Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2019 | May 13, 2019 | Sep. 30, 2018 | |
Document and Entity Information | |||
Entity Registrant Name | Vista Outdoor Inc. | ||
Entity Central Index Key | 0001616318 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2019 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 1,000 | ||
Entity Common Stock, Shares Outstanding | 57,728,244 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 21,935 | $ 22,870 |
Net receivables | 344,249 | 421,763 |
Net inventories | 344,491 | 382,278 |
Income tax receivable | 0 | 3,379 |
Assets held for sale | 207,607 | 200,440 |
Other current assets | 21,180 | 27,962 |
Total current assets | 939,462 | 1,058,692 |
Net property, plant, and equipment | 215,592 | 277,207 |
Goodwill | 204,496 | 657,536 |
Net intangible assets | 360,520 | 592,279 |
Deferred charges and other non-current assets | 17,953 | 29,122 |
Total assets | 1,738,023 | 2,614,836 |
Current liabilities: | ||
Current portion of long-term debt | 19,335 | 32,000 |
Accounts payable | 99,283 | 114,549 |
Accrued compensation | 36,456 | 36,346 |
Accrued income taxes | 436 | 0 |
Federal excise tax | 18,482 | 22,701 |
Liabilities held for sale | 46,030 | 42,177 |
Other accrued liabilities | 97,175 | 97,447 |
Total current liabilities | 317,197 | 345,220 |
Long-term debt | 684,670 | 883,399 |
Deferred income tax liabilities | 17,757 | 66,196 |
Accrued pension and postemployment benefits | 46,083 | 38,196 |
Other long-term liabilities | 63,276 | 64,335 |
Total liabilities | 1,128,983 | 1,397,346 |
Commitments and contingencies (Notes 13 and 16) | ||
Common stock - $.01 par value: Issued and outstanding—57,710,934 shares at March 31, 2019 and 57,431,299 shares at March 31, 2018 | 577 | 574 |
Additional paid-in-capital | 1,752,419 | 1,746,182 |
Accumulated deficit | (804,969) | (156,526) |
Accumulated other comprehensive loss | (82,967) | (104,296) |
Common stock in treasury, at cost—6,253,505 shares held at March 31, 2019 and 6,533,140 shares held at March 31, 2018 | (256,020) | (268,444) |
Total stockholders' equity | 609,040 | 1,217,490 |
Total liabilities and equity | $ 1,738,023 | $ 2,614,836 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2019 | Mar. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 500,000,000 | 500,000,000 |
Common stock, issued shares | 57,710,934 | 57,431,299 |
Common stock, outstanding shares | 57,710,934 | 57,431,299 |
Common stock in treasury, shares | 6,253,505 | 6,533,140 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | |||
Sales, net | $ 2,058,528 | $ 2,308,463 | $ 2,546,892 |
Cost of sales | 1,642,840 | 1,787,501 | 1,877,706 |
Gross profit | 415,688 | 520,962 | 669,186 |
Operating expenses: | |||
Research and development | 27,742 | 29,663 | 32,769 |
Selling, general, and administrative | 377,049 | 423,430 | 424,269 |
Acquisition claim settlement gain, net | 0 | 0 | (30,027) |
Impairment of goodwill and intangibles | 456,023 | 152,444 | 449,199 |
Impairment of held-for-sale goodwill | 80,604 | 0 | 0 |
Impairment of held-for-sale assets | 84,555 | 0 | 0 |
Income (loss) before other expense, interest, and income taxes | (610,285) | (84,575) | (207,024) |
Other expense | (6,796) | 0 | 0 |
Income (loss) before interest and income taxes | (617,081) | (84,575) | (207,024) |
Interest expense, net | (57,191) | (49,214) | (43,670) |
Income (loss) before income taxes | (674,272) | (133,789) | (250,694) |
Income tax provision (benefit) | (25,829) | (73,557) | 23,760 |
Net income (loss) | $ (648,443) | $ (60,232) | $ (274,454) |
Earnings (loss) per common share: | |||
Basic (in shares) | $ (11.27) | $ (1.05) | $ (4.66) |
Diluted (in shares) | $ (11.27) | $ (1.05) | $ (4.66) |
Weighted-average number of common shares outstanding: | |||
Basic (in shares) | 57,544 | 57,167 | 58,911 |
Diluted (in shares) | 57,544 | 57,167 | 58,911 |
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 $75, $240, and $648 | $ (238) | $ (432) | $ (1,096) |
Reclassification of net actuarial loss for pension and postretirement benefit plans recorded to net income, net of tax expense of $(686), $(1,420), and $(2,936) | (2,172) | (2,661) | (4,944) |
Valuation adjustment for pension and postretirement benefit plans, net of tax benefit (expense) of $3,141, $347, and $(1,716) | (9,948) | (47) | 2,890 |
Change in fair value of derivatives, net of tax benefit of $369, $(772), and $0 | (1,169) | 1,734 | 0 |
Reclassification of currency translation gains | 37,542 | 0 | 0 |
Net change in cumulative translation adjustment | (7,030) | 16,519 | (9,516) |
Total other comprehensive income (loss) | 21,329 | 20,435 | (2,778) |
Comprehensive income (loss) | $ (627,114) | $ (39,797) | $ (277,232) |
CONSOLIDATED STATEMENT OF COM_2
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Pension and other postretirement benefit liabilities: | |||
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Pension Cost, Tax | $ 75 | $ 240 | $ 648 |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Tax | (686) | (1,420) | (2,936) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Adjustment for Settlement or Curtailment Gain (Loss), Tax | 3,141 | 347 | (1,716) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | $ 369 | $ (772) | $ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Operating Activities | |||
Net income (loss) | $ (648,443) | $ (60,232) | $ (274,454) |
Adjustments to net income (loss) to arrive at cash provided by operating activities: | |||
Depreciation | 53,129 | 55,090 | 54,157 |
Amortization of intangible assets | 24,374 | 34,669 | 39,622 |
Deferred financing costs expensed | 10,573 | 3,026 | 4,125 |
Impairment of held-for-sale assets | 84,555 | 0 | 0 |
Impairment of held-for-sale goodwill | 80,604 | 0 | 0 |
Impairment of goodwill and intangibles | 456,023 | 152,444 | 449,199 |
Deferred income taxes | (22,718) | (78,989) | (22,470) |
Loss on disposal of property | 14,081 | 129 | 239 |
Loss on disposition | 4,925 | 0 | 0 |
Share-based compensation | 6,599 | 9,299 | 12,648 |
Changes in assets and liabilities, net of acquisition of businesses: | |||
Net receivables | 30,998 | 5,733 | 63,101 |
Net inventories | (7,102) | 155,526 | (85,680) |
Accounts payable | 540 | (1,633) | (54,055) |
Accrued compensation | 2,563 | 6,822 | (17,928) |
Accrued income taxes | 4,907 | 24,915 | (26,689) |
Federal excise tax | 407 | (7,440) | 2,437 |
Pension and other postretirement benefits | (2,657) | (22,850) | 1,006 |
Other assets and liabilities | 4,117 | (24,154) | 13,143 |
Cash provided by operating activities | 97,475 | 252,355 | 158,401 |
Investing Activities | |||
Capital expenditures | (42,242) | (66,627) | (90,665) |
Proceeds from the sale of Eyewear Brands | 154,595 | 0 | 0 |
Acquisition of business net of cash acquired | 0 | 0 | (458,149) |
Proceeds from the disposition of property, plant, and equipment | 365 | 128 | 135 |
Cash provided by (used) for investing activities | 112,718 | (66,499) | (548,679) |
Financing Activities | |||
Borrowings on line of credit | 545,000 | 250,000 | 555,000 |
Payments of line of credit | (325,000) | (425,000) | (380,000) |
Proceeds from issuance of long-term debt | 149,343 | 0 | 307,500 |
Payments made on long-term debt | (580,834) | (32,000) | (32,000) |
Payment from former parent | 13,047 | 0 | 0 |
Payments made for debt issue costs | (10,376) | (1,879) | (3,660) |
Purchase of treasury shares | 0 | 0 | (151,850) |
Deferred payments for acquisitions | (1,348) | (1,348) | (7,136) |
Proceeds from employee stock compensation plans | 376 | 4,824 | 75 |
Shares withheld for payroll taxes | (1,318) | (3,147) | (3,713) |
Cash provided by (used for) financing activities | (211,110) | (208,550) | 284,216 |
Effect of foreign currency exchange rate fluctuations on cash | (18) | 489 | (555) |
Decrease in cash and cash equivalents | (935) | (22,205) | (106,617) |
Cash and cash equivalents at beginning of year | 22,870 | 45,075 | 151,692 |
Cash and cash equivalents at end of year | 21,935 | 22,870 | 45,075 |
Noncash investing activity: | |||
Capital expenditures included in accounts payable and other accrued liabilities | $ 7,430 | $ 5,706 | $ 8,247 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Loss | Treasury Stock |
Balance (in shares) at Mar. 31, 2016 | 60,825,914 | |||||
Balance at Mar. 31, 2016 | $ 1,660,167 | $ 608 | $ 1,743,371 | $ 166,421 | $ (110,214) | $ (140,019) |
Increase (Decrease) in Stockholders' Equity | ||||||
Comprehensive income (loss) | (277,232) | (274,454) | (2,778) | |||
Exercise of stock options (in shares) | 4,892 | |||||
Exercise of stock options | 75 | (147) | 222 | |||
Restricted stock grants net of forfeitures (in shares) | (45,895) | |||||
Restricted stock grants net of forfeitures | (363) | 204 | (567) | |||
Share-based compensation | 12,648 | 12,648 | ||||
Restricted stock vested and shares withheld (in shares) | 87,303 | |||||
Restricted stock vested and shares withheld | (1,919) | (5,385) | 3,466 | |||
Employee stock purchase program (in shares) | 8,903 | |||||
Employee stock purchase program | $ 175 | (194) | 369 | |||
Treasury stock purchased (in shares) | (3,876,434) | |||||
Treasury stock purchased | $ (151,110) | $ (39) | (151,071) | |||
Settlement from former parent | 0 | |||||
Other (in shares) | 9,636 | |||||
Other | 2,624 | $ 2 | 2,406 | 216 | ||
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) | (39,797) | (60,232) | 20,435 | |||
Exercise of stock options (in shares) | 299,580 | |||||
Exercise of stock options | 4,824 | (7,566) | 12,390 | |||
Restricted stock grants net of forfeitures (in shares) | (53,329) | |||||
Restricted stock grants net of forfeitures | (2,193) | (1,503) | (690) | |||
Share-based compensation | 9,299 | 9,299 | ||||
Restricted stock vested and shares withheld (in shares) | 132,362 | |||||
Restricted stock vested and shares withheld | 381 | (5,365) | 5,746 | |||
Employee stock purchase program (in shares) | 28,663 | |||||
Employee stock purchase program | 495 | (687) | 1,182 | |||
Reclassification due to U.S. Tax Reform | 0 | 11,739 | (11,739) | |||
Settlement from former parent | 0 | |||||
Other (in shares) | 9,704 | |||||
Other | (584) | $ 3 | (899) | 312 | ||
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) |
Common stock, par value (in dollars per share) | $ 0.01 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Comprehensive income (loss) | $ (627,114) | (648,443) | 21,329 | |||
Share-based compensation | 6,599 | 6,701 | (102) | |||
Restricted stock vested and shares withheld (in shares) | 188,434 | |||||
Restricted stock vested and shares withheld | (954) | (10,927) | 9,973 | |||
Employee stock purchase program (in shares) | 31,519 | |||||
Employee stock purchase program | 376 | (922) | 1,298 | |||
Reclassification due to U.S. Tax Reform | 0 | |||||
Settlement from former parent | 13,047 | 13,047 | ||||
Other (in shares) | 59,682 | |||||
Other | (404) | $ 3 | (1,662) | 1,255 | ||
Balance (in shares) at Mar. 31, 2019 | 57,710,934 | |||||
Balance at Mar. 31, 2019 | $ 609,040 | $ 577 | $ 1,752,419 | $ (804,969) | $ (82,967) | $ (256,020) |
Common stock, par value (in dollars per share) | $ 0.01 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | Mar. 31, 2019 | Mar. 31, 2018 |
Statement of Stockholders' Equity [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Significant Accounting Policies Nature of Operations and Basis of Presentation. 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 is headquartered in Anoka, Minnesota and has manufacturing and distribution facilities in 18 U.S. States, Canada, Mexico, and Puerto Rico along with international customer service, sales and sourcing operations in Asia, Canada, and Europe. Vista Outdoor was incorporated in Delaware in 2014. The consolidated financial statements reflect our financial position, results of operations, and cash flows in conformity with U.S. generally accepted accounting principles. Principles of Consolidation. The consolidated financial statements include our net assets and results of operations as described above. All intercompany transactions and accounts within the businesses have been eliminated. Fiscal Year. References in this report to a particular fiscal year refer to the year ended March 31 of that calendar year. Our interim quarterly periods are based on 13 -week periods and end on Sundays. Use of Estimates. The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect amounts reported therein. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ from those estimates. Revenue Recognition. 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. Sales taxes, firearms and ammunition excise tax and other similar taxes are excluded from revenue. Revenue recognition is discussed in further detail in Note 4 , Revenue Recognition . Cost of Sales. Cost of sales includes material, labor, and overhead costs associated with product manufacturing, including depreciation, amortization, purchasing and receiving, inspection, warehousing, product liability, warranty, and inbound and outbound shipping and handling costs. Research and Development Costs. Research and development costs consist primarily of compensation and benefits and experimental work materials for our employees who are responsible for the development and enhancement of new and existing products. Research and development costs incurred to develop new products and to enhance existing products are charged to expense as incurred. Selling, General, and Administrative Expense. Selling, general, and administrative expense includes, among other items, administrative salaries, benefits, commissions, advertising, insurance, and professional fees. Advertising Costs. Advertising and promotional costs including print ads, commercials, catalogs, and brochures are expensed in the period when the first advertisement is run. Our co-op program is structured so that certain customers are eligible for reimbursement for certain types of advertisements on qualifying product purchases and are accrued as purchases are made. Advertising costs totaled $66,436 , $69,636 , and $72,324 for the years ended March 31, 2019 , 2018 , and 2017 , respectively. Cash Equivalents. Cash equivalents are all highly liquid cash investments purchased with original maturities of three months or less. Allowance for Doubtful Accounts. We maintain an allowance for doubtful receivables for estimated losses resulting from the inability of our trade customers to make required payments. We provide an allowance for specific customer accounts where collection is doubtful and also provide an allowance for customer deductions based on historical collection and write-off experience. Additional allowances would be required if the financial conditions of our customers deteriorated. Inventories. Inventories are stated at the lower of cost, determined using the first-in, first-out ("FIFO") method, or net realizable value. Inventory costs associated with work in process inventory and finished goods include material, labor, and manufacturing overhead, while costs associated with raw materials and purchased finished goods include material and inbound freight costs. We provide inventory allowances for any excess and obsolete inventories and periodically write inventory amounts down to market when costs exceed market value. Warranty Costs. We provide consumer warranties against manufacturing defects on certain products within the Shooting Sports and Outdoor Products segments with warranty periods typically 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. Estimated future warranty costs are accrued at the time of sale based upon actual past experience, our current production environment as well as specific and identifiable warranties as applicable. See Note 12 , Other Current and Non-current Liabilities , for additional detail. Accounting for Goodwill and Identifiable Intangible Assets. Goodwill— We test goodwill for impairment on the first day of our fourth fiscal quarter or upon the occurrence of events or changes in circumstances that indicate that the asset might be impaired. We have determined that the reporting units on a standalone basis for our goodwill impairment review are our operating segments, or components of an operating segment, that constitute a business for which discrete financial information is available, and for which segment management regularly reviews the operating results. We then evaluate these components to determine if they are similar and should be aggregated into one reporting unit for testing purposes. Based on this analysis, we have identified five reporting units, as of the fiscal 2019 testing date. For our goodwill impairment tests, we determine the estimated fair value of each reporting unit and compare it to the carrying value of the reporting unit, including goodwill. If the carrying amount of a reporting unit is higher than its estimated fair value, an impairment loss must be recognized for the excess. The fair value of each reporting unit is determined using both an income and market approach. The value estimated using a discounted cash flow model is weighted equally against the estimated value derived from the guideline company market approach method. This market approach method estimates the price reasonably expected to be realized from the sale of the reporting unit based on comparable companies. In developing the discounted cash flow analysis, our assumptions about future revenues and expenses, capital expenditures, and changes in working capital are based on our plan, as reviewed by the Board of Directors, and assume a terminal growth rate thereafter. A separate discount rate is determined for each reporting unit and these cash flows are then discounted to determine the fair value of the reporting unit. In developing the discounted cash flow analysis, our assumptions require us to make significant estimates regarding future revenues and expenses, projected capital expenditures, changes in working capital, and the appropriate discount rate. The projections also take into account several factors including current and estimated economic trends and outlook, costs of raw materials and other factors that are beyond our control. If the current economic conditions were to deteriorate, or if we were to lose significant business, causing a reduction in estimated discounted cash flows, it is possible that the estimated fair value of certain reporting units or tradenames could fall below their carrying value resulting in the necessity to conduct additional impairment tests in future periods. We continually monitor the reporting units and tradenames for impairment indicators and update assumptions used in the most recent calculation of the estimated fair value of a reporting unit or tradenames as appropriate. Identifiable Intangible Assets— Our primary identifiable intangible assets include trademarks and tradenames, patented technology, and customer relationships. Identifiable intangible assets with finite lives are amortized and evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Identifiable intangibles with indefinite lives are not amortized and are tested for impairment annually on the first day of our fourth fiscal quarter, or more frequently if events warrant. Our identifiable intangibles with indefinite lives consist of certain trademarks and tradenames. The impairment test consists of a comparison of the estimated fair value of the specific intangible asset with its carrying value. The estimated fair value of these assets is measured using the relief-from-royalty method which assumes that the asset has value to the extent that the owner is relieved of the obligation to pay royalties for the benefits received from them. This method requires that we estimate the future revenue for the related brands and technology, the appropriate royalty rate, and the weighted average cost of capital. We base our fair values and estimates on assumptions we believe to be reasonable, but which are unpredictable and inherently uncertain. If the carrying amount of an asset is higher than its fair value, an impairment exists and the asset would be recorded at the estimated fair value. Assets and Liabilities Held for Sale. Assets and liabilities held for sale represent components and businesses that meet accounting requirements to be classified as held for sale and are presented as single asset and liability amounts in our consolidated balances sheets at the lower of cost or fair value, less costs to sell. We assess all businesses and assets held for sale each reporting period they remain classified as held for sale to determine whether the existing carrying amounts are fully recoverable in comparison to estimated fair values. Stock-Based Compensation. Our stock-based compensation plans, which are described more fully in Note 17 , Stockholders' Equity , provide for the grant of various types of stock-based incentive awards, including performance awards, total stockholder return performance awards ("TSR awards"), restricted stock/restricted stock units, and options to purchase common stock. The types and mix of stock-based incentive awards are evaluated on an ongoing basis and may vary based on our overall strategy regarding compensation, including consideration of the impact of expensing stock awards on our results of operations. Performance awards are valued at the fair value of our stock as of the grant date and expense is recognized based on the number of shares expected to vest under the terms of the award under which they are granted. We use an integrated Monte Carlo simulation model to determine the fair value of the TSR awards and the calculated fair value is expensed over the vesting period. Restricted stock issued vests over periods ranging from one to four years and is valued based on the market value of our stock on the grant date. The estimated grant date fair value of stock options is expensed on a straight-line basis over the requisite service period, generally one to three years. The estimated fair value of each option is calculated using the Black-Scholes option-pricing model. See Note 17 , Stockholders' Equity , for further details. Income Taxes. We account for income taxes under the asset and liability method in accordance with the accounting standard for income taxes. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities. Under this method, changes in tax rates and laws are recognized in income in the period such changes are enacted. We record net deferred tax assets to the extent that we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent results of operations. Significant estimates are required for this analysis. If we were to determine that the amount of deferred income tax assets we would be able to realize in the future had changed, we would make an adjustment to the valuation allowance which would decrease or increase the provision for income taxes. The provision for federal, foreign, and state and local income taxes is calculated on income before income taxes based on current tax law and includes the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. Such provision differs from the amounts currently payable because certain items of income and expense are recognized in different reporting periods for financial reporting purposes than for income tax purposes. We periodically assess our liabilities and contingencies for all periods that are currently open to examination or have not been effectively settled based on the most current available information. Where it is not more likely than not that our tax position will be sustained, we record the entire resulting tax liability and when it is more likely than not of being sustained, we record our best estimate of the resulting tax liability. To the extent our assessment of the tax outcome of these matters changes, such change in estimate will impact the income tax provision in the period of change. It is our policy to record interest and penalties related to income taxes as part of the income tax expense for financial reporting purposes. Worker's Compensation. The liability for losses under our worker's compensation program has been actuarially determined. The balance for worker's compensation liability was $7,401 and $7,051 as of March 31, 2019 and 2018 , respectively. Translation of Foreign Currencies. Assets and liabilities of foreign subsidiaries are translated at current exchange rates and the effects of these translation adjustments are reported as a component of accumulated other comprehensive loss ("AOCL") in stockholders' equity. Income and expenses in foreign currencies are translated at the average exchange rate during the period. Foreign exchange transaction gains and losses in fiscal 2019 , 2018 , and 2017 were not material. Comprehensive Loss. The components of AOCL, net of income taxes, are as follows: March 31 2019 2018 Derivatives $ 735 $ 1,904 Pension and other postretirement benefit liabilities (74,670 ) (66,656 ) Cumulative translation adjustment (9,032 ) (39,544 ) Total accumulated other comprehensive loss $ (82,967 ) $ (104,296 ) The following table summarizes the changes in the balance of AOCL, net of income tax: Year ended March 31, 2019 Year ended March 31, 2018 Pension and other Postretire-ment Benefits Derivatives Cumulative translation adjustment Total Pension and other Postretire-ment Benefits Derivatives Cumulative translation adjustment Total Beginning of year unrealized loss in AOCL $ (66,656 ) $ 1,904 $ (39,544 ) $ (104,296 ) $ (56,929 ) $ — $ (56,063 ) $ (112,992 ) Net (decrease) increase in fair value of derivatives — (1,169 ) — (1,169 ) — 1,734 — 1,734 Net actuarial losses reclassified from AOCL (1) 2,172 — — 2,172 2,661 — — 2,661 Prior service costs reclassified from AOCL (1) (238 ) — — (238 ) (432 ) — — (432 ) Valuation adjustment for pension and postretirement benefit plans (1) (9,948 ) — — (9,948 ) (47 ) — — (47 ) Reclassification due to U.S. Tax Reform — — — — (11,909 ) 170 — (11,739 ) Currency translation gains reclassified from AOCL (2) — — 37,542 37,542 — — — — Net change in cumulative translation adjustment — — (7,030 ) (7,030 ) — — 16,519 16,519 End of year unrealized loss in AOCL $ (74,670 ) $ 735 $ (9,032 ) $ (82,967 ) $ (66,656 ) $ 1,904 $ (39,544 ) $ (104,296 ) (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. See Note 14 , Employee Benefit Plans . (2) Amounts related to the foreign currency translation gains realized upon the divestiture of our Eyewear Brands in the second quarter of fiscal year 2019. Fair Value of Nonfinancial Instruments. The carrying amount of receivables, inventory, accounts payable and accrued liabilities approximates fair value because of the short maturity of these instruments. See Note 2 , Fair Value of Financial Instruments , for additional disclosure regarding fair value of financial instruments. Adoption of New Accounting Pronouncements. On May 28, 2014, the Financial Accounting Standards Board ("FASB") issued 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 new standard does not have a material impact on our consolidated financial statements, although it does expand the information we disclose related to our revenues from contracts with customers. See Note 4 , Revenue Recognition , for our enhanced disclosures about revenue in accordance with the new standard. 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. Recent Accounting Pronouncements. In August 2018, the FASB issued ASU 2018-14, “ Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans ” which amends ASC 715. This update includes adding, clarifying and removing various disclosure requirements related to defined benefit pension and other postretirement plans. This update is effective for fiscal years beginning after December 15, 2020, with earlier application permitted. The guidance in this update is applied on a retrospective basis to all periods presented. The adoption of this update is not expected to have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, " Leases " (Topic 842), which is intended to increase transparency and comparability among organizations by requiring the recognition of right-of-use (“ROU”) assets and lease liabilities on the balance sheet. In July 2018, the FASB issued additional guidance which provided an additional transition method for adopting the updated guidance. Under the additional transition method, entities may elect to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the year of adoption. We currently plan to adopt this standard using the modified retrospective approach. Most prominent among the changes in the standard is the requirement for lessees to recognize ROU assets and lease liabilities for those leases classified as operating leases under current U.S. GAAP. The standard requires additional disclosures to enable users of financial statements to assess the amount, timing, and certainty of cash flows arising from leases. We intend to elect certain of the available practical expedients upon adoption. We have implemented key processes and controls to enable the accurate assessment of leases and preparation of related financial information. We expect adoption of the standard will result in the recognition of ROU assets of approximately $81 million, the recognition of lease liabilities of approximately $89 million, and the elimination of deferred rent of approximately $8 million for operating leases as of April 1, 2019, with no impact to retained earnings. In August 2018, the FASB issued ASU 2018-13, “ Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement ” which amends ASC 820. This update includes adding, modifying and removing various disclosure requirements related to fair value measurements. This update is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with earlier application permitted. This update will be applied on a prospective basis for certain changes and retrospectively for other changes. The adoption of this update is not expected to have a material impact on our consolidated financial statements. There are no other new accounting pronouncements that are expected to have a significant impact on our consolidated financial statements. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The current authoritative guidance on fair value clarifies the definition of fair value, prescribes a framework for measuring fair value, establishes a fair value hierarchy based on the inputs used to measure fair value, and expands disclosures about the use of fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The valuation techniques required by the current authoritative literature are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect internal market assumptions. These two types of inputs create the following fair value hierarchy: Level 1—Quoted prices for identical instruments in active markets. Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3—Significant inputs to the valuation model are unobservable. The following section describes the valuation methodologies we use to measure our financial instruments at fair value. Long-term Debt —The fair value of the variable-rate long-term debt is calculated based on current market rates for debt of the same risk and maturities. The fair value of the fixed-rate debt is based on market quotes for each issuance. 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 13 , 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 paid $3,371 during the quarter ended December 30, 2018. Sublease of former corporate headquarters —In the quarter ended December 30, 2018, we entered into a sublease for our former corporate headquarters located in Farmington, Utah. We recognized a loss of $2,340 associated with the execution of the sublease agreement as the expected discounted cash flows to be incurred under the remaining operating lease term of approximately seven years exceed anticipated discounted cash flows from the new operating sublease. Additionally, we evaluated the long-lived assets associated with our former corporate headquarters for impairment and determined that they were no longer recoverable. As a result, we recognized a loss of $5,317 related to the impairment of long-lived assets associated with our former corporate headquarters. Both losses are included in the selling, general and administrative line item in the Condensed Consolidated Statement of Comprehensive Income (Loss). The fair values of the sublease and long-lived assets were based on expected future cash flows using Level 3 inputs under ASC 820. There were no financial assets and liabilities that are measured at fair value on a recurring basis as of March 31, 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: As of March 31, 2019 As of March 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Fixed rate debt $ 350,000 $ 326,375 $ 350,000 $ 328,248 Variable rate debt $ 364,509 $ 364,509 $ 576,000 $ 576,000 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Mar. 31, 2019 | |
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 13 , Long-term Debt , for additional information on our interest rate swaps. We entered into various commodity forward contracts during fiscal year 2019. 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 March 31, 2019 , we had outstanding lead forward contracts on 8 million pounds of lead. The derivative gains or losses in the audited Consolidated Statements of Comprehensive Income (Loss) related to lead forward contracts during year ended March 31, 2019 were immaterial. The liability related to the lead forward contracts is immaterial and is recorded as part of other current liabilities. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The following tables disaggregate our net sales by major category: Year ended March 31, 2019 Year ended March 31, 2018 Outdoor Products Shooting Sports Total Outdoor Products Shooting Sports Total Ammunition $ — $ 883,103 $ 883,103 $ — $ 977,261 $ 977,261 Firearms — 185,419 185,419 — 182,096 182,096 Hunting and Shooting Accessories 416,631 — 416,631 461,381 — 461,381 Action Sports 306,144 — 306,144 315,538 — 315,538 Outdoor Recreation 215,372 — 215,372 228,576 — 228,576 Eyewear 51,859 — 51,859 143,611 — 143,611 Total $ 990,006 $ 1,068,522 $ 2,058,528 $ 1,149,106 $ 1,159,357 $ 2,308,463 Geographic Region United States $ 713,608 $ 918,326 $ 1,631,934 $ 786,144 $ 987,149 $ 1,773,293 Rest of the World 276,398 150,196 426,594 362,962 172,208 535,170 Total $ 990,006 $ 1,068,522 $ 2,058,528 $ 1,149,106 $ 1,159,357 $ 2,308,463 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. Disaggregated revenues of net sales by major category is not presented because it is impractical to do so, and is not required based on our adoption of the standard on a modified retrospective method. 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. Sales taxes, firearms and ammunition excise tax and other similar taxes are excluded from revenue. 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 | 12 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Earnings Per Share Data —Basic earnings (loss) per share ("EPS") is computed based upon the weighted average number of common shares outstanding for each period. Diluted EPS is computed based on the weighted average number of common shares and common equivalent shares. Common equivalent shares represent the effect of stock-based awards, see Note 17 , Stockholders' Equity , during each period presented, which, if exercised, earned, or converted, would have a dilutive effect on earnings per share. In computing EPS for the fiscal years presented, earnings, as reported for each respective period, is divided by the number of shares below (in thousands): Year Ended March 31 2019 2018 2017 Net income (loss) $ (648,443 ) $ (60,232 ) $ (274,454 ) Weighted-average number of common shares outstanding: Basic EPS shares outstanding 57,544 57,167 58,911 Dilutive effect of stock-based awards (1) — — — Diluted EPS shares outstanding 57,544 57,167 58,911 Earnings (loss) per common share: Basic $ (11.27 ) $ (1.05 ) $ (4.66 ) Diluted $ (11.27 ) $ (1.05 ) $ (4.66 ) (1) Due to the loss from continuing operations in fiscal 2019, 2018, and 2017, there are no common shares added to calculate dilutive EPS for those years because the effect would be antidilutive. |
Assets and Liabilities Held for
Assets and Liabilities Held for Sale | 12 Months Ended |
Mar. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and Liabilities Held for Sale | Assets and Liabilities Held for Sale We are currently in negotiations with a number of potential buyers for the legal entities comprising our firearms business, which is part of our Shooting Sports segment and comprises our Firearms reporting unit. The decision to sell this business reflects our ongoing review of our portfolio of brands to focus on assets that are core to our mission and strategy. The gross proceeds from the divestiture are expected to be approximately $170,000 , subject to net working capital adjustments and transaction costs. The sale of the legal entities comprising our firearms business is expected to be completed in the next few quarters. We measured this business at the lower of its carrying value or fair value less any costs to sell, and subsequently recognized an impairment of $120,238 during fiscal year 2019, including impairment of goodwill of $80,604 during the quarter ended December 30, 2018. The operating results of this business do not qualify for reporting as discontinued operations. For fiscal 2019 , 2018 , and 2017 , the earnings before taxes for this business were approximately $22,760 , $13,563 , and $37,506 , respectively. The earnings before taxes above include $7,639 , $14,243 , and $13,722 of total depreciation and amortization expense for fiscal 2019 , 2018 , and 2017 , respectively. The reported results and financial position of the business do not necessarily reflect the total value of the business that we expect to realize upon sale. The following table presents information related to the assets and liabilities of the business that were classified as held for sale at March 31, 2019 : (Amounts in thousands except share data) March 31, 2019 Assets Net receivables $ 51,329 Net inventories 36,097 Other current assets 627 Net property, plant, and equipment 36,735 Goodwill 121,564 Net intangible assets 79,810 Deferred charges and other non-current assets 1,683 Total assets held for sale $ 327,845 Liabilities Accounts payable $ 14,831 Accrued compensation 1,845 Accrued income taxes 306 Federal excise tax 4,563 Deferred income tax liabilities 21,402 Other accrued liabilities 3,083 Total liabilities held for sale 46,030 Total net assets held for sale $ 281,815 Total net assets held for sale $ 281,815 Currency translation adjustment attributable to firearms business 3,423 Total net assets including currency translation adjustment 285,238 Estimated fair value less costs to sell (165,000 ) Impairment of held-for-sale assets $ 120,238 Total assets held for sale $ 327,845 Impairment of held-for-sale goodwill and assets (120,238 ) Adjusted assets held for sale $ 207,607 |
Divestitures and Acquisitions
Divestitures and Acquisitions | 12 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Divestitures and Acquisitions | Divestitures and Acquisitions Divestitures On August 31, 2018, the Company completed the sale of its Eyewear Brands. The selling price was $158,000 , subject to customary working capital adjustments. As a result of the sale, during fiscal 2019, the Company recorded a pretax loss of $4,925 , which is included in other expense, primarily due to the final allocation of goodwill and fixed assets for the Eyewear Brands. During fiscal 2019, we recognized an impairment of $44,921 related to the expected loss on the sale of our held-for-sale assets related to the Eyewear Brands. The loss is primarily attributable to cumulative foreign currency translation adjustments for these entities that was reclassified to earnings upon their sale. We are currently negotiating the final working capital adjustments with the buyer, and do not expect material adjustments. The operating results of this business do not qualify for reporting as discontinued operations. For the fiscal years 2019, 2018, and 2017 the earnings before taxes for this business were $6,180 , $11,375 , and $4,298 , respectively. Acquisitions In accordance with the accounting standards regarding business combinations, the results of acquired businesses are included in our consolidated financial statements from the date of acquisition. The purchase price for each acquisition is allocated to the acquired assets and liabilities based on fair value. The excess purchase price over estimated fair value of the net assets acquired is recorded as goodwill. Acquisition of Action Sports —On April 1, 2016, we completed the acquisition of BRG Sports Inc.’s Action Sports division, operated by Bell Sports Corp. ("Action Sports"). The acquisition includes brands Bell, Giro, Blackburn, CoPilot, Krash, and Raskullz. Under the terms of the transaction, we paid $400,000 , subject to customary working capital adjustments, utilizing cash on hand and borrowings under our existing credit facilities, and additional contingent consideration payable if incremental profitability growth milestones within the Bell Powersports product line are achieved. We determined a value of the future contingent consideration as of the acquisition date of $4,272 using a risk-neutral Monte Carlo simulation in an option pricing framework; the total amount paid may differ from this value. The option pricing model requires us to make assumptions including the risk-free rate, expected volatility, profitability growth, and expected life. The risk-free rate is based on U.S. Treasury zero-coupon issues with a remaining term that approximates the expected life assumed at the date of grant. The expected option life is based on the contractual term of the agreement. Expected volatility is based on the average volatility of similar public companies' stock over the past two years. The profitability growth is based on simulated estimates of future performance of the business using a geometric Brownian risk-neutral framework. As of March 31, 2019, there was no liability recognized for the future contingent consideration. The decrease from the original estimate was a result of not meeting the agreed-upon profitability milestones and the likelihood of achieving future profitability milestones. Action Sports remains headquartered in Scotts Valley, California and operates facilities in the U.S., Canada, Europe and Asia. The purchase price allocation was completed during the quarter ended March 31, 2017. A portion of the goodwill generated in this acquisition is deductible for tax purposes. Acquisition of Camp Chef —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, we paid $60,000 , subject to customary working capital adjustments, utilizing cash on hand and borrowings under our existing credit facility. An additional $4,000 was deferred and is payable in equal installments after the first, second, and third anniversary of the closing date, and approximately $10,000 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 paid in equal installments as each milestone is achieved. The growth milestones were met for the first two years, and therefore we paid $3,371 during both fiscal 2019 and 2018. The purchase price allocation for this acquisition was finalized in the second quarter of fiscal 2018. A majority of the goodwill generated in this acquisition is deductible for tax purposes. Camp Chef is an immaterial acquisition to our company. Results for acquisitions —For the year ended March 31, 2018, Vista Outdoor recorded sales of approximately $32,752 and gross profit of approximately $9,948 , associated with the operations of these acquired businesses for periods in which they were not part of Vista Outdoor in the comparable prior year periods. For the year ended March 31, 2017, Vista Outdoor recorded sales of approximately $121,285 and gross profit of approximately $47,929 , associated with the operations of these acquired businesses for periods in which they were not part of Vista Outdoor in the comparable prior year periods. The results of these acquisitions are reflected in the Outdoor Products segment results. Allocation of Consideration Transferred to Net Assets Acquired for Action Sports: The following amounts represent the final determination of the fair value of identifiable assets acquired and liabilities assumed for the Action Sports acquisition. Action Sports Final Purchase Price Allocation: April 1, 2016 Purchase price net of cash acquired: Cash paid $ 400,000 Estimated earnout value 4,272 Cash received for working capital (1,289 ) Total purchase price 402,983 Fair value of assets acquired: Receivables $ 78,090 Inventories 56,527 Tradename, customer relationship, and technology intangibles 155,100 Property, plant, and equipment 34,114 Other assets 6,425 Total assets 330,256 Fair value of liabilities assumed: Accounts payable 30,240 Deferred tax liabilities 43,991 Other liabilities 33,168 Total liabilities 107,399 Net assets acquired 222,857 Goodwill $ 180,126 Intangible assets above include: Value Useful life (years) Action Sports Indefinite lived tradenames $ 76,700 Indefinite Definite lived tradenames 1,400 15 Customer relationships 74,700 15-20 Technology 2,300 10 We made no acquisitions during fiscal 2019 and 2018. |
Receivables
