Document and Entity Information
Document and Entity Information | 3 Months Ended |
Jul. 03, 2016shares | |
Document and Entity Information | |
Entity Registrant Name | VISTA OUTDOOR INC. |
Entity Central Index Key | 1,616,318 |
Document Type | 10-Q |
Document Period End Date | Jul. 3, 2016 |
Amendment Flag | false |
Current Fiscal Year End Date | --03-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 60,359,234 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | Q1 |
CONDENSED CONSOLIDATED AND COMB
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jul. 03, 2016 | Jul. 05, 2015 | |
Income Statement [Abstract] | ||
Sales, net | $ 630,269 | $ 514,497 |
Cost of sales | 458,892 | 375,205 |
Gross profit | 171,377 | 139,292 |
Operating expenses: | ||
Research and development | 7,831 | 2,355 |
Selling, general, and administrative | 104,444 | 77,954 |
Income before interest and income taxes | 59,102 | 58,983 |
Interest expense, net | 11,963 | 2,569 |
Income before income taxes | 47,139 | 56,414 |
Income tax provision | 18,015 | 22,523 |
Net income | $ 29,124 | $ 33,891 |
Earnings per common share: | ||
Earnings Per Share, Basic | $ 0.48 | $ 0.54 |
Earnings Per Share, Diluted | $ 0.48 | $ 0.53 |
Weighted-average number of common shares outstanding: | ||
Basic EPS shares outstanding | 60,384 | 63,286 |
Diluted EPS shares outstanding | 60,715 | 63,611 |
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 $162 and $158, respectively | $ (274) | $ (267) |
Reclassification of net actuarial loss for pension and postretirement benefit plans recorded to net income, net of tax expense of $(734) and $(819), respectively | (1,236) | (1,381) |
Change in derivatives, net of tax benefit (expense) of $0 and $(54), respectively | 0 | 90 |
Change in cumulative translation adjustment, net of tax benefit of $0 and $0, respectively | (4,799) | 2,670 |
Total other comprehensive (loss) income | (3,837) | 3,874 |
Comprehensive income | $ 25,287 | $ 37,765 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jul. 03, 2016 | Mar. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 66,000 | $ 151,692 |
Net receivables | 519,762 | 428,398 |
Net inventories | 553,631 | 440,240 |
Other current assets | 36,337 | 29,334 |
Total current assets | 1,175,730 | 1,049,664 |
Net property, plant, and equipment | 238,282 | 203,485 |
Goodwill | 1,204,046 | 1,023,451 |
Net intangible assets | 794,720 | 650,472 |
Deferred charges and other non-current assets | 22,319 | 15,562 |
Total assets | 3,435,097 | 2,942,634 |
Current liabilities: | ||
Current portion of long-term debt | 122,000 | 17,500 |
Accounts payable | 139,642 | 147,738 |
Accrued compensation | 33,505 | 47,394 |
Accrued income taxes | 25,697 | 12,171 |
Federal excise tax | 28,386 | 27,701 |
Other current liabilities | 160,085 | 116,397 |
Total current liabilities | 509,315 | 368,901 |
Long-term debt | 936,299 | 652,787 |
Deferred income tax liabilities | 182,875 | 135,957 |
Accrued pension and postemployment liabilities | 72,548 | 73,503 |
Other long-term liabilities | 68,301 | 51,319 |
Total liabilities | 1,769,338 | 1,282,467 |
Commitments and contingencies (Notes 10 and 13) | ||
Issued and outstanding— 60,359,234 shares at July 3, 2016 and 60,825,914 shares at March 31, 2016 | 603 | 608 |
Additional paid-in capital | 1,746,469 | 1,743,371 |
Retained earnings | 195,545 | 166,421 |
Accumulated other comprehensive loss | (114,051) | (110,214) |
Common stock in treasury, at cost— 3,605,205 shares held at July 3, 2016 and 3,138,525 shares held at March 31, 2016 | (162,807) | (140,019) |
Total stockholders' equity | 1,665,759 | 1,660,167 |
Total liabilities and stockholders' equity | $ 3,435,097 | $ 2,942,634 |
CONDENSED CONSOLIDATED AND COM4
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2016 | Jul. 05, 2015 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax [Abstract] | ||
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), Tax | $ 162 | $ 158 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Tax | 734 | 819 |
Change in fair value of derivatives, tax expense | 0 | 54 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $ 0 | $ 0 |
CONDENSED CONSOLIDATED BALANCE5
CONDENSED CONSOLIDATED BALANCE SHEETS CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares | Jul. 03, 2016 | Mar. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 500,000,000 | 500,000,000 |
Common stock, issued shares | 60,359,234 | 60,825,914 |
Common stock, outstanding shares | 60,359,234 | 60,825,914 |
Common stock in treasury, shares | 3,605,205 | 3,138,525 |
CONDENSED CONSOLIDATED AND COM6
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2016 | Jul. 05, 2015 | |
Operating Activities | ||
Net income | $ 29,124 | $ 33,891 |
Adjustments to net income to arrive at cash provided by operating activities: | ||
Depreciation | 13,676 | 9,255 |
Amortization of intangible assets | 10,106 | 7,302 |
Amortization of deferred financing costs | 2,172 | 538 |
Deferred income taxes | 52 | 1,005 |
Loss on disposal of property, plant, and equipment | 41 | 30 |
Stock-based compensation | 3,310 | 2,949 |
Excess tax benefits from share-based plans | 0 | (206) |
Changes in assets and liabilities, net of acquisition of businesses: | ||
Net receivables | (12,908) | (67,242) |
Net inventories | (57,697) | (54,480) |
Accounts payable | (33,196) | (728) |
Accrued compensation | (19,322) | (4,531) |
Accrued income taxes | 14,396 | 13,849 |
Federal excise tax | 737 | 386 |
Pension and other postretirement benefits | 579 | 1,791 |
Other assets and liabilities | 26,772 | 14,272 |
Cash used for operating activities | (22,158) | (41,919) |
Investing Activities: | ||
Capital expenditures | (21,006) | (10,557) |
Acquisition of businesses, net of cash acquired | (405,943) | 0 |
Proceeds from the disposition of property, plant, and equipment | 34 | 20 |
Cash used for investing activities | (426,915) | (10,537) |
Financing Activities: | ||
Borrowings on line of credit | 115,000 | 0 |
Payments on line of credit | (25,000) | 0 |
Proceeds from issuance of long-term debt | 307,500 | 0 |
Payments made on long-term debt | (8,000) | (4,375) |
Payments made for debt issuance costs | (3,660) | 0 |
Purchase of treasury shares | (22,058) | (23,743) |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | 206 |
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 0 | 438 |
Cash provided by (used for) financing activities | 363,782 | (27,474) |
Effect of foreign exchange rate fluctuations on cash | (401) | 254 |
Decrease in cash and cash equivalents | (85,692) | (79,676) |
Cash and cash equivalents at beginning of period | 151,692 | 263,951 |
Cash and cash equivalents at end of period | 66,000 | 184,275 |
Noncash investing activity: | ||
Capital expenditures included in accounts payable | 2,065 | 1,274 |
Noncash financing activity: | ||
Treasury Shares purchased included in other accrued liabilities | $ 998 | $ 941 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Common Stock $.01 Par Value | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock |
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 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Comprehensive income | 37,765 | 33,891 | 3,874 | |||
Exercise of stock options (in shares) | 20,078 | |||||
Exercise of stock options | 438 | (426) | 864 | |||
Restricted stock grants (in shares) | 44,050 | |||||
Restricted stock grants net of forfeitures | (1,880) | 1,880 | ||||
Share-based compensation | 2,944 | 2,944 | ||||
Restricted stock vested and shares withheld (in shares) | (22,019) | |||||
Restricted stock vested and shares withheld | 955 | (955) | ||||
Treasury stock purchased (in shares) | (511,814) | |||||
Treasury stock purchased | (22,908) | (22,908) | ||||
Employee plans and other | (3) | (3) | ||||
Tax benefit related to share based plans and other | 201 | $ (5) | 206 | |||
Contribution from former parent and other | (785) | 785 | ||||
Balance at Jul. 05, 2015 | 1,666,416 | $ 634 | 1,743,139 | 53,275 | (106,429) | (24,203) |
Balance (in shares) at Jul. 05, 2015 | 63,408,794 | |||||
Balance at Mar. 31, 2016 | 1,660,167 | $ 608 | 1,743,371 | 166,421 | (110,214) | (140,019) |
Balance (in shares) at Mar. 31, 2016 | 60,825,914 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Comprehensive income | 25,287 | 29,124 | (3,837) | |||
Exercise of stock options (in shares) | 0 | |||||
Exercise of stock options | 0 | 0 | 0 | |||
Restricted stock grants (in shares) | 11,344 | |||||
Restricted stock grants net of forfeitures | (104) | (141) | 37 | |||
Share-based compensation | 3,310 | 3,310 | ||||
Restricted stock vested and shares withheld (in shares) | (912) | |||||
Restricted stock vested and shares withheld | (619) | (71) | (548) | |||
Treasury stock purchased (in shares) | (461,525) | |||||
Treasury stock purchased | (22,277) | (22,277) | ||||
Contribution from former parent and other (in shares) | 5,277 | |||||
Contribution from former parent and other | (5) | $ (5) | ||||
Balance at Jul. 03, 2016 | $ 1,665,759 | $ 603 | $ 1,746,469 | $ 195,545 | $ (114,051) | $ (162,807) |
Balance (in shares) at Jul. 03, 2016 | 60,359,234 |
CONSOLIDATED STATEMENTS OF EQU8
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | Jul. 03, 2016 | Mar. 31, 2016 |
Statement of Stockholders' Equity [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Basis of Presentation and Respo
Basis of Presentation and Responsibility for Interim Financial Statements | 3 Months Ended |
Jul. 03, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Responsibility for Interim Financial Statements | Basis of Presentation and Responsibility for Interim Financial Statements 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, Outdoor Products and Shooting Sports. Vista Outdoor is headquartered in Farmington, Utah and has manufacturing operations and facilities in 13 U.S. States, Canada, Mexico and Puerto Rico along with international customer service, sales and sourcing operations in Asia, Australia, Canada, Europe, and New Zealand. Vista Outdoor was incorporated in Delaware in 2014. This Quarterly Report on Form 10-Q should be read in conjunction with our consolidated and combined financial statements and notes included in our fiscal 2016 financial statements as filed on Form 8-K on August 10, 2016. Basis of Presentation. Our unaudited condensed consolidated financial statements have been prepared in accordance with the requirements of the SEC for interim reporting. As permitted under those rules, certain disclosures and other financial information that are normally required by accounting principles generally accepted in the United States can be condensed or omitted. Our accounting policies are described in the notes to the consolidated and combined financial statements in our Annual Report on Form 10-K for the fiscal year ended March 31, 2016 (“fiscal 2016”). Management is responsible for the condensed consolidated financial statements included in this document, which are unaudited but, in the opinion of management, include all adjustments necessary for a fair presentation of our financial position as of July 3, 2016 and March 31, 2016 , and our results of operations and cash flows for the quarters ended July 3, 2016 and July 5, 2015 . New Accounting Pronouncements. On February 25, 2016, the FASB issued ASU 2016-02, Leases . The new guidance was issued to increase transparency and comparability among companies by requiring most leases be included on the balance sheet and by expanding disclosure requirements. Based on the current effective dates, the new guidance would first apply in the first quarter of our fiscal 2020. We are still in the process of evaluating the effect of adoption on our financial statements. On March 30, 2016, the FASB issued Accounting Standard Update No. 2016-09 Improvements to Employee Share-Based Payment Accounting , which simplifies several aspects of the accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures and classification in the statement of cash flows. The standard allows for early adoption. As of March 31, 2016 we have elected to early adopt this standard and prospectively present the change to the financial statements given the immaterial nature of the prior period balances. There are no other new accounting pronouncements that are expected to have a significant impact on our condensed consolidated financial statements. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Jul. 03, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 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 used to measure our financial instruments at fair value. 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 long-term debt is based on market quotes for the outstanding notes. We have considered these to be Level 2 instruments. Contingent Consideration —The acquisition-related contingent consideration liability represents the estimated fair value of additional future earn-outs payable for acquisitions of businesses that included earn-out clauses. The valuation of the contingent consideration will be evaluated on an ongoing basis and is based on management estimates and entity-specific assumptions which are considered Level 3 inputs. See Note 4 for further details. 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: July 3, 2016 March 31, 2016 Carrying Fair Carrying Fair Fixed-rate debt $ 350,000 $ 365,750 $ 350,000 $ 366,625 Variable-rate debt 722,000 722,000 332,500 332,500 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Jul. 03, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The computation of earnings per share ("EPS") includes Basic EPS 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 during each period presented, which, if exercised or earned, would have a dilutive effect on EPS. In computing EPS for the quarters ended July 3, 2016 and July 5, 2015 , earnings, as reported for each respective period, is divided by (in thousands): Quarter ended July 3, 2016 July 5, 2015 Basic EPS shares outstanding 60,384 63,286 Dilutive effect of stock-based awards 331 325 Diluted EPS shares outstanding 60,715 63,611 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 71 122 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 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 repurchase authorization also allows us to make repurchases under Rule 10b5-1 of the Securities Exchange Act of 1934. During the quarters ended July 3, 2016 and July 5, 2015 , we repurchased 461,525 shares for $22,277 and 512,000 shares for $22,900 , respectively. Since the inception of the program through July 3, 2016 , we have repurchased 3,802,611 shares for $171,347 . Any additional repurchases would be subject to market conditions and our compliance with our debt covenants. |
