Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 30, 2018 | Oct. 29, 2018 | |
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 | Sep. 30, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 57,578,275 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q2 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Sep. 30, 2018 | Mar. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 46,246 | $ 22,870 |
Net receivables | 423,720 | 421,763 |
Net inventories | 431,800 | 382,278 |
Income tax receivable | 5,426 | 3,379 |
Assets held for sale | 0 | 200,440 |
Other current assets | 21,665 | 27,962 |
Total current assets | 928,857 | 1,058,692 |
Net property, plant, and equipment | 264,662 | 277,207 |
Goodwill | 653,964 | 657,536 |
Net intangible assets | 554,623 | 592,279 |
Deferred charges and other non-current assets | 17,015 | 29,122 |
Total assets | 2,419,121 | 2,614,836 |
Current liabilities: | ||
Current portion of long-term debt | 0 | 32,000 |
Accounts payable | 159,560 | 114,549 |
Accrued compensation | 35,606 | 36,346 |
Federal excise tax | 23,748 | 22,701 |
Liabilities held for sale | 0 | 42,177 |
Other current liabilities | 126,141 | 97,447 |
Total current liabilities | 345,055 | 345,220 |
Long-term debt | 741,586 | 883,399 |
Deferred income tax liabilities | 53,782 | 66,196 |
Accrued pension and postemployment benefits | 36,554 | 38,196 |
Other long-term liabilities | 62,945 | 64,335 |
Total liabilities | 1,239,922 | 1,397,346 |
Commitments and contingencies (Notes 12 and 15) | ||
Issued and outstanding — 57,551,275 shares as of September 30, 2018 and 57,431,299 shares as of March 31, 2018 | 576 | 574 |
Additional paid-in capital | 1,759,481 | 1,746,182 |
Accumulated deficit | (241,692) | (156,526) |
Accumulated other comprehensive loss | (74,278) | (104,296) |
Common stock in treasury, at cost — 6,413,164 shares held as of September 30, 2018 and 6,533,140 shares held as of March 31, 2018 | (264,888) | (268,444) |
Total stockholders' equity | 1,179,199 | 1,217,490 |
Total liabilities and stockholders' equity | $ 2,419,121 | $ 2,614,836 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares | Sep. 30, 2018 | Mar. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, issued (in shares) | 57,551,275 | 57,431,299 |
Common stock, outstanding (in shares) | 57,551,275 | 57,431,299 |
Common stock in treasury (in shares) | 6,413,164 | 6,533,140 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Oct. 01, 2017 | Sep. 30, 2018 | Oct. 01, 2017 | |
Income Statement [Abstract] | ||||
Sales, net | $ 546,585 | $ 587,283 | $ 1,075,421 | $ 1,156,032 |
Cost of sales | 437,828 | 448,306 | 853,326 | 870,497 |
Gross profit | 108,757 | 138,977 | 222,095 | 285,535 |
Operating expenses: | ||||
Research and development | 7,210 | 7,447 | 14,178 | 15,238 |
Selling, general, and administrative | 97,282 | 106,386 | 198,336 | 205,812 |
Goodwill and intangibles impairment | 23,411 | 152,320 | 23,411 | 152,320 |
Impairment of held-for-sale assets | 0 | 0 | 44,921 | 0 |
Income (loss) before other expense, interest, and income taxes | (19,146) | (127,176) | (58,751) | (87,835) |
Other income (expense), net | (4,925) | 0 | (4,925) | 0 |
Interest expense, net | (16,865) | (12,569) | (30,337) | (24,962) |
Income (loss) before income taxes | (40,936) | (139,745) | (94,013) | (112,797) |
Income tax provision (benefit) | (8,118) | (25,040) | (8,847) | (14,744) |
Net income (loss) | $ (32,818) | $ (114,705) | $ (85,166) | $ (98,053) |
Earnings (loss) per common share: | ||||
Basic (in dollars per share) | $ (0.57) | $ (2.01) | $ (1.48) | $ (1.72) |
Diluted (in dollars per share) | $ (0.57) | $ (2.01) | $ (1.48) | $ (1.72) |
Weighted-average number of common shares outstanding: | ||||
Basic (in shares) | 57,528 | 57,099 | 57,492 | 57,041 |
Diluted (in shares) | 57,528 | 57,099 | 57,492 | 57,041 |
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 $19 and $29 for the quarter ended, respectively; and, $38 and $192 for the six months ended, respectively. | $ (60) | $ (49) | $ (120) | $ (323) |
Reclassification of net actuarial loss for pension and postretirement benefit plans recorded to net income, net of tax expense of $(172) and $(293) for the quarter ended, respectively; and, $(343) and $(959) for the six months ended, respectively. | 543 | 493 | 1,086 | 1,615 |
Valuation adjustment for pension and postretirement benefit plans, net of tax expense of $0 and $(2,158) for the quarter ended, respectively; and, $0 and $(4) for the six months ended, respectively. | 0 | 3,633 | 0 | 5 |
Change in derivatives, net of tax expense of $210 and $(0) for the quarter ended, respectively; and, $147 and $(14) for the six months ended, respectively. | (664) | 0 | (464) | 23 |
Change in cumulative translation adjustment. | 36,662 | 7,101 | 29,516 | 15,672 |
Total other comprehensive income (loss) | 36,481 | 11,178 | 30,018 | 16,992 |
Comprehensive income (loss) | $ 3,663 | $ (103,527) | $ (55,148) | $ (81,061) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Oct. 01, 2017 | Sep. 30, 2018 | Oct. 01, 2017 | |
Income Statement [Abstract] | ||||
Reclassification of prior service credits for pension and postretirement benefit plans recorded to net income, net of tax benefit | $ 19 | $ 29 | $ 38 | $ 192 |
Reclassification of net actuarial loss for pension and postretirement benefit plans recorded to net income, net of tax expense | (172) | (293) | (343) | (959) |
Valuation adjustment for pension and postretirement benefit plans, net of tax benefit | 0 | (2,158) | 0 | (4) |
Change in derivatives, net of tax expense | 210 | 0 | 147 | (14) |
Change in cumulative translation adjustment, net of tax benefit | $ 0 | $ 0 | $ 0 | $ 0 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2018 | Oct. 01, 2017 | |
Operating Activities | ||
Net income (loss) | $ (85,166) | $ (98,053) |
Adjustments to net income (loss) to arrive at cash provided by operating activities: | ||
Depreciation | 27,371 | 27,503 |
Amortization of intangible assets | 13,620 | 18,253 |
Impairment of held-for-sale assets | 44,921 | 0 |
Goodwill and intangibles impairment | 23,411 | 152,320 |
Amortization of deferred financing costs | 5,033 | 1,494 |
Deferred income taxes | (12,770) | (29,425) |
Loss on disposal of property, plant, and equipment | 1,602 | 83 |
Loss on disposition | 4,925 | 0 |
Stock-based compensation | 3,880 | 7,325 |
Changes in assets and liabilities: | ||
Net receivables | 8,272 | (49,967) |
Net inventories | (56,511) | 52,337 |
Accounts payable | 47,659 | 11,950 |
Accrued compensation | 262 | 2,712 |
Accrued income taxes | 245 | 12,028 |
Federal excise tax | 1,105 | (4,335) |
Pension and other postretirement benefits | (370) | (3,840) |
Other assets and liabilities | 30,853 | 11,737 |
Cash provided by operating activities | 58,342 | 112,122 |
Investing Activities: | ||
Capital expenditures | (19,232) | (31,189) |
Proceeds from sale of Eyewear business | 151,595 | 0 |
Proceeds from the disposition of property, plant, and equipment | 335 | 58 |
Cash provided by (used for) investing activities | 132,698 | (31,131) |
Financing Activities: | ||
Borrowings on line of credit | 70,000 | 210,000 |
Payments made on line of credit | (70,000) | (270,000) |
Settlement from former parent | 13,047 | 0 |
Payments made on long-term debt | (176,000) | (16,000) |
Payments made for debt issuance costs | (2,845) | (1,805) |
Shares withheld for payroll taxes | (846) | (2,958) |
Proceeds from employee stock compensation plans | 0 | 4,237 |
Cash used for financing activities | (166,644) | (76,526) |
Effect of foreign exchange rate fluctuations on cash | (1,020) | 1,458 |
Increase in cash and cash equivalents | 23,376 | 5,923 |
Cash and cash equivalents at beginning of period | 22,870 | 45,075 |
Cash and cash equivalents at end of period | 46,246 | |
Non-cash investing activity: | ||
Capital expenditures included in accounts payable | $ 4,456 | $ 2,386 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands | Total | Common Stock $.01 Par Value | Additional Paid-In Capital | (Accumulated Deficit) Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock |
Balance (in shares) at Mar. 31, 2017 | 57,014,319 | |||||
Balance at Mar. 31, 2017 | $ 1,245,065 | $ 571 | $ 1,752,903 | $ (108,033) | $ (112,992) | $ (287,384) |
Increase (Decrease) in Stockholders' Equity | ||||||
Comprehensive income (loss) | (81,061) | (98,053) | 16,992 | |||
Exercise of stock options (in shares) | 265,160 | |||||
Exercise of stock options | 4,237 | (6,734) | 10,971 | |||
Restricted stock grants net of forfeitures (in shares) | (63,687) | |||||
Restricted stock grants net of forfeitures | (1,382) | 251 | (1,633) | |||
Share-based compensation | 7,325 | 7,325 | ||||
Restricted stock vested and shares withheld (in shares) | 48,450 | |||||
Restricted stock vested and shares withheld | (881) | (2,200) | 1,319 | |||
Employee stock purchase plan (in shares) | 11,109 | |||||
Employee stock purchase plan | 239 | (220) | 459 | |||
Settlement from former parent | 0 | |||||
Other (in shares) | 2,626 | |||||
Other | 1 | $ 2 | (133) | 132 | ||
Balance (in shares) at Oct. 01, 2017 | 57,277,977 | |||||
Balance at Oct. 01, 2017 | 1,173,543 | $ 573 | 1,751,192 | (206,086) | (96,000) | (276,136) |
Balance (in shares) at Mar. 31, 2018 | 57,431,299 | |||||
Balance at Mar. 31, 2018 | 1,217,490 | $ 574 | 1,746,182 | (156,526) | (104,296) | (268,444) |
Increase (Decrease) in Stockholders' Equity | ||||||
Comprehensive income (loss) | (55,148) | (85,166) | 30,018 | |||
Share-based compensation | 3,880 | 3,982 | (102) | |||
Restricted stock vested and shares withheld (in shares) | 47,958 | |||||
Restricted stock vested and shares withheld | (282) | (2,209) | 1,927 | |||
Employee stock purchase plan (in shares) | 13,083 | |||||
Employee stock purchase plan | 206 | (334) | 540 | |||
Settlement from former parent | 13,047 | 13,047 | ||||
Other (in shares) | 58,935 | |||||
Other | 6 | $ 2 | (1,187) | 1,191 | ||
Balance (in shares) at Sep. 30, 2018 | 57,551,275 | |||||
