | ) | (120 | ) | |||||||
Unrecognized Tax Benefits—end of period | $ | 27,334 | $ | 23,237 | $ | 4,565 | |||||||
We report income tax-related interest income within the income tax provision. Penalties and tax-related interest expense are also reported as a component of the income tax provision. As of March 31, 2015 and 2014, $1,662 and $1,057 of income tax-related interest and $1,772 and $1,399 of penalties were included in accrued income taxes, respectively. | |||||||||||||
The Internal Revenue Service ("IRS") released final regulations relating to the capitalization of tangible personal property on September 13, 2013. We are currently finalizing the impact of these new regulations. We do not believe they will have a material impact on our financial statements. | |||||||||||||
We entered into a Tax Matters Agreement with Orbital ATK that governs the respective rights, responsibilities and obligations of Vista Outdoor and Orbital ATK after the Spin-Off with respect to tax liabilities and benefits, tax attributes, tax contests and other tax sharing regarding U.S. federal, state, local and foreign income taxes, other tax matters and related tax returns. We have joint and several liability with Orbital ATK to the IRS for the consolidated U.S. federal income taxes of the Orbital ATK consolidated group relating to the taxable periods in which we were part of that group. However, the Tax Matters Agreement specifies the portion, if any, of this tax liability for which we bear responsibility, and Orbital ATK agrees to indemnify us against any amounts for which we are not responsible. The Tax Matters Agreement also provides special rules for allocating tax liabilities in the event that the Spin-Off is determined not to be tax-free. Though valid as between the parties, the Tax Matters Agreement is not binding on the IRS. | |||||||||||||
Prior to the Spin-off, Orbital ATK or one of its subsidiaries files income tax returns in the U.S. federal and various U.S. state jurisdictions which included Vista Outdoor. In addition, certain of our subsidiaries file income tax returns in foreign jurisdictions. After the Spin-off we will be filing income tax returns in the U.S. federal, foreign and various U.S. state jurisdictions. With a few exceptions, Orbital ATK and its subsidiaries and Vista are no longer subject to U.S. federal, state and local, or foreign income tax examinations by tax authorities prior to 2008. The IRS has completed the audits of Orbital ATK through fiscal year 2012 and is currently auditing Orbital ATK's tax returns for fiscal years 2013 and 2014. We believe appropriate provisions for all outstanding issues relating to our portion of these returns have been made for all remaining open years in all jurisdictions |
Commitments
Commitments | 12 Months Ended | |||
Mar. 31, 2015 | ||||
Commitments | ||||
Commitments | lease land, buildings, and equipment under various operating leases, which generally have renewal options of one to five years. Rent expense was $15,908 in fiscal 2015, $12,595 in fiscal 2014, and $5,855 in fiscal 2013. | |||
The following table summarizes the operating lease payments expected to be paid in each of the following fiscal years: | ||||
Fiscal 2016 | $ | 11,779 | ||
Fiscal 2017 | 10,540 | |||
Fiscal 2018 | 6,766 | |||
Fiscal 2019 | 4,958 | |||
Fiscal 2020 | 3,841 | |||
Thereafter | — | |||
Total | $ | 37,884 | ||
We have known purchase commitments of $9,090 which are defined as an agreement to purchase goods or services that is enforceable and legally binding on us and that specifies all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum, or variable price provisions; and the approximate timing of the transaction. These amounts are primarily comprised of open purchase order commitments to vendors and subcontractors pertaining to funded contracts. |
Contingencies
Contingencies | 12 Months Ended |
Mar. 31, 2015 | |
Loss Contingency [Abstract] | |
Contingencies | Contingencies |
Litigation. From time to time, we are subject to various legal proceedings, including lawsuits, which arise out of, and are incidental to, the conduct of our business. We do not consider any of such proceedings that are currently pending, individually or in the aggregate to be material to our business or likely to result in a material adverse effect on our operating results, financial condition, or cash flows. | |
Environmental Liabilities. Our operations and ownership or use of real property are subject to a number of federal, state, and local environmental laws and regulations, as well as applicable foreign laws and regulations, including those governing the discharge of hazardous materials, remediation of contaminated sites, and restoration of damage to the environment. We are obligated to conduct investigation and/or remediation activities at certain sites that we own or operate or formerly owned or operated. | |
We have been identified as a potentially responsible party (“PRP”), along with other parties, in regulatory agency actions associated with hazardous waste sites. As a PRP, we may be required to pay a share of the costs of the investigation and clean-up of these sites. While uncertainties exist with respect to the amounts and timing of the ultimate environmental liabilities, based on currently available information, we have concluded that these matters, individually or in the aggregate, will not have a material adverse effect on our operating results, financial condition, or cash flows. We have recorded a liability for environmental remediation of $558 as of March 31, 2015. | |
We could incur substantial additional costs, including cleanup costs, resource restoration, fines, and penalties or third-party property damage or personal injury claims, as a result of violations or liabilities under environmental laws or non-compliance with environmental permits. While environmental laws and regulations have not had a material adverse effect on our operating results, financial condition, or cash flows in the past, and we have environmental management programs in place to mitigate these risks, it is difficult to predict whether they will have a material impact in the future. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Equity [Abstract] | ||||||||||||||
Stockholders' Equity | Stockholders' Equity | |||||||||||||
We have authorized 50,000,000 shares of preferred stock, par value $1.00, none of which has been issued. | ||||||||||||||
We maintain an equity incentive plan (the “2014 Stock Incentive Plan” or the “Plan”) which became effective on February 10, 2015, following the Spin-Off from Orbital ATK. Orbital ATK maintained similar plans: the 1990 Equity Incentive Plan, the Non-Employee Director Restricted Stock Plan, and the 2005 Stock Incentive Plan, which governed the awards granted to employees and directors prior to the Spin-Off. The 2014 Stock Incentive Plan was established to govern the awards granted to our employees and directors under the prior Orbital ATK plans and provides for awards of stock options, restricted stock and restricted stock units, performance awards, and total stockholder return performance awards ("TSR awards") that will be granted to certain of our employees and directors subsequent to the Spin-Off. | ||||||||||||||
Disclosures prior to February 10, 2015 represent our portion of the plans maintained by Orbital ATK in which our employees and directors participated. There are four types of awards outstanding under Orbital ATK's stock incentive plans: performance awards, total stockholder return performance awards ("TSR awards"), restricted stock, and stock options. Orbital ATK issues treasury shares upon the payment of performance awards,TSR awards, and restricted stock units, grant of restricted stock, or exercise of stock options and are accounted for as equity-based compensation awards. On February 10, 2015, Orbital ATK converted or adjusted outstanding stock options and restricted stock to include both Orbital ATK shares and Vista Outdoor shares to replace awards denominated in Orbital ATK common shares. Performance shares and TSR awards were converted to restricted stock units or restricted stock and will vest over the remaining vesting period of the awards. The manner of conversion for each award reflected a mechanism intended to preserve the intrinsic value of each award, and generally on terms which were in all material respects identical to the terms of the awards it replaced. | ||||||||||||||
As of March 31, 2015, we have authorized up to 5,750,000 common shares under the 2014 Stock Incentive Plan, and any shares issuable pursuant to awards granted immediately prior to the Distribution in respect of equity-based awards of Orbital ATK granted under the Orbital ATK Stock Plans that were outstanding immediately prior to the Distribution and converted into awards subsequent to the Spin-Off. As of March 31, 2015, 5,206,886 common shares are available to be granted. | ||||||||||||||
As of March 31, 2015, there were up to 162,768 shares reserved for performance awards for key employees. Performance shares are valued at the fair value of our stock as of the grant date and expense is recognized based on the number of shares expected to vest under the terms of the award under which they are granted. Of these shares, | ||||||||||||||
• | up to 105,799 shares will become payable only upon achievement of certain performance goals, including sales and return on invested capital, for the fiscal 2016 through fiscal 2018 period. | |||||||||||||
There were 56,969 TSR awards granted during fiscal 2015. The weighted average fair value per TSR award granted was $57.49 during fiscal 2015. We used an integrated Monte Carlo simulation model to determine the fair value of these awards. The Monte Carlo model calculates the probability of satisfying the market conditions stipulated in the award. This probability is an input into the trinomial lattice model used to determine the fair value of the awards as well as the assumptions of other variables, including the risk-free interest rate and expected volatility of our stock price in future periods. The risk-free rate is based on the U.S. dollar-denominated U.S. Treasury strip rate with a remaining term that approximates the life assumed at the date of grant. The weighted average assumptions used in estimating the value of the TSR awards were as follows: | ||||||||||||||
Fiscal 2015 | ||||||||||||||
Risk-free rate | 0.93 | % | ||||||||||||
Expected volatility | 33.25 | % | ||||||||||||
Expected dividend yield | — | % | ||||||||||||
Expected award life | 3 | |||||||||||||
Restricted stock granted to non-employee directors and certain key employees totaled 174,818 shares in fiscal 2015. Restricted shares vest over periods generally ranging from one to three years from the date of award and are valued at the fair market value of common stock as of the grant date. | ||||||||||||||
Restricted stock units granted to certain key employees and non-employee directors totaled 132,541 shares in fiscal 2015. Restricted shares vest over periods generally ranging from one to three years from the date of award and are valued at the fair market value of common stock as of the grant date. | ||||||||||||||
Stock options may be granted periodically, with an exercise price equal to the fair market value of common stock on the date of grant, and generally vest from one to three years from the date of grant. Options are generally granted with ten-year terms. | ||||||||||||||
The weighted average fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model and represents the difference between fair market value on the date of grant and the estimated market value on the expected exercise date. The option pricing model requires us to make assumptions. The risk-free rate is based on U.S. Treasury zero-coupon issues with a remaining term that approximates the expected life assumed at the date of grant. Expected volatility is based on the average volitility of similar type public companies stock over the past seven years. The expected option life is based on the contractual term of the stock option and expected employee exercise and post-vesting employment termination trends. The weighted average fair value of options granted was $14.94, $35.34, and $14.36 during fiscal 2015, 2014, and 2013, respectively. The following weighted average assumptions were used for grants: | ||||||||||||||
Year ended March 31, 2015 | Year ended March 31, 2014 | Year ended March 31, 2013 | ||||||||||||
Risk-free rate | 1.59% | 1.86%-2.07% | 1.02%-1.22% | |||||||||||
Expected volatility | 30.22% | 25.95%-26.71% | 25.87% | |||||||||||
Expected dividend yield | 0% | 1.27%-1.58% | 1.49%-1.90% | |||||||||||
Expected option life | 7 years | 7 years | 7 years | |||||||||||
Total pre-tax stock-based compensation expense of $3,012, $2,398, and $2,116 was recognized during fiscal 2015, 2014, and 2013, respectively. The total income tax benefit recognized in the consolidated and combined statements of comprehensive income for share-based compensation was $420, $920, and $820 during fiscal 2015, 2014, and 2013, respectively. | ||||||||||||||
A summary of our stock option activity is presented below. Note that the activities presented for fiscal 2015 prior to the Spin-Off and fiscal 2014 represent the stock options held by our employees under the Orbital ATK long-term incentive award program in Orbital ATK shares. Subsequent to the Spin-off shares represent those stock options outstanding in our stock. | ||||||||||||||
Shares | Weighted Average | Weighted Average | Aggregate Intrinsic | |||||||||||
Exercise Price | Remaining | Value | ||||||||||||
Contractual Life | (per option) | |||||||||||||
(in years) | ||||||||||||||
Outstanding at March 31, 2013 | 126,972 | $ | 60.99 | |||||||||||
Granted | 31,541 | 129.6 | ||||||||||||
Exercised | (300 | ) | 54.84 | |||||||||||
Forfeited/expired | (450 | ) | 54.84 | |||||||||||
Outstanding at March 31, 2014 | 157,763 | 74.74 | 8.3 | $ | 67.41 | |||||||||
Conversion related to Spin-Off(a) | 383,047 | |||||||||||||
Granted | 67,710 | 42.75 | ||||||||||||
Exercised | — | — | ||||||||||||
Forfeited/expired | — | — | ||||||||||||
Outstanding at March 31, 2015 | 608,520 | $ | 22.47 | 7.8 | $ | 20.35 | ||||||||
Options exercisable at: | ||||||||||||||
31-Mar-14 | 64,289 | $ | 59.26 | 8.3 | $ | 82.59 | ||||||||
31-Mar-15 | 438,980 | $ | 18.53 | 7.3 | $ | 24.29 | ||||||||
(a) The the number of stock options and the weighted average grant date fair value of the stock options converted is equal to the number of stock options and weighted average grant date fair value of such stock options prior to the Spin-off, adjusted for the 2 for 1 stock conversion and for the Spin-off conversion adjustment. Included in the conversion related to Spin-off are awards related to employees both within our Company and remaining at Orbital ATK as a result of the Spin-off. | ||||||||||||||
There were no options exercised during fiscal 2015. The total intrinsic value of options exercised was $6 during fiscal 2014. Total cash received from options exercised was $16 fiscal 2014. | ||||||||||||||
A summary of our performance share award, TSR award, restricted stock activity is presented below. Note that the activities presented for fiscal 2015 prior to the Spin-Off and fiscal 2014 represent the Restricted stock held by our employees under the Orbital ATK long-term incentive award program in Orbital ATK shares. Subsequent to the Spin-off shares represent those stock options outstanding in our stock | ||||||||||||||
Shares | Weighted Average | |||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Nonvested at March 31, 2013 | 317,580 | $ | 64.78 | |||||||||||
Granted | 85,152 | 123.56 | ||||||||||||
Canceled/forfeited | (73,909 | ) | 69.06 | |||||||||||
Vested | (83,155 | ) | 66.9 | |||||||||||
Nonvested at March 31, 2014 | 245,668 | 83.15 | ||||||||||||
Conversion related to Spin-Off(a) | 88,657 | |||||||||||||
Granted | 342,863 | 47.29 | ||||||||||||
Canceled/forfeited | — | — | ||||||||||||
Vested | (68,151 | ) | 20.88 | |||||||||||
Nonvested at March 31, 2015 | 609,037 | $ | 29.13 | |||||||||||
(a) The the number of performance share award, TSR award, restricted stock and the weighted average grant date fair value converted is equal to the number of shares and weighted average grant date fair value of such prior to the Spin-off, adjusted for the 2 for 1 stock conversion and for the Spin-off conversion adjustment. Included in the conversion related to Spin-off are awards related to employees both within our Company and remaining at Orbital ATK as a result of the Spin-off, as well as the conversion of all outstanding TSR and performance shares into restricted stock units. | ||||||||||||||
As noted above, upon the Spin-Off from Orbital ATK certain performance shares and TSR awards were converted to restricted stock units and will vest over the remaining vesting period of the awards. Additionally certain key employees received restricted stock grants during fiscal 2015 which will vest over the next four years. These restricted stock units will be settled with the issuance of shares upon vesting. A summary of our restricted stock award activity is presented below. | ||||||||||||||
Shares | Weighted Average | |||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Nonvested at March 31, 2014 | — | — | ||||||||||||
Granted | — | — | ||||||||||||
Canceled/forfeited | — | — | ||||||||||||
Vested | — | — | ||||||||||||
Nonvested at February 9, 2015 | — | — | ||||||||||||
Conversion related to Spin-Off(a) | 250,534 | $ | 20.74 | |||||||||||
Granted | 132,541 | 42.75 | ||||||||||||
Canceled/forfeited | — | — | ||||||||||||
Vested | (123,208 | ) | 15.21 | |||||||||||
Nonvested at March 31, 2015 | 259,867 | $ | 34.59 | |||||||||||
(a) The number of restricted stock units converted represents the conversion of TSR and performance shares issued for long term incentive plans issued prior to the Spin-Off converted into Restricted stock units to be vested over one to three years for certain key employees. | ||||||||||||||
As of March 31, 2015, the total unrecognized compensation cost related to nonvested stock-based compensation awards was $28,795 and is expected to be realized over a weighted average period of 3.0 years. | ||||||||||||||
Share Repurchases | ||||||||||||||
On February 25, 2015, our Board of Directors authorized a new share repurchase program of up to $200,000 worth of shares of our common stock, executable over the next two years. The shares may be purchased from time to time in open market, block purchase, or negotiated transactions, subject to compliance with applicable laws and regulations. The new repurchase authorization also allows us to make repurchases under Rule 10b5-1 of the Securities Exchange Act of 1934. During fiscal 2015, we repurchased 162,000 shares for $6,870. |
Operating_Segment_Information
Operating Segment Information | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Operating Segment Information | Operating Segment Information | ||||||||||||||||
We operate our business structure within two operating segments, which are defined based on the reporting and review process used by the chief operating decision maker, our Chief Executive Officer. Management reviews the operating segments based on net sales and gross profit. Certain significant selling and general and administrative expenses are not allocated to the segments. In addition, certain significant asset balances are not readily identifiable with individual segments and therefore can not be allocated. Each segment is described below: | |||||||||||||||||
• | Shooting Sports, which generated 65% of our external sales in fiscal 2015. Shooting Sports products include pistol, rifle, rimfire and shotshell ammunition and primers, centerfire rifles, rimfire rifles, shotguns and range systems. | ||||||||||||||||
• | Outdoor Products, which generated 35% of our external sales in fiscal 2015. The Outdoor Products product lines are optics, accessories and eyewear. Optics products include binoculars, laser range finders, riflescopes and trail cameras. Accessories products include archery accessories, blinds, decoys, game calls, gun care products, mounts, powder, reloading equipment, targets and target systems. Eyewear products include safety and protective eyewear, as well as fashion and sports eyewear. | ||||||||||||||||
