Cover Page
| Cover Page - shares | 3 Months Ended | |
| Jun. 26, 2022 | Jul. 25, 2022 | |
| Cover [Abstract] | ||
| Document Type | 10-Q | |
| Document Quarterly Report | true | |
| Document Period End Date | Jun. 26, 2022 | |
| 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 $.01 | |
| Trading Symbol | VSTO | |
| Security Exchange Name | NYSE | |
| Entity Current Reporting Status | Yes | |
| Entity Interactive Data Current | Yes | |
| Entity Filer Category | Large Accelerated Filer | |
| Entity Small Business | false | |
| Entity Emerging Growth Company | false | |
| Entity Shell Company | false | |
| Entity Common Stock, Shares Outstanding | 56,530,084 | |
| Entity Central Index Key | 0001616318 | |
| Amendment Flag | false | |
| Current Fiscal Year End Date | --03-31 | |
| Document Fiscal Year Focus | 2023 | |
| Document Fiscal Period Focus | Q1 |
CONDENSED CONSOLIDATED BALANCE
| CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Jun. 26, 2022 | Mar. 31, 2022 |
| Current assets: | ||
| Cash and cash equivalents | $ 36,612 | $ 22,584 |
| Net receivables | 429,729 | 356,773 |
| Net inventories | 662,315 | 642,976 |
| Income tax receivable | 6,642 | 43,560 |
| Other current assets | 47,757 | 45,050 |
| Total current assets | 1,183,055 | 1,110,943 |
| Net property, plant, and equipment | 204,547 | 211,087 |
| Operating lease assets | 75,837 | 78,252 |
| Goodwill | 481,857 | 481,857 |
| Net intangible assets | 451,654 | 459,795 |
| Deferred charges and other non-current assets, net | 60,119 | 54,267 |
| Total assets | 2,457,069 | 2,396,201 |
| Current liabilities: | ||
| Accounts payable | 180,121 | 146,697 |
| Accrued compensation | 42,632 | 79,171 |
| Federal excise, use, and other taxes | 46,110 | 40,825 |
| Other current liabilities | 151,552 | 127,180 |
| Total current liabilities | 420,415 | 393,873 |
| Long-term debt | 586,255 | 666,114 |
| Deferred income tax liabilities | 29,142 | 29,304 |
| Long-term operating lease liabilities | 77,827 | 80,083 |
| Accrued pension and postemployment benefits | 22,060 | 22,634 |
| Other long-term liabilities | 72,058 | 79,794 |
| Total liabilities | 1,207,757 | 1,271,802 |
| Commitments and contingencies (Notes 3, 13, and 16) | ||
| Issued and outstanding — 56,524,082 shares as of June 26, 2022 and 56,093,456 shares as of March 31, 2022 | 565 | 560 |
| Additional paid-in capital | 1,711,759 | 1,730,927 |
| Accumulated deficit | (94,795) | (220,810) |
| Accumulated other comprehensive loss | (76,449) | (76,679) |
| Common stock in treasury, at cost — 7,440,357 shares held as of June 26, 2022 and 7,870,983 shares held as of March 31, 2022 | (291,768) | (309,599) |
| Total stockholders' equity | 1,249,312 | 1,124,399 |
| Total liabilities and stockholders' equity | $ 2,457,069 | $ 2,396,201 |
CONDENSED CONSOLIDATED BALANC_2
| CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares | Jun. 26, 2022 | Mar. 31, 2022 |
| 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) | 56,524,082 | 56,093,456 |
| Common stock, outstanding (in shares) | 56,524,082 | 56,093,456 |
| Common stock in treasury (in shares) | 7,440,357 | 7,870,983 |
CONDENSED CONSOLIDATED STATEMEN
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
| Jun. 26, 2022 | Jun. 27, 2021 | |
| Income Statement [Abstract] | ||
| Sales, net | $ 802,612 | $ 662,912 |
| Cost of sales | 509,142 | 421,485 |
| Gross profit | 293,470 | 241,427 |
| Operating expenses: | ||
| Research and development | 7,897 | 5,868 |
| Selling, general, and administrative | 113,148 | 91,903 |
| Earnings before interest and income taxes | 172,425 | 143,656 |
| Interest expense, net | (6,310) | (5,678) |
| Earnings before income taxes | 166,115 | 137,978 |
| Income tax provision | (40,100) | (35,253) |
| Net income | $ 126,015 | $ 102,725 |
| Earnings per common share: | ||
| Basic (in dollars per share) | $ 2.23 | $ 1.77 |
| Diluted (in dollars per share) | $ 2.16 | $ 1.71 |
| Weighted-average number of common shares outstanding: | ||
| Basic (in shares) | 56,486 | 58,123 |
| Diluted (in shares) | 58,381 | 59,947 |
| 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 $23, respectively. | $ 0 | $ (72) |
| Reclassification of net actuarial loss for pension and postretirement benefit plans recorded to net income, net of tax (expense) of $(221) and $(259), respectively | 694 | 798 |
| Change in derivatives, net of tax benefit (expense) of $690 and $(20), respectively | 9 | 63 |
| Change in cumulative translation adjustment, net of tax (expense) of $(167) and $0 , respectively | (473) | 206 |
| Total other comprehensive income | 230 | 995 |
| Comprehensive income | $ 126,245 | $ 103,720 |
CONDENSED CONSOLIDATED STATEM_2
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
| Jun. 26, 2022 | Jun. 27, 2021 | |
| 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 $23, respectively. | $ 0 | $ 23 |
| Reclassification of net actuarial loss for pension and postretirement benefit plans recorded to net income, net of tax (expense) of $(221) and $(259), respectively | (221) | (259) |
| Change in derivatives, net of tax benefit (expense) of $690 and $(20), respectively | 690 | (20) |
| Change in cumulative translation adjustment, net of tax (expense) of $(167) and $0 , respectively | $ (167) | $ 0 |
CONDENSED CONSOLIDATED STATEM_3
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
| Jun. 26, 2022 | Jun. 27, 2021 | |
| Operating Activities | ||
| Net income | $ 126,015 | $ 102,725 |
| Adjustments to net income to arrive at cash provided by operating activities: | ||
| Depreciation | 11,280 | 11,247 |
| Amortization of intangible assets | 8,036 | 4,998 |
| Amortization of deferred financing costs | 353 | 347 |
| Change in fair value of contingent consideration | (112) | 0 |
| Deferred income taxes | 163 | 312 |
| Loss (gain) on disposal of property, plant, and equipment | 139 | (3) |
| Share-based compensation | 7,257 | 7,038 |
| Changes in assets and liabilities: | ||
| Net receivables | (73,105) | (54,919) |
| Net inventories | (29,504) | (47,925) |
| Accounts payable | 33,468 | 6,188 |
| Accrued compensation | (36,347) | (22,813) |
| Accrued income taxes | 39,342 | 36,236 |
| Federal excise, use, and other taxes | 5,292 | 3,522 |
| Pension and other postretirement benefits | 341 | (1,363) |
| Other assets and liabilities | 14,959 | (16,818) |
| Cash provided by operating activities | 107,577 | 28,772 |