Receivables | 12 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Receivables | Receivables Net receivables are summarized as follows: March 31 2019 2018 Trade receivables $ 356,035 $ 453,939 Other receivables 7,106 4,017 Less: allowance for doubtful accounts (18,892 ) (36,193 ) Net receivables $ 344,249 $ 421,763 Walmart accounted for 14% of the total trade receivables balance at both March 31, 2019 and 2018. No other customer represented more than 10% of total trade receivables balance as of March 31, 2019 and 2018 . The following is a reconciliation of the changes in our allowance for doubtful accounts, discounts, and returns during fiscal 2018 and 2019 : Balance at March 31, 2017 $ 24,654 Expense 19,030 Write-offs (4,886 ) Reversals, discounts, and other adjustments (2,605 ) Balance at March 31, 2018 36,193 Expense 7,842 Write-offs (14,784 ) Reversals, discounts, and other adjustments (10,359 ) Balance at March 31, 2019 $ 18,892 |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Net inventories consist of the following: March 31 2019 2018 Raw materials $ 65,240 $ 88,588 Work in process 32,213 40,812 Finished goods 247,038 252,878 Net inventories $ 344,491 $ 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 $16,227 and $24,040 as of March 31, 2019 and 2018 , respectively. |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | Property, Plant, and Equipment Property, plant, and equipment is stated at cost and depreciated over estimated useful lives using a straight-line method. Machinery and equipment are depreciated over 2 to 20 years and buildings and improvements are depreciated over 2 to 30 years. Depreciation expense was $53,129 in fiscal 2019 , $55,090 in fiscal 2018 , and $54,157 in fiscal 2017 . We review property, plant, and equipment for impairment when indicators of potential impairment are present. When such impairment is identified, it is recorded as a loss in that period. Maintenance and repairs are charged to expense as incurred. Major improvements that extend useful lives are capitalized and depreciated. The cost and accumulated depreciation of property, plant, and equipment retired or otherwise disposed of are removed from the related accounts, and any residual values are charged or credited to income. Property, plant, and equipment consists of the following: March 31 2019 2018 Land $ 6,618 $ 9,440 Buildings and improvements 63,987 81,732 Machinery and equipment 401,045 402,815 Property not yet in service 34,344 67,471 Gross property, plant, and equipment 505,994 561,458 Less: accumulated depreciation (290,402 ) (284,251 ) Net property, plant, and equipment $ 215,592 $ 277,207 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The changes in the carrying amount of goodwill by segment were as follows: Shooting Sports Outdoor Products Total Balance at March 31, 2017 $ 204,735 $ 652,896 $ 857,631 Impairment — (143,400 ) (143,400 ) Effect of foreign currency exchange rates 174 7,325 7,499 Held for sale — (64,194 ) (64,194 ) Balance at March 31, 2018 204,909 452,627 657,536 Impairment — (327,772 ) (327,772 ) Effect of foreign currency exchange rates (279 ) — (279 ) Held for sale (121,463 ) — (121,463 ) Divestitures — (3,526 ) (3,526 ) Balance at March 31, 2019 $ 83,167 $ 121,329 $ 204,496 During the quarter ended December 30, 2018, we made a decision to sell the legal entities comprising our firearms business, which is part of our Shooting Sports segment and comprises our Firearms reporting unit. The decision to sell this business reflects our ongoing review of our portfolio of brands to focus on assets that are core to our mission and strategy. As a result of this decision, we recorded impairment on goodwill related to our Firearms reporting unit of $80,604 , and transferred $40,859 of goodwill to assets held for sale. The trading price of our common stock declined significantly in the quarter ended December 30, 2018, increasing the difference between the market value of Vista Outdoor equity and the book value of the assets recorded on our balance sheet and implying that investors’ may believe that the fair value of our reporting units is lower than their book value. In addition, as a result of a weaker than expected 2018 holiday shopping season and increasing uncertainty from the impact of retail bankruptcies, tariffs and other factors affecting the market for our products, we reduced our sales projections for fiscal year 2020 and beyond for a number of our reporting units for purposes of our long-range financial plan, which is updated annually beginning in our third quarter. As a result of these factors, we determined that a triggering event had occurred with respect to our Hunting and Shooting Accessories, Outdoor Recreation, and Action Sports reporting units, which required that we assess the fair value of these reporting units using the income-based and market based approaches described above. As a result of this assessment, during the quarter ended December 30, 2018, Vista Outdoor recorded a $429,395 impairment of goodwill and identifiable indefinite-lived intangible assets related to our Hunting and Shooting Accessories, Outdoor Recreation, and Action Sports reporting units. In each impaired reporting unit, our estimate of fair value was negatively impacted by the lower projected sales described above, resulting in reduced cash flows for those businesses in fiscal year 2020 and beyond. Our estimates of the fair values of these reporting units was also significantly reduced by increases in prevailing interest rates, which required that we apply a higher discount rate in the income-based valuation approach, and by lower valuation multiples implied by recent trading prices for the common stock of comparable publicly traded companies, which required that we apply lower valuation multiples in estimating the fair value of these reporting units using the market-based approach. The excess carrying amount over fair value, and resulting goodwill impairment, in our Hunting and Shooting Accessories reporting unit was $38,386 . As a result of the goodwill impairment, there is no remaining goodwill in our Hunting and Shooting Accessories reporting unit. To determine the fair value under the income approach, we used, based on our judgment, a discount rate of 9% and a terminal growth rate of 3% . During the quarter ended December 30, 2018, we also performed an interim test for indefinite-lived tradename impairment and recorded a $36,223 impairment related to our Bushnell, Outers, Champion, and Weaver's tradenames. We determined the fair values of the indefinite-lived tradenames using royalty rates ranging from 1.0% to 2.0% . The excess carrying amount over fair value, and resulting goodwill impairment, in our Outdoor Recreation reporting unit was $129,470 . As a result of the goodwill impairment, there was $121,329 of remaining goodwill in our Outdoor Recreation reporting unit. To determine the fair value under the income approach, we used, based on our judgment, a discount rate of 9% and a terminal growth rate of 3% . During the quarter ended December 30, 2018, we also performed an interim test for indefinite-lived tradename impairment and recorded a $43,400 impairment related to our CamelBak tradename. We determined the fair value of the indefinite-lived tradename using a royalty rate of 2.0% . The excess carrying amount over fair value, and resulting goodwill impairment, in our Action Sports reporting unit was $159,916 . As a result of the goodwill impairment, there is no remaining goodwill in our Action Sports reporting unit. To determine the fair value under the income approach, we used, based on our judgment, a discount rate of 9% and a terminal growth rate of 3% . During the quarter ended December 30, 2018, we also performed an interim test for indefinite-lived tradename impairment and recorded a $22,000 impairment related to our Giro tradename. We determined the fair value of the indefinite-lived tradenames using royalty rates ranging from 1.0% to 1.5% . 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 goodwill recorded within the Outdoor Products segment is presented net of $872,878 of accumulated impairment losses, of which $401,706 was recorded prior to April 1, 2017. The goodwill recorded within the Shooting Sports segment has no accumulated impairment losses after the transfer of goodwill to held for sale assets during the year ended March 31, 2019. 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 intangibles consisted of the following: March 31, 2019 March 31, 2018 Gross Accumulated Total Gross Accumulated Total Trade names $ 48,360 $ (10,694 ) $ 37,666 $ 62,657 $ (11,993 ) $ 50,664 Patented technology 16,684 (9,604 ) 7,080 16,466 (8,157 ) 8,309 Customer relationships and other 238,595 (68,185 ) 170,410 318,476 (91,093 ) 227,383 Total 303,639 (88,483 ) 215,156 397,599 (111,243 ) 286,356 Non-amortizing trade names 145,364 — 145,364 305,923 — 305,923 Net intangible assets $ 449,003 $ (88,483 ) $ 360,520 $ 703,522 $ (111,243 ) $ 592,279 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 $26,628 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 $101,623 , $9,044 , and $34,230 of impairment losses recorded in fiscal 2019 , fiscal 2018 and 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 related to these assets was $24,374 in fiscal 2019 , $34,669 in fiscal 2018 , and $39,622 in fiscal 2017 , which is included within cost of sales. We expect amortization expense related to these assets to be as follows: Fiscal 2020 $ 19,911 Fiscal 2021 19,886 Fiscal 2022 19,831 Fiscal 2023 19,715 Fiscal 2024 19,663 Thereafter 116,150 Total $ 215,156 |
Other Current and Non-current L
Other Current and Non-current Liabilities | 12 Months Ended |
Mar. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Other Accrued Liabilities | Other Current and Non-current Liabilities The major categories of other current and non-current accrued liabilities are as follows: March 31 2019 2018 Rebates $ 13,911 $ 14,827 Accrual for in-transit inventory 11,275 29,200 Other 71,989 53,420 Total other accrued liabilities—current $ 97,175 $ 97,447 Non-current portion of accrued income tax liability $ 34,118 $ 34,716 Other 29,158 29,619 Total other long-term liabilities $ 63,276 $ 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 actual past experience, our current production environment as well as specific and identifiable warranties as applicable. The warranty liability recorded at each balance sheet date reflects the estimated liability for warranty coverage for products delivered based on historical information and current trends. The following is a reconciliation of the changes in our product warranty liability during the periods presented: Balance at March 31, 2017 $ 10,014 Payments made (4,757 ) Warranties issued 4,974 Warranties assumed in acquisition 16 Changes related to preexisting warranties — Balance at March 31, 2018 10,247 Payments made (3,462 ) Warranties issued 3,962 Other adjustments (2,373 ) Changes related to preexisting warranties (230 ) Balance at March 31, 2019 $ 8,144 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term Debt Long-term debt, including the current portion, consisted of the following: March 31, 2019 March 31, 2018 2018 Credit Agreements: Revolving Credit Facility $ 220,000 $ — Term Loan 104,509 — 2016 Credit Agreement: Term Loan — 576,000 Total principal amount of Credit Agreements 324,509 576,000 Junior Term Loan 40,000 — 5.875% Senior Notes 350,000 350,000 Principal amount of long-term debt 714,509 926,000 Less: unamortized deferred financing costs (10,504 ) (10,601 ) Carrying amount of long-term debt 704,005 915,399 Less: current portion (19,335 ) (32,000 ) Carrying amount of long-term debt, excluding current portion $ 684,670 $ 883,399 Credit Agreements —On November 19, 2018, we refinanced our 2016 Credit Agreement, which provided for a $200,000 revolving credit facility and a $400,000 term A loan, by entering into the New Credit Facilities, which provide for (a) a $450,000 senior secured asset-based revolving credit facility (the “ABL Revolving Credit Facility”), comprised of $20,000 in first-in, last-out (“FILO”) revolving credit commitments and $430,000 in non-FILO revolving credit commitments, (b) a $109,343 senior secured asset-based term loan facility (the “Term Loan”) and (c) the $40,000 Junior Term Loan. The amount available under the ABL Revolving Credit Facility is the lesser of the total commitment of $450,000 or a borrowing base based on percentages of eligible receivables, inventory, and cash, minus certain reserves. As of March 31, 2019 , based on the borrowing base less outstanding borrowings of $220,000 and outstanding letters of credit of $24,818 , the amount available under the ABL Revolving Credit Facility was $134,347 . The New Credit Facilities each mature on November 19, 2023 (the “Maturity Date”), subject to a customary springing maturity in respect of the 5.875% Notes due 2023. The loans under the Term Loan are subject to quarterly principal repayments of $4,834 on the first business day of each January, April, July, and October, with the remaining balance due on the Maturity Date. The FILO commitments under the ABL Revolving Credit Facility are subject to reductions of $1,667 on the first business day of each fiscal quarter beginning on April 1, 2019. Any outstanding revolving loans under the ABL Revolving Credit Facility will be payable in full on the Maturity Date. There are no scheduled principal payments under the Junior Term Loan, which will be payable in full on the Maturity Date. Borrowings under the ABL Revolving Credit Facility bear interest at a rate equal to, in the case of (a) non-FILO revolving credit loans, either the sum of a base rate plus a margin ranging from 0.75% to 1.25% or the sum of a LIBO rate plus a margin ranging from 1.75% to 2.25% , and (b) FILO revolving credit loans, a rate that is 1.00% higher than the rate paid on the non-FILO revolving credit loans. All such rates vary based on our Average Excess Availability under the ABL Revolving Credit Facility. As of March 31, 2019 , the margin under the (1) ABL Revolving Credit Facility was, in the case of (a) non-FILO revolving credit loans, 1.25% for base rate loans and 2.25% for LIBO rate loans and (b) FILO revolving credit loans, 2.25% for base rate loans and 3.25% for LIBO rate loans, (2) Term Loan was 2.75% for base rate loans and 3.75% for LIBO rate loans, and (3) Junior Term Loan was 7.00% for base rate loans and 8.00% for LIBO rate loans. The weighted average interest rate for our borrowings under the New Credit Facilities as of March 31, 2019 was 5.85% , excluding the impact of the interest rate swaps that are discussed below. We pay a commitment fee on the unused commitments under the ABL Revolving Credit Facility of 0.25% per annum. Substantially all domestic tangible and intangible assets of Vista Outdoor and our domestic 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 New Credit Facilities. Debt issuance costs related to the New Credit Facilities, including a portion of the existing unamortized debt issuance costs, totaling approximately $12,000 will be amortized over the term of the New Credit Facilities. In connection with the refinancing, net unamortized debt issuance costs of approximately $2,404 plus additional costs related to the refinancing of approximately $400 were written off during fiscal 2019 and were included in interest expense in the condensed consolidated statements of comprehensive income (loss). In May 2018, we executed an amendment to the 2016 Credit Agreement to amend, among other things, certain financial covenants as well as to reduce the revolving credit facility from $400,000 to $200,000 (the "May 2018 Amendment"). Debt issuance costs related to the May 2018 Amendment were approximately $2,800 . In connection with the reduction in this revolving credit facility and prepayments of the term A loan, unamortized debt issuance costs of $3,203 were written off during fiscal 2019. 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. Rank and guarantees —The New Credit Facilities' 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) which 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 New Credit Facilities 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 New Credit Facilities and all capital markets debt securities. Interest rate swaps —During fiscal 2018, 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 March 31, 2019 , 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 $ 244 1.52% 2.50% June 2019 Non-amortizing swap 100,000 900 1.63% 2.50% 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. Scheduled Minimum Payments —The scheduled minimum payments on outstanding long-term debt were as follows as of March 31, 2019 : Fiscal 2020 $ 19,335 Fiscal 2021 19,335 Fiscal 2022 19,335 Fiscal 2023 19,335 Fiscal 2024 637,169 Thereafter — Total $ 714,509 Covenants New Credit Facilities —Our New Credit Facilities impose restrictions on us, including limitations on our ability to pay cash dividends, incur debt or liens, redeem or repurchase Vista Outdoor stock, enter into transactions with affiliates, make investments, merge or consolidate with others or dispose of assets. In addition, the New Credit Facilities contain financial covenants requiring us to (a) maintain Excess Availability under the ABL Revolving Credit Facility of $45,000 at all times before all amounts owing under the Term Loan Facility and the Junior Term Loan Facility have been paid in full, (b) maintain a Consolidated Fixed Charge Coverage Ratio ("FCCR"), as defined below, of not less than 1.15 :1.00 for any fiscal quarter beginning with the fiscal quarter ending on March 31, 2019 until the fiscal quarter ending immediately prior to the date the Term Loan Facility and the Junior Term Loan Facility have been paid in full, and (c) maintain a FCCR of not less than 1.00 :1.00 for any fiscal quarter ending after the Term Loan Facility and the Junior Term Loan Facility have been paid in full if Excess Availability falls below certain levels. If we do not comply with the covenants in any of the New Credit Facilities, the lenders may, subject to customary cure rights, require the immediate payment of all amounts outstanding under each of the New Credit Facilities. The FCCR is Covenant EBITDA (which includes adjustments for items such as non-recurring or extraordinary items, non-cash charges related to stock-based compensation, and intangible asset impairment charges, as well as adjustments for acquired or divested business units on a pro forma basis) less capital expenditures (subject to certain adjustments) for the past four fiscal quarters, divided by fixed charges (which includes debt principal and interest payments paid since October 28, 2018, annualized; plus income tax payments and restricted payments over the past four fiscal quarters). As of March 31, 2019 , our FCCR was 1.93 . 5.875% Notes —The indenture governing the 5.875% Notes contains covenants that, among other things, limit our ability to incur or permit to exist certain liens, sell, transfer or otherwise dispose of assets, consolidate, amalgamate, merge or sell all or substantially all of our assets, enter into transactions with affiliates, enter into agreements restricting our subsidiaries’ ability to pay dividends, incur additional indebtedness, pay dividends or make other distributions or repurchase or redeem our capital stock, prepay, redeem or repurchase certain debt and make loans and investments. The New Credit Facilities and the indenture governing the 5.875% Notes contain cross-default provisions so that noncompliance with the covenants within one debt agreement could also cause a default under the other debt agreements. As of March 31, 2019 , we were in compliance with the covenants of all of the debt agreements. However, we cannot provide assurance that we will be able to comply with such financial covenants in the future because of various risks and uncertainties some of which may be beyond our control. Any failure to comply with the restrictions in the New Credit Facilities may prevent us from drawing under the ABL Revolving Credit Facility and may result in an event of default under the New Credit Facilities, which default may allow the creditors to accelerate the related indebtedness and the indebtedness under our 5.875% Notes and proceed against the collateral that secures the indebtedness. We may not have sufficient liquidity to repay the indebtedness in such circumstances. Cash Paid for Interest on Debt —Cash paid for interest totaled $36,064 in fiscal 2019 , $56,273 in fiscal 2018 , and $42,469 in fiscal 2017 . |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Defined Benefit Plan During fiscal 2019 we recognized an aggregate net benefit for employee defined benefit plans of $973 . During fiscal 2018 , and 2017 , we recognized an aggregate net expense for employee defined benefit plans of $1,505 , and $6,762 , respectively. The estimated income for these defined benefit plans for fiscal 2020 is $400 . The Company recognizes the funded status of its defined benefit pension plans and other postretirement benefit plans, measured as the difference between the fair value of the plan assets and the benefit obligation. Benefit obligation balances reflect the projected benefit obligation ("PBO") for our pension plans and accumulated post-retirement benefit obligations ("APBO") or our other post-retirement benefit plans. The weighted average discount rate used to determine the pension benefit obligation was 3.90% and 4.00% as of March 31, 2019 and 2018 , respectively. The fair value of the plan assets was $ 160,682 and $ 168,425 as of March 31, 2019 and 2018 , respectively. The benefit obligation was $ 206,369 and $ 206,177 as of March 31, 2019 and 2018 , respectively, resulting in an unfunded liability of $ 45,687 and $ 37,753 as of March 31, 2019 and 2018 , respectively, which is primarily recorded within Accrued pension and postemployment liabilities. In June 2017, we announced changes to our qualified and non-qualified defined benefit pension plans. The benefits under the affected plans were 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 changes were effective July 31, 2017, with employees receiving a pro-rated pay credit for fiscal 2017 and no future pay credits beginning in fiscal 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 curtailment gain of $5,783 during the quarter ended July 2, 2017. The plan assets are invested in a variety of financial funds which have investments in a variety of financial instruments including equities, fixed income, and hedge funds. Plan assets are invested in various asset classes that are expected to produce a sufficient level of diversification and investment return over the long-term. The investment goals are (1) to meet or exceed the assumed actuarial rate of return of 6.75% over the long-term within reasonable and prudent levels of risk as of March 31, 2019 and 2018 , and (2) to preserve the real purchasing power of assets to meet future obligations. Investments in financial funds are valued by multiplying the fund's net asset value ("NAV") per share with the number of units or shares owned as of the valuation date. NAV per share is determined by the fund's administrator or the Company's custodian by deducting from the value of the assets of the fund all its liabilities and the resulting number is divided by the outstanding number of shares or units. Investments held by the funds are valued on the basis of valuations furnished by a pricing service approved by the fund's investment manager, which determines valuations using methods based on market transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders, or at fair value as determined in good faith by the fund's investment manager. For those assets that are invested within hedge funds there are certain restrictions on redemption of those assets including a one -year lockup period from initial investment and thereafter a 65 -day notice period prior