Acquisitions
Acquisitions | 3 Months Ended |
Jul. 03, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | quisition of Action Sports On April 1, 2016, we completed the acquisition of BRG Sports Inc.’s Action Sports division, operated by Bell Sports Corp. The acquisition includes brands Bell, Giro, Blackburn, CoPilot, Krash, and Raskullz. Under the terms of the transaction, we paid $400,000 utilizing cash on hand and borrowings under our existing credit facilities, subject to customary working capital adjustments, and additional contingent consideration payable if incremental profitability growth milestones within the Bell Powersports product line are achieved. We determined a value of the future contingent consideration as of the acquisition date of $4,272 utilizing the Black Scholes option pricing model; the total amount paid may differ from this value. The option pricing model requires us to make assumptions including the risk-free rate, expected volatility, cash flows, and expected life. 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. The expected option life is based on the contractual term of the agreement. Expected volatility is based on the average volatility of similar public companies' stock over the past three years. The discounted cash flows are based on our estimates of future performance of the business. Action Sports remains headquartered in Scotts Valley, California and operates facilities in the U.S., Canada, Europe and Asia. The acquisition of Action Sports includes more than 600 employees worldwide. The preliminary purchase price allocation is subject to further refinement and may require significant adjustments to arrive at the final purchase price allocation. A portion of the goodwill generated in this acquisition will be deductible for tax purposes. Acquisition of CamelBak Products On August 3, 2015, we completed the acquisition of CamelBak Products, LLC ("CamelBak") for total consideration of $412,500 , subject to a customary working capital adjustment, utilizing cash on hand and borrowings under our existing credit facilities. CamelBak is the leading provider of personal hydration solutions for outdoor, recreation and military use. CamelBak’s products include hydration packs, reusable bottles and individual purification and filtration systems. The preliminary purchase price allocation is subject to further refinement and may require significant adjustments to arrive at the final purchase price allocation. A portion of the goodwill generated in this acquisition will be deductible for tax purposes. Acquisition of Jimmy Styks On July 20, 2015, we completed the acquisition of Jimmy Styks, LLC ("Jimmy Styks"), using $40,000 of cash on hand with additional contingent consideration payable if incremental profitability growth milestones are achieved over the next three years. We determined a value of the future contingent consideration as of the acquisition date of $4,471 utilizing the Black Scholes option pricing model; the total amount paid may differ from this value. The option pricing model requires us to make assumptions including the risk-free rate, expected volatility, cash flows, and expected life. 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. The expected option life is based on the contractual term of the agreement. Expected volatility is based on the average volatility of similar public companies' stock over the past three years. The discounted cash flows are based on our estimates of future performance of the business. As of July 3, 2016 , the value of the future contingent consideration was $1,075 . The reduction from the original estimate was primarily a result of not achieving the first growth milestone. Jimmy Styks is a leading designer and marketer of stand up paddle boards and related accessories. Jimmy Styks’ stand up paddle board portfolio provides easy-to-use platforms for water sport enthusiasts engaging in activities ranging from personal fitness to fishing and will help us expand our Outdoor Products operating segment. Jimmy Styks offers nearly 30 SKUs in epoxy, inflatable, soft and thermoform boards, as well as accessories. The preliminary purchase price allocation is subject to further refinement and may require significant adjustments to arrive at the final purchase price allocation. The majority of the goodwill generated in this acquisition will be deductible for tax purposes. Jimmy Styks is an immaterial acquisition to our company. Current quarter results for acquisitions For the quarter ended July 3, 2016 , Vista Outdoor recorded sales of approximately $134,070 and gross profit of approximately $42,329 , associated with the operations of these acquired businesses and reflected in the Outdoor Products segment results. Preliminary Allocation of Consideration Transferred to Net Assets Acquired for Action Sports and CamelBak: The following amounts represent the preliminary determination of the fair value of identifiable assets acquired and liabilities assumed from the Action Sports and CamelBak acquisitions. The final determination of the fair value of certain assets and liabilities will be completed within the required measurement period, which will be no later than 12 months from the date of acquisition. The size and breadth of the Action Sports and CamelBak acquisitions will necessitate the use of this measurement period to adequately analyze and assess a number of the factors used in establishing the asset and liability fair values as of the acquisition date, including the significant contractual and operational factors underlying the trade name and customer relationship intangible assets and the related tax impacts of any changes made. Any potential adjustments made could be material in relation to the preliminary values presented below: Action Sports Preliminary Purchase Price Allocation: April 1, 2016 Purchase price net of cash acquired: Cash paid $ 400,000 Estimated earnout value 4,272 Cash paid for working capital 1,671 Total purchase price 405,943 Fair value of assets acquired: Receivables $ 79,328 Inventories 56,527 Tradename, customer relationship, and technology intangibles 155,100 Property, plant, and equipment 34,114 Other assets 7,270 Total assets 332,339 Fair value of liabilities assumed: Accounts payable 30,240 Deferred tax liabilities 46,393 Other liabilities 32,816 Total liabilities 109,449 Net assets acquired 222,890 Goodwill $ 183,053 CamelBak Preliminary Purchase Price Allocation: August 3, 2015 Purchase price net of cash acquired: Cash paid $ 412,500 Cash paid for working capital 9,810 Total purchase price 422,310 Fair value of assets acquired: Receivables $ 30,093 Inventories 30,916 Tradename, customer relationship, and technology intangibles 133,800 Property, plant, and equipment 7,985 Other assets 6,902 Total assets 209,696 Fair value of liabilities assumed: Accounts payable 8,219 Other liabilities 8,024 Total liabilities 16,243 Net assets acquired 193,453 Goodwill $ 228,857 Intangible assets above include: Value Useful life (years) Action Sports Indefinite lived tradenames $ 76,700 Indefinite Definite lived tradenames 1,400 15 Customer relationships 74,700 15-20 Technology 2,300 10 CamelBak Indefinite lived tradename $ 79,400 Indefinite Customer relationships 49,400 10-20 Technology 5,000 7-17 Supplemental Pro Forma Data for Action Sports and CamelBak: We used the acquisition method of accounting to account for these acquisitions and, accordingly, the results of Action Sports and CamelBak are included in our consolidated financial statements for the period subsequent to the date of acquisition. The following unaudited supplemental pro forma data for the quarters ended July 3, 2016 and July 5, 2015 present consolidated information as if the CamelBak acquisition had been completed on April 1, 2014 and the Action Sports acquisition had been completed on April 1, 2015. The pro forma results were calculated by combining our results with the standalone results of Action Sports and CamelBak for the pre-acquisition periods, which were adjusted to account for certain costs which would have been incurred during this pre-acquisition period: Quarter ended (Amounts in thousands except per share data) July 3, 2016 July 5, 2015 Sales $ 630,269 $ 640,250 Net income 29,564 36,464 Basic earnings per common share 0.49 0.58 Diluted earnings per common share 0.49 0.57 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 CamelBak acquisition had been completed on April 1, 2014 and the Action Sports acquisition had been completed on April 1, 2015, as adjusted for the applicable tax impact: Quarter ended July 3, 2016 July 5, 2015 Inventory step-up, net (1) $ (502 ) $ 502 Fees for advisory, legal, accounting services (2) (946 ) 946 (1) Adjustment reflects the increased cost of goods sold expense resulting from the fair value step-up in inventory of $817 which was expensed over the first inventory cycle. (2) We removed the fees that were incurred in connection with the acquisition of Action Sports from fiscal 2017 and considered those fees as incurred during the first quarter of fiscal 2016. Costs were recorded in Selling, general, and administrative expense. We have incurred total of $2,837 in fees in connection with the acquisition of Action Sports during fiscal 2016 and 2017. |
Receivables
Receivables | 3 Months Ended |
Jul. 03, 2016 | |
Receivables [Abstract] | |
Receivables | Net Receivables Net receivables are summarized as follows: July 3, 2016 March 31, 2016 Trade receivables $ 535,505 $ 446,032 Other receivables 2,315 1,778 Less allowance for doubtful accounts and discounts (18,058 ) (19,412 ) Net receivables $ 519,762 $ 428,398 One customer represented 16% and 13% of the total trade receivables balance as of July 3, 2016 and March 31, 2016 , respectively. |
Inventories
Inventories | 3 Months Ended |
Jul. 03, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Net Inventories Net inventories consist of the following: July 3, 2016 March 31, 2016 Raw materials $ 103,504 $ 91,898 Work in process 60,618 61,864 Finished goods 389,509 286,478 Net inventories $ 553,631 $ 440,240 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Jul. 03, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Loss The components of AOCL, net of income taxes, are as follows: July 3, 2016 March 31, 2016 Pension and other postretirement benefits $ (62,705 ) $ (63,667 ) Cumulative translation adjustment (51,346 ) (46,547 ) Total AOCL $ (114,051 ) $ (110,214 ) The following table summarizes the changes in the balance of AOCL, net of income tax: Quarter ended July 3, 2016 Pension and other postretirement benefits Cumulative translation adjustment Total Beginning balance in AOCL $ (63,667 ) $ (46,547 ) $ (110,214 ) Net actuarial losses reclassified from AOCL (1) 1,236 — 1,236 Prior service costs reclassified from AOCL (1) (274 ) — (274 ) Net change in cumulative translation adjustment — (4,799 ) (4,799 ) Ending balance in AOCL $ (62,705 ) $ (51,346 ) $ (114,051 ) (1) 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. Quarter ended July 5, 2015 Derivatives Pension and other postretirement benefits Cumulative translation adjustment Total Beginning balance in AOCL $ — $ (58,155 ) $ (52,148 ) $ (110,303 ) Net increase in fair value of derivatives 97 — — 97 Net losses reclassified from AOCL, offsetting the price paid to suppliers (1) (7 ) — — (7 ) Net actuarial losses reclassified from AOCL (2) — 1,381 — 1,381 Prior service costs reclassified from AOCL (2) — (267 ) — (267 ) Net change in cumulative translation adjustment — — 2,670 2,670 Ending balance in AOCL $ 90 $ (57,041 ) $ (49,478 ) $ (106,429 ) (1) Amounts related to our derivative instruments that were reclassified from AOCL and recorded as a component of cost of sales. (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. |
Goodwill and Net Intangible Ass
Goodwill and Net Intangible Assets | 3 Months Ended |
Jul. 03, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Net Intangible Assets | The changes in the carrying amount of goodwill by segment were as follows: Outdoor Products Shooting Sports Total Balance, March 31, 2016 $ 818,560 $ 204,891 $ 1,023,451 Acquisition 183,053 — 183,053 Effect of foreign currency exchange rates (2,467 ) 9 (2,458 ) Balance, July 3, 2016 $ 999,146 $ 204,900 $ 1,204,046 The acquisition in Outdoor Products related to the preliminary purchase price allocation for Action Sports as previously discussed. The goodwill recorded within Outdoor Products and Shooting Sports segments are presented net of $47,791 and $41,020 of accumulated impairment losses, respectively. Net intangibles consisted of the following: July 3, 2016 March 31, 2016 Gross Accumulated Total Gross Accumulated Total Trade names $ 186,562 $ (49,945 ) $ 136,617 $ 185,162 $ (46,812 ) $ 138,350 Patented technology 30,200 (10,406 ) 19,794 27,900 (9,949 ) 17,951 Customer relationships and other 346,341 (57,229 ) 289,112 272,431 (50,757 ) 221,674 Total 563,103 (117,580 ) 445,523 485,493 (107,518 ) 377,975 Non-amortizing trade names 349,197 — 349,197 272,497 — 272,497 Net intangibles $ 912,300 $ (117,580 ) $ 794,720 $ 757,990 $ (107,518 ) $ 650,472 The gross amount of amortizable and non-amortizable intangible assets increased from March 31, 2016 due to the acquisition of Action Sports. The assets in the table above are being amortized using a straight-line method over a weighted average remaining period of approximately 12.5 years. Amortization expense for the quarters ended July 3, 2016 and July 5, 2015 was $10,106 and $7,302 , respectively. We expect amortization expense related to these assets to be as follows: Remainder of fiscal 2017 $ 30,561 Fiscal 2018 40,748 Fiscal 2019 38,004 Fiscal 2020 37,121 Fiscal 2021 37,054 Thereafter 262,035 Total $ 445,523 |