| Investing Activities: | ||
| Capital expenditures | (4,910) | (6,876) |
| Acquisition of businesses, net of cash received | 0 | (8,488) |
| Proceeds from the disposition of property, plant, and equipment | 43 | 6 |
| Cash used for investing activities | (4,867) | (15,358) |
| Financing Activities: | ||
| Proceeds from credit facility | 15,000 | 0 |
| Repayments of credit facility | (95,000) | 0 |
| Payments made for debt issuance costs | 0 | (955) |
| Purchase of treasury shares | 0 | (44,232) |
| Proceeds from exercise of stock options | 147 | 197 |
| Payment of employee taxes related to vested stock awards | (8,923) | (3,018) |
| Cash used for financing activities | (88,776) | (48,008) |
| Effect of foreign exchange rate fluctuations on cash | 94 | (1) |
| Increase (decrease) in cash and cash equivalents | 14,028 | (34,595) |
| Cash and cash equivalents at beginning of period | 22,584 | 243,265 |
| Cash and cash equivalents at end of period | 36,612 | 208,670 |
| Supplemental Cash Flow Disclosures: | ||
| Capital expenditures included in accounts payable | 1,701 | 1,256 |
| Contingent consideration in connection with business combinations | $ 0 | $ 22,400 |
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 |
| Beginning balance (in shares) at Mar. 31, 2021 | 58,561,016 | |||||
| Beginning balance at Mar. 31, 2021 | $ 736,997 | $ 585 | $ 1,731,479 | $ (694,036) | $ (83,195) | $ (217,836) |
| Increase (Decrease) in Stockholders' Equity | ||||||
| Comprehensive income (loss) | 103,720 | 102,725 | 995 | |||
| Exercise of stock options (in shares) | 7,373 | |||||
| Exercise of stock options | 197 | (94) | 291 | |||
| Share-based compensation | 7,038 | 7,038 | ||||
| Restricted stock vested and shares withheld (in shares) | 174,885 | |||||
| Restricted stock vested and shares withheld | (3,041) | (10,937) | 7,896 | |||
| Treasury shares purchased (in shares) | (1,212,496) | |||||
| Treasury shares purchased | 44,232 | 44,232 | ||||
| Other (in shares) | 7,380 | |||||
| Other | $ (10) | |||||
| Other | 0 | (282) | 292 | |||
| Ending balance (in shares) at Jun. 27, 2021 | 57,538,158 | |||||
| Ending balance at Jun. 27, 2021 | $ 800,679 | $ 575 | 1,727,204 | (591,311) | (82,200) | (253,589) |
| Beginning balance (in shares) at Mar. 31, 2022 | 56,093,456 | 56,093,456 | ||||
| Beginning balance at Mar. 31, 2022 | $ 1,124,399 | $ 560 | 1,730,927 | (220,810) | (76,679) | (309,599) |
| Increase (Decrease) in Stockholders' Equity | ||||||
| Comprehensive income (loss) | 126,245 | 126,015 | 230 | |||
| Exercise of stock options (in shares) | 9,150 | |||||
| Exercise of stock options | 147 | (212) | 359 | |||
| Share-based compensation | 7,257 | 7,257 | ||||
| Restricted stock vested and shares withheld (in shares) | 413,089 | |||||
| Restricted stock vested and shares withheld | (8,736) | (25,892) | 17,156 | |||
| Other (in shares) | 8,387 | |||||
| Other | $ 5 | |||||
| Other | $ 0 | (321) | 316 | |||
| Ending balance (in shares) at Jun. 26, 2022 | 56,524,082 | 56,524,082 | ||||
| Ending balance at Jun. 26, 2022 | $ 1,249,312 | $ 565 | $ 1,711,759 | $ (94,795) | $ (76,449) | $ (291,768) |
CONDENSED CONSOLIDATED STATEM_5
| CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares | Jun. 26, 2022 | Mar. 31, 2022 | Jun. 27, 2021 |
| Statement of Stockholders' Equity [Abstract] | |||
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Significant Accounting Policies
| Significant Accounting Policies | 3 Months Ended |
| Jun. 26, 2022 | |
| 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 recreation and shooting sports products. We operate through two reportable segments, Sporting Products and Outdoor Products. We are headquartered in Anoka, Minnesota and have 26 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, 2022 (“fiscal year 2022”). 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 year 2022. 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 26, 2022 and March 31, 2022, our results of operations for the three months ended June 26, 2022 and June 27, 2021, and our cash flows for the three months ended June 26, 2022 and June 27, 2021. |
Fair Value of Financial Instrum
| Fair Value of Financial Instruments | 3 Months Ended |
| Jun. 26, 2022 | |
| 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 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: 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 5, 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 8, Receivables, for additional information. Contingent Consideration In connection with some of our acquisitions, we recorded contingent consideration liabilities that can be earned by the sellers upon achievement of certain milestones. The liabilities are measured on a recurring basis and recorded at fair value, using a discounted cash flow analysis or a Monte Carlo simulation analysis in a risk-neutral framework with assumptions for volatility, market price of risk adjustment, risk-free rate, and cost of debt, utilizing revenue projections for the respective earn-out period, corresponding targets and approximate timing of payments as outlined in the purchase agreements. The inputs used to calculate the fair value of the contingent consideration liabilities are considered to be Level 3 inputs due to the lack of relevant market activity and significant management judgment. Changes in the fair value of the contingent consideration obligation results from changes in discount periods and rates, and changes in probability assumptions with respect to the likelihood of achieving the performance targets. The fair value adjustments are recorded in Selling, general, and administrative in the condensed consolidated statement of comprehensive income. As of June 26, 2022, the estimated fair values of earn-outs payable related to our acquisitions of QuietKat, Fiber Energy, Stone Glacier, and HEVI-Shot are $23,134, $3,625, $9,939, and $274, respectively. See Note 4, Acquisitions and Divestitures, for additional information. Contingent consideration liabilities are reported under the following captions in the condensed consolidated balance sheets: June 26, 2022 March 31, 2022 Other current liabilities $ 12,694 $ 96 Other long-term liabilities 24,278 36,994 Total $ 36,972 $ 37,090 Disclosures about the Fair Value of Financial Instruments The carrying amount of our receivables, inventory, accounts payable, and