No single customer accounted for more than 10% of our sales in fiscal 2015. For the years ended March 31, 2014 and 2013, one customer accounted for approximately 12% and 14% of total fiscal 2014 and 2013 sales, respectively. No other single customer contributed more than 10% of our sales in fiscal 2014 or 2013. | |||||||||||||||||
Our sales to foreign customers were $250,000 in fiscal 2015, $243,166 in fiscal 2014, and $107,826 in fiscal 2013. During fiscal 2015, approximately 57% of these sales were in Shooting Sports and 43% were in Outdoor Products. Sales to no individual country outside the United States accounted for more than 4% of our sales in fiscal 2015 and 2014. | |||||||||||||||||
The following summarizes our results by segment: | |||||||||||||||||
Year ended March 31, 2015 | |||||||||||||||||
Shooting Sports | Outdoor Products | Corporate | Total | ||||||||||||||
External Sales | $ | 1,353,092 | $ | 730,322 | $ | — | $ | 2,083,414 | |||||||||
Capital expenditures | 29,664 | 7,214 | 1,327 | 38,205 | |||||||||||||
Depreciation | 22,965 | 12,435 | 5 | 35,405 | |||||||||||||
Amortization of intangible assets | 6,900 | 24,246 | — | 31,146 | |||||||||||||
Gross Profit | 331,145 | 200,043 | (2,267 | ) | 528,921 | ||||||||||||
Year ended March 31, 2014 | |||||||||||||||||
Shooting Sports | Outdoor Products | Corporate | Total | ||||||||||||||
External Sales | $ | 1,422,442 | $ | 451,477 | $ | — | $ | 1,873,919 | |||||||||
Capital expenditures | 31,634 | 8,600 | — | 40,234 | |||||||||||||
Depreciation | 16,497 | 8,394 | — | 24,891 | |||||||||||||
Amortization of intangible assets | 5,319 | 14,692 | — | 20,011 | |||||||||||||
Gross Profit | 382,971 | 83,787 | 545 | 467,303 | |||||||||||||
Year ended March 31, 2013 | |||||||||||||||||
Shooting Sports | Outdoor Products | Corporate | Total | ||||||||||||||
External Sales | $ | 867,227 | $ | 328,804 | $ | — | $ | 1,196,031 | |||||||||
Capital expenditures | 18,252 | 5,143 | — | 23,395 | |||||||||||||
Depreciation | 12,765 | 4,533 | — | 17,298 | |||||||||||||
Amortization of intangible assets | — | 7,830 | — | 7,830 | |||||||||||||
Gross Profit | 180,258 | 64,915 | (2,735 | ) | 242,438 | ||||||||||||
The sales above exclude intercompany sales between Outdoor Products and Shooting Sports of $2,010, $1,754 and $53 for the years ended March 31, 2015, 2014, and 2013, respectively. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Data (Unaudited) | Quarterly financial data is summarized as follows: | ||||||||||||||||
Fiscal 2015 Quarter Ended | |||||||||||||||||
June 29, | September 28, | December 28, | March 31, | ||||||||||||||
Sales | $ | 565,995 | $ | 525,149 | $ | 506,881 | $ | 485,389 | |||||||||
Gross profit | 143,451 | 128,595 | 134,037 | 122,838 | |||||||||||||
Net income | 41,045 | 33,745 | (11,169 | ) | 15,907 | ||||||||||||
Earnings per common share: | |||||||||||||||||
Basic (1) | 0.64 | 0.53 | (0.17 | ) | 0.25 | ||||||||||||
Diluted(1) | 0.64 | 0.53 | (0.17 | ) | 0.25 | ||||||||||||
Fiscal 2014 Quarter Ended | |||||||||||||||||
June 30, | September 29, | December 29, | March 31, | ||||||||||||||
Sales | $ | 361,701 | $ | 422,825 | $ | 524,228 | $ | 565,165 | |||||||||
Gross profit | 78,203 | 98,461 | 133,676 | 156,963 | |||||||||||||
Net income | 21,148 | 30,719 | 33,365 | 48,025 | |||||||||||||
Earnings per common share: | |||||||||||||||||
Basic(1) | 0.33 | 0.48 | 0.52 | 0.75 | |||||||||||||
Diluted(1) | 0.33 | 0.48 | 0.52 | 0.75 | |||||||||||||
(1) For the first three quarters in fiscal 2015 and for each quarter in fiscal 2014, basic and diluted earnings per common share were computed using the number of shares of our common stock outstanding on February 9, 2015. |
Related_Parties_Related_Partie
Related Parties Related Parties | 12 Months Ended | ||||
Mar. 31, 2015 | |||||
Related parties footnote [Abstract] | |||||
Related Party Transactions Disclosure [Text Block] | 16. Related Party Transactions | ||||
The consolidated and combined financial statements have been prepared on a stand-alone basis. However, prior to February 9, 2015, they were derived from the consolidated financial statements and accounting records of Orbital ATK. | |||||
Allocation of General Corporate Expenses | |||||
Prior to February 9, 2015, the consolidated and combined financial statements reflect an allocation of certain costs managed at the Orbital ATK level. These costs had historically been allocated to Vista Outdoor. These costs generally fall into one of the following categories: | |||||
• | Orbital ATK management and support services – This category includes costs for functions such as acquisition transaction costs, human resources (talent acquisition/compensation), treasury, risk management, internal audit, finance, tax, legal, executive office, business development, government relations, and other administrative support. These costs were allocated to us based on a percentage of sales for all of Orbital ATK or as specifically identified. The consolidated and combined financial statements include Orbital ATK management and support services allocations included within the general and administrative expense totaling $33,593 for the period ending February 9, 2015 and $29,268 and $12,119 for the fiscal years ended March 31, 2014 and 2013, respectively. | ||||
• | Infrastructure costs – This category includes costs for functions such as information technology support, systems maintenance, and telecommunications. These costs were generally allocated to us using either sales, headcount, or fixed assets. The consolidated and combined statement of operations reflects infrastructure costs allocations included within the general and administrative expense totaling $4,959 for the period ending February 9, 2015 and $4,947 and $3,937 for the fiscal years ended March 31, 2014 and 2013, respectively. | ||||
• | Orbital ATK-provided benefits – This category includes costs for group medical, dental and vision insurance, 401(k) savings plan, pension and postretirement benefits, and other benefits. These costs were generally allocated to the us based on specific identification of the benefits provided to our employees participating in these benefit plans. Medical and dental, including the human resources and finance administration of those plans, are allocated to business units based upon their year-to-date enrolled medical headcount. Postretirement benefits, including the human resources and finance administration of those plans, were allocated based upon member headcount. Pension expense is actuarially determined for individual segments and was identified directly to those segments. The pension expense determined for composite pension segments was further allocated to individual segments using total payroll. The consolidated and combined financial statements include Orbital ATK-provided benefits allocations totaling $48,549 for the period ending February 9, 2015 and $45,605 and $44,087 for the fiscal years ended March 31, 2014 and 2013, respectively. | ||||
Management believes that the methods of allocating these costs are reasonable and consistent with past practices. | |||||
Related Party Sales and Cost of Sales | |||||
Historically, we purchased and sold certain products and services to/from Orbital ATK businesses. Prior to the Spin-Off, purchases of products and services from these affiliated entities, which were recorded at sales price, were $170,783 through February 9, 2015, and $273,246, and $143,122 for the fiscal years ended March 31, 2014 and 2013, respectively. Sales of products and services to these entities were $8,874 through February 9, 2015, and $12,422, and $27,207 for the fiscal years ended March 31, 2014 and 2013, respectively. An intercompany payable of $23,756 was outstanding as of March 31, 2014, included within "Accounts payable" and no intercompany receivable was outstanding as of March 31, 2014. | |||||
Long-term debt payable to Parent | |||||
Prior to February 9, 2015, the consolidated and combined financial statements reflect an allocation of a portion of Orbital ATK's outstanding long-term debt under the Orbital ATK 2013 Senior Credit Facility to us as proceeds from this debt was used to finance the acquisition of Bushnell. This debt was not representative of our future debt levels. This debt was reflected in the consolidated and combined balance sheet as “Long-term debt payable to Parent” for periods prior to February 9, 2015. Upon Spin-off this balance was included as part of the contribution by Parent. | |||||
Master Transition Services Agreement | |||||
We entered into a Master Transition Services Agreement with Orbital ATK, under which each of Orbital ATK or their respective affiliates provides us with certain services, including information technology, financial, procurement, human resource, benefits support and other specified services from Orbital ATK. We expect these services will be initially provided at cost and these services are planned to extend for a period of 3 to 12 months in most circumstances. | |||||
Tax Matters Agreement | |||||
We entered into a Tax Matters Agreement with Orbital ATK that governs the respective rights, responsibilities and obligations of Vista Outdoor and Orbital ATK after the Spin-Off with respect to tax liabilities and benefits, tax attributes, tax contests and other tax sharing regarding U.S. Federal, state, local and foreign income taxes, other tax matters and related tax returns. We have joint and several liability with Orbital ATK to the IRS for the consolidated U.S. Federal income taxes of the Orbital ATK consolidated group relating to the taxable periods in which we were part of that group. However, the Tax Matters Agreement specifies the portion, if any, of this tax liability for which we bear responsibility, and Orbital ATK agrees to indemnify us against any amounts for which we are not responsible. The Tax Matters Agreement also provides special rules for allocating tax liabilities in the event that the Spin-Off is determined not to be tax-free. The Tax Matters Agreement provides for certain covenants that may restrict the ability to pursue strategic or other transactions that otherwise could maximize the value of the business and may discourage or delay a change of control. For example, unless we (or Orbital ATK, as applicable) were to receive a supplemental private letter ruling from the IRS or an unqualified opinion from a nationally recognized tax advisor, or Orbital ATK were to grant us a waiver, we would be restricted until two years after the Spin-off is consummated from entering into transactions which would result in an ownership shift in the Company of more than 30% (measured by vote or value) or divestitures of certain businesses or entities which could impact the tax-free nature of the Spin-off. Though valid as between the parties, the Tax Matters Agreement is not binding on the IRS. | |||||
Parent’s Equity | |||||
Prior to February 9, 2015, transactions between us and Orbital ATK had been included in the consolidated and combined financial statements and were considered to be effectively settled at the time the transaction is recorded. The net effect of the settlement of these transactions is reflected within "Parent’s Equity" in the consolidated and combined balance sheets. | |||||
The components of net assets, liabilities, and equity transferred from Orbital ATK in connection with the Spin-off were as follows: | |||||
Canceled/forfeited, Weighted average grant date fair value (in dollars per share) | |||||
Net property, plant, and equipment | $ | 1,327 | |||
Current deferred tax assets | 11,040 | ||||
Deferred charges and other non-current assets | (8,850 | ) | |||
Other assets | (5,649 | ) | |||
Total assets transferred | (2,132 | ) | |||
Accrued compensation | 4,097 | ||||
Long-term debt to parent | (994,824 | ) | |||
Accrued pension and postemployment liability | 62,500 | ||||
Long term deferred tax liabilities | (16,533 | ) | |||
Other accrued liabilities | (8,031 | ) | |||
Other liabilities | 888 | ||||
Total liabilities transferred | (951,903 | ) | |||
Unearned Compensation, AOCI, investment in sub | (23,279 | ) | |||
Net Contribution | $ | (973,050 | ) |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Allowance for Doubtful Accounts. We maintain an allowance for doubtful receivables for estimated losses resulting from the inability of our trade customers to make required payments. We provide an allowance for specific customer accounts where collection is doubtful and also provide an allowance for customer deductions based on historical collection and write-off experience. Additional allowances would be required if the financial conditions of our customers deteriorated. | |||||||||||||||||||||||||||||||
Consolidation, Policy [Policy Text Block] | Principles of Consolidation and Combination. The consolidated and combined financial statements include our net assets and results of operations as described above. All intercompany transactions and accounts within the businesses have been eliminated. | |||||||||||||||||||||||||||||||
All transactions between Orbital ATK and Vista Outdoor have been included in these combined financial statements. Prior to February 9, 2015 transactions with Orbital ATK or its affiliates are reflected in the combined statements of cash flows as changes in Orbital ATK's net investment within financing activities and in the combined balance sheet within Parent's equity. Subsequent to February 9, 2015 transactions with Orbital ATK or its affiliates are reflected within the Consolidated statements in the appropriate line item. | ||||||||||||||||||||||||||||||||
Fiscal Year | Fiscal Year. References in this report to a particular fiscal year refer to the year ended March 31 of that calendar year. Our interim quarterly periods are based on 13-week periods and end on Sundays. | |||||||||||||||||||||||||||||||
Use of Estimates | Use of Estimates. The preparation of consolidated and combined financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect amounts reported therein. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ from those estimates. | |||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition. Sales, net of estimates for discounts, returns, rebates, allowances, and excise taxes are recognized when persuasive evidence of an arrangement exists, the price is fixed and determinable, and all risks of ownership have been transferred, and payment is reasonably assured. | |||||||||||||||||||||||||||||||
Cash Equivalents | Cash Equivalents. Cash equivalents are all highly liquid cash investments purchased with original maturities of three months or less. | |||||||||||||||||||||||||||||||
Inventories | Inventories. Inventories are stated at the lower of cost, determined using the first-in, first-out ("FIFO") method, or market. Inventory costs associated with work in process inventory and finished goods include material, labor, and manufacturing overhead, while costs associated with raw materials and purchased finished goods include material and inbound freight costs. We provide inventory allowances for any excess and obsolete inventories and periodically write inventory amounts down to market when costs exceed market value. | |||||||||||||||||||||||||||||||
Accounting for Goodwill and Identifiable Intangible Assets | Accounting for Goodwill and Identifiable Intangible Assets. | |||||||||||||||||||||||||||||||
Goodwill—We test goodwill for impairment on the first day of our fourth fiscal quarter or upon the occurrence of events or changes in circumstances that indicate that an asset might be impaired. We have determined that the reporting units for our goodwill impairment review are our operating segments, or components of an operating segment, that constitute a business for which discrete financial information is available, and for which segment management regularly reviews the operating results. We then evaluate these components to determine if they are similar and should be aggregated into one reporting unit for testing purposes. | ||||||||||||||||||||||||||||||||
The impairment test is performed using a two-step process. In the first step, we determine the estimated fair value of each reporting unit and compare it to the carrying value of the reporting unit, including goodwill. If the carrying amount of a reporting unit is higher than its fair value, an indication of goodwill impairment exists and the second step must be performed in order to determine the amount of the goodwill impairment. In the second step, we must determine the implied fair value of the reporting unit's goodwill, by allocating the estimated fair value of the reporting unit in a manner similar to a purchase price allocation. The implied fair value is compared to the carrying amount and if the carrying amount of the reporting unit's goodwill exceeds the implied fair value of its goodwill, an impairment loss must be recognized for the excess. | ||||||||||||||||||||||||||||||||
Identifiable Intangible Assets—Our primary identifiable intangible assets include trademarks and trade names, patented technology, and customer relationships. Identifiable intangible assets with finite lives are amortized and evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Identifiable intangibles with indefinite lives are not amortized and are tested for impairment annually on the first day of our fourth fiscal quarter, or more frequently if events warrant. | ||||||||||||||||||||||||||||||||
Our identifiable intangibles with indefinite lives consist of certain trademarks and trade names. The impairment test consists of a comparison of the fair value of the specific intangible asset with its carrying value. The fair value of these assets is measured using the relief-from-royalty method which assumes that the asset has value to the extent that the owner is relieved of the obligation to pay royalties for the benefits received from them. This method requires that we estimate the future revenue for the related brands and technology, the appropriate royalty rate, and the weighted average cost of capital. We base our fair values and estimates on assumptions we believe to be reasonable, but which are unpredictable and inherently uncertain. If the carrying amount of an asset is higher than its fair value, an impairment exists and the asset would be recorded at the fair value. | ||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation. Our stock-based compensation plans, which are described more fully in Note 15, provide for the grant of various types of stock-based incentive awards, including performance awards, total stockholder return performance awards ("TSR awards"), restricted stock, and options to purchase common stock. The types and mix of stock-based incentive awards are evaluated on an ongoing basis and may vary based on our overall strategy regarding compensation, including consideration of the impact of expensing stock awards on our results of operations. | |||||||||||||||||||||||||||||||
Performance awards are valued at the fair value of our stock as of the grant date and expense is recognized based on the number of shares expected to vest under the terms of the award under which they are granted. We use an integrated Monte Carlo simulation model to determine the fair value of the TSR awards and the calculated fair value is recognized into income over the vesting period. Restricted stock issued vests over periods ranging from one to four years and is valued based on the market value of our stock on the grant date. The estimated grant date fair value of stock options is recognized into income on a straight-line basis over the requisite service period, generally one to three years. The estimated fair value of each option is calculated using the Black-Scholes option-pricing model. See Note 15 for further details. | ||||||||||||||||||||||||||||||||
Prior to February 9, 2015, all of our stock-based compensation expense was attributable to our participation in Orbital ATK long-term incentive plans. Expense recognized prior to February 9, 2015 was based on awards attributable to those plans. | ||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes. Prior to the Spin-off, our domestic operations were included in Orbital ATK's U.S. federal and state income tax returns and all income taxes have been paid by Orbital ATK. Our foreign operations have been included in our own tax filings and we have paid the taxes. Income tax expense and other income tax related information contained in these combined financial statements are presented on a separate tax return basis as if we filed our own tax returns. Prior to the Spin-off current domestic income tax liabilities are assumed to be immediately settled with Orbital ATK and are relieved through the Parent's equity in the statement of cash flows. | |||||||||||||||||||||||||||||||