Balance at Sep. 30, 2018 | $ 1,179,199 | $ 576 | $ 1,759,481 | $ (241,692) | $ (74,278) | $ (264,888) |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Nature of Operations —Vista Outdoor Inc. (together with our subsidiaries, "Vista Outdoor", "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 has manufacturing operations and facilities in 18 locations in the United States, Canada, Mexico, and Puerto Rico along with international customer service, sales, and sourcing operations in Asia, Australia, Canada, and Europe. Vista Outdoor was incorporated in Delaware in 2014. This Quarterly Report on Form 10-Q should be read in conjunction with our consolidated financial statements and notes included in our annual report on Form 10-K for the fiscal year ended March 31, 2018 (“fiscal 2018”). Basis of Presentation —Our unaudited condensed consolidated financial statements have been prepared in accordance with the requirements of the Securities and Exchange Commission ("SEC") for interim reporting. As permitted under those rules, certain disclosures and other financial information that normally are 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 financial statements in our Annual Report on Form 10-K for fiscal 2018. Management is responsible for the condensed consolidated financial statements included in this report, which are unaudited but, in the opinion of management, include all adjustments necessary for a fair presentation of our financial position as of September 30, 2018 and March 31, 2018 , our results of operations for the three and six months ended September 30, 2018 and October 1, 2017 , and our cash flows for the six months ended September 30, 2018 and October 1, 2017 . New Accounting Pronouncements —Effective April 1, 2018, we adopted Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes existing revenue recognition requirements. We adopted this standard effective April 1, 2018 using the modified retrospective transition method. The adoption of this standard did not have a material impact on our consolidated financial statements. See Note 4 , Revenue Recognition , for our enhanced disclosures about revenue in accordance with the new standard. On February 25, 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, Leases . The new guidance was issued to increase transparency and comparability among companies by requiring most leases to 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. Although we expect adoption of the standard to materially increase the assets and liabilities recorded on our balance sheet, we are still evaluating the overall impact on our financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. ASU 2017-12 amends existing guidance to better align an entity’s risk management activities and financial reporting for hedging relationships. ASU 2017-12 also expands and refines hedge accounting for both nonfinancial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The standard allows for early adoption. As of September 30, 2018, we elected to early adopt this standard, which did not have a material impact on our consolidated financial statements. Other than the standards noted above and in our fiscal 2018 financial statements, 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 | 6 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | The current authoritative guidance on fair value prescribes a framework for measuring fair value, establishes a fair value hierarchy based on the inputs used to measure fair value, and requires disclosures about the use of fair value measurements. Fair value is 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 our outstanding 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 consider these to be Level 2 instruments. Interest rate swaps —We periodically enter into floating-to-fixed interest rate swap agreements in order to hedge our forecasted interest payments on our outstanding variable-rate debt. The fair value of those swaps is determined using a pricing model based on observable inputs for similar instruments and other market assumptions. We consider these to be Level 2 instruments. See Note 12 , Long-term Debt , for additional information. Commodity Price Hedging Instruments —We periodically enter into commodity forward contracts to hedge our exposure to price fluctuations on certain commodities we use for raw material components in our manufacturing process. When actual commodity prices exceed the fixed price provided by these contracts, we receive this difference from the counterparty, and when actual commodity prices are below the contractually provided fixed price, we pay this difference to the counterparty. See Note 3 , Derivative Financial Instruments , for additional information. 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 is evaluated on an ongoing basis and is based on management estimates and entity-specific assumptions which are considered Level 3 inputs. On September 1, 2016, we completed the acquisition of privately owned Logan Outdoor Products, LLC and Peak Trades, LLC ("Camp Chef"), a leading provider of outdoor cooking solutions. Under the terms of the transaction, approximately $10,000 of the purchase price is payable over a three -year period from the closing date if certain incremental growth milestones are met and key members of Camp Chef management continue their employment with us through the respective milestone dates. The approximately $10,000 is being expensed over the three -year measurement period and is to be paid in three equal installments as each milestone is achieved. The growth milestones for the second year have been met and, therefore, we will pay $3,371 during the quarter ended December 30, 2018. 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: September 30, 2018 March 31, 2018 Carrying Fair Carrying Fair Fixed-rate debt $ 350,000 $ 345,300 $ 350,000 $ 328,248 Variable-rate debt 400,000 400,000 576,000 576,000 |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments We are exposed to market risks arising from adverse changes in: • commodity prices affecting the cost of raw materials, • interest rates, and • foreign exchange risks. In the normal course of business, these risks are managed through a variety of strategies, including the use of derivative instruments. See Note 12 , Long-term Debt , for additional information on our interest rate swaps. We entered into various commodity forward contracts during the quarter ended September 30, 2018. These contracts are used to hedge our exposure to price fluctuations on lead we purchase for raw material components in our ammunition manufacturing process and are designated and qualify as effective cash flow hedges. The effectiveness of cash flow hedges is assessed at inception and quarterly thereafter. Hedge accounting would cease if it became probable that the originally-forecasted hedged transaction will not occur. The related change in fair value of the ineffective portion of the derivative instrument would be reclassified from accumulated other comprehensive income (loss) and recognized in earnings. The fair value of the lead forward contracts is recorded within other assets or liabilities, as appropriate, and the effective portion is reflected in accumulated other comprehensive loss ("AOCL") in our financial statements. The gains or losses on the lead forward contracts are recorded in inventory as the commodities are purchased and in cost of sales when the related inventory is sold. As of September 30, 2018, we had outstanding lead forward contracts on 17 million pounds of lead. There were no derivative gains or losses in the unaudited condensed consolidated statements of comprehensive income related to lead forward contracts during the quarter ended September 30, 2018. The liability related to the lead forward contracts is immaterial and is recorded as part of other current liabilities. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The following tables disaggregate our net sales by major category: Quarter ended September 30, 2018 Quarter ended October 1, 2017 Outdoor Products Shooting Sports Total Outdoor Products Shooting Sports Total Ammunition $ — $ 224,481 $ 224,481 $ — $ 253,847 $ 253,847 Firearms — 49,638 49,638 — 41,808 41,808 Hunting and Shooting Accessories 114,486 — 114,486 117,033 — 117,033 Action Sports 84,728 — 84,728 81,130 — 81,130 Outdoor Recreation 53,916 — 53,916 54,097 — 54,097 Eyewear 19,336 — 19,336 39,368 — 39,368 Total $ 272,466 $ 274,119 $ 546,585 $ 291,628 $ 295,655 $ 587,283 Geographic Region United States $ 190,687 $ 237,228 $ 427,915 $ 203,662 $ 249,052 $ 452,714 Rest of the World 81,779 36,891 118,670 87,966 46,603 134,569 Total $ 272,466 $ 274,119 $ 546,585 $ 291,628 $ 295,655 $ 587,283 Six months ended September 30, 2018 Six months ended October 1, 2017 Outdoor Products Shooting Sports Total Outdoor Products Shooting Sports Total Ammunition $ — $ 441,603 $ 441,603 $ — $ 494,773 $ 494,773 Firearms — 90,573 90,573 — 79,648 79,648 Hunting and Shooting Accessories 217,888 — 217,888 232,876 — 232,876 Action Sports 156,436 — 156,436 157,607 — 157,607 Outdoor Recreation 117,064 — 117,064 118,755 — 118,755 Eyewear 51,857 — 51,857 72,373 — 72,373 Total $ 543,245 $ 532,176 $ 1,075,421 $ 581,611 $ 574,421 $ 1,156,032 Geographic Region United States $ 387,445 $ 469,122 $ 856,567 $ 410,314 $ 498,788 $ 909,102 Rest of the World 155,800 63,054 218,854 171,297 75,633 246,930 Total $ 543,245 $ 532,176 $ 1,075,421 $ 581,611 $ 574,421 $ 1,156,032 Effective April 1, 2018, we implemented ASU No. 2014-09 Revenue from Contracts with Customers (Topic 606), using the modified retrospective method. The standard did not have a material effect on our financial statements. The vast majority of our revenues are from the sale of consumer products in the outdoor recreation and shooting sports markets. Our customers consist primarily of retailers and distributors, as well as government, law enforcement, and military professionals. We also sell some of our products online directly to consumers. Our top customer is Walmart , representing 14% and 15% of our sales for the six months ended September 30, 2018 and October 1, 2017 , respectively. No other single customer contributed 10% or more of our sales for the six months ended September 30, 2018 and October 1, 2017 . Typically, our contracts require customers to pay within 30 - 60 days of product delivery with a discount available to some customers for early payment. In some cases, we offer extended payment terms to customers. However, we do not consider these extended payment terms to be a significant financing component of the contract because the payment terms are less than a year. We recognize revenue for our products at a point in time upon the transfer of control of the products to the customer, which typically occurs upon shipment and coincides with our right to payment, the transfer of legal title, and the transfer of the significant risks and rewards of ownership of the product. In limited circumstances, our contract with a customer may have shipping terms that indicate a transfer of control of the products upon their arrival at the destination rather than upon shipment. In those cases, we recognize revenue only when the product reaches the customer destination, which may require us to estimate the timing of transfer of control based on the expected delivery date. In all cases, however, we consider our costs related to shipping and handling to be a cost of fulfilling the contract with the customer. The total amount of revenue we recognize for the sale of our products reflects various sales adjustments for discounts, returns, refunds, allowances, rebates, and other customer incentives. These sales adjustments can vary based on market conditions, customer preferences, timing of customer payments, volume of products sold, and timing of new product launches. These adjustments require management to make reasonable estimates of the amount we expect to receive from the customer. We estimate sales adjustments by customer or by product category on the basis of our historical experience with similar contracts with customers, adjusted as necessary to reflect current facts and circumstances and our expectations for the future. Incentives in the form of cash paid to the customer (or a reduction of a customer cash payment to us) typically are recognized as a reduction of sales unless the incentive is for a distinct benefit that we receive from the customer (e.g., advertising or marketing). We provide consumer warranties against manufacturing defects on certain products within the Shooting Sports and Outdoor Products segments. Our warranty periods typically range from one year to the lifetime of the product. The costs of such product warranties are recognized upon delivery of the product at the time the sale is recorded, and are estimated based on our past experience. We pay commissions to some of our employees based on agreed-upon sales targets. We recognize the incremental costs of obtaining a contract as an expense when incurred because our sales contracts with commissions are a year or less. We did not recognize any revenue in the reporting period from performance obligations satisfied (or partially satisfied) in previous reporting periods. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