accrued liabilities as of June 26, 2022 and March 31, 2022 approximates fair value because of the short maturity of these instruments. The carrying values of cash and cash equivalents as of June 26, 2022 and March 31, 2022 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 26, 2022 March 31, 2022 Carrying Fair Carrying Fair Fixed-rate debt (1) $ 500,000 $ 397,000 $ 500,000 $ 460,000 Variable-rate debt (2) 90,000 90,000 170,000 170,000 (1) Fixed rate debt —In fiscal year 2021, we issued $500,000 aggregate principal amount o f 4.5% S enior Notes which will mature on March 15, 2029. These notes are unsecured and senior obligations. The fair value of the fixed-rate debt is based on market quotes for each issuance. We consider these to be Level 2 instruments. See Note 13, Long-term Debt, for information on long-term debt, including certain risks and uncertainties. (2) Variable rate debt — The carrying value of the amounts outstanding under our ABL Revolving Credit Facility approximates the fair value because the interest rates are variable and reflective of market rates as of June 26, 2022. 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 13, Long-term Debt, for additional information on our credit facilities, including certain risks and uncertainties. |
Leases
| Leases | 3 Months Ended |
| Jun. 26, 2022 | |
| 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 its right-of-use asset. Many leases include one or more options to renew, with renewal terms that can extend the lease term up to five years. 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 26, 2022 March 31, 2022 Assets: Operating lease assets Operating lease assets $ 75,837 $ 78,252 Liabilities: Current: Operating lease liabilities Other current liabilities $ 11,582 $ 11,804 Long-term: Operating lease liabilities Long-term operating lease liabilities 77,827 80,083 Total lease liabilities $ 89,409 $ 91,887 The components of lease expense are recorded to cost of sales and selling, general, and administration expenses in the condensed consolidated statements of comprehensive income. The components of lease expense were as follows: Three months ended June 26, 2022 June 27, 2021 Fixed operating lease costs (1) $ 5,805 $ 5,116 Variable operating lease costs 463 669 Operating and sub-lease income (151) (44) Net Lease costs $ 6,117 $ 5,741 (1) Includes short-term leases June 26, 2022 March 31, 2022 Weighted Average Remaining Lease Term (Years): Operating leases 8.52 8.65 Weighted Average Discount Rate: Operating leases 8.02 % 7.99 % The approximate minimum lease payments under non-cancelable operating leases as of June 26, 2022 are as follows: Remainder of fiscal year 2023 $ 13,822 Fiscal year 2024 16,463 Fiscal year 2025 14,799 Fiscal year 2026 13,301 Fiscal year 2027 12,420 Thereafter 55,702 Total lease payments 126,507 Less imputed interest (37,098) Present value of lease liabilities $ 89,409 Supplemental cash flow information related to leases is as follows: Three months ended June 26, 2022 June 27, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - operating leases $ 4,782 $ 4,278 Operating lease assets obtained in exchange for lease liabilities: Operating leases 432 3,303 |
Acquisitions and Divestitures
| Acquisitions and Divestitures | 3 Months Ended |
| Jun. 26, 2022 | |
| Business Combination and Asset Acquisition [Abstract] | |
| Acquisitions and Divestitures | Acquisitions and Divestitures During the fourth quarter of fiscal year 2022, we acquired Stone Glacier, a premium brand focused on ultralightweight, performance hunting gear designed for backcountry use. The addition of Stone Glacier allows us to enter the packs, camping equipment, and technical apparel categories with a fast-growing brand and provide a foundation for us to leverage camping category synergies. The results of this business are reported within the Outdoor Products segment. Contingent consideration with an initial fair value of $9,939 was included in the purchase price. See Note 2, Fair Value of Financial Instruments , for information related to the fair value calculation. We accounted for the acquisition as a business combination using the acquisition method of accounting, and performed a preliminary allocation of the purchase price to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. The preliminary fair values of acquired assets and liabilities assumed represent management’s estimate of fair value and are subject to change if additional information, such as post-close working capital adjustments becomes available. We expect to finalize the purchase price allocation as soon as practicable within the measurement period, but not later than one year following the acquisition date. The acquisition is not significant to our consolidated financial statements and as such we have not included disclosures of the allocation of the purchase price or any pro forma information. During the third quarter of fiscal year 2022, we acquired Foresight, a leading designer and manufacturer of golf performance analysis, entertainment, and game enhancement technologies for approximately $470,772. The purchase agreement includes $5,599 related to employee retention payments, which will be accounted for separately from the business combination as post combination compensation expense. Contingent payments of up to $25,000 if certain net sales targets are met will also be accounted for separately from the business combination as post combination compensation expense. We used cash on hand and available liquidity under our 2021 ABL Revolving Credit Facility to complete the transaction. The results of this business are reported within the Outdoor Products segment. We accounted for the acquisition as a business combination using the acquisition method of accounting. The purchase price allocation below was allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. The preliminary fair values of acquired assets and liabilities assumed represent management’s estimate of fair value and are subject to change if additional information becomes available. We expect to finalize the purchase price allocation as soon as practicable within the measurement period, but not later than one year following the acquisition date. The excess of the consideration transferred over the estimated fair value of the net assets received has been recorded as goodwill. The