Vista Outdoor (GEAR) 10-Q6 Aug 202021 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Jun. 28, 2020	Jul. 27, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 28, 2020
Document Transition Report	false
Entity File Number	1-36597
Entity Registrant Name	Vista Outdoor Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-1016855
Entity Address, Address Line One	1 Vista Way
Entity Address, City or Town	Anoka
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55303
City Area Code	763
Local Phone Number	433-1000
Title of 12(b) Security	Common Stock, par value $.01
Trading Symbol	VSTO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		58,062,203
Entity Central Index Key	0001616318
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 28, 2020	Mar. 31, 2020
Current assets:
Cash and cash equivalents	$ 36,059	$ 31,375
Net receivables	324,619	313,517
Net inventories	332,210	331,293
Income tax receivable	7,649	7,626
Other current assets	21,605	25,200
Total current assets	722,142	709,011
Net property, plant, and equipment	175,569	184,733
Operating lease assets	67,237	69,024
Goodwill	83,167	83,167
Net intangible assets	301,300	306,100
Deferred charges and other non-current assets, net	39,031	39,254
Total assets	1,388,446	1,391,289
Current liabilities:
Accounts payable	115,043	89,996
Accrued compensation	26,990	38,806
Federal excise, use, and other taxes	20,892	19,702
Other current liabilities	106,202	98,197
Total current liabilities	269,127	246,701
Long-term debt	443,927	511,806
Deferred Income Tax Liabilities, Net	12,744	12,810
Operating lease liabilities	71,686	73,738
Accrued pension and postemployment benefits	52,440	60,225
Other long-term liabilities	49,017	43,504
Total liabilities	898,941	948,784
Commitments and contingencies (Notes 3, 12, and 15)
Issued and outstanding — 58,066,959 shares as of June 28, 2020 and 58,038,822 shares as of March 31, 2020	581	580
Additional paid-in capital	1,746,919	1,744,096
Accumulated deficit	(919,572)	(960,048)
Accumulated other comprehensive loss	(98,774)	(100,994)
Common stock in treasury, at cost — 5,897,480 shares held as of June 28, 2020 and 5,925,617 shares held as of March 31, 2020	(239,649)	(241,129)
Total stockholders' equity	489,505	442,505
Total liabilities and stockholders' equity	$ 1,388,446	$ 1,391,289

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares	Jun. 28, 2020	Mar. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	58,066,959	58,038,822
Common stock, outstanding (in shares)	58,066,959	58,038,822
Common stock in treasury (in shares)	5,897,480	5,925,617

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 28, 2020	Jun. 30, 2019
Income Statement [Abstract]
Sales, net	$ 479,140	$ 459,774
Cost of sales	353,772	364,696
Gross profit	125,368	95,078
Operating expenses:
Research and development	5,010	6,494
Selling, general, and administrative	72,315	83,909
Impairment of held-for-sale assets	0	(9,429)
Earnings (loss) before interest and income taxes	48,043	(4,754)
Interest expense, net	(6,418)	(11,124)
Earnings (loss) before income taxes	41,625	(15,878)
Income tax provision	1,149	737
Net income (loss)	$ 40,476	$ (16,615)
Earnings (loss) per common share:
Basic (in dollars per share)	$ 0.70	$ (0.29)
Diluted (in dollars per share)	$ 0.69	$ (0.29)
Weighted-average number of common shares outstanding:
Basic (in shares)	58,057	57,722
Diluted (in shares)	58,957	57,722
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 $0 and $0	$ (78)	$ (78)
Reclassification of net actuarial loss for pension and postretirement benefit plans recorded to net income, net of tax expense of $0 and $0	968	811
Change in derivatives, net of tax benefit (expense) of $0 and $0	981	(1,150)
Change in cumulative translation adjustment.	349	764
Total other comprehensive income	2,220	347
Comprehensive income (loss)	$ 42,696	$ (16,268)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 28, 2020	Jun. 30, 2019
Income Statement [Abstract]
Reclassification of prior service credits for pension and postretirement benefit plans recorded to net income, net of tax benefit of $0 and $0	$ 0	$ 0
Reclassification of net actuarial loss for pension and postretirement benefit plans recorded to net income, net of tax expense of $0 and $0	0	0
Change in derivatives, net of tax benefit (expense) of $0 and $0	$ 0	$ 0

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 28, 2020	Jun. 30, 2019
Operating Activities
Net income (loss)	$ 40,476	$ (16,615)
Adjustments to net income (loss) to arrive at cash provided by (used for) operating activities:
Depreciation	11,533	11,290
Amortization of intangible assets	4,953	5,097
Impairment of held-for-sale assets	0	9,429
Amortization of deferred financing costs	377	580
Deferred income taxes	(94)	(168)
Loss on disposal of property, plant, and equipment	195	0
Share-based compensation	4,404	2,190
Changes in assets and liabilities:
Net receivables	(10,986)	(4,749)
Net inventories	(761)	(53,811)
Accounts payable	26,526	29,098
Accrued compensation	(11,820)	(11,026)
Accrued income taxes	982	992
Federal excise, use, and other taxes	1,180	(881)
Pension and other postretirement benefits	(6,894)	101
Other assets and liabilities	17,292	(7,695)
Cash provided by (used for) operating activities	77,363	(36,168)
Investing Activities:
Capital expenditures	(4,472)	(9,212)
Proceeds from the disposition of property, plant, and equipment	20	85
Cash used for investing activities	(4,452)	(9,127)
Financing Activities:
Borrowings on lines of credit	9,076	120,239
Payments on lines of credit	(77,332)	(60,240)
Payments made on long-term debt	0	(4,834)
Payments made for debt issuance costs	0	(103)
Payment of employee taxes related to vested stock awards	(100)	(297)
Cash (used for) provided by financing activities	(68,356)	54,765
Effect of foreign exchange rate fluctuations on cash	129	190
Increase in cash and cash equivalents	4,684	9,660
Cash and cash equivalents at beginning of period	31,375	21,935
Cash and cash equivalents at end of period	36,059	31,595
Non-cash investing activity:
Capital expenditures included in accounts payable	$ 1,034	$ 2,531