After the Spin-off, we account for income taxes under the asset and liability method in accordance with the accounting standard for income taxes. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities. Under this method, changes in tax rates and laws are recognized in income in the period such changes are enacted. | ||||||||||||||||||||||||||||||||
We record net deferred tax assets to the extent that we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent results of operations. Significant estimates are required for this analysis. If we were to determine that the amount of deferred income tax assets we would be able to realize in the future had changed, we would make an adjustment to the valuation allowance which would decrease or increase the provision for income taxes. | ||||||||||||||||||||||||||||||||
The provision for federal, foreign, and state and local income taxes is calculated on income before income taxes based on current tax law and includes the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. Such provision differs from the amounts currently payable because certain items of income and expense are recognized in different reporting periods for financial reporting purposes than for income tax purposes. | ||||||||||||||||||||||||||||||||
We periodically assess our liabilities and contingencies for all periods that are currently open to examination or have not been effectively settled based on the most current available information. Where it is not more likely than not that our tax position will be sustained, we record the entire resulting tax liability and when it is more likely than not of being sustained, we record our best estimate of the resulting tax liability. To the extent our assessment of the tax outcome of these matters changes, such change in estimate will impact the income tax provision in the period of change. It is our policy to record interest and penalties related to income taxes as part of the income tax expense for financial reporting purposes. | ||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities. From time to time, we use derivatives, consisting primarily of commodity forward contracts to hedge forecasted purchases of certain commodities and foreign currency exchange contracts to hedge forecasted transactions denominated in a foreign currency. We do not hold or issue derivatives for trading purposes. At the inception of each derivative instrument, we document the relationship between the hedging instrument and the hedged item, as well as our risk-management objectives and strategy for undertaking the hedge transaction. We assess, both at the hedge's inception and on an ongoing basis, whether the derivative instrument is highly effective in offsetting changes in the hedged item. Derivatives are recognized on the balance sheet at fair value. The effective portion of changes in fair value of derivatives designated as cash flow hedges are recorded to accumulated OCI and recognized in earnings when the hedged item affects earnings. The ineffective portion of derivatives designated as cash flow hedges and changes in fair value of derivative instruments not designated in a qualifying hedging relationship are reflected in current earnings. Our current derivatives are designated as cash flow hedges. See Note 3 for further details. | |||||||||||||||||||||||||||||||
Compensated Absences Policy [Policy Text Block] | Worker's Compensation. The liability for losses under our worker's compensation program has been actuarially determined and the portion of the worker's compensation liability that is related to our employees was $8,439 and $7,873 as of March 31, 2015 and 2014, respectively. | |||||||||||||||||||||||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Translation of Foreign Currencies. Assets and liabilities of foreign subsidiaries are translated at current exchange rates and the effects of these translation adjustments are reported as a component of accumulated other comprehensive loss ("AOCL") in equity. Income and expenses in foreign currencies are translated at the average exchange rate during the period. Foreign exchange transaction gains and losses in fiscal years 2015, 2014 and 2013 were not material. | |||||||||||||||||||||||||||||||
Parent equity policy [Policy Text Block] | Parent's Equity. Parent's Equity in the combined statements of financial position represents Orbital ATK's historical investment in us, the net effect of cost allocations from and transactions with Orbital ATK, net cash activity, and our accumulated earnings. See Note 16. | |||||||||||||||||||||||||||||||
Earnings Per Share Data | Earnings Per Share Data. Basic earnings per share ("EPS") is computed based upon the weighted average number of common shares outstanding for each period. Diluted EPS is computed based on the weighted average number of common shares and common equivalent shares. Common equivalent shares represent the effect of stock-based awards (see Note 15) during each period presented, which, if exercised, earned, or converted, would have a dilutive effect on earnings per share. On February 9, 2015, 63,875,000 shares of our common stock were distributed to Orbital ATK shareholders of record to complete the Spin-Off from ATK. For comparative purposes we have used weighted average shares of 63,875,000 to calculate basic and diluted EPS for all periods prior to the Spin-Off, as we had no outstanding common shares or dilutive stock-based awards. | |||||||||||||||||||||||||||||||
In computing EPS for the fiscal years presented, earnings, as reported for each respective period, is divided by (in thousands): | ||||||||||||||||||||||||||||||||
Years Ended March 31 | ||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Basic EPS shares outstanding | 63,596 | 63,875 | 63,875 | |||||||||||||||||||||||||||||
Dilutive effect of stock-based awards | 261 | — | — | |||||||||||||||||||||||||||||
Diluted EPS shares outstanding | 63,857 | 63,875 | 63,875 | |||||||||||||||||||||||||||||
Shares excluded from the calculation of diluted EPS because the option exercise/threshold price was greater than the average market price of the common shares | 122 | — | — | |||||||||||||||||||||||||||||
Comprehensive Income | Comprehensive Loss. | |||||||||||||||||||||||||||||||
The components of AOCL, net of income taxes, are as follows: | ||||||||||||||||||||||||||||||||
March 31 | ||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||
Pension and other postretirement benefit liabilities | $ | (58,155 | ) | $ | — | |||||||||||||||||||||||||||
Cumulative translation adjustment | (52,148 | ) | (1,505 | ) | ||||||||||||||||||||||||||||
Total accumulated other comprehensive loss | $ | (110,303 | ) | $ | (1,505 | ) | ||||||||||||||||||||||||||
The following table summarizes the changes in the balance of AOCL, net of income tax: | ||||||||||||||||||||||||||||||||
Year ended March 31, 2015 | Year ended March 31, 2014 | |||||||||||||||||||||||||||||||
Derivatives | Pension and other Postretire-ment Benefits | Cumulative translation adjustment | Total | Derivatives | Pension and other Postretire-ment Benefits | Cumulative translation adjustment | Total | |||||||||||||||||||||||||
Beginning of period unrealized gain (loss) in AOCL | $ | — | $ | — | $ | (1,505 | ) | $ | (1,505 | ) | $ | (401 | ) | $ | — | $ | — | $ | (401 | ) | ||||||||||||
Net decrease in fair value of derivatives | 974 | — | — | 974 | (374 | ) | — | — | (374 | ) | ||||||||||||||||||||||
Net losses reclassified from AOCL, offsetting the price paid to suppliers (1) | (974 | ) | — | — | (974 | ) | (224 | ) | — | — | (224 | ) | ||||||||||||||||||||
Net losses reclassified from AOCL, due to ineffectiveness (1) | — | — | — | — | 999 | — | — | 999 | ||||||||||||||||||||||||
Net actuarial losses reclassified from AOCL (2) | — | 2,246 | — | 2,246 | — | — | — | — | ||||||||||||||||||||||||
Prior service costs reclassified from AOCL (2) | — | (139 | ) | — | (139 | ) | — | — | — | — | ||||||||||||||||||||||
Adjustment due to Spin-Off (3) | — | (60,262 | ) | — | (60,262 | ) | — | — | — | — | ||||||||||||||||||||||
Net change in cumulative translation adjustment | — | — | (50,643 | ) | (50,643 | ) | — | — | (1,505 | ) | (1,505 | ) | ||||||||||||||||||||
End of period unrealized gain (loss) in AOCL | $ | — | $ | (58,155 | ) | $ | (52,148 | ) | $ | (110,303 | ) | $ | — | $ | — | $ | (1,505 | ) | $ | (1,505 | ) | |||||||||||
(1) Amounts related to our derivative instruments that were reclassified from AOCL were recorded as a component of cost of sales for each period presented. | ||||||||||||||||||||||||||||||||
(2) Amounts related to our pension and other postretirement benefits that were reclassified from AOCL were recorded as a component of net periodic benefit cost for each period presented (Note 11). | ||||||||||||||||||||||||||||||||
(3) Adjustment represents the AOCL assumed upon the completion of the Spin-off related to the pension plan and post-retirement and post-employment liabilities. | ||||||||||||||||||||||||||||||||
During the year ended March 31, 2014, there was a loss of $1,637 recognized in earnings as a result of ineffectiveness on forward contracts for copper and zinc. There was no ineffectiveness recognized in earnings for these contracts during any other fiscal years presented. We expect that any unrealized losses will be realized and reported in cost of sales as the cost of the commodities is included in cost of sales. Estimated and actual gains or losses will change as market prices change. | ||||||||||||||||||||||||||||||||
Fair Value of Nonfinancial Instruments | Fair Value of Nonfinancial Instruments. The carrying amount of receivables, inventory, accounts payable and accrued liabilities approximates fair value because of the short maturity of these instruments. See Note 2 for additional disclosure regarding fair value of financial instruments. | |||||||||||||||||||||||||||||||
New Accounting Pronouncements | New Accounting Pronouncements. On May 28, 2014, the FASB issued ASU 2014-09 Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, including most industry-specific revenue recognition guidance. This guidance is effective for periods beginning after December 15, 2016 and early application is not permitted. We are in the process of evaluating the impact this standard will have on us. | |||||||||||||||||||||||||||||||
There are no other new accounting pronouncements that are expected to have a significant impact on our consolidated and combined financial statements. | ||||||||||||||||||||||||||||||||
Cost of Sales, Policy [Policy Text Block] | Cost of Sales. Cost of sales includes material, labor, and overhead costs associated with product manufacturing, including depreciation, purchasing and receiving, inspection, warehousing, product liability, warranty, and inbound and outbound shipping and handling costs. | |||||||||||||||||||||||||||||||
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs. Research and development costs consist primarily of compensation and benefits and experimental work materials for our employees who are responsible for the development and enhancement of new and existing products. Research and development costs incurred to develop new products and to enhance existing products are charged to expense as incurred. | |||||||||||||||||||||||||||||||
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling, General, and Administrative Expense. Selling, General and Administrative expense includes, among other items, administrative salaries, benefits, commissions, advertising, insurance, and professional fees. | |||||||||||||||||||||||||||||||
Advertising Costs, Policy [Policy Text Block] | Advertising Costs. Advertising costs including print ads, commercials, catalogs, and brochures are expensed at time of first advertisement. Our co-op program is structured so that certain dealers are eligible for reimbursement of certain types of advertisements on qualifying product purchases and are accrued as purchases are made. Advertising costs totaled $52,941, $44,341, and $25,462 for the years ended March 31, 2015, 2014, and 2013, respectively. | |||||||||||||||||||||||||||||||
Standard Product Warranty, Policy [Policy Text Block] | Warranty Costs. We generally sell our firearm products with a one-year warranty and a variety of our accessories products with warranties ranging primarily from one to three years. The estimated costs of such product warranties are recorded at the time the sale is recorded. Estimated future warranty costs are accrued at the time of sale based upon actual past experience, our current production environment as well as specific and identifiable warranties as applicable. As of March 31, 2015 and 2014, the balance of our warranty reserve was $7,429 and $8,158, respectively. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||
Concentration risk | ||||||||||||||||||||||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | The following table summarizes the changes in the balance of AOCL, net of income tax: | |||||||||||||||||||||||||||||||
Year ended March 31, 2015 | Year ended March 31, 2014 | |||||||||||||||||||||||||||||||
Derivatives | Pension and other Postretire-ment Benefits | Cumulative translation adjustment | Total | Derivatives | Pension and other Postretire-ment Benefits | Cumulative translation adjustment | Total | |||||||||||||||||||||||||
Beginning of period unrealized gain (loss) in AOCL | $ | — | $ | — | $ | (1,505 | ) | $ | (1,505 | ) | $ | (401 | ) | $ | — | $ | — | $ | (401 | ) | ||||||||||||
Net decrease in fair value of derivatives | 974 | — | — | 974 | (374 | ) | — | — | (374 | ) | ||||||||||||||||||||||
Net losses reclassified from AOCL, offsetting the price paid to suppliers (1) | (974 | ) | — | — | (974 | ) | (224 | ) | — | — | (224 | ) | ||||||||||||||||||||
Net losses reclassified from AOCL, due to ineffectiveness (1) | — | — | — | — | 999 | — | — | 999 | ||||||||||||||||||||||||
Net actuarial losses reclassified from AOCL (2) | — | 2,246 | — | 2,246 | — | — | — | — | ||||||||||||||||||||||||
Prior service costs reclassified from AOCL (2) | — | (139 | ) | — | (139 | ) | — | — | — | — | ||||||||||||||||||||||
Adjustment due to Spin-Off (3) | — | (60,262 | ) | — | (60,262 | ) | — | — | — | — | ||||||||||||||||||||||
Net change in cumulative translation adjustment | — | — | (50,643 | ) | (50,643 | ) | — | — | (1,505 | ) | (1,505 | ) | ||||||||||||||||||||
End of period unrealized gain (loss) in AOCL | $ | — | $ | (58,155 | ) | $ | (52,148 | ) | $ | (110,303 | ) | $ | — | $ | — | $ | (1,505 | ) | $ | (1,505 | ) | |||||||||||
Schedule of classification of inventories | Inventories consist of the following: | |||||||||||||||||||||||||||||||
March 31 | ||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||
Raw materials | $ | 107,848 | $ | 102,277 | ||||||||||||||||||||||||||||
Work/Contracts in process | 53,740 | 59,604 | ||||||||||||||||||||||||||||||
Finished goods | 214,033 | 260,068 | ||||||||||||||||||||||||||||||
Net inventories | $ | 375,621 | $ | 421,949 | ||||||||||||||||||||||||||||
Schedule of weighted-average outstanding shares used in calculation of basic earnings per share to diluted earnings per share | In computing EPS for the fiscal years presented, earnings, as reported for each respective period, is divided by (in thousands): | |||||||||||||||||||||||||||||||
Years Ended March 31 | ||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Basic EPS shares outstanding | 63,596 | 63,875 | 63,875 | |||||||||||||||||||||||||||||
Dilutive effect of stock-based awards | 261 | — | — | |||||||||||||||||||||||||||||
Diluted EPS shares outstanding | 63,857 | 63,875 | 63,875 | |||||||||||||||||||||||||||||
Shares excluded from the calculation of diluted EPS because the option exercise/threshold price was greater than the average market price of the common shares | 122 | — | — | |||||||||||||||||||||||||||||
Schedule of components of accumulated OCI, net of income taxes | The components of AOCL, net of income taxes, are as follows: | |||||||||||||||||||||||||||||||
March 31 | ||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||
Pension and other postretirement benefit liabilities | $ | (58,155 | ) | $ | — | |||||||||||||||||||||||||||
Cumulative translation adjustment | (52,148 | ) | (1,505 | ) | ||||||||||||||||||||||||||||
Total accumulated other comprehensive loss | $ | (110,303 | ) | $ | (1,505 | ) |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule of carrying values and estimated fair values of assets and liabilities that are not measured on a recurring basis | The following table presents our financial assets and liabilities that are not measured at fair value on a recurring basis. The carrying values and estimated fair values were as follows: | ||||||||||||||||
As of March 31, 2015 | As of March 31, 2014 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Variable rate debt | $ | 350,000 | $ | 350,000 | $ | — | $ | — | |||||||||
Fixed rate long-term debt payable to parent | — | — | 300,000 | 309,339 | |||||||||||||
Variable rate long-term debt payable to parent | — | — | 714,911 | 715,223 | |||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||
Schedule of derivative gains and losses in the consolidated income statements related to commodity forward contracts and foreign currency forward contracts | For the periods presented below, the derivative gains and losses in the consolidated income statements related to commodity forward contracts and foreign currency forward contracts were as follows: | ||||||||||||
Pretax amount of gain | Gain or (loss) recognized | ||||||||||||
(loss) reclassified from | in income on derivative | ||||||||||||
Accumulated Other | (ineffective portion and | ||||||||||||
Comprehensive Income | amount excluded from | ||||||||||||
(Loss) | effectiveness testing) | ||||||||||||
Location | Amount | Location | Amount | ||||||||||
Fiscal year ended March 31, 2015 | |||||||||||||
Commodity forward contracts | Cost of Sales | $ | — | Cost of Sales | $ | — | |||||||
Foreign currency forward contracts | Cost of Sales | 974 | Cost of Sales | — | |||||||||
Fiscal year ended March 31, 2014 | |||||||||||||
Commodity forward contracts | Cost of Sales | $ | 365 | Cost of Sales | $ | (1,637 | ) | ||||||
Foreign currency forward contracts | Cost of Sales | — | Cost of Sales | — | |||||||||
Acquisitions_Nonrecurring_adju
Acquisitions Nonrecurring adjustments (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the fair values of the assets acquired and liabilities assumed in the acquisitions as originally reported in our Form 10 for the year ended March 31, 2014 and as revised for adjustments made during fiscal 2015: | ||||||||
Savage Arms Purchase Price Allocation | |||||||||
As Originally Reported | As Revised | ||||||||
Purchase price net of cash acquired: | |||||||||
Cash paid | $ | 315,000 | $ | 315,000 | |||||
Cash received for working capital | (2,498 | ) | (2,498 | ) | |||||
Total purchase price | 312,502 | 312,502 | |||||||
Fair value of assets acquired: | |||||||||
Receivables | $ | 39,374 | $ | 39,374 | |||||
Inventories | 36,499 | 36,499 | |||||||
Tradename, technology, and customer relationship intangibles | 126,600 | 126,600 | |||||||
Property, plant, and equipment | 24,965 | 24,965 | |||||||
Other assets | 6,589 | 7,040 | |||||||
Total assets | 234,027 | 234,478 | |||||||
Fair value of liabilities assumed: | |||||||||
Accounts payable | 14,461 | 14,461 | |||||||
Deferred tax liabilities | 49,915 | 49,545 | |||||||
Other liabilities | 22,314 | 21,733 | |||||||
Total liabilities | 86,690 | 85,739 | |||||||
Net assets acquired | 147,337 | 148,739 | |||||||
Goodwill | $ | 165,165 | $ | 163,763 | |||||
Bushnell Purchase Price Allocation | |||||||||
As Originally Reported | As Revised | ||||||||
Purchase price net of cash acquired: | |||||||||
Cash paid | $ | 985,000 | $ | 985,000 | |||||
Cash paid for additional working capital | 4,185 | 4,185 | |||||||
Total purchase price | 989,185 | 989,185 | |||||||
Fair value of assets acquired: | |||||||||
Net receivables | $ | 108,434 | $ | 109,429 | |||||
Net inventories | 160,793 | 157,184 | |||||||