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 three and six months ended September 30, 2018 and October 1, 2017 , earnings, as reported for each respective period, is divided by the number of shares below: Quarter ended Six months ended September 30, 2018 October 1, 2017 September 30, 2018 October 1, 2017 Net income (loss) $ (32,818 ) $ (114,705 ) $ (85,166 ) $ (98,053 ) Weighted-average number of common shares outstanding: Basic EPS shares outstanding 57,528 57,099 57,492 57,041 Dilutive effect of stock-based awards (1) — — — — Diluted EPS shares outstanding 57,528 57,099 57,492 57,041 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 434 358 434 271 Earnings (loss) per common share: Basic $ (0.57 ) $ (2.01 ) $ (1.48 ) $ (1.72 ) Diluted $ (0.57 ) $ (2.01 ) $ (1.48 ) $ (1.72 ) (1) Due to the loss from continuing operations in the quarter and six months ended September 30, 2018 and October 1, 2017 , there are no common shares added to calculate dilutive EPS for that quarter because the effect would be antidilutive. |
Divestitures
Divestitures | 6 Months Ended |
Sep. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures | On August 31, 2018, the Company completed the sale of its Bollé, Serengeti, and Cébé brands (the "Eyewear Brands"). The selling price was $158,000 , subject to customary working capital adjustments. As a result of the sale, during the three and six months ended September 30, 2018, the Company recorded a pretax loss of $4,925 , which is included in other income (expense), net primarily due to the final allocation of goodwill and fixed assets for the Eyewear Brands. During the six months ended September 30, 2018, we recognized an impairment of $44,921 related to an expected loss on the sale of our held-for-sale assets related to the Eyewear Brands. The loss is attributable primarily to cumulative foreign currency translation adjustments for these entities that was reclassified to earnings upon their sale. |
Receivables
Receivables | 6 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Receivables | Net receivables are summarized as follows: September 30, 2018 March 31, 2018 Trade receivables $ 428,780 $ 453,939 Other receivables 13,653 4,017 Less: allowance for doubtful accounts and discounts (18,713 ) (36,193 ) Net receivables $ 423,720 $ 421,763 As of September 30, 2018 and March 31, 2018 , Walmart represented 17% and 14% , respectively, of the total trade receivables balance. No other customer represented more than 10% of our total trade receivables balance as of September 30, 2018 and March 31, 2018 . |
Inventories
Inventories | 6 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Net inventories consist of the following: September 30, 2018 March 31, 2018 Raw materials $ 114,261 $ 88,588 Work in process 45,359 40,812 Finished goods 272,180 252,878 Net inventories $ 431,800 $ 382,278 We consider inventories to be long-term if they are not expected to be sold within one year. Long-term inventories are presented on the balance sheet net of reserves within deferred charges and other non-current assets and totaled $14,556 and $24,040 as of September 30, 2018 and March 31, 2018 , respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss (AOCL) | 6 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss (AOCL) | The components of AOCL, net of income taxes, are as follows: September 30, 2018 March 31, 2018 Pension and other postretirement benefits $ (65,690 ) $ (66,656 ) Derivatives 1,440 1,904 Cumulative translation adjustment (10,028 ) (39,544 ) Total AOCL $ (74,278 ) $ (104,296 ) The following tables summarize the changes in the balance of AOCL, net of income tax: Quarter ended September 30, 2018 Six months ended September 30, 2018 Derivatives Pension and other postretirement benefits Cumulative translation adjustment Total Derivatives Pension and other postretirement benefits Cumulative translation adjustment Total Beginning balance in AOCL $ 2,104 $ (66,173 ) $ (46,690 ) $ (110,759 ) $ 1,904 $ (66,656 ) $ (39,544 ) $ (104,296 ) Net actuarial losses reclassified from AOCL (1) — 543 — 543 — 1,086 — 1,086 Prior service costs reclassified from AOCL (1) — (60 ) — (60 ) — (120 ) — (120 ) Net increase in fair value of derivatives (664 ) — — (664 ) (464 ) — — (464 ) Net change in cumulative translation adjustment — — 36,662 36,662 — — 29,516 29,516 Ending balance in AOCL $ 1,440 $ (65,690 ) $ (10,028 ) $ (74,278 ) $ 1,440 $ (65,690 ) $ (10,028 ) $ (74,278 ) (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 October 1, 2017 Six months ended October 1, 2017 Derivatives Pension and other postretirement benefits Cumulative translation adjustment Total Derivatives Pension and other postretirement benefits Cumulative translation adjustment Total Beginning balance in AOCL $ 23 $ (59,709 ) $ (47,492 ) $ (107,178 ) $ — $ (56,929 ) $ (56,063 ) $ (112,992 ) Net actuarial losses reclassified from AOCL (1) — 493 — 493 — 1,615 — 1,615 Prior service costs reclassified from AOCL (1) — (49 ) — (49 ) — (323 ) — (323 ) Valuation adjustment for pension and postretirement benefit plans (2) — 3,633 — 3,633 — 5 — 5 Net increase in fair value of derivatives — — — — 23 — — 23 Net change in cumulative translation adjustment — — 7,101 7,101 — — 15,672 15,672 Ending balance in AOCL $ 23 $ (55,632 ) $ (40,391 ) $ (96,000 ) $ 23 $ (55,632 ) $ (40,391 ) $ (96,000 ) (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. (2) See Note 13 , Employee Benefit Plans , for a description of the pension curtailment gain recognized in the quarter ended July 2, 2017. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | The changes in the carrying amount of goodwill by segment were as follows: Outdoor Products Shooting Sports Total Balance, March 31, 2018 $ 452,627 $ 204,909 $ 657,536 Effect of foreign currency exchange rates — (46 ) (46 ) Divestitures (3,526 ) — (3,526 ) Balance, September 30, 2018 $ 449,101 $ 204,863 $ 653,964 The goodwill recorded within the Outdoor Products segment is presented net of $545,106 of accumulated impairment losses, of which $401,706 was recorded prior to fiscal 2018 and $143,400 was recorded in fiscal 2018. The goodwill recorded within the Shooting Sports segment is presented net of $41,020 of accumulated impairment losses, which were recorded in fiscal 2015. The remeasurement of goodwill and intangible assets is classified as a Level 3 fair value assessment as described in Note 2 , Fair Value of Financial Instruments , due to the significance of unobservable inputs developed using company-specific information. Net intangible assets other than goodwill consisted of the following: September 30, 2018 March 31, 2018 Gross Accumulated Total Gross Accumulated Total Trade names $ 63,361 $ (14,543 ) $ 48,818 $ 62,657 $ (11,993 ) $ 50,664 Patented technology 16,612 (9,141 ) 7,471 16,466 (8,157 ) 8,309 Customer relationships and other 285,904 (93,493 ) 192,411 318,476 (91,093 ) 227,383 Total 365,877 (117,177 ) 248,700 397,599 (111,243 ) 286,356 Non-amortizing trade names 305,923 — 305,923 305,923 — 305,923 Net intangible assets $ 671,800 $ (117,177 ) $ 554,623 $ 703,522 $ (111,243 ) $ 592,279 The loss of a key customer for our stand up paddle boards business during the quarter ended September 30, 2018 resulted in a reduction of the projected cash flows for the stand up paddle boards business. Given the associated decrease in projected cash flows for the period, we determined that a triggering event had occurred. This analysis resulted in a $23,411 impairment charge related to customer relationship intangibles associated with the Jimmy Styks acquisition. The remeasurement of intangible assets is classified as a Level 3 fair value assessment as described in Note 2 due to the significance of unobservable inputs developed using company-specific information. The amortizable assets in the table above are being amortized using a straight-line method over a weighted average remaining period of approximately 12.3 years. The amount of amortizing intangible assets for the Outdoor Products segment is presented net of a $23,411 impairment charge recorded in fiscal 2019 and a $61,054 impairment charge recorded in fiscal 2017. The amount of non-amortizing tradename intangible assets in the Outdoor Products segment is presented net of $8,920 and $34,230 of impairment losses recorded in fiscal 2018 and fiscal 2017, respectively; and, the amount of non-amortizing tradename intangible assets in the Shooting Sports segment is presented net of $11,200 of impairment losses recorded in fiscal 2015. Amortization expense for the quarter ended September 30, 2018 and October 1, 2017 was $6,778 and $9,143 , respectively, and for the six months ended September 30, 2018 and October 1, 2017 was $13,620 and $18,253 , respectively. As of September 30, 2018 , we expect amortization expense related to these assets to be as follows: Remainder of fiscal 2019 $ 11,847 Fiscal 2020 23,554 Fiscal 2021 23,529 Fiscal 2022 23,475 Fiscal 2023 23,360 Thereafter 142,935 Total $ 248,700 |
Other Current and Non-current L
Other Current and Non-current Liabilities | 6 Months Ended |