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	Common Stock $.01 Par Value	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Treasury Stock
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)
Increase (Decrease) in Stockholders' Equity
Comprehensive income (loss)	(16,268)			(16,615)	347
Share-based compensation	2,190		2,190
Restricted stock vested and shares withheld (in shares)		23,059
Restricted stock vested and shares withheld	(106)		(1,534)			1,428
Employee stock purchase plan (in shares)		11,028
Employee stock purchase plan	93		(358)			451
Other (in shares)		724
Other	0		43			(43)
Balance (in shares) at Jun. 30, 2019		57,745,745
Balance at Jun. 30, 2019	594,949	$ 577	1,752,760	(821,584)	(82,620)	(254,184)
Balance (in shares) at Mar. 31, 2020		58,038,822
Balance at Mar. 31, 2020	442,505	$ 580	1,744,096	(960,048)	(100,994)	(241,129)
Increase (Decrease) in Stockholders' Equity
Comprehensive income (loss)	42,696			40,476	2,220
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		5,000
Stock Issued During Period, Value, Stock Options Exercised			(203)			203
Share-based compensation	4,404		4,404
Restricted stock vested and shares withheld (in shares)		21,824
Restricted stock vested and shares withheld	(100)		(1,324)			1,224
Employee stock purchase plan (in shares)		0
Employee stock purchase plan	0		0			0
Other (in shares)		1,313
Stock Issued During Period, Value, Other		$ 1
Other	0		(54)			53
Balance (in shares) at Jun. 28, 2020		58,066,959
Balance at Jun. 28, 2020	$ 489,505	$ 581	$ 1,746,919	$ (919,572)	$ (98,774)	$ (239,649)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares	Jun. 28, 2020	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Jun. 28, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Nature of Operations —Vista Outdoor Inc. (together with our subsidiaries, "Vista Outdoor", "we", "our", and "us", unless the context otherwise requires) is a leading global designer, manufacturer and marketer of outdoor and shooting sports products. We conduct our operations through two reportable segments, Shooting Sports and Outdoor Products. We are headquartered in Anoka, Minnesota and have 14 manufacturing and distribution facilities in the United 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 condensed consolidated financial statements reflect our financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States. This Quarterly Report on Form 10-Q should be read in conjunction with our consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2020 (“fiscal 2020”). Basis of Presentation —Our unaudited condensed consolidated financial statements have been prepared in accordance with the requirements of the Securities and Exchange Commission ("SEC") for interim reporting. As permitted under those rules, certain disclosures and other financial information that normally are required by accounting principles generally accepted in the United States have been condensed or omitted. Our accounting policies are described in the notes to the consolidated financial statements in our Annual Report on Form 10-K for fiscal 2020. Management is responsible for the condensed consolidated financial statements included in this report, which are unaudited but, in the opinion of management, include all adjustments necessary for a fair presentation of our financial position as of June 28, 2020 and March 31, 2020 , our results of operations for the three months ended June 28, 2020 and June 30, 2019 , and our cash flows for the three months ended June 28, 2020 and June 30, 2019 . New Accounting Pronouncements Our accounting policies are described in Note 1 of the Notes to Consolidated Financial Statements included in our fiscal year 2020 Annual Report on Form 10-K. Such significant accounting policies are applicable for periods prior to the following new accounting standards. Accounting Standards Adopted During this Fiscal Year On April 1, 2020, we adopted ASU No. 2016-13, "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" ("Topic 326"). This new standard is intended to improve financial reporting by requiring more timely recording of credit losses on our trade account receivable and requires the measurement of all expected credit losses based on historical experience, current conditions, and reasonable and supportable forecasts. The adoption of this ASU did not have a material impact on our condensed consolidated financial statements and disclosures. For further information, see Note 7 , Receivables . On April 1, 2020, we adopted ASU No. 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement." The amendments in this ASU removed, modified or added to the disclosure requirements for fair value measurements in ASC Topic 820, "Fair Value Measurement" ("Topic 820"). The adoption of this ASU did not have a material impact on our condensed consolidated financial statements and disclosures. Accounting Standards Yet to Be Adopted In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. ASU 2019-12 is effective for fiscal years beginning after December 15, 2021, although early adoption is permitted. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. We are currently evaluating the impacts of the provisions of ASU 2019-12 on our consolidated financial statements.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
Fair Value of Financial Instruments	Jun. 28, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments We measure and disclose our financial assets and liabilities at fair value on a recurring and nonrecurring basis. Fair value is defined as the price that would be received to sell an asset or the price paid to transfer a liability (the exit price) in the principal and most advantageous market for the asset or liability in an orderly transaction between market participants. Assets and liabilities carried at fair value are classified using the following three-tier 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 on a recurring basis: 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 4 , Derivative Financial Instruments , 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. We consider these to be Level 2 instruments. See Note 4 , Derivative Financial Instruments , for additional information. Note Receivable —In connection with the sale of our Firearms business in July 2019, we received a $12,000 interest-free, five -year pre-payable promissory note due June 2024. Based on the general market conditions and the credit quality of the buyer at the time of the sale, we discounted the Note Receivable at an effective interest rate of 10% and estimated fair value using a discounted cash flow approach. We consider this to be a Level 3 instrument. See Note 7 , Receivables , for additional information. Disclosures about the Fair Value of Financial Instruments The carrying amount of our receivables, inventory, accounts payable and accrued liabilities at June 28, 2020 and March 31, 2020 , approximates fair value because of the short maturity of these instruments. The carrying values of cash and cash equivalents at June 28, 2020 and March 31, 2020 are categorized within Level 1 of the fair value hierarchy. The table below discloses information about carrying values and estimated fair value relating to our financial assets and liabilities: June 28, 2020 March 31, 2020 Carrying Fair Carrying Fair Fixed-rate debt (1) $ 350,000 $ 344,750 $ 350,000 $ 284,375 Variable-rate debt (2) 99,000 99,000 167,256 167,256 (1) 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. The fair value of the fixed-rate long-term debt is calculated based on current market rates for debt of the same risk and maturities, based on market quotes for each issuance. We consider these to be Level 2 instruments. See Note 12 , Long-term Debt , for information on long-term debt, including certain risks and uncertainties. (2) The carrying value of the amounts outstanding under our ABL Revolving Credit Facility approximates the fair value due to the short-term nature of these obligations. The fair value of this debt is categorized within Level 2 of the fair value hierarchy based on the observable market borrowing rates. See Note 12 , Long-term Debt , for additional information on our credit facilities, including related certain risks and uncertainties. We measure certain nonfinancial assets at fair value on a nonrecurring basis if certain indicators are present. These assets include long-lived assets that are written down to fair value when they are held for sale or determined to be impaired. During the three months ended June 28, 2020 there were no impairments recorded related to our assets that are measured at fair value on a nonrecurring basis. During the three months ended June 30, 2019 , we recognized an impairment of $9,429 related to an expected loss on the sale of the held-for-sale assets of our Firearms business.

Leases

Leases	3 Months Ended
Leases	Jun. 28, 2020
Leases [Abstract]
Leases	Leases We lease certain warehouse and distribution space, manufacturing space, office space, retail locations, equipment and vehicles. All of these leases are classified as operating leases. Operating lease assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. We use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. These rates are assessed on a quarterly basis. The operating lease assets also include any lease payments made less lease incentives. Leases with an initial term of twelve months or less are not recorded on the balance sheet. For operating leases, expense is recognized on a straight-line basis over the lease term. Variable lease payments associated with our leases are recognized upon occurrence of the event, activity, or circumstance in the lease agreement on which those payments are assessed. Tenant improvement allowances are recorded as leasehold improvements with an offsetting adjustment included in our calculation of our operating lease assets. Many leases include one or more options to renew, with renewal terms that can extend the lease term for three years or more. The exercise of lease renewal options is at our sole discretion. The depreciable life of assets and leasehold improvements are limited by the expected lease term. The amounts of assets and liabilities related to our operating leases were as follows: Balance Sheet Caption June 28, 2020 March 31, 2020 Assets: Operating lease assets Operating lease assets $ 67,237 $ 69,024 Liabilities: Current: Operating lease liabilities Other current liabilities $ 10,758 $ 10,780 Long-term: Operating lease liabilities Long-term operating lease liabilities 71,686 73,738 Total lease liabilities $ 82,444 $ 84,518 The components of lease expense are recorded to cost of sales and selling, general and administration expenses in the unaudited condensed consolidated statements of comprehensive income (loss). The components of lease expense were as follows: Three months ended June 28, 2020 June 30, 2019 Fixed operating lease costs (1) $ 5,059 $ 5,017 Variable operating lease costs 582 535 Sublease income (388 ) (281 ) Net Lease costs $ 5,253 $ 5,271 (1) Includes short-term leases, which are immaterial. June 28, 2020 March 31, 2020 Weighted Average Remaining Lease Term (Years): Operating leases 9.44 9.55 Weighted Average Discount Rate: Operating leases 8.66 % 8.64 % The approximate minimum lease payments under non-cancelable operating leases as of June 28, 2020 are as follows: Remainder of fiscal 2021 $ 13,151 Fiscal 2022 15,105 Fiscal 2023 13,379 Fiscal 2024 11,748 Fiscal 2025 10,718 Thereafter 60,714 Total lease payments 124,815 Less imputed interest (42,371 ) Present value of lease liabilities $ 82,444 Supplemental cash flow information related to leases is as follows: Three months ended June 28, 2020 June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - operating leases $ 4,652 $ 5,205 Operating lease assets obtained in exchange for lease liabilities: Operating leases 815 701

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
Derivative Financial Instruments	Jun. 28, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments In the normal course of business, we are exposed to market risks arising from adverse changes in: • commodity prices affecting the cost of raw materials, and • interest rates We record our interest rate swaps and commodity forward contracts that are accounted for as designated hedges pursuant to ASC Topic 815, “Derivatives and Hedging” ("ASC Topic 815"). ASC Topic 815 requires that an entity recognize all derivatives as either assets or liabilities on the balance sheet, measure those instruments at fair value and recognize changes in the fair value of derivatives in earnings in the period of change unless the derivative qualifies as designated cash flow hedge that offsets certain exposures. Certain criteria must be satisfied in order for derivative financial instruments to be classified and accounted for as a cash flow hedge. Derivatives that are not elected for hedge accounting treatment are recorded immediately in earnings. From time to time, we have entered into floating-to-fixed interest rate swap agreements in order to hedge our forecasted interest payments on our outstanding variable-rate debt. Gains and losses from the remeasurement of our interest rate swap contract agreement are recorded as a component of accumulated other comprehensive income (loss) and released into earnings as a component of interest expense during the period in which the hedged transaction takes place. There are no cash flow hedge interest rate swaps in place as of June 28, 2020 . We entered into various commodity forward contracts during fiscal 2021 and 2020. 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 hedge contracts is assessed quantitatively at inception and qualitatively thereafter considering transactions critical terms and counterparty credit quality. The gains and losses on these hedges are included in accumulated other comprehensive income (loss) and are reclassified into earnings at the time the forecasted revenue or expense is recognized. 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 June 28, 2020 , we had outstanding lead forward contracts on 25.25 million pounds of lead. In the event the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, the related change in fair value of the derivative instrument would be reclassified from accumulated other comprehensive income (loss) and recognized in earnings. The asset related to the lead forward contracts is immaterial and is recorded as part of other non-current assets. The liability related to the lead forward contracts is immaterial and is recorded as part of other current liabilities.

Revenue Recognition

Revenue Recognition	3 Months Ended
Revenue Recognition	Jun. 28, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The following tables disaggregate our net sales by major category: Three months ended June 28, 2020 June 30, 2019(1) Shooting Sports Outdoor Products Total Shooting Sports Outdoor Products Total Ammunition $ 261,762 $ — $ 261,762 $ 213,810 $ — $ 213,810 Firearms — — — 24,017 — 24,017 Hunting and Shooting 72,396 — 72,396 70,970 — 70,970 Action Sports — 72,859 72,859 — 67,909 67,909 Outdoor Recreation (2) — 72,123 72,123 — 83,068 83,068 Total $ 334,158 $ 144,982 $ 479,140 $ 308,797 $ 150,977 $ 459,774 Geographic Region: United States $ 307,388 $ 115,017 $ 422,405 $ 267,823 $ 113,333 $ 381,156 Rest of the World 26,770 29,965 56,735 40,974 37,644 78,618 Total $ 334,158 $ 144,982 $ 479,140 $ 308,797 $ 150,977 $ 459,774 (1) We changed our operating segments during the fourth quarter of fiscal 2020 (see Note 17 , Operating Segment Information ). Accordingly, prior period amounts have been reclassified to conform with the current period presentation. (2) Outdoor Recreation includes the operating segments: Hydration, Outdoor Cooking, and Golf. Product Sales 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. 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. 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 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.