Tradename, technology, and customer relationship intangibles | 364,843 | 364,700 | |||||||
Property, plant, and equipment | 25,080 | 25,055 | |||||||
Other assets | 10,938 | 7,765 | |||||||
Total assets | 670,088 | 664,133 | |||||||
Fair value of liabilities assumed: | |||||||||
Accounts payable | 80,092 | 80,099 | |||||||
Deferred income taxes | 75,692 | 88,121 | |||||||
Other liabilities | 30,025 | 30,932 | |||||||
Total liabilities | 185,809 | 199,152 | |||||||
Net assets acquired | 484,279 | 464,981 | |||||||
Goodwill | $ | 504,906 | $ | 524,204 | |||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustments [Table Text Block] | The unaudited supplemental pro forma data above include the following significant non-recurring adjustments made to account for certain costs which would have been incurred if the acquisition had been completed on April 1, 2012, as adjusted for the applicable tax impact: | ||||||||
YEAR ENDED | |||||||||
(Amounts in thousands) | 31-Mar-14 | ||||||||
Inventory Step-up, net1 | $ | (9,765 | ) | ||||||
Fees for advisory, legal, accounting services2 | (12,475 | ) | |||||||
Acquisitions | Acquisitions | ||||||||
In accordance with the accounting standards regarding business combinations, the results of acquired businesses are included in our consolidated and combined financial statements from the date of acquisition. The purchase price for each acquisition is allocated to the acquired assets and liabilities based on fair value. The excess purchase price over estimated fair value of the net assets acquired is recorded as goodwill. | |||||||||
Savage Arms Acquisition | |||||||||
On June 21, 2013, we acquired Savage Arms, a leading manufacturer of sporting long guns. Operating under the brand names of Savage Arms, Stevens and Savage Range Systems, Savage Arms designs, manufactures and markets centerfire and rimfire rifles, shotguns and shooting range systems used for hunting as well as competitive and recreational target shooting. Savage Arms is included within the Shooting Sports segment. The purchase price was $315,000 net of cash acquired. We believe the acquisition complemented our growing portfolio of leading consumer brands and allowed us to build upon offerings with Savage Arms' prominent, respected brands known for accuracy, quality, innovation, value and craftsmanship. Savage Arms' sales distribution channels, new product development, and sophistication in manufacturing significantly increased our presence with a highly-relevant product offering to distributors, retailers and consumers. Savage Arms employs approximately 400 employees. The purchase price allocation was completed during the first quarter of fiscal 2015. None of the goodwill generated in this acquisition will be deductible for tax purposes. | |||||||||
Bushnell Acquisition | |||||||||
On November 1, 2013, we acquired Bushnell. Bushnell is a leading global designer, marketer and distributor of branded sports optics, outdoor accessories and eyewear. Bushnell is included within the Outdoor Products segment. The purchase price was $985,000 net of cash acquired, subject to customary post-closing adjustments. We believe the acquisition broadened our existing capabilities in the commercial shooting sports market and expanded our portfolio of branded shooting sports products. In addition, this transaction enabled us to enter new sporting markets in golf and snow sports. We have leveraged Bushnell’s strong sourcing, marketing, branding and distribution capabilities and capitalized on Bushnell’s track record of successfully integrating acquisitions and delivering profitable growth. Bushnell employs approximately 1,100 employees. The purchase price allocation was completed during the third quarter of fiscal 2015. A portion of the goodwill generated in this acquisition will be deductible for tax purposes. The total amount of goodwill related to the acquisition deductible for tax purposes is $19,095. | |||||||||
Allocation of Consideration Transferred to Net Assets Acquired: | |||||||||
The purchase prices were allocated based on the estimated fair value of net assets acquired and liabilities assumed at the date of the acquisitions. During fiscal 2015, we recorded fair value adjustments to the preliminary purchase price allocation reported at March 31, 2014. Purchase price adjustments were applied retrospectively back to the date of the acquisitions. These adjustments did not have a material impact on net income (loss) in fiscal 2014 and, therefore, we have not adjusted our net income (loss) for the year ended March 31, 2014. | |||||||||
The following table summarizes the fair values of the assets acquired and liabilities assumed in the acquisitions as originally reported in our Form 10 for the year ended March 31, 2014 and as revised for adjustments made during fiscal 2015: | |||||||||
Savage Arms Purchase Price Allocation | |||||||||
As Originally Reported | As Revised | ||||||||
Purchase price net of cash acquired: | |||||||||
Cash paid | $ | 315,000 | $ | 315,000 | |||||
Cash received for working capital | (2,498 | ) | (2,498 | ) | |||||
Total purchase price | 312,502 | 312,502 | |||||||
Fair value of assets acquired: | |||||||||
Receivables | $ | 39,374 | $ | 39,374 | |||||
Inventories | 36,499 | 36,499 | |||||||
Tradename, technology, and customer relationship intangibles | 126,600 | 126,600 | |||||||
Property, plant, and equipment | 24,965 | 24,965 | |||||||
Other assets | 6,589 | 7,040 | |||||||
Total assets | 234,027 | 234,478 | |||||||
Fair value of liabilities assumed: | |||||||||
Accounts payable | 14,461 | 14,461 | |||||||
Deferred tax liabilities | 49,915 | 49,545 | |||||||
Other liabilities | 22,314 | 21,733 | |||||||
Total liabilities | 86,690 | 85,739 | |||||||
Net assets acquired | 147,337 | 148,739 | |||||||
Goodwill | $ | 165,165 | $ | 163,763 | |||||
Bushnell Purchase Price Allocation | |||||||||
As Originally Reported | As Revised | ||||||||
Purchase price net of cash acquired: | |||||||||
Cash paid | $ | 985,000 | $ | 985,000 | |||||
Cash paid for additional working capital | 4,185 | 4,185 | |||||||
Total purchase price | 989,185 | 989,185 | |||||||
Fair value of assets acquired: | |||||||||
Net receivables | $ | 108,434 | $ | 109,429 | |||||
Net inventories | 160,793 | 157,184 | |||||||
Tradename, technology, and customer relationship intangibles | 364,843 | 364,700 | |||||||
Property, plant, and equipment | 25,080 | 25,055 | |||||||
Other assets | 10,938 | 7,765 | |||||||
Total assets | 670,088 | 664,133 | |||||||
Fair value of liabilities assumed: | |||||||||
Accounts payable | 80,092 | 80,099 | |||||||
Deferred income taxes | 75,692 | 88,121 | |||||||
Other liabilities | 30,025 | 30,932 | |||||||
Total liabilities | 185,809 | 199,152 | |||||||
Net assets acquired | 484,279 | 464,981 | |||||||
Goodwill | $ | 504,906 | $ | 524,204 | |||||
Intangible assets from above include: | |||||||||
Value | Useful life (years) | ||||||||
Savage Arms | |||||||||
Indefinite lived tradenames | $ | 70,200 | Indefinite | ||||||
Tradenames | 12,900 | 20-May | |||||||
Customer Relationships | 43,500 | 10-May | |||||||
Bushnell | |||||||||
Indefinite lived tradenames | $ | 95,100 | Indefinite | ||||||
Tradenames | 105,700 | 15 | |||||||
Technology | 15,900 | 20-Jun | |||||||
Customer Relationships | 148,000 | 15 | |||||||
Supplemental Pro Forma Data: | |||||||||
We used the acquisition method of accounting to account for these acquisitions and, accordingly, the results of Savage Arms and Bushnell are included in our combined financial statements for the period subsequent to the date of acquisition. The following unaudited supplemental pro forma data for the year ended March 31, 2014 present consolidated information as if the acquisition had been completed on April 1, 2012. The pro forma results were calculated by combining our results with the standalone results of Savage Arms and Bushnell for the pre-acquisition periods, which were adjusted to account for certain costs which would have been incurred during this pre-acquisition period: | |||||||||
YEAR ENDED | |||||||||
(Amounts in thousands except per share data) | 31-Mar-14 | ||||||||
Sales | $ | 2,280,071 | |||||||
Net income | 153,643 | ||||||||
Basic earnings per common share | 2.41 | ||||||||
Diluted earnings per common share | 2.41 | ||||||||
The unaudited supplemental pro forma data above include the following significant non-recurring adjustments made to account for certain costs which would have been incurred if the acquisition had been completed on April 1, 2012, as adjusted for the applicable tax impact: | |||||||||
YEAR ENDED | |||||||||
(Amounts in thousands) | 31-Mar-14 | ||||||||
Inventory Step-up, net1 | $ | (9,765 | ) | ||||||
Fees for advisory, legal, accounting services2 | (12,475 | ) | |||||||
1. Adjustment reflects the increased cost of goods sold expense which results from the fair value step-up in inventory of $15,500 which was expensed over the first inventory cycle. | |||||||||
2. We removed the fees that were incurred in connection with the acquisition of Savage and Bushnell from fiscal 2014, and considered those fees as incurred during the first quarter of fiscal 2013. Costs were recorded in General and administrative expense. | |||||||||
We made no acquisitions during fiscal 2015 or 2013. | |||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | March 31, 2014 present consolidated information as if the acquisition had been completed on April 1, 2012. The pro forma results were calculated by combining our results with the standalone results of Savage Arms and Bushnell for the pre-acquisition periods, which were adjusted to account for certain costs which would have been incurred during this pre-acquisition period: | ||||||||
YEAR ENDED | |||||||||
(Amounts in thousands except per share data) | 31-Mar-14 | ||||||||
Sales | $ | 2,280,071 | |||||||
Net income | 153,643 | ||||||||
Basic earnings per common share | 2.41 | ||||||||
Diluted earnings per common share | 2.41 | ||||||||
Acquisitions_FiniteLived_and_I
Acquisitions Finite-Lived and Indefinite-Lived Assets Acquired as part of Business Combination (Tables) | 12 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Intangible assets from above include: | ||||||
Value | Useful life (years) | ||||||
Savage Arms | |||||||
Indefinite lived tradenames | $ | 70,200 | Indefinite | ||||
Tradenames | 12,900 | 20-May | |||||
Customer Relationships | 43,500 | 10-May | |||||
Bushnell | |||||||
Indefinite lived tradenames | $ | 95,100 | Indefinite | ||||
Tradenames | 105,700 | 15 | |||||
Technology | 15,900 | 20-Jun | |||||
Customer Relationships | 148,000 | 15 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years |
Receivables_Tables
Receivables (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Receivables [Abstract] | |||||||||
Schedule of receivables, including amounts due under long-term contracts (contract receivables) | Receivables, are summarized as follows: | ||||||||
March 31 | |||||||||
2015 | 2014 | ||||||||
Trade Receivables | $ | 370,335 | $ | 304,232 | |||||
Other Receivables | 2,089 | 3,118 | |||||||
Less allowance for doubtful accounts | (10,730 | ) | (5,621 | ) | |||||
Net receivables | $ | 361,694 | $ | 301,729 | |||||
Schedule of reconciliation of changes in ATK's allowance for doubtful accounts | The following is a reconciliation of the changes in our allowance for doubtful accounts during fiscal 2014 and 2015: | ||||||||
Balance at April 1, 2013 | $ | 5,342 | |||||||
Expense | 5,912 | ||||||||
Write-offs | (4,954 | ) | |||||||
Reversals and other adjustments | (679 | ) | |||||||
Balance at March 31, 2014 | 5,621 | ||||||||
Expense | 6,875 | ||||||||
Write-offs | (1,010 | ) | |||||||
Reversals and other adjustments | (756 | ) | |||||||
Balance at March 31, 2015 | $ | 10,730 | |||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory [Line Items] | |||||||||
Schedule of classification of inventories | Inventories consist of the following: | ||||||||
March 31 | |||||||||
2015 | 2014 | ||||||||
Raw materials | $ | 107,848 | $ | 102,277 | |||||
Work/Contracts in process | 53,740 | 59,604 | |||||||
Finished goods | 214,033 | 260,068 | |||||||
Net inventories | $ | 375,621 | $ | 421,949 | |||||
Property_Plant_and_Equipment_T
Property, Plant, and Equipment (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Schedule of property, plant and equipment | Property, plant, and equipment consists of the following: | ||||||||
March 31 | |||||||||
2015 | 2014 | ||||||||
Land | $ | 8,614 | $ | 8,919 | |||||
Buildings and improvements | 47,752 | 43,218 | |||||||
Machinery and equipment | 250,210 | 224,112 | |||||||
Property not yet in service | 39,110 | 39,549 | |||||||
Gross property, plant, and equipment | 345,686 | 315,798 | |||||||
Less accumulated depreciation | (155,079 | ) | (126,727 | ) | |||||
Net property, plant, and equipment | $ | 190,607 | $ | 189,071 | |||||
Goodwill_and_Deferred_Charges_1
Goodwill and Deferred Charges and Other Non-Current Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Goodwill and Deferred Charges and Other Non-Current Assets | |||||||||||||||||||||||||
Schedule of carrying amount of goodwill by operating segment | The changes in the carrying amount of goodwill by segment were as follows: | ||||||||||||||||||||||||
Shooting Sports | Outdoor Products | Total | |||||||||||||||||||||||
Balance at March 31, 2013 | $ | 83,167 | $ | 77,114 | $ | 160,281 | |||||||||||||||||||
Acquisitions | 163,763 | 524,204 | 687,967 | ||||||||||||||||||||||
Effect of foreign currency exchange rates | (443 | ) | (671 | ) | (1,114 | ) | |||||||||||||||||||
Balance at March 31, 2014 | 246,487 | 600,647 | 847,134 | ||||||||||||||||||||||
Impairment | (41,020 | ) | — | (41,020 | ) | ||||||||||||||||||||
Effect of foreign currency exchange rates | (947 | ) | (23,004 | ) | (23,951 | ) | |||||||||||||||||||
Balance at March 31, 2015 | $ | 204,520 | $ | 577,643 | $ | 782,163 | |||||||||||||||||||
Schedule of deferred charges and other non-current assets | Deferred charges and other non-current assets consist of the following: | ||||||||||||||||||||||||
March 31 | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Debt issuance costs | $ | 10,691 | $ | 12,273 | |||||||||||||||||||||
Less accumulated amortization | (356 | ) | (897 | ) | |||||||||||||||||||||
Net debt issuance costs | 10,335 | 11,376 | |||||||||||||||||||||||
Other non-current assets | 7,476 | 10,894 | |||||||||||||||||||||||
Total deferred charges and other non-current assets | $ | 17,811 | $ | 22,270 | |||||||||||||||||||||
Schedule of amortizing assets | Net intangibles includes amortizing and non-amortizing assets consisting of trademarks, tradenames and brand names that are not being amortized as their estimated useful lives are considered indefinite. | ||||||||||||||||||||||||
Net intangibles consisted of the following: | |||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||||||||
Gross | Accumulated | Total | Gross | Accumulated | Total | ||||||||||||||||||||
carrying | amortization | carrying | amortization | ||||||||||||||||||||||
amount | amount | ||||||||||||||||||||||||
Tradenames | $ | 184,660 | $ | (34,260 | ) | $ | 150,400 | $ | 184,660 | $ | (21,723 | ) | $ | 162,937 | |||||||||||
Patented technologies | 22,600 | (8,488 | ) | 14,112 | 22,600 | (5,956 | ) | 16,644 | |||||||||||||||||
Customer relationships and other | 190,936 | (31,064 | ) | 159,872 | 200,248 | (16,011 | ) | 184,237 | |||||||||||||||||
Total | 398,196 | (73,812 | ) | 324,384 | 407,508 | (43,690 | ) | 363,818 | |||||||||||||||||
Non-amortizing trade names | 193,098 | — | 193,098 | 204,298 | — | 204,298 | |||||||||||||||||||
Net intangibles | $ | 591,294 | $ | (73,812 | ) | $ | 517,482 | $ | 611,806 | $ | (43,690 | ) | $ | 568,116 | |||||||||||
Schedule of expected future amortization expense | We expect amortization expense related to these assets to be as follows: | ||||||||||||||||||||||||
Fiscal 2016 | $ | 29,618 | |||||||||||||||||||||||
Fiscal 2017 | 29,352 | ||||||||||||||||||||||||
Fiscal 2018 | 29,352 | ||||||||||||||||||||||||
Fiscal 2019 | 26,608 | ||||||||||||||||||||||||
Fiscal 2020 | 25,725 | ||||||||||||||||||||||||
Thereafter | 183,729 | ||||||||||||||||||||||||
Total | $ | 324,384 | |||||||||||||||||||||||
Other_Accrued_Liabilities_Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Other Liabilities Disclosure [Abstract] | |||||||||
Schedule of major categories of other current and long-term accrued liabilities | The major categories of other current and long-term accrued liabilities are as follows: | ||||||||
March 31 | |||||||||
2015 | 2014 | ||||||||
In-transit inventory and other | $ | 39,236 | $ | 33,045 | |||||
Rebates | 14,889 | 17,593 | |||||||
Employee benefits and insurance | 14,375 | 14,379 | |||||||
Accrued advertising | 8,073 | 3,051 | |||||||
Warranty | 7,429 | 8,158 | |||||||
Customer obligations | 5,982 | 5,394 | |||||||
Freight accrual | 3,012 | 1,735 | |||||||
Product liability | 1,534 | 1,470 | |||||||
Accrued taxes | 1,148 | 4,505 | |||||||
Interest | 393 | — | |||||||
Total other accrued liabilities—current | $ | 96,071 | $ | 89,330 | |||||
Non-current portion of accrued income tax liability | $ | 23,406 | $ | 14,056 | |||||
Management nonqualified deferred compensation plan | 715 | 4,753 | |||||||
Performance share liability | 641 | 1,040 | |||||||
Environmental remediation | 529 | 521 | |||||||
Other | 5,930 | 2,881 | |||||||
Total other long-term liabilities | $ | 31,221 | $ | 23,251 | |||||
Schedule of reconciliation of the changes in product warranty liability | The warranty liability recorded at each balance sheet date reflects the estimated liability for warranty coverage for products delivered based on historical information and current trends. The following is a reconciliation of the changes in our product warranty liability during the periods presented: | ||||||||
Balance at April 1, 2013 | $ | 1,394 | |||||||
Payments made | (1,837 | ) | |||||||
Warranties issued | 2,401 | ||||||||
Warranties assumed in acquisition | 4,573 | ||||||||
Changes related to preexisting warranties | 1,627 | ||||||||
Balance at March 31, 2014 | 8,158 | ||||||||
Payments made | (3,699 | ) | |||||||
Warranties issued | 3,059 | ||||||||
Changes related to preexisting warranties | (89 | ) | |||||||
Balance at March 31, 2015 | $ | 7,429 | |||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||
Mar. 31, 2015 | |||||
Debt Disclosure [Abstract] | |||||
Schedule of long-term debt, including the current portion | Long-term debt, including the current portion, consisted of the following: | ||||
31-Mar-15 | |||||
Senior Credit Facility dated February 9, 2015: | |||||
Term A Loan due 2020 | $ | 350,000 | |||
Revolving Credit Facility due 2020 | — | ||||
Principal amount of long-term debt | 350,000 | ||||
Less: current portion | 17,500 | ||||
Carrying amount of long-term debt, excluding current portion | $ | 332,500 | |||
Schedule of minimum payments on outstanding long-term debt | The scheduled minimum loan payments on outstanding long-term debt are as follows: | ||||
Fiscal 2016 | $ | 17,500 | |||
Fiscal 2017 | 17,500 | ||||
Fiscal 2018 | 17,500 | ||||
Fiscal 2019 | 17,500 | ||||
Fiscal 2020 | 280,000 | ||||
Thereafter | — | ||||
Total | $ | 350,000 | |||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Schedule of change in benefit obligation and change in plan assets | The following table shows changes in the benefit obligation, plan assets, and funded status of our qualified and non-qualified pension plans and other PRB plans. Benefit obligation balances presented below reflect the projected benefit obligation ("PBO") for our pension plans and accumulated PRB obligations ("APBO") or our other PRB plans. | ||||||||||||||||
Pension Benefits and PRB | |||||||||||||||||
Year Ended March 31 | |||||||||||||||||
2015 | |||||||||||||||||
Obligations and Funded Status | |||||||||||||||||
Change in benefit obligation | |||||||||||||||||
Benefit obligation at beginning of year | $ | — | |||||||||||||||
Service cost | 215 | ||||||||||||||||
Interest cost | 1,207 | ||||||||||||||||
Plan Amendments | — | ||||||||||||||||
Actuarial loss (gain) | (1,588 | ) | |||||||||||||||
Transfers from Spin-Off | 225,753 | ||||||||||||||||
Benefits paid | (492 | ) | |||||||||||||||
Benefit obligation at end of year | $ | 225,095 | |||||||||||||||
Change in plan assets | |||||||||||||||||
Fair value of plan assets at beginning of year | $ | — | |||||||||||||||
Actual return on plan assets | 2,425 | ||||||||||||||||