Sep. 30, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Current and Non-current Liabilities | Other current and non-current liabilities consisted of the following: September 30, 2018 March 31, 2018 Other current liabilities: Accrual for in-transit inventory $ 30,281 $ 29,200 Rebate accrual 18,355 14,827 Other 77,505 53,420 Total other current liabilities $ 126,141 $ 97,447 Other non-current liabilities: Non-current portion of accrued income tax liability $ 35,619 $ 34,716 Other 27,326 29,619 Total other non-current liabilities $ 62,945 $ 64,335 We provide consumer warranties against manufacturing defects on certain products within the Shooting Sports and Outdoor Products segments with warranty periods ranging from one year to the expected lifetime of the product. The estimated costs of such product warranties are recorded at the time the sale is recorded based upon our past experience. The warranty liability recorded at each balance sheet date reflects the estimated liability for warranty coverage for products delivered based on historical information and current trends. The following is a reconciliation of the changes in our product warranty liability during the periods presented: Balance, March 31, 2018 $ 10,247 Payments made (1,762 ) Warranties issued 2,209 Other adjustments (2,474 ) Changes related to pre-existing warranties (167 ) Balance, September 30, 2018 $ 8,053 |
Long-term Debt
Long-term Debt | 6 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term debt, including the current portion, consisted of the following: September 30, 2018 March 31, 2018 Credit Agreement: Term Loan $ 400,000 $ 576,000 Revolving Credit Facility — — Total principal amount of Credit Agreement 400,000 576,000 5.875% Senior Notes 350,000 350,000 Principal amount of long-term debt 750,000 926,000 Less: unamortized deferred financing costs (8,414 ) (10,601 ) Carrying amount of long-term debt 741,586 915,399 Less: current portion — (32,000 ) Carrying amount of long-term debt, excluding current portion $ 741,586 $ 883,399 Credit Agreement —On April 1, 2016, we entered into an Amended and Restated Credit Agreement (the "Credit Agreement"), which replaced our 2014 Credit Agreement. The Credit Agreement was comprised of a Term A Loan of $640,000 and a $400,000 Revolving Credit Facility, both of which mature on April 1, 2021. During the six months ended September 30, 2018, we prepaid $168,000 of the Term A Loan. Due to these prepayments, we are no longer required to make quarterly principal payments. Substantially all domestic tangible and intangible assets of Vista Outdoor and our subsidiaries, as well as the tangible and intangible assets of Advanced Arrow S. de R.L. de C.V. and Hydrosport, S. de R.L. de C.V., are pledged as collateral under the Credit Agreement. Borrowings under the Credit Agreement bear interest at a rate equal to either the sum of a base rate plus a 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 Credit Agreement, and based on the ratio in effect as of September 30, 2018 , the base rate margin was 3.00% and the Eurodollar margin was 4.00% . The weighted average interest rate for our borrowings under the Credit Agreement as of September 30, 2018 was 6.24% , excluding the impact of the interest rate swaps that are discussed below. 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 0.50% . During fiscal 2018, we conducted a review of our outstanding debt instruments and initiated discussions with our banks regarding refinancing our Credit Agreement with asset-based revolving and term loan agreements. We believe that this change could provide us with additional flexibility to operate efficiently in a challenging market environment. Subject to debt market conditions, we anticipate finalizing the refinancing b efore the end of our third fiscal quarter. In order to allow us sufficient time to execute the refinancing, we received from our lenders a waiver of our Consolidated Leverage Ratio requirement for the quarter ended March 31, 2018 and, in May 2018, we executed an amendment to the Credit Agreement to amend, among other things, certain financial covenants during our fiscal 2019 (the "May 2018 Amendment"). The May 2018 Amendment provides for the following maximum ratios as defined in the Credit Agreement: Maximum leverage ratios per the Credit Agreement Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Consolidated Leverage Ratio 7.25 8.25 8.00 6.75 Consolidated Senior Secured Leverage Ratio 5.00 5.50 5.25 4.50 The May 2018 Amendment also provides that the Consolidated Interest Coverage Ratio (as defined in the Credit Agreement) must be greater than 2.00 to 1.00 through the fiscal quarter ended December 31, 2018, and 2.50 to 1.00 for the quarter ended March 31, 2019. In addition, the May 2018 Amendment reduced the Revolving Credit Facility from $400,000 to $200,000 , amended the borrowing rates under the Revolving Credit Facility and Term A Loan and the fee for unused commitments under the Revolving Credit Facility, all of which vary depending on our Consolidated Leverage Ratio, and further restricts our ability to enter into certain transactions. Debt issuance costs related to the May 2018 Amendment of approximately $2,800 will be amortized over the term of the amendment. In connection with the reduction in our revolving credit facility and the prepayments of the Term A Loan, unamortized debt issuance costs of $3,203 were written off during the quarter ended September 30, 2018 and were included in interest expense in the condensed consolidated statements of comprehensive income (loss). The remaining debt issuance costs of approximately $8,000 are being amortized over the term of the Credit Agreement. As of September 30, 2018 , we had no borrowings against our $200,000 Revolving Credit Facility and had outstanding letters of credit of $22,692 , which reduced amounts available on the Revolving Credit Facility to $177,308 . 5.875% Notes —In fiscal 2016, 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 the notes is payable semi-annually in arrears on April 1 and October 1 of each year. 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. Debt issuance costs of approximately $4,300 are being amortized to interest expense over 8 years, the term of the notes. The Credit Agreement and the indenture governing the 5.875% Notes contain cross-default provisions so that non-compliance with the covenants within one debt agreement could also cause a default under the other debt agreement. As of September 30, 2018, we were in compliance with the covenants of both debt agreements. However, we cannot provide assurance that we will be able to comply with such financial covenants in the future, or complete a refinancing of our Credit Agreement mentioned above, because of various risks and uncertainties some of which may be beyond our control. 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 and by Advanced Arrow S. de R.L. de C.V. and Hydrosport, S. de R.L. de C.V. 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 of Vista Outdoor 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 of Vista Outdoor. 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. Interest rate swaps —During the quarter ended July 2, 2017, we entered into floating-to-fixed interest rate swap agreements in order to hedge our forecasted interest payments on our outstanding variable-rate debt. As of September 30, 2018 , we had the following cash flow hedge interest rate swaps in place: Notional Fair Value Pay Fixed Receive Floating Maturity Date Non-amortizing swap $ 100,000 $ 751 1.519% 2.242% June 2019 Non-amortizing swap 100,000 1,997 1.629% 2.242% June 2020 The amount paid or received under these swaps is recorded as an adjustment to interest expense. The asset related to the swaps is recorded as part of other current assets. Cash paid for interest on debt —Cash paid for interest on debt, including commitment fees, for the quarters ended September 30, 2018 and October 1, 2017 totaled $7,465 and $6,691 , respectively. Cash paid for interest on debt, including commitment fees, for the six months ended September 30, 2018 and October 1, 2017 totaled $14,538 and $22,888 , respectively. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | During the quarter ended September 30, 2018 , we recognized an aggregate net benefit for employee defined benefit plans of $186 compared to a net expense of $5,859 during the quarter ended October 1, 2017 . The decrease was primarily due to the pension curtailment gain recognized in the quarter ended July 2, 2017, as discussed below. For the six months ended September 30, 2018 , we recognized an aggregate net benefit for employee defined benefit plans of $370 compared to a net expense of $1,507 during the six months ended October 1, 2017 . The decrease in expense was primarily due to the pension curtailment gain recognized in the first quarter of fiscal 2018, as discussed below and lower service costs as a result of the curtailment, offset by the additional expense during the quarter ended October 1, 2017 as a result of benefits paid to retiring executives. Employer contributions and distributions —During the six months ended September 30, 2018 , there were no required contributions to the pension trust, and we made no contributions to our other postretirement benefit plans, and no distributions to retirees under the non-qualified supplemental executive retirement plan. During the six months ended October 1, 2017 , we contributed $5,600 directly to the pension trust, made no contributions to our other postretirement benefit plans, and made no distributions to retirees under the non-qualified supplemental executive retirement plan. During the remainder of fiscal 2019 , we do not expect to make additional contributions to the pension trust, to our other postretirement benefit plans, or directly to retirees under our non-qualified supplemental executive retirement plans. Pension curtailment —In June 2017, we announced changes to our qualified and non-qualified defined benefit pension plans. The benefits under the affected plans are determined by a cash balance formula that provides participating employees with an annual “pay credit” as a percentage of their eligible pay based on their age and eligible service. The curtailment was effective July 31, 2017, with employees receiving a pro-rated pay credit for 2017 and no future pay credits beginning in 2018. However, a participating employee’s benefit will continue to grow based on annual interest credits applied to the employee’s cash balance account until commencement of the employee’s benefit. As a result of the changes, we recognized a one-time gain of $5,783 during the quarter ended July 2, 2017. |
Income Taxes