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Jun. 28, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The computation of basic earnings per share ("EPS") is based on the weighted average number of shares that were outstanding during the period. The computation of diluted EPS is based on the number of basic weighted average shares outstanding plus the number of common shares that would be issued assuming the exercise of all potentially dilutive common shares, such as common stock to be issued upon exercise of options, contingently issuable shares and restricted stock units, using the treasury stock method. The following tables set forth the computation of basic and diluted earnings per share: Three months ended (Amounts in thousands except per share data unless otherwise indicated) June 28, 2020 June 30, 2019 Numerator: Net income (loss) $ 40,476 $ (16,615 ) Denominator: Weighted-average number of common shares outstanding basic: 58,057 57,722 Dilutive effect of share-based awards (1) 900 — Diluted shares 58,957 57,722 Earnings (loss) per common share: Basic $ 0.70 $ (0.29 ) Diluted $ 0.69 $ (0.29 ) (1) Potentially dilutive securities, which were not included in the computation of diluted earnings per share, because either the effect would have been anti-dilutive, or the options’ exercise prices were greater than the average market price of the common stock, were 528 for the three months ended June 28, 2020 . Due to the loss from continuing operations for the three months ended June 30, 2019

Receivables

Receivables	3 Months Ended
Receivables	Jun. 28, 2020
Receivables [Abstract]
Receivables	Receivables Our trade accounts receivable are recorded at net realizable value, which includes an appropriate allowance for estimated credit losses as described in Note 1 , Significant Accounting Policies . Under ASC Topic 326, the “expected credit loss” model replaces the “incurred loss” model and will require consideration of a broader range of information to estimate expected credit losses over the life of the asset. Our prior methodology for estimating credit losses on trade accounts receivable did not differ significantly from the new requirements of ASC 326. We maintain an allowance for credit losses related to accounts receivable for future expected credit losses resulting from the inability or unwillingness of our customers to make required payments. We estimate the allowance based upon historical bad debts, current customer receivable balances, age of customer receivable balances and the customers' financial condition and in relation to a representative pool of assets consisting of a large number of customers with similar risk characteristics. The allowance is adjusted as appropriate to reflect differences in current conditions as well as changes in forecasted macroeconomic conditions. Receivables that do not share risk characteristics are evaluated on an individual basis, including those associated with customers that have a higher probability of default. Our estimate of credit losses includes expected current and future economic and market conditions surrounding the COVID-19 pandemic which did not significantly impact our allowance. Net receivables are summarized as follows: June 28, 2020 March 31, 2020 Trade receivables $ 335,484 $ 323,436 Other receivables 4,286 4,841 Less: allowance for estimated credit losses and discounts (15,151 ) (14,760 ) Net receivables $ 324,619 $ 313,517 Walmart represented 15% and 13% of the total trade receivables balance as of June 28, 2020 and March 31, 2020 , respectively. No other customer represented more than 10% of our total trade receivables balance as of June 28, 2020 or March 31, 2020 . The following provides a reconciliation of the activity related to the allowance for estimated credit losses and discounts during the three months ended June 28, 2020 : Balance, March 31, 2020 $ 14,760 Provision for credit losses 707 Write-off of uncollectible amounts, net of recoveries (261 ) Discounts and other adjustments (55 ) Balance, June 28, 2020 $ 15,151 Note Receivable is summarized as follows: June 28, 2020 March 31, 2020 Principal $ 12,000 $ 12,000 Less: unamortized discount (3,804 ) (3,990 ) Note receivable, net, included within Deferred charges and other non-current assets $ 8,196 $ 8,010

Inventories

Inventories	3 Months Ended
Inventories	Jun. 28, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories Current net inventories consist of the following: June 28, 2020 March 31, 2020 Raw materials $ 92,636 $ 85,609 Work in process 35,514 33,622 Finished goods 204,060 212,062 Net inventories $ 332,210 $ 331,293 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 $27,925 and $27,984 as of June 28, 2020 and March 31, 2020

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss (AOCL)	3 Months Ended
Accumulated Other Comprehensive Loss (AOCL)	Jun. 28, 2020
Equity [Abstract]
Accumulated Other Comprehensive Loss (AOCL)	Accumulated Other Comprehensive Loss (AOCL) The components of AOCL, net of income taxes, are as follows: June 28, 2020 March 31, 2020 Derivatives $ (445 ) $ (1,426 ) Pension and other postretirement benefits liabilities (92,463 ) (93,353 ) Cumulative translation adjustment (5,866 ) (6,215 ) Total AOCL $ (98,774 ) $ (100,994 ) The following tables detail the amounts reclassified from AOCL to earnings as well as the changes in derivatives, pension and other postretirement benefits and foreign currency translation, net of income tax: Three months ended June 28, 2020 Derivatives Pension and other postretirement benefits liabilities Cumulative translation adjustment Total Beginning balance in AOCL $ (1,426 ) $ (93,353 ) $ (6,215 ) $ (100,994 ) Change in fair value of derivatives (5 ) — — (5 ) Net losses reclassified from AOCL 986 — — 986 Net actuarial losses reclassified from AOCL (1) — 968 — 968 Prior service costs reclassified from AOCL (1) — (78 ) — (78 ) Net change in cumulative translation adjustment — — 349 349 Ending balance in AOCL $ (445 ) $ (92,463 ) $ (5,866 ) $ (98,774 ) (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. Three months ended June 30, 2019 Derivatives Pension and other postretirement benefits liabilities Cumulative translation adjustment Total Beginning balance in AOCL $ 735 $ (74,670 ) $ (9,032 ) $ (82,967 ) Change in fair value of derivatives (1,150 ) — — (1,150 ) Net actuarial losses reclassified from AOCL (1) — 811 — 811 Prior service costs reclassified from AOCL (1) — (78 ) — (78 ) Net change in cumulative translation adjustment — 764 764 Ending balance in AOCL $ (415 ) $ (73,937 ) $ (8,268 ) $ (82,620 ) (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.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
Goodwill and Intangible Assets	Jun. 28, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets There were no changes in the carrying amount of goodwill during the three months ended June 28, 2020 . The entire goodwill balance of $83,167 as of June 28, 2020 and March 31, 2020 is allocated to our Shooting Sports segment. Intangible assets by major asset class consisted of the following: June 28, 2020 March 31, 2020 Gross Accumulated Total Gross Accumulated Total Trade names $ 48,360 $ (15,361 ) $ 32,999 $ 48,360 $ (14,428 ) $ 33,932 Patented technology 16,684 (10,708 ) 5,976 16,684 (10,490 ) 6,194 Customer relationships and other 238,483 (87,261 ) 151,222 238,220 (83,349 ) 154,871 Total 303,527 (113,330 ) 190,197 303,264 (108,267 ) 194,997 Non-amortizing trade names 111,103 — 111,103 111,103 — 111,103 Net intangible assets $ 414,630 $ (113,330 ) $ 301,300 $ 414,367 $ (108,267 ) $ 306,100 Amortization expense for the three months ended June 28, 2020 and June 30, 2019 was $4,953 and $5,097 , respectively. As of June 28, 2020 , we expect amortization expense related to these assets to be as follows: Remainder of fiscal 2021 $ 14,912 Fiscal 2022 19,831 Fiscal 2023 19,715 Fiscal 2024 19,663 Fiscal 2025 19,645 Thereafter 96,431 Total $ 190,197

Other Current and Non-current L

Other Current and Non-current Liabilities	3 Months Ended
Other Current and Non-current Liabilities	Jun. 28, 2020
Other Liabilities Disclosure [Abstract]
Other Current and Non-current Liabilities	Other Current and Non-Current Liabilities Other current and non-current liabilities consisted of the following: June 28, 2020 March 31, 2020 Other current liabilities: Rebates $ 11,927 $ 16,225 Accrual for in-transit inventory 18,557 11,064 Other 75,718 70,908 Total other current liabilities $ 106,202 $ 98,197 Other non-current liabilities: Non-current portion of accrued income tax liability $ 31,158 $ 30,159 Other 17,859 13,345 Total other non-current liabilities $ 49,017 $ 43,504 We provide consumer warranties against manufacturing defects on certain products 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, March 31, 2020 $ 9,149 Payments made (858 ) Warranties issued 771 Changes related to pre-existing warranties and other adjustments (82 ) Balance, June 28, 2020 $ 8,980