Other Current and Non-current L
Other Current and Non-current Liabilities | 3 Months Ended |
Jul. 03, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Current and Non-current liabilities | Other Current and Non-current Liabilities Other current and non-current liabilities consisted of the following: July 3, 2016 March 31, 2016 Other current liabilities: In-transit inventory and other $ 85,145 $ 40,242 Rebate 28,127 17,957 Employee benefits and insurance 12,312 11,131 Accrued advertising 12,140 10,315 Warranty 8,036 8,611 Interest 5,471 13,157 Freight accrual 2,459 2,446 Customer obligations 2,501 9,613 Product liability 2,043 1,622 Accrued taxes 1,851 1,303 Total other current liabilities $ 160,085 $ 116,397 Other non-current liabilities: Non-current portion of accrued income tax liability $ 26,225 $ 25,421 Product liability 5,525 — Contingent consideration 5,347 4,471 Management non-qualified deferred compensation plan 2,949 2,668 Environmental remediation 740 745 Other 27,515 18,014 Total other non-current liabilities $ 68,301 $ 51,319 We provide consumer warranties against manufacturing defects on certain products within the Outdoor Products and Shooting Sports segments with warranty periods ranging typically from one year to a lifetime. The estimated costs of such product warranties are recorded at the time the sale is recorded 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 period presented: Balance, March 31, 2016 $ 8,611 Payments made (571 ) Warranties issued 146 Changes related to preexisting warranties (150 ) Balance, July 3, 2016 $ 8,036 |
Long-term Debt
Long-term Debt | 3 Months Ended |
Jul. 03, 2016 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt Long-term debt, including the current portion, consisted of the following: July 3, 2016 March 31, 2016 Senior Credit Facility: Term Loan $ 632,000 $ 332,500 Revolving Credit Facility 90,000 — Total principal amount of Credit Agreement 722,000 332,500 5.875% Senior Notes due 2023 350,000 350,000 Principal amount of long-term debt 1,072,000 682,500 Less: Unamortized deferred financing costs 13,701 12,213 Carrying amount of long-term debt 1,058,299 670,287 Less: current portion 122,000 17,500 Carrying amount of long-term debt, excluding current portion $ 936,299 $ 652,787 Credit Agreement On April 1, 2016, we entered into an Amended and Restated Credit Agreement (the “2016 Credit Agreement”), which replaced our 2014 Credit Agreement. The 2016 Credit Agreement is comprised of a Term A Loan of $640,000 and a $400,000 Revolving Credit Facility, both of which mature on April 1, 2021. The Term A Loan is subject to quarterly principal payments of $8,000 , with the remaining balance due on April 1, 2021. Borrowings under the 2016 Credit Agreement bear interest at a rate equal to either the sum of a base rate plus a specified margin or the sum of a Eurodollar rate plus a specified margin. Each margin is based on our consolidated leverage ratio, as defined in the 2016 Credit Agreement. Based on the ratio in effect as of July 3, 2016 , the base rate margin was 0.50% and the Eurodollar margin was 1.50% . The interest rate for the Term Loan as of July 3, 2016 was 1.96% . 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 0.25% . As of July 3, 2016 , we had $90,000 in borrowings against our $400,000 Revolving Credit Facility and had outstanding letters of credit of $29,172 , which reduced amounts available on the Revolving Credit Facility to $280,828 . With the exception of Action Sports and its subsidiaries, substantially all domestic tangible and intangible assets of Vista Outdoor and its subsidiaries and by Advanced Arrow S. de R.L. de C.V. and Hydrosport, S. de R.L. de C.V. are pledged as collateral under the 2016 Credit Agreement. The domestic tangible and intangible assets of Action Sports and its subsidiaries are expected to be pledged as collateral during fiscal 2017. Debt issuance costs of approximately $12,000 are being amortized over the term of the 2016 Credit Agreement. In fiscal 2014, we entered into a credit agreement (the "2014 Credit Agreement"), which was comprised of a Term A Loan of $350,000 and a Revolving Credit Facility of $400,000 , both of which were to mature on February 9, 2020. During the quarter ended July 3, 2016 , we refinanced this agreement as noted above. In connection with this transaction, we wrote off $1,521 of unamortized deferred debt issuance costs in the quarter ended July 3, 2016 . 5.875% Notes On August 11, 2015, we issued $350,000 aggregate principal amount of 5.875% Senior Notes (the "5.875% Notes") that mature on October 1, 2023. These notes are unsecured and senior obligations. Interest on these notes is payable semi-annually in arrears on April 1 and October 1 of each year, starting on April 1, 2016. We have the right to redeem some or all of these notes from time to time on or after October 1, 2018, at specified redemption prices. Prior to October 1, 2018, we may redeem some or all of these notes at a price equal to 100% of their principal amount plus accrued and unpaid interest to the date of redemption and a specified make-whole premium. In addition, prior to October 1, 2018, we may redeem up to 35% of the aggregate principal amount of these notes with the net cash proceeds of certain equity offerings, at a price equal to 105.875% of their principal amount plus accrued and unpaid interest to the date of redemption. Debt issuance costs of approximately $4,300 are being amortized to interest expense over 8 years, the term of the notes. Rank and Guarantees The Credit Agreement obligations are guaranteed on a secured basis, jointly and severally and fully and unconditionally, by substantially all of our domestic subsidiaries with the exception of the Action Sports subsidiaries, and by Advanced Arrow S. de R.L. de C.V. and Hydrosport, S. de R.L. de C.V., as described above. Vista Outdoor (the parent company issuer) has no independent assets or operations. We own 100% of all of these guarantor subsidiaries. The 5.875% Notes are senior unsecured obligations and will rank equally in right of payment with any future senior unsecured indebtedness and senior in right of payment to any future subordinated indebtedness. The 5.875% Notes are fully and unconditionally guaranteed, jointly and severally, by our existing and future domestic subsidiaries that guarantee indebtedness under our Credit Agreement or that guarantee certain of our other indebtedness, or indebtedness of any subsidiary guarantor, in an aggregate principal amount in excess of $50,000 . These guarantees are senior unsecured obligations of the applicable subsidiary guarantors. The guarantee by any subsidiary guarantor of our obligations in respect of the 5.875% Notes will be released in any of the following circumstances: • if, as a result of the sale of its capital stock, such subsidiary guarantor ceases to be a restricted subsidiary; • if such subsidiary guarantor is designated as an “Unrestricted Subsidiary;” • upon defeasance or satisfaction and discharge of the 5.875% Notes; or • if such subsidiary guarantor has been released from its guarantees of indebtedness under the Credit Agreement and all capital markets debt securities. The guarantee by any subsidiary guarantor of our obligations in respect of the 2016 Credit Agreement will be released in any of the following circumstances: • if, as a result of the sale of its capital stock, such subsidiary guarantor ceases to be a subsidiary; • if such subsidiary guarantor ceases to be a Domestic Subsidiary; or • upon repayment of all obligations under the Credit Agreement. Cash Paid for Interest on Debt Cash paid for interest on debt, including commitment fees, for the quarters ended July 3, 2016 and July 5, 2015 totaled $17,236 and $2,407 , respectively. |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Jul. 03, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The total expense for employee benefit plans for the quarters ended July 3, 2016 and July 5, 2015 was $1,690 and $1,825 , respectively. Employer Contributions. During the quarter ended July 3, 2016 , we made the legally required minimum contribution of $1,100 directly to the pension trust, $12 directly to retirees under the non-qualified supplemental executive retirement plan and no contributions to our other postretirement benefit plans. During the quarter ended July 5, 2015 , we made no contributions directly to the pension trust, to retirees under the non-qualified supplemental executive retirement plan, and to our other postretirement benefit plans. We also expect to contribute an additional $3,300 directly to the pension trust and distribute approximately $688 directly to retirees under our supplemental executive retirement plans, and to contribute approximately $174 to our other postretirement benefit plans during the remainder of fiscal 2017 . |
Income Taxes
Income Taxes | 3 Months Ended |
Jul. 03, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our provision for income taxes includes federal, foreign, and state income taxes. Income tax provisions for interim periods are based on estimated effective annual income tax rates. The income tax provisions for the quarters ended July 3, 2016 and July 5, 2015 represent effective tax rates of 38.2% and 39.9% , respectively. The decrease in the rate from the prior year quarter is primarily caused by a one-time discrete revaluation of a deferred tax asset in the prior year partially offset by nondeductible acquisition costs in the current year. 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 distribution of all of the shares of our common stock on a pro rata basis to the holders of Alliant Techsystems Inc. common stock (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 filed income tax returns in the U.S. federal and various U.S. state jurisdictions which included Vista Outdoor. In addition, certain of our subsidiaries filed income tax returns in foreign jurisdictions. After the Spin-Off we are 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 2009. 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. Although the timing and outcome of audit settlements are uncertain, it is reasonably possible that a $5,470 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 $4,624 . |
Contingencies
Contingencies | 3 Months Ended |
Jul. 03, 2016 | |
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 also have been identified as a potentially responsible party (“PRP”), along with other parties, in a regulatory agency action 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 $765 as of July 3, 2016 and March 31, 2016 . 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. |
Condensed Consolidating Financi
Condensed Consolidating Financial Statements (Notes) | 3 Months Ended |
Jul. 03, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Condensed Consolidating Financial Statements The 5.875% Notes are guaranteed on an unsecured basis, jointly and severally and fully and unconditionally, by substantially all of Vista Outdoor's domestic subsidiaries with the exception of the Action Sports subsidiaries, and by Advanced Arrow S. de R.L. de C.V. and Hydrosport, S. de R.L. de C.V. The parent company has no independent assets or operations. All of these guarantor subsidiaries are 100% owned by Vista Outdoor. These guarantees are senior or senior subordinated obligations, as applicable, of the applicable subsidiary guarantors. In conjunction with the registration of the 5.875% Notes the consolidating financial information of the guarantor and non-guarantor subsidiaries is presented on the following pages. The guarantee by any subsidiary guarantor of our obligations in respect of the 5.875% Notes will be released in any of the following circumstances: • if, as a result of the sale of its capital stock, such subsidiary guarantor ceases to be a restricted subsidiary; • if such subsidiary guarantor is designated as an “Unrestricted Subsidiary;” • upon defeasance or satisfaction and discharge of the 5.875% Notes; or • if such subsidiary guarantor has been released from its guarantees of indebtedness under the Credit Agreement and all capital markets debt securities. VISTA OUTDOOR INC. CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (unaudited) Quarter ended July 3, 2016 (Amounts in thousands except per share data) Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated Sales, net $ — $ 517,190 $ 136,718 $ (23,639 ) $ 630,269 Cost of sales — 385,115 97,176 (23,399 ) 458,892 Gross profit — 132,075 39,542 (240 ) 171,377 Operating expenses: Research and development — 4,343 3,488 — 7,831 Selling, general, and administrative — 73,833 30,611 — 104,444 Income before interest and income taxes — 53,899 5,443 (240 ) 59,102 Equity in income of subsidiaries 36,601 3,837 — (40,438 ) — Interest expense, net (11,963 ) — — — (11,963 ) Income before income taxes 24,638 57,736 5,443 (40,678 ) 47,139 Income tax provision (4,486 ) 21,135 1,449 (83 ) 18,015 Net income $ 29,124 $ 36,601 $ 3,994 $ (40,595 ) $ 29,124 Other comprehensive (loss) income, net of tax: Net income (from above) $ 29,124 $ 36,601 $ 3,994 $ (40,595 ) $ 29,124 Total other comprehensive (loss) income (3,837 ) (3,837 ) (4,799 ) 8,636 (3,837 ) Comprehensive (loss) income $ 25,287 $ 32,764 $ (805 ) $ (31,959 ) $ 25,287 VISTA OUTDOOR INC. CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (unaudited) Quarter ended July 5, 2015 (Amounts in thousands except per share data) Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated Sales, net $ — $ 477,628 $ 60,626 $ (23,757 ) $ 514,497 Cost of sales — 359,532 39,725 (24,052 ) 375,205 Gross profit — 118,096 20,901 295 139,292 Operating expenses: Research and development — 2,355 — — 2,355 Selling, general, and administrative — 64,689 13,265 — 77,954 Income before interest and income taxes — 51,052 7,636 295 58,983 Equity in income of subsidiaries 35,497 5,569 — (41,066 ) — Interest expense, net (2,569 ) — — — (2,569 ) Income before income taxes 32,928 56,621 7,636 (40,771 ) 56,414 Income tax provision (963 ) 21,124 2,250 112 22,523 Net income $ 33,891 $ 35,497 $ 5,386 $ (40,883 ) $ 33,891 Other comprehensive income, net of tax: Net income (from above) $ 33,891 $ 35,497 $ 5,386 $ (40,883 ) $ 33,891 Total other comprehensive income 3,874 3,874 2,670 (6,544 ) 3,874 Comprehensive income $ 37,765 $ 39,371 $ 8,056 $ (47,427 ) $ 37,765 VISTA OUTDOOR INC. CONDENSED CONSOLIDATED BALANCE SHEET (unaudited) July 3, 2016 (Amounts in thousands except share data) Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 32,421 $ 33,579 $ — $ 66,000 Net receivables — 399,000 120,762 — 519,762 Due from affiliates, current — 17,240 — (17,240 ) — Net inventories — 439,091 119,074 (4,534 ) 553,631 Other current assets — 28,352 7,985 — 36,337 Total current assets — 916,104 281,400 (21,774 ) 1,175,730 Net property, plant, and equipment — 194,981 43,301 238,282 Investment in subsidiaries 2,963,535 45,541 — (3,009,076 ) — Goodwill — 911,715 292,331 — 1,204,046 Net intangible assets — 605,684 189,036 — 794,720 Long-term due from affiliates — 278,899 — (278,899 ) — Deferred charges and other non-current assets — 14,543 7,776 — 22,319 Total assets $ 2,963,535 $ 2,967,467 $ 813,844 $ (3,309,749 ) $ 3,435,097 LIABILITIES AND EQUITY Current liabilities: Current portion of long-term debt $ 122,000 $ — $ — $ — $ 122,000 Accounts payable — 93,035 46,607 — 139,642 Due to affiliates, current — — 17,240 (17,240 ) — Accrued compensation — 26,779 6,726 — 33,505 Accrued income taxes — 26,010 (313 ) — 25,697 Federal excise tax — 26,608 1,778 — 28,386 Other current liabilities — 134,774 25,311 — 160,085 Total current liabilities 122,000 307,206 97,349 (17,240 ) 509,315 Long-term debt 936,299 — — — 936,299 Deferred income tax liabilities — 174,842 8,116 (83 ) 182,875 Accrued pension and postemployment liabilities — 72,548 — — 72,548 Long-term due to affiliates 239,470 — 39,429 (278,899 ) — Other long-term liabilities — 52,734 15,567 — 68,301 Total liabilities 1,297,769 607,330 160,461 (296,222 ) 1,769,338 Equity Total stockholders' equity 1,665,766 2,360,137 653,383 (3,013,527 ) 1,665,759 Total liabilities and stockholders' equity $ 2,963,535 $ 2,967,467 $ 813,844 $ (3,309,749 ) $ 3,435,097 VISTA OUTDOOR INC. CONDENSED CONSOLIDATED BALANCE SHEET (unaudited) March 31, 2016 (Amounts in thousands except share data) Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 133,503 $ 18,189 $ — $ 151,692 Net receivables — 382,662 45,736 — 428,398 Due from affiliates, current — 19,912 — (19,912 ) — Net inventories — 379,658 64,867 (4,285 ) 440,240 Other current assets — 26,517 2,817 — 29,334 Total current assets — 942,252 131,609 (24,197 ) 1,049,664 Net property, plant, and equipment — 192,674 10,811 — 203,485 Investment in subsidiaries 2,530,524 36,865 — (2,567,389 ) — Goodwill — 911,715 111,736 — 1,023,451 Net intangible assets — 613,869 36,603 — 650,472 Long-term due from affiliates — 241,598 — (241,598 ) — Deferred charges and other non-current assets — 11,833 3,729 — 15,562 Total assets $ 2,530,524 $ 2,950,806 $ 294,488 $ (2,833,184 ) $ 2,942,634 LIABILITIES AND EQUITY Current liabilities: Current portion of long-term debt $ 17,500 $ — $ — $ — $ 17,500 Accounts payable — 134,334 13,404 — 147,738 Due to affiliates, current — — 19,912 (19,912 ) — Accrued compensation — 43,826 3,568 — 47,394 Accrued income taxes — 11,698 473 — 12,171 Federal excise tax — 27,329 372 — 27,701 Other current liabilities — 107,499 8,898 — 116,397 Total current liabilities 17,500 324,686 46,627 (19,912 ) 368,901 Long-term debt 652,787 — — — 652,787 Deferred income tax liabilities — 127,483 8,192 282 135,957 Accrued pension and postemployment liabilities — 73,503 — — 73,503 Long-term due to affiliates 200,070 — 41,528 (241,598 ) — Other long-term liabilities — 50,048 1,271 — 51,319 Total liabilities 870,357 575,720 97,618 (261,228 ) 1,282,467 Equity Total stockholders' equity 1,660,167 2,375,086 196,870 (2,571,956 ) 1,660,167 Total liabilities and stockholders' equity $ 2,530,524 $ 2,950,806 $ 294,488 $ (2,833,184 ) $ 2,942,634 VISTA OUTDOOR INC. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited) Quarter ended July 3, 2016 (Amounts in thousands) Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated Operating Activities: Cash provided by (used) for operating activities $ (5,524 ) $ (32,376 ) $ 15,742 $ — $ (22,158 ) Investing Activities: Capital expenditures — (18,252 ) (2,754 ) — (21,006 ) Due from Affiliates — (50,458 ) — 50,458 — Acquisition of businesses, net of cash acquired (409,558 ) — 3,615 — (405,943 ) Proceeds from the disposition of property, plant, and equipment — 4 30 — 34 Cash provided by (used for) investing activities (409,558 ) (68,706 ) 891 50,458 (426,915 ) Financing Activities: Due to Affiliates 51,300 — (842 ) (50,458 ) — Borrowings on line of credit 115,000 — — — 115,000 Payments on line of credit (25,000 ) — — — (25,000 ) Proceeds from issuance of long-term debt 307,500 — — — 307,500 Payments made on long-term debt (8,000 ) — — — (8,000 ) Payments made for debt issuance costs (3,660 ) — — — (3,660 ) Purchase of treasury shares (22,058 ) — — — (22,058 ) Cash provided by financing activities 415,082 — (842 ) (50,458 ) 363,782 Effect of foreign exchange rate fluctuations on cash — — (401 ) — (401 ) Decrease in cash and cash equivalents — (101,082 ) 15,390 — (85,692 ) Cash and cash equivalents at beginning of period — 133,503 18,189 — 151,692 Cash and cash equivalents at end of period $ — $ 32,421 $ 33,579 $ — $ 66,000 VISTA OUTDOOR INC. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited) Quarter ended July 5, 2015 (Amounts in thousands) Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated Operating Activities: Cash provided by (used for) operating activities $ (1,274 ) $ (43,302 ) $ 2,657 $ — $ (41,919 ) Investing Activities: Capital expenditures — (9,255 ) (1,302 ) — (10,557 ) Due from Affiliates — (33,234 ) — 33,234 — Proceeds from the disposition of property, plant, and equipment — — 20 — 20 Cash used for investing activities — (42,489 ) (1,282 ) 33,234 (10,537 ) Financing Activities: Due to Affiliates 28,748 — 4,486 (33,234 ) — Payments made on long-term debt (4,375 ) — — — (4,375 ) Purchase of treasury shares (23,743 ) — — — (23,743 ) Excess tax benefits from share-based plans 206 — — — 206 Proceeds from employee stock compensation plans 438 — — — 438 Cash provided by (used for) financing activities 1,274 — 4,486 (33,234 ) (27,474 ) Effect of foreign exchange rate fluctuations on cash — — 254 — 254 Decrease in cash and cash equivalents — (85,791 ) 6,115 — (79,676 ) Cash and cash equivalents at beginning of period — 247,375 16,576 — 263,951 Cash and cash equivalents at end of period $ — $ 161,584 $ 22,691 $ — $ 184,275 |
Operating Segments (Notes)
Operating Segments (Notes) | 3 Months Ended |
Jul. 03, 2016 | |
Segment Reporting [Abstract] | |
Operating Segment Information | Operating Segment Information We operate our business structure within two operating segments. These operating segments 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, 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 cannot be allocated. Each segment is described below: • Outdoor Products generated 46% of our external sales in the quarter ended July 3, 2016 . The Outdoor Products product lines are action sports, archery/hunting accessories, global eyewear and sport protection products, golf, hydration products, optics, shooting accessories, tactical products and water sports. Action sports includes helmets, goggles, and accessories for cycling, snow sports, action sports and powersports. Archery/hunting accessories include high-performance hunting arrows, game calls, hunting blinds, game cameras and waterfowl decoys. Global eyewear and sport protection products include safety and protective eyewear, goggles, and helmets, as well as fashion and sports eyewear. Golf products include laser rangefinders. Hydration products include hydration packs and water bottles. Optics products include binoculars, riflescopes and telescopes. Shooting accessories products include reloading equipment, clay targets, and premium gun care products. Tactical products include holsters, duty gear, bags and packs. Water sports products include stand up paddle boards. • Shooting Sports generated 54% of our external sales in the quarter ended July 3, 2016 . The Shooting Sports product lines include centerfire ammunition, rimfire ammunition, shotshell ammunition, reloading components, centerfire rifles, rimfire rifles, shotguns, and range systems. No single customer contributed more than 10% of our sales for the quarter ended July 5, 2015 , and one customer contributed 14% of our sales for the quarter ended July 3, 2016 . No other single customer contributed more than 10% of our sales for the quarter ended July 3, 2016 . The following summarizes our results by segment: Quarter ended July 3, 2016 July 5, 2015 Sales to external customers: Outdoor Products $ 287,465 $ 182,595 Shooting Sports 342,804 331,902 Total sales to external customers $ 630,269 $ 514,497 Gross Profit Outdoor Products $ 80,897 $ 52,965 Shooting Sports 90,834 86,539 Corporate (354 ) (212 ) Total gross profit $ 171,377 $ 139,292 The sales above exclude intercompany sales between Outdoor Products and Shooting Sports of $1,117 and $779 for the quarters ended July 3, 2016 and July 5, 2015 , respectively. |
Basis of Presentation and Res24
Basis of Presentation and Responsibility for Interim Financial Statements (Policies) | 3 Months Ended |
Jul. 03, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements. On February 25, 2016, the FASB issued ASU 2016-02, Leases . The new guidance was issued to increase transparency and comparability among companies by requiring most leases be included on the balance sheet and by expanding disclosure requirements. Based on the current effective dates, the new guidance would first apply in the first quarter of our fiscal 2020. We are still in the process of evaluating the effect of adoption on our financial statements. On March 30, 2016, the FASB issued Accounting Standard Update No. 2016-09 Improvements to Employee Share-Based Payment Accounting , which simplifies several aspects of the accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures and classification in the statement of cash flows. The standard allows for early adoption. As of March 31, 2016 we have elected to early adopt this standard and prospectively present the change to the financial statements given the immaterial nature of the prior period balances. There are no other new accounting pronouncements that are expected to have a significant impact on our condensed consolidated financial statements. |
Fair Value of Financial Instr25
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Jul. 03, 2016 | |
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: July 3, 2016 March 31, 2016 Carrying Fair Carrying Fair Fixed-rate debt $ 350,000 $ 365,750 $ 350,000 $ 366,625 Variable-rate debt 722,000 722,000 332,500 332,500 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Jul. 03, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | In computing EPS for the quarters ended July 3, 2016 and July 5, 2015 , earnings, as reported for each respective period, is divided by (in thousands): Quarter ended July 3, 2016 July 5, 2015 Basic EPS shares outstanding 60,384 63,286 Dilutive effect of stock-based awards 331 325 Diluted EPS shares outstanding 60,715 63,611 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 71 122 |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Jul. 03, 2016 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following amounts represent the preliminary determination of the fair value of identifiable assets acquired and liabilities assumed from the Action Sports and CamelBak acquisitions. The final determination of the fair value of certain assets and liabilities will be completed within the required measurement period, which will be no later than 12 months from the date of acquisition. The size and breadth of the Action Sports and CamelBak acquisitions will necessitate the use of this measurement period to adequately analyze and assess a number of the factors used in establishing the asset and liability fair values as of the acquisition date, including the significant contractual and operational factors underlying the trade name and customer relationship intangible assets and the related tax impacts of any changes made. Any potential adjustments made could be material in relation to the preliminary values presented below: Action Sports Preliminary Purchase Price Allocation: April 1, 2016 Purchase price net of cash acquired: Cash paid $ 400,000 Estimated earnout value 4,272 Cash paid for working capital 1,671 Total purchase price 405,943 Fair value of assets acquired: Receivables $ 79,328 Inventories 56,527 Tradename, customer relationship, and technology intangibles 155,100 Property, plant, and equipment 34,114 Other assets 7,270 Total assets 332,339 Fair value of liabilities assumed: Accounts payable 30,240 Deferred tax liabilities 46,393 Other liabilities 32,816 Total liabilities 109,449 Net assets acquired 222,890 Goodwill $ 183,053 CamelBak Preliminary Purchase Price Allocation: August 3, 2015 Purchase price net of cash acquired: Cash paid $ 412,500 Cash paid for working capital 9,810 Total purchase price 422,310 Fair value of assets acquired: Receivables $ 30,093 Inventories 30,916 Tradename, customer relationship, and technology intangibles 133,800 Property, plant, and equipment 7,985 Other assets 6,902 Total assets 209,696 Fair value of liabilities assumed: Accounts payable 8,219 Other liabilities 8,024 Total liabilities 16,243 Net assets acquired 193,453 Goodwill $ 228,857 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | Intangible assets above include: Value Useful life (years) Action Sports Indefinite lived tradenames $ 76,700 Indefinite Definite lived tradenames 1,400 15 Customer relationships 74,700 15-20 Technology 2,300 10 CamelBak Indefinite lived tradename $ 79,400 Indefinite Customer relationships 49,400 10-20 Technology 5,000 7-17 |