to redemption. There are no other significant restrictions on redemption of assets within other asset categories. Employer contributions and distributions —During fiscal 2019 , we made contributions of $ 1,200 directly to the pension trust, made no contributions to our other postretirement benefit plans, and distributed $293 directly to retirees under our non-qualified supplemental executive retirement plans. During fiscal 2018 , we contributed $ 13,800 directly to the pension trust, made no contributions to our other postretirement benefit plans, and made distributions of $11,110 directly to retirees under our non-qualified supplemental executive retirement plans. During fiscal 2017 , we contributed $ 4,400 directly to the pension trust, made no contributions to our other postretirement benefit plans, and made distributions of $10 to retirees under the non-qualified supplemental executive retirement plan. The following benefit payments, which reflect expected future service, are expected to be paid in the years ending March 31. The pension benefits will be paid primarily out of the pension trust. Pension Benefits 2020 $ 12,926 2021 12,701 2022 12,794 2023 13,048 2024 12,990 2025 through 2029 65,459 Defined Contribution Plan We sponsor a defined contribution retirement plan, a 401(k) savings plan. The plan is a tax-qualified retirement plan subject to the Employee Retirement Income Security Act of 1974 and covers most employees in the United States. Total contributions in fiscal 2019 , 2018 , and 2017 were $14,607 , $19,865 , and $18,936 respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income (loss) before income taxes is as follows: Years Ended March 31 2019 2018 2017 Current: U.S. $ (686,188 ) $ (102,153 ) $ (265,825 ) Non-U.S. 11,916 (31,636 ) 15,131 Income (loss) before income taxes $ (674,272 ) $ (133,789 ) $ (250,694 ) Our income tax provision (benefit) consists of: Years Ended March 31 2019 2018 2017 Current: Federal $ (6,208 ) $ (1,599 ) $ 34,811 State (1,738 ) 204 5,724 Non-U.S. 5,144 6,685 5,769 Deferred: Federal (27,045 ) (76,300 ) (20,214 ) State 4,176 (3,024 ) (1,622 ) Non-U.S. (158 ) 477 (708 ) Income tax provision (benefit) $ (25,829 ) $ (73,557 ) $ 23,760 The items responsible for the differences between the federal statutory rate and our effective rate are as follows: Years Ended March 31 2019 2018 2017 Statutory federal income tax rate 21.0 % 31.6 % 35.0 % State income taxes, net of federal impact 1.0 % 1.2 % (1.2 )% Domestic manufacturing deduction — % 1.2 % 1.4 % Nondeductible goodwill impairment (12.1 )% (21.1 )% (49.3 )% Nondeductible loss on divestiture (1.6 )% — % — % Acquisition claim settlement gain — % — % 4.2 % Pre-acquisition tax attributes — % 4.1 % — % Impact of law changes — % 33.9 % — % Valuation allowance (4.9 )% (0.4 )% — % Other 0.4 % 4.5 % 0.4 % Income tax provision (benefit) 3.8 % 55.0 % (9.5 )% Deferred income taxes arise because of differences in the timing of the recognition of income and expense items for financial statement reporting and income tax purposes. The net effect of these temporary differences between the carrying amounts of assets and liabilities are classified in the consolidated financial statements of financial position as noncurrent assets or liabilities. As of March 31, 2019 and 2018 , the components of deferred tax assets and liabilities were as follows: March 31 2019 2018 Deferred Tax Assets: Inventories $ 12,110 $ 14,536 Retirement benefits 11,003 10,119 Accounts receivable 7,829 8,444 Accruals for employee benefits 4,211 6,156 Other reserves 4,767 5,378 Loss and credit carryforwards 17,081 11,055 Nondeductible interest 15,880 — Other 4,188 1,378 Total deferred tax assets 77,069 57,066 Valuation allowance (35,903 ) (3,102 ) Total net deferred assets 41,166 53,964 Deferred tax liabilities: Intangible assets (55,871 ) (117,542 ) Property, plant, and equipment (24,454 ) (21,108 ) Total deferred tax liabilities (80,325 ) (138,650 ) Net deferred income tax liability before amounts attributable to assets and liabilities held for sale (39,159 ) (84,686 ) Less: deferred tax liability attributable to assets and liabilities held for sale 21,402 18,490 Net deferred income tax liability $ (17,757 ) $ (66,196 ) In assessing the realizability of our deferred tax assets, we considered whether it is more likely than not that some portion or all of the deferred tax assets will be realized. As a result of the impairment charges in the current year, we are in a cumulative loss position for the three year period ending March 31, 2019. A cumulative loss position is considered significant negative evidence in assessing the realizability of a deferred tax asset that is difficult to overcome when determining whether a valuation allowance is required. Considering the weight of all available positive and negative evidence, we do not believe the positive evidence overcomes the negative evidence of our cumulative loss position. Therefore, we have established a valuation allowance of $32,801 during the current year for a total valuation allowance of $35,903 at March 31, 2019 . Included in the net deferred tax liability are federal, foreign and state net operating loss and credit carryovers, of $9,429 which expires in years ending from March 31, 2020 through March 31, 2039 and $7,651 that may be carried over indefinitely. The carryforwards presented above are net of any applicable uncertain tax positions. On December 22, 2017, tax legislation was enacted in the United States ("Tax Legislation"). 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. The impact of the Tax Legislation was a benefit to us of approximately $49 million, the majority of which was included in our prior period tax benefit. The tax benefit was primarily 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. We have outside basis differences from foreign subsidiaries for which no deferred tax liability has been recorded, as we intend to indefinitely reinvest these balances. Determination of the amount of any unrecognized deferred income tax liability on the temporary difference for these indefinitely reinvested undistributed earnings is not practicable. Income tax refunded, net of amounts paid, totaled $8,435 and $19,911 in fiscal 2019 and 2018 , respectively. At March 31, 2019 , and 2018 , unrecognized tax benefits that have not been recorded in the financial statements amounted to $34,118 and $39,383 , respectively, of which $30,432 and $35,471 , respectively, would affect the effective tax rate. The remaining balance is related to deferred tax items which only impact the timing of tax payments. Although the timing and outcome of audit settlements are uncertain, it is reasonably possible that an $8,558 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 $7,542 . We have classified uncertain tax positions as non-current income tax liabilities unless expected to be paid within one year. A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows: Year ended March 31, 2019 Year ended March 31, 2018 Year ended March 31, 2017 Unrecognized Tax Benefits—beginning of period $ 32,734 $ 27,151 $ 30,643 Gross increases—tax positions in prior periods — 1,188 — Gross decreases—tax positions in prior periods (2,499 ) (332 ) (2,186 ) Gross increases—current-period tax positions 74 9,247 1,726 Gross decreases—current-period tax positions — (2,873 ) — Settlements — (332 ) (2,172 ) Lapse of statute of limitations (3,057 ) (1,315 ) (860 ) Unrecognized Tax Benefits—end of period $ 27,252 $ 32,734 $ 27,151 We report income tax-related interest income within the income tax provision. Penalties and tax-related interest expense are also reported as a component of the income tax provision. As of March 31, 2019 and 2018 , $4,786 and $4,347 of income tax-related interest and $2,080 and $2,302 of penalties were included in accrued income taxes, respectively. As of March 31, 2019 , 2018 , and 2017 , our current tax provision included $1,694 , $1,053 , and $1,319 of expense related to interest and penalties, respectively. 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. After 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 Outdoor are no longer subject to U.S. federal, state and local, or foreign income tax examinations by tax authorities prior to 2012. 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 that began after the Spin-Off 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. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Commitments and Contingencies We lease land, buildings, and equipment under various operating leases, which generally have renewal options of one to five years. Rent expense was $24,485 in fiscal 2019 , $26,245 in fiscal 2018 , and $25,256 in fiscal 2017 . The following table summarizes the operating lease payments expected to be paid in each of the following fiscal years: 2020 $ 18,949 2021 15,171 2022 12,214 2023 10,961 2024 9,517 Thereafter 58,645 Total $ 125,457 We have known purchase commitments of $214,941 , which are defined as an agreement to purchase goods or services that is enforceable and legally binding on us and that specifies all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum, or variable price provisions; and the approximate timing of the transaction. 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 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 $729 as of March 31, 2019 and $731 as of March 31, 2018 . We could incur substantial additional costs, including cleanup costs, resource restoration, fines, and penalties or third-party property damage or personal injury claims, as a result of violations or liabilities under environmental laws or non-compliance with environmental permits. While environmental laws and regulations have not had a material adverse effect on our operating results, financial condition, or cash flows in the past, and we have environmental management programs in place to mitigate these risks, it is difficult to predict whether they will have a material impact in the future. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity We have authorized 50,000,000 shares of preferred stock, par value $1.00 , none of which have been issued. We maintain an equity incentive plan (the “ Vista Outdoor Inc. 2014 Stock Incentive Plan ” or the “Plan”), which became effective on February 10, 2015, following the Spin-Off from Orbital ATK. The Plan was established to govern the awards granted to our employees and directors and provides for awards of stock options, restricted stock and restricted stock units, performance awards, and total stockholder return performance awards ("TSR awards") that will be granted to certain of our employees and directors subsequent to the Spin-Off. We issue shares from the Plan upon the vesting of performance awards, TSR awards, and restricted stock units, grant of restricted stock, or exercise of stock options and the awards are accounted for as equity-based compensation. As of February 10, 2015, we are authorized to issue up to 5,750,000 common shares under the Plan, plus additional shares issuable pursuant to awards granted immediately prior to the Spin-Off in respect of equity-based awards of Orbital ATK granted under the Orbital ATK Stock Plans that were outstanding immediately prior to the Spin-Off and converted into awards subsequent to the Spin-Off. As of March 31, 2019 , 2,124,604 common shares are available to be granted. As of March 31, 2019 , there were 1,408,246 shares reserved for performance awards for key employees. Payouts for performance shares are based on achievement of certain performance goals, including sales, earnings before taxes, return on invested capital, or total shareholder return. Performance shares tied to the performance goals of sales, earnings before taxes, or return on invested capital are valued at the fair value of our stock as of the grant date and the related expense is recognized based on the number of shares expected to vest under the terms of the award. Performance shares tied to total shareholder return are valued using an integrated Monte Carlo simulation. Of these performance shares, • up to 702,020 shares may become payable only upon achievement of certain performance goals, including earnings before interest and taxes and total shareholder return targets, for the fiscal 2020 through fiscal 2022 period. • up to 193,072 shares may become payable only upon achievement of certain performance goals, including earnings before interest and taxes and total shareholder return targets, for the fiscal 2019 through fiscal 2021 period. • up to 374,520 shares may become payable only upon achievement of certain performance goals, including sales, return on invested capital, and total shareholder return targets, for the fiscal 2018 through fiscal 2020 period. • up to 138,634 shares may become payable only upon achievement of certain performance goals, including sales, return on invested capital, and total shareholder return targets, for the fiscal 2017 through fiscal 2019 period. There was no restricted stock granted to non-employee directors or certain key employees in fiscal 2019 , 2018 , and 2017 . Restricted stock units granted to certain key employees and non-employee directors totaled 584,154 shares in fiscal 2019 , 541,326 shares in fiscal 2018 , and 370,040 shares in fiscal 2017 . Restricted stock units vest over periods generally ranging from one to three years from the date of award and are valued at the market price of common stock as of the grant date. Stock options may be granted periodically, with an exercise price equal to the fair value of common stock on the date of grant, and generally vest from one to three years from the date of grant. Stock options are generally granted with ten -year terms. The fair value our stock options granted were estimated using the Black-Scholes option pricing model with the following assumptions: Year ended March 31, 2019 Year ended March 31, 2018 Year ended March 31, 2017 Risk-free rate 2.55% 2.77% 2.43% Expected volatility 42.21% 42.91% 43.69% Expected dividend yield —% —% —% Expected option life 7 years 7 years 7 years The weighted average fair value of stock options granted was $4.76 , $7.78 , and $9.89 during fiscal 2019 , 2018 , and 2017 , respectively. The following weighted average assumptions were used for grants: Total pre-tax stock-based compensation expense of $6,599 , $9,299 , and $12,648 was recognized during fiscal 2019 , 2018 , and 2017 , respectively. The total income tax benefit recognized in the consolidated statements of comprehensive income for share-based compensation was $28 , $2,132 , and $3,106 during fiscal 2019 , 2018 , and 2017 , respectively. A summary of our stock option activity is presented below: Shares Weighted Average Weighted Average Aggregate Intrinsic Outstanding at March 31, 2016 612,671 $ 26.42 7.4 $ 25.51 Granted 124,190 20.42 Exercised (4,892 ) 15.27 Outstanding at March 31, 2017 731,969 $ 22.01 7.0 $ 26.45 Granted 338,874 16.06 Exercised (299,580 ) 16.85 Forfeited/expired (224,306 ) 34.07 Outstanding at March 31, 2018 546,957 $ 20.88 8.5 $ 3.39 Granted 244,479 9.99 Forfeited/expired (86,964 ) 24.25 Outstanding at March 31, 2019 704,472 $ 16.68 8.2 $ — Options exercisable at: March 31, 2016 472,737 $ 20.56 6.8 $ 31.35 March 31, 2017 537,991 $ 23.58 6.1 $ 28.33 March 31, 2018 192,502 $ 29.00 5.8 $ 1.65 March 31, 2019 264,912 $ 23.26 6.1 $ — There were no options exercised during fiscal 2019 . The total intrinsic value of options exercised during fiscal 2018 and 2017 , was $1,673 and $170 , respectively. Total cash received from options exercised during fiscal 2018 and 2017 was, $4,824 and $75 , respectively. A summary of our performance share award, TSR award, and restricted stock activity is presented below. Shares Weighted Average Nonvested at March 31, 2016 748,770 $ 32.08 Granted 442,068 25.29 Canceled/forfeited (48,055 ) 56.34 Vested (94,023 ) 62.13 Nonvested at March 31, 2017 1,048,760 $ 25.41 Granted 226,038 18.28 Canceled/forfeited (115,462 ) 40.34 Vested (66,614 ) 57.87 Nonvested at March 31, 2018 1,092,722 $ 20.38 Granted 728,014 9.59 Canceled/forfeited (170,308 ) 42.64 Vested (43,790 ) 30.55 Nonvested at March 31, 2019 1,606,638 $ 12.85 Certain key employees received restricted stock unit grants during fiscal 2019 , 2018 , and 2017 , which will vest over the next one to three years. These restricted stock units will be settled with the issuance of shares upon vesting. A summary of our restricted stock unit award activity is presented below. Shares Weighted Average Nonvested at March 31, 2016 266,821 $ 30.40 Granted 370,040 24.39 Canceled/forfeited (29,635 ) 47.92 Vested (133,613 ) 78.64 Nonvested at March 31, 2017 473,613 $ 11.00 Granted 541,326 17.59 Canceled/forfeited (130,745 ) 26.96 Vested (199,473 ) 32.42 Nonvested at March 31, 2018 684,721 $ 6.92 Granted 584,154 11.41 Canceled/forfeited (75,523 ) 18.51 Vested (244,930 ) 14.72 Nonvested at March 31, 2019 948,422 $ 6.75 As of March 31, 2019 , the total unrecognized compensation cost related to nonvested stock-based compensation awards was $18,409 and is expected to be realized over a weighted average period of 2.5 years. Share Repurchases On February 25, 2015, our Board of Directors authorized a share repurchase program of up to $200,000 worth of shares of our common stock, executable over the next two years. We completed that program during fiscal 2017. On August 25, 2016, our Board of Directors authorized a new share repurchase program of up to $100,000 worth of shares of our common stock, executable through March 31, 2018. We completed that program during fiscal 2017. We had no repurchases of shares during fiscal 2019 and 2018 . During fiscal 2017 , we repurchased 3,876,434 shares for $151,071 under authorized share repurchase programs. |
Condensed Consolidating Financi
Condensed Consolidating Financial Statements | 12 Months Ended |
Mar. 31, 2019 | |
Condensed Financial Information Disclosure [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. |
Operating Segment Information
Operating Segment Information | 12 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Operating Segment Information | Operating Segment Information We operate our business structure within two operating segments, which are defined based on the reporting and review process used by the chief operating decision maker, our Chief Executive Officer. Our primary measure of segment profitability is gross profit. The presentation of the components of our gross profit in the tables below are consistent with the way our chief operating decision maker reviews the results of our operations and makes strategic decisions about our business. 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. It is impractical to report revenues from external customers by product category due to certain significant sales deductions including volume rebates and discounts that are not attributed to product categories. Each segment is described below: • Outdoor Products generated 48% of our external sales in fiscal 2019 . The Outdoor Products product lines are action sports, archery/hunting accessories, outdoor cooking, golf, hydration products, optics, shooting accessories, and tactical products. Action sports includes helmets, goggles, and accessories for cycling, snow sports, action sports and powersports. Archery/hunting accessories include high-performance hunting arrows, game calls, hunting blinds, game cameras, and waterfowl decoys. 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. • Shooting Sports generated 52% of our external sales in fiscal 2019 . Shooting Sports product lines include centerfire ammunition, rimfire ammunition, shotshell ammunition, reloading components, and firearms. Walmart accounted for approximately 14% , 13% , and 12% of our total fiscal 2019 , 2018 , and 2017 sales, respectively. No other single customer contributed more than 10% of our sales in fiscal 2019 , 2018 , and 2017 . Our sales to foreign customers were $426,594 , $535,170 , and $510,401 in fiscal 2019 , 2018 , and 2017 , respectively. During fiscal 2019 , approximately 36% of these sales were in Shooting Sports and 64% were in Outdoor Products. Sales to no individual country outside the United States accounted for more than 5% of our sales in fiscal 2019 , 2018 , and 2017 . The following summarizes our results by segment: Year ended March 31, 2019 Outdoor Products Shooting Sports Corporate Total External sales $ 990,006 $ 1,068,522 $ — $ 2,058,528 Gross Profit 237,966 177,785 (63 ) 415,688 Capital expenditures 17,487 20,766 5,713 43,966 Depreciation 23,446 23,258 6,425 53,129 Amortization of intangible assets 21,698 2,676 — 24,374 Year ended March 31, 2018 Outdoor Products Shooting Sports Corporate Total External sales $ 1,149,106 $ 1,159,357 $ — $ 2,308,463 Gross Profit 287,110 234,381 (529 ) 520,962 Capital expenditures 21,130 36,931 6,025 64,086 Depreciation 24,510 24,827 5,753 55,090 Amortization of intangible assets 27,712 6,957 — 34,669 Year ended March 31, 2017 Outdoor Products Shooting Sports Corporate Total External sales $ 1,170,634 $ 1,376,258 $ — $ 2,546,892 Gross profit 292,967 377,466 (1,247 ) 669,186 Capital expenditures 23,692 51,098 14,414 89,204 Depreciation 27,581 25,067 1,509 54,157 Amortization of intangible assets 32,666 6,956 — 39,622 The sales above exclude intercompany sales between Outdoor Products and Shooting Sports of $6,792 , $5,612 , and $5,576 for fiscal 2019 , 2018 , and 2017 , respectively. The capital expenditures above include amounts that were not paid as of March 31, 2019 . |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Mar. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (unaudited) Quarterly financial data is summarized as follows: Fiscal 2019 Quarter Ended July 1, September 30, December 30, March 31, Sales, net $ 528,836 $ 546,585 $ 467,771 $ 515,336 Gross profit 113,338 108,757 94,236 99,357 Net income (loss) (52,348 ) (32,818 ) (514,642 ) (48,635 ) Earnings (loss) per common share: Basic $ (0.91 ) $ (0.57 ) $ (8.94 ) $ (0.84 ) Diluted $ (0.91 ) $ (0.57 ) $ (8.94 ) $ (0.84 ) Fiscal 2018 Quarter Ended July 2, October 1, December 31, March 31, Sales, net $ 568,749 $ 587,283 $ 581,204 $ 571,227 Gross profit 146,558 138,977 126,105 109,322 Net income (loss) 16,652 (114,705 ) 53,743 (15,922 ) Earnings (loss) per common share: Basic $ 0.29 $ (2.01 ) $ 0.94 $ (0.28 ) Diluted $ 0.29 $ (2.01 ) $ 0.94 $ (0.28 ) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Combination | Principles of Consolidation. The consolidated financial statements include our net assets and results of operations as described above. All intercompany transactions and accounts within the businesses have been eliminated. |
Fiscal Year | Fiscal Year. References in this report to a particular fiscal year refer to the year ended March 31 of that calendar year. Our interim quarterly periods are based on 13 -week periods and end on Sundays. |
Use of Estimates | Use of Estimates. The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect amounts reported therein. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ from those estimates. |