Income Taxes | 6 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Our provision for income taxes includes federal, foreign, and state income taxes. Income tax provisions for interim periods are based on the year-to-date effective tax rate for the current year and on estimated effective annual income tax rate for the prior year. The income tax provisions for the quarters ended September 30, 2018 and October 1, 2017 represent effective tax rates of 19.8% and 17.9% , respectively. The increase in the rate from the prior year quarter is primarily the result of our recognition of a nondeductible goodwill impairment charge in the prior year quarter. The effective tax rate for the quarter ended September 30, 2018 was lower than the statutory rate primarily because of the loss in the quarter, which caused unfavorable tax adjustments to decrease the rate. The effective tax rate for the quarter ended October 1, 2017 was lower than the statutory rate, primarily because of the nondeductible goodwill impairment in that quarter. The income tax provisions for the six months ended September 30, 2018 and October 1, 2017 represent effective tax rates of 9.4% and 13.1% , respectively. The decrease in the rate from the prior year period is primarily the result of the effects of The Tax Cuts and Jobs Act ("Tax Legislation") in the current period and our recognition of nondeductible impairment charges in the current and prior periods. The effective tax rate for the six months ended September 30, 2018 was lower than the statutory rate primarily because of the loss in the current period, which caused unfavorable tax adjustments to decrease the rate. The effective tax rate for the six months ended October 1, 2017 was lower than the statutory rate primarily because of the impact of the nondeductible goodwill impairment in that period. On December 22, 2017, Tax Legislation was enacted in the United States. The Tax Legislation significantly revises the corporate income tax by, among other things, lowering corporate income tax rates, limiting various deductions, repealing the domestic manufacturing deduction, implementing a territorial tax system, and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries. We estimate the impact of the Tax Legislation, based on currently available information and interpretations of the law, to be a benefit to us of approximately $49 million , the majority of which was included in our prior period tax benefit. The majority of the tax benefit was due to remeasurement of the U.S. deferred tax liabilities at lower enacted corporate tax rates, which did not have a cash impact on the prior period. The actual impact of the Tax Legislation may differ from this estimate, possibly materially, due to, among other things, changes in interpretations and assumptions we have made, guidance that may be issued, and actions we may take as a result of the Tax Legislation. On February 9, 2015, we entered into a Tax Matters Agreement with Orbital ATK that governs the respective rights, responsibilities and obligations of Vista Outdoor and Orbital ATK following 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 between the parties, the Tax Matters Agreement is not binding on the IRS. The allocation of tax liabilities for the period from April 1, 2014 through the date of the Spin-Off was settled on June 15, 2018. Orbital ATK paid Vista Outdoor $13,047 to settle this matter, which was reflected as an adjustment to the distribution from Vista Outdoor to Orbital ATK at the time of the Spin-Off. 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 that included Vista Outdoor. In addition, certain of our subsidiaries filed income tax returns in foreign jurisdictions. Since the Spin-Off, we file 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 2011. The IRS has completed the audits of Orbital ATK through fiscal 2014 and is currently auditing Orbital ATK's tax return for fiscal 2015. The IRS has also completed the audit of our tax return for the period that began after the Spin-Off (February 9, 2015) and ended on March 31, 2015. 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. Income taxes paid, net of refunds, totaled $3,026 and $2,417 for the six months ended September 30, 2018 and October 1, 2017 , respectively. Although the timing and outcome of income tax audit settlements are uncertain, it is reasonably possible that a $4,575 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 $3,884 . |
Condensed Consolidating Financi
Condensed Consolidating Financial Statements | 6 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Financial Statements | Condensed Consolidating Financial Statements In accordance with the provisions of the 5.875% Notes, the outstanding notes are guaranteed on an unsecured basis, jointly and severally and fully and unconditionally, by substantially all of Vista Outdoor domestic 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 and any subsidiaries of the parent company other than the subsidiary guarantors are minor. These guarantees are senior or senior subordinated obligations, as applicable, of the applicable subsidiary guarantors. |
Contingencies
Contingencies | 6 Months Ended |
Sep. 30, 2018 | |
Loss Contingency [Abstract] | |
Contingencies | Litigation —From time to time, we are subject to various legal proceedings, including lawsuits, which arise out of, and are incidental to, the conduct of our business. We do not consider any of such proceedings that are currently pending, individually or in the aggregate to be material to our business or likely to result in a material adverse effect on our operating results, financial condition, or cash flows. Environmental liabilities —Our operations and ownership or use of real property are subject to a number of federal, state, and local environmental laws and regulations, as well as applicable foreign laws and regulations, including those governing the discharge of hazardous materials, remediation of contaminated sites, and restoration of damage to the environment. We are obligated to conduct investigation and/or remediation activities at certain sites that we own or operate or formerly owned or operated. We have been identified as a potentially responsible party (“PRP”), along with other parties, in regulatory agency actions associated with hazardous waste sites. As a PRP, we may be required to pay a share of the costs of the investigation and clean-up of these sites. While uncertainties exist with respect to the amounts and timing of the ultimate environmental liabilities, based on currently available information, we have concluded that these matters, individually or in the aggregate, will not have a material adverse effect on our operating results, financial condition, or cash flows. We have recorded a liability for environmental remediation of $736 and $731 as of September 30, 2018 and March 31, 2018 , respectively. 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. |
Operating Segment Information
Operating Segment Information | 6 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Operating Segment Information | We operate our business structure within two operating segments, which are defined based on the reporting and review process used by the chief operating decision maker, our Chief Executive Officer. Management reviews the operating segments based on net sales and gross profit. Certain significant selling and general and administrative expenses are not allocated to the segments. In addition, certain significant asset balances are not readily identifiable with individual segments and therefore cannot be allocated. Each segment is described below: • Outdoor Products generated approximately 51% of our external sales in the six months ended September 30, 2018 . The Outdoor Products product lines are action sports, archery/hunting accessories, camping, 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, and game cameras. Camping products include our outdoor cooking solutions. 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 approximately 49% of our external sales in the six months ended September 30, 2018 . Shooting Sports product lines include centerfire ammunition, rimfire ammunition, shotshell ammunition, reloading components, and firearms. Sales to Walmart represented 14% and 15% of our sales in the six months ended September 30, 2018 and October 1, 2017 , respectively. No other single customer contributed 10% or more of our sales in the six months ended September 30, 2018 and October 1, 2017 . The following summarizes our results by segment: Quarter ended Six months ended September 30, 2018 October 1, 2017 September 30, 2018 October 1, 2017 Sales to external customers: Outdoor Products $ 272,466 $ 291,628 $ 543,245 $ 581,611 Shooting Sports 274,119 295,655 532,176 574,421 Total sales to external customers $ 546,585 $ 587,283 $ 1,075,421 $ 1,156,032 Gross Profit Outdoor Products $ 61,666 $ 75,608 $ 132,616 $ 152,118 Shooting Sports 47,093 63,341 89,482 133,659 Corporate (2 ) 28 (3 ) (242 ) Total gross profit $ 108,757 $ 138,977 $ 222,095 $ 285,535 The sales above exclude intercompany sales between Outdoor Products and Shooting Sports of $2,158 and $1,391 for the quarters ended September 30, 2018 and October 1, 2017 , respectively. The sales above exclude intercompany sales between Outdoor Products and Shooting Sports of $3,780 and $2,252 for the six months ended September 30, 2018 and October 1, 2017 , respectively. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events There were no subsequent events for the quarter ended September 30, 2018. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements —Effective April 1, 2018, we adopted Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes existing revenue recognition requirements. We adopted this standard effective April 1, 2018 using the modified retrospective transition method. The adoption of this standard did not have a material impact on our consolidated financial statements. See Note 4 , Revenue Recognition , for our enhanced disclosures about revenue in accordance with the new standard. On February 25, 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, Leases . The new guidance was issued to increase transparency and comparability among companies by requiring most leases to 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. Although we expect adoption of the standard to materially increase the assets and liabilities recorded on our balance sheet, we are still evaluating the overall impact on our financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. ASU 2017-12 amends existing guidance to better align an entity’s risk management activities and financial reporting for hedging relationships. ASU 2017-12 also expands and refines hedge accounting for both nonfinancial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The standard allows for early adoption. As of September 30, 2018, we elected to early adopt this standard, which did not have a material impact on our consolidated financial statements. Other than the standards noted above and in our fiscal 2018 financial statements, 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 Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