Long-term Debt

Long-term Debt	3 Months Ended
Long-term Debt	Jun. 28, 2020
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Long-term debt consisted of the following: June 28, 2020 March 31, 2020 ABL Revolving Credit Facility $ 99,000 $ 167,256 5.875% Senior Notes 350,000 350,000 Principal amount of long-term debt 449,000 517,256 Less: unamortized deferred financing costs (5,073 ) (5,450 ) Carrying amount of long-term debt $ 443,927 $ 511,806 Credit Agreements —In fiscal 2019, we refinanced our Amended and Restated Credit Agreement dated April 1, 2016, 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 June 28, 2020 , based on the borrowing base less outstanding borrowings of $99,000 and outstanding letters of credit of $21,692 , the amount available to us under the ABL Revolving Credit Facility was $289,705 . 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 Term Loan was 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 Term Loan and the Junior Term Loan have been paid in full, and have no future required principal payments. Debt issuance costs of approximately $6,300 are being amortized over the term of the New Credit Facilities. This expense is included in interest expense in the condensed consolidated statements of comprehensive income (loss). 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. The balance of the FILO revolving credit commitment as of June 28, 2020 was $11,667 . Any outstanding revolving loans under the ABL Revolving Credit Facility will be payable in full on the Maturity Date. As of June 28, 2020, 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 0.25% to 0.75% or the sum of a LIBO rate plus a margin ranging from 1.25% to 1.75% , 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 June 28, 2020 , the margin under the (1) ABL Revolving Credit Facility was, in the case of (a) non-FILO revolving credit loans, 0.50% for base rate loans and 1.50% for LIBO rate loans and (b) FILO revolving credit loans, 1.50% for base rate loans and 2.50% for LIBO rate loans. The weighted average interest rate for our borrowings under the New Credit Facilities as of June 28, 2020 was 1.99% , excluding the impact of the interest rate swap that was in place during the quarter. See Note 4 , Derivative Financial Instruments , for additional information. 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. 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 at specified redemption prices. Debt issuance costs of approximately $4,300 are being amortized to interest expense over eight 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) 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 • if such subsidiary guarantor has been released from its guarantees of indebtedness under the New Credit Facilities and all capital markets debt securities 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. The financial covenants of the New Credit Facilities are to maintain Excess Availability under the ABL Revolving Credit Facility of $42,500 at all times. If Excess Availability falls below $42,500 we must maintain a Consolidated Fixed Charge Coverage Ratio ("FCCR"), as defined below, of not less than 1.00 :1.00. As noted above, the Excess Availability under the ABL Revolving Credit Facility was $289,705 as of June 28, 2020 . 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 ("earnings before interest, taxes, depreciation, and amortization"), (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 made over the past four fiscal quarters; plus income tax payments and restricted payments over the past four fiscal quarters). 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 June 28, 2020 , 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 covenants in the future due to 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 on debt, including commitment fees and prepayment premium fees, for the three months ended June 28, 2020 and June 30, 2019 totaled $7,302 and $15,654 , respectively.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
Employee Benefit Plans	Jun. 28, 2020
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans During the three months ended June 28, 2020 , we recognized an aggregate net benefit for employee defined benefit plans of $21 compared to $101 during the three months ended June 30, 2019 . The decrease in income was primarily due to the lower than expected return on plan assets and increased loss amortization, partially offset by decreased interest rates. Employer contributions and distributions —We made the entire fiscal 2021 required contributions to the pension trust during the three months ended June 28, 2020 of $7,100 , and $0 in contributions were required for the three months ended June 30, 2019 . For those same periods, we made no contributions to our other postretirement benefit plans, and we made no distributions to retirees under the non-qualified supplemental executive retirement plan. No additional contributions are required to be made to the pension trust for the remainder of fiscal 2021 . No additional contributions are required, and we are not expecting to make any contributions to our other postretirement benefit plans, or directly to retirees under our non-qualified supplemental executive retirement plans for the remainder of fiscal 2021 .

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Jun. 28, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our provision for income taxes includes federal, foreign, and state income taxes. Income tax provisions for interim periods are based on the year-to-date effective tax rate for both the current and prior year. The income tax provisions for the three months ended June 28, 2020 and June 30, 2019 represent effective tax rates of 2.8% and (4.6)% , respectively. The increase in the rate from the prior year quarter is primarily caused by impairment of held-for-sale assets in the prior year quarter, offset by a decrease in the valuation allowance due to operating income in the current quarter. The effective tax rate for the three months ended June 28, 2020 was lower than the statutory rate primarily because of the decreased valuation allowance. The effective tax rate for the three months ended June 30, 2019 was lower than the statutory rate primarily because of increased valuation allowance and interest expense on uncertain tax positions. The operating loss in the prior year quarter caused the unfavorable tax adjustments to decrease the rate. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permits NOL carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows NOLs incurred in tax years 2018, 2019, and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. The CARES Act also contains modifications on the limitation of business interest for tax years beginning in 2019 and 2020. The modifications to Section 163(j) increase the allowable interest expense deduction. We anticipate that the CARES Act will impact our tax provision for the tax year ended March 31, 2021 due to the increased allowable interest expense deduction. On February 9, 2015, we entered into a Tax Matters Agreement with Orbital ATK that governs the respective rights, responsibilities and obligations of Vista Outdoor and Orbital ATK following the distribution of all of the shares of our common stock on a pro rata basis to the holders of Alliant Techsystems Inc. common stock (the “Spin-Off”) with respect to tax liabilities and benefits, tax attributes, tax contests and other tax sharing regarding U.S. federal, state, local and foreign income taxes, other tax matters and related tax returns. We have joint and several liability with Orbital ATK to the IRS for the consolidated U.S. federal income taxes of the Orbital ATK consolidated group relating to the taxable periods in which we were part of that group. However, the Tax Matters Agreement specifies the portion, if any, of this tax liability for which we bear responsibility, and Orbital ATK agrees to indemnify us against any amounts for which we are not responsible. The Tax Matters Agreement also provides special rules for allocating tax liabilities in the event that the Spin-Off is determined not to be tax-free. Though valid between the parties, the Tax Matters Agreement is not binding on the IRS. The allocation of tax liabilities for the period from April 1, 2014 through the date of the Spin-Off was settled on June 15, 2018. Orbital ATK paid Vista Outdoor $13,047 to settle this matter, which was reflected as an adjustment to the distribution from Vista Outdoor to Orbital ATK at the time of the Spin-Off. Prior to the Spin-Off, Orbital ATK or one of its subsidiaries filed income tax returns in the U.S. federal and various U.S. state jurisdictions that included Vista Outdoor. In addition, certain of our subsidiaries filed income tax returns in foreign jurisdictions. Since the Spin-Off, we file income tax returns in the U.S. federal, foreign and various U.S. state jurisdictions. With a few exceptions, Orbital ATK and its subsidiaries and Vista are no longer subject to U.S. federal, state and local, or foreign income tax examinations by tax authorities prior to 2013. The IRS has completed the audits of Orbital ATK through fiscal 2014 and is currently auditing Orbital ATK's tax return for fiscal 2015. The IRS has also completed the audit of our tax return for the period that began after the Spin-Off (February 9, 2015) and ended on March 31, 2015. We believe appropriate provisions for all outstanding issues relating to our portion of these returns have been made for all remaining open years in all jurisdictions. Income taxes paid, net of refunds, totaled $265 and $(253) for the three months ended June 28, 2020 and June 30, 2019 , respectively. Although the timing and outcome of income tax audit settlements are uncertain, it is reasonably possible that a $14,072 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 $13,086 .

Contingencies

Contingencies	3 Months Ended
Contingencies	Jun. 28, 2020
Loss Contingency [Abstract]
Contingencies	Contingencies Litigation —From time to time, we are subject to various legal proceedings, including lawsuits, which arise out of, and are incidental to, the conduct of our business. We do not consider any of such proceedings that are currently pending, individually or in the aggregate to be material to our business or likely to result in a material adverse effect on our operating results, financial condition, or cash flows. Environmental liabilities —Our operations and ownership or use of real property are subject to a number of federal, state, and local environmental laws and regulations, as well as applicable foreign laws and regulations, including those governing the discharge of hazardous materials, remediation of contaminated sites, and restoration of damage to the environment. We are obligated to conduct investigation and/or remediation activities at certain sites that we own or operate or formerly owned or operated. Certain of our former subsidiaries have been identified as potentially responsible parties (“PRP”), along with other parties, in regulatory agency actions associated with hazardous waste sites. As a PRP, those former subsidiaries may be required to pay a share of the costs of the investigation and clean-up of these sites. In that event, we would be obligated to indemnify those subsidiaries for those costs. 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 $708 and $710 as of June 28, 2020 and March 31, 2020 , respectively. We could incur substantial additional costs, including cleanup costs, resource restoration, fines, and penalties or third-party property damage or personal injury claims, as a result of violations or liabilities under environmental laws or non-compliance with environmental permits. While environmental laws and regulations have not had a material adverse effect on our operating results, financial condition, or cash flows in the past, and we have environmental management programs in place to mitigate these risks, it is difficult to predict whether they will have a material impact in the future.

Condensed Consolidating Financi

Condensed Consolidating Financial Statements	3 Months Ended
Condensed Consolidating Financial Statements	Jun. 28, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Financial Statements	Condensed Consolidating Financial Statements In accordance with the provisions of the 5.875% Notes, the outstanding notes are guaranteed on an unsecured basis, jointly and severally and fully and unconditionally, by substantially all of Vista Outdoor domestic subsidiaries and by Advanced Arrow S. de R.L. de C.V. and Hydrosport, S. de R.L. de C.V. The parent company has no independent assets or operations. All of these guarantor subsidiaries are 100% owned by Vista Outdoor and any subsidiaries of the parent company other than the subsidiary guarantors are minor. There are no significant restrictions on the Company’s ability, or the ability of any guarantor, to obtain funds from its subsidiaries through dividends or loans, and there are no material restrictions on the ability of our consolidated and unconsolidated subsidiaries to transfer funds to the Company in the form of cash dividends, loans or advances. These guarantees are senior or senior subordinated obligations, as applicable, of the applicable subsidiary guarantors.