Retiree contributions | — | ||||||||||||||||
Employer contributions | — | ||||||||||||||||
Transfers from Spin-Off | 163,034 | ||||||||||||||||
Benefits paid | (492 | ) | |||||||||||||||
Fair value of plan assets at end of year | 164,967 | ||||||||||||||||
Funded status | $ | (60,128 | ) | ||||||||||||||
Schedule of amounts recognized in the balance sheet | |||||||||||||||||
Pension Benefits and PRB | |||||||||||||||||
Year Ended March 31 | |||||||||||||||||
2015 | |||||||||||||||||
Amounts Recognized in the Balance Sheet | |||||||||||||||||
Other accrued liabilities | $ | (783 | ) | ||||||||||||||
Accrued pension and postemployment liabilities | (59,345 | ) | |||||||||||||||
Net amount recognized | $ | (60,128 | ) | ||||||||||||||
Accumulated other comprehensive loss related to: | |||||||||||||||||
Unrecognized net actuarial losses | $ | 104,298 | |||||||||||||||
Unrecognized prior service benefits | (11,620 | ) | |||||||||||||||
Accumulated other comprehensive loss | $ | 92,678 | |||||||||||||||
Schedule of estimated amount that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in fiscal 2013 | The estimated amount that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in fiscal 2016 is as follows: | ||||||||||||||||
Pension and PRB | |||||||||||||||||
Recognized net actuarial losses | $ | 8,842 | |||||||||||||||
Amortization of prior service benefits | (1,748 | ) | |||||||||||||||
Total | $ | 7,094 | |||||||||||||||
Schedule of information for pension plans with an accumulated benefit obligation in excess of plan assets | |||||||||||||||||
March 31 | |||||||||||||||||
2015 | |||||||||||||||||
Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets | |||||||||||||||||
Projected benefit obligation | $ | 223,155 | |||||||||||||||
Accumulated benefit obligation | 223,155 | ||||||||||||||||
Fair value of plan assets | 164,967 | ||||||||||||||||
Schedule of components of net periodic benefit cost | The components of net periodic benefit cost are as follows: | ||||||||||||||||
Pension Benefits and PRB | |||||||||||||||||
Years Ended March 31 | |||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
Service cost | $ | 1,163 | $ | 1,617 | $ | 4,194 | |||||||||||
Interest cost | 6,546 | 6,122 | 9,696 | ||||||||||||||
Expected return on plan assets | (7,734 | ) | (7,536 | ) | (11,106 | ) | |||||||||||
Amortization of unrecognized net loss | 5,970 | 6,814 | 8,253 | ||||||||||||||
Amortization of unrecognized prior service cost | (1,213 | ) | (1,081 | ) | (317 | ) | |||||||||||
Net periodic benefit cost | $ | 4,732 | $ | 5,936 | $ | 10,720 | |||||||||||
Schedule of weighted average assumptions used to determine benefit obligations and net periodic benefit cost | |||||||||||||||||
Pension Benefits | |||||||||||||||||
2015 | |||||||||||||||||
Weighted-Average Assumptions Used to Determine Benefit Obligations as of March 31 | |||||||||||||||||
Discount rate | 3.87 | % | |||||||||||||||
Rate of compensation increase | 3.78 | % | |||||||||||||||
Pension Benefits | |||||||||||||||||
2015 | |||||||||||||||||
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Year Ended March 31 | |||||||||||||||||
Discount rate | 4.5 | % | |||||||||||||||
Expected long-term rate of return on plan assets | 7.25 | % | |||||||||||||||
Rate of compensation increase: | |||||||||||||||||
Union | 3.22 | % | |||||||||||||||
Salaried | 3.47 | % | |||||||||||||||
Schedule of allocation of plan assets | pension plan weighted-average asset allocations at March 31, 2015, and the target allocations for fiscal 2016, by asset category are as follows: | ||||||||||||||||
Target | Actual as of | ||||||||||||||||
Range | March 31 | ||||||||||||||||
2016 | 2015 | ||||||||||||||||
Asset Category | |||||||||||||||||
Domestic equity | 10 - 25% | 20.7 | % | ||||||||||||||
International equity | 10 - 20% | 13.7 | % | ||||||||||||||
Fixed income | 35 - 50% | 42.5 | % | ||||||||||||||
Real assets | 0 - 10% | 4.8 | % | ||||||||||||||
Hedge funds/private equity | 15 - 30% | 14.8 | % | ||||||||||||||
Other investments/cash | 0 - 6% | 3.5 | % | ||||||||||||||
Total | 100% | 100 | % | ||||||||||||||
Schedule of fair value of pension plan investments | Fair Value—The following table presents the pension plan investments using the fair value hierarchy discussed in Note 2 as of March 31, 2015. We expect to complete the asset transfer by the end of the first quarter of fiscal 2016. As such all assets are currently included within the Orbital ATK asset pool and are managed based on the Orbital ATK methodology. The information below reflects our estimated allocated portion of the assets and will not reflect the precise assets that will be transferred to us. | ||||||||||||||||
Quoted Prices | Significant Other | Significant | Total | ||||||||||||||
in Active | Observable Inputs | Unobservable | |||||||||||||||
Markets for | (Level 2) | Inputs | |||||||||||||||
Identical Assets | (Level 3) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Interest-bearing cash | $ | — | $ | 215 | $ | — | $ | 215 | |||||||||
U.S. Government securities | 10,430 | 758 | — | 11,188 | |||||||||||||
Corporate debt | — | 26,909 | 12 | 26,921 | |||||||||||||
Common stock | 7,280 | 347 | — | 7,627 | |||||||||||||
Partnership/joint venture interest | — | — | 48,977 | 48,977 | |||||||||||||
Other investments | — | 205 | — | 205 | |||||||||||||
Common/collective trusts | — | 48,823 | — | 48,823 | |||||||||||||
Registered investment companies | 8,613 | 9,558 | — | 18,171 | |||||||||||||
Value of funds in insurance company accounts | — | 2,769 | 71 | 2,840 | |||||||||||||
Total | $ | 26,323 | $ | 89,584 | $ | 49,060 | $ | 164,967 | |||||||||
Schedule of reconciliation of Level 3 assets held during the year | The following table presents a reconciliation of Level 3 assets held during the year ended March 31, 2015: | ||||||||||||||||
Corporate Debt | Insurance | Partnerships/ | |||||||||||||||
Contracts | Joint Ventures | ||||||||||||||||
Balance at April 1, 2014 | $ | 13 | $ | 75 | $ | 45,221 | |||||||||||
Realized (losses) gains | — | — | 2,534 | ||||||||||||||
Net unrealized (losses) gains | — | — | (365 | ) | |||||||||||||
Net purchases, issuances, and settlements | (1 | ) | (4 | ) | 1,587 | ||||||||||||
Net transfers into (out of) Level 3 | — | — | — | ||||||||||||||
Balance at March 31, 2015 | $ | 12 | $ | 71 | $ | 48,977 | |||||||||||
Schedule of expected future benefit payments | |||||||||||||||||
Pension | |||||||||||||||||
Benefits | |||||||||||||||||
2016 | $ | 11,283 | |||||||||||||||
2017 | 11,551 | ||||||||||||||||
2018 | 12,233 | ||||||||||||||||
2019 | 13,232 | ||||||||||||||||
2020 | 14,863 | ||||||||||||||||
2021 through 2025 | 76,555 | ||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of income before income taxes and noncontrolling interest | Income before income taxes is as follows: | ||||||||||||
Years Ended March 31 | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Current: | |||||||||||||
US | $ | 133,027 | $ | 217,673 | $ | 100,043 | |||||||
Non-US | 21,019 | 665 | 1,419 | ||||||||||
Income before income taxes | $ | 154,046 | $ | 218,338 | $ | 101,462 | |||||||
Schedule of income tax provision | Our income tax provision consists of | ||||||||||||
: | |||||||||||||
Years Ended March 31 | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Current: | |||||||||||||
Federal | $ | 61,202 | $ | 64,163 | $ | 33,553 | |||||||
State | 4,866 | 9,197 | 3,683 | ||||||||||
Non-US | 9,052 | 2,845 | 18 | ||||||||||
Deferred: | |||||||||||||
Federal | 150 | 8,356 | (972 | ) | |||||||||
State | 410 | (60 | ) | 488 | |||||||||
Non-US | (1,162 | ) | 580 | — | |||||||||
Income tax provision | $ | 74,518 | $ | 85,081 | $ | 36,770 | |||||||
Schedule of items responsible for the differences between the federal statutory rate and ATK's effective rate | The items responsible for the differences between the federal statutory rate and our effective rate are as follows: | ||||||||||||
Years Ended March 31 | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal impact | 4.7 | % | 4.2 | % | 4.1 | % | |||||||
Domestic manufacturing deduction | (2.9 | )% | (3.1 | )% | (2.8 | )% | |||||||
Nondeductible transaction costs | 3.8 | % | 1 | % | — | % | |||||||
Nondeductible goodwill impairment | 9.3 | % | — | % | — | % | |||||||
Other | (1.5 | )% | 1.9 | % | (0.1 | )% | |||||||
Income tax provision | 48.4 | % | 39 | % | 36.2 | % | |||||||
Schedule of components of deferred tax assets and liabilities | As of March 31, 2015 and 2014 the components of deferred tax assets and liabilities were as follows: | ||||||||||||
Years Ended March 31 | |||||||||||||
2015 | 2014 | ||||||||||||
Deferred Tax Assets: | |||||||||||||
Inventory | $ | 22,617 | $ | 14,763 | |||||||||
Retirement benefits | 22,594 | — | |||||||||||
Accounts receivable | 9,523 | 11,035 | |||||||||||
Accruals for employee benefits | 8,409 | 7,737 | |||||||||||
Other reserves | 7,841 | 8,150 | |||||||||||
Loss and credit carryforwards | 5,072 | 16,333 | |||||||||||
Total deferred tax assets | 76,056 | 58,018 | |||||||||||
Valuation allowance | (4,650 | ) | (9,642 | ) | |||||||||
Total net deferred assets | 71,406 | 48,376 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Intangible assets | (186,737 | ) | (197,105 | ) | |||||||||
Property, plant and equipment | (24,785 | ) | (22,426 | ) | |||||||||
Other | (2,923 | ) | 1,834 | ||||||||||
Total deferred tax liabilities | (214,445 | ) | (217,697 | ) | |||||||||
Net deferred income tax (liabilities)/assets | $ | (143,039 | ) | $ | (169,321 | ) | |||||||
Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties | A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows: | ||||||||||||
Year ended March 31, 2015 | Year ended March 31, 2014 | Year ended March 31, 2013 | |||||||||||
Unrecognized Tax Benefits—beginning of period | $ | 23,237 | $ | 4,565 | $ | 3,539 | |||||||
Gross increases—tax positions in prior periods | 2,275 | 15,536 | — | ||||||||||
Gross decreases—tax positions in prior periods | (283 | ) | — | (54 | ) | ||||||||
Gross increases—current-period tax positions | 2,262 | 3,220 | 1,421 | ||||||||||
Settlements | (52 | ) | — | (221 | ) | ||||||||
Lapse of statute of limitations | (105 | ) | (84 | ) | (120 | ) | |||||||
Unrecognized Tax Benefits—end of period | $ | 27,334 | $ | 23,237 | $ | 4,565 | |||||||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | |||
Mar. 31, 2015 | ||||
Commitments | ||||
Schedule of contractual obligations and commercial commitments | The following table summarizes the operating lease payments expected to be paid in each of the following fiscal years: | |||
Fiscal 2016 | $ | 11,779 | ||
Fiscal 2017 | 10,540 | |||
Fiscal 2018 | 6,766 | |||
Fiscal 2019 | 4,958 | |||
Fiscal 2020 | 3,841 | |||
Thereafter | — | |||
Total | $ | 37,884 | ||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Equity [Abstract] | ||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The following weighted average assumptions were used for grants: | |||||||||||||
Year ended March 31, 2015 | Year ended March 31, 2014 | Year ended March 31, 2013 | ||||||||||||
Risk-free rate | 1.59% | 1.86%-2.07% | 1.02%-1.22% | |||||||||||
Expected volatility | 30.22% | 25.95%-26.71% | 25.87% | |||||||||||
Expected dividend yield | 0% | 1.27%-1.58% | 1.49%-1.90% | |||||||||||
Expected option life | 7 years | 7 years | 7 years | |||||||||||
Weighted average assumptions used in estimating the value of the award | The weighted average assumptions used in estimating the value of the TSR awards were as follows: | |||||||||||||
Fiscal 2015 | ||||||||||||||
Risk-free rate | 0.93 | % | ||||||||||||
Expected volatility | 33.25 | % | ||||||||||||
Expected dividend yield | — | % | ||||||||||||
Expected award life | 3 | |||||||||||||
Schedule of stock option activity | A summary of our stock option activity is presented below. Note that the activities presented for fiscal 2015 prior to the Spin-Off and fiscal 2014 represent the stock options held by our employees under the Orbital ATK long-term incentive award program in Orbital ATK shares. Subsequent to the Spin-off shares represent those stock options outstanding in our stock. | |||||||||||||
Shares | Weighted Average | Weighted Average | Aggregate Intrinsic | |||||||||||
Exercise Price | Remaining | Value | ||||||||||||
Contractual Life | (per option) | |||||||||||||
(in years) | ||||||||||||||
Outstanding at March 31, 2013 | 126,972 | $ | 60.99 | |||||||||||
Granted | 31,541 | 129.6 | ||||||||||||
Exercised | (300 | ) | 54.84 | |||||||||||
Forfeited/expired | (450 | ) | 54.84 | |||||||||||
Outstanding at March 31, 2014 | 157,763 | 74.74 | 8.3 | $ | 67.41 | |||||||||
Conversion related to Spin-Off(a) | 383,047 | |||||||||||||
Granted | 67,710 | 42.75 | ||||||||||||
Exercised | — | — | ||||||||||||
Forfeited/expired | — | — | ||||||||||||
Outstanding at March 31, 2015 | 608,520 | $ | 22.47 | 7.8 | $ | 20.35 | ||||||||
Options exercisable at: | ||||||||||||||
31-Mar-14 | 64,289 | $ | 59.26 | 8.3 | $ | 82.59 | ||||||||
31-Mar-15 | 438,980 | $ | 18.53 | 7.3 | $ | 24.29 | ||||||||
Schedule of performance share award, TSR award, and restricted stock award activity | These restricted stock units will be settled with the issuance of shares upon vesting. A summary of our restricted stock award activity is presented below. | |||||||||||||
Shares | Weighted Average | |||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Nonvested at March 31, 2014 | — | — | ||||||||||||
Granted | — | — | ||||||||||||
Canceled/forfeited | — | — | ||||||||||||
Vested | — | — | ||||||||||||
Nonvested at February 9, 2015 | — | — | ||||||||||||
Conversion related to Spin-Off(a) | 250,534 | $ | 20.74 | |||||||||||
Granted | 132,541 | 42.75 | ||||||||||||
Canceled/forfeited | — | — | ||||||||||||
Vested | (123,208 | ) | 15.21 | |||||||||||
Nonvested at March 31, 2015 | 259,867 | $ | 34.59 | |||||||||||
A summary of our performance share award, TSR award, restricted stock activity is presented below. Note that the activities presented for fiscal 2015 prior to the Spin-Off and fiscal 2014 represent the Restricted stock held by our employees under the Orbital ATK long-term incentive award program in Orbital ATK shares. Subsequent to the Spin-off shares represent those stock options outstanding in our stock | ||||||||||||||
Shares | Weighted Average | |||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Nonvested at March 31, 2013 | 317,580 | $ | 64.78 | |||||||||||
Granted | 85,152 | 123.56 | ||||||||||||
Canceled/forfeited | (73,909 | ) | 69.06 | |||||||||||
Vested | (83,155 | ) | 66.9 | |||||||||||
Nonvested at March 31, 2014 | 245,668 | 83.15 | ||||||||||||
Conversion related to Spin-Off(a) | 88,657 | |||||||||||||
Granted | 342,863 | 47.29 | ||||||||||||
Canceled/forfeited | — | — | ||||||||||||
Vested | (68,151 | ) | 20.88 | |||||||||||
Nonvested at March 31, 2015 | 609,037 | $ | 29.13 | |||||||||||
Operating_Segment_Information_
Operating Segment Information (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Schedule of Revenue by Major Customers by Reporting Segments | The following summarizes our results by segment: | ||||||||||||||||
Year ended March 31, 2015 | |||||||||||||||||
Shooting Sports | Outdoor Products | Corporate | Total | ||||||||||||||
External Sales | $ | 1,353,092 | $ | 730,322 | $ | — | $ | 2,083,414 | |||||||||
Capital expenditures | 29,664 | 7,214 | 1,327 | 38,205 | |||||||||||||
Depreciation | 22,965 | 12,435 | 5 | 35,405 | |||||||||||||
Amortization of intangible assets | 6,900 | 24,246 | — | 31,146 | |||||||||||||
Gross Profit | 331,145 | 200,043 | (2,267 | ) | 528,921 | ||||||||||||
Year ended March 31, 2014 | |||||||||||||||||
Shooting Sports | Outdoor Products | Corporate | Total | ||||||||||||||
External Sales | $ | 1,422,442 | $ | 451,477 | $ | — | $ | 1,873,919 | |||||||||
Capital expenditures | 31,634 | 8,600 | — | 40,234 | |||||||||||||
Depreciation | 16,497 | 8,394 | — | 24,891 | |||||||||||||
Amortization of intangible assets | 5,319 | 14,692 | — | 20,011 | |||||||||||||
Gross Profit | 382,971 | 83,787 | 545 | 467,303 | |||||||||||||
Year ended March 31, 2013 | |||||||||||||||||
Shooting Sports | Outdoor Products | Corporate | Total | ||||||||||||||
External Sales | $ | 867,227 | $ | 328,804 | $ | — | $ | 1,196,031 | |||||||||
Capital expenditures | 18,252 | 5,143 | — | 23,395 | |||||||||||||
Depreciation | 12,765 | 4,533 | — | 17,298 | |||||||||||||
Amortization of intangible assets | — | 7,830 | — | 7,830 | |||||||||||||
Gross Profit | 180,258 | 64,915 | (2,735 | ) | 242,438 | ||||||||||||
The sales above exclude intercompany sales between Outdoor Products and Shooting Sports of $2,010, $1,754 and $53 for the years ended March 31, 2015, 2014, and 2013, respectively. |
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly financial data | Quarterly financial data is summarized as follows: | ||||||||||||||||
Fiscal 2015 Quarter Ended | |||||||||||||||||
June 29, | September 28, | December 28, | March 31, | ||||||||||||||
Sales | $ | 565,995 | $ | 525,149 | $ | 506,881 | $ | 485,389 | |||||||||
Gross profit | 143,451 | 128,595 | 134,037 | 122,838 | |||||||||||||
Net income | 41,045 | 33,745 | (11,169 | ) | 15,907 | ||||||||||||
Earnings per common share: | |||||||||||||||||
Basic (1) | 0.64 | 0.53 | (0.17 | ) | 0.25 | ||||||||||||
Diluted(1) | 0.64 | 0.53 | (0.17 | ) | 0.25 | ||||||||||||
Fiscal 2014 Quarter Ended | |||||||||||||||||
June 30, | September 29, | December 29, | March 31, | ||||||||||||||
Sales | $ | 361,701 | $ | 422,825 | $ | 524,228 | $ | 565,165 | |||||||||
Gross profit | 78,203 | 98,461 | 133,676 | 156,963 | |||||||||||||
Net income | 21,148 | 30,719 | 33,365 | 48,025 | |||||||||||||
Earnings per common share: | |||||||||||||||||
Basic(1) | 0.33 | 0.48 | 0.52 | 0.75 | |||||||||||||
Diluted(1) | 0.33 | 0.48 | 0.52 | 0.75 | |||||||||||||
Related_Parties_Tables
Related Parties (Tables) | 12 Months Ended | ||||
Mar. 31, 2015 | |||||
Related party transactions and parent company contribution [Abstract] | |||||
Schedule of Related Party Transactions [Table Text Block] | The components of net assets, liabilities, and equity transferred from Orbital ATK in connection with the Spin-off were as follows: | ||||
Canceled/forfeited, Weighted average grant date fair value (in dollars per share) | |||||
Net property, plant, and equipment | $ | 1,327 | |||
Current deferred tax assets | 11,040 | ||||
Deferred charges and other non-current assets | (8,850 | ) | |||
Other assets | (5,649 | ) | |||
Total assets transferred | (2,132 | ) | |||
Accrued compensation | 4,097 | ||||
Long-term debt to parent | (994,824 | ) | |||
Accrued pension and postemployment liability | 62,500 | ||||
Long term deferred tax liabilities | (16,533 | ) | |||
Other accrued liabilities | (8,031 | ) | |||
Other liabilities | 888 | ||||
Total liabilities transferred | (951,903 | ) | |||
Unearned Compensation, AOCI, investment in sub | (23,279 | ) | |||
Net Contribution | $ | (973,050 | ) |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Fiscal Year | |||
Number of weeks in an interim quarterly period | 13 | ||
Concentration risk | |||
Advertising Expense | $52,941 | $44,341 | $25,462 |
Cash Equivalents | |||
Maximum term of original maturity to classify investments as cash equivalents (in months) | 3 months |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
step | |||
Inventories | |||
Inventory, Work in Process, Gross | $53,740 | $59,604 | |
Inventory, Finished Goods, Gross | 214,033 | 260,068 | |
Net inventories | 375,621 | 421,949 | |
Accounting for Goodwill and Identifiable Intangible Assets | |||
Number of steps involved in the process of impairment testing | 2 | ||
Stock-Based Compensation | |||
Product Warranty Accrual, Current | $7,429 | $8,158 | $1,394 |
Minimum | Stock options | |||
Stock-Based Compensation | |||
Minimum vesting period (in years) | 1 year | ||
Maximum | Stock options | |||
Stock-Based Compensation | |||
Minimum vesting period (in years) | 3 years |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details 3) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Workers' Compensation Liability | $8,439 | $7,873 | |
Pension and other postretirement benefit liabilities | -58,155,000 | 0 | |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -52,148,000 | -1,505,000 | |
Total accumulated other comprehensive loss | -110,303,000 | -1,505,000 | -401,000 |
Commodity forward contracts, gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | 0 | 1,637,000 | 0 |