factors that contributed to the recognition of goodwill primarily relate to acquisition-driven anticipated cost savings and synergies. Assembled workforce is not recognized separate and apart from goodwill as it is neither separable nor contractual in nature. The goodwill is deductible for tax purposes. Foresight preliminary purchase price allocation: September 28, 2021 Total consideration transferred $ 470,772 Fair value of assets acquired: Accounts receivable $ 2,806 Inventories 10,780 Intangible assets 131,500 Property, plant, and equipment 1,870 Operating lease assets 6,506 Other long-term assets 2,006 Total assets 155,468 Fair value of liabilities assumed: Accounts payable 6,177 Customer deposits 2,084 Long-term operating lease liabilities 5,961 Contract liabilities 2,992 Other liabilities 1,729 Other long-term liabilities 9,182 Total liabilities 28,125 Net assets acquired 127,343 Goodwill $ 343,429 Foresight intangible assets above include: Value Useful life (years) Tradenames $ 42,500 20 Patented technology 19,900 5 to 10 Customer Relationships 69,100 5 to 15 During the first quarter of fiscal year 2022, we acquired QuietKat, an electric bicycle company that specializes in designing, manufacturing, and marketing rugged, all-terrain eBikes. The results of this business are reported within the Outdoor Products segment. We accounted for the acquisition as a business combination using the acquisition method of accounting, and performed a preliminary allocation of the purchase price to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. The preliminary fair values of acquired assets and liabilities assumed represent management’s estimate of fair value and are subject to change if additional information, such as post-close working capital adjustments becomes available. We finalized the purchase price allocation during the first quarter of fiscal year 2022, and no significant changes were recorded. Contingent consideration with an initial fair value of $22,400 was included in the purchase price. See Note 2, Fair Value of Financial Instruments |
Derivative Financial Instrument
| Derivative Financial Instruments | 3 Months Ended |
| Jun. 26, 2022 | |
| 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 use designated cash flow hedges to manage our level of exposure. We entered into various commodity forward contracts during fiscal years 2023 and 2022. 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 the transactions critical terms and counterparty credit quality. |
Revenue Recognition
| Revenue Recognition | 3 Months Ended |
| Jun. 26, 2022 | |
| Revenue from Contract with Customer [Abstract] | |
| Revenue Recognition | Revenue Recognition Consistent with our changes in reportable segments, see Note 17, Operating Segment Information, for additional information, we changed our presentation of disaggregated revenue to align with the new segment structure and names. Prior comparative periods have been restated to conform to the change in our reportable segments. The following tables disaggregate our net sales by major product category: Three months ended June 26, 2022 June 27, 2021 Sporting Products Outdoor Products Total Sporting Products Outdoor Products Total Sporting Products (1) $ 510,626 $ — $ 510,626 $ 364,287 $ — $ 364,287 Outdoor Accessories (2) — 71,196 71,196 — 99,031 99,031 Action Sports (3) — 90,058 90,058 — 92,143 92,143 Outdoor Recreation (4) — 130,732 130,732 — 107,451 107,451 Total $ 510,626 $ 291,986 $ 802,612 $ 364,287 $ 298,625 $ 662,912 Geographic Region: United States $ 481,078 $ 202,456 $ 683,534 $ 330,278 $ 227,676 $ 557,954 Rest of the World 29,548 89,530 119,078 34,009 70,949 104,958 Total $ 510,626 $ 291,986 $ 802,612 $ 364,287 $ 298,625 $ 662,912 (1) Sporting Products includes the Ammunition operating segment. (2) Outdoor Accessories includes the Outdoor Accessories operating segment and our Stone Glacier business. (3) Action Sports includes the operating segments: Sports Protection and Cycling. (4) Outdoor Recreation includes the operating segments: Hydration, Outdoor Cooking, and Golf. Product Sales: For the majority of our contracts with customers, 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. For our contracts that include bundled hardware and software sales, revenue related to delivered hardware and bundled software is recognized when control has transferred to the customer, which typically occurs upon shipment. Revenue allocated to unspecified software update rights is deferred and recognized on a straight-line basis over the estimated period they are expected to be provided. 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, federal excise taxes, and other similar taxes are excluded from revenue. For the immaterial amount of our contracts that have multiple performance obligations, which represent promises within an arrangement that are distinct, we allocate revenue to all distinct performance obligations based on their relative stand-alone selling prices (“SSPs”). When available, we use observable prices to determine SSPs. When observable prices are not available, SSPs are established that reflect our best estimates of what the selling prices of the performance obligations would be if they were sold regularly on a stand-alone basis. We allocate revenue and any related discounts to these performance obligations based on their relative SSPs. 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 |
| Jun. 26, 2022 | |
| 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. In computing EPS for the periods presented, earnings, as reported for each respective period, is divided by the number of shares below: Three months ended (Amounts in thousands except per share data) June 26, 2022 June 27, 2021 Numerator: Net income $ 126,015 $ 102,725 Denominator: Weighted-average number of common shares outstanding basic: 56,486 58,123 Dilutive effect of share-based awards (1) 1,895 1,824 Diluted shares 58,381 59,947 Earnings per common share: Basic $ 2.23 $ 1.77 Diluted $ 2.16 $ 1.71 (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 3 and 527 for the three months ended June 26, 2022 and June 27, 2021, respectively. |
Receivables
| Receivables | 3 Months Ended |
| Jun. 26, 2022 | |
| Receivables [Abstract] | |