Operating Segment Information

Operating Segment Information	3 Months Ended
Operating Segment Information	Jun. 28, 2020
Segment Reporting [Abstract]
Operating Segment Information	Operating Segment Information During the fourth quarter of fiscal 2020, we realigned our internal reporting structure and modified our operating segment structure to provide investors with improved disclosure that is consistent with how our chief operating decision maker (CODM), our Chief Executive Officer, allocates resources and makes decisions. Based on these changes, management concluded that we had six operating segments, which have been aggregated into two reportable segments, Shooting Sports and Outdoor Products. Shooting Sports is comprised of our Ammunition and Hunting and Shooting operating segments. Outdoor Products is comprised of our Action Sports, Outdoor Cooking, Hydration, and Golf operating segments. The operating segments comprising the Company’s respective reportable segments share numerous commonalities, including similar core consumers, distribution channels and supply chains. Our CODM relies on internal management reporting that analyzes consolidated results to the net income level and operating segment's EBIT, which is defined as earnings (loss) before interest and income taxes. Certain corporate-related costs and other non-recurring costs are not allocated to the segments in order to present comparable results from period to period. These include impairment charges, restructuring related-costs, merger and acquisition costs, and other non-recurring items. • Shooting Sports generated approximately 70% of our sales in three months ended June 28, 2020 . Shooting Sports is comprised of ammunition and hunting shooting accessories product lines. Ammunition products include centerfire ammunition, rimfire ammunition, shotshell ammunition and reloading components. Hunting accessories products include high-performance hunting arrows, game calls, hunting blinds, game cameras, decoys, and optics products such as binoculars, riflescopes and telescopes. Shooting accessories products include reloading equipment, clay targets, premium gun care products and tactical products such as holsters, duty gear, bags and packs. Our Firearms business was divested early in the second quarter of fiscal 2020. • Outdoor Products generated approximately 30% of our external sales in the three months ended June 28, 2020 . Outdoor Products is comprised of sports protection, outdoor cooking, golf, and hydration product lines. Sports protection includes helmets, goggles, and accessories for cycling, snow sports, action sports and powersports. Outdoor cooking includes grills and stoves. Golf products include laser rangefinders and other golf technology products. Hydration products include hydration packs and water bottles. Sales to Walmart represented 10% and 14% of our sales in the three months ended June 28, 2020 and June 30, 2019 , respectively. No other single customer contributed 10% or more of our sales in the three months ended June 28, 2020 and June 30, 2019 . The following tables contain information utilized by management to evaluate our operating segments for the interim periods presented: Three months ended June 28, 2020 Shooting Sports Outdoor Products (a) Corporate and other reconciling items Total Sales, net $ 334,158 $ 144,982 $ — $ 479,140 Gross Profit 84,502 40,866 — 125,368 EBIT 54,565 11,506 (18,028 ) 48,043 Three months ended June 30, 2019 (b) Shooting Sports Outdoor Products (a) Corporate and other reconciling items Total Sales, net $ 308,797 $ 150,977 $ — $ 459,774 Gross Profit 55,393 39,685 — $ 95,078 EBIT 16,819 6,852 (28,425 ) $ (4,754 ) (a) There were no reconciling items for the three months ended June 28, 2020 . Reconciling items for the three months ended June 30, 2019 include $9,429 of held for sale impairment charges related to the historical shooting sports segment, contingent consideration expenses of $843 and transaction costs of $401 . (b) We modified the structure of our reportable segments during the fourth quarter of fiscal 2020. Accordingly, prior period amounts have been reclassified to conform with the current period presentation. There were no significant intersegment sales for the three months ended June 28, 2020 and June 30, 2019 .

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Jun. 28, 2020
Accounting Policies [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Our accounting policies are described in Note 1 of the Notes to Consolidated Financial Statements included in our fiscal year 2020 Annual Report on Form 10-K. Such significant accounting policies are applicable for periods prior to the following new accounting standards. Accounting Standards Adopted During this Fiscal Year On April 1, 2020, we adopted ASU No. 2016-13, "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" ("Topic 326"). This new standard is intended to improve financial reporting by requiring more timely recording of credit losses on our trade account receivable and requires the measurement of all expected credit losses based on historical experience, current conditions, and reasonable and supportable forecasts. The adoption of this ASU did not have a material impact on our condensed consolidated financial statements and disclosures. For further information, see Note 7 , Receivables . On April 1, 2020, we adopted ASU No. 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement." The amendments in this ASU removed, modified or added to the disclosure requirements for fair value measurements in ASC Topic 820, "Fair Value Measurement" ("Topic 820"). The adoption of this ASU did not have a material impact on our condensed consolidated financial statements and disclosures. Accounting Standards Yet to Be Adopted In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. ASU 2019-12 is effective for fiscal years beginning after December 15, 2021, although early adoption is permitted. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. We are currently evaluating the impacts of the provisions of ASU 2019-12 on our consolidated financial statements.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
Fair Value of Financial Instruments (Tables)	Jun. 28, 2020
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 table below discloses information about carrying values and estimated fair value relating to our financial assets and liabilities: June 28, 2020 March 31, 2020 Carrying Fair Carrying Fair Fixed-rate debt (1) $ 350,000 $ 344,750 $ 350,000 $ 284,375 Variable-rate debt (2) 99,000 99,000 167,256 167,256 (1) 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. The fair value of the fixed-rate long-term debt is calculated based on current market rates for debt of the same risk and maturities, based on market quotes for each issuance. We consider these to be Level 2 instruments. See Note 12 , Long-term Debt , for information on long-term debt, including certain risks and uncertainties. (2) The carrying value of the amounts outstanding under our ABL Revolving Credit Facility approximates the fair value due to the short-term nature of these obligations. The fair value of this debt is categorized within Level 2 of the fair value hierarchy based on the observable market borrowing rates. See Note 12 , Long-term Debt , for additional information on our credit facilities, including related certain risks and uncertainties.

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Jun. 28, 2020
Leases [Abstract]
Assets And Liabilities, Lessee	The amounts of assets and liabilities related to our operating leases were as follows: Balance Sheet Caption June 28, 2020 March 31, 2020 Assets: Operating lease assets Operating lease assets $ 67,237 $ 69,024 Liabilities: Current: Operating lease liabilities Other current liabilities $ 10,758 $ 10,780 Long-term: Operating lease liabilities Long-term operating lease liabilities 71,686 73,738 Total lease liabilities $ 82,444 $ 84,518
Lease, Cost	The components of lease expense are recorded to cost of sales and selling, general and administration expenses in the unaudited condensed consolidated statements of comprehensive income (loss). The components of lease expense were as follows: Three months ended June 28, 2020 June 30, 2019 Fixed operating lease costs (1) $ 5,059 $ 5,017 Variable operating lease costs 582 535 Sublease income (388 ) (281 ) Net Lease costs $ 5,253 $ 5,271 (1) Includes short-term leases, which are immaterial. June 28, 2020 March 31, 2020 Weighted Average Remaining Lease Term (Years): Operating leases 9.44 9.55 Weighted Average Discount Rate: Operating leases 8.66 % 8.64 % Supplemental cash flow information related to leases is as follows: Three months ended June 28, 2020 June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - operating leases $ 4,652 $ 5,205 Operating lease assets obtained in exchange for lease liabilities: Operating leases 815 701
Lessee, Operating Lease, Liability, Maturity	The approximate minimum lease payments under non-cancelable operating leases as of June 28, 2020 are as follows: Remainder of fiscal 2021 $ 13,151 Fiscal 2022 15,105 Fiscal 2023 13,379 Fiscal 2024 11,748 Fiscal 2025 10,718 Thereafter 60,714 Total lease payments 124,815 Less imputed interest (42,371 ) Present value of lease liabilities $ 82,444

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
Revenue Recognition (Tables)	Jun. 28, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables disaggregate our net sales by major category: Three months ended June 28, 2020 June 30, 2019(1) Shooting Sports Outdoor Products Total Shooting Sports Outdoor Products Total Ammunition $ 261,762 $ — $ 261,762 $ 213,810 $ — $ 213,810 Firearms — — — 24,017 — 24,017 Hunting and Shooting 72,396 — 72,396 70,970 — 70,970 Action Sports — 72,859 72,859 — 67,909 67,909 Outdoor Recreation (2) — 72,123 72,123 — 83,068 83,068 Total $ 334,158 $ 144,982 $ 479,140 $ 308,797 $ 150,977 $ 459,774 Geographic Region: United States $ 307,388 $ 115,017 $ 422,405 $ 267,823 $ 113,333 $ 381,156 Rest of the World 26,770 29,965 56,735 40,974 37,644 78,618 Total $ 334,158 $ 144,982 $ 479,140 $ 308,797 $ 150,977 $ 459,774 (1) We changed our operating segments during the fourth quarter of fiscal 2020 (see Note 17 , Operating Segment Information ). Accordingly, prior period amounts have been reclassified to conform with the current period presentation. (2) Outdoor Recreation includes the operating segments: Hydration, Outdoor Cooking, and Golf.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Jun. 28, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following tables set forth the computation of basic and diluted earnings per share: Three months ended (Amounts in thousands except per share data unless otherwise indicated) June 28, 2020 June 30, 2019 Numerator: Net income (loss) $ 40,476 $ (16,615 ) Denominator: Weighted-average number of common shares outstanding basic: 58,057 57,722 Dilutive effect of share-based awards (1) 900 — Diluted shares 58,957 57,722 Earnings (loss) per common share: Basic $ 0.70 $ (0.29 ) Diluted $ 0.69 $ (0.29 ) (1) Potentially dilutive securities, which were not included in the computation of diluted earnings per share, because either the effect would have been anti-dilutive, or the options’ exercise prices were greater than the average market price of the common stock, were 528 for the three months ended June 28, 2020 . Due to the loss from continuing operations for the three months ended June 30, 2019