Change in fair value of derivatives, net of tax benefit of $1,771, $3,586, and $17,060, respectively | 974,000 | -374,000 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -974,000 | -224,000 | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 999,000 | |
Reclassification of net actuarial loss for pension and postretirement benefit plans recorded to net income, net of tax expense of $(1,334), $0, and $0 | 2,246,000 | 0 | 0 |
Reclassification of prior service credits for pension and postretirement benefit plans recorded to net income, net of tax benefit of $83, $0, and $0 | -139,000 | 0 | 0 |
Contribution of AOCI from Parent | -60,262,000 | ||
Adjustment due to Spin-Off | 0 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -50,643,000 | -1,505,000 | 0 |
Reconciliation of weighted-average outstanding shares used in calculation of basic earnings per share to diluted earnings per share | |||
Basic EPS shares outstanding (in shares) | 63,596,000 | 63,875,000 | 63,875,000 |
Dilutive effect of stock-based awards (in shares) | 261,000 | 0 | 0 |
Incremental Common Shares Attributable to Conversion of Debt Securities | 0 | ||
Diluted EPS shares outstanding (in shares) | 63,875,000 | 63,875,000 | |
Shares excluded from the calculation of diluted EPS because the option exercise/threshold price was greater than the average market price of the common shares (in shares) | 122,000 | 0 | 0 |
Derivative Adjustments [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Derivatives | 0 | 0 | -401,000 |
Change in fair value of derivatives, net of tax benefit of $1,771, $3,586, and $17,060, respectively | 974,000 | -374,000 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -974,000 | -224,000 | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 999,000 | |
Pension and OPEB Adjustments [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Pension and other postretirement benefit liabilities | -58,155,000 | 0 | 0 |
Reclassification of net actuarial loss for pension and postretirement benefit plans recorded to net income, net of tax expense of $(1,334), $0, and $0 | 2,246,000 | 0 | |
Reclassification of prior service credits for pension and postretirement benefit plans recorded to net income, net of tax benefit of $83, $0, and $0 | -139,000 | 0 | |
Contribution of AOCI from Parent | -60,262,000 | ||
Accumulated Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | ($52,148,000) | ($1,505,000) | $0 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
derivative | ||
Fair value of assets and liabilities measured on a recurring basis | ||
Long-term Debt, Percentage Bearing Fixed Interest, Payable to Parent, Carrying Amount | $0 | $300,000,000 |
Long-term Debt, Percentage Bearing Fixed Interest, Payable to Parent, Fair Value Amount | 0 | 309,339,000 |
Number of Foreign Currency Derivatives Held | 0 | |
Long-term Debt, Percentage Bearing Variable Interest, Payable to Parent, Carrying Amount | 0 | 714,911,000 |
Long-term Debt, Percentage Bearing Variable Interest, Payable to Parent, Fair Value Amount | 0 | 715,223,000 |
Assets, Fair Value Disclosure, Recurring | $0 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Details 2) (Fair value of assets and liabilities that are not measured on a recurring basis, USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Carrying Amount | ||
Assets and liabilities that are not measured on a recurring basis | ||
Variable rate debt | $350,000 | $0 |
Fair Value | ||
Assets and liabilities that are not measured on a recurring basis | ||
Variable rate debt | $350,000 | $0 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
derivative | |||
Derivative Financial Instruments | |||
Number of Foreign Currency Derivatives Held | 0 | ||
Pretax amount of gain (loss) reclassified from Accumulated Other Comprehensive Income (Loss) | |||
Commodity forward contracts, (gain)/loss reclassified from accumulated other comprehensive income (loss) | $0 | $365 | |
Forward foreign currency contracts, (gain)/loss reclassified from accumulated other comprehensive income (loss) | 974 | 0 | |
Gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | |||
Commodity forward contracts, gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | 0 | -1,637 | 0 |
Forward foreign currency contracts, gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | $0 | $0 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 12 Months Ended | 5 Months Ended | |||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Jun. 21, 2013 | Nov. 01, 2013 | Oct. 31, 2013 | |
employee | Entity | Entity | employee | ||||
Acquisitions | |||||||
Payments to Acquire Businesses, Gross | $315,000,000 | ||||||
Number of employees of the acquired entity | 5,200 | ||||||
Business Acquisition, Purchase Price Allocation, Goodwill, Expected Tax Deductible Amount | 0 | ||||||
Number of acquisitions | 0 | 0 | |||||
Goodwill | 782,163,000 | 847,134,000 | 160,281,000 | 847,134,000 | |||
Savage Sports Corporation [Member] | |||||||
Acquisitions | |||||||
Payments to Acquire Businesses, Gross | 315,000,000 | ||||||
Purchase price of acquisition | 315,000,000 | ||||||
Number of employees of the acquired entity | 400 | ||||||
Business acquisition, cash paid for working capital adjustment | -2,498,000 | -2,498,000 | |||||
Business Acquisition, Purchase Price Allocation, Current Assets, Inventory | 36,499,000 | 36,499,000 | 36,499,000 | ||||
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | 24,965,000 | 24,965,000 | 24,965,000 | ||||
Business Acquisition, Purchase Price Allocation, Other Assets | 7,040,000 | 6,589,000 | 6,589,000 | ||||
Business Acquisition, Purchase Price Allocation, Assets Acquired | 234,478,000 | 234,027,000 | 234,027,000 | ||||
Business Acquisition, Purchase Price Allocation, Current Liabilities, Accounts Payable | 14,461,000 | 14,461,000 | 14,461,000 | ||||
Business Acquisition, Purchase Price Allocation, Deferred Tax Liabilities, Noncurrent | 49,545,000 | 49,915,000 | 49,915,000 | ||||
Business Acquisition, Purchase Price Allocation, Other Liabilities | 21,733,000 | 22,314,000 | 22,314,000 | ||||
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | 85,739,000 | 86,690,000 | 86,690,000 | ||||
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | 148,739,000 | 147,337,000 | 147,337,000 | ||||
Goodwill | 163,763,000 | 165,165,000 | 165,165,000 | ||||
Business Combination, Consideration Transferred | 312,502,000 | 312,502,000 | |||||
Business Combination, Acquired Receivables, Fair Value | 39,374,000 | 39,374,000 | 39,374,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 126,600,000 | 126,600,000 | 126,600,000 | ||||
Bushnell Group Holdings, Inc. [Member] | |||||||
Acquisitions | |||||||
Payments to Acquire Businesses, Gross | 985,000,000 | 985,000,000 | |||||
Business Combination, Acquired Inventory, Stepup adjustment expense | 15,500,000 | ||||||
Purchase price of acquisition | 985,000,000 | ||||||
Number of employees of the acquired entity | 1,100 | ||||||
Business Acquisition, Purchase Price Allocation, Goodwill, Expected Tax Deductible Amount | 19,095 | ||||||
Business acquisition, cash paid for working capital adjustment | 4,185,000 | 4,185,000 | |||||
Business Acquisition, Purchase Price Allocation, Current Assets, Inventory | 157,184,000 | 160,793,000 | 160,793,000 | ||||
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | 25,055,000 | 25,080,000 | 25,080,000 | ||||
Business Acquisition, Purchase Price Allocation, Other Assets | 7,765,000 | 10,938,000 | 10,938,000 | ||||
Business Acquisition, Purchase Price Allocation, Assets Acquired | 664,133,000 | 670,088,000 | 670,088,000 | ||||
Business Acquisition, Purchase Price Allocation, Current Liabilities, Accounts Payable | 80,099,000 | 80,092,000 | 80,092,000 | ||||
Business Acquisition, Purchase Price Allocation, Deferred Tax Liabilities, Noncurrent | 88,121,000 | 75,692,000 | 75,692,000 | ||||
Business Acquisition, Purchase Price Allocation, Other Liabilities | 30,932,000 | 30,025,000 | 30,025,000 | ||||
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | 199,152,000 | 185,809,000 | 185,809,000 | ||||
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | 464,981,000 | 484,279,000 | 484,279,000 | ||||
Goodwill | 524,204,000 | 504,906,000 | 504,906,000 | ||||
Business Combination, Consideration Transferred | 989,185,000 | 989,185,000 | |||||
Business Combination, Acquired Receivables, Fair Value | 109,429,000 | 108,434,000 | 108,434,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 364,700,000 | 364,843,000 | 364,843,000 | ||||
Patented Technology [Member] | Bushnell Group Holdings, Inc. [Member] | |||||||
Acquisitions | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 15,900,000 | ||||||
Trademarks and Trade Names [Member] | Savage Sports Corporation [Member] | |||||||
Acquisitions | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 12,900,000 | ||||||
Trademarks and Trade Names [Member] | Bushnell Group Holdings, Inc. [Member] | |||||||
Acquisitions | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 105,700,000 | ||||||
Customer Relationships [Member] | Savage Sports Corporation [Member] | |||||||
Acquisitions | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 43,500,000 | ||||||
Customer Relationships [Member] | Bushnell Group Holdings, Inc. [Member] | |||||||
Acquisitions | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 148,000,000 | ||||||
Trademarks and Trade Names [Member] | Savage Sports Corporation [Member] | |||||||
Acquisitions | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 70,200,000 | ||||||
Trademarks and Trade Names [Member] | Bushnell Group Holdings, Inc. [Member] | |||||||
Acquisitions | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $95,100,000 |
Acquisitions_Bushnell_Details
Acquisitions Bushnell (Details) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |
Business Acquisition, Pro Forma Revenue | $2,280,071 |
Business Acquisition, Pro Forma Net Income (Loss) | 153,643 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $2.41 |
Pro Forma Weighted Average Shares Outstanding, Diluted | 2.41 |
Fair Value Adjustment to Inventory [Member] | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |
Business Combination, Acquired Inventory, Stepup adjustment expense | -9,765 |
Acquisition-related Costs [Member] | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |
Schedule of Purchase Price Allocation [Table Text Block] | ($12,475) |
Acquisitions_Schedule_of_Recog
Acquisitions Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Business Combinations [Abstract] | |||
Payments to Acquire Businesses, Gross | $315,000 | ||
Goodwill | 782,163 | 847,134 | 160,281 |
Savage Sports Corporation [Member] | |||
Business Combinations [Abstract] | |||
Payments to Acquire Businesses, Gross | 315,000 | ||
Business acquisition, cash paid for working capital adjustment | -2,498 | -2,498 | |
Business Combination, Consideration Transferred | 312,502 | 312,502 | |
Business Combination, Acquired Receivables, Fair Value | 39,374 | 39,374 | |
Business Acquisition, Purchase Price Allocation, Current Assets, Inventory | 36,499 | 36,499 | |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | 24,965 | 24,965 | |
Business Acquisition, Purchase Price Allocation, Other Assets | 7,040 | 6,589 | |
Business Acquisition, Purchase Price Allocation, Assets Acquired | 234,478 | 234,027 | |
Business Acquisition, Purchase Price Allocation, Current Liabilities, Accounts Payable | 14,461 | 14,461 | |
Business Acquisition, Purchase Price Allocation, Deferred Tax Liabilities, Noncurrent | 49,545 | 49,915 | |
Business Acquisition, Purchase Price Allocation, Other Liabilities | 21,733 | 22,314 | |
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | 85,739 | 86,690 | |
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | 148,739 | 147,337 | |
Goodwill | 163,763 | 165,165 | |
Bushnell Group Holdings, Inc. [Member] | |||
Business Combinations [Abstract] | |||
Payments to Acquire Businesses, Gross | 985,000 | 985,000 | |
Business acquisition, cash paid for working capital adjustment | 4,185 | 4,185 | |
Business Combination, Consideration Transferred | 989,185 | 989,185 | |
Business Combination, Acquired Receivables, Fair Value | 109,429 | 108,434 | |
Business Acquisition, Purchase Price Allocation, Current Assets, Inventory | 157,184 | 160,793 | |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | 25,055 | 25,080 | |
Business Acquisition, Purchase Price Allocation, Other Assets | 7,765 | 10,938 | |
Business Acquisition, Purchase Price Allocation, Assets Acquired | 664,133 | 670,088 | |
Business Acquisition, Purchase Price Allocation, Current Liabilities, Accounts Payable | 80,099 | 80,092 | |
Business Acquisition, Purchase Price Allocation, Deferred Tax Liabilities, Noncurrent | 88,121 | 75,692 | |
Business Acquisition, Purchase Price Allocation, Other Liabilities | 30,932 | 30,025 | |
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | 199,152 | 185,809 | |
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | 464,981 | 484,279 | |
Goodwill | $524,204 | $504,906 |
Receivables_Details
Receivables (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Receivables [Abstract] | |||
Sales to External Customers in Percent | 15.00% | 12.00% | 14.00% |
Accounts Receivable, Gross | $370,335 | $304,232 | |
Other Receivables, Gross, Current | 2,089 | 3,118 | |
Less allowance for doubtful accounts | -10,730 | -5,621 | |
Net receivables | $361,694 | $301,729 |
Receivables_Details_2
Receivables (Details 2) (Allowance for doubtful accounts, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Allowance for doubtful accounts | ||
Reconciliation of the changes in ATK's allowance for doubtful accounts | ||
Balance at the beginning of the year | $5,621 | $5,342 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 6,875 | 5,912 |
Write-offs | -1,010 | -4,954 |
Valuation Allowances and Reserves, Adjustments | -756 | -679 |
Balance at the end of the year | $10,730 | $5,621 |
Inventories_Details
Inventories (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Inventory, Raw Materials, Gross | $107,848 | $102,277 |
Inventory, Work in Process, Gross | 53,740 | 59,604 |
Inventory, Finished Goods, Gross | 214,033 | 260,068 |
Net inventories | $375,621 | $421,949 |
Property_Plant_and_Equipment_D
Property, Plant, and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Property, plant and equipment | |||
Depreciation expenses | $35,405 | $24,891 | $17,298 |
Gross property, plant, and equipment | 345,686 | 315,798 | |
Less accumulated depreciation | -155,079 | -126,727 | |
Net property, plant, and equipment | 190,607 | 189,071 | |
Land | |||
Property, plant and equipment | |||
Gross property, plant, and equipment | 8,614 | 8,919 | |
Buildings and improvements | |||
Property, plant and equipment | |||
Gross property, plant, and equipment | 47,752 | 43,218 | |
Machinery and equipment | |||
Property, plant and equipment | |||
Gross property, plant, and equipment | 250,210 | 224,112 | |
Property not yet in service | |||
Property, plant and equipment | |||
Gross property, plant, and equipment | $39,110 | $39,549 | |
Minimum | Buildings and improvements | |||
Property, plant and equipment | |||
Useful life of property, plant and equipment (in years) | 3 years | ||
Minimum | Machinery and equipment | |||
Property, plant and equipment | |||
Useful life of property, plant and equipment (in years) | 3 years | ||
Maximum | Buildings and improvements | |||
Property, plant and equipment | |||
Useful life of property, plant and equipment (in years) | 40 years | ||
Maximum | Machinery and equipment | |||
Property, plant and equipment | |||
Useful life of property, plant and equipment (in years) | 10 years |
Goodwill_and_Deferred_Charges_2
Goodwill and Deferred Charges and Other Non-Current Assets (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Goodwill | ||
Impairment of Intangible Assets (Excluding Goodwill) | $11,200,000 | |
Goodwill, Acquired During Period | -41,020,000 | 687,967,000 |
Changes in the carrying amount of goodwill | ||
Balance at the beginning of the period | 847,134,000 | 160,281,000 |
Balance at the end of the period | 782,163,000 | 847,134,000 |
Goodwill, Translation Adjustments | -23,951,000 | |
Deferred charges and other non-current assets | ||
Gross debt issuance costs | 10,691,000 | 12,273,000 |
Less accumulated amortization | -356,000 | -897,000 |
Net debt issuance costs | 10,335,000 | 11,376,000 |
Other non-current assets | 7,476,000 | 10,894,000 |
Total deferred charges and other non-current assets | 17,811,000 | 22,270,000 |
Aerospace Group | ||
Goodwill | ||
Goodwill, Acquired During Period | -41,020,000 | 163,763,000 |
Changes in the carrying amount of goodwill | ||
Balance at the beginning of the period | 246,487,000 | 83,167,000 |
Balance at the end of the period | 204,520,000 | 246,487,000 |
Accumulated impairment losses | 41,020 | |
Goodwill, Translation Adjustments | -947,000 | |
Outdoor Products Group [Member] | ||
Goodwill | ||
Goodwill, Acquired During Period | 0 | 524,204,000 |
Changes in the carrying amount of goodwill | ||
Balance at the beginning of the period | 600,647,000 | 77,114,000 |
Balance at the end of the period | 577,643,000 | 600,647,000 |
Accumulated impairment losses | 47,791,000 | |
Goodwill, Translation Adjustments | ($23,004,000) |
Goodwill_and_Deferred_Charges_3
Goodwill and Deferred Charges and Other Non-Current Assets (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Non-amortizing intangible assets | |||
Gross debt issuance costs | $10,691 | $12,273 | |
Amortizing intangible assets weighted average remaining period for amortization (in years) | 12 years 5 months | ||
Amortization expense | 31,146 | 20,011 | 7,830 |
Accumulated Amortization of Noncurrent Deferred Finance Costs | -356 | -897 | |
Deferred Finance Costs, Noncurrent, Net | 10,335 | 11,376 | |
Other non-current assets | 7,476 | 10,894 | |
Deferred charges and other non-current assets | $17,811 | $22,270 |
Goodwill_and_Deferred_Charges_4
Goodwill and Deferred Charges and Other Non-Current Assets (Details 3) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Amortizing assets | ||
Intangible Assets, Gross (Excluding Goodwill) | $591,294 | $611,806 |
Gross carrying amount | 398,196 | 407,508 |
Accumulated amortization | -73,812 | -43,690 |
Total | 324,384 | 363,818 |
Intangible Assets, Net (Excluding Goodwill) | 517,482 | 568,116 |
Expected future amortization expense | ||
Fiscal 2014 | 29,618 | |
Fiscal 2015 | 29,352 | |
Fiscal 2016 | 29,352 | |
Fiscal 2017 | 26,608 | |
Fiscal 2018 | 25,725 | |
Thereafter | 183,729 | |
Total | 324,384 | 363,818 |
Trade Names [Member] | ||
Amortizing assets | ||
Gross carrying amount | 184,660 | 184,660 |
Accumulated amortization | -34,260 | -21,723 |
Total | 150,400 | 162,937 |
Expected future amortization expense | ||
Total | 150,400 | 162,937 |
Patented Technology [Member] | ||
Amortizing assets | ||
Gross carrying amount | 22,600 | 22,600 |
Accumulated amortization | -8,488 | -5,956 |
Total | 14,112 | 16,644 |
Expected future amortization expense | ||
Total | 14,112 | 16,644 |
Customer relationships and other | ||
Amortizing assets | ||
Gross carrying amount | 190,936 | 200,248 |
Accumulated amortization | -31,064 | -16,011 |
Total | 159,872 | 184,237 |
Expected future amortization expense | ||
Total | 159,872 | 184,237 |
Trade Names [Member] | ||
Amortizing assets | ||
Indefinite-Lived Trade Names | ($193,098) | ($204,298) |
Other_Accrued_Liabilities_Deta
Other Accrued Liabilities (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Other Liabilities Disclosure [Abstract] | ||
Employee benefits and insurance, including pension and other postretirement benefits | $14,375 | $14,379 |
Payables to Customers | 5,982 | 5,394 |
Product Warranty Accrual, Current | 7,429 | 8,158 |
Accrued taxes | 1,148 | 4,505 |
Accrued Advertising, Current | 8,073 | 3,051 |
In-transit inventory | 39,236 | 33,045 |
Loss Contingency Accrual, Product Liability, Undiscounted, Next Twelve Months | 1,534 | 1,470 |
Rebate | 14,889 | 17,593 |
Interest | 393 | 0 |
Freight Accrual | 3,012 | 1,735 |
Total other accrued liabilities - current | 96,071 | 89,330 |
Environmental remediation | 558 | |
Management nonqualified deferred compensation plan | 715 | 4,753 |
Non-current portion of accrued income tax liability | 23,406 | 14,056 |
Performance share liability | 641 | 1,040 |
Accrued Environmental Loss Contingencies, Noncurrent | 529 | 521 |
Other | 5,930 | 2,881 |
Total other long-term liabilities | 31,221 | 23,251 |