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: September 30, 2018 March 31, 2018 Carrying Fair Carrying Fair Fixed-rate debt $ 350,000 $ 345,300 $ 350,000 $ 328,248 Variable-rate debt 400,000 400,000 576,000 576,000 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables disaggregate our net sales by major category: Quarter ended September 30, 2018 Quarter ended October 1, 2017 Outdoor Products Shooting Sports Total Outdoor Products Shooting Sports Total Ammunition $ — $ 224,481 $ 224,481 $ — $ 253,847 $ 253,847 Firearms — 49,638 49,638 — 41,808 41,808 Hunting and Shooting Accessories 114,486 — 114,486 117,033 — 117,033 Action Sports 84,728 — 84,728 81,130 — 81,130 Outdoor Recreation 53,916 — 53,916 54,097 — 54,097 Eyewear 19,336 — 19,336 39,368 — 39,368 Total $ 272,466 $ 274,119 $ 546,585 $ 291,628 $ 295,655 $ 587,283 Geographic Region United States $ 190,687 $ 237,228 $ 427,915 $ 203,662 $ 249,052 $ 452,714 Rest of the World 81,779 36,891 118,670 87,966 46,603 134,569 Total $ 272,466 $ 274,119 $ 546,585 $ 291,628 $ 295,655 $ 587,283 Six months ended September 30, 2018 Six months ended October 1, 2017 Outdoor Products Shooting Sports Total Outdoor Products Shooting Sports Total Ammunition $ — $ 441,603 $ 441,603 $ — $ 494,773 $ 494,773 Firearms — 90,573 90,573 — 79,648 79,648 Hunting and Shooting Accessories 217,888 — 217,888 232,876 — 232,876 Action Sports 156,436 — 156,436 157,607 — 157,607 Outdoor Recreation 117,064 — 117,064 118,755 — 118,755 Eyewear 51,857 — 51,857 72,373 — 72,373 Total $ 543,245 $ 532,176 $ 1,075,421 $ 581,611 $ 574,421 $ 1,156,032 Geographic Region United States $ 387,445 $ 469,122 $ 856,567 $ 410,314 $ 498,788 $ 909,102 Rest of the World 155,800 63,054 218,854 171,297 75,633 246,930 Total $ 543,245 $ 532,176 $ 1,075,421 $ 581,611 $ 574,421 $ 1,156,032 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | In computing EPS for the three and six months ended September 30, 2018 and October 1, 2017 , earnings, as reported for each respective period, is divided by the number of shares below: Quarter ended Six months ended September 30, 2018 October 1, 2017 September 30, 2018 October 1, 2017 Net income (loss) $ (32,818 ) $ (114,705 ) $ (85,166 ) $ (98,053 ) Weighted-average number of common shares outstanding: Basic EPS shares outstanding 57,528 57,099 57,492 57,041 Dilutive effect of stock-based awards (1) — — — — Diluted EPS shares outstanding 57,528 57,099 57,492 57,041 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 434 358 434 271 Earnings (loss) per common share: Basic $ (0.57 ) $ (2.01 ) $ (1.48 ) $ (1.72 ) Diluted $ (0.57 ) $ (2.01 ) $ (1.48 ) $ (1.72 ) (1) Due to the loss from continuing operations in the quarter and six months ended September 30, 2018 and October 1, 2017 , there are no common shares added to calculate dilutive EPS for that quarter because the effect would be antidilutive. |
Receivables (Tables)
Receivables (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Schedule of receivables, including amounts due under long-term contracts (contract receivables) | Net receivables are summarized as follows: September 30, 2018 March 31, 2018 Trade receivables $ 428,780 $ 453,939 Other receivables 13,653 4,017 Less: allowance for doubtful accounts and discounts (18,713 ) (36,193 ) Net receivables $ 423,720 $ 421,763 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Net inventories consist of the following: September 30, 2018 March 31, 2018 Raw materials $ 114,261 $ 88,588 Work in process 45,359 40,812 Finished goods 272,180 252,878 Net inventories $ 431,800 $ 382,278 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (AOCL) (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Schedule of components of AOCL, net of income taxes | The components of AOCL, net of income taxes, are as follows: September 30, 2018 March 31, 2018 Pension and other postretirement benefits $ (65,690 ) $ (66,656 ) Derivatives 1,440 1,904 Cumulative translation adjustment (10,028 ) (39,544 ) Total AOCL $ (74,278 ) $ (104,296 ) |
Schedule of changes in balance of AOCL, net of income taxes | The following tables summarize the changes in the balance of AOCL, net of income tax: Quarter ended September 30, 2018 Six months ended September 30, 2018 Derivatives Pension and other postretirement benefits Cumulative translation adjustment Total Derivatives Pension and other postretirement benefits Cumulative translation adjustment Total Beginning balance in AOCL $ 2,104 $ (66,173 ) $ (46,690 ) $ (110,759 ) $ 1,904 $ (66,656 ) $ (39,544 ) $ (104,296 ) Net actuarial losses reclassified from AOCL (1) — 543 — 543 — 1,086 — 1,086 Prior service costs reclassified from AOCL (1) — (60 ) — (60 ) — (120 ) — (120 ) Net increase in fair value of derivatives (664 ) — — (664 ) (464 ) — — (464 ) Net change in cumulative translation adjustment — — 36,662 36,662 — — 29,516 29,516 Ending balance in AOCL $ 1,440 $ (65,690 ) $ (10,028 ) $ (74,278 ) $ 1,440 $ (65,690 ) $ (10,028 ) $ (74,278 ) (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 October 1, 2017 Six months ended October 1, 2017 Derivatives Pension and other postretirement benefits Cumulative translation adjustment Total Derivatives Pension and other postretirement benefits Cumulative translation adjustment Total Beginning balance in AOCL $ 23 $ (59,709 ) $ (47,492 ) $ (107,178 ) $ — $ (56,929 ) $ (56,063 ) $ (112,992 ) Net actuarial losses reclassified from AOCL (1) — 493 — 493 — 1,615 — 1,615 Prior service costs reclassified from AOCL (1) — (49 ) — (49 ) — (323 ) — (323 ) Valuation adjustment for pension and postretirement benefit plans (2) — 3,633 — 3,633 — 5 — 5 Net increase in fair value of derivatives — — — — 23 — — 23 Net change in cumulative translation adjustment — — 7,101 7,101 — — 15,672 15,672 Ending balance in AOCL $ 23 $ (55,632 ) $ (40,391 ) $ (96,000 ) $ 23 $ (55,632 ) $ (40,391 ) $ (96,000 ) (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. (2) See Note 13 , Employee Benefit Plans , for a description of the pension curtailment gain recognized in the quarter ended July 2, 2017. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
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, 2018 $ 452,627 $ 204,909 $ 657,536 Effect of foreign currency exchange rates — (46 ) (46 ) Divestitures (3,526 ) — (3,526 ) Balance, September 30, 2018 $ 449,101 $ 204,863 $ 653,964 |
Schedule of net intangibles | Net intangible assets other than goodwill consisted of the following: September 30, 2018 March 31, 2018 Gross Accumulated Total Gross Accumulated Total Trade names $ 63,361 $ (14,543 ) $ 48,818 $ 62,657 $ (11,993 ) $ 50,664 Patented technology 16,612 (9,141 ) 7,471 16,466 (8,157 ) 8,309 Customer relationships and other 285,904 (93,493 ) 192,411 318,476 (91,093 ) 227,383 Total 365,877 (117,177 ) 248,700 397,599 (111,243 ) 286,356 Non-amortizing trade names 305,923 — 305,923 305,923 — 305,923 Net intangible assets $ 671,800 $ (117,177 ) $ 554,623 $ 703,522 $ (111,243 ) $ 592,279 |
Schedule of expected future amortization expense | As of September 30, 2018 , we expect amortization expense related to these assets to be as follows: Remainder of fiscal 2019 $ 11,847 Fiscal 2020 23,554 Fiscal 2021 23,529 Fiscal 2022 23,475 Fiscal 2023 23,360 Thereafter 142,935 Total $ 248,700 |
Other Current and Non-current_2
Other Current and Non-current Liabilities (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
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: September 30, 2018 March 31, 2018 Other current liabilities: Accrual for in-transit inventory $ 30,281 $ 29,200 Rebate accrual 18,355 14,827 Other 77,505 53,420 Total other current liabilities $ 126,141 $ 97,447 Other non-current liabilities: Non-current portion of accrued income tax liability $ 35,619 $ 34,716 Other 27,326 29,619 Total other non-current liabilities $ 62,945 $ 64,335 |
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 periods presented: Balance, March 31, 2018 $ 10,247 Payments made (1,762 ) Warranties issued 2,209 Other adjustments (2,474 ) Changes related to pre-existing warranties (167 ) Balance, September 30, 2018 $ 8,053 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt, including the current portion | The May 2018 Amendment provides for the following maximum ratios as defined in the Credit Agreement: Maximum leverage ratios per the Credit Agreement Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Consolidated Leverage Ratio 7.25 8.25 8.00 6.75 Consolidated Senior Secured Leverage Ratio 5.00 5.50 5.25 4.50 Long-term debt, including the current portion, consisted of the following: September 30, 2018 March 31, 2018 Credit Agreement: Term Loan $ 400,000 $ 576,000 Revolving Credit Facility — — Total principal amount of Credit Agreement 400,000 576,000 5.875% Senior Notes 350,000 350,000 Principal amount of long-term debt 750,000 926,000 Less: unamortized deferred financing costs (8,414 ) (10,601 ) Carrying amount of long-term debt 741,586 915,399 Less: current portion — (32,000 ) Carrying amount of long-term debt, excluding current portion $ 741,586 $ 883,399 |
Schedule of Interest Rate Derivatives | As of September 30, 2018 , we had the following cash flow hedge interest rate swaps in place: Notional Fair Value Pay Fixed Receive Floating Maturity Date Non-amortizing swap $ 100,000 $ 751 1.519% 2.242% June 2019 Non-amortizing swap 100,000 1,997 1.629% 2.242% June 2020 |
Operating Segment Information (
Operating Segment Information (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Summary Results by Segment | The following summarizes our results by segment: Quarter ended Six months ended September 30, 2018 October 1, 2017 September 30, 2018 October 1, 2017 Sales to external customers: Outdoor Products $ 272,466 $ 291,628 $ 543,245 $ 581,611 Shooting Sports 274,119 295,655 532,176 574,421 Total sales to external customers $ 546,585 $ 587,283 $ 1,075,421 $ 1,156,032 Gross Profit Outdoor Products $ 61,666 $ 75,608 $ 132,616 $ 152,118 Shooting Sports 47,093 63,341 89,482 133,659 Corporate (2 ) 28 (3 ) (242 ) Total gross profit $ 108,757 $ 138,977 $ 222,095 $ 285,535 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) | 6 Months Ended |
Sep. 30, 2018segmentlocation | |
Accounting Policies [Abstract] | |
Number of operating segments | segment | 2 |
Number of states in which the entity operates | location | 18 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) $ in Thousands | Sep. 01, 2016USD ($)installment | Dec. 30, 2018USD ($) | Sep. 30, 2018USD ($) | Mar. 31, 2018USD ($) |
Assets and liabilities that are not measured on a recurring basis | ||||
Contingent consideration, liability, measurement period | 3 years | |||
Contingent consideration, liability, number of installments | installment | 3 | |||
Fair value of assets and liabilities that are not measured on a recurring basis | Carrying amount | ||||
Assets and liabilities that are not measured on a recurring basis | ||||
Fixed-rate debt | $ 350,000 | $ 350,000 | ||
Variable-rate debt | 400,000 | 576,000 | ||
Fair value of assets and liabilities that are not measured on a recurring basis | Fair value | ||||
Assets and liabilities that are not measured on a recurring basis | ||||
Fixed-rate debt | 345,300 | 328,248 | ||
Variable-rate debt | $ 400,000 | $ 576,000 | ||
Camp Chef | ||||
Assets and liabilities that are not measured on a recurring basis | ||||