Receivables (Tables)

Receivables (Tables)	3 Months Ended
Receivables (Tables)	Jun. 28, 2020
Receivables [Abstract]
Schedule of accounts, notes, loans and financing receivable	Net receivables are summarized as follows: June 28, 2020 March 31, 2020 Trade receivables $ 335,484 $ 323,436 Other receivables 4,286 4,841 Less: allowance for estimated credit losses and discounts (15,151 ) (14,760 ) Net receivables $ 324,619 $ 313,517 Note Receivable is summarized as follows: June 28, 2020 March 31, 2020 Principal $ 12,000 $ 12,000 Less: unamortized discount (3,804 ) (3,990 ) Note receivable, net, included within Deferred charges and other non-current assets $ 8,196 $ 8,010
Schedule of reconciliation of activity related to the allowance for estimated credit losses and discounts	The following provides a reconciliation of the activity related to the allowance for estimated credit losses and discounts during the three months ended June 28, 2020 : Balance, March 31, 2020 $ 14,760 Provision for credit losses 707 Write-off of uncollectible amounts, net of recoveries (261 ) Discounts and other adjustments (55 ) Balance, June 28, 2020 $ 15,151

Inventories (Tables)

Inventories (Tables)	3 Months Ended
Inventories (Tables)	Jun. 28, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Current net inventories consist of the following: June 28, 2020 March 31, 2020 Raw materials $ 92,636 $ 85,609 Work in process 35,514 33,622 Finished goods 204,060 212,062 Net inventories $ 332,210 $ 331,293

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (AOCL) (Tables)	3 Months Ended
Accumulated Other Comprehensive Loss (AOCL) (Tables)	Jun. 28, 2020
Equity [Abstract]
Schedule of components of AOCL, net of income taxes	The components of AOCL, net of income taxes, are as follows: June 28, 2020 March 31, 2020 Derivatives $ (445 ) $ (1,426 ) Pension and other postretirement benefits liabilities (92,463 ) (93,353 ) Cumulative translation adjustment (5,866 ) (6,215 ) Total AOCL $ (98,774 ) $ (100,994 )
Schedule of changes in balance of AOCL, net of income taxes	The following tables detail the amounts reclassified from AOCL to earnings as well as the changes in derivatives, pension and other postretirement benefits and foreign currency translation, net of income tax: Three months ended June 28, 2020 Derivatives Pension and other postretirement benefits liabilities Cumulative translation adjustment Total Beginning balance in AOCL $ (1,426 ) $ (93,353 ) $ (6,215 ) $ (100,994 ) Change in fair value of derivatives (5 ) — — (5 ) Net losses reclassified from AOCL 986 — — 986 Net actuarial losses reclassified from AOCL (1) — 968 — 968 Prior service costs reclassified from AOCL (1) — (78 ) — (78 ) Net change in cumulative translation adjustment — — 349 349 Ending balance in AOCL $ (445 ) $ (92,463 ) $ (5,866 ) $ (98,774 ) (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. Three months ended June 30, 2019 Derivatives Pension and other postretirement benefits liabilities Cumulative translation adjustment Total Beginning balance in AOCL $ 735 $ (74,670 ) $ (9,032 ) $ (82,967 ) Change in fair value of derivatives (1,150 ) — — (1,150 ) Net actuarial losses reclassified from AOCL (1) — 811 — 811 Prior service costs reclassified from AOCL (1) — (78 ) — (78 ) Net change in cumulative translation adjustment — 764 764 Ending balance in AOCL $ (415 ) $ (73,937 ) $ (8,268 ) $ (82,620 ) (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.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
Goodwill and Intangible Assets (Tables)	Jun. 28, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in the carrying amount of goodwill by segment	There were no changes in the carrying amount of goodwill during the three months ended June 28, 2020 . The entire goodwill balance of $83,167 as of June 28, 2020 and March 31, 2020 is allocated to our Shooting Sports segment.
Schedule of net intangibles	ntangible assets by major asset class consisted of the following: June 28, 2020 March 31, 2020 Gross Accumulated Total Gross Accumulated Total Trade names $ 48,360 $ (15,361 ) $ 32,999 $ 48,360 $ (14,428 ) $ 33,932 Patented technology 16,684 (10,708 ) 5,976 16,684 (10,490 ) 6,194 Customer relationships and other 238,483 (87,261 ) 151,222 238,220 (83,349 ) 154,871 Total 303,527 (113,330 ) 190,197 303,264 (108,267 ) 194,997 Non-amortizing trade names 111,103 — 111,103 111,103 — 111,103 Net intangible assets $ 414,630 $ (113,330 ) $ 301,300 $ 414,367 $ (108,267 ) $ 306,100
Schedule of expected future amortization expense	As of June 28, 2020 , we expect amortization expense related to these assets to be as follows: Remainder of fiscal 2021 $ 14,912 Fiscal 2022 19,831 Fiscal 2023 19,715 Fiscal 2024 19,663 Fiscal 2025 19,645 Thereafter 96,431 Total $ 190,197

Other Current and Non-current_2

Other Current and Non-current Liabilities (Tables)	3 Months Ended
Other Current and Non-current Liabilities (Tables)	Jun. 28, 2020
Other Liabilities Disclosure [Abstract]
Schedule of major categories of other current and non-current liabilities	Other current and non-current liabilities consisted of the following: June 28, 2020 March 31, 2020 Other current liabilities: Rebates $ 11,927 $ 16,225 Accrual for in-transit inventory 18,557 11,064 Other 75,718 70,908 Total other current liabilities $ 106,202 $ 98,197 Other non-current liabilities: Non-current portion of accrued income tax liability $ 31,158 $ 30,159 Other 17,859 13,345 Total other non-current liabilities $ 49,017 $ 43,504
Schedule of reconciliation of the changes in product warranty liability	The following is a reconciliation of the changes in our product warranty liability during the periods presented: Balance, March 31, 2020 $ 9,149 Payments made (858 ) Warranties issued 771 Changes related to pre-existing warranties and other adjustments (82 ) Balance, June 28, 2020 $ 8,980

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
Long-term Debt (Tables)	Jun. 28, 2020
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt consisted of the following: June 28, 2020 March 31, 2020 ABL Revolving Credit Facility $ 99,000 $ 167,256 5.875% Senior Notes 350,000 350,000 Principal amount of long-term debt 449,000 517,256 Less: unamortized deferred financing costs (5,073 ) (5,450 ) Carrying amount of long-term debt $ 443,927 $ 511,806

Operating Segment Information (

Operating Segment Information (Tables)	3 Months Ended
Operating Segment Information (Tables)	Jun. 28, 2020
Segment Reporting [Abstract]
Summary Results by Segment	The following tables contain information utilized by management to evaluate our operating segments for the interim periods presented: Three months ended June 28, 2020 Shooting Sports Outdoor Products (a) Corporate and other reconciling items Total Sales, net $ 334,158 $ 144,982 $ — $ 479,140 Gross Profit 84,502 40,866 — 125,368 EBIT 54,565 11,506 (18,028 ) 48,043 Three months ended June 30, 2019 (b) Shooting Sports Outdoor Products (a) Corporate and other reconciling items Total Sales, net $ 308,797 $ 150,977 $ — $ 459,774 Gross Profit 55,393 39,685 — $ 95,078 EBIT 16,819 6,852 (28,425 ) $ (4,754 ) (a) There were no reconciling items for the three months ended June 28, 2020 . Reconciling items for the three months ended June 30, 2019 include $9,429 of held for sale impairment charges related to the historical shooting sports segment, contingent consideration expenses of $843 and transaction costs of $401 . (b) We modified the structure of our reportable segments during the fourth quarter of fiscal 2020. Accordingly, prior period amounts have been reclassified to conform with the current period presentation.

Significant Accounting Polici_3

Significant Accounting Policies (Details)	3 Months Ended
Significant Accounting Policies (Details)	Jun. 28, 2020statereportable_segment
Accounting Policies [Abstract]
Number of Reportable Segments \| reportable_segment	2
Number of states in which the entity operates \| state	14

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jul. 05, 2019	Jun. 28, 2020	Jun. 30, 2019	Mar. 31, 2020
Fair value of assets and liabilities
Receivable with Imputed Interest, Face Amount	$ 12,000	$ 12,000		$ 12,000
Note receivable with imputed interest, term of contract	5 years
Long-term Debt		443,927		511,806
Impairment of Long-Lived Assets to be Disposed of		0	$ (9,429)
Fair value of assets and liabilities that are measured on a recurring basis \| Fair value
Fair value of assets and liabilities
Receivable with Imputed Interest, Effective Yield (Interest Rate)	10.00%
Fair value of assets and liabilities that are not measured on a recurring basis \| Carrying amount
Fair value of assets and liabilities
Fixed-rate debt		350,000		350,000
Variable-rate debt		99,000		167,256
Fair value of assets and liabilities that are not measured on a recurring basis \| Fair value
Fair value of assets and liabilities
Fixed-rate debt		344,750		284,375
Variable-rate debt		$ 99,000		$ 167,256

Leases - Narrative (Details)

Leases - Narrative (Details)	Jun. 28, 2020
Minimum
Lessee, Lease, Description [Line Items]
Renewal term (in years)	3 years