Reconciliation of the changes in product warranty liability | ||
Balance at the beginning of the period | 8,158 | 1,394 |
Payments made | 3,699 | 1,837 |
Warranties issued | 3,059 | 2,401 |
Changes related to preexisting warranties | -89 | 1,627 |
Balance at the end of period | $7,429 | $8,158 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2013 | Mar. 31, 2015 | Mar. 31, 2014 |
Long-Term Debt | |||
Incremental Common Shares Attributable to Conversion of Debt Securities | 0 | ||
Principal amount of long-term debt | $350,000 | ||
Less: current portion | 17,500 | 0 | |
Carrying amount of long-term debt, excluding current portion | 332,500 | 0 | |
Term A Loan due 2020 [Member] | |||
Long-Term Debt | |||
Principal amount of long-term debt | 350,000 | ||
Long-term Debt, Maturities, Repayments of Principal quarterly through maturity | 4,375 | ||
Line of Credit due 2020 [Member] | |||
Long-Term Debt | |||
Principal amount of long-term debt | 400,000 | ||
Long-term Line of Credit | $0 |
LongTerm_Debt_Details_2
Long-Term Debt (Details 2) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2013 | Mar. 31, 2015 |
Long-Term Debt | ||
Annual principal repayments, year one | $17,500 | |
Annual principal repayments, year two | 17,500 | |
Annual principal repayments, year three | 17,500 | |
Annual principal repayments, year four | 17,500 | |
Annual principal repayments, year five | 280,000 | |
Borrowings on long term debt | 350,000 | |
Incremental Common Shares Attributable to Conversion of Debt Securities | 0 | |
Line of Credit due 2020 [Member] | ||
Long-Term Debt | ||
Annual commitment fee on the unused portion (as a percent) | 0.30% | |
Borrowings on long term debt | 400,000 | |
Letters of Credit Outstanding, Amount | 14,551 | |
Line of Credit Facility, Remaining Borrowing Capacity | 385,449 | |
Term A Loan due 2020 [Member] | ||
Long-Term Debt | ||
Debt Instrument, Face Amount | 350,000 | |
Base rate margin (as a percent) | 0.75% | |
Eurodollar margin (as a percent) | 1.75% | |
Weighted average interest rate (as a percent) | 1.93% | |
Borrowings on long term debt | 350,000 | |
Deferred Finance Costs Gross, Accordion Feature | $11,000 |
LongTerm_Debt_Details_3
Long-Term Debt (Details 3) (USD $) | 12 Months Ended |
Mar. 31, 2015 | |
Additional information about convertible notes | |
Principal amount of long-term debt | $350,000,000 |
Minimum payments on outstanding long-term debt | |
Fiscal 2016 | 17,500,000 |
Fiscal 2017 | 17,500,000 |
Fiscal 2018 | 17,500,000 |
Fiscal 2019 | 17,500,000 |
Fiscal 2020 | 280,000,000 |
Thereafter | 0 |
Total | 350,000,000 |
Restricted payment limit | 150,000 |
Cash paid for interest, total | $742,000 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 2 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Change in benefit obligation | ||||
Benefit obligation at beginning of year | $0 | |||
Service cost | 215 | 1,163 | 1,617 | 4,194 |
Interest cost | 1,207 | 6,546 | 6,122 | 9,696 |
Plan Amendments | 0 | |||
Actuarial loss (gain) | -1,588 | |||
Benefits paid | -492 | |||
Benefit obligation at end of year | 225,095 | 225,095 | 0 | |
Change in plan assets | ||||
Fair value of plan assets at beginning of year | 0 | |||
Actual return on plan assets | 2,425 | |||
Retiree contributions | 0 | |||
Employer's contribution | 0 | |||
Benefits paid | -492 | |||
Fair value of plan assets at end of year | 164,967 | 164,967 | 0 | |
Funded status | -60,128 | -60,128 | ||
Amounts Recognized in the Balance Sheet | ||||
Other accrued liabilities | -783 | -783 | ||
Accrued pension liability | -59,345 | -59,345 | 0 | |
Net amount recognized | -60,128 | -60,128 | ||
Accumulated other comprehensive loss (income) related to: | ||||
Unrecognized net actuarial losses | 104,298 | 104,298 | ||
Unrecognized prior service benefit | -11,620 | -11,620 | ||
Accumulated other comprehensive loss (income) | 92,678 | 92,678 | ||
Pension Benefits | ||||
Change in plan assets | ||||
Fair value of plan assets at end of year | 164,967 | 164,967 | ||
Estimated amount that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in fiscal 2013 | ||||
Recognized net actuarial losses | 8,842 | |||
Amortization of prior service benefits | -1,748 | |||
Total | 7,094 | |||
Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets | ||||
Projected benefit obligation | 223,155 | 223,155 | ||
Accumulated benefit obligation | 223,155 | 223,155 | ||
Fair value of plan assets | 164,967 | 164,967 | ||
Pension Benefits | Minimum | ||||
Defined Benefit Plans | ||||
Vesting period (in years) | 3 years | |||
Pension Benefits | Maximum | ||||
Defined Benefit Plans | ||||
Vesting period (in years) | 5 years | |||
Other Postretirement Benefits | Minimum | ||||
Defined Benefit Plans | ||||
Age for eligibility for pre and/or post 65 healthcare company subsidy and retiree life insurance coverage (in years) | 50 years | |||
Term of service for eligibility for pre and/or post 65 healthcare company subsidy and retiree life insurance coverage (in years) | 5 years | |||
Other Postretirement Benefits | Maximum | ||||
Defined Benefit Plans | ||||
Age for eligibility for pre and/or post 65 healthcare company subsidy and retiree life insurance coverage (in years) | 55 years | |||
Term of service for eligibility for pre and/or post 65 healthcare company subsidy and retiree life insurance coverage (in years) | 10 years | |||
Liability [Member] | ||||
Change in benefit obligation | ||||
Pension plan liability transferred from former parent | 225,753 | |||
Assets [Member] | ||||
Change in benefit obligation | ||||
Pension plan liability transferred from former parent | $163,034 |
Employee_Benefit_Plans_Details1
Employee Benefit Plans (Details 2) (USD $) | 2 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Components of net periodic benefit cost | ||||
Service cost | $215 | $1,163 | $1,617 | $4,194 |
Interest cost | 1,207 | 6,546 | 6,122 | 9,696 |
Expected return on plan assets | -7,734 | -7,536 | -11,106 | |
Amortization of unrecognized net loss | 5,970 | 6,814 | 8,253 | |
Amortization of unrecognized prior service cost | -1,213 | -1,081 | -317 | |
Net periodic benefit cost | $4,732 | $5,936 | $10,720 | |
Long Term Rate Of Return Assumptions | ||||
Rate of compensation increase: | ||||
Compounded investment returns, period one (in years) | 5 years | |||
Compounded investment returns, period two (in years) | 10 years | |||
Pension Benefits | ||||
Weighted-Average Assumptions Used to Determine Benefit Obligations | ||||
Discount rate (as a percent) | 3.87% | 3.87% | ||
Rate of compensation increase: | ||||
Compensation increase (as a percent) | 3.78% | 3.78% | ||
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost | ||||
Discount rate (as a percent) | 4.50% | |||
Expected long-term rate of return on plan assets (as a percent) | 7.25% | |||
Pension Benefits | Union employees | ||||
Rate of compensation increase: | ||||
Compensation increase (as a percent) | 3.22% | |||
Pension Benefits | Salaried employees | ||||
Rate of compensation increase: | ||||
Compensation increase (as a percent) | 3.47% | |||
Domestic equity securities [Member] | Pension Benefits | ||||
Target asset allocation | ||||
Asset allocation percentage, minimum | 10.00% | |||
Asset allocation percentage, maximum | 25.00% | |||
Foreign equity securities [Member] | Pension Benefits | ||||
Target asset allocation | ||||
Asset allocation percentage, minimum | 10.00% | |||
Asset allocation percentage, maximum | 20.00% | |||
Equity Investment | Long Term Rate Of Return Assumptions | ||||
Target asset allocation | ||||
Asset allocation percentage, minimum | 20.00% | |||
Asset allocation percentage, maximum | 45.00% | |||
Fixed Income Investment | Long Term Rate Of Return Assumptions | ||||
Target asset allocation | ||||
Asset allocation percentage, minimum | 35.00% | |||
Asset allocation percentage, maximum | 50.00% | |||
Fixed Income Investment | Pension Benefits | ||||
Target asset allocation | ||||
Asset allocation percentage, minimum | 35.00% | |||
Asset allocation percentage, maximum | 50.00% | |||
Real Estate | Long Term Rate Of Return Assumptions | ||||
Target asset allocation | ||||
Asset allocation percentage, minimum | 0.00% | |||
Asset allocation percentage, maximum | 10.00% | |||
Real Estate | Pension Benefits | ||||
Target asset allocation | ||||
Asset allocation percentage, minimum | 0.00% | |||
Asset allocation percentage, maximum | 10.00% | |||
Hedge Funds, Equity | Long Term Rate Of Return Assumptions | ||||
Target asset allocation | ||||
Asset allocation percentage, minimum | 15.00% | |||
Asset allocation percentage, maximum | 30.00% | |||
Hedge Funds, Equity | Pension Benefits | ||||
Target asset allocation | ||||
Asset allocation percentage, minimum | 15.00% | |||
Asset allocation percentage, maximum | 30.00% | |||
Cash Investment | Long Term Rate Of Return Assumptions | ||||
Target asset allocation | ||||
Asset allocation percentage, minimum | 0.00% | |||
Asset allocation percentage, maximum | 6.00% | |||
Cash Investment | Pension Benefits | ||||
Target asset allocation | ||||
Asset allocation percentage, minimum | 0.00% | |||
Asset allocation percentage, maximum | 6.00% |
Employee_Benefit_Plans_Details2
Employee Benefit Plans (Details 3) (Pension Benefits) | 12 Months Ended |
Mar. 31, 2015 | |
Target asset allocation | |
Total (as a percent) | 100.00% |
Actual plan asset allocation | |
Actual plan asset allocation (as a percent) | 100.00% |
Total (as a percent) | 100.00% |
Equity Investment | Domestic | |
Actual plan asset allocation | |
Actual plan asset allocation (as a percent) | 20.70% |
Total (as a percent) | 20.70% |
Equity Investment | International | |
Actual plan asset allocation | |
Actual plan asset allocation (as a percent) | 13.70% |
Total (as a percent) | 13.70% |
Fixed Income Investment | |
Target asset allocation | |
Asset allocation percentage, minimum | 35.00% |
Asset allocation percentage, maximum | 50.00% |
Actual plan asset allocation | |
Actual plan asset allocation (as a percent) | 42.50% |
Total (as a percent) | 42.50% |
Real Estate | |
Target asset allocation | |
Asset allocation percentage, minimum | 0.00% |
Asset allocation percentage, maximum | 10.00% |
Actual plan asset allocation | |
Actual plan asset allocation (as a percent) | 4.80% |
Total (as a percent) | 4.80% |
Hedge Funds, Equity | |
Target asset allocation | |
Asset allocation percentage, minimum | 15.00% |
Asset allocation percentage, maximum | 30.00% |
Actual plan asset allocation | |
Actual plan asset allocation (as a percent) | 14.80% |
Total (as a percent) | 14.80% |
Cash Investment | |
Target asset allocation | |
Asset allocation percentage, minimum | 0.00% |
Asset allocation percentage, maximum | 6.00% |
Actual plan asset allocation | |
Actual plan asset allocation (as a percent) | 3.50% |
Total (as a percent) | 3.50% |
Employee_Benefit_Plans_Details3
Employee Benefit Plans (Details 4) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plans | ||
Fair value of plan assets | $164,967 | $0 |
Pension Benefits | ||
Defined Benefit Plans | ||
Fair value of plan assets | 164,967 | |
Pension Benefits | Quoted Prices in Active Markets for Identical Assets (Level1) | ||
Defined Benefit Plans | ||
Fair value of plan assets | 26,323 | |
Pension Benefits | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plans | ||
Fair value of plan assets | 89,584 | |
Pension Benefits | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plans | ||
Fair value of plan assets | 49,060 | |
Pension Benefits | Interest-bearing cash | ||
Defined Benefit Plans | ||
Fair value of plan assets | 215 | |
Pension Benefits | Interest-bearing cash | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plans | ||
Fair value of plan assets | 215 | |
Pension Benefits | U.S. Government securities | ||
Defined Benefit Plans | ||
Fair value of plan assets | 11,188 | |
Pension Benefits | U.S. Government securities | Quoted Prices in Active Markets for Identical Assets (Level1) | ||
Defined Benefit Plans | ||
Fair value of plan assets | 10,430 | |
Pension Benefits | U.S. Government securities | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plans | ||
Fair value of plan assets | 758 | |
Pension Benefits | Corporate Debt Securities | ||
Defined Benefit Plans | ||
Fair value of plan assets | 26,921 | |
Pension Benefits | Corporate Debt Securities | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plans | ||
Fair value of plan assets | 26,909 | |
Pension Benefits | Corporate Debt Securities | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plans | ||
Fair value of plan assets | 12 | 13 |
Pension Benefits | Common stock | ||
Defined Benefit Plans | ||
Fair value of plan assets | 7,627 | |
Pension Benefits | Common stock | Quoted Prices in Active Markets for Identical Assets (Level1) | ||
Defined Benefit Plans | ||
Fair value of plan assets | 7,280 | |
Pension Benefits | Partnership/joint venture interest | ||
Defined Benefit Plans | ||
Fair value of plan assets | 48,977 | |
Pension Benefits | Partnership/joint venture interest | Quoted Prices in Active Markets for Identical Assets (Level1) | ||
Defined Benefit Plans | ||
Fair value of plan assets | 0 | |
Pension Benefits | Partnership/joint venture interest | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plans | ||
Fair value of plan assets | 48,977 | 45,221 |
Pension Benefits | Other investments | ||
Defined Benefit Plans | ||
Fair value of plan assets | 205 | |
Pension Benefits | Other investments | Quoted Prices in Active Markets for Identical Assets (Level1) | ||
Defined Benefit Plans | ||
Fair value of plan assets | 0 | |
Pension Benefits | Other investments | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plans | ||
Fair value of plan assets | 205 | |
Pension Benefits | Common/collective trusts | ||
Defined Benefit Plans | ||
Fair value of plan assets | 48,823 | |
Pension Benefits | Common/collective trusts | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plans | ||
Fair value of plan assets | 48,823 | |
Pension Benefits | Registered investment companies | ||
Defined Benefit Plans | ||
Fair value of plan assets | 18,171 | |
Pension Benefits | Registered investment companies | Quoted Prices in Active Markets for Identical Assets (Level1) | ||
Defined Benefit Plans | ||
Fair value of plan assets | 8,613 | |
Pension Benefits | Value of funds in insurance company accounts | ||
Defined Benefit Plans | ||
Fair value of plan assets | 2,840 | |
Pension Benefits | Value of funds in insurance company accounts | Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plans | ||
Fair value of plan assets | 2,769 | |
Pension Benefits | Value of funds in insurance company accounts | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plans | ||
Fair value of plan assets | $71 | $75 |
Employee_Benefit_Plans_Details4
Employee Benefit Plans (Details 5) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Change in plan assets | ||
Fair value of plan assets at beginning of year | $0 | |
Fair value of plan assets at end of year | 164,967 | 0 |
Pension Benefits | ||
Change in plan assets | ||
Fair value of plan assets at end of year | 164,967 | |
Pension Benefits | Significant Unobservable Inputs (Level 3) | ||
Change in plan assets | ||
Fair value of plan assets at end of year | 49,060 | |
Pension Benefits | Common/collective trusts | ||
Change in plan assets | ||
Fair value of plan assets at end of year | 48,823 | |
Pension Benefits | Corporate Debt Securities | ||
Change in plan assets | ||
Fair value of plan assets at end of year | 26,921 | |
Pension Benefits | Corporate Debt Securities | Significant Unobservable Inputs (Level 3) | ||
Change in plan assets | ||
Fair value of plan assets at beginning of year | 13 | |
Realized (losses) gains | 0 | |
Net unrealized gains (losses) | 0 | |
Net purchases, issuances, and settlements | -1 | |
Net transfers into (out of) Level 3 | 0 | |
Fair value of plan assets at end of year | 12 | |
Pension Benefits | Value of funds in insurance company accounts | ||
Change in plan assets | ||
Fair value of plan assets at end of year | 2,840 | |
Pension Benefits | Value of funds in insurance company accounts | Significant Unobservable Inputs (Level 3) | ||
Change in plan assets | ||
Fair value of plan assets at beginning of year | 75 | |
Realized (losses) gains | 0 | |
Net unrealized gains (losses) | 0 | |
Net purchases, issuances, and settlements | -4 | |
Net transfers into (out of) Level 3 | 0 | |
Fair value of plan assets at end of year | 71 | |
Pension Benefits | Partnership/joint venture interest | ||
Change in plan assets | ||
Fair value of plan assets at end of year | 48,977 | |
Pension Benefits | Partnership/joint venture interest | Significant Unobservable Inputs (Level 3) | ||
Change in plan assets | ||
Fair value of plan assets at beginning of year | 45,221 | |
Realized (losses) gains | 2,534 | |
Net unrealized gains (losses) | -365 | |
Net purchases, issuances, and settlements | 1,587 | |
Net transfers into (out of) Level 3 | 0 | |
Fair value of plan assets at end of year | $48,977 |
Employee_Benefit_Plans_Details5
Employee Benefit Plans (Details 6) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Expected Future Benefit Payments | |
2019 through 2022 | $76,555 |
Pension Benefits | |
Contributions | |
Employer contributions directly to the pension trust for the period | 5,782 |
Expected employer's contribution in next fiscal year | 2,000 |
Expected Future Benefit Payments | |
2014 | 11,283 |
2015 | 11,551 |
2016 | 12,233 |
2017 | 13,232 |
2018 | 14,863 |
Other Postretirement Benefits | |
Contributions | |
Employer contributions directly to the pension trust for the period | 93 |
Expected employer's contribution in next fiscal year | 186 |
Supplemental (nonqualified) executive retirement plan | |
Contributions | |
Employer's contribution to retirees during the period | $133 |
Employee_Benefit_Plans_Details6
Employee Benefit Plans (Details 7) (USD $) | 2 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
employee | employee | |||
Defined Contribution Plan | ||||
Employee's maximum contribution to 401 (k) defined contribution plan (as a percent) | 50.00% | |||
Percentage of employer's matching contribution of first 3% of participant's contribution, option one | 100.00% | |||
Maximum percentage of contribution by employee in order to be eligible for 100% matching portion under the plan, option one | 3.00% | |||
Percentage of employer's matching contribution of next 2% of participant's contribution, option one | 50.00% | |||
Maximum additional percentage of contribution by employee in order to qualify for 50% matching portion under the plan, option one | 2.00% | |||
Percentage of employer's matching contribution of first 6% of participant's contribution, option two | 50.00% | |||
Maximum percentage contribution by employee in order to be eligible for 50% matching portion under the plan, option two | 6.00% | |||
Percentage of employer's matching contribution of first 3% of participant's contribution, option three | 100.00% | |||
Maximum percentage of contribution by employee in order to be eligible for 100% matching portion under the plan, option three | 3.00% | |||
Percentage of employer's matching contribution of next 3% of participant's contribution, option three | 50.00% | |||
Maximum additional percentage of contribution by employee in order to qualify for 50% matching portion under the plan, option three | 3.00% | |||
Percentage of participant's pre-tax contribution in automatic enrollment, option four | 6.00% | |||
Percentage of employer's matching contribution of first 3% of participant's contribution in automatic enrollment, option four | 100.00% | |||
Percentage of participant's contribution in automatic enrollment for which 100% of employer's matching contribution has been made, option three | 3.00% | |||
Percentage of employer's matching contribution of next 3% of participant's contribution in automatic enrollment, option four | 50.00% | |||
Percentage of participant's contribution in automatic enrollment for which 50% of employer's matching contribution has been made, option three | 3.00% | |||
Automatic enrollment vesting period (in years) | 1 year | |||
Non-elective contribution vesting period (in years) | 3 years | |||
Employer's contributions to the plan | $0 | |||
Defined Contribution Plan, Cost Recognized | $12,936 | $10,057 | $7,017 | |
Collective bargaining agreements | ||||
Number of employees exceeding the value, employed as of period end | 5,200 | 5,200 | ||