Business Acquisition, Pro Forma Information | The pro forma results were calculated by combining our results with the standalone results of Action Sports and CamelBak for the pre-acquisition periods, which were adjusted to account for certain costs which would have been incurred during this pre-acquisition period: Quarter ended (Amounts in thousands except per share data) July 3, 2016 July 5, 2015 Sales $ 630,269 $ 640,250 Net income 29,564 36,464 Basic earnings per common share 0.49 0.58 Diluted earnings per common share 0.49 0.57 |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustments | 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 CamelBak acquisition had been completed on April 1, 2014 and the Action Sports acquisition had been completed on April 1, 2015, as adjusted for the applicable tax impact: Quarter ended July 3, 2016 July 5, 2015 Inventory step-up, net (1) $ (502 ) $ 502 Fees for advisory, legal, accounting services (2) (946 ) 946 (1) Adjustment reflects the increased cost of goods sold expense resulting from the fair value step-up in inventory of $817 which was expensed over the first inventory cycle. (2) We removed the fees that were incurred in connection with the acquisition of Action Sports from fiscal 2017 and considered those fees as incurred during the first quarter of fiscal 2016. Costs were recorded in Selling, general, and administrative expense. We have incurred total of $2,837 in fees in connection with the acquisition of Action Sports during fiscal 2016 and 2017. |
Receivables (Tables)
Receivables (Tables) | 3 Months Ended |
Jul. 03, 2016 | |
Receivables [Abstract] | |
Schedule of receivables, including amounts due under long-term contracts (contract receivables) | Net receivables are summarized as follows: July 3, 2016 March 31, 2016 Trade receivables $ 535,505 $ 446,032 Other receivables 2,315 1,778 Less allowance for doubtful accounts and discounts (18,058 ) (19,412 ) Net receivables $ 519,762 $ 428,398 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Jul. 03, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Net inventories consist of the following: July 3, 2016 March 31, 2016 Raw materials $ 103,504 $ 91,898 Work in process 60,618 61,864 Finished goods 389,509 286,478 Net inventories $ 553,631 $ 440,240 |
Accumulated Other Comprehensi30
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Jul. 03, 2016 | |
Equity [Abstract] | |
Schedule of components of accumulated OCI, net of income taxes | The components of AOCL, net of income taxes, are as follows: July 3, 2016 March 31, 2016 Pension and other postretirement benefits $ (62,705 ) $ (63,667 ) Cumulative translation adjustment (51,346 ) (46,547 ) Total AOCL $ (114,051 ) $ (110,214 ) |
Schedule of net of income tax activity in accumulated OCI | The following table summarizes the changes in the balance of AOCL, net of income tax: Quarter ended July 3, 2016 Pension and other postretirement benefits Cumulative translation adjustment Total Beginning balance in AOCL $ (63,667 ) $ (46,547 ) $ (110,214 ) Net actuarial losses reclassified from AOCL (1) 1,236 — 1,236 Prior service costs reclassified from AOCL (1) (274 ) — (274 ) Net change in cumulative translation adjustment — (4,799 ) (4,799 ) Ending balance in AOCL $ (62,705 ) $ (51,346 ) $ (114,051 ) (1) 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. Quarter ended July 5, 2015 Derivatives Pension and other postretirement benefits Cumulative translation adjustment Total Beginning balance in AOCL $ — $ (58,155 ) $ (52,148 ) $ (110,303 ) Net increase in fair value of derivatives 97 — — 97 Net losses reclassified from AOCL, offsetting the price paid to suppliers (1) (7 ) — — (7 ) Net actuarial losses reclassified from AOCL (2) — 1,381 — 1,381 Prior service costs reclassified from AOCL (2) — (267 ) — (267 ) Net change in cumulative translation adjustment — — 2,670 2,670 Ending balance in AOCL $ 90 $ (57,041 ) $ (49,478 ) $ (106,429 ) (1) Amounts related to our derivative instruments that were reclassified from AOCL and recorded as a component of cost of sales. (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. |
Goodwill and Net Intangible A31
Goodwill and Net Intangible Assets (Tables) | 3 Months Ended |
Jul. 03, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in the carrying amount of goodwill by segment | The changes in the carrying amount of goodwill by segment were as follows: Outdoor Products Shooting Sports Total Balance, March 31, 2016 $ 818,560 $ 204,891 $ 1,023,451 Acquisition 183,053 — 183,053 Effect of foreign currency exchange rates (2,467 ) 9 (2,458 ) Balance, July 3, 2016 $ 999,146 $ 204,900 $ 1,204,046 |
Schedule of net intangibles | Net intangibles consisted of the following: July 3, 2016 March 31, 2016 Gross Accumulated Total Gross Accumulated Total Trade names $ 186,562 $ (49,945 ) $ 136,617 $ 185,162 $ (46,812 ) $ 138,350 Patented technology 30,200 (10,406 ) 19,794 27,900 (9,949 ) 17,951 Customer relationships and other 346,341 (57,229 ) 289,112 272,431 (50,757 ) 221,674 Total 563,103 (117,580 ) 445,523 485,493 (107,518 ) 377,975 Non-amortizing trade names 349,197 — 349,197 272,497 — 272,497 Net intangibles $ 912,300 $ (117,580 ) $ 794,720 $ 757,990 $ (107,518 ) $ 650,472 |
Schedule of expected future amortization expense | We expect amortization expense related to these assets to be as follows: Remainder of fiscal 2017 $ 30,561 Fiscal 2018 40,748 Fiscal 2019 38,004 Fiscal 2020 37,121 Fiscal 2021 37,054 Thereafter 262,035 Total $ 445,523 |
Other Current and Non-current32
Other Current and Non-current Liabilities (Tables) | 3 Months Ended |
Jul. 03, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of major categories of other current and non-current liabilities | Other current and non-current liabilities consisted of the following: July 3, 2016 March 31, 2016 Other current liabilities: In-transit inventory and other $ 85,145 $ 40,242 Rebate 28,127 17,957 Employee benefits and insurance 12,312 11,131 Accrued advertising 12,140 10,315 Warranty 8,036 8,611 Interest 5,471 13,157 Freight accrual 2,459 2,446 Customer obligations 2,501 9,613 Product liability 2,043 1,622 Accrued taxes 1,851 1,303 Total other current liabilities $ 160,085 $ 116,397 Other non-current liabilities: Non-current portion of accrued income tax liability $ 26,225 $ 25,421 Product liability 5,525 — Contingent consideration 5,347 4,471 Management non-qualified deferred compensation plan 2,949 2,668 Environmental remediation 740 745 Other 27,515 18,014 Total other non-current liabilities $ 68,301 $ 51,319 |
Schedule of reconciliation of the changes in product warranty liability | The following is a reconciliation of the changes in our product warranty liability during the period presented: Balance, March 31, 2016 $ 8,611 Payments made (571 ) Warranties issued 146 Changes related to preexisting warranties (150 ) Balance, July 3, 2016 $ 8,036 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 3 Months Ended |
Jul. 03, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt, including the current portion | Long-term debt, including the current portion, consisted of the following: July 3, 2016 March 31, 2016 Senior Credit Facility: Term Loan $ 632,000 $ 332,500 Revolving Credit Facility 90,000 — Total principal amount of Credit Agreement 722,000 332,500 5.875% Senior Notes due 2023 350,000 350,000 Principal amount of long-term debt 1,072,000 682,500 Less: Unamortized deferred financing costs 13,701 12,213 Carrying amount of long-term debt 1,058,299 670,287 Less: current portion 122,000 17,500 Carrying amount of long-term debt, excluding current portion $ 936,299 $ 652,787 |
Condensed Consolidating Finan34
Condensed Consolidating Financial Statements (Tables) | 3 Months Ended |
Jul. 03, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Statement of Comprehensive Income | CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (unaudited) Quarter ended July 3, 2016 (Amounts in thousands except per share data) Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated Sales, net $ — $ 517,190 $ 136,718 $ (23,639 ) $ 630,269 Cost of sales — 385,115 97,176 (23,399 ) 458,892 Gross profit — 132,075 39,542 (240 ) 171,377 Operating expenses: Research and development — 4,343 3,488 — 7,831 Selling, general, and administrative — 73,833 30,611 — 104,444 Income before interest and income taxes — 53,899 5,443 (240 ) 59,102 Equity in income of subsidiaries 36,601 3,837 — (40,438 ) — Interest expense, net (11,963 ) — — — (11,963 ) Income before income taxes 24,638 57,736 5,443 (40,678 ) 47,139 Income tax provision (4,486 ) 21,135 1,449 (83 ) 18,015 Net income $ 29,124 $ 36,601 $ 3,994 $ (40,595 ) $ 29,124 Other comprehensive (loss) income, net of tax: Net income (from above) $ 29,124 $ 36,601 $ 3,994 $ (40,595 ) $ 29,124 Total other comprehensive (loss) income (3,837 ) (3,837 ) (4,799 ) 8,636 (3,837 ) Comprehensive (loss) income $ 25,287 $ 32,764 $ (805 ) $ (31,959 ) $ 25,287 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (unaudited) Quarter ended July 5, 2015 (Amounts in thousands except per share data) Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated Sales, net $ — $ 477,628 $ 60,626 $ (23,757 ) $ 514,497 Cost of sales — 359,532 39,725 (24,052 ) 375,205 Gross profit — 118,096 20,901 295 139,292 Operating expenses: Research and development — 2,355 — — 2,355 Selling, general, and administrative — 64,689 13,265 — 77,954 Income before interest and income taxes — 51,052 7,636 295 58,983 Equity in income of subsidiaries 35,497 5,569 — (41,066 ) — Interest expense, net (2,569 ) — — — (2,569 ) Income before income taxes 32,928 56,621 7,636 (40,771 ) 56,414 Income tax provision (963 ) 21,124 2,250 112 22,523 Net income $ 33,891 $ 35,497 $ 5,386 $ (40,883 ) $ 33,891 Other comprehensive income, net of tax: Net income (from above) $ 33,891 $ 35,497 $ 5,386 $ (40,883 ) $ 33,891 Total other comprehensive income 3,874 3,874 2,670 (6,544 ) 3,874 Comprehensive income $ 37,765 $ 39,371 $ 8,056 $ (47,427 ) $ 37,765 |
Condensed Balance Sheet | CONDENSED CONSOLIDATED BALANCE SHEET (unaudited) July 3, 2016 (Amounts in thousands except share data) Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 32,421 $ 33,579 $ — $ 66,000 Net receivables — 399,000 120,762 — 519,762 Due from affiliates, current — 17,240 — (17,240 ) — Net inventories — 439,091 119,074 (4,534 ) 553,631 Other current assets — 28,352 7,985 — 36,337 Total current assets — 916,104 281,400 (21,774 ) 1,175,730 Net property, plant, and equipment — 194,981 43,301 238,282 Investment in subsidiaries 2,963,535 45,541 — (3,009,076 ) — Goodwill — 911,715 292,331 — 1,204,046 Net intangible assets — 605,684 189,036 — 794,720 Long-term due from affiliates — 278,899 — (278,899 ) — Deferred charges and other non-current assets — 14,543 7,776 — 22,319 Total assets $ 2,963,535 $ 2,967,467 $ 813,844 $ (3,309,749 ) $ 3,435,097 LIABILITIES AND EQUITY Current liabilities: Current portion of long-term debt $ 122,000 $ — $ — $ — $ 122,000 Accounts payable — 93,035 46,607 — 139,642 Due to affiliates, current — — 17,240 (17,240 ) — Accrued compensation — 26,779 6,726 — 33,505 Accrued income taxes — 26,010 (313 ) — 25,697 Federal excise tax — 26,608 1,778 — 28,386 Other current liabilities — 134,774 25,311 — 160,085 Total current liabilities 122,000 307,206 97,349 (17,240 ) 509,315 Long-term debt 936,299 — — — 936,299 Deferred income tax liabilities — 174,842 8,116 (83 ) 182,875 Accrued pension and postemployment liabilities — 72,548 — — 72,548 Long-term due to affiliates 239,470 — 39,429 (278,899 ) — Other long-term liabilities — 52,734 15,567 — 68,301 Total liabilities 1,297,769 607,330 160,461 (296,222 ) 1,769,338 Equity Total stockholders' equity 1,665,766 2,360,137 653,383 (3,013,527 ) 1,665,759 Total liabilities and stockholders' equity $ 2,963,535 $ 2,967,467 $ 813,844 $ (3,309,749 ) $ 3,435,097 VISTA OUTDOOR INC. CONDENSED CONSOLIDATED BALANCE SHEET (unaudited) March 31, 2016 (Amounts in thousands except share data) Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 133,503 $ 18,189 $ — $ 151,692 Net receivables — 382,662 45,736 — 428,398 Due from affiliates, current — 19,912 — (19,912 ) — Net inventories — 379,658 64,867 (4,285 ) 440,240 Other current assets — 26,517 2,817 — 29,334 Total current assets — 942,252 131,609 (24,197 ) 1,049,664 Net property, plant, and equipment — 192,674 10,811 — 203,485 Investment in subsidiaries 2,530,524 36,865 — (2,567,389 ) — Goodwill — 911,715 111,736 — 1,023,451 Net intangible assets — 613,869 36,603 — 650,472 Long-term due from affiliates — 241,598 — (241,598 ) — Deferred charges and other non-current assets — 11,833 3,729 — 15,562 Total assets $ 2,530,524 $ 2,950,806 $ 294,488 $ (2,833,184 ) $ 2,942,634 LIABILITIES AND EQUITY Current liabilities: Current portion of long-term debt $ 17,500 $ — $ — $ — $ 17,500 Accounts payable — 134,334 13,404 — 147,738 Due to affiliates, current — — 19,912 (19,912 ) — Accrued compensation — 43,826 3,568 — 47,394 Accrued income taxes — 11,698 473 — 12,171 Federal excise tax — 27,329 372 — 27,701 Other current liabilities — 107,499 8,898 — 116,397 Total current liabilities 17,500 324,686 46,627 (19,912 ) 368,901 Long-term debt 652,787 — — — 652,787 Deferred income tax liabilities — 127,483 8,192 282 135,957 Accrued pension and postemployment liabilities — 73,503 — — 73,503 Long-term due to affiliates 200,070 — 41,528 (241,598 ) — Other long-term liabilities — 50,048 1,271 — 51,319 Total liabilities 870,357 575,720 97,618 (261,228 ) 1,282,467 Equity Total stockholders' equity 1,660,167 2,375,086 196,870 (2,571,956 ) 1,660,167 Total liabilities and stockholders' equity $ 2,530,524 $ 2,950,806 $ 294,488 $ (2,833,184 ) $ 2,942,634 |