Leases - Lease Assets and Liabi

Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 28, 2020	Mar. 31, 2020
Leases [Abstract]
Operating lease assets	$ 67,237	$ 69,024
Operating lease liabilities	10,758	10,780
Operating lease liabilities	71,686	73,738
Total lease liabilities	$ 82,444	$ 84,518

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Jun. 28, 2020	Jun. 30, 2019	Mar. 31, 2020
Leases [Abstract]
Fixed operating lease costs (1)	$ 5,059	$ 5,017
Variable operating lease costs	582	535
Sublease income	(388)	(281)
Net Lease costs	$ 5,253	$ 5,271
Weighted Average Remaining Lease Term (Years):	9 years 5 months 8 days		9 years 6 months 18 days
Weighted Average Discount Rate:	8.66%		8.64%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 28, 2020	Mar. 31, 2020
Leases [Abstract]
Remainder of fiscal 2021	$ 13,151
Fiscal 2022	15,105
Fiscal 2023	13,379
Fiscal 2024	11,748
Fiscal 2025	10,718
Thereafter	60,714
Total lease payments	124,815
Less imputed interest	(42,371)
Present value of lease liabilities	$ 82,444	$ 84,518

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 28, 2020	Jun. 30, 2019
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities:	$ 4,652	$ 5,205
Operating lease assets obtained in exchange for lease liabilities:	$ 815	$ 701

Derivative Financial Instrume_2

Derivative Financial Instruments (Details) lb in Thousands	3 Months Ended
Derivative Financial Instruments (Details) lb in Thousands	Jun. 28, 2020lb
Lead Forward Contract
Derivative [Line Items]
Derivative, notional amount, mass	25,250

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue Recognition (Details) - USD ($) $ in Thousands	Jun. 28, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Sales, net	$ 479,140	$ 459,774
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	$ 422,405	381,156
Rest of the World
Disaggregation of Revenue [Line Items]
Sales, net	56,735	78,618
Ammunition
Disaggregation of Revenue [Line Items]
Sales, net	261,762	213,810
Firearms
Disaggregation of Revenue [Line Items]
Sales, net	0	24,017
Hunting and Shooting
Disaggregation of Revenue [Line Items]
Sales, net	72,396	70,970
Action Sports
Disaggregation of Revenue [Line Items]
Sales, net	72,859	67,909
Outdoor Recreation (2)
Disaggregation of Revenue [Line Items]
Sales, net	72,123	83,068
Outdoor Products
Disaggregation of Revenue [Line Items]
Sales, net	144,982	150,977
Outdoor Products \| United States
Disaggregation of Revenue [Line Items]
Sales, net	115,017	113,333
Outdoor Products \| Rest of the World
Disaggregation of Revenue [Line Items]
Sales, net	29,965	37,644
Outdoor Products \| Action Sports
Disaggregation of Revenue [Line Items]
Sales, net	72,859	67,909
Outdoor Products \| Outdoor Recreation (2)
Disaggregation of Revenue [Line Items]
Sales, net	72,123	83,068
Shooting Sports
Disaggregation of Revenue [Line Items]
Sales, net	334,158	308,797
Shooting Sports \| United States
Disaggregation of Revenue [Line Items]
Sales, net	307,388	267,823
Shooting Sports \| Rest of the World
Disaggregation of Revenue [Line Items]
Sales, net	26,770	40,974
Shooting Sports \| Ammunition
Disaggregation of Revenue [Line Items]
Sales, net	261,762	213,810
Shooting Sports \| Firearms
Disaggregation of Revenue [Line Items]
Sales, net	0	24,017
Shooting Sports \| Hunting and Shooting
Disaggregation of Revenue [Line Items]
Sales, net	$ 72,396	$ 70,970

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 28, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net income (loss)	$ 40,476	$ (16,615)
Basic EPS shares outstanding (in shares)	58,057	57,722
Dilutive effect of stock-based awards (in shares)	900	0
Diluted EPS shares outstanding (in shares)	58,957	57,722
Basic (in dollars per share)	$ 0.70	$ (0.29)
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	528
Diluted (in dollars per share)	$ 0.69	$ (0.29)

Receivables (Details)

Receivables (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Receivables (Details) - USD ($) $ in Thousands	Jun. 28, 2020	Mar. 31, 2019	Mar. 31, 2020	Jul. 05, 2019
Receivables [Abstract]
Trade receivables	$ 335,484		$ 323,436
Other receivables	4,286		4,841
Less: allowance for estimated credit losses and discounts	(15,151)		(14,760)
Net receivables	324,619		313,517
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivable with Imputed Interest, Face Amount	12,000		12,000	$ 12,000
Receivable with Imputed Interest, Discount	(3,804)		(3,990)
Receivable with Imputed Interest, Net Amount	$ 8,196		$ 8,010
Walmart \| Accounts Receivable \| Credit Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	15.00%	13.00%

Receivables - Schedule of Recon

Receivables - Schedule of Reconciliation of Activity Related to the Allowance for Estimated Credit Losses and Discounts (Details) $ in Thousands	3 Months Ended
	Jun. 28, 2020USD ($)
Receivables [Abstract]
Balance at beginning of period	$ 14,760
Provision for credit losses	707
Write-off of uncollectible amounts, net of recoveries	(261)
Discounts and other adjustments	(55)
Balance at end of period	$ 15,151

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 28, 2020	Mar. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 92,636	$ 85,609
Work in process	35,514	33,622
Finished goods	204,060	212,062
Net inventories	332,210	331,293
Long-term inventories	$ 27,925	$ 27,984

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (AOCL) (Components of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	Jun. 28, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019
Equity [Abstract]
Derivatives	$ (445)	$ (1,426)	$ (415)	$ 735
Pension and other postretirement benefits liabilities	(92,463)	(93,353)
Cumulative translation adjustment	(5,866)	(6,215)
Total AOCL	$ (98,774)	$ (100,994)	$ (82,620)	$ (82,967)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss (AOCL) (Changes in the Balance of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 28, 2020	Jun. 30, 2019	Mar. 31, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Income Loss [Line Items]
Derivatives	$ (445)	$ (415)	$ (1,426)	$ 735
Pension and other postretirement benefits	(92,463)		(93,353)
Cumulative translation adjustment	(5,866)		(6,215)
Accumulated other comprehensive loss, total	(98,774)	(82,620)	(100,994)	(82,967)
Change in fair value of derivatives	(5)	(1,150)
Net losses reclassified from AOCL	(986)
Net actuarial losses reclassified from AOCL	968	811
Prior service costs reclassified from AOCL	(78)	(78)
Net change in cumulative translation adjustment	349	764
Pension and Other Postretirement Benefits Adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Pension and other postretirement benefits	(92,463)	73,937	(93,353)	(74,670)
Cumulative Translation Adjustment
Accumulated Other Comprehensive Income Loss [Line Items]
Cumulative translation adjustment	(5,866)	(8,268)	$ (6,215)	$ (9,032)
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Change in fair value of derivatives	(5)	(1,150)
Net losses reclassified from AOCL	986
Net actuarial losses reclassified from AOCL	968	811
Prior service costs reclassified from AOCL	(78)	(78)
Net change in cumulative translation adjustment	$ 349	$ 764

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 28, 2020	Jun. 30, 2019	Mar. 31, 2020
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 83,167		$ 83,167
Amortization expense	4,953	$ 5,097
Shooting Sports
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 83,167

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets (Goodwill Rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 28, 2020	Mar. 31, 2020
Goodwill [Line Items]
Goodwill, Period Increase (Decrease)	$ 0
Goodwill	83,167	$ 83,167
Shooting Sports
Goodwill [Line Items]
Goodwill	$ 83,167

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets (Schedule of Net Intangible Assets) (Details) - USD ($) $ in Thousands	Jun. 28, 2020	Mar. 31, 2020
Amortizing assets
Gross carrying amount	$ 303,527	$ 303,264
Accumulated amortization	(113,330)	(108,267)
Total	190,197	194,997
Intangible assets, gross	414,630	414,367
Net intangible assets	301,300	306,100
Trade names
Amortizing assets
Non-amortizing trade names	111,103	111,103
Trade names
Amortizing assets
Gross carrying amount	48,360	48,360
Accumulated amortization	(15,361)	(14,428)
Total	32,999	33,932
Patented technology
Amortizing assets
Gross carrying amount	16,684	16,684
Accumulated amortization	(10,708)	(10,490)
Total	5,976	6,194
Customer relationships and other
Amortizing assets
Gross carrying amount	238,483	238,220
Accumulated amortization	(87,261)	(83,349)
Total	$ 151,222	$ 154,871

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets (Future Amortization Expense) (Details) - USD ($) $ in Thousands	Jun. 28, 2020	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of fiscal 2021	$ 14,912
Fiscal 2022	19,831
Fiscal 2023	19,715
Fiscal 2024	19,663
Fiscal 2025	19,645
Thereafter	96,431
Total	$ 190,197	$ 194,997

Other Current and Non-current_3

Other Current and Non-current Liabilities (Components of Current and Non-current Liabilities) (Details) - USD ($) $ in Thousands	Jun. 28, 2020	Mar. 31, 2020
Other Liabilities Disclosure [Abstract]
Rebates	$ 11,927	$ 16,225
Accrual for in-transit inventory	18,557	11,064
Other	75,718	70,908
Total other current liabilities	106,202	98,197
Non-current portion of accrued income tax liability	31,158	30,159
Other	17,859	13,345
Total other non-current liabilities	$ 49,017	$ 43,504