Revenue Recognition | Revenue Recognition. 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. Sales taxes, firearms and ammunition excise tax and other similar taxes are excluded from revenue. Revenue recognition is discussed in further detail in Note 4 , Revenue Recognition . |
Cost of Sales | Cost of Sales. Cost of sales includes material, labor, and overhead costs associated with product manufacturing, including depreciation, amortization, purchasing and receiving, inspection, warehousing, product liability, warranty, and inbound and outbound shipping and handling costs. |
Research and Development Costs | Research and Development Costs. Research and development costs consist primarily of compensation and benefits and experimental work materials for our employees who are responsible for the development and enhancement of new and existing products. Research and development costs incurred to develop new products and to enhance existing products are charged to expense as incurred. |
Selling, General and Administrative Expenses | Selling, General, and Administrative Expense. Selling, general, and administrative expense includes, among other items, administrative salaries, benefits, commissions, advertising, insurance, and professional fees. |
Advertising Costs | Advertising Costs. Advertising and promotional costs including print ads, commercials, catalogs, and brochures are expensed in the period when the first advertisement is run. Our co-op program is structured so that certain customers are eligible for reimbursement for certain types of advertisements on qualifying product purchases and are accrued as purchases are made. |
Cash Equivalents | Cash Equivalents. Cash equivalents are all highly liquid cash investments purchased with original maturities of three months or less. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts. We maintain an allowance for doubtful receivables for estimated losses resulting from the inability of our trade customers to make required payments. We provide an allowance for specific customer accounts where collection is doubtful and also provide an allowance for customer deductions based on historical collection and write-off experience. Additional allowances would be required if the financial conditions of our customers deteriorated. |
Inventories | Inventories. Inventories are stated at the lower of cost, determined using the first-in, first-out ("FIFO") method, or net realizable value. Inventory costs associated with work in process inventory and finished goods include material, labor, and manufacturing overhead, while costs associated with raw materials and purchased finished goods include material and inbound freight costs. We provide inventory allowances for any excess and obsolete inventories and periodically write inventory amounts down to market when costs exceed market value. |
Warranty Costs | Warranty Costs. We provide consumer warranties against manufacturing defects on certain products within the Shooting Sports and Outdoor Products segments with warranty periods typically 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. Estimated future warranty costs are accrued at the time of sale based upon actual past experience, our current production environment as well as specific and identifiable warranties as applicable. |
Accounting for Goodwill and Identifiable Intangible Assets | Accounting for Goodwill and Identifiable Intangible Assets. Goodwill— We test goodwill for impairment on the first day of our fourth fiscal quarter or upon the occurrence of events or changes in circumstances that indicate that the asset might be impaired. We have determined that the reporting units on a standalone basis for our goodwill impairment review are our operating segments, or components of an operating segment, that constitute a business for which discrete financial information is available, and for which segment management regularly reviews the operating results. We then evaluate these components to determine if they are similar and should be aggregated into one reporting unit for testing purposes. Based on this analysis, we have identified five reporting units, as of the fiscal 2019 testing date. For our goodwill impairment tests, we determine the estimated fair value of each reporting unit and compare it to the carrying value of the reporting unit, including goodwill. If the carrying amount of a reporting unit is higher than its estimated fair value, an impairment loss must be recognized for the excess. The fair value of each reporting unit is determined using both an income and market approach. The value estimated using a discounted cash flow model is weighted equally against the estimated value derived from the guideline company market approach method. This market approach method estimates the price reasonably expected to be realized from the sale of the reporting unit based on comparable companies. In developing the discounted cash flow analysis, our assumptions about future revenues and expenses, capital expenditures, and changes in working capital are based on our plan, as reviewed by the Board of Directors, and assume a terminal growth rate thereafter. A separate discount rate is determined for each reporting unit and these cash flows are then discounted to determine the fair value of the reporting unit. In developing the discounted cash flow analysis, our assumptions require us to make significant estimates regarding future revenues and expenses, projected capital expenditures, changes in working capital, and the appropriate discount rate. The projections also take into account several factors including current and estimated economic trends and outlook, costs of raw materials and other factors that are beyond our control. If the current economic conditions were to deteriorate, or if we were to lose significant business, causing a reduction in estimated discounted cash flows, it is possible that the estimated fair value of certain reporting units or tradenames could fall below their carrying value resulting in the necessity to conduct additional impairment tests in future periods. We continually monitor the reporting units and tradenames for impairment indicators and update assumptions used in the most recent calculation of the estimated fair value of a reporting unit or tradenames as appropriate. Identifiable Intangible Assets— Our primary identifiable intangible assets include trademarks and tradenames, patented technology, and customer relationships. Identifiable intangible assets with finite lives are amortized and evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Identifiable intangibles with indefinite lives are not amortized and are tested for impairment annually on the first day of our fourth fiscal quarter, or more frequently if events warrant. Our identifiable intangibles with indefinite lives consist of certain trademarks and tradenames. The impairment test consists of a comparison of the estimated fair value of the specific intangible asset with its carrying value. The estimated fair value of these assets is measured using the relief-from-royalty method which assumes that the asset has value to the extent that the owner is relieved of the obligation to pay royalties for the benefits received from them. This method requires that we estimate the future revenue for the related brands and technology, the appropriate royalty rate, and the weighted average cost of capital. We base our fair values and estimates on assumptions we believe to be reasonable, but which are unpredictable and inherently uncertain. If the carrying amount of an asset is higher than its fair value, an impairment exists and the asset would be recorded at the estimated fair value. |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Assets and Liabilities Held for Sale. Assets and liabilities held for sale represent components and businesses that meet accounting requirements to be classified as held for sale and are presented as single asset and liability amounts in our consolidated balances sheets at the lower of cost or fair value, less costs to sell. We assess all businesses and assets held for sale each reporting period they remain classified as held for sale to determine whether the existing carrying amounts are fully recoverable in comparison to estimated fair values. |
Stock-Based Compensation | Stock-Based Compensation. Our stock-based compensation plans, which are described more fully in Note 17 , Stockholders' Equity , provide for the grant of various types of stock-based incentive awards, including performance awards, total stockholder return performance awards ("TSR awards"), restricted stock/restricted stock units, and options to purchase common stock. The types and mix of stock-based incentive awards are evaluated on an ongoing basis and may vary based on our overall strategy regarding compensation, including consideration of the impact of expensing stock awards on our results of operations. Performance awards are valued at the fair value of our stock as of the grant date and expense is recognized based on the number of shares expected to vest under the terms of the award under which they are granted. We use an integrated Monte Carlo simulation model to determine the fair value of the TSR awards and the calculated fair value is expensed over the vesting period. Restricted stock issued vests over periods ranging from one to four years and is valued based on the market value of our stock on the grant date. The estimated grant date fair value of stock options is expensed on a straight-line basis over the requisite service period, generally one to three years. The estimated fair value of each option is calculated using the Black-Scholes option-pricing model. See Note 17 , Stockholders' Equity , for further details. |
Income Taxes | Income Taxes. We account for income taxes under the asset and liability method in accordance with the accounting standard for income taxes. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities. Under this method, changes in tax rates and laws are recognized in income in the period such changes are enacted. We record net deferred tax assets to the extent that we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent results of operations. Significant estimates are required for this analysis. If we were to determine that the amount of deferred income tax assets we would be able to realize in the future had changed, we would make an adjustment to the valuation allowance which would decrease or increase the provision for income taxes. The provision for federal, foreign, and state and local income taxes is calculated on income before income taxes based on current tax law and includes the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. Such provision differs from the amounts currently payable because certain items of income and expense are recognized in different reporting periods for financial reporting purposes than for income tax purposes. We periodically assess our liabilities and contingencies for all periods that are currently open to examination or have not been effectively settled based on the most current available information. Where it is not more likely than not that our tax position will be sustained, we record the entire resulting tax liability and when it is more likely than not of being sustained, we record our best estimate of the resulting tax liability. To the extent our assessment of the tax outcome of these matters changes, such change in estimate will impact the income tax provision in the period of change. It is our policy to record interest and penalties related to income taxes as part of the income tax expense for financial reporting purposes. |
Worker's Compensation | Worker's Compensation. The liability for losses under our worker's compensation program has been actuarially determined. The balance for worker's compensation liability was $7,401 and $7,051 as of March 31, 2019 and 2018 , respectively. |
Translation of Foreign Currencies | Translation of Foreign Currencies. Assets and liabilities of foreign subsidiaries are translated at current exchange rates and the effects of these translation adjustments are reported as a component of accumulated other comprehensive loss ("AOCL") in stockholders' equity. Income and expenses in foreign currencies are translated at the average exchange rate during the period. Foreign exchange transaction gains and losses in fiscal 2019 , 2018 , and 2017 were not material. |
Comprehensive Loss | Comprehensive Loss. The components of AOCL, net of income taxes, are as follows: March 31 2019 2018 Derivatives $ 735 $ 1,904 Pension and other postretirement benefit liabilities (74,670 ) (66,656 ) Cumulative translation adjustment (9,032 ) (39,544 ) Total accumulated other comprehensive loss $ (82,967 ) $ (104,296 ) The following table summarizes the changes in the balance of AOCL, net of income tax: Year ended March 31, 2019 Year ended March 31, 2018 Pension and other Postretire-ment Benefits Derivatives Cumulative translation adjustment Total Pension and other Postretire-ment Benefits Derivatives Cumulative translation adjustment Total Beginning of year unrealized loss in AOCL $ (66,656 ) $ 1,904 $ (39,544 ) $ (104,296 ) $ (56,929 ) $ — $ (56,063 ) $ (112,992 ) Net (decrease) increase in fair value of derivatives — (1,169 ) — (1,169 ) — 1,734 — 1,734 Net actuarial losses reclassified from AOCL (1) 2,172 — — 2,172 2,661 — — 2,661 Prior service costs reclassified from AOCL (1) (238 ) — — (238 ) (432 ) — — (432 ) Valuation adjustment for pension and postretirement benefit plans (1) (9,948 ) — — (9,948 ) (47 ) — — (47 ) Reclassification due to U.S. Tax Reform — — — — (11,909 ) 170 — (11,739 ) Currency translation gains reclassified from AOCL (2) — — 37,542 37,542 — — — — Net change in cumulative translation adjustment — — (7,030 ) (7,030 ) — — 16,519 16,519 End of year unrealized loss in AOCL $ (74,670 ) $ 735 $ (9,032 ) $ (82,967 ) $ (66,656 ) $ 1,904 $ (39,544 ) $ (104,296 ) (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. See Note 14 , Employee Benefit Plans . (2) Amounts related to the foreign currency translation gains realized upon the divestiture of our Eyewear Brands in the second quarter of fiscal year 2019. |
Fair Value of Nonfinancial Instruments | Fair Value of Nonfinancial Instruments. The carrying amount of receivables, inventory, accounts payable and accrued liabilities approximates fair value because of the short maturity of these instruments. See Note 2 , Fair Value of Financial Instruments , for additional disclosure regarding fair value of financial instruments. |
New Accounting Pronouncements | Adoption of New Accounting Pronouncements. On May 28, 2014, the Financial Accounting Standards Board ("FASB") issued 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 new standard does not have a material impact on our consolidated financial statements, although it does expand the information we disclose related to our revenues from contracts with customers. See Note 4 , Revenue Recognition , for our enhanced disclosures about revenue in accordance with the new standard. 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. Recent Accounting Pronouncements. In August 2018, the FASB issued ASU 2018-14, “ Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans ” which amends ASC 715. This update includes adding, clarifying and removing various disclosure requirements related to defined benefit pension and other postretirement plans. This update is effective for fiscal years beginning after December 15, 2020, with earlier application permitted. The guidance in this update is applied on a retrospective basis to all periods presented. The adoption of this update is not expected to have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, " Leases " (Topic 842), which is intended to increase transparency and comparability among organizations by requiring the recognition of right-of-use (“ROU”) assets and lease liabilities on the balance sheet. In July 2018, the FASB issued additional guidance which provided an additional transition method for adopting the updated guidance. Under the additional transition method, entities may elect to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the year of adoption. We currently plan to adopt this standard using the modified retrospective approach. Most prominent among the changes in the standard is the requirement for lessees to recognize ROU assets and lease liabilities for those leases classified as operating leases under current U.S. GAAP. The standard requires additional disclosures to enable users of financial statements to assess the amount, timing, and certainty of cash flows arising from leases. We intend to elect certain of the available practical expedients upon adoption. We have implemented key processes and controls to enable the accurate assessment of leases and preparation of related financial information. We expect adoption of the standard will result in the recognition of ROU assets of approximately $81 million, the recognition of lease liabilities of approximately $89 million, and the elimination of deferred rent of approximately $8 million for operating leases as of April 1, 2019, with no impact to retained earnings. In August 2018, the FASB issued ASU 2018-13, “ Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement ” which amends ASC 820. This update includes adding, modifying and removing various disclosure requirements related to fair value measurements. This update is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with earlier application permitted. This update will be applied on a prospective basis for certain changes and retrospectively for other changes. The adoption of this update is not expected to have a material impact on our consolidated financial statements. There are no other new accounting pronouncements that are expected to have a significant impact on our consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of components of accumulated OCI, net of income taxes | Loss. The components of AOCL, net of income taxes, are as |
Schedule of Changes in Accumulated Other Comprehensive Loss | The components of AOCL, net of income taxes, are as follows: March 31 2019 2018 Derivatives $ 735 $ 1,904 Pension and other postretirement benefit liabilities (74,670 ) (66,656 ) Cumulative translation adjustment (9,032 ) (39,544 ) Total accumulated other comprehensive loss $ (82,967 ) $ (104,296 ) The following table summarizes the changes in the balance of AOCL, net of income tax: Year ended March 31, 2019 Year ended March 31, 2018 Pension and other Postretire-ment Benefits Derivatives Cumulative translation adjustment Total Pension and other Postretire-ment Benefits Derivatives Cumulative translation adjustment Total Beginning of year unrealized loss in AOCL $ (66,656 ) $ 1,904 $ (39,544 ) $ (104,296 ) $ (56,929 ) $ — $ (56,063 ) $ (112,992 ) Net (decrease) increase in fair value of derivatives — (1,169 ) — (1,169 ) — 1,734 — 1,734 Net actuarial losses reclassified from AOCL (1) 2,172 — — 2,172 2,661 — — 2,661 Prior service costs reclassified from AOCL (1) (238 ) — — (238 ) (432 ) — — (432 ) Valuation adjustment for pension and postretirement benefit plans (1) (9,948 ) — — (9,948 ) (47 ) — — (47 ) Reclassification due to U.S. Tax Reform — — — — (11,909 ) 170 — (11,739 ) Currency translation gains reclassified from AOCL (2) — — 37,542 37,542 — — — — Net change in cumulative translation adjustment — — (7,030 ) (7,030 ) — — 16,519 16,519 End of year unrealized loss in AOCL $ (74,670 ) $ 735 $ (9,032 ) $ (82,967 ) $ (66,656 ) $ 1,904 $ (39,544 ) $ (104,296 ) (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. See Note 14 , Employee Benefit Plans . (2) Amounts related to the foreign currency translation gains realized upon the divestiture of our Eyewear Brands in the second quarter of fiscal year 2019. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of carrying values and estimated fair values of assets and liabilities that are not measured on a recurring basis | The following table presents our financial assets and liabilities that are not measured at fair value on a recurring basis. The carrying values and estimated fair values were as follows: As of March 31, 2019 As of March 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Fixed rate debt $ 350,000 $ 326,375 $ 350,000 $ 328,248 Variable rate debt $ 364,509 $ 364,509 $ 576,000 $ 576,000 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables disaggregate our net sales by major category: Year ended March 31, 2019 Year ended March 31, 2018 Outdoor Products Shooting Sports Total Outdoor Products Shooting Sports Total Ammunition $ — $ 883,103 $ 883,103 $ — $ 977,261 $ 977,261 Firearms — 185,419 185,419 — 182,096 182,096 Hunting and Shooting Accessories 416,631 — 416,631 461,381 — 461,381 Action Sports 306,144 — 306,144 315,538 — 315,538 Outdoor Recreation 215,372 — 215,372 228,576 — 228,576 Eyewear 51,859 — 51,859 143,611 — 143,611 Total $ 990,006 $ 1,068,522 $ 2,058,528 $ 1,149,106 $ 1,159,357 $ 2,308,463 Geographic Region United States $ 713,608 $ 918,326 $ 1,631,934 $ 786,144 $ 987,149 $ 1,773,293 Rest of the World 276,398 150,196 426,594 362,962 172,208 535,170 Total $ 990,006 $ 1,068,522 $ 2,058,528 $ 1,149,106 $ 1,159,357 $ 2,308,463 |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | In computing EPS for the fiscal years presented, earnings, as reported for each respective period, is divided by the number of shares below (in thousands): Year Ended March 31 2019 2018 2017 Net income (loss) $ (648,443 ) $ (60,232 ) $ (274,454 ) Weighted-average number of common shares outstanding: Basic EPS shares outstanding 57,544 57,167 58,911 Dilutive effect of stock-based awards (1) — — — Diluted EPS shares outstanding 57,544 57,167 58,911 Earnings (loss) per common share: Basic $ (11.27 ) $ (1.05 ) $ (4.66 ) Diluted $ (11.27 ) $ (1.05 ) $ (4.66 ) (1) Due to the loss from continuing operations in fiscal 2019, 2018, and 2017, there are no common shares added to calculate dilutive EPS for those years because the effect would be antidilutive. |
Assets and Liabilities Held f_2
Assets and Liabilities Held for Sale (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table presents information related to the assets and liabilities of the business that were classified as held for sale at March 31, 2019 : (Amounts in thousands except share data) March 31, 2019 Assets Net receivables $ 51,329 Net inventories 36,097 Other current assets 627 Net property, plant, and equipment 36,735 Goodwill 121,564 Net intangible assets 79,810 Deferred charges and other non-current assets 1,683 Total assets held for sale $ 327,845 Liabilities Accounts payable $ 14,831 Accrued compensation 1,845 Accrued income taxes 306 Federal excise tax 4,563 Deferred income tax liabilities 21,402 Other accrued liabilities 3,083 Total liabilities held for sale 46,030 Total net assets held for sale $ 281,815 Total net assets held for sale $ 281,815 Currency translation adjustment attributable to firearms business 3,423 Total net assets including currency translation adjustment 285,238 Estimated fair value less costs to sell (165,000 ) Impairment of held-for-sale assets $ 120,238 Total assets held for sale $ 327,845 Impairment of held-for-sale goodwill and assets (120,238 ) Adjusted assets held for sale $ 207,607 |