Condensed Cash Flow Statement | CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited) Quarter ended July 3, 2016 (Amounts in thousands) Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated Operating Activities: Cash provided by (used) for operating activities $ (5,524 ) $ (32,376 ) $ 15,742 $ — $ (22,158 ) Investing Activities: Capital expenditures — (18,252 ) (2,754 ) — (21,006 ) Due from Affiliates — (50,458 ) — 50,458 — Acquisition of businesses, net of cash acquired (409,558 ) — 3,615 — (405,943 ) Proceeds from the disposition of property, plant, and equipment — 4 30 — 34 Cash provided by (used for) investing activities (409,558 ) (68,706 ) 891 50,458 (426,915 ) Financing Activities: Due to Affiliates 51,300 — (842 ) (50,458 ) — Borrowings on line of credit 115,000 — — — 115,000 Payments on line of credit (25,000 ) — — — (25,000 ) Proceeds from issuance of long-term debt 307,500 — — — 307,500 Payments made on long-term debt (8,000 ) — — — (8,000 ) Payments made for debt issuance costs (3,660 ) — — — (3,660 ) Purchase of treasury shares (22,058 ) — — — (22,058 ) Cash provided by financing activities 415,082 — (842 ) (50,458 ) 363,782 Effect of foreign exchange rate fluctuations on cash — — (401 ) — (401 ) Decrease in cash and cash equivalents — (101,082 ) 15,390 — (85,692 ) Cash and cash equivalents at beginning of period — 133,503 18,189 — 151,692 Cash and cash equivalents at end of period $ — $ 32,421 $ 33,579 $ — $ 66,000 VISTA OUTDOOR INC. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited) Quarter ended July 5, 2015 (Amounts in thousands) Parent Issuer Guarantors Non-Guarantors Eliminations Consolidated Operating Activities: Cash provided by (used for) operating activities $ (1,274 ) $ (43,302 ) $ 2,657 $ — $ (41,919 ) Investing Activities: Capital expenditures — (9,255 ) (1,302 ) — (10,557 ) Due from Affiliates — (33,234 ) — 33,234 — Proceeds from the disposition of property, plant, and equipment — — 20 — 20 Cash used for investing activities — (42,489 ) (1,282 ) 33,234 (10,537 ) Financing Activities: Due to Affiliates 28,748 — 4,486 (33,234 ) — Payments made on long-term debt (4,375 ) — — — (4,375 ) Purchase of treasury shares (23,743 ) — — — (23,743 ) Excess tax benefits from share-based plans 206 — — — 206 Proceeds from employee stock compensation plans 438 — — — 438 Cash provided by (used for) financing activities 1,274 — 4,486 (33,234 ) (27,474 ) Effect of foreign exchange rate fluctuations on cash — — 254 — 254 Decrease in cash and cash equivalents — (85,791 ) 6,115 — (79,676 ) Cash and cash equivalents at beginning of period — 247,375 16,576 — 263,951 Cash and cash equivalents at end of period $ — $ 161,584 $ 22,691 $ — $ 184,275 |
Operating Segments (Tables)
Operating Segments (Tables) | 3 Months Ended |
Jul. 03, 2016 | |
Segment Reporting [Abstract] | |
Summary Results by Segment | The following summarizes our results by segment: Quarter ended July 3, 2016 July 5, 2015 Sales to external customers: Outdoor Products $ 287,465 $ 182,595 Shooting Sports 342,804 331,902 Total sales to external customers $ 630,269 $ 514,497 Gross Profit Outdoor Products $ 80,897 $ 52,965 Shooting Sports 90,834 86,539 Corporate (354 ) (212 ) Total gross profit $ 171,377 $ 139,292 |
Basis of Presentation and Res36
Basis of Presentation and Responsibility for Interim Financial Statements (Details) | 3 Months Ended |
Jul. 03, 2016segment | |
Accounting Policies [Abstract] | |
Number of operating segments | 2 |
Fair Value of Financial Instr37
Fair Value of Financial Instruments (Details) - Fair value of assets and liabilities that are not measured on a recurring basis - USD ($) $ in Thousands | Jul. 03, 2016 | Mar. 31, 2016 |
Carrying Amount | ||
Assets and liabilities that are not measured on a recurring basis | ||
Fixed-rate debt | $ 350,000 | $ 350,000 |
Variable-rate debt | 722,000 | 332,500 |
Fair Value | ||
Assets and liabilities that are not measured on a recurring basis | ||
Fixed-rate debt | 365,750 | 366,625 |
Variable-rate debt | $ 722,000 | $ 332,500 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) | 3 Months Ended | 10 Months Ended | ||
Jul. 03, 2016 | Jul. 05, 2015 | Jan. 03, 2016 | Feb. 25, 2015 | |
Earnings Per Share [Abstract] | ||||
Basic EPS shares outstanding | 60,384,000 | 63,286,000 | ||
Dilutive effect of stock-based awards | 331,000 | 325,000 | ||
Diluted EPS shares outstanding | 60,715,000 | 63,611,000 | ||
Shares excluded from the calculation of diluted EPS because the option exercise threshold price was greater than the average market price of the common sharesAntidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 71,000 | 122,000 | ||
Stock Repurchase Program, Authorized Amount | $ 200,000,000 | |||
Stock Repurchased During Period, Shares | 461,525 | 512,000 | 3,802,611 | |
Stock Repurchased During Period, Value | $ 22,277,000 | $ 22,900,000 | $ 171,347,000 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | Apr. 01, 2016USD ($) | Aug. 03, 2015USD ($) | Jul. 03, 2016USD ($) | Oct. 04, 2015USD ($) | Oct. 04, 2015USD ($) |
Business Acquisition [Line Items] | |||||
Revenue of acquiree since acquisition date | $ 134,070 | ||||
Gross profit of acquiree since acquisition date | 42,329 | ||||
Action Sports [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments to acquire businesses | $ 400,000 | 400,000 | |||
Consideration transferred, liabilities incurred | $ 4,272 | 4,272 | |||
Entity Number of Employees | 600 | ||||
Camelbak [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments to acquire businesses | $ 412,500 | $ 412,500 | |||
Jimmy Styks [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments to acquire businesses | $ 40,000 | ||||
Consideration transferred, liabilities incurred | $ 1,075 | $ 4,471 |
Acquisitions (Purchase Price Al
Acquisitions (Purchase Price Allocation) (Details) - USD ($) $ in Thousands | Apr. 01, 2016 | Aug. 03, 2015 | Jul. 03, 2016 | Oct. 04, 2015 | Mar. 31, 2016 |
Fair value of liabilities assumed: | |||||
Goodwill | $ 1,204,046 | $ 1,023,451 | |||
Action Sports [Member] | |||||
Purchase price net of cash acquired: | |||||
Cash paid | $ 400,000 | 400,000 | |||
Estimated earnout value | 4,272 | $ 4,272 | |||
Cash paid for working capital | 1,671 | ||||
Total purchase price | 405,943 | ||||
Fair value of assets acquired: | |||||
Receivables | 79,328 | ||||
Inventories | 56,527 | ||||
Tradename, customer relationship, and technology intangibles | 155,100 | ||||
Property, plant, and equipment | 34,114 | ||||
Other assets | 7,270 | ||||
Total assets | 332,339 | ||||
Fair value of liabilities assumed: | |||||
Accounts payable | 30,240 | ||||
Deferred tax liabilities | 46,393 | ||||
Other liabilities | 32,816 | ||||
Total liabilities | 109,449 | ||||
Net assets acquired | 222,890 | ||||
Goodwill | $ 183,053 | ||||
Camelbak [Member] | |||||
Purchase price net of cash acquired: | |||||
Cash paid | $ 412,500 | $ 412,500 | |||
Cash paid for working capital | 9,810 | ||||
Total purchase price | 422,310 | ||||
Fair value of assets acquired: | |||||
Receivables | 30,093 | ||||
Inventories | 30,916 | ||||
Tradename, customer relationship, and technology intangibles | 133,800 | ||||
Property, plant, and equipment | 7,985 | ||||
Other assets | 6,902 | ||||
Total assets | 209,696 | ||||
Fair value of liabilities assumed: | |||||
Accounts payable | 8,219 | ||||
Other liabilities | 8,024 | ||||
Total liabilities | 16,243 | ||||
Net assets acquired | 193,453 | ||||
Goodwill | $ 228,857 |
Acquisitions (Intangible Assets
Acquisitions (Intangible Assets Acquired) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 03, 2016 | Apr. 01, 2016 | Aug. 03, 2015 | |
Trade names | Action Sports [Member] | |||
Business Acquisition [Line Items] | |||
Indefinite lived tradename | $ 76,700 | ||
Definite lived tradenames | 1,400 | ||
Trade names | Camelbak [Member] | |||
Business Acquisition [Line Items] | |||
Indefinite lived tradename | $ 79,400 | ||
Customer Relationships [Member] | Action Sports [Member] | |||
Business Acquisition [Line Items] | |||
Finite lived intangibles | 74,700 | ||
Customer Relationships [Member] | Camelbak [Member] | |||
Business Acquisition [Line Items] | |||
Finite lived intangibles | 49,400 | ||
Technology-Based Intangible Assets [Member] | Action Sports [Member] | |||
Business Acquisition [Line Items] | |||
Useful life (years) | 10 years | ||
Finite lived intangibles | $ 2,300 | ||
Technology-Based Intangible Assets [Member] | Camelbak [Member] | |||
Business Acquisition [Line Items] | |||
Finite lived intangibles | $ 5,000 | ||
Trade names | Action Sports [Member] | |||
Business Acquisition [Line Items] | |||
Useful life (years) | 15 years | ||
Minimum | Customer Relationships [Member] | Action Sports [Member] | |||
Business Acquisition [Line Items] | |||
Useful life (years) | 15 years | ||
Minimum | Customer Relationships [Member] | Camelbak [Member] | |||
Business Acquisition [Line Items] | |||
Useful life (years) | 10 years | ||
Minimum | Technology-Based Intangible Assets [Member] | Camelbak [Member] | |||
Business Acquisition [Line Items] | |||
Useful life (years) | 7 years | ||
Maximum | Customer Relationships [Member] | Action Sports [Member] | |||
Business Acquisition [Line Items] | |||
Useful life (years) | 20 years | ||
Maximum | Customer Relationships [Member] | Camelbak [Member] | |||
Business Acquisition [Line Items] | |||
Useful life (years) | 20 years | ||
Maximum | Technology-Based Intangible Assets [Member] | Camelbak [Member] | |||
Business Acquisition [Line Items] | |||
Useful life (years) | 17 years |
Acquisitions (Pro Forma) (Detai
Acquisitions (Pro Forma) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jul. 03, 2016 | Jul. 05, 2015 | Mar. 31, 2015 | |
Business Acquisition [Line Items] | |||
Selling, General and Administrative Expense | $ 104,444 | $ 77,954 | |
Document Period End Date | Jul. 3, 2016 | ||
Sales | $ 640,250 | ||
Net income | $ 36,464 | ||
Basic earnings per common share | $ 0.58 | ||
Diluted earnings per common share | $ 0.57 | ||
Camelbak [Member] | |||
Business Acquisition [Line Items] | |||
Sales | $ 630,269 | ||
Net income | $ 29,564 | ||
Basic earnings per common share | $ 0.49 | ||
Diluted earnings per common share | $ 0.49 |
Acquisitions (Nonrecurring Adju
Acquisitions (Nonrecurring Adjustments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2016 | Jul. 05, 2015 | |
Business Acquisition [Line Items] | ||
Document Period End Date | Jul. 3, 2016 | |
Cost of sales | $ 458,892 | $ 375,205 |
Selling, general, and administrative | 2,837 | |
Selling, general, and administrative | 104,444 | 77,954 |
Fair Value Adjustment to Inventory [Member] | ||
Business Acquisition [Line Items] | ||
Cost of sales | (502) | 502 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Business Acquisition [Line Items] | ||
Cost of sales | 817 | |
Acquisition-related Costs [Member] | ||
Business Acquisition [Line Items] | ||
Selling, general, and administrative | $ (946) | $ 946 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 03, 2016 | Jul. 05, 2015 | Mar. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Trade receivables | $ 535,505 | $ 446,032 | |
Other Receivables | 2,315 | 1,778 | |
Less allowance for doubtful accounts and discounts | (18,058) | (19,412) | |
Net receivables | $ 519,762 | $ 428,398 | |
Credit Concentration Risk [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Customers above 10% total trade receivables balance | 1 | ||
Concentration Risk, Percentage | 16.06% | 13.00% |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jul. 03, 2016 | Mar. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 103,504 | $ 91,898 |
Work in process | 60,618 | 61,864 |
Finished goods | 389,509 | 286,478 |
Net inventories | $ 553,631 | $ 440,240 |
Accumulated Other Comprehensi46
Accumulated Other Comprehensive Loss (Components of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | Jul. 03, 2016 | Mar. 31, 2016 | Jul. 05, 2015 | Mar. 31, 2015 |
Equity [Abstract] | ||||
Pension and other postretirement benefits | $ 62,705 | $ 63,667 | ||
Cumulative translation adjustment | (51,346) | (46,547) | ||
Total AOCL | $ (114,051) | $ (110,214) | $ (106,429) | $ (110,303) |
Accumulated Other Comprehensi47
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Jul. 03, 2016 | Jul. 05, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | $ (62,705) | $ (63,667) | ||
Cumulative translation adjustment | (51,346) | (46,547) | ||
Accumulated other comprehensive loss | (114,051) | $ (106,429) | (110,214) | $ (110,303) |
Net increase in fair value of derivatives | 97 | |||
Net losses reclassified from AOCI, offsetting the price paid to suppliers | (7) | |||
Reclassification of net actuarial loss for pension and postretirement benefit plans recorded to net income, net of tax expense of $(734) and $(819), respectively | (1,236) | (1,381) | ||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | 1,236 | 1,381 | ||
Reclassification of prior service credits for pension and postretirement benefit plans recorded to net income, net of tax benefit of $162 and $158, respectively | (274) | (267) | ||
Change in cumulative translation adjustment, net of tax benefit of $0 and $0, respectively | (4,799) | 2,670 | ||
Derivative Adjustments [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Derivatives | 90 | 0 | ||
Net increase in fair value of derivatives | 97 | |||
Net losses reclassified from AOCI, offsetting the price paid to suppliers | (7) | |||
Pension and OPEB Adjustments [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | (62,705) | (57,041) | (63,667) | (58,155) |