Contingent consideration, liability | $ 10,000 | |||
Camp Chef | Scenario, Forecast | ||||
Assets and liabilities that are not measured on a recurring basis | ||||
Change in amount of contingent consideration, liability | $ 3,371 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Details) lb in Millions | 6 Months Ended |
Sep. 30, 2018lb | |
Lead Forward Contract | |
Derivative [Line Items] | |
Derivative, notional amount, mass | 17 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Oct. 01, 2017 | Sep. 30, 2018 | Oct. 01, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Sales, net | $ 546,585 | $ 587,283 | $ 1,075,421 | $ 1,156,032 |
Major customer | Walmart | |||
Minimum | ||||
Disaggregation of Revenue [Line Items] | ||||
Contract with customer, payment terms | 30 days | |||
Maximum | ||||
Disaggregation of Revenue [Line Items] | ||||
Contract with customer, payment terms | 60 days | |||
Sales Revenue, Net | Customer Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration risk, percentage | 14.00% | 15.00% | ||
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, net | 427,915 | 452,714 | $ 856,567 | $ 909,102 |
Rest of the World | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, net | 118,670 | 134,569 | 218,854 | 246,930 |
Ammunition | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, net | 224,481 | 253,847 | 441,603 | 494,773 |
Firearms | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, net | 49,638 | 41,808 | 90,573 | 79,648 |
Hunting and Shooting Accessories | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, net | 114,486 | 117,033 | 217,888 | 232,876 |
Action Sports | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, net | 84,728 | 81,130 | 156,436 | 157,607 |
Outdoor Recreation | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, net | 53,916 | 54,097 | 117,064 | 118,755 |
Eyewear | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, net | 19,336 | 39,368 | 51,857 | 72,373 |
Outdoor Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, net | 272,466 | 291,628 | 543,245 | 581,611 |
Outdoor Products | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, net | 190,687 | 203,662 | 387,445 | 410,314 |
Outdoor Products | Rest of the World | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, net | 81,779 | 87,966 | 155,800 | 171,297 |
Outdoor Products | Ammunition | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, net | 0 | 0 | 0 | 0 |
Outdoor Products | Firearms | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, net | 0 | 0 | 0 | 0 |
Outdoor Products | Hunting and Shooting Accessories | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, net | 114,486 | 117,033 | 217,888 | 232,876 |
Outdoor Products | Action Sports | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, net | 84,728 | 81,130 | 156,436 | 157,607 |
Outdoor Products | Outdoor Recreation | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, net | 53,916 | 54,097 | 117,064 | 118,755 |
Outdoor Products | Eyewear | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, net | 19,336 | 39,368 | 51,857 | 72,373 |
Shooting Sports | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, net | 274,119 | 295,655 | 532,176 | 574,421 |
Shooting Sports | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, net | 237,228 | 249,052 | 469,122 | 498,788 |
Shooting Sports | Rest of the World | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, net | 36,891 | 46,603 | 63,054 | 75,633 |
Shooting Sports | Ammunition | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, net | 224,481 | 253,847 | 441,603 | 494,773 |
Shooting Sports | Firearms | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, net | 49,638 | 41,808 | 90,573 | 79,648 |
Shooting Sports | Hunting and Shooting Accessories | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, net | 0 | 0 | 0 | 0 |
Shooting Sports | Action Sports | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, net | 0 | 0 | 0 | 0 |
Shooting Sports | Outdoor Recreation | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, net | 0 | 0 | 0 | 0 |
Shooting Sports | Eyewear | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales, net | $ 0 | $ 0 | $ 0 | $ 0 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Oct. 01, 2017 | Sep. 30, 2018 | Oct. 01, 2017 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ (32,818) | $ (114,705) | $ (85,166) | $ (98,053) |
Basic EPS shares outstanding (in shares) | 57,528 | 57,099 | 57,492 | 57,041 |
Dilutive effect of stock-based awards (in shares) | 0 | 0 | 0 | 0 |
Diluted EPS shares outstanding (in shares) | 57,528 | 57,099 | 57,492 | 57,041 |
Shares excluded from the calculation of diluted EPS because the option exercise/threshold price was greater than the average market price of the common shares (in shares) | 434 | 358 | 434 | 271 |
Basic (in dollars per share) | $ (0.57) | $ (2.01) | $ (1.48) | $ (1.72) |
Diluted (in dollars per share) | $ (0.57) | $ (2.01) | $ (1.48) | $ (1.72) |
Divestitures (Details)
Divestitures (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Oct. 01, 2017 | Sep. 30, 2018 | Oct. 01, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of Eyewear business | $ 151,595 | $ 0 | ||
Gain (oss) on disposition of business | (4,925) | 0 | ||
Impairment of held-for-sale assets | $ 0 | $ 0 | $ 44,921 | $ 0 |
Eyewear Brands [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of Eyewear business | $ 158,000 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Mar. 31, 2018 | |
Receivables [Abstract] | ||
Trade receivables | $ 428,780 | $ 453,939 |
Other receivables | 13,653 | 4,017 |
Less: allowance for doubtful accounts and discounts | (18,713) | (36,193) |
Net receivables | $ 423,720 | $ 421,763 |
Accounts Receivable | Credit Concentration Risk | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk, percentage | 17.00% | 14.00% |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Mar. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 114,261 | $ 88,588 |
Work in process | 45,359 | 40,812 |
Finished goods | 272,180 | 252,878 |
Net inventories | 431,800 | 382,278 |
Long-term inventories | $ 14,556 | $ 24,040 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (AOCL) (Components of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jul. 01, 2018 | Mar. 31, 2018 | Oct. 01, 2017 | Jul. 02, 2017 | Mar. 31, 2017 |
Equity [Abstract] | ||||||
Pension and other postretirement benefits | $ 65,690 | $ 66,656 | ||||
Derivatives | 1,440 | $ 2,104 | 1,904 | $ 23 | $ 23 | $ 0 |
Cumulative translation adjustment | (10,028) | (39,544) | ||||
Total AOCL | $ (74,278) | $ (110,759) | $ (104,296) | $ (96,000) | $ (107,178) | $ (112,992) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (AOCL) (Changes in the Balance of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Sep. 30, 2018 | Oct. 01, 2017 | Sep. 30, 2018 | Oct. 01, 2017 | Jul. 01, 2018 | Mar. 31, 2018 | Jul. 02, 2017 | Mar. 31, 2017 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||
Derivatives | $ 1,440 | $ 23 | $ 1,440 | $ 23 | $ 2,104 | $ 1,904 | $ 23 | $ 0 |
Pension and other postretirement benefits | (65,690) | (65,690) | (66,656) | |||||
Cumulative translation adjustment | (10,028) | (10,028) | (39,544) | |||||
Total AOCL | (74,278) | (96,000) | (74,278) | (96,000) | (110,759) | (104,296) | (107,178) | (112,992) |
Reclassification of net actuarial loss for pension and postretirement benefit plans recorded to net income, net of tax expense of $(172) and $(293) for the quarter ended, respectively; and, $(343) and $(959) for the six months ended, respectively. | 543 | 493 | 1,086 | 1,615 | ||||
Net actuarial losses reclassified from AOCL | 543 | 493 | 1,086 | 1,615 | ||||
Prior service costs reclassified from AOCL | (60) | (49) | (120) | (323) | ||||
Valuation adjustment for pension and postretirement benefit plans | 0 | 3,633 | 0 | 5 | ||||
Net increase in fair value of derivatives | (664) | 0 | (464) | 23 | ||||
Net increase in fair value of derivatives | (664) | 0 | (464) | 23 | ||||
Net change in cumulative translation adjustment | 36,662 | 7,101 | 29,516 | 15,672 | ||||
Pension and Other Postretirement Benefits Adjustments | ||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||
Pension and other postretirement benefits | (65,690) | 55,632 | (65,690) | 55,632 | (66,173) | (66,656) | (59,709) | (56,929) |
Cumulative Translation Adjustment | ||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||
Cumulative translation adjustment | $ (10,028) | $ (40,391) | $ (10,028) | $ (40,391) | $ (46,690) | $ (39,544) | $ (47,492) | $ (56,063) |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Sep. 30, 2018 | Oct. 01, 2017 | Sep. 30, 2018 | Oct. 01, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2015 | |
Indefinite-lived Intangible Assets [Line Items] | |||||||
Intangible asset impairment | $ 23,411 | $ 152,320 | $ 23,411 | $ 152,320 | |||
Acquired finite-lived intangible assets, weighted average useful life | 12 years 3 months 10 days | ||||||
Amortization expense | $ 6,778 | $ 9,143 | 13,620 | $ 18,253 | |||
Trade Names | |||||||
Indefinite-lived Intangible Assets [Line Items] | |||||||
Impairment of intangible assets, indefinite-lived (excluding goodwill) | $ 8,920 | $ 34,230 | $ 11,200 | ||||
Trade Names | |||||||
Indefinite-lived Intangible Assets [Line Items] | |||||||
Impairment of intangible assets, finite-lived | 61,054 | ||||||
Outdoor Products | |||||||
Indefinite-lived Intangible Assets [Line Items] | |||||||
Goodwill, impaired, accumulated impairment loss | $ 545,106 | $ 545,106 | $ 143,400 | $ 401,706 | |||
Shooting Sports | |||||||
Indefinite-lived Intangible Assets [Line Items] | |||||||
Goodwill, impaired, accumulated impairment loss | $ 41,020 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Goodwill Rollforward) (Details) $ in Thousands | 6 Months Ended |
Sep. 30, 2018USD ($) | |
Goodwill [Roll Forward] | |
Balance, March 31, 2018 | $ 657,536 |
Effect of foreign currency exchange rates | (46) |
Divestitures | 3,526 |
Balance, September 30, 2018 | 653,964 |
Outdoor Products | |
Goodwill [Roll Forward] | |
Balance, March 31, 2018 | 452,627 |
Effect of foreign currency exchange rates | 0 |
Divestitures | 3,526 |
Balance, September 30, 2018 | 449,101 |
Shooting Sports | |
Goodwill [Roll Forward] | |
Balance, March 31, 2018 | 204,909 |
Effect of foreign currency exchange rates | (46) |
Divestitures | 0 |
Balance, September 30, 2018 | $ 204,863 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Schedule of Net Intangible Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Mar. 31, 2018 |
Amortizing assets | ||
Gross carrying amount | $ 365,877 | $ 397,599 |
Accumulated amortization | (117,177) | (111,243) |
Total | 248,700 | 286,356 |
Intangible assets, gross | 671,800 | 703,522 |
Net intangible assets | 554,623 | 592,279 |
Non-amortizing trade names | ||
Amortizing assets | ||
Non-amortizing trade names | 305,923 | 305,923 |
Trade names | ||
Amortizing assets | ||