Other Current and Non-current_4

Other Current and Non-current Liabilities (Product Warranty Rollforward) (Details) $ in Thousands	3 Months Ended
	Jun. 28, 2020USD ($)
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance, March 31, 2020	$ 9,149
Payments made	(858)
Warranties issued	771
Changes related to pre-existing warranties and other adjustments	(82)
Balance, June 28, 2020	$ 8,980

Long-term Debt (Components of L

Long-term Debt (Components of Long-term Debt) (Details) - USD ($) $ in Thousands	Jun. 28, 2020	Mar. 31, 2020	Aug. 11, 2015
Long-Term Debt
Principal amount of long-term debt	$ 449,000	$ 517,256
Less: unamortized deferred financing costs	(5,073)	(5,450)
Carrying amount of long-term debt	443,927	511,806
Line of Credit Due 2023
Long-Term Debt
Principal amount of long-term debt	99,000	167,256
5.875% notes
Long-Term Debt
Principal amount of long-term debt	$ 350,000	$ 350,000
Carrying amount of long-term debt			$ 350,000

Long-term Debt (Narrative - Cre

Long-term Debt (Narrative - Credit Agreement) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 28, 2020	Mar. 31, 2020	Nov. 19, 2018	Aug. 11, 2015
Long-Term Debt
Principal amount of long-term debt	$ 449,000	$ 517,256
Letters of credit outstanding, amount	21,692
Line of credit facility, remaining borrowing capacity	289,705
Long-term debt	443,927	511,806
Credit Agreement
Long-Term Debt
Unamortized debt issuance costs	6,300
Term Loan Due 2023
Long-Term Debt
Debt Instrument, Face Amount			$ 109,343
Debt instrument, periodic payment, principal	$ 4,834
Weighted average interest rate (as a percent)	1.99%
Junior Term Loan
Long-Term Debt
Debt Instrument, Face Amount			40,000
Line of Credit Due 2023
Long-Term Debt
Principal amount of long-term debt	$ 99,000	167,256
Annual commitment fee on the unused portion (as a percent)	0.25%
5.875% notes
Long-Term Debt
Principal amount of long-term debt	$ 350,000	$ 350,000
Long-term debt, percentage bearing fixed interest, percentage rate				5.875%
Long-term debt				$ 350,000
Deferred finance costs gross, accordion feature	4,300
Revolving Credit Facility \| New Credit Facilities
Long-Term Debt
Debt Instrument, Face Amount			450,000
Line of Credit Facility, Current Borrowing Capacity	42,500
First-in, Last-out, Revolving Credit Facility \| ABL Revolving Credit Facility
Long-Term Debt
Debt Instrument, Face Amount			20,000
Debt instrument, periodic payment, principal	1,667
FILO Committment Balance - ABL Revolving Credit Facility	$ 11,667
Basis spread on variable rate margin (as a percent)	1.00%
Non-First-in, Last-out, Revolving Credit Facility \| ABL Revolving Credit Facility
Long-Term Debt
Debt Instrument, Face Amount			$ 430,000
Non-First-in, Last-out, Revolving Credit Facility \| Base Rate \| ABL Revolving Credit Facility
Long-Term Debt
Basis spread on variable rate margin (as a percent)	0.50%
Non-First-in, Last-out, Revolving Credit Facility \| LIBOR \| ABL Revolving Credit Facility
Long-Term Debt
Basis spread on variable rate margin (as a percent)	1.50%
Minimum
Long-Term Debt
Debt Instrument, Consolidated Fixed Charge Coverage Ratio	1
Minimum \| First-in, Last-out, Revolving Credit Facility \| Base Rate \| ABL Revolving Credit Facility
Long-Term Debt
Basis spread on variable rate margin (as a percent)	1.50%
Minimum \| First-in, Last-out, Revolving Credit Facility \| LIBOR \| ABL Revolving Credit Facility
Long-Term Debt
Basis spread on variable rate margin (as a percent)	2.50%
Minimum \| Non-First-in, Last-out, Revolving Credit Facility \| Base Rate \| ABL Revolving Credit Facility
Long-Term Debt
Basis spread on variable rate margin (as a percent)	0.25%
Minimum \| Non-First-in, Last-out, Revolving Credit Facility \| LIBOR \| ABL Revolving Credit Facility
Long-Term Debt
Basis spread on variable rate margin (as a percent)	1.25%
Maximum \| Non-First-in, Last-out, Revolving Credit Facility \| Base Rate \| ABL Revolving Credit Facility
Long-Term Debt
Basis spread on variable rate margin (as a percent)	0.75%
Maximum \| Non-First-in, Last-out, Revolving Credit Facility \| LIBOR \| ABL Revolving Credit Facility
Long-Term Debt
Basis spread on variable rate margin (as a percent)	1.75%

Long-term Debt (Narrative - 5.8

Long-term Debt (Narrative - 5.875% Notes) (Details) - USD ($)	3 Months Ended
	Jun. 28, 2020	Mar. 31, 2020	Aug. 11, 2015
Debt Instrument [Line Items]
Long-term debt	$ 443,927,000	$ 511,806,000
5.875% notes
Debt Instrument [Line Items]
Long-term debt			$ 350,000,000
Long-term debt, percentage bearing fixed interest, percentage rate			5.875%
Debt issuance costs, gross	$ 4,300,000
Debt instrument, term	8 years
Bottom threshhold of guarantee	$ 50,000,000

Long-term Debt (Narrative - Cas

Long-term Debt (Narrative - Cash Paid for Interest on Debt) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 28, 2020	Jun. 30, 2019
Debt Disclosure [Abstract]
Interest paid, including capitalized interest	$ 7,302	$ 15,654

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($)	3 Months Ended
Employee Benefit Plans (Details) - USD ($)	Jun. 28, 2020	Jun. 30, 2019
Defined Benefit Plans
Defined benefit plan, net periodic benefit	$ 21,000	$ 101,000
Pension Plan
Defined Benefit Plans
Contribution by employer	7,100,000	0
Additional required contributions by employer for remainder of fiscal year	0
Other Postretirement Benefit Plans, Defined Benefit
Defined Benefit Plans
Contribution by employer	0	0
Required and expected contributions by employer for remainder of fiscal year	0
Supplemental Employee Retirement Plan
Defined Benefit Plans
Distributions by employer	0	$ 0
Required and expected contributions by employer for remainder of fiscal year	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	Jun. 15, 2018	Jun. 28, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income tax provision (as a percent)		2.80%	(4.60%)
Settlement from former parent	$ (13,047)
Income Taxes Paid, Net		$ 265	$ (253)
Potential reduction of uncertain tax benefits over the next 12 months from audit settlements		14,072
Minimum
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Unrecognized tax benefits that would impact effective tax rate		0
Maximum
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Unrecognized tax benefits that would impact effective tax rate		$ 13,086

Contingencies (Details)

Contingencies (Details) - USD ($) $ in Thousands	Jun. 28, 2020	Mar. 31, 2020
Loss Contingency [Abstract]
Accrual for environmental loss contingencies	$ 708	$ 710

Operating Segment Information_2

Operating Segment Information (Narrative) (Details)	3 Months Ended
Operating Segment Information (Narrative) (Details)	Jun. 28, 2020USD ($)operating_segmentreportable_segment	Jun. 30, 2019USD ($)
Revenue, Major Customer [Line Items]
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed		$ 401,000
Impairment of Long-Lived Assets to be Disposed of	$ 0	(9,429,000)
Number of operating segments \| operating_segment	6
Number of reportable segments \| reportable_segment	2
Major customer	Walmart
Segment Reporting Information, Intersegment Revenue	$ 0	$ 0
Sales Revenue, Net \| Customer Concentration Risk
Revenue, Major Customer [Line Items]
Concentration risk, percentage	10.00%	14.00%
Outdoor Products
Revenue, Major Customer [Line Items]
Revenues from external customers, percentage	30.00%
Shooting Sports
Revenue, Major Customer [Line Items]
Revenues from external customers, percentage	70.00%
Fair Value, Recurring \| Camp Chef \| Fair value
Revenue, Major Customer [Line Items]
Change in amount of contingent consideration, liability		$ 843,000

Operating Segment Information_3

Operating Segment Information (Schedule of Results by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 28, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed		$ 401
Sales, net	$ 479,140	459,774
Gross profit	125,368	95,078
EBIT	48,043	(4,754)
Corporate and other reconciling items
Segment Reporting Information [Line Items]
Sales, net	0	0
Gross profit	0	0
EBIT	$ (18,028)	(28,425)
Outdoor Products
Segment Reporting Information [Line Items]
Revenues from external customers, percentage	30.00%
Sales, net	$ 144,982	150,977
Outdoor Products \| Operating Segments
Segment Reporting Information [Line Items]
Sales, net	144,982	150,977
Gross profit	40,866	39,685
EBIT	$ 11,506	6,852
Shooting Sports
Segment Reporting Information [Line Items]
Revenues from external customers, percentage	70.00%
Sales, net	$ 334,158	308,797
Shooting Sports \| Operating Segments
Segment Reporting Information [Line Items]
Sales, net	334,158	308,797
Gross profit	84,502	55,393
EBIT	$ 54,565	$ 16,819
Customer Concentration Risk \| Sales Revenue, Net
Segment Reporting Information [Line Items]
Concentration risk, percentage	10.00%	14.00%