| Receivables | Receivables Our trade account receivables are recorded at net realizable value, which includes an appropriate allowance for estimated credit losses under the expected credit loss model. 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. Net receivables are summarized as follows: June 26, 2022 March 31, 2022 Trade receivables $ 436,875 $ 357,584 Other receivables 11,475 13,699 Less: allowance for estimated credit losses and discounts (18,621) (14,510) Net receivables $ 429,729 $ 356,773 No customers represented more than 10% of our total trade receivables balance as of June 26, 2022. Walmart represented 14% of our total trade receivables balance as of March 31, 2022. The following provides a reconciliation of the activity related to the allowance for estimated credit losses for the three months ended June 26, 2022: Balance, March 31, 2022 $ 14,510 Provision for credit losses 4,078 Write-off of uncollectible amounts, net of recoveries 33 Balance, June 26, 2022 $ 18,621 Note Receivable is summarized as follows: June 26, 2022 March 31, 2022 Principal $ 12,000 $ 12,000 Less: unamortized discount (2,083) (2,308) Note receivable, net, included within Deferred charges and other non-current assets $ 9,917 $ 9,692 |
Inventories
| Inventories | 3 Months Ended |
| Jun. 26, 2022 | |
| Inventory Disclosure [Abstract] | |
| Inventories | Inventories Current net inventories consist of the following: June 26, 2022 March 31, 2022 Raw materials $ 232,848 $ 220,425 Work in process 65,186 60,390 Finished goods 364,281 362,161 Net inventories $ 662,315 $ 642,976 |
Accumulated Other Comprehensive
| Accumulated Other Comprehensive Loss (AOCL) | 3 Months Ended |
| Jun. 26, 2022 | |
| Equity [Abstract] | |
| Accumulated Other Comprehensive Loss (AOCL) | Accumulated Other Comprehensive Loss (AOCL) The components of AOCL, net of income taxes, are as follows: June 26, 2022 March 31, 2022 Derivatives $ (347) $ (356) Pension and other postretirement benefits liabilities (70,381) (71,075) Cumulative translation adjustment (5,721) (5,248) Total AOCL $ (76,449) $ (76,679) 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 26, 2022 Derivatives Pension and other postretirement benefits liabilities Cumulative translation adjustment Total Beginning balance in AOCL $ (356) $ (71,075) $ (5,248) $ (76,679) Change in fair value of derivatives 75 — — 75 Net gains reclassified from AOCL (66) — — (66) Net actuarial losses reclassified from AOCL (1) — 694 — 694 Net change in cumulative translation adjustment — — (473) (473) Ending balance in AOCL $ (347) $ (70,381) $ (5,721) $ (76,449) (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 27, 2021 Derivatives Pension and other postretirement benefits liabilities Cumulative translation adjustment Total Beginning balance in AOCL $ 161 $ (78,166) $ (5,190) $ (83,195) Change in fair value of derivatives 650 — — 650 Net gains reclassified from AOCL (587) — — (587) Net actuarial losses reclassified from AOCL (1) — 798 — 798 Prior service costs reclassified from AOCL (1) — (72) — (72) Net change in cumulative translation adjustment — — 206 206 Ending balance in AOCL $ 224 $ (77,440) $ (4,984) $ (82,200) (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 |
| Jun. 26, 2022 | |
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| Goodwill and Intangible Assets | Goodwill and Intangible Assets Carrying value of goodwill by reportable segment was as follows: Sporting Products Outdoor Products Total Balance, March 31, 2022 $ 86,105 $ 395,752 $ 481,857 Balance, June 26, 2022 $ 86,105 $ 395,752 $ 481,857 Intangible assets by major asset class consisted of the following: June 26, 2022 March 31, 2022 Gross Accumulated Total Gross Accumulated Total Trade names $ 113,915 $ (25,529) $ 88,386 $ 113,915 $ (23,756) $ 90,159 Patented technology 36,854 (14,097) 22,757 36,854 (13,324) 23,530 Customer relationships and other 327,921 (123,012) 204,909 328,168 (117,664) 210,504 Total 478,690 (162,638) 316,052 478,937 (154,744) 324,193 Non-amortizing trade names 135,602 — 135,602 135,602 — 135,602 Net intangible assets $ 614,292 $ (162,638) $ 451,654 $ 614,539 $ (154,744) $ 459,795 Amortization expense was $8,036 and $4,998 for the three months ended June 26, 2022 and June 27, 2021, respectively. As of June 26, 2022, we expect amortization expense related to these assets to be as follows: Remainder of fiscal year 2023 $ 24,216 Fiscal year 2024 32,271 Fiscal year 2025 32,253 Fiscal year 2026 29,244 Fiscal year 2027 27,794 Thereafter 170,274 Total $ 316,052 |
Other Current and Non-current L
| Other Current and Non-current Liabilities | 3 Months Ended |
| Jun. 26, 2022 | |
| Other Liabilities Disclosure [Abstract] | |
| Other Current and Non-current Liabilities | Other Current Liabilities The major categories over 5% of current liabilities are as follows: June 26, 2022 March 31, 2022 Accrual for in-transit inventory $ 19,258 $ 11,620 Other 132,294 115,560 Total other current liabilities $ 151,552 $ 127,180 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, 2022 $ 9,073 Payments made (929) Warranties issued 952 Changes related to pre-existing warranties and other adjustments (16) Balance, June 26, 2022 $ 9,080 |
Long-term Debt
| Long-term Debt | 3 Months Ended |
| Jun. 26, 2022 | |
| Debt Disclosure [Abstract] | |
| Long-term Debt | Long-term Debt Long-term debt consisted of the following: June 26, 2022 March 31, 2022 2021 ABL Revolving Credit Facility $ 90,000 $ 170,000 4.5% Senior Notes 500,000 500,000 Less: unamortized deferred financing costs (3,745) (3,886) Carrying amount of long-term debt $ 586,255 $ 666,114 Credit Agreements —In fiscal year 2021, we refinanced our 2018 ABL Revolving Credit Facility by entering into the 2021 ABL Revolving Credit Facility, which provides for a $450,000 senior secured asset-based revolving credit facility. The amount available under the 2021 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, but, in each case, subject to the excess availability financial covenant under the 2021 ABL Revolving Credit Facility described below. As of June 26, 2022, the Excess Availability, based on the borrowing base less outstanding borrowings of $90,000 and outstanding letters of credit of $15,445, less the minimum required borrowing base of $45,000, the amount available under the 2021 ABL Revolving Credit Facility was $299,555. The 2021 ABL Revolving Credit Facility matures on March 31, 2026 (the “Maturity Date”), subject to a customary springing maturity