Divestitures and Acquisitions (
Divestitures and Acquisitions (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions | Allocation of Consideration Transferred to Net Assets Acquired for Action Sports: The following amounts represent the final determination of the fair value of identifiable assets acquired and liabilities assumed for the Action Sports acquisition. Action Sports Final Purchase Price Allocation: April 1, 2016 Purchase price net of cash acquired: Cash paid $ 400,000 Estimated earnout value 4,272 Cash received for working capital (1,289 ) Total purchase price 402,983 Fair value of assets acquired: Receivables $ 78,090 Inventories 56,527 Tradename, customer relationship, and technology intangibles 155,100 Property, plant, and equipment 34,114 Other assets 6,425 Total assets 330,256 Fair value of liabilities assumed: Accounts payable 30,240 Deferred tax liabilities 43,991 Other liabilities 33,168 Total liabilities 107,399 Net assets acquired 222,857 Goodwill $ 180,126 |
Schedule of Intangible Assets Acquired | Intangible assets above include: Value Useful life (years) Action Sports Indefinite lived tradenames $ 76,700 Indefinite Definite lived tradenames 1,400 15 Customer relationships 74,700 15-20 Technology 2,300 10 |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Accounts and Other Receivables | Net receivables are summarized as follows: March 31 2019 2018 Trade receivables $ 356,035 $ 453,939 Other receivables 7,106 4,017 Less: allowance for doubtful accounts (18,892 ) (36,193 ) Net receivables $ 344,249 $ 421,763 |
Schedule of Reconciliation of Changes in Allowance for Doubtful Accounts | The following is a reconciliation of the changes in our allowance for doubtful accounts, discounts, and returns during fiscal 2018 and 2019 : Balance at March 31, 2017 $ 24,654 Expense 19,030 Write-offs (4,886 ) Reversals, discounts, and other adjustments (2,605 ) Balance at March 31, 2018 36,193 Expense 7,842 Write-offs (14,784 ) Reversals, discounts, and other adjustments (10,359 ) Balance at March 31, 2019 $ 18,892 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of classification of inventories | Net inventories consist of the following: March 31 2019 2018 Raw materials $ 65,240 $ 88,588 Work in process 32,213 40,812 Finished goods 247,038 252,878 Net inventories $ 344,491 $ 382,278 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant and equipment | Property, plant, and equipment consists of the following: March 31 2019 2018 Land $ 6,618 $ 9,440 Buildings and improvements 63,987 81,732 Machinery and equipment 401,045 402,815 Property not yet in service 34,344 67,471 Gross property, plant, and equipment 505,994 561,458 Less: accumulated depreciation (290,402 ) (284,251 ) Net property, plant, and equipment $ 215,592 $ 277,207 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of carrying amount of goodwill by operating segment | The changes in the carrying amount of goodwill by segment were as follows: Shooting Sports Outdoor Products Total Balance at March 31, 2017 $ 204,735 $ 652,896 $ 857,631 Impairment — (143,400 ) (143,400 ) Effect of foreign currency exchange rates 174 7,325 7,499 Held for sale — (64,194 ) (64,194 ) Balance at March 31, 2018 204,909 452,627 657,536 Impairment — (327,772 ) (327,772 ) Effect of foreign currency exchange rates (279 ) — (279 ) Held for sale (121,463 ) — (121,463 ) Divestitures — (3,526 ) (3,526 ) Balance at March 31, 2019 $ 83,167 $ 121,329 $ 204,496 |
Schedule of amortizing assets | Net intangibles consisted of the following: March 31, 2019 March 31, 2018 Gross Accumulated Total Gross Accumulated Total Trade names $ 48,360 $ (10,694 ) $ 37,666 $ 62,657 $ (11,993 ) $ 50,664 Patented technology 16,684 (9,604 ) 7,080 16,466 (8,157 ) 8,309 Customer relationships and other 238,595 (68,185 ) 170,410 318,476 (91,093 ) 227,383 Total 303,639 (88,483 ) 215,156 397,599 (111,243 ) 286,356 Non-amortizing trade names 145,364 — 145,364 305,923 — 305,923 Net intangible assets $ 449,003 $ (88,483 ) $ 360,520 $ 703,522 $ (111,243 ) $ 592,279 |
Schedule of expected future amortization expense | We expect amortization expense related to these assets to be as follows: Fiscal 2020 $ 19,911 Fiscal 2021 19,886 Fiscal 2022 19,831 Fiscal 2023 19,715 Fiscal 2024 19,663 Thereafter 116,150 Total $ 215,156 |
Other Current and Non-current_2
Other Current and Non-current Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of major categories of other current and long-term accrued liabilities | The major categories of other current and non-current accrued liabilities are as follows: March 31 2019 2018 Rebates $ 13,911 $ 14,827 Accrual for in-transit inventory 11,275 29,200 Other 71,989 53,420 Total other accrued liabilities—current $ 97,175 $ 97,447 Non-current portion of accrued income tax liability $ 34,118 $ 34,716 Other 29,158 29,619 Total other long-term liabilities $ 63,276 $ 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 at March 31, 2017 $ 10,014 Payments made (4,757 ) Warranties issued 4,974 Warranties assumed in acquisition 16 Changes related to preexisting warranties — Balance at March 31, 2018 10,247 Payments made (3,462 ) Warranties issued 3,962 Other adjustments (2,373 ) Changes related to preexisting warranties (230 ) Balance at March 31, 2019 $ 8,144 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt, including the current portion | Long-term debt, including the current portion, consisted of the following: March 31, 2019 March 31, 2018 2018 Credit Agreements: Revolving Credit Facility $ 220,000 $ — Term Loan 104,509 — 2016 Credit Agreement: Term Loan — 576,000 Total principal amount of Credit Agreements 324,509 576,000 Junior Term Loan 40,000 — 5.875% Senior Notes 350,000 350,000 Principal amount of long-term debt 714,509 926,000 Less: unamortized deferred financing costs (10,504 ) (10,601 ) Carrying amount of long-term debt 704,005 915,399 Less: current portion (19,335 ) (32,000 ) Carrying amount of long-term debt, excluding current portion $ 684,670 $ 883,399 |
Schedule of Interest Rate Derivatives | As of March 31, 2019 , 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 $ 244 1.52% 2.50% June 2019 Non-amortizing swap 100,000 900 1.63% 2.50% June 2020 |
Schedule of minimum payments on outstanding long-term debt | The scheduled minimum payments on outstanding long-term debt were as follows as of March 31, 2019 : Fiscal 2020 $ 19,335 Fiscal 2021 19,335 Fiscal 2022 19,335 Fiscal 2023 19,335 Fiscal 2024 637,169 Thereafter — Total $ 714,509 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of expected future benefit payments | The following benefit payments, which reflect expected future service, are expected to be paid in the years ending March 31. The pension benefits will be paid primarily out of the pension trust. Pension Benefits 2020 $ 12,926 2021 12,701 2022 12,794 2023 13,048 2024 12,990 2025 through 2029 65,459 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of income before income taxes and noncontrolling interest | Income (loss) before income taxes is as follows: Years Ended March 31 2019 2018 2017 Current: U.S. $ (686,188 ) $ (102,153 ) $ (265,825 ) Non-U.S. 11,916 (31,636 ) 15,131 Income (loss) before income taxes $ (674,272 ) $ (133,789 ) $ (250,694 ) |
Schedule of income tax provision | Our income tax provision (benefit) consists of: Years Ended March 31 2019 2018 2017 Current: Federal $ (6,208 ) $ (1,599 ) $ 34,811 State (1,738 ) 204 5,724 Non-U.S. 5,144 6,685 5,769 Deferred: Federal (27,045 ) (76,300 ) (20,214 ) State 4,176 (3,024 ) (1,622 ) Non-U.S. (158 ) 477 (708 ) Income tax provision (benefit) $ (25,829 ) $ (73,557 ) $ 23,760 |
Schedule of items responsible for the differences between the federal statutory rate and ATK's effective rate | The items responsible for the differences between the federal statutory rate and our effective rate are as follows: Years Ended March 31 2019 2018 2017 Statutory federal income tax rate 21.0 % 31.6 % 35.0 % State income taxes, net of federal impact 1.0 % 1.2 % (1.2 )% Domestic manufacturing deduction — % 1.2 % 1.4 % Nondeductible goodwill impairment (12.1 )% (21.1 )% (49.3 )% Nondeductible loss on divestiture (1.6 )% — % — % Acquisition claim settlement gain — % — % 4.2 % Pre-acquisition tax attributes — % 4.1 % — % Impact of law changes — % 33.9 % — % Valuation allowance (4.9 )% (0.4 )% — % Other 0.4 % 4.5 % 0.4 % Income tax provision (benefit) 3.8 % 55.0 % (9.5 )% |
Schedule of components of deferred tax assets and liabilities | As of March 31, 2019 and 2018 , the components of deferred tax assets and liabilities were as follows: March 31 2019 2018 Deferred Tax Assets: Inventories $ 12,110 $ 14,536 Retirement benefits 11,003 10,119 Accounts receivable 7,829 8,444 Accruals for employee benefits 4,211 6,156 Other reserves 4,767 5,378 Loss and credit carryforwards 17,081 11,055 Nondeductible interest 15,880 — Other 4,188 1,378 Total deferred tax assets 77,069 57,066 Valuation allowance (35,903 ) (3,102 ) Total net deferred assets 41,166 53,964 Deferred tax liabilities: Intangible assets (55,871 ) (117,542 ) Property, plant, and equipment (24,454 ) (21,108 ) Total deferred tax liabilities (80,325 ) (138,650 ) Net deferred income tax liability before amounts attributable to assets and liabilities held for sale (39,159 ) (84,686 ) Less: deferred tax liability attributable to assets and liabilities held for sale 21,402 18,490 Net deferred income tax liability $ (17,757 ) $ (66,196 ) |
Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties | A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows: Year ended March 31, 2019 Year ended March 31, 2018 Year ended March 31, 2017 Unrecognized Tax Benefits—beginning of period $ 32,734 $ 27,151 $ 30,643 Gross increases—tax positions in prior periods — 1,188 — Gross decreases—tax positions in prior periods (2,499 ) (332 ) (2,186 ) Gross increases—current-period tax positions 74 9,247 1,726 Gross decreases—current-period tax positions — (2,873 ) — Settlements — (332 ) (2,172 ) Lapse of statute of limitations (3,057 ) (1,315 ) (860 ) Unrecognized Tax Benefits—end of period $ 27,252 $ 32,734 $ 27,151 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Operating Lease Payments | The following table summarizes the operating lease payments expected to be paid in each of the following fiscal years: 2020 $ 18,949 2021 15,171 2022 12,214 2023 10,961 2024 9,517 Thereafter 58,645 Total $ 125,457 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value our stock options granted were estimated using the Black-Scholes option pricing model with the following assumptions: Year ended March 31, 2019 Year ended March 31, 2018 Year ended March 31, 2017 Risk-free rate 2.55% 2.77% 2.43% Expected volatility 42.21% 42.91% 43.69% Expected dividend yield —% —% —% Expected option life 7 years 7 years 7 years |
Schedule of stock option activity | A summary of our stock option activity is presented below: Shares Weighted Average Weighted Average Aggregate Intrinsic Outstanding at March 31, 2016 612,671 $ 26.42 7.4 $ 25.51 Granted 124,190 20.42 Exercised (4,892 ) 15.27 Outstanding at March 31, 2017 731,969 $ 22.01 7.0 $ 26.45 Granted 338,874 16.06 Exercised (299,580 ) 16.85 Forfeited/expired (224,306 ) 34.07 Outstanding at March 31, 2018 546,957 $ 20.88 8.5 $ 3.39 Granted 244,479 9.99 Forfeited/expired (86,964 ) 24.25 Outstanding at March 31, 2019 704,472 $ 16.68 8.2 $ — Options exercisable at: March 31, 2016 472,737 $ 20.56 6.8 $ 31.35 March 31, 2017 537,991 $ 23.58 6.1 $ 28.33 March 31, 2018 192,502 $ 29.00 5.8 $ 1.65 March 31, 2019 264,912 $ 23.26 6.1 $ — |
Schedule of performance share award, TSR award, and restricted stock award activity | These restricted stock units will be settled with the issuance of shares upon vesting. A summary of our restricted stock unit award activity is presented below. Shares Weighted Average Nonvested at March 31, 2016 266,821 $ 30.40 Granted 370,040 24.39 Canceled/forfeited (29,635 ) 47.92 Vested (133,613 ) 78.64 Nonvested at March 31, 2017 473,613 $ 11.00 Granted 541,326 17.59 Canceled/forfeited (130,745 ) 26.96 Vested (199,473 ) 32.42 Nonvested at March 31, 2018 684,721 $ 6.92 Granted 584,154 11.41 Canceled/forfeited (75,523 ) 18.51 Vested (244,930 ) 14.72 Nonvested at March 31, 2019 948,422 $ 6.75 A summary of our performance share award, TSR award, and restricted stock activity is presented below. Shares Weighted Average Nonvested at March 31, 2016 748,770 $ 32.08 Granted 442,068 25.29 Canceled/forfeited (48,055 ) 56.34 Vested (94,023 ) 62.13 Nonvested at March 31, 2017 1,048,760 $ 25.41 Granted 226,038 18.28 Canceled/forfeited (115,462 ) 40.34 Vested (66,614 ) 57.87 Nonvested at March 31, 2018 1,092,722 $ 20.38 Granted 728,014 9.59 Canceled/forfeited (170,308 ) 42.64 Vested (43,790 ) 30.55 Nonvested at March 31, 2019 1,606,638 $ 12.85 |
Operating Segment Information (
Operating Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Revenue by Major Customers by Reporting Segments | The following summarizes our results by segment: Year ended March 31, 2019 Outdoor Products Shooting Sports Corporate Total External sales $ 990,006 $ 1,068,522 $ — $ 2,058,528 Gross Profit 237,966 177,785 (63 ) 415,688 Capital expenditures 17,487 20,766 5,713 43,966 Depreciation 23,446 23,258 6,425 53,129 Amortization of intangible assets 21,698 2,676 — 24,374 Year ended March 31, 2018 Outdoor Products Shooting Sports Corporate Total External sales $ 1,149,106 $ 1,159,357 $ — $ 2,308,463 Gross Profit 287,110 234,381 (529 ) 520,962 Capital expenditures 21,130 36,931 6,025 64,086 Depreciation 24,510 24,827 5,753 55,090 Amortization of intangible assets 27,712 6,957 — 34,669 Year ended March 31, 2017 Outdoor Products Shooting Sports Corporate Total External sales $ 1,170,634 $ 1,376,258 $ — $ 2,546,892 Gross profit 292,967 377,466 (1,247 ) 669,186 Capital expenditures 23,692 51,098 14,414 89,204 Depreciation 27,581 25,067 1,509 54,157 Amortization of intangible assets 32,666 6,956 — 39,622 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly financial data | Quarterly financial data is summarized as follows: Fiscal 2019 Quarter Ended July 1, September 30, December 30, March 31, Sales, net $ 528,836 $ 546,585 $ 467,771 $ 515,336 Gross profit 113,338 108,757 94,236 99,357 Net income (loss) (52,348 ) (32,818 ) (514,642 ) (48,635 ) Earnings (loss) per common share: Basic $ (0.91 ) $ (0.57 ) $ (8.94 ) $ (0.84 ) Diluted $ (0.91 ) $ (0.57 ) $ (8.94 ) $ (0.84 ) Fiscal 2018 Quarter Ended July 2, October 1, December 31, March 31, Sales, net $ 568,749 $ 587,283 $ 581,204 $ 571,227 Gross profit 146,558 138,977 126,105 109,322 Net income (loss) 16,652 (114,705 ) 53,743 (15,922 ) Earnings (loss) per common share: Basic $ 0.29 $ (2.01 ) $ 0.94 $ (0.28 ) Diluted $ 0.29 $ (2.01 ) $ 0.94 $ (0.28 ) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019USD ($)segmentstate | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | |
Accounting Policies [Abstract] | |||
Number of operating segments | segment | 2 | ||
Number of states in which entity operates | state | 18 | ||
Number of weeks in an interim quarterly period | 13 | ||
Advertising expense | $ 66,436 | $ 69,636 | $ 72,324 |
Maximum term of original maturity to classify investments as cash equivalents (in months) | 3 months | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Workers' compensation liability | $ 7,401 | 7,051 | |
Reclassification due to U.S. Tax Reform | $ 0 | ||
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Product warranty term | P1Y | ||
Minimum | Restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Minimum | Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Maximum | Restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Maximum | Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Components of AOCL) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Accounting Policies [Abstract] | ||
Derivatives | $ 735 | $ 1,904 |
Pension and other postretirement benefit liabilities | (74,670) | (66,656) |
Cumulative translation adjustment | (9,032) | (39,544) |
Total accumulated other comprehensive loss | $ (82,967) | $ (104,296) |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Changes to AOCL) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Derivatives, beginning period | $ 1,904 | ||
Pension and other Postretirement Benefits, beginning period | 66,656 | ||
Cumulative translation adjustment, beginning period | (39,544) | ||
Accumulated other comprehensive loss, beginning period | (104,296) | ||
Net acturarial losses reclassified from AOCL | 2,172 | $ 2,661 | $ 4,944 |
Prior service costs reclassified from AOCL | (238) | (432) | (1,096) |
Reclassification due to U.S. Tax Reform | 0 | ||
Net change in cumulative translation adjustment | (7,030) | 16,519 | (9,516) |
Pension and other Postretirement Benefits, end of period | 74,670 | 66,656 | |
Derivatives, end of period | 735 | 1,904 | |
Cumulative translation adjustment, end of period | (9,032) | (39,544) | |
Accumulated other comprehensive loss, end of period | (82,967) | (104,296) | |
Pension and other Postretire-ment Benefits | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Pension and other Postretirement Benefits, beginning period | (66,656) | (56,929) | |
Net (decrease) increase in fair value of derivatives | 0 | 0 | |
Net acturarial losses reclassified from AOCL | 2,172 | 2,661 | |
Prior service costs reclassified from AOCL | (238) | (432) | |
Valuation adjustment for pension and postretirement benefit plans | (9,948) | (47) | |
Reclassification due to U.S. Tax Reform | 0 | (11,909) | |
Currency translation gains reclassified from AOCL | 0 | 0 | |
Net change in cumulative translation adjustment | 0 | 0 | |
Pension and other Postretirement Benefits, end of period | (74,670) | (66,656) | (56,929) |
Derivatives | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Derivatives, beginning period | 1,904 | 0 | |
Net (decrease) increase in fair value of derivatives | (1,169) | 1,734 | |
Net acturarial losses reclassified from AOCL | 0 | 0 | |
Prior service costs reclassified from AOCL | 0 | 0 | |
Valuation adjustment for pension and postretirement benefit plans | 0 | 0 | |
Reclassification due to U.S. Tax Reform | 0 | 170 | |
Currency translation gains reclassified from AOCL | 0 | 0 | |
Net change in cumulative translation adjustment | 0 | 0 | |
Derivatives, end of period | 735 | 1,904 | 0 |
Cumulative translation adjustment | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Cumulative translation adjustment, beginning period | (39,544) | (56,063) | |
Net (decrease) increase in fair value of derivatives | 0 | 0 | |
Net acturarial losses reclassified from AOCL | 0 | 0 | |
Prior service costs reclassified from AOCL | 0 | 0 | |
Valuation adjustment for pension and postretirement benefit plans | 0 | 0 | |
Reclassification due to U.S. Tax Reform | 0 | 0 | |
Currency translation gains reclassified from AOCL | 37,542 | 0 | |
Net change in cumulative translation adjustment | (7,030) | 16,519 | |
Cumulative translation adjustment, end of period | (9,032) | (39,544) | (56,063) |
AOCI Attributable to Parent | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Accumulated other comprehensive loss, beginning period | (104,296) | (112,992) | |
Net (decrease) increase in fair value of derivatives | (1,169) | 1,734 | |
Net acturarial losses reclassified from AOCL | (2,172) | (2,661) | |
Prior service costs reclassified from AOCL | (238) | (432) | |
Valuation adjustment for pension and postretirement benefit plans | (9,948) | (47) | |
Reclassification due to U.S. Tax Reform | 0 | (11,739) | |
Currency translation gains reclassified from AOCL | (37,542) | 0 | |
Net change in cumulative translation adjustment | (7,030) | 16,519 | |
Accumulated other comprehensive loss, end of period | $ (82,967) | $ (104,296) | $ (112,992) |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Fair Value of Financial Instruments) (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Carrying Amount | ||
Assets and liabilities that are not measured on a recurring basis | ||
Fixed rate debt | $ 350,000 | $ 350,000 |
Variable rate debt | 364,509 | 576,000 |
Fair Value | ||
Assets and liabilities that are not measured on a recurring basis | ||
Fixed rate debt | 326,375 | 328,248 |
Variable rate debt | $ 364,509 | $ 576,000 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Narrative) (Details) $ in Thousands | Sep. 01, 2016USD ($) | Dec. 30, 2018USD ($) | Mar. 31, 2018derivative |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business combination, contingent consideration, liability, measurement Period | 3 years | ||
Number of foreign currency derivatives held | derivative | 0 | ||
Recognized loss on sublease execution agreement | $ 2,340 | ||
Impairment of long-lived assets held-for-use | 5,317 | ||
Camp Chef | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration, liability | $ 10,000 | ||
Change in amount of contingent consideration, liability | $ 3,371 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Details) lb in Millions | 12 Months Ended |
Mar. 31, 2019lb | |
Lead Forward Contract | |
Derivative [Line Items] | |
Derivative, nonmonetary notional amount, mass | 8 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Sales, net | $ 515,336 | $ 467,771 | $ 546,585 | $ 528,836 | $ 571,227 | $ 581,204 | $ 587,283 | $ 568,749 | $ 2,058,528 | $ 2,308,463 | $ 2,546,892 |
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 | ||||||||||
United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales, net | $ 1,631,934 | 1,773,293 | |||||||||
Rest of the World | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales, net | 426,594 | 535,170 | |||||||||
Ammunition | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales, net | 883,103 | 977,261 | |||||||||
Firearms | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales, net | 185,419 | 182,096 | |||||||||
Hunting and Shooting Accessories | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales, net | 416,631 | 461,381 | |||||||||
Action Sports | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales, net | 306,144 | 315,538 | |||||||||
Outdoor Recreation | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales, net | 215,372 | 228,576 | |||||||||
Eyewear | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales, net | 51,859 | 143,611 | |||||||||
Outdoor Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales, net | 990,006 | 1,149,106 | 1,170,634 | ||||||||
Outdoor Products | United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales, net | 713,608 | 786,144 | |||||||||
Outdoor Products | Rest of the World | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales, net | 276,398 | 362,962 | |||||||||
Outdoor Products | Hunting and Shooting Accessories | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales, net | 416,631 | 461,381 | |||||||||
Outdoor Products | Action Sports | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales, net | 306,144 | 315,538 | |||||||||