Gross carrying amount | 63,361 | 62,657 |
Accumulated amortization | (14,543) | (11,993) |
Total | 48,818 | 50,664 |
Patented technology | ||
Amortizing assets | ||
Gross carrying amount | 16,612 | 16,466 |
Accumulated amortization | (9,141) | (8,157) |
Total | 7,471 | 8,309 |
Customer relationships and other | ||
Amortizing assets | ||
Gross carrying amount | 285,904 | 318,476 |
Accumulated amortization | (93,493) | (91,093) |
Total | $ 192,411 | $ 227,383 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets (Future Amortization Expense) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Mar. 31, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of fiscal 2019 | $ 11,847 | |
Fiscal 2,020 | 23,554 | |
Fiscal 2,021 | 23,529 | |
Fiscal 2,022 | 23,475 | |
Fiscal 2,023 | 23,360 | |
Thereafter | 142,935 | |
Total | $ 248,700 | $ 286,356 |
Other Current and Non-current_3
Other Current and Non-current Liabilities (Components of Current and Non-current Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Mar. 31, 2018 |
Other Liabilities Disclosure [Abstract] | ||
Accrual for in-transit inventory | $ 30,281 | $ 29,200 |
Rebate accrual | 18,355 | 14,827 |
Other | 77,505 | 53,420 |
Total other current liabilities | 126,141 | 97,447 |
Non-current portion of accrued income tax liability | 35,619 | 34,716 |
Other | 27,326 | 29,619 |
Total other non-current liabilities | $ 62,945 | $ 64,335 |
Other Current and Non-current_4
Other Current and Non-current Liabilities (Product Warranty Rollforward) (Details) $ in Thousands | 6 Months Ended |
Sep. 30, 2018USD ($) | |
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | |
Balance, March 31, 2018 | $ 10,247 |
Payments made | (1,762) |
Warranties issued | 2,209 |
Other adjustments | (2,474) |
Changes related to pre-existing warranties | (167) |
Balance, September 30, 2018 | $ 8,053 |
Long-term Debt (Components of L
Long-term Debt (Components of Long-term Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Mar. 31, 2018 | Apr. 01, 2016 | Aug. 11, 2015 |
Long-Term Debt | ||||
Principal amount of long-term debt | $ 750,000 | $ 926,000 | ||
Less: unamortized deferred financing costs | (8,414) | (10,601) | ||
Carrying amount of long-term debt | 741,586 | 915,399 | ||
Less: current portion | 0 | (32,000) | ||
Carrying amount of long-term debt, excluding current portion | 741,586 | 883,399 | ||
Credit Agreement | ||||
Long-Term Debt | ||||
Principal amount of long-term debt | 400,000 | 576,000 | ||
Term A Loan due 2021 | ||||
Long-Term Debt | ||||
Principal amount of long-term debt | 400,000 | 576,000 | $ 640,000 | |
Line of Credit due 2021 | ||||
Long-Term Debt | ||||
Principal amount of long-term debt | 0 | 0 | ||
Carrying amount of long-term debt | 0 | |||
5.875% notes | ||||
Long-Term Debt | ||||
Principal amount of long-term debt | $ 350,000 | $ 350,000 | ||
Carrying amount of long-term debt | $ 350,000 |
Long-term Debt (Narrative - Cre
Long-term Debt (Narrative - Credit Agreement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Sep. 30, 2018 | Sep. 30, 2018 | May 31, 2018 | May 14, 2018 | Apr. 30, 2018 | Mar. 31, 2018 | Apr. 01, 2016 | |
Long-Term Debt | |||||||
Principal amount of long-term debt | $ 750,000 | $ 750,000 | $ 926,000 | ||||
Debt instrument, periodic payment, principal | 25,000 | ||||||
Long-term debt | 741,586 | 741,586 | 915,399 | ||||
Letters of credit outstanding, amount | 22,692 | 22,692 | |||||
Line of credit facility, remaining borrowing capacity | 177,308 | $ 177,308 | |||||
Credit Agreement | |||||||
Long-Term Debt | |||||||
Consolidated interest coverage ratio, from March 31, 2019 and thereafter | 2.50 | ||||||
Unamortized debt issuance costs | 8,000 | $ 8,000 | |||||
Term A Loan due 2021 | |||||||
Long-Term Debt | |||||||
Principal amount of long-term debt | $ 400,000 | $ 400,000 | 576,000 | $ 640,000 | |||
Weighted average interest rate (as a percent) | 6.24% | 6.24% | |||||
Deferred finance costs gross, accordion feature | $ 3,203 | $ 3,203 | |||||
Term A Loan due 2021 | Credit Agreement | |||||||
Long-Term Debt | |||||||
Debt instrument, periodic payment, principal | $ 168,000 | ||||||
Term A Loan due 2021 | Base Rate | |||||||
Long-Term Debt | |||||||
Basis spread on variable rate margin (as a percent) | 3.00% | ||||||
Term A Loan due 2021 | Eurodollar | |||||||
Long-Term Debt | |||||||
Basis spread on variable rate margin (as a percent) | 4.00% | ||||||
Line of Credit due 2021 | |||||||
Long-Term Debt | |||||||
Principal amount of long-term debt | $ 0 | $ 0 | 0 | ||||
Annual commitment fee on the unused portion (as a percent) | 0.50% | ||||||
Long-term debt | $ 0 | 0 | |||||
Line of Credit due 2021 | Credit Agreement | |||||||
Long-Term Debt | |||||||
Principal amount of long-term debt | $ 200,000 | $ 400,000 | |||||
May 2018 Amendment | |||||||
Long-Term Debt | |||||||
Principal amount of long-term debt | $ 200,000 | ||||||
May 2018 Amendment | Credit Agreement | |||||||
Long-Term Debt | |||||||
Principal amount of long-term debt | $ 400,000 | ||||||
Unamortized debt issuance costs | 2,800 | 2,800 | |||||
Credit Agreement | |||||||
Long-Term Debt | |||||||
Principal amount of long-term debt | $ 400,000 | $ 400,000 | $ 576,000 | ||||
Consolidated interest coverage ratio, from July 2, 2017 through December 30, 2018 | 2 |
Long-term Debt (Summary of Long
Long-term Debt (Summary of Long Term Debt Leverage Ratios) (Details) - May 2018 Amendment - Credit Agreement | 6 Months Ended |
Sep. 30, 2018 | |
Debt Instrument [Line Items] | |
Consolidated leverage ratio, Q1 FY19 | 7.25 |
Consolidated leverage ratio, Q2 FY19 | 8.25 |
Consolidated leverage ratio, Q3 FY19 | 8 |
Consolidated leverage ratio, Q4 FY19 | 6.75 |
Consolidated senior secured leverage ratio, Q1 FY19 | 5 |
Consolidated senior secured leverage ratio, Q2 FY19 | 5.50 |
Consolidated senior secured leverage ratio, Q3 FY19 | 5.25 |
Consolidated senior secured leverage ratio, Q4 FY19 | 4.50 |
Long-term Debt (Narrative - 5.8
Long-term Debt (Narrative - 5.875% Notes) (Details) - USD ($) | Aug. 11, 2015 | Sep. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||||
Long-term debt | $ 741,586,000 | $ 915,399,000 | ||
5.875% notes | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 350,000,000 | |||
Long-term debt, percentage bearing fixed interest, percentage rate | 5.875% | |||
Debt issuance costs, gross | $ 4,300,000 | |||
Debt instrument, term | 8 years | |||
Bottom threshhold of guarantee | $ 50,000,000 |
Long-term Debt (Interest Rate S
Long-term Debt (Interest Rate Swaps) (Details) - Cash Flow Hedging - Designated as Hedging Instrument | Sep. 30, 2018USD ($) |
Interest Rate Swap Maturing June 2019 | |
Derivative [Line Items] | |
Notional | $ 100,000,000 |
Fair Value | $ 751,000 |
Pay Fixed | 1.519% |
Receive Floating | 2.242% |
Interest Rate Swap Maturing June 2020 | |
Derivative [Line Items] | |
Notional | $ 100,000,000 |
Fair Value | $ 1,997,000 |
Pay Fixed | 1.629% |
Receive Floating | 2.242% |
Long-term Debt (Narrative - Cas
Long-term Debt (Narrative - Cash Paid for Interest on Debt) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Oct. 01, 2017 | Sep. 30, 2018 | Oct. 01, 2017 | |
Debt Disclosure [Abstract] | ||||
Interest paid, including capitalized interest | $ 7,465 | $ 6,691 | $ 14,538 | $ 22,888 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Oct. 01, 2017 | Sep. 30, 2018 | Oct. 01, 2017 | |
Defined Benefit Plans | ||||
Defined benefit plan, net periodic benefit cost (credit) | $ (186,000) | $ 5,859,000 | $ (370,000) | $ 1,507,000 |
Pension curtailment gain | $ 5,783,000 | |||
Pension Plan | ||||
Defined Benefit Plans | ||||
Contribution by employer | 5,600,000 | |||
Other Postretirement Benefit Plans, Defined Benefit | ||||
Defined Benefit Plans | ||||
Contribution by employer | 0 | 0 | ||
Supplemental Employee Retirement Plan | ||||
Defined Benefit Plans | ||||
Distributions by employer | $ 0 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Oct. 01, 2017 | Sep. 30, 2018 | Oct. 01, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Income tax provision (as a percent) | 19.80% | 17.90% | 9.40% | 13.10% |
Estimated income tax benefit arising from recent tax reform legislation | $ 49,000 | $ 49,000 | ||
Settlement from former parent | 13,047 | $ 0 | ||
Income Taxes Paid, Net | 3,026 | $ 2,417 | ||
Potential reduction of uncertain tax benefits over the next 12 months from audit settlements | 4,575 | 4,575 | ||
Minimum | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Unrecognized tax benefits that would impact effective tax rate | 0 | 0 | ||
Maximum | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Unrecognized tax benefits that would impact effective tax rate | $ 3,884 | $ 3,884 |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Statements (Details) | Sep. 30, 2018 |
5.875% notes | |
Debt Instrument [Line Items] | |
Debt instrument, interest rate | 5.875% |
Contingencies (Details)
Contingencies (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Mar. 31, 2018 |
Loss Contingency [Abstract] | ||
Accrual for environmental loss contingencies | $ 736 | $ 731 |
Operating Segment Information_2
Operating Segment Information (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018USD ($) | Oct. 01, 2017USD ($) | Sep. 30, 2018USD ($)segment | Oct. 01, 2017USD ($) | |
Revenue, Major Customer [Line Items] | ||||
Number of operating segments | segment | 2 | |||
Major customer | Walmart | |||
Segment Reporting Information, Intersegment Revenue | $ | $ 2,158 | $ 1,391 | $ 3,780 | $ 2,252 |
Sales Revenue, Net | Customer Concentration Risk | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk, percentage | 14.00% | 15.00% | ||
Outdoor Products | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues from external customers, percentage | 51.00% | |||
Shooting Sports | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues from external customers, percentage | 49.00% |
Operating Segment Information_3
Operating Segment Information (Schedule of Results by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Oct. 01, 2017 | Sep. 30, 2018 | Oct. 01, 2017 | |
Segment Reporting Information [Line Items] | ||||
Sales, net | $ 546,585 | $ 587,283 | $ 1,075,421 | $ 1,156,032 |
Gross profit | (108,757) | (138,977) | (222,095) | (285,535) |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Gross profit | 2 | (28) | 3 | 242 |
Outdoor Products | ||||
Segment Reporting Information [Line Items] | ||||
Sales, net | 272,466 | 291,628 | 543,245 | 581,611 |
Outdoor Products | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Sales, net | 272,466 | 291,628 | 543,245 | 581,611 |
Gross profit | (61,666) | (75,608) | (132,616) | (152,118) |
Shooting Sports | ||||
Segment Reporting Information [Line Items] | ||||
Sales, net | 274,119 | 295,655 | 532,176 | 574,421 |
Shooting Sports | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Sales, net | 274,119 | 295,655 | 532,176 | 574,421 |
Gross profit | $ (47,093) | $ (63,341) | $ (89,482) | $ (133,659) |