in respect of the 4.5% Notes due 2029 (described below). Any outstanding revolving loans under the 2021 ABL Revolving Credit Facility will be payable in full on the Maturity Date. As of March 31, 2021, borrowings under the 2021 ABL Revolving Credit Facility bear interest at a rate equal to 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%. The rates vary based on our Average Excess Availability under the 2021 ABL Revolving Credit Facility. As of June 26, 2022, the margin under the 2021 ABL Revolving Credit Facility was 0.5% for base rate loans and 1.5% for LIBO rate loans. The weighted average interest rate for our borrowings under the 2021 ABL Revolving Credit Facility as of June 26, 2022 was 2.56%. We pay a commitment fee on the unused commitments under the 2021 ABL Revolving Credit Facility of 0.175% per annum. Debt issuance costs incurred with the refinancing of approximately $6,004, are being amortized over the remaining term of the 2021 ABL Revolving Credit Facility. The debt issuance costs associated with the 2021 ABL Revolving Credit Facility are included within other current and non-current assets. Substantially all domestic tangible and intangible assets of Vista Outdoor and our domestic subsidiaries are pledged as collateral under the 2021 ABL Revolving Credit Facility. 4.5% Notes —In fiscal year 2021, we issued $500,000 aggregate principal amount of 4.5% Notes that mature on March 15, 2029. These notes are unsecured and senior obligations. Interest on the notes is payable semi-annually in arrears on March 15 and September 15 of each year. We have the right to redeem some or all of these notes on or after March 15, 2024 at specified redemption prices. Prior to March 15, 2024, we may redeem some or all of these notes at a price equal to 100% of their principal amount plus accrued and unpaid interest to the date of redemption and a specified make-whole premium. In addition, prior to March 15, 2024, we may redeem up to 40% of the aggregate principal amount of these notes with the net cash proceeds of certain equity offerings, at a price equal to 104.5% of their principal amount plus accrued and unpaid interest to the date of redemption. Debt issuance costs of approximately $4,491 are being amortized to interest expense over eight years, the term of the notes. Rank and guarantees —The 2021 ABL Revolving Credit Facility obligations are guaranteed on a secured basis, jointly and severally and fully and unconditionally by substantially all of our domestic subsidiaries. Vista Outdoor (the parent company issuer) has no independent assets or operations. We own 100% of all of these guarantor subsidiaries. The 4.5% 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 4.5% Notes are fully and unconditionally guaranteed, jointly and severally, by our existing and future domestic subsidiaries that guarantee indebtedness under our 2021 ABL Revolving Credit Facility or that incur or guarantee certain of our other indebtedness, or indebtedness of any subsidiary guarantor, in an aggregate principal amount in excess of $75,000. These guarantees are senior unsecured obligations of the applicable subsidiary guarantors. The guarantee by any subsidiary guarantor of our obligations in respect of the 4.5% 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 4.5% Notes • if such subsidiary guarantor has been released from its guarantees of indebtedness under the 2021 ABL Revolving Credit Facility and all capital markets debt securities Covenants 2021 ABL Revolving Credit Facility —Our 2021 ABL Revolving Credit Facility imposes 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 2021 ABL Revolving Credit Facility contains a financial covenant that the Excess Availability under the 2021 ABL Revolving Credit Facility cannot fall below the greater of (a) 10% of the line cap or (b) $42,500. As a result of this financial covenant, we must maintain the greater of 10% of the line cap or $42,500 of availability in order to satisfy the financial covenant. If we do not comply with the covenants in the 2021 ABL Revolving Credit Facility, the lenders may, subject to customary cure rights, require the immediate payment of all amounts outstanding under the 2021 ABL Revolving Credit Facility. As noted above, the Excess Availability less the minimum required borrowing base under the 2021 ABL Revolving Credit Facility was $299,555 as of June 26, 2022. Vista Outdoor has the option to increase the amount of the 2021 ABL Revolving Credit Facility in an aggregate principal amount not to exceed $150,000, to the extent that any one or more lenders, whether or not currently party to the 2021 ABL Revolving Credit Facility, commits to be a lender for such amount. 4.5% Notes —The indenture governing the 4.5% 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 2021 ABL Revolving Credit Facility and the indenture governing the 4.5% Notes contain cross-default provisions so that noncompliance with the covenants within one debt agreement could also cause a default under the other debt agreement. As of June 26, 2022, we were in compliance with the covenants of both of our debt agreements. However, we cannot provide assurance that we will be able to comply with such financial 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 2021 ABL Revolving Credit Facility may prevent us from drawing under the 2021 ABL Revolving Credit Facility and may result in an event of default under the 2021 ABL Revolving Credit Facility, which default may allow the creditors to accelerate the related indebtedness and the indebtedness under our 4.5% Notes and proceed against the collateral that secures such indebtedness. We may not have sufficient liquidity to repay the indebtedness in such circumstances. |
Employee Benefit Plans
| Employee Benefit Plans | 3 Months Ended |
| Jun. 26, 2022 | |
| Retirement Benefits [Abstract] | |
| Employee Benefit Plans | Employee Benefit Plans We recognized an aggregate net loss of $381 and $35 for employee defined benefit plans during the three months ended June 26, 2022 and June 27, 2021, respectively. Employer contributions and distributions —We made contributions of $0 and $1,300 to our pension trust during the three months ended June 26, 2022 and June 27, 2021, respectively. No additional contributions are required and we are not expecting to make any contributions to our pension trust for the remainder of fiscal year 2023. For those same periods, we made no contributions to our other postretirement benefit plans, and we made no distributions to retirees under our non-qualified supplemental executive retirement plan. 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 year 2023. |