Outdoor Products | Outdoor Recreation | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales, net | 215,372 | 228,576 | |||||||||
Outdoor Products | Eyewear | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales, net | 51,859 | 143,611 | |||||||||
Shooting Sports | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales, net | 1,068,522 | 1,159,357 | $ 1,376,258 | ||||||||
Shooting Sports | United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales, net | 918,326 | 987,149 | |||||||||
Shooting Sports | Rest of the World | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales, net | 150,196 | 172,208 | |||||||||
Shooting Sports | Ammunition | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales, net | 883,103 | 977,261 | |||||||||
Shooting Sports | Firearms | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales, net | $ 185,419 | $ 182,096 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net income (loss) | $ (48,635) | $ (514,642) | $ (32,818) | $ (52,348) | $ (15,922) | $ 53,743 | $ (114,705) | $ 16,652 | $ (648,443) | $ (60,232) | $ (274,454) |
Weighted-average number of common shares outstanding: | |||||||||||
Basic EPS shares outstanding (in shares) | 57,544 | 57,167 | 58,911 | ||||||||
Dilutive effect of stock-based awards (in shares) | 0 | 0 | 0 | ||||||||
Diluted EPS shares outstanding (in shares) | 57,544 | 57,167 | 58,911 | ||||||||
Earnings (loss) per common share: | |||||||||||
Basic (in shares) | $ (0.84) | $ (8.94) | $ (0.57) | $ (0.91) | $ (0.28) | $ 0.94 | $ (2.01) | $ 0.29 | $ (11.27) | $ (1.05) | $ (4.66) |
Diluted (in shares) | $ (0.84) | $ (8.94) | $ (0.57) | $ (0.91) | $ (0.28) | $ 0.94 | $ (2.01) | $ 0.29 | $ (11.27) | $ (1.05) | $ (4.66) |
Assets and Liabilities Held f_3
Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment of held-for-sale assets | $ 84,555 | $ 0 | $ 0 | |
Goodwill impairment loss | 327,772 | 143,400 | ||
Assets | ||||
Total assets held for sale | 207,607 | 200,440 | ||
Liabilities | ||||
Deferred income tax liabilities | 21,402 | 18,490 | ||
Total liabilities held for sale | 46,030 | 42,177 | ||
Firearm Business | Disposal Group, Held-for-sale, Not Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gross proceeds from divestiture of business | 170,000 | |||
Impairment of held-for-sale assets | 120,238 | |||
Goodwill impairment loss | $ 80,604 | |||
Earnings before taxes for disposal group held for sale | 22,760 | 13,563 | 37,506 | |
Depreciation and amortization for disposal group included in earnings before taxes | 7,639 | $ 14,243 | $ 13,722 | |
Assets | ||||
Net receivables | 51,329 | |||
Net inventories | 36,097 | |||
Other current assets | 627 | |||
Net property, plant, and equipment | 36,735 | |||
Goodwill | 121,564 | |||
Net intangible assets | 79,810 | |||
Deferred charges and other non-current assets | 1,683 | |||
Total assets held for sale | 327,845 | |||
Liabilities | ||||
Accounts payable | 14,831 | |||
Accrued compensation | 1,845 | |||
Accrued income taxes | 306 | |||
Federal excise tax | 4,563 | |||
Deferred income tax liabilities | 21,402 | |||
Other accrued liabilities | 3,083 | |||
Total liabilities held for sale | 46,030 | |||
Total net assets held for sale | 281,815 | |||
Currency translation adjustment attributable to firearms business | 3,423 | |||
Total net assets including currency translation adjustment | 285,238 | |||
Estimated fair value less costs to sell | (165,000) | |||
Adjusted assets held for sale | $ 207,607 |
Divestitures and Acquisitions_2
Divestitures and Acquisitions (Narrative) (Details) $ in Thousands | Aug. 31, 2018USD ($) | Sep. 01, 2016USD ($) | Apr. 01, 2016USD ($) | Dec. 30, 2018USD ($) | Mar. 31, 2019USD ($)Entity | Mar. 31, 2018USD ($)Entity | Mar. 31, 2017USD ($) |
Business Acquisition [Line Items] | |||||||
Gain (loss) on disposition of business | $ (4,925) | $ 0 | $ 0 | ||||
Impairment of held-for-sale assets | $ 84,555 | 0 | 0 | ||||
Sales of prior year acquirees since acquisition date | 32,752 | 121,285 | |||||
Gross profit of prior year acquirees since acquisition date | $ 9,948 | 47,929 | |||||
Number of businesses acquired | Entity | 0 | 0 | |||||
Action Sports | |||||||
Business Acquisition [Line Items] | |||||||
Cash paid | $ 400,000 | ||||||
Liabilities incurred in business combination | $ 4,272 | ||||||
Camp Chef | |||||||
Business Acquisition [Line Items] | |||||||
Cash paid | $ 60,000 | ||||||
Consideration transferred, deferred | 4,000 | ||||||
Contingent consideration, liability | $ 10,000 | ||||||
Change in amount of contingent and deferred consideration, liability | $ 3,371 | ||||||
Eyewear Brands | |||||||
Business Acquisition [Line Items] | |||||||
Proceeds from the sale of Eyewear Brands | $ 158,000 | ||||||
Gain (loss) on disposition of business | $ (4,925) | ||||||
Impairment of held-for-sale assets | $ 44,921 | ||||||
Income (loss), before tax | $ 6,180 | $ 11,375 | $ 4,298 |
Divestitures and Acquisitions_3
Divestitures and Acquisitions (Action Sports Purchase Price Allocation) (Details) - USD ($) $ in Thousands | Apr. 01, 2016 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
Fair value of liabilities assumed: | ||||
Goodwill | $ 204,496 | $ 657,536 | $ 857,631 | |
Action Sports | ||||
Purchase price net of cash acquired: | ||||
Cash paid | $ 400,000 | |||
Estimated earnout value | 4,272 | |||
Cash received for working capital | (1,289) | |||
Total purchase price | 402,983 | |||
Fair value of assets acquired: | ||||
Receivables | 78,090 | |||
Net inventories | 56,527 | |||
Tradename, technology, and customer relationship intangibles | 155,100 | |||
Property, plant, and equipment | 34,114 | |||
Other assets | 6,425 | |||
Total assets | 330,256 | |||
Fair value of liabilities assumed: | ||||
Accounts payable | 30,240 | |||
Deferred tax liabilities | 43,991 | |||
Other liabilities | 33,168 | |||
Total liabilities | 107,399 | |||
Net assets acquired | 222,857 | |||
Goodwill | $ 180,126 |
Divestitures and Acquisitions_4
Divestitures and Acquisitions (Action Sports Intangible Assets Acquired) (Details) - Action Sports $ in Thousands | Apr. 01, 2016USD ($) |
Trade names | |
Business Acquisition [Line Items] | |
Indefinite lived tradenames | $ 76,700 |
Definite lived tradenames | 1,400 |
Customer Relationships | |
Business Acquisition [Line Items] | |
Finite-lived intangibles | 74,700 |
Technology-Based Intangible Assets | |
Business Acquisition [Line Items] | |
Finite-lived intangibles | $ 2,300 |
Divestitures and Acquisitions_5
Divestitures and Acquisitions (Action Sports Intangible Assets Acquired Useful Life) (Details) - Action Sports | 12 Months Ended |
Mar. 31, 2019 | |
Trade names | |
Business Acquisition [Line Items] | |
Finite-lived intangible asset, useful life | 15 years |
Technology-Based Intangible Assets | |
Business Acquisition [Line Items] | |
Finite-lived intangible asset, useful life | 10 years |
Minimum | Customer Relationships | |
Business Acquisition [Line Items] | |
Finite-lived intangible asset, useful life | 15 years |
Maximum | Customer Relationships | |
Business Acquisition [Line Items] | |
Finite-lived intangible asset, useful life | 20 years |
Receivables (Components of Rece
Receivables (Components of Receivables) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Receivables [Abstract] | ||
Trade receivables | $ 356,035 | $ 453,939 |
Other receivables | 7,106 | 4,017 |
Less: allowance for doubtful accounts | (18,892) | (36,193) |
Net receivables | $ 344,249 | $ 421,763 |
Receivables (Reconciliation of
Receivables (Reconciliation of Allowance for Doubtful Accounts) (Details) - Allowance for doubtful accounts - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Reconciliation of the changes in ATK's allowance for doubtful accounts | ||
Balance at the beginning of the year | $ 36,193 | $ 24,654 |
Expense | 7,842 | 19,030 |
Write-offs | (14,784) | (4,886) |
Reversals, discounts, and other adjustments | (10,359) | (2,605) |
Balance at the end of the year | $ 18,892 | $ 36,193 |
Receivables (Narrative) (Detail
Receivables (Narrative) (Details) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Walmart | Accounts Receivable | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 14.00% | 14.00% |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 65,240 | $ 88,588 |
Work in process | 32,213 | 40,812 |
Finished goods | 247,038 | 252,878 |
Net inventories | 344,491 | 382,278 |
Noncurrent inventory | $ 16,227 | $ 24,040 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expenses | $ 53,129 | $ 55,090 | $ 54,157 |
Machinery and equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life of property, plant and equipment | 2 years | ||
Machinery and equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life of property, plant and equipment | 20 years | ||
Buildings and improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life of property, plant and equipment | 2 years | ||
Buildings and improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life of property, plant and equipment | 30 years |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment (Schedule of Property, Plant, and Equipment) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Gross property, plant, and equipment | $ 505,994 | $ 561,458 |
Less: accumulated depreciation | (290,402) | (284,251) |
Net property, plant, and equipment | 215,592 | 277,207 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant, and equipment | 6,618 | 9,440 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant, and equipment | 63,987 | 81,732 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant, and equipment | 401,045 | 402,815 |
Property not yet in service | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant, and equipment | $ 34,344 | $ 67,471 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Goodwill Rollforward by Segment) (Details) - USD ($) $ in Thousands | Apr. 01, 2016 | Mar. 31, 2019 | Mar. 31, 2018 |
Changes in the carrying amount of goodwill | |||
Balance at the beginning of the period | $ 657,536 | $ 857,631 | |
Impairment | (327,772) | (143,400) | |
Effect of foreign currency exchange rates | (279) | 7,499 | |
Held for sale | (121,463) | (64,194) | |
Divestitures | (3,526) | ||
Balance at the end of the period | 204,496 | 657,536 | |
Shooting Sports | |||
Changes in the carrying amount of goodwill | |||
Balance at the beginning of the period | 204,909 | 204,735 | |
Impairment | 0 | 0 | |
Effect of foreign currency exchange rates | (279) | 174 | |
Held for sale | (121,463) | 0 | |
Divestitures | 0 | ||
Balance at the end of the period | 83,167 | 204,909 | |
Outdoor Products | |||
Changes in the carrying amount of goodwill | |||
Balance at the beginning of the period | 452,627 | 652,896 | |
Impairment | $ (401,706) | (327,772) | (143,400) |
Effect of foreign currency exchange rates | 0 | 7,325 | |
Held for sale | 0 | (64,194) | |
Divestitures | (3,526) | ||
Balance at the end of the period | $ 121,329 | $ 452,627 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Mar. 31, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-live intangible assets, gross carrying amount | $ 303,639 | $ 397,599 | ||
Accumulated amortization | (88,483) | (111,243) | ||
Total | 215,156 | 286,356 | ||
Gross carrying amount | 449,003 | 703,522 | ||
Total | 360,520 | 592,279 | ||
Trade names | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of Intangible Assets, Finite-lived | $ 61,054 | |||
Finite-live intangible assets, gross carrying amount | 48,360 | 62,657 | ||
Accumulated amortization | (10,694) | (11,993) | ||
Total | 37,666 | 50,664 | ||
Patented technology | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-live intangible assets, gross carrying amount | 16,684 | 16,466 | ||
Accumulated amortization | (9,604) | (8,157) | ||
Total | 7,080 | 8,309 | ||
Customer relationships and other | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-live intangible assets, gross carrying amount | 238,595 | 318,476 | ||
Accumulated amortization | (68,185) | (91,093) | ||
Total | 170,410 | 227,383 | ||
Trade names | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived gross carrying amount | $ 145,364 | $ 305,923 | ||
Jimmy Styks [Member] | Customer Relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 23,411 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Future Amortization Expense) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Fiscal 2020 | $ 19,911 | |
Fiscal 2021 | 19,886 | |
Fiscal 2022 | 19,831 | |
Fiscal 2023 | 19,715 | |
Fiscal 2024 | 19,663 | |
Thereafter | 116,150 | |
Total | $ 215,156 | $ 286,356 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets (Narrative) (Details) $ in Thousands | Apr. 01, 2016USD ($) | Dec. 30, 2018USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2015USD ($) |
Goodwill [Line Items] | ||||||
Goodwill impairment loss | $ 327,772 | $ 143,400 | ||||
Impairment of goodwill and intangibles | $ 456,023 | 152,444 | $ 449,199 | |||
Amortizing intangible assets weighted average remaining period for amortization | 12 years 3 months 7 days | |||||
Amortization of intangible assets | $ 24,374 | 34,669 | 39,622 | |||
Goodwill | 204,496 | 657,536 | 857,631 | |||
Outdoor Products | ||||||
Goodwill [Line Items] | ||||||
Goodwill impairment loss | $ 401,706 | 327,772 | 143,400 | |||
Impairment of goodwill and intangibles | 26,628 | |||||
Goodwill, impaired, accumulated impairment loss | 872,878 | |||||
Amortization of intangible assets | 21,698 | 27,712 | 32,666 | |||
Goodwill | 121,329 | 452,627 | 652,896 | |||
Shooting Sports | ||||||
Goodwill [Line Items] | ||||||
Goodwill impairment loss | 0 | 0 | ||||
Amortization of intangible assets | 2,676 | 6,957 | 6,956 | |||
Goodwill | 83,167 | 204,909 | 204,735 | |||
Outdoor Products | Outdoor Products | ||||||
Goodwill [Line Items] | ||||||
Impairment of intangible assets, indefinite-lived,excluding goodwill | 101,623 | $ 9,044 | 34,230 | |||
Trade names | Shooting Sports | ||||||
Goodwill [Line Items] | ||||||
Impairment of intangible assets, indefinite-lived,excluding goodwill | $ 11,200 | |||||
Trade names | ||||||
Goodwill [Line Items] | ||||||
Impairment of intangible assets, finite-lived | $ 61,054 | |||||
Outdoor Recreation | ||||||
Goodwill [Line Items] | ||||||
Goodwill impairment loss | 129,470 | |||||
Goodwill | 121,329 | |||||
Outdoor Recreation | Trade names | ||||||
Goodwill [Line Items] | ||||||
Impairment of intangible assets, indefinite-lived,excluding goodwill | $ 43,400 | |||||
Action Sports | ||||||
Goodwill [Line Items] | ||||||
Goodwill impairment loss | 159,916 | |||||
Action Sports | Trade names | ||||||
Goodwill [Line Items] | ||||||
Impairment of intangible assets, indefinite-lived,excluding goodwill | 22,000 | |||||
Hunting and Shooting Accessories, Outdoor Recreation, and Action Sports | ||||||
Goodwill [Line Items] | ||||||
Impairment of goodwill and intangibles | 429,395 | |||||
Hunting and Shooting Accessories | ||||||
Goodwill [Line Items] | ||||||
Goodwill impairment loss | $ 38,386 | |||||
Hunting and Shooting Accessories | Trade names | ||||||
Goodwill [Line Items] | ||||||
Impairment of intangible assets, indefinite-lived,excluding goodwill | $ 36,223 | |||||
Measurement Input, Discount Rate | Valuation, Income Approach | Outdoor Recreation | ||||||
Goodwill [Line Items] | ||||||
Goodwill and intangibles, measurement input | 0.09 | |||||
Measurement Input, Discount Rate | Valuation, Income Approach | Hunting and Shooting Accessories | ||||||
Goodwill [Line Items] | ||||||
Goodwill and intangibles, measurement input | 0.09 | |||||
Measurement Input, Terminal Growth Rate | Valuation, Income Approach | Outdoor Recreation | ||||||
Goodwill [Line Items] | ||||||
Goodwill and intangibles, measurement input | 0.03 | |||||
Measurement Input, Terminal Growth Rate | Valuation, Income Approach | Action Sports | ||||||
Goodwill [Line Items] | ||||||
Goodwill and intangibles, measurement input | 0.09 | |||||
Measurement Input, Terminal Growth Rate | Valuation, Income Approach | Hunting and Shooting Accessories | ||||||
Goodwill [Line Items] | ||||||
Goodwill and intangibles, measurement input | 0.03 | |||||
Measurement Input, Royalty Rate | Outdoor Recreation | ||||||
Goodwill [Line Items] | ||||||
Goodwill and intangibles, measurement input | 0.020 | |||||
Minimum | Measurement Input, Royalty Rate | Action Sports | ||||||
Goodwill [Line Items] | ||||||
Goodwill and intangibles, measurement input | 0.010 | |||||
Minimum | Measurement Input, Royalty Rate | Hunting and Shooting Accessories | ||||||
Goodwill [Line Items] | ||||||
Goodwill and intangibles, measurement input | 0.010 | |||||
Maximum | Measurement Input, Royalty Rate | Action Sports | ||||||
Goodwill [Line Items] | ||||||
Goodwill and intangibles, measurement input | 0.015 | |||||
Maximum | Measurement Input, Royalty Rate | Hunting and Shooting Accessories | ||||||
Goodwill [Line Items] | ||||||
Goodwill and intangibles, measurement input | 0.020 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations | Firearm Business | ||||||
Goodwill [Line Items] | ||||||
Goodwill impairment loss | $ 80,604 | |||||
Goodwill transfered to assets held for sale | $ 40,859 |
Other Current and Non-current_3
Other Current and Non-current Liabilities (Components of Current and Long-term Accrued Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Other Liabilities, Current [Abstract] | ||
Rebates | $ 13,911 | $ 14,827 |
Accrual for in-transit inventory | 11,275 | 29,200 |
Other | 71,989 | 53,420 |
Total other accrued liabilities—current | 97,175 | 97,447 |
Other Liabilities, Noncurrent [Abstract] | ||
Non-current portion of accrued income tax liability | 34,118 | 34,716 |
Other | 29,158 | 29,619 |
Total other long-term liabilities | $ 63,276 | $ 64,335 |
Other Current and Non-current_4
Other Current and Non-current Liabilities (Warranty Liability Rollforward) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Reconciliation of the changes in product warranty liability | ||
Balance at the beginning of the period | $ 10,247 | $ 10,014 |
Payments made | (3,462) | (4,757) |
Warranties issued | 3,962 | 4,974 |
Warranties assumed in acquisition | 16 | |
Other adjustments | (2,373) | |
Changes related to preexisting warranties | (230) | 0 |
Balance at the end of period | $ 8,144 | $ 10,247 |
Minimum | ||
Product Warranty Liability [Line Items] | ||
Product warranty term | P1Y |
Long-Term Debt (Components of L
Long-Term Debt (Components of Long-term Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Long-Term Debt | ||
Principal amount of long-term debt | $ 714,509 | $ 926,000 |
Less: unamortized deferred financing costs | (10,504) | (10,601) |
Carrying amount of long-term debt | 704,005 | 915,399 |
Less: current portion | (19,335) | (32,000) |
Carrying amount of long-term debt, excluding current portion | 684,670 | 883,399 |
Revolving Credit Facility | ||
Long-Term Debt | ||
Principal amount of long-term debt | 220,000 | 0 |
Term Loan | ||
Long-Term Debt | ||
Principal amount of long-term debt | 104,509 | 0 |
Term Loan | ||
Long-Term Debt | ||
Principal amount of long-term debt | 0 | 576,000 |
Total principal amount of Credit Agreements | ||
Long-Term Debt | ||
Principal amount of long-term debt | 324,509 | 576,000 |
Junior Term Loan | ||
Long-Term Debt | ||
Principal amount of long-term debt | 40,000 | 0 |
5.875% Senior Notes | ||
Long-Term Debt | ||
Principal amount of long-term debt | $ 350,000 | $ 350,000 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | Nov. 19, 2018USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2020 | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | May 31, 2018USD ($) | Apr. 30, 2018USD ($) | Mar. 31, 2016USD ($) |
Long-Term Debt | |||||||||
Restricted payment limit | $ 45,000,000 | $ 45,000,000 | |||||||
Borrowings on long term debt | 714,509,000 | 714,509,000 | $ 926,000,000 | ||||||
Letters of credit outstanding, amount | 24,818,000 | 24,818,000 | |||||||
Line of credit facility, remaining borrowing capacity | 134,347,000 | 134,347,000 | |||||||
Long-term debt | $ 704,005,000 | 704,005,000 | 915,399,000 | ||||||
Debt instrument, consolidated fixed charge coverage ratio | 1.93 | ||||||||
Interest paid | 36,064,000 | 56,273,000 | $ 42,469,000 | ||||||
Term Loan | |||||||||
Long-Term Debt | |||||||||
Borrowings on long term debt | $ 0 | $ 0 | 576,000,000 | ||||||
Weighted average interest rate (as a percent) | 5.85% | 5.85% | |||||||
Debt issuance costs | $ 2,404,000 | $ 2,404,000 | |||||||
Revolving Credit Facility | |||||||||
Long-Term Debt | |||||||||
Annual commitment fee on the unused portion (as a percent) | 0.25% | ||||||||
5.875% Senior Notes | |||||||||
Long-Term Debt | |||||||||
Face amount on debt instrument | $ 350,000,000 | ||||||||
Borrowings on long term debt | $ 350,000,000 | $ 350,000,000 | 350,000,000 | ||||||
Debt instrument, interest rate percentage | 5.875% | 5.875% | |||||||
Debt issuance costs | $ 4,300,000 | $ 4,300,000 | |||||||
Debt instrument, term | 8 years | ||||||||
Guarantor obligations, maximum exposure, undiscounted | 50,000,000 | $ 50,000,000 | |||||||
Term Loan | |||||||||
Long-Term Debt | |||||||||
Face amount on debt instrument | $ 109,343,000 | ||||||||
Borrowings on long term debt | 104,509,000 | 104,509,000 | 0 | ||||||
Long-term debt, maturities, repayments of principal quarterly through maturity | 4,834,000 | ||||||||
Junior Term Loan | |||||||||
Long-Term Debt | |||||||||
Face amount on debt instrument | 40,000,000 | ||||||||
Borrowings on long term debt | 40,000,000 | 40,000,000 | 0 | ||||||
Line of Credit Due 2023 | |||||||||
Long-Term Debt | |||||||||
Borrowings on long term debt | 220,000,000 | 220,000,000 | 0 | ||||||
Amended and Restated Credit Agreement | |||||||||
Long-Term Debt | |||||||||
Debt issuance costs | 400,000 | 400,000 | |||||||
Amended and Restated Credit Agreement | Term Loan A | |||||||||
Long-Term Debt | |||||||||
Face amount on debt instrument | 400,000,000 | ||||||||
Total principal amount of Credit Agreements | |||||||||
Long-Term Debt | |||||||||
Debt issuance costs | $ 12,000,000 | 12,000,000 | |||||||
Revolving Credit Facility | Amended and Restated Credit Agreement | |||||||||
Long-Term Debt | |||||||||
Face amount on debt instrument | 200,000,000 | $ 400,000,000 | |||||||
Revolving Credit Facility | Line of Credit Due 2023 | |||||||||
Long-Term Debt | |||||||||
Face amount on debt instrument | 450,000,000 | ||||||||
Revolving Credit Facility | New Credit Facilities | |||||||||
Long-Term Debt | |||||||||
Face amount on debt instrument | 450,000,000 | ||||||||
Revolving Credit Facility | 2018 Credit Agreement Amendment | |||||||||
Long-Term Debt | |||||||||
Face amount on debt instrument | $ 200,000,000 | ||||||||
Debt issuance costs | $ 2,800,000 | ||||||||
Write-off of deferred debt issuance cost | 3,203,000 | ||||||||
First-in, Last-out, Revolving Credit Facility | ABL Revolving Credit Facility | |||||||||
Long-Term Debt | |||||||||
Face amount on debt instrument | $ 20,000,000 | ||||||||
Long-term debt, maturities, repayments of principal quarterly through maturity | $ 1,667,000 | ||||||||
Debt instrument, basis spread on variable rate | 1.00% | ||||||||
Non-First-in, Last-out, Revolving Credit Facility | ABL Revolving Credit Facility | |||||||||