Accumulated Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Cumulative translation adjustment | $ (51,346) | $ (49,478) | $ (46,547) | $ (52,148) |
Goodwill and Net Intangible A48
Goodwill and Net Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2016 | Jul. 05, 2015 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years 6 months | |
Amortization expense | $ 10,106 | $ 7,302 |
Shooting Sports [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill, Impaired, Accumulated Impairment Loss | 41,020 | |
Outdoor Products [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill, Impaired, Accumulated Impairment Loss | $ 47,791 |
Goodwill and Net Intangible A49
Goodwill and Net Intangible Assets (Goodwill Rollforward) (Details) $ in Thousands | 3 Months Ended |
Jul. 03, 2016USD ($) | |
Goodwill [Roll Forward] | |
Balance at the beginning of the period | $ 1,023,451 |
Acquisition | 183,053 |
Effect of foreign currency exchange rates | (2,458) |
Balance at the end of the period | 1,204,046 |
Outdoor Products [Member] | |
Goodwill [Roll Forward] | |
Balance at the beginning of the period | 818,560 |
Acquisition | 183,053 |
Effect of foreign currency exchange rates | (2,467) |
Balance at the end of the period | 999,146 |
Shooting Sports [Member] | |
Goodwill [Roll Forward] | |
Balance at the beginning of the period | 204,891 |
Acquisition | 0 |
Effect of foreign currency exchange rates | 9 |
Balance at the end of the period | $ 204,900 |
Goodwill and Net Intangible A50
Goodwill and Net Intangible Assets (Schedule of Net Intangible Assets) (Details) - USD ($) $ in Thousands | Jul. 03, 2016 | Mar. 31, 2016 |
Amortizing assets | ||
Gross carrying amount | $ 563,103 | $ 485,493 |
Accumulated amortization | (117,580) | (107,518) |
Total | 445,523 | 377,975 |
Intangible assets, gross | 912,300 | 757,990 |
Net intangible assets | 794,720 | 650,472 |
Trade names | ||
Amortizing assets | ||
Gross carrying amount | 186,562 | 185,162 |
Accumulated amortization | (49,945) | (46,812) |
Total | 136,617 | 138,350 |
Patented technology | ||
Amortizing assets | ||
Gross carrying amount | 30,200 | 27,900 |
Accumulated amortization | (10,406) | (9,949) |
Total | 19,794 | 17,951 |
Customer relationships and other | ||
Amortizing assets | ||
Gross carrying amount | 346,341 | 272,431 |
Accumulated amortization | (57,229) | (50,757) |
Total | 289,112 | 221,674 |
Non-amortizing trade names | ||
Amortizing assets | ||
Non-amortizing trade names | $ 349,197 | $ 272,497 |
Goodwill and Net Intangible A51
Goodwill and Net Intangible Assets (Future Amortization Expense) (Details) - USD ($) $ in Thousands | Jul. 03, 2016 | Mar. 31, 2016 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of fiscal 2017 | $ 30,561 | |
Fiscal 2,018 | 40,748 | |
Fiscal 2,019 | 38,004 | |
Fiscal 2,020 | 37,121 | |
Fiscal 2,021 | 37,054 | |
Thereafter | 262,035 | |
Total | $ 445,523 | $ 377,975 |
Other Current and Non-current52
Other Current and Non-current Liabilities (Components of Current and Non-current Liabilities) (Details) - USD ($) $ in Thousands | Jul. 03, 2016 | Mar. 31, 2016 |
Other Liabilities Disclosure [Abstract] | ||
In-transit inventory and other | $ 85,145 | $ 40,242 |
Rebate | 28,127 | 17,957 |
Employee benefits and insurance | 12,312 | 11,131 |
Accrued advertising | 12,140 | 10,315 |
Warranty | 8,036 | 8,611 |
Interest | 5,471 | 13,157 |
Freight accrual | 2,459 | 2,446 |
Customer obligations | 2,501 | 9,613 |
Product liability | 2,043 | 1,622 |
Accrued taxes | 1,851 | 1,303 |
Total other current liabilities | 160,085 | 116,397 |
Non-current portion of accrued income tax liability | 26,225 | 25,421 |
Product Liability (Non-current) | 5,525 | 0 |
Contingent consideration | 5,347 | 4,471 |
Management non-qualified deferred compensation plan | 2,949 | 2,668 |
Environmental remediation | 740 | 745 |
Other | 27,515 | 18,014 |
Total other non-current liabilities | $ 68,301 | $ 51,319 |
Other Current and Non-current53
Other Current and Non-current Liabilities (Product Warranty Rollforward) (Details) $ in Thousands | 3 Months Ended |
Jul. 03, 2016USD ($) | |
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | |
Balance at the beginning of the period | $ 8,611 |
Payments made | (571) |
Warranties issued | 146 |
Changes related to preexisting warranties | (150) |
Balance at the end of period | $ 8,036 |
Long-term Debt (Components of L
Long-term Debt (Components of Long-term Debt) (Details) - USD ($) | Jul. 03, 2016 | Mar. 31, 2016 | Aug. 11, 2015 |
Long-Term Debt | |||
Long-term Debt | $ 1,058,299,000 | $ 670,287,000 | |
Principal amount of long-term debt | 1,072,000,000 | 682,500,000 | |
Deferred Costs, Noncurrent | 13,701,000 | 12,213,000 | |
Current portion of long-term debt | 122,000,000 | 17,500,000 | |
Carrying amount of long-term debt, excluding current portion | 936,299,000 | 652,787,000 | |
Term A Loan due 2021 [Member] | |||
Long-Term Debt | |||
Long-term Debt | 632,000,000 | 332,500,000 | |
Principal amount of long-term debt | 640,000,000 | ||
Line of Credit due 2020 [Member] | |||
Long-Term Debt | |||
Principal amount of long-term debt | 350,000 | ||
Term A Loan due 2020 [Member] | |||
Long-Term Debt | |||
Principal amount of long-term debt | 400,000 | ||
Line of Credit due 2021 [Member] | |||
Long-Term Debt | |||
Long-term Debt | 90,000,000 | 0 | |
Principal amount of long-term debt | 400,000,000 | ||
Total principal amount of Credit Agreement [Member] | |||
Long-Term Debt | |||
Long-term Debt | 722,000,000 | 332,500,000 | |
5.875% notes [Member] | |||
Long-Term Debt | |||
Long-term Debt | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 |
Long-term Debt (Narrative - Cre
Long-term Debt (Narrative - Credit Agreement) (Details) - USD ($) | 3 Months Ended | |
Jul. 03, 2016 | Mar. 31, 2016 | |
Long-Term Debt | ||
Principal amount of long-term debt | $ 1,072,000,000 | $ 682,500,000 |
Write off of Deferred Debt Issuance Cost | 1,521 | |
Debt Instrument, Periodic Payment, Principal | $ 8,000,000 | |
Annual commitment fee on the unused portion (as a percent) | 0.25% | |
Long-term Debt | $ 1,058,299,000 | 670,287,000 |
Letters of Credit Outstanding, Amount | 29,172,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | 280,828,000 | |
Line of Credit due 2021 [Member] | ||
Long-Term Debt | ||
Principal amount of long-term debt | 400,000,000 | |
Long-term Debt | 90,000,000 | 0 |
Term A Loan due 2021 [Member] | ||
Long-Term Debt | ||
Principal amount of long-term debt | $ 640,000,000 | |
Base rate margin (as a percent) | 0.50% | |
Eurodollar margin (as a percent) | 1.50% | |
Weighted average interest rate (as a percent) | 1.96% | |
Long-term Debt | $ 632,000,000 | $ 332,500,000 |
Deferred Finance Costs Gross, Accordion Feature | $ 12,000 |
Long-term Debt (Narrative - 5.8
Long-term Debt (Narrative - 5.875% Notes) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 03, 2016 | Mar. 31, 2016 | Aug. 11, 2015 | |
Debt Instrument [Line Items] | |||
Long-term Debt | $ 1,058,299 | $ 670,287 | |
5.875% notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 350,000 | $ 350,000 | $ 350,000 |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.875% | ||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||
Debt Instrument, Redemption with Net Proceeds from Equity Offerings as Percentage of Original Principal | 35.00% | ||
Debt Instrument, Redemption Price with Net Proceeds from Equity Offerings as Percentage of Original Principal | 105.875% | ||
Debt Issuance Costs, Gross | $ 4,300 | ||
Bottom threshhold of guarantee | $ 50,000 |
Long-term Debt (Narrative - Cas
Long-term Debt (Narrative - Cash Paid for Interest on Debt) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2016 | Jul. 05, 2015 | |
Debt Disclosure [Abstract] | ||
Interest Paid | $ 17,236 | $ 2,407 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jul. 03, 2016 | Jul. 05, 2015 | Mar. 31, 2017 | |
Defined Benefit Plans | |||
Expense for employee benefit plans | $ 1,690 | $ 1,825 | |
Document Fiscal Year Focus | 2,017 | ||
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plans | |||
Contribution by employer | $ 12 | 0 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plans | |||
Contribution by employer | 0 | 0 | |
Pension Plan [Member] | |||
Defined Benefit Plans | |||
Contribution by employer | $ 1,100 | $ 0 | |
Scenario, Forecast [Member] | Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plans | |||
Estimated future employer contributions in the next year | $ 688 | ||
Scenario, Forecast [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plans | |||
Estimated future employer contributions in the next year | 174 | ||
Scenario, Forecast [Member] | Pension Plan [Member] | |||
Defined Benefit Plans | |||
Estimated future employer contributions in the next year | $ 3,300 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2016 | Jul. 05, 2015 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Income tax provision (as a percent) | 38.20% | 39.90% |
Potential reduction of uncertain tax benefits over the next 12 months from audit settlements | $ (5,470) | |
Minimum | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Unrecognized tax benefits that would impact effective tax rate | 0 | |
Maximum | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Unrecognized tax benefits that would impact effective tax rate | $ 4,624 |
Contingencies (Details)
Contingencies (Details) - USD ($) $ in Thousands | Jul. 03, 2016 | Mar. 31, 2016 |
Loss Contingency [Abstract] | ||
Accrual for Environmental Loss Contingencies | $ 765 | $ 765 |
Condensed Consolidating Finan61
Condensed Consolidating Financial Statements (Condensed Consolidated Statement of Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2016 | Jul. 05, 2015 | |
Condensed Income Statements, Captions [Line Items] | ||
Sales, net | $ 630,269 | $ 514,497 |
Cost of sales | 458,892 | 375,205 |
Gross Profit | 171,377 | 139,292 |
Research and development | 7,831 | 2,355 |
Selling, general, and administrative | 104,444 | 77,954 |
Income before interest and income taxes | 59,102 | 58,983 |
Income (Loss) from Equity Method Investments | 0 | 0 |
Interest Expense | (11,963) | (2,569) |
Income before income taxes | 47,139 | 56,414 |
Income tax provision | 18,015 | 22,523 |
Net income | 29,124 | 33,891 |
Other Comprehensive Income (Loss), Net of Tax | (3,837) | 3,874 |
Comprehensive income | 25,287 | 37,765 |
Consolidation, Eliminations [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Sales, net | (23,639) | (23,757) |
Cost of sales | (23,399) | (24,052) |
Gross Profit | (240) | 295 |
Research and development | 0 | 0 |
Selling, general, and administrative | 0 | 0 |
Income before interest and income taxes | (240) | 295 |
Income (Loss) from Equity Method Investments | (40,438) | (41,066) |
Interest Expense | 0 | 0 |
Income before income taxes | (40,678) | (40,771) |
Income tax provision | (83) | 112 |
Net income | (40,595) | (40,883) |
Other Comprehensive Income (Loss), Net of Tax | 8,636 | (6,544) |
Comprehensive income | (31,959) | (47,427) |
Parent Company [Member] | Reportable Legal Entities [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Sales, net | 0 | 0 |
Cost of sales | 0 | 0 |
Gross Profit | 0 | 0 |
Research and development | 0 | 0 |
Selling, general, and administrative | 0 | 0 |
Income before interest and income taxes | 0 | 0 |
Income (Loss) from Equity Method Investments | 36,601 | 35,497 |
Interest Expense | (11,963) | (2,569) |
Income before income taxes | 24,638 | 32,928 |
Income tax provision | (4,486) | (963) |
Net income | 29,124 | 33,891 |
Other Comprehensive Income (Loss), Net of Tax | (3,837) | 3,874 |
Comprehensive income | 25,287 | 37,765 |
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Sales, net | 136,718 | 60,626 |
Cost of sales | 97,176 | 39,725 |
Gross Profit | 39,542 | 20,901 |
Research and development | 3,488 | 0 |
Selling, general, and administrative | 30,611 | 13,265 |
Income before interest and income taxes | 5,443 | 7,636 |
Income (Loss) from Equity Method Investments | 0 | 0 |
Interest Expense | 0 | 0 |
Income before income taxes | 5,443 | 7,636 |
Income tax provision | 1,449 | 2,250 |
Net income | 3,994 | 5,386 |
Other Comprehensive Income (Loss), Net of Tax | (4,799) | 2,670 |
Comprehensive income | (805) | 8,056 |
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Sales, net | 517,190 | 477,628 |
Cost of sales | 385,115 | 359,532 |
Gross Profit | 132,075 | 118,096 |
Research and development | 4,343 | 2,355 |
Selling, general, and administrative | 73,833 | 64,689 |
Income before interest and income taxes | 53,899 | 51,052 |
Income (Loss) from Equity Method Investments | 3,837 | 5,569 |
Interest Expense | 0 | 0 |
Income before income taxes | 57,736 | 56,621 |
Income tax provision | 21,135 | 21,124 |
Net income | 36,601 | 35,497 |
Other Comprehensive Income (Loss), Net of Tax | (3,837) | 3,874 |
Comprehensive income | $ 32,764 | $ 39,371 |
Condensed Consolidating Finan62
Condensed Consolidating Financial Statements (Condensed Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Jul. 03, 2016 | Mar. 31, 2016 | Jul. 05, 2015 | Mar. 31, 2015 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 66,000 | $ 151,692 | $ 184,275 | $ 263,951 |
Net receivables | 519,762 | 428,398 | ||
Due from Affiliate, Current | 0 | 0 | ||
Net inventories | 553,631 | 440,240 | ||
Other current assets | 36,337 | 29,334 | ||
Total current assets | 1,175,730 | 1,049,664 | ||
Net property, plant, and equipment | 238,282 | 203,485 | ||
Equity Method Investments | 0 | 0 | ||
Goodwill | 1,204,046 | 1,023,451 | ||
Net intangible assets | 794,720 | 650,472 | ||
Due from Affiliate, Noncurrent | 0 | 0 | ||
Deferred charges and other non-current assets | 22,319 | 15,562 | ||
Total assets | 3,435,097 | 2,942,634 | ||
Current portion of long-term debt | 122,000 | 17,500 | ||
Accounts payable | 139,642 | 147,738 | ||
Due to Affiliate, Current | 0 | 0 | ||
Accrued compensation | 33,505 | 47,394 | ||
Accrued income taxes | 25,697 | 12,171 | ||
Federal excise tax | 28,386 | 27,701 | ||
Other current liabilities | 160,085 | 116,397 | ||