Income Taxes
| Income Taxes | 3 Months Ended |
| Jun. 26, 2022 | |
| 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 estimated effective annual income tax rates for the current year and the prior year. The income tax provisions for the three months ended June 26, 2022 and June 27, 2021 represent effective tax rates of 24.1% and 25.5%, respectively. The decrease in the effective tax rate from the prior year quarter is primarily driven by the impact of beneficial state tax law changes and a decrease in uncertain tax positions. The effective tax rate for the three months ended June 26, 2022 and June 27, 2021 is reflective of the federal statutory rate of 21% increased by the state taxes and reserves for uncertain tax positions. Income taxes paid, net of refunds, totaled $509 and income taxes refunded, net of taxes paid, totaled $1,359 for the three months ended June 26, 2022 and June 27, 2021, respectively. We have filed amended income tax returns requesting total refunds of $42,193, which are reflected in our net income tax receivable of $6,642. We have classified uncertain tax positions as non-current income tax liabilities unless expected to be paid within one year. The amount of unrecognized tax benefits, including interest and penalties, amounted to $27,119 and $24,719 as of June 26, 2022 and March 31, 2022, respectively. Although the timing and outcome of income tax audit settlements are uncertain, it is expected that a $3,470 reduction of the liability for uncertain tax benefits will occur in the next 12 months. The settlement of these unrecognized tax benefits could result in earnings from $0 to $2,791. |
Contingencies
| Contingencies | 3 Months Ended |
| Jun. 26, 2022 | |
| 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 ("PRPs"), 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 $697 and $697 as of June 26, 2022 and March 31, 2022, 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- |
Operating Segment Information
| Operating Segment Information | 3 Months Ended |
| Jun. 26, 2022 | |
| Segment Reporting [Abstract] | |
| Operating Segment Information | Operating Segment Information Our business is comprised of seven operating segments, which have been aggregated into two reportable segments, Sporting Products and Outdoor Products. This is consistent with how our chief operating decision maker (CODM), our Chief Executive Officer, allocates resources and makes decisions. Our Ammunition operating segment is in its own reportable segment which has been renamed Sporting Products. We aggregate our Outdoor Accessories operating segment with our Sports Protection, Outdoor Cooking, Hydration, Golf, and Cycling operating segments into the Outdoor Products reportable segment. The operating segments comprising our 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 our operating segment's EBIT, which is defined as earnings 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 and are not utilized by management in determining segment profitability. Our Sporting Products and Outdoor Products reportable segments generated approximately 64% and 36% of our external sales in the three months ended June 26, 2022, respectively. No single customer contributed 10% or more of our sales in the three months ended June 26, 2022. Walmart represented approximately 10% of our sales in the three months ended June 27, 2021. The following tables contain information utilized by management to evaluate our operating segments for the interim periods presented: Three months ended June 26, 2022 Sporting Products Outdoor Products (a) Corporate and other reconciling items Total Sales, net $ 510,626 $ 291,986 $ — $ 802,612 Gross Profit 200,962 92,508 — 293,470 EBIT 176,086 27,686 (31,347) 172,425 Depreciation and amortization 6,382 11,807 1,127 19,316 Three months ended June 27, 2021 (b) Sporting Products (b) Outdoor Products (a) Corporate and other reconciling items Total Sales, net $ 364,287 $ 298,625 $ — $ 662,912 Gross Profit 148,996 92,815 (384) 241,427 EBIT 124,704 42,945 (23,993) 143,656 Depreciation and amortization 6,506 8,768 971 16,245 (a) Reconciling items for the three months ended June 26, 2022 included post-acquisition compensation expense of $4,332, and contingent consideration fair value adjustment of $112. Reconciling items for the three months ended June 27, 2021 included a fair value step-up in inventory allocated from the HEVI-Shot acquisition of $384 and post-acquisition compensation expense of $546. (b) During the third quarter of fiscal year 2022, we modified and renamed our reportable segments. Accordingly, prior comparative periods have been restated to conform to the change. Sales, net exclude all intercompany sales between Sporting Products and Outdoor Products which were not material for the three months ended June 26, 2022 and June 27, 2021. |
Subsequent Event
| Subsequent Event | 3 Months Ended |
| Jun. 26, 2022 | |
| Subsequent Events [Abstract] | |
| Subsequent Event | Subsequent EventOn June 30, 2022, we, entered into a definitive Share Purchase Agreement (the “Share Purchase Agreement”) with Fox Parent Holdings, LLC (“Seller”) and Fox (Parent) Holdings, Inc. (“Fox”), pursuant to which we will purchase from Seller all of the issued and outstanding shares of common stock of Fox for a total purchase price of $540,000. In connection with entry into the Share Purchase Agreement, we also entered into a commitment letter with Capital One, National Association and JPMorgan Chase Bank, N.A. pursuant to which the Commitment Parties committed to provide to the Company a $600,000 asset-based revolving credit facility (the “ABL Credit Facility”), which will replace our existing asset-based revolving credit facility, and a $350,000 term loan facility ("Term Facility"). The proceeds of the Term Facility, together with the proceeds of a borrowing under the ABL Credit Facility, will be used to finance the acquisition and to pay related fees and expenses.On July 22, 2022, we entered into a definitive Agreement and Plan of Merger with Simms Fishing Products (Simms) and Shareholder Representative Services LLC, pursuant to which we will acquire all of the equity interests of Simms for a total purchase price of $192,500, subject to certain customary closing adjustments. Simms is a premium fishing brand and leading manufacturer of waders, outerwear, footwear and technical apparel. We expect to finance this acquisition via the ABL Credit Facility. |