Long-Term Debt | |||||||||
Face amount on debt instrument | $ 430,000,000 | ||||||||
Minimum | |||||||||
Long-Term Debt | |||||||||
Debt instrument, consolidated fixed charge coverage ratio | 1.15 | ||||||||
Minimum | Base Rate | Term Loan | |||||||||
Long-Term Debt | |||||||||
Debt instrument, basis spread on variable rate | 2.75% | ||||||||
Minimum | Base Rate | Junior Term Loan | |||||||||
Long-Term Debt | |||||||||
Debt instrument, basis spread on variable rate | 7.00% | ||||||||
Minimum | Base Rate | First-in, Last-out, Revolving Credit Facility | ABL Revolving Credit Facility | |||||||||
Long-Term Debt | |||||||||
Debt instrument, basis spread on variable rate | 2.25% | ||||||||
Minimum | Base Rate | Non-First-in, Last-out, Revolving Credit Facility | ABL Revolving Credit Facility | |||||||||
Long-Term Debt | |||||||||
Debt instrument, basis spread on variable rate | 0.75% | 1.25% | |||||||
Minimum | London Interbank Offered Rate (LIBOR) | Term Loan | |||||||||
Long-Term Debt | |||||||||
Debt instrument, basis spread on variable rate | 3.75% | ||||||||
Minimum | London Interbank Offered Rate (LIBOR) | Junior Term Loan | |||||||||
Long-Term Debt | |||||||||
Debt instrument, basis spread on variable rate | 8.00% | ||||||||
Minimum | London Interbank Offered Rate (LIBOR) | First-in, Last-out, Revolving Credit Facility | ABL Revolving Credit Facility | |||||||||
Long-Term Debt | |||||||||
Debt instrument, basis spread on variable rate | 3.25% | ||||||||
Minimum | London Interbank Offered Rate (LIBOR) | Non-First-in, Last-out, Revolving Credit Facility | ABL Revolving Credit Facility | |||||||||
Long-Term Debt | |||||||||
Debt instrument, basis spread on variable rate | 1.75% | 2.25% | |||||||
Maximum | Base Rate | Non-First-in, Last-out, Revolving Credit Facility | ABL Revolving Credit Facility | |||||||||
Long-Term Debt | |||||||||
Debt instrument, basis spread on variable rate | 1.25% | ||||||||
Maximum | London Interbank Offered Rate (LIBOR) | Non-First-in, Last-out, Revolving Credit Facility | ABL Revolving Credit Facility | |||||||||
Long-Term Debt | |||||||||
Debt instrument, basis spread on variable rate | 2.25% | ||||||||
Scenario, Forecast | Minimum | |||||||||
Long-Term Debt | |||||||||
Debt instrument, consolidated fixed charge coverage ratio | 1 | ||||||||
Fair Value, Measurements, Nonrecurring | Reported Value Measurement | |||||||||
Long-Term Debt | |||||||||
Fixed rate debt | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 |
Long-Term Debt (Interest Rate S
Long-Term Debt (Interest Rate Swaps) (Details) - Cash Flow Hedging - Designated as Hedging Instrument | Mar. 31, 2019USD ($) |
Interest Rate Swap Maturing June 2020 | |
Debt Instrument [Line Items] | |
Notional | $ 100,000,000 |
Fair Value | $ 900,000 |
Pay Fixed | 1.629% |
Receive Floating | 2.50% |
Interest Rate Swap Maturing June 2019 | |
Debt Instrument [Line Items] | |
Notional | $ 100,000,000 |
Fair Value | $ 244,000 |
Pay Fixed | 1.519% |
Receive Floating | 2.50% |
Long-Term Debt (Future Minimum
Long-Term Debt (Future Minimum Loan Payments) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Minimum payments on outstanding long-term debt | ||
Fiscal 2020 | $ 19,335 | |
Fiscal 2021 | 19,335 | |
Fiscal 2022 | 19,335 | |
Fiscal 2023 | 19,335 | |
Fiscal 2024 | 637,169 | |
Thereafter | 0 | |
Total | $ 714,509 | $ 926,000 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Jul. 02, 2017 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Net periodic benefit cost | $ (973,000) | $ 1,505,000 | $ 6,762,000 | ||
Pension curtailment gain | $ 5,783,000 | ||||
Fair value of plan assets | 160,682,000 | 168,425,000 | |||
Benefit obligation | 206,369,000 | 206,177,000 | |||
Funded status | $ 45,687,000 | $ 37,753,000 | |||
Lockup period of assets invested within hedge funds | 1 year | ||||
Number of days advance notice after lockup period for redemption | 65 days | ||||
Pension Benefits | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Discount rate (as a percent) | 3.90% | 4.00% | |||
Expected long-term rate of return on plan assets (as a percent) | 6.75% | 6.75% | |||
Contributions by employer | $ 1,200,000 | $ 13,800,000 | 4,400,000 | ||
Other Postretirement Benefits Plan | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Contributions by employer | 0 | 0 | 0 | ||
Supplemental Employee Retirement Plan | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Benefits distributed | $ 293,000 | $ 11,110,000 | $ 10 | ||
Scenario, Forecast | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Net periodic benefit cost | $ 400,000 |
Employee Benefit Plans (Future
Employee Benefit Plans (Future Expected Benefit Payments) (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Expected Future Benefit Payments | |
2019 | $ 12,926 |
2020 | 12,701 |
2021 | 12,794 |
2022 | 13,048 |
2023 | 12,990 |
2024 through 2028 | $ 65,459 |
Employee Benefit Plans (Defined
Employee Benefit Plans (Defined Contribution Plan) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Postemployment Benefits [Abstract] | |||
Contribution cost recognized | $ 14,607 | $ 19,865 | $ 18,936 |
Income Taxes (Income Before Inc
Income Taxes (Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ (686,188) | $ (102,153) | $ (265,825) |
Non-U.S. | 11,916 | (31,636) | 15,131 |
Income (loss) before income taxes | $ (674,272) | $ (133,789) | $ (250,694) |
Income Taxes (Income Tax Provis
Income Taxes (Income Tax Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Current: | |||
Federal | $ (6,208) | $ (1,599) | $ 34,811 |
State | (1,738) | 204 | 5,724 |
Non-U.S. | 5,144 | 6,685 | 5,769 |
Deferred: | |||
Federal | (27,045) | (76,300) | (20,214) |
State | 4,176 | (3,024) | (1,622) |
Non-U.S. | (158) | 477 | (708) |
Income tax provision (benefit) | $ (25,829) | $ (73,557) | $ 23,760 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 21.00% | 31.60% | 35.00% |
State income taxes, net of federal impact | 1.00% | 1.20% | (1.20%) |
Domestic manufacturing deduction | 0.00% | (1.20%) | (1.40%) |
Nondeductible goodwill impairment | (12.10%) | (21.10%) | (49.30%) |
Nondeductible loss on divestiture | (1.60%) | (0.00%) | (0.00%) |
Acquisition claim settlement gain | 0.00% | 0.00% | 4.20% |
Valuation allowance | (4.90%) | (0.40%) | 0.00% |
Pre-acquisition tax attributes | 0.00% | 4.10% | 0.00% |
Impact of law changes | 0.00% | 33.90% | 0.00% |
Other | 0.40% | 4.50% | 0.40% |
Income tax provision (benefit) | 3.80% | 55.00% | (9.50%) |
Income Taxes (Components of Def
Income Taxes (Components of Deferred Tax Asset and Deferred Tax Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Deferred Tax Assets: | ||
Inventories | $ 12,110 | $ 14,536 |
Retirement benefits | 11,003 | 10,119 |
Accounts receivable | 7,829 | 8,444 |
Accruals for employee benefits | 4,211 | 6,156 |
Other reserves | 4,767 | 5,378 |
Loss and credit carryforwards | 17,081 | 11,055 |
Other | 4,188 | 1,378 |
Nondeductible interest | 15,880 | 0 |
Total deferred tax assets | 77,069 | 57,066 |
Valuation allowance | (35,903) | (3,102) |
Total net deferred assets | 41,166 | 53,964 |
Deferred tax liabilities: | ||
Intangible assets | (55,871) | (117,542) |
Property, plant, and equipment | (24,454) | (21,108) |
Total deferred tax liabilities | (80,325) | (138,650) |
Net deferred income tax liability before amounts attributable to assets and liabilities held for sale | (39,159) | (84,686) |
Deferred income tax liabilities | 21,402 | 18,490 |
Net deferred income tax liability | $ (17,757) | $ (66,196) |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties | |||
Unrecognized Tax Benefits—beginning of period | $ 32,734 | $ 27,151 | $ 30,643 |
Gross increases—tax positions in prior periods | 0 | 1,188 | 0 |
Gross decreases—tax positions in prior periods | (2,499) | (332) | (2,186) |
Gross increases—current-period tax positions | 74 | 9,247 | 1,726 |
Gross decreases—current-period tax positions | 0 | (2,873) | 0 |
Settlements | 0 | (332) | (2,172) |
Lapse of statute of limitations | (3,057) | (1,315) | (860) |
Unrecognized Tax Benefits—end of period | $ 27,252 | $ 32,734 | $ 27,151 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | |||
Increase (decrease) in valuation allowance | $ 32,801 | ||
Valuation allowance | 35,903 | $ 3,102 | |
Net operating loss and credit carryovers | 7,651 | ||
Income tax benefit due to Tax Legislation | 49,000 | ||
Income Taxes Paid, Net | 8,435 | 19,911 | |
Unrecognized tax benefit | 34,118 | 39,383 | |
Amount that would affect the effective tax rate if recognized | 30,432 | 35,471 | |
Amount of reasonably possible decrease in uncertain tax benefits | 8,558 | ||
Estimated minimum increase (decrease) in earnings related to settlement of unrecognized tax benefits | 0 | ||
Estimated maximum increase (decrease) in earnings related to settlement of unrecognized tax benefits | $ 7,542 | ||
Period after which tax positions classified as noncurrent income tax liabilities | 1 year | ||
Income tax-related interest included in accrued income taxes | $ 4,786 | 4,347 | |
Income tax penalties included in accrued income taxes | 2,080 | 2,302 | |
Tax penalties and interest | 1,694 | $ 1,053 | $ 1,319 |
Expiration Date in 2020 through 2039 | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss and credit carryovers | $ 9,429 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Operating Leased Assets [Line Items] | |||
Rent expenses | $ 24,485 | $ 26,245 | $ 25,256 |
Remaining minimum amount committed | $ 214,941 | ||
Minimum | |||
Operating Leased Assets [Line Items] | |||
Operating leases renewal period | 1 year | ||
Maximum | |||
Operating Leased Assets [Line Items] | |||
Operating leases renewal period | 5 years |
Commitments and Contingencies_3
Commitments and Contingencies (Future Minimum Lease Payments) (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Fiscal 2019 | $ 18,949 |
Fiscal 2020 | 15,171 |
Fiscal 2021 | 12,214 |
Fiscal 2022 | 10,961 |
Fiscal 2023 | 9,517 |
Thereafter | 58,645 |
Total | $ 125,457 |
Commitments and Contingencies C
Commitments and Contingencies Contingencies (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||
Accrual for Environmental Loss Contingencies | $ 729 | $ 731 |
Stockholders' Equity (Options F
Stockholders' Equity (Options Fair Value Assumptions) (Details) - Stock options | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free rate | 2.55% | 2.77% | 2.43% |
Expected volatility | 42.21% | 42.91% | 43.69% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected option life | 7 years | 7 years | 7 years |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years |
(Stock Option Activity) (Detail
(Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based compensation, additional disclosures | ||||
Proceeds from employee stock compensation plans | $ 376 | $ 4,824 | $ 75 | |
Total unrecognized compensation cost related to nonvested stock-based compensation awards | $ 18,409 | |||
Nonvested stock-based compensation expected to be realized over a weighted average period (in years) | 2 years 6 months 9 days | |||
Stock options | ||||
Stock option activity, Shares | ||||
Outstanding at beginning of period (in shares) | 546,957 | 731,969 | 612,671 | |
Granted (in shares) | 244,479 | 338,874 | 124,190 | |
Exercised (in shares) | (299,580) | (4,892) | ||
Forfeited/expired (in shares) | (86,964) | (224,306) | ||
Outstanding at end of period (in shares) | 704,472 | 546,957 | 731,969 | 612,671 |
Options exercisable at end of period (in shares) | 264,912 | 192,502 | 537,991 | 472,737 |
Stock option activity, Weighted Average Exercise Price | ||||
Outstanding at beginning of period (in dollars per share) | $ 20.88 | $ 22.01 | $ 26.42 | |
Granted (in dollars per share) | 9.99 | 16.06 | 20.42 | |
Exercised (in dollars per share) | 16.85 | 15.27 | ||
Forfeited/expired (in dollars per share) | 24.25 | 34.07 | ||
Outstanding at end of period (in dollars per share) | 16.68 | 20.88 | 22.01 | $ 26.42 |
Options exercisable at end of period (in dollars per share) | $ 23.26 | $ 29 | $ 23.58 | $ 20.56 |
Weighted Average Remaining Contractual Term | ||||
Options outstanding, Weighted Average Remaining Contractual Life (in years) | 8 years 2 months 8 days | 8 years 6 months | 7 years | 7 years 5 months 1 day |
Options exercisable, Weighted Average Remaining Contractual Life (in years) | 6 years 1 month 24 days | 5 years 9 months 18 days | 6 years 1 month | 6 years 9 months 15 days |
Aggregate Intrinsic Value | ||||
Options outstanding, Aggregate intrinsic value | $ 0 | $ 3.39 | $ 26.45 | $ 25.51 |
Options exercisable, Aggregate Intrinsic Value | $ 0 | $ 1.65 | $ 28.33 | $ 31.35 |
Share-based compensation, additional disclosures | ||||
Total intrinsic value of options exercised | $ 1,673 | $ 170 |
Stockholders' Equity (Performan
Stockholders' Equity (Performance, TSR, and Restricted Stock Activity) (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Granted (in shares) | 0 | ||
Performance Share Awards TSR Awards and Restricted Stock Award | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested at the beginning of the period (in shares) | 1,092,722 | 1,048,760 | 748,770 |
Granted (in shares) | 728,014 | 226,038 | 442,068 |
Canceled/forfeited (in shares) | (170,308) | (115,462) | (48,055) |
Vested (in shares) | (43,790) | (66,614) | (94,023) |
Nonvested at the end of the period (in shares) | 1,606,638 | 1,092,722 | 1,048,760 |
Performance share award, TSR award, and restricted stock award activity, Weighted Average Exercise Price | |||
Nonvested at beginning of the period, Weighted average grant date fair value (in dollars per share) | $ 20.38 | $ 25.41 | $ 32.08 |
Granted, Weighted average grant date fair value (in dollars per share) | 9.59 | 18.28 | 25.29 |
Canceled/forfeited, Weighted average grant date fair value (in dollars per share) | 42.64 | 40.34 | 56.34 |
Vested, Weighted average grant date fair value (in dollars per share) | 30.55 | 57.87 | 62.13 |
Nonvested at end of the period, Weighted average grant date fair value (in dollars per share) | $ 12.85 | $ 20.38 | $ 25.41 |
Stockholders' Equity (Restricte
Stockholders' Equity (Restricted Stock Unit Activity) (Details) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested at the beginning of the period (in shares) | 684,721 | 473,613 | 266,821 |
Granted (in shares) | 584,154 | 541,326 | 370,040 |
Canceled/forfeited (in shares) | (75,523) | (130,745) | (29,635) |
Vested (in shares) | (244,930) | (199,473) | (133,613) |
Nonvested at the end of the period (in shares) | 948,422 | 684,721 | 473,613 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Nonvested at beginning of the period, Weighted average grant date fair value (in dollars per share) | $ 6.92 | $ 11 | $ 30.40 |
Granted, Weighted average grant date fair value (in dollars per share) | 11.41 | 17.59 | 24.39 |
Canceled/forfeited, Weighted average grant date fair value (in dollars per share) | 18.51 | 26.96 | 47.92 |
Vested, Weighted average grant date fair value (in dollars per share) | 14.72 | 32.42 | 78.64 |
Nonvested at end of the period, Weighted average grant date fair value (in dollars per share) | $ 6.75 | $ 6.92 | $ 11 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | 12 Months Ended | |||||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Aug. 25, 2016 | Mar. 31, 2016 | Feb. 25, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of authorized shares of preferred stock | 50,000,000 | |||||
Par value of preferred stock (in dollars per share) | $ 1 | |||||
Preferred stock, shares outstanding (in shares) | 0 | |||||
Total pre-tax stock-based compensation expense | $ 6,599,000 | $ 9,299,000 | $ 12,648,000 | |||
Total income tax benefit recognized in the income statement for share-based compensation | 28,000 | 2,132,000 | 3,106,000 | |||
Proceeds from employee stock compensation plans | 376,000 | $ 4,824,000 | $ 75,000 | |||
Total unrecognized compensation cost related to nonvested stock-based compensation awards | $ 18,409,000 | |||||
Nonvested stock-based compensation expected to be realized over a weighted average period (in years) | 2 years 6 months 9 days | |||||
Stock repurchase program, authorized amount | $ 100,000 | $ 200,000,000 | ||||
Stock repurchase program, period in force | 2 years | |||||
Treasury stock purchased (in shares) | 0 | (3,876,434) | ||||
Treasury stock, value, acquired, cost method | $ 151,110,000 | |||||
Stock-based Incentive Plan 2014 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of authorized common shares | 5,750,000 | |||||
Number of available shares to be granted | 2,124,604 | |||||
Performance Shares | Stock-based Incentive Plan 2014 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares nonvested | 1,408,246 | |||||
Restricted stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock granted to non-employee directors and certain key employees (in shares) | 0 | |||||
Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares nonvested | 948,422 | 684,721 | 473,613 | 266,821 | ||
Restricted stock granted to non-employee directors and certain key employees (in shares) | 584,154 | 541,326 | 370,040 | |||
Stock options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted average fair value of options granted (in dollars per share) | $ 4.76 | $ 7.78 | $ 9.89 | |||
Maximum terms of options (in years) | 10 years | |||||
Total intrinsic value of options exercised | $ 1,673,000 | $ 170,000 | ||||
Exercised (in shares) | 299,580 | 4,892 | ||||
Minimum | Restricted stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 1 year | |||||
Minimum | Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 1 year | |||||
Restricted Stock Units vesting term | 1 year | |||||
Minimum | Stock options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 1 year | |||||
Maximum | Restricted stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 4 years | |||||
Maximum | Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
Restricted Stock Units vesting term | 3 years | |||||
Maximum | Stock options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
Treasury Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Treasury stock, value, acquired, cost method | $ 151,071,000 | |||||
Fiscal Year 2019 - 2021 | Performance Shares | Stock-based Incentive Plan 2014 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares nonvested | 702,020 | |||||
Fiscal Year 2018 - 2020 | Performance Shares | Stock-based Incentive Plan 2014 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares nonvested | 193,072 | |||||
Fiscal Year 2017 - 2019 | Performance Shares | Stock-based Incentive Plan 2014 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares nonvested | 374,520 | |||||
Fiscal Year 2016 - 2018 | Performance Shares | Stock-based Incentive Plan 2014 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares nonvested | 138,634 |
Operating Segment Information_2
Operating Segment Information (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2019USD ($) | Dec. 30, 2018USD ($) | Sep. 30, 2018USD ($) | Jul. 01, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Oct. 01, 2017USD ($) | Jul. 02, 2017USD ($) | Mar. 31, 2019USD ($)segment | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Intersegment revenue | $ 6,792 | $ 5,612 | $ 5,576 | ||||||||
Number of operating segments | segment | 2 | ||||||||||
Sales, net | $ 515,336 | $ 467,771 | $ 546,585 | $ 528,836 | $ 571,227 | $ 581,204 | $ 587,283 | $ 568,749 | $ 2,058,528 | $ 2,308,463 | $ 2,546,892 |
Sales Revenue, Net | Customer Concentration Risk | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk, percentage | 14.00% | 13.00% | 12.00% | ||||||||
Walmart | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment Reporting, Disclosure of Major Customers | Walmart | ||||||||||
Foreign customers | Sales | Geographic Concentration | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales, net | $ 426,594 | $ 535,170 | $ 510,401 | ||||||||
Threshold percentage of sales accounted for by single contract or single commercial customer | 5.00% | 5.00% | 5.00% | ||||||||
Outdoor Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales to external customers (as a percent) | 48.00% | ||||||||||
Sales, net | $ 990,006 | $ 1,149,106 | $ 1,170,634 | ||||||||
Outdoor Products | Foreign customers | Sales | Geographic Concentration | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales to external customers, percent | 64.00% | ||||||||||
Shooting Sports | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales to external customers (as a percent) | 52.00% | ||||||||||
Sales, net | $ 1,068,522 | $ 1,159,357 | $ 1,376,258 | ||||||||
Shooting Sports | Foreign customers | Sales | Geographic Concentration | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales to external customers, percent | 36.00% |
Operating Segment Information_3
Operating Segment Information (Schedule of Results by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Sales, net | $ 515,336 | $ 467,771 | $ 546,585 | $ 528,836 | $ 571,227 | $ 581,204 | $ 587,283 | $ 568,749 | $ 2,058,528 | $ 2,308,463 | $ 2,546,892 |
Gross Profit | $ 99,357 | $ 94,236 | $ 108,757 | $ 113,338 | $ 109,322 | $ 126,105 | $ 138,977 | $ 146,558 | 415,688 | 520,962 | 669,186 |
Capital expenditures | 43,966 | 64,086 | 89,204 | ||||||||
Depreciation | 53,129 | 55,090 | 54,157 | ||||||||
Amortization of intangible assets | 24,374 | 34,669 | 39,622 | ||||||||
Outdoor Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales, net | 990,006 | 1,149,106 | 1,170,634 | ||||||||
Gross Profit | 237,966 | 287,110 | 292,967 | ||||||||
Capital expenditures | 17,487 | 21,130 | 23,692 | ||||||||
Depreciation | 23,446 | 24,510 | 27,581 | ||||||||
Amortization of intangible assets | 21,698 | 27,712 | 32,666 | ||||||||
Shooting Sports | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales, net | 1,068,522 | 1,159,357 | 1,376,258 | ||||||||
Gross Profit | 177,785 | 234,381 | 377,466 | ||||||||
Capital expenditures | 20,766 | 36,931 | 51,098 | ||||||||
Depreciation | 23,258 | 24,827 | 25,067 | ||||||||
Amortization of intangible assets | 2,676 | 6,957 | 6,956 | ||||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales, net | 0 | 0 | 0 | ||||||||
Gross Profit | (63) | (529) | (1,247) | ||||||||
Capital expenditures | 5,713 | 6,025 | 14,414 | ||||||||
Depreciation | 6,425 | 5,753 | 1,509 | ||||||||
Amortization of intangible assets | $ 0 | $ 0 | $ 0 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Sales, net | $ 515,336 | $ 467,771 | $ 546,585 | $ 528,836 | $ 571,227 | $ 581,204 | $ 587,283 | $ 568,749 | $ 2,058,528 | $ 2,308,463 | $ 2,546,892 |
Gross Profit | 99,357 | 94,236 | 108,757 | 113,338 | 109,322 | 126,105 | 138,977 | 146,558 | 415,688 | 520,962 | 669,186 |
Net income (loss) | $ (48,635) | $ (514,642) | $ (32,818) | $ (52,348) | $ (15,922) | $ 53,743 | $ (114,705) | $ 16,652 | $ (648,443) | $ (60,232) | $ (274,454) |
Earnings (loss) per common share: | |||||||||||
Basic (in shares) | $ (0.84) | $ (8.94) | $ (0.57) | $ (0.91) | $ (0.28) | $ 0.94 | $ (2.01) | $ 0.29 | $ (11.27) | $ (1.05) | $ (4.66) |
Diluted (in shares) | $ (0.84) | $ (8.94) | $ (0.57) | $ (0.91) | $ (0.28) | $ 0.94 | $ (2.01) | $ 0.29 | $ (11.27) | $ (1.05) | $ (4.66) |