Percentage of employees covered by collective bargaining agreements | 4.10% | 4.10% |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | |||
Deferred Tax Liabilities, Other | ($2,923) | $1,834 | |
Current: | |||
US | 133,027 | 217,673 | 100,043 |
Non-US | 21,019 | 665 | 1,419 |
Income before income taxes | 154,046 | 218,338 | 101,462 |
Current: | |||
Federal | 61,202 | 64,163 | 33,553 |
State | 4,866 | 9,197 | 3,683 |
Non-US | 9,052 | 2,845 | 18 |
Deferred: | |||
Federal | 150 | 8,356 | -972 |
State | 410 | -60 | 488 |
Deferred Foreign Income Tax Expense (Benefit) | -1,162 | 580 | 0 |
Income tax provision | 74,518 | 85,081 | 36,770 |
Items responsible for the differences between the federal statutory rate and ATK's effective rate | |||
Statutory federal income tax rate (as a percent) | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal impact (as a percent) | 4.70% | 4.20% | 4.10% |
Domestic manufacturing deduction (as a percent) | -2.90% | -3.10% | -2.80% |
Estimated nondeductible portion of litigation (as a percent) | 3.80% | 1.00% | 0.00% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent | 9.30% | 0.00% | 0.00% |
Other (as a percent) | -1.50% | 1.90% | -0.10% |
Income tax provision (as a percent) | 48.40% | 39.00% | 36.20% |
Components of deferred tax assets and liabilities | |||
Deferred tax assets | 76,056 | 58,018 | |
Deferred Tax Liabilities, Gross | -214,445 | -217,697 | |
Deferred tax liabilities | 143,039 | 169,321 | |
Valuation allowance | -4,650 | -9,642 | |
Net deferred income tax asset | 71,406 | 48,376 | |
Deferred tax assets and liabilities resulted from temporary differences | |||
Postretirement benefit obligations | 22,594 | 0 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts | 9,523 | 11,035 | |
Other reserves | 7,841 | 8,150 | |
Accruals for employee benefits | 8,409 | 7,737 | |
Contract method of revenue recognition | 5,072 | 16,333 | |
Inventory | 22,617 | 14,763 | |
Deferred Tax Liabilities, Intangible Assets | -186,737 | -197,105 | |
Property, plant, and equipment | 24,785 | 22,426 | |
Valuation allowance | -4,650 | -9,642 | |
Net deferred income tax asset | $71,406 | $48,376 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Operating loss and tax credit carryforwards | |
Undistributed Earnings of Foreign Subsidiaries | $26,410 |
Undistributed earnings for which U.S. deferred income taxes or foreign withholding tax have been provided | 6,885 |
Expire through fiscal 2015 | |
Operating loss and tax credit carryforwards | |
Tax credit and net operating loss carryforwards | 4,669 |
Indefinite | |
Operating loss and tax credit carryforwards | |
Alternative minimum tax credits | $403 |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits that have not been recognized in the financial statements | $30,768 | $25,693 | |
Unrecognized tax benefits, would affect the effective tax rate, if recognized | 25,875 | 21,650 | |
Potential reduction of uncertain tax benefits over the next 12 months from audit settlements | -1,908 | ||
Minimum increase in earnings from settlement of unrecognized tax benefits based on current estimates | 0 | ||
Maximum increase in earnings from settlement of unrecognized tax benefits based on current estimates | 1,561 | ||
Period after which tax positions are classified as non-current income tax liabilities (in years) | 1 year | ||
Reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties | |||
Unrecognized Tax Benefits - beginning of period | 23,237 | 4,565 | 3,539 |
Gross increases - tax positions in prior periods | 2,275 | 15,536 | 0 |
Gross decreases - tax positions in prior periods | -283 | 0 | -54 |
Gross increases - current-period tax positions | 2,262 | 3,220 | 1,421 |
Settlements | -52 | 0 | -221 |
Lapse of statute of limitations | -105 | -84 | -120 |
Unrecognized Tax Benefits - end of period | 27,334 | 23,237 | 4,565 |
Income tax-related interest included in accrued income taxes | 1,662 | 1,057 | |
Income tax penalties included in accrued income taxes | $1,772 | $1,399 |
Commitments_Details
Commitments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Contractual obligation | |||
Rent expenses | $15,908 | $12,595 | $5,855 |
Minimum | |||
Contractual obligation | |||
Operating leases renewal period (in years) | 1 year | ||
Maximum | |||
Contractual obligation | |||
Operating leases renewal period (in years) | 5 years | ||
Operating leases | |||
Contractual obligation payment schedule | |||
Fiscal 2014 | 11,779 | ||
Fiscal 2015 | 10,540 | ||
Fiscal 2016 | 6,766 | ||
Fiscal 2017 | 4,958 | ||
Fiscal 2018 | 3,841 | ||
Thereafter | 0 | ||
Total | $37,884 |
Contingencies_Details
Contingencies (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Loss Contingency [Abstract] | ||
Discounted liability recorded in other long-term liabilities | $529 | $521 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Feb. 08, 2015 |
Stock-Based Compensation | ||||
Number of authorized shares of preferred stock | 50,000,000 | |||
Par value of preferred stock (in dollars per share) | $1 | |||
Share-based compensation, additional disclosures | ||||
Total pre-tax stock-based compensation expense | $3,012 | $2,398 | $2,116 | |
Total income tax benefit recognized in the income statement for share-based compensation | $420 | $920 | $820 | |
Fiscal 2014 through fiscal 2016 period | ||||
Stock-Based Compensation | ||||
Number of shares payable only upon the achievement of certain financial performance goals | 105,799 | |||
Restricted stock | ||||
Share-based compensation, additional disclosures | ||||
Restricted stock granted to non-employee directors and certain key employees (in shares) | 174,818 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Stock-Based Compensation | ||||
Nonvested at the beginning of the period (in shares) | 259,867 | 0 | 0 | |
Weighted average fair value of awards granted (in dollars per share) | $42.75 | $0 | ||
Share-based compensation, additional disclosures | ||||
Restricted stock granted to non-employee directors and certain key employees (in shares) | 132,541 | 0 | ||
Restricted Stock Units (RSUs) [Member] | Minimum | ||||
Share-based compensation, additional disclosures | ||||
Minimum vesting period (in years) | 1 year | |||
Restricted Stock Units (RSUs) [Member] | Maximum | ||||
Share-based compensation, additional disclosures | ||||
Minimum vesting period (in years) | 3 years | |||
Stock options | ||||
Weighted average assumptions used in estimating the value of the award | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Expected award life (in years) | 7 years | 7 years | 7 years | |
Share-based compensation, additional disclosures | ||||
Maximum terms of options (in years) | 10 years | |||
Number of years upon which expected volatility is based | 7 years | |||
Weighted average fair value of options granted (in dollars per share) | $14.94 | $35.34 | ||
Options granted (in shares) | 14.36 | |||
Stock options | Minimum | ||||
Weighted average assumptions used in estimating the value of the award | ||||
Risk-free rate (as a percent) | 1.59% | 1.86% | 1.02% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.27% | 1.49% | ||
Expected volatility (as a percent) | 30.22% | 25.95% | 25.87% | |
Share-based compensation, additional disclosures | ||||
Minimum vesting period (in years) | 1 year | |||
Stock options | Maximum | ||||
Weighted average assumptions used in estimating the value of the award | ||||
Risk-free rate (as a percent) | 2.07% | 1.22% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.58% | 1.90% | ||
Expected volatility (as a percent) | 26.71% | |||
Share-based compensation, additional disclosures | ||||
Minimum vesting period (in years) | 3 years | |||
Stock-based Incentive Plan 2014 [Member] | ||||
Stock-Based Compensation | ||||
Number of authorized common shares | 5,750,000 | |||
Number of available shares to be granted | 5,206,886 | |||
Performance awards | ||||
Stock-Based Compensation | ||||
Nonvested at the beginning of the period (in shares) | 162,768 | |||
Total stockholder return performance awards ("TSR awards") | ||||
Weighted average assumptions used in estimating the value of the award | ||||
Risk-free rate (as a percent) | 0.93% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Expected volatility (as a percent) | 33.25% | |||
Expected award life (in years) | 3 years | |||
Share-based compensation, additional disclosures | ||||
Restricted stock granted to non-employee directors and certain key employees (in shares) | 56,969 | |||
Weighted average fair value of options granted (in dollars per share) | $57.49 |
Stockholders_Equity_Details_2
Stockholders' Equity (Details 2) (USD $) | 1 Months Ended | 12 Months Ended | |
Mar. 10, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based compensation, additional disclosures | |||
Total unrecognized compensation cost related to nonvested stock-based compensation awards | $28,795,000 | ||
Nonvested stock-based compensation expected to be realized over a weighted average period (in years) | 3 years 0 months | ||
Restricted Stock Units (RSUs) [Member] | |||
Performance share award, TSR award, and restricted stock award activity, Shares | |||
Nonvested at the beginning of the period (in shares) | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 132,541 | 0 | |
Canceled/forfeited (in shares) | 0 | 0 | |
Vested (in shares) | 123,208 | 0 | |
Conversion weighted average grant date fair value | $20.74 | ||
Stock incentive conversion upon spin-off | 250,534 | ||
Nonvested at the end of the period (in shares) | 259,867 | 0 | |
Performance share award, TSR award, and restricted stock award activity, Weighted Average Exercise Price | |||
Nonvested at beginning of the period, Weighted average grant date fair value (in dollars per share) | $0 | $0 | |
Granted, Weighted average grant date fair value (in dollars per share) | $42.75 | $0 | |
Canceled/forfeited, Weighted average grant date fair value (in dollars per share) | $0 | $0 | |
Vested, Weighted average grant date fair value (in dollars per share) | $15.21 | $0 | |
Nonvested at end of the period, Weighted average grant date fair value (in dollars per share) | $34.59 | $0 | |
Stock options | |||
Stock option activity, Shares | |||
Outstanding at beginning of period (in shares) | 157,763 | 126,972 | |
Granted (in shares) | 67,710 | 31,541 | |
Exercised (in shares) | 0 | -300 | |
Forfeited/expired (in shares) | 0 | -450 | |
Outstanding at end of period (in shares) | 608,520 | 157,763 | |
Options exercisable at end of period (in shares) | 438,980 | 64,289 | |
Stock option activity, Weighted Average Exercise Price | |||
Outstanding at beginning of period (in dollars per share) | $74.74 | $60.99 | |
Granted (in dollars per share) | $42.75 | $129.60 | |
Exercised (in dollars per share) | $0 | $54.84 | |
Forfeited/expired (in dollars per share) | $0 | $54.84 | |
Outstanding at end of period (in dollars per share) | $22.47 | $74.74 | |
Options exercisable at end of period (in dollars per share) | $18.53 | $59.26 | |
Weighted Average Remaining Contractual Term | |||
Options outstanding, Weighted Average Remaining Contractual Life (in years) | 7 years 9 months 15 days | 8 years 3 months 12 days | |
Options exercisable, Weighted Average Remaining Contractual Life (in years) | 7 years 4 months | 8 years 3 months | |
Aggregate Intrinsic Value | |||
Options outstanding, Aggregate intrinsic value | $20.35 | $67.41 | |
Options exercisable, Aggregate Intrinsic Value | $24.29 | $82.59 | |
Share-based compensation, additional disclosures | |||
Total intrinsic value of options exercised | 6,000 | ||
Total cash received from options exercised | 16,000 | ||
Performance share award, TSR award, and restricted stock award activity, Shares | |||
Stock incentive conversion upon spin-off | 383,047 | ||
Performance Share Awards TSR Awards and Restricted Stock Award [Member] | |||
Performance share award, TSR award, and restricted stock award activity, Shares | |||
Nonvested at the beginning of the period (in shares) | 245,668 | 317,580 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 342,863 | 85,152 | |
Canceled/forfeited (in shares) | 0 | -73,909 | |
Vested (in shares) | -68,151 | -83,155 | |
Stock incentive conversion upon spin-off | $88,657 | ||
Nonvested at the end of the period (in shares) | 609,037 | 245,668 | |
Performance share award, TSR award, and restricted stock award activity, Weighted Average Exercise Price | |||
Nonvested at beginning of the period, Weighted average grant date fair value (in dollars per share) | $83.15 | $64.78 | |
Granted, Weighted average grant date fair value (in dollars per share) | $47.29 | $123.56 | |
Canceled/forfeited, Weighted average grant date fair value (in dollars per share) | $0 | $69.06 | |
Vested, Weighted average grant date fair value (in dollars per share) | $20.88 | $66.90 | |
Nonvested at end of the period, Weighted average grant date fair value (in dollars per share) | $29.13 | $83.15 |
Stockholders_Equity_Details_3
Stockholders' Equity (Details 3) (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Feb. 25, 2015 | |
Equity [Abstract] | ||
Stock Repurchased During Period, Shares | 162,000 | |
Stock Repurchased During Period, Value | $6,870,000 | |
Stock Repurchase Program, Authorized Amount | $200,000,000 | |
Stock Repurchase Program, Period in Force | 2 years |
Operating_Segment_Information_1
Operating Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 31, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
segment | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Number of operating segments | 2 | ||||||||||
Results by operating segment | |||||||||||
segment reporting information, intersegment revenues | $2,010 | $1,754 | $53 | ||||||||
Sales to External Customers in Percent | 15.00% | 12.00% | 14.00% | ||||||||
Total | 485,389 | 506,881 | 525,149 | 565,995 | 565,165 | 524,228 | 422,825 | 361,701 | 2,083,414 | 1,873,919 | 1,196,031 |
Payments to Acquire Property, Plant, and Equipment | 43,189 | 40,234 | 23,395 | ||||||||
Property, Plant and Equipment, Additions | 38,205 | ||||||||||
Depreciation | 35,405 | 24,891 | 17,298 | ||||||||
Amortization of intangible assets | 31,146 | 20,011 | 7,830 | ||||||||
Gross profit | 122,838 | 134,037 | 128,595 | 143,451 | 156,963 | 133,676 | 98,461 | 78,203 | 528,921 | 467,303 | 242,438 |
Total assets | 2,573,124 | 2,457,621 | 2,573,124 | 2,457,621 | |||||||
Sales | Contract Concentration Risk | |||||||||||
Results by operating segment | |||||||||||
Threshold percentage of sales accounted for by single contract or single commercial customer | 10.00% | 10.00% | 10.00% | ||||||||
Segment Sales | Customer concentration | |||||||||||
Results by operating segment | |||||||||||
Threshold percentage of sales accounted for by single contract or single commercial customer | 10.00% | 10.00% | 10.00% | ||||||||
Foreign customers | Sales | Geographic Concentration | |||||||||||
Results by operating segment | |||||||||||
Threshold percentage of sales accounted for by single contract or single commercial customer | 4.00% | ||||||||||
Sales to external customers | 250,000 | 243,166 | 107,826 | ||||||||
Aerospace Group | |||||||||||
Results by operating segment | |||||||||||
Sales to external customers (as a percent) | 65.00% | ||||||||||
Total | 1,353,092 | 1,422,442 | 867,227 | ||||||||
Payments to Acquire Property, Plant, and Equipment | 31,634 | 18,252 | |||||||||
Property, Plant and Equipment, Additions | 29,664 | ||||||||||
Depreciation | 22,965 | 16,497 | 12,765 | ||||||||
Amortization of intangible assets | 6,900 | 5,319 | 0 | ||||||||
Gross profit | 331,145 | 382,971 | 180,258 | ||||||||
Aerospace Group | Foreign customers | Sales | Geographic Concentration | |||||||||||
Results by operating segment | |||||||||||
Sales to External Customers in Percent | 57.00% | ||||||||||
Outdoor Products Group [Member] | |||||||||||
Results by operating segment | |||||||||||
Sales to external customers (as a percent) | 35.00% | ||||||||||
Total | 730,322 | 451,477 | 328,804 | ||||||||
Payments to Acquire Property, Plant, and Equipment | 8,600 | 5,143 | |||||||||
Property, Plant and Equipment, Additions | 7,214 | ||||||||||
Depreciation | 12,435 | 8,394 | 4,533 | ||||||||
Amortization of intangible assets | 24,246 | 14,692 | 7,830 | ||||||||
Gross profit | 200,043 | 83,787 | 64,915 | ||||||||
Outdoor Products Group [Member] | Foreign customers | Sales | Geographic Concentration | |||||||||||
Results by operating segment | |||||||||||
Sales to External Customers in Percent | 43.00% | ||||||||||
Corporate | |||||||||||
Results by operating segment | |||||||||||
Total | 0 | 0 | 0 | ||||||||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | |||||||||
Property, Plant and Equipment, Additions | 1,327 | ||||||||||
Depreciation | 5 | 0 | 0 | ||||||||
Gross profit | ($2,267) | $545 | ($2,735) |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 31, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Results by operating segment | |||||||||||
Payments to Acquire Businesses, Gross | $315,000 | ||||||||||
Sales | 485,389 | 506,881 | 525,149 | 565,995 | 565,165 | 524,228 | 422,825 | 361,701 | 2,083,414 | 1,873,919 | 1,196,031 |
Gross profit | 122,838 | 134,037 | 128,595 | 143,451 | 156,963 | 133,676 | 98,461 | 78,203 | 528,921 | 467,303 | 242,438 |
Net income attributable to Vista Outdoor Inc. | 15,907 | -11,169 | 33,745 | 41,045 | 48,025 | 33,365 | 30,719 | 21,148 | 79,528 | 133,257 | 64,692 |
Vista Outdoor Inc. earnings per common share: | |||||||||||
Basic (in dollars per share) | $0.25 | ($0.17) | $0.53 | $0.64 | $0.75 | $0.52 | $0.48 | $0.33 | $1.25 | $2.09 | $1.01 |
Diluted (in dollars per share) | $0.25 | ($0.17) | $0.53 | $0.64 | $0.75 | $0.52 | $0.48 | $0.33 | $1.25 | $2.09 | $1.01 |
Gain on sale of a non-essential parcel of land | 136 | -7,668 | 71 | ||||||||
Outdoor Products Group [Member] | |||||||||||
Results by operating segment | |||||||||||
Sales | 730,322 | 451,477 | 328,804 | ||||||||
Gross profit | 200,043 | 83,787 | 64,915 | ||||||||
Savage Sports Corporation [Member] | |||||||||||
Results by operating segment | |||||||||||
Payments to Acquire Businesses, Gross | $315,000 |
Related_Parties_Related_party_
Related Parties Related party transactions (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Net property, plant, and equipment | $190,607,000 | $189,071,000 | |
Related Party Transaction, Purchases from Related Party | 170,783,000 | 273,246,000 | 143,122,000 |
Revenue from Related Parties | 8,874,000 | 12,422,000 | 27,207,000 |
Accounts Payable, Related Parties | 23,756 | ||
Accounts Receivable, Related Parties | 0 | ||
Deferred Tax Assets, Net, Current | 50,343,000 | 46,447,000 | |
Deferred charges and other non-current assets | 17,811,000 | 22,270,000 | |
Other current assets | 13,452,000 | 20,901,000 | |
Total assets | 2,573,124,000 | 2,457,621,000 | |
Accrued compensation | 27,146,000 | 32,449,000 | |
Long term debt payable to parent | 0 | 1,014,911,000 | |
Accrued pension liability | 59,345,000 | 0 | |
Deferred Tax Liabilities, Net, Noncurrent | 193,382,000 | 215,768,000 | |
Other Liabilities, Current | 96,071,000 | 89,330,000 | |
Other long-term liabilities | 31,221,000 | 23,251,000 | |
Liabilities | 924,360,000 | 1,586,890,000 | |
Stockholders' Equity Attributable to Parent | 1,648,764,000 | 870,731,000 | |
Net contribution from Parent upon spin | -973,050,000 | ||
Related Party contribution or distribution [Member] | |||
Related Party Transaction [Line Items] | |||
Net property, plant, and equipment | 1,327,000 | ||
Deferred Tax Assets, Net, Current | 11,040,000 | ||
Deferred charges and other non-current assets | -8,850,000 | ||
Other current assets | -5,649,000 | ||
Total assets | -2,132,000 | ||
Accrued compensation | 4,097,000 | ||
Long term debt payable to parent | -994,824,000 | ||
Accrued pension liability | 62,500,000 | ||
Deferred Tax Liabilities, Net, Noncurrent | -16,533,000 | ||
Other Liabilities, Current | -8,031,000 | ||
Other long-term liabilities | 888,000 | ||
Liabilities | -951,903,000 | ||
Stockholders' Equity Attributable to Parent | -23,279,000 | ||
managerial and support services [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 33,593,000 | 29,268,000 | 12,119,000 |
Infrastructure costs [Member] [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 4,959,000 | 4,947,000 | 3,937,000 |
Benefits [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | $48,549,000 | $45,605,000 | $44,087,000 |
Uncategorized_Items
Uncategorized Items | |
[vsto_Parentcompanyinvestment] | 520,026,000 |