Significant Accounting Polici_2
| Significant Accounting Policies (Policies) | 3 Months Ended |
| Jun. 26, 2022 | |
| Accounting Policies [Abstract] | |
| New Accounting Pronouncements | Our accounting policies are described in Note 1 of the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for fiscal year 2022. |
Fair Value of Financial Instr_2
| Fair Value of Financial Instruments (Tables) | 3 Months Ended |
| Jun. 26, 2022 | |
| Fair Value Disclosures [Abstract] | |
| Schedule of Long-Term Contingent Consideration Liability | Contingent consideration liabilities are reported under the following captions in the condensed consolidated balance sheets: June 26, 2022 March 31, 2022 Other current liabilities $ 12,694 $ 96 Other long-term liabilities 24,278 36,994 Total $ 36,972 $ 37,090 |
| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The table below discloses information about carrying values and estimated fair value relating to our financial assets and liabilities: June 26, 2022 March 31, 2022 Carrying Fair Carrying Fair Fixed-rate debt (1) $ 500,000 $ 397,000 $ 500,000 $ 460,000 Variable-rate debt (2) 90,000 90,000 170,000 170,000 (1) Fixed rate debt —In fiscal year 2021, we issued $500,000 aggregate principal amount o f 4.5% S enior Notes which will mature on March 15, 2029. These notes are unsecured and senior obligations. The fair value of the fixed-rate debt is based on market quotes for each issuance. We consider these to be Level 2 instruments. See Note 13, Long-term Debt, for information on long-term debt, including certain risks and uncertainties. (2) Variable rate debt — The carrying value of the amounts outstanding under our ABL Revolving Credit Facility approximates the fair value because the interest rates are variable and reflective of market rates as of June 26, 2022. 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 13, Long-term Debt, for additional information on our credit facilities, including certain risks and uncertainties. |
Leases (Tables)
| Leases (Tables) | 3 Months Ended |
| Jun. 26, 2022 | |
| Leases [Abstract] | |
| Schedule of operating lease assets and liabilities | The amounts of assets and liabilities related to our operating leases were as follows: Balance Sheet Caption June 26, 2022 March 31, 2022 Assets: Operating lease assets Operating lease assets $ 75,837 $ 78,252 Liabilities: Current: Operating lease liabilities Other current liabilities $ 11,582 $ 11,804 Long-term: Operating lease liabilities Long-term operating lease liabilities 77,827 80,083 Total lease liabilities $ 89,409 $ 91,887 |
| Schedule of lease cost and supplemental cash flow information | The components of lease expense are recorded to cost of sales and selling, general, and administration expenses in the condensed consolidated statements of comprehensive income. The components of lease expense were as follows: Three months ended June 26, 2022 June 27, 2021 Fixed operating lease costs (1) $ 5,805 $ 5,116 Variable operating lease costs 463 669 Operating and sub-lease income (151) (44) Net Lease costs $ 6,117 $ 5,741 (1) Includes short-term leases June 26, 2022 March 31, 2022 Weighted Average Remaining Lease Term (Years): Operating leases 8.52 8.65 Weighted Average Discount Rate: Operating leases 8.02 % 7.99 % Supplemental cash flow information related to leases is as follows: Three months ended June 26, 2022 June 27, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - operating leases $ 4,782 $ 4,278 Operating lease assets obtained in exchange for lease liabilities: Operating leases 432 3,303 |
| Schedule of future minimum lease payments | The approximate minimum lease payments under non-cancelable operating leases as of June 26, 2022 are as follows: Remainder of fiscal year 2023 $ 13,822 Fiscal year 2024 16,463 Fiscal year 2025 14,799 Fiscal year 2026 13,301 Fiscal year 2027 12,420 Thereafter 55,702 Total lease payments 126,507 Less imputed interest (37,098) Present value of lease liabilities $ 89,409 |
Acquisition and Divestitures (T
| Acquisition and Divestitures (Tables) | 3 Months Ended |
| Jun. 26, 2022 | |
| Business Combination and Asset Acquisition [Abstract] | |
| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | Foresight preliminary purchase price allocation: September 28, 2021 Total consideration transferred $ 470,772 Fair value of assets acquired: Accounts receivable $ 2,806 Inventories 10,780 Intangible assets 131,500 Property, plant, and equipment 1,870 Operating lease assets 6,506 Other long-term assets 2,006 Total assets 155,468 Fair value of liabilities assumed: Accounts payable 6,177 Customer deposits 2,084 Long-term operating lease liabilities 5,961 Contract liabilities 2,992 Other liabilities 1,729 Other long-term liabilities 9,182 Total liabilities 28,125 Net assets acquired 127,343 Goodwill $ 343,429 |
| Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | Foresight intangible assets above include: Value Useful life (years) Tradenames $ 42,500 20 Patented technology 19,900 5 to 10 Customer Relationships 69,100 5 to 15 |
Revenue Recognition (Tables)
| Revenue Recognition (Tables) | 3 Months Ended |
| Jun. 26, 2022 | |
| Revenue from Contract with Customer [Abstract] | |
| Disaggregation of Revenue | The following tables disaggregate our net sales by major product category: Three months ended June 26, 2022 June 27, 2021 Sporting Products Outdoor Products Total Sporting Products Outdoor Products Total Sporting Products (1) $ 510,626 $ — $ 510,626 $ 364,287 $ — $ 364,287 Outdoor Accessories (2) — 71,196 71,196 — 99,031 99,031 Action Sports (3) — 90,058 90,058 — 92,143 92,143 Outdoor Recreation (4) — 130,732 130,732 — 107,451 107,451 Total $ 510,626 $ 291,986 $ 802,612 $ 364,287 $ 298,625 $ 662,912 Geographic Region: United States $ 481,078 $ 202,456 $ 683,534 $ 330,278 $ 227,676 $ 557,954 Rest of the World 29,548 89,530 119,078 34,009 70,949 104,958 Total $ 510,626 $ 291,986 $ 802,612 $ 364,287 $ 298,625 $ 662,912 (1) Sporting Products includes the