Total current liabilities | 509,315 | 368,901 | ||
Long-term debt | 936,299 | 652,787 | ||
Deferred income tax liabilities | 182,875 | 135,957 | ||
Accrued pension and postemployment liabilities | 72,548 | 73,503 | ||
Due to Affiliate, Noncurrent | 0 | 0 | ||
Other long-term liabilities | 68,301 | 51,319 | ||
Total liabilities | 1,769,338 | 1,282,467 | ||
Stockholders' Equity Attributable to Parent | 1,665,759 | 1,660,167 | ||
Total liabilities and stockholders' equity | 3,435,097 | 2,942,634 | ||
Consolidation, Eliminations [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Net receivables | 0 | 0 | ||
Due from Affiliate, Current | (17,240) | (19,912) | ||
Net inventories | (4,534) | (4,285) | ||
Other current assets | 0 | 0 | ||
Total current assets | (21,774) | (24,197) | ||
Net property, plant, and equipment | 0 | |||
Equity Method Investments | (3,009,076) | (2,567,389) | ||
Goodwill | 0 | 0 | ||
Net intangible assets | 0 | 0 | ||
Due from Affiliate, Noncurrent | (278,899) | (241,598) | ||
Deferred charges and other non-current assets | 0 | 0 | ||
Total assets | (3,309,749) | (2,833,184) | ||
Current portion of long-term debt | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Due to Affiliate, Current | (17,240) | (19,912) | ||
Accrued compensation | 0 | 0 | ||
Accrued income taxes | 0 | 0 | ||
Federal excise tax | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | (17,240) | (19,912) | ||
Long-term debt | 0 | 0 | ||
Deferred income tax liabilities | (83) | 282 | ||
Accrued pension and postemployment liabilities | 0 | 0 | ||
Due to Affiliate, Noncurrent | (278,899) | (241,598) | ||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | (296,222) | (261,228) | ||
Stockholders' Equity Attributable to Parent | (3,013,527) | (2,571,956) | ||
Total liabilities and stockholders' equity | (3,309,749) | (2,833,184) | ||
Parent Company [Member] | Reportable Legal Entities [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Net receivables | 0 | 0 | ||
Due from Affiliate, Current | 0 | 0 | ||
Net inventories | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Net property, plant, and equipment | 0 | 0 | ||
Equity Method Investments | 2,963,535 | 2,530,524 | ||
Goodwill | 0 | 0 | ||
Net intangible assets | 0 | 0 | ||
Due from Affiliate, Noncurrent | 0 | 0 | ||
Deferred charges and other non-current assets | 0 | 0 | ||
Total assets | 2,963,535 | 2,530,524 | ||
Current portion of long-term debt | 122,000 | 17,500 | ||
Accounts payable | 0 | 0 | ||
Due to Affiliate, Current | 0 | 0 | ||
Accrued compensation | 0 | 0 | ||
Accrued income taxes | 0 | 0 | ||
Federal excise tax | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 122,000 | 17,500 | ||
Long-term debt | 936,299 | 652,787 | ||
Deferred income tax liabilities | 0 | 0 | ||
Accrued pension and postemployment liabilities | 0 | 0 | ||
Due to Affiliate, Noncurrent | 239,470 | 200,070 | ||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | 1,297,769 | 870,357 | ||
Stockholders' Equity Attributable to Parent | 1,665,766 | 1,660,167 | ||
Total liabilities and stockholders' equity | 2,963,535 | 2,530,524 | ||
Parent Company [Member] | Consolidation, Eliminations [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 33,579 | 18,189 | ||
Net receivables | 120,762 | 45,736 | ||
Due from Affiliate, Current | 0 | 0 | ||
Net inventories | 119,074 | 64,867 | ||
Other current assets | 7,985 | 2,817 | ||
Total current assets | 281,400 | 131,609 | ||
Net property, plant, and equipment | 43,301 | 10,811 | ||
Equity Method Investments | 0 | 0 | ||
Goodwill | 292,331 | 111,736 | ||
Net intangible assets | 189,036 | 36,603 | ||
Due from Affiliate, Noncurrent | 0 | 0 | ||
Deferred charges and other non-current assets | 7,776 | 3,729 | ||
Total assets | 813,844 | 294,488 | ||
Current portion of long-term debt | 0 | 0 | ||
Accounts payable | 46,607 | 13,404 | ||
Due to Affiliate, Current | 17,240 | 19,912 | ||
Accrued compensation | 6,726 | 3,568 | ||
Accrued income taxes | (313) | 473 | ||
Federal excise tax | 1,778 | 372 | ||
Other current liabilities | 25,311 | 8,898 | ||
Total current liabilities | 97,349 | 46,627 | ||
Long-term debt | 0 | 0 | ||
Deferred income tax liabilities | 8,116 | 8,192 | ||
Accrued pension and postemployment liabilities | 0 | 0 | ||
Due to Affiliate, Noncurrent | 39,429 | 41,528 | ||
Other long-term liabilities | 15,567 | 1,271 | ||
Total liabilities | 160,461 | 97,618 | ||
Stockholders' Equity Attributable to Parent | 653,383 | 196,870 | ||
Total liabilities and stockholders' equity | 813,844 | 294,488 | ||
Non-Guarantor Subsidiaries [Member] | Consolidation, Eliminations [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 33,579 | 18,189 | 22,691 | 16,576 |
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 32,421 | 133,503 | ||
Net receivables | 399,000 | 382,662 | ||
Due from Affiliate, Current | 17,240 | 19,912 | ||
Net inventories | 439,091 | 379,658 | ||
Other current assets | 28,352 | 26,517 | ||
Total current assets | 916,104 | 942,252 | ||
Net property, plant, and equipment | 194,981 | 192,674 | ||
Equity Method Investments | 45,541 | 36,865 | ||
Goodwill | 911,715 | 911,715 | ||
Net intangible assets | 605,684 | 613,869 | ||
Due from Affiliate, Noncurrent | 278,899 | 241,598 | ||
Deferred charges and other non-current assets | 14,543 | 11,833 | ||
Total assets | 2,967,467 | 2,950,806 | ||
Current portion of long-term debt | 0 | 0 | ||
Accounts payable | 93,035 | 134,334 | ||
Due to Affiliate, Current | 0 | 0 | ||
Accrued compensation | 26,779 | 43,826 | ||
Accrued income taxes | 26,010 | 11,698 | ||
Federal excise tax | 26,608 | 27,329 | ||
Other current liabilities | 134,774 | 107,499 | ||
Total current liabilities | 307,206 | 324,686 | ||
Long-term debt | 0 | 0 | ||
Deferred income tax liabilities | 174,842 | 127,483 | ||
Accrued pension and postemployment liabilities | 72,548 | 73,503 | ||
Due to Affiliate, Noncurrent | 0 | 0 | ||
Other long-term liabilities | 52,734 | 50,048 | ||
Total liabilities | 607,330 | 575,720 | ||
Stockholders' Equity Attributable to Parent | 2,360,137 | 2,375,086 | ||
Total liabilities and stockholders' equity | 2,967,467 | 2,950,806 | ||
Guarantor Subsidiaries [Member] | Consolidation, Eliminations [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 32,421 | $ 133,503 | $ 161,584 | $ 247,375 |
Condensed Consolidating Finan63
Condensed Consolidating Financial Statements (Condensed Consolidated Statement of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Jul. 03, 2016 | Jul. 05, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Condensed Consolidated Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | $ (22,158) | $ (41,919) | ||
Payments to Acquire Property, Plant, and Equipment | (21,006) | (10,557) | ||
Due to (from) Affiliates for Investing Activities | 0 | 0 | ||
Acquisition of businesses, net of cash acquired | (405,943) | 0 | ||
Proceeds from the disposition of property, plant, and equipment | 34 | 20 | ||
Cash used for investing activities | (426,915) | (10,537) | ||
Payments of Distributions to Affiliates | 0 | 0 | ||
Borrowings on line of credit | 115,000 | 0 | ||
Payments on line of credit | (25,000) | 0 | ||
Proceeds from issuance of long-term debt | 307,500 | 0 | ||
Payments made on long-term debt | (8,000) | (4,375) | ||
Payments made for debt issuance costs | (3,660) | 0 | ||
Purchase of treasury shares | (22,058) | (23,743) | ||
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | 206 | ||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 0 | 438 | ||
Cash provided by (used for) financing activities | 363,782 | (27,474) | ||
Effect of foreign exchange rate fluctuations on cash | (401) | 254 | ||
Decrease in cash and cash equivalents | (85,692) | (79,676) | ||
Cash and cash equivalents | 66,000 | 184,275 | $ 151,692 | $ 263,951 |
Consolidation, Eliminations [Member] | ||||
Condensed Consolidated Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 0 | 0 | ||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | ||
Due to (from) Affiliates for Investing Activities | 50,458 | 33,234 | ||
Acquisition of businesses, net of cash acquired | 0 | |||
Proceeds from the disposition of property, plant, and equipment | 0 | 0 | ||
Cash used for investing activities | 50,458 | 33,234 | ||
Payments of Distributions to Affiliates | (50,458) | (33,234) | ||
Borrowings on line of credit | 0 | |||
Payments on line of credit | 0 | |||
Proceeds from issuance of long-term debt | 0 | |||
Payments made on long-term debt | 0 | 0 | ||
Payments made for debt issuance costs | 0 | |||
Purchase of treasury shares | 0 | 0 | ||
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | |||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 0 | |||
Cash provided by (used for) financing activities | (50,458) | (33,234) | ||
Effect of foreign exchange rate fluctuations on cash | 0 | 0 | ||
Decrease in cash and cash equivalents | 0 | 0 | ||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Parent Company [Member] | Consolidation, Eliminations [Member] | ||||
Condensed Consolidated Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (5,524) | (1,274) | ||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | ||
Due to (from) Affiliates for Investing Activities | 0 | 0 | ||
Acquisition of businesses, net of cash acquired | (409,558) | |||
Proceeds from the disposition of property, plant, and equipment | 0 | 0 | ||
Cash used for investing activities | (409,558) | 0 | ||
Payments of Distributions to Affiliates | 51,300 | 28,748 | ||
Borrowings on line of credit | 115,000 | |||
Payments on line of credit | (25,000) | |||
Proceeds from issuance of long-term debt | 307,500 | |||
Payments made on long-term debt | (8,000) | (4,375) | ||
Payments made for debt issuance costs | (3,660) | |||
Purchase of treasury shares | (22,058) | (23,743) | ||
Excess Tax Benefit from Share-based Compensation, Financing Activities | 206 | |||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 438 | |||
Cash provided by (used for) financing activities | 415,082 | 1,274 | ||
Effect of foreign exchange rate fluctuations on cash | 0 | 0 | ||
Decrease in cash and cash equivalents | 0 | 0 | ||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Non-Guarantor Subsidiaries [Member] | Consolidation, Eliminations [Member] | ||||
Condensed Consolidated Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 15,742 | 2,657 | ||
Payments to Acquire Property, Plant, and Equipment | (2,754) | (1,302) | ||
Due to (from) Affiliates for Investing Activities | 0 | 0 | ||
Acquisition of businesses, net of cash acquired | 3,615 | |||
Proceeds from the disposition of property, plant, and equipment | 30 | 20 | ||
Cash used for investing activities | 891 | (1,282) | ||
Payments of Distributions to Affiliates | (842) | 4,486 | ||
Borrowings on line of credit | 0 | |||
Payments on line of credit | 0 | |||
Proceeds from issuance of long-term debt | 0 | |||
Payments made on long-term debt | 0 | 0 | ||
Payments made for debt issuance costs | 0 | |||
Purchase of treasury shares | 0 | 0 | ||
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | |||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 0 | |||
Cash provided by (used for) financing activities | (842) | 4,486 | ||
Effect of foreign exchange rate fluctuations on cash | (401) | 254 | ||
Decrease in cash and cash equivalents | 15,390 | 6,115 | ||
Cash and cash equivalents | 33,579 | 22,691 | 18,189 | 16,576 |
Guarantor Subsidiaries [Member] | Consolidation, Eliminations [Member] | ||||
Condensed Consolidated Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (32,376) | (43,302) | ||
Payments to Acquire Property, Plant, and Equipment | (18,252) | (9,255) | ||
Due to (from) Affiliates for Investing Activities | (50,458) | (33,234) | ||
Acquisition of businesses, net of cash acquired | 0 | |||
Proceeds from the disposition of property, plant, and equipment | 4 | 0 | ||
Cash used for investing activities | (68,706) | (42,489) | ||
Payments of Distributions to Affiliates | 0 | 0 | ||
Borrowings on line of credit | 0 | |||
Payments on line of credit | 0 | |||
Proceeds from issuance of long-term debt | 0 | |||
Payments made on long-term debt | 0 | 0 | ||
Payments made for debt issuance costs | 0 | |||
Purchase of treasury shares | 0 | 0 | ||
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | |||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 0 | |||
Cash provided by (used for) financing activities | 0 | 0 | ||
Effect of foreign exchange rate fluctuations on cash | 0 | 0 | ||
Decrease in cash and cash equivalents | (101,082) | (85,791) | ||
Cash and cash equivalents | $ 32,421 | $ 161,584 | $ 133,503 | $ 247,375 |
Operating Segments (Narrative)
Operating Segments (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Jul. 03, 2016USD ($)segment | Jul. 05, 2015USD ($) | |
Revenue, Major Customer [Line Items] | ||
Segment Reporting Information, Intersegment Revenue | $ | $ 1,117 | $ 779 |
Number of operating segments | segment | 2 | |
Segment Reporting, Disclosure of Major Customers | one | 0 |
Outdoor Products [Member] | ||
Revenue, Major Customer [Line Items] | ||
Revenues from external customers, percentage | 45.60989% | |
Shooting Sports [Member] | ||
Revenue, Major Customer [Line Items] | ||
Revenues from external customers, percentage | 54.39011% | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 14.00% |
Operating Segments (Schedule of
Operating Segments (Schedule of Results by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2016 | Jul. 05, 2015 | |
Segment Reporting Information [Line Items] | ||
Sales, net | $ 630,269 | $ 514,497 |
Gross profit | 171,377 | 139,292 |
Outdoor Products [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales, net | 287,465 | 182,595 |
Gross profit | 80,897 | 52,965 |
Shooting Sports [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales, net | 342,804 | 331,902 |
Gross profit | 90,834 | 86,539 |
Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Gross profit | $ (354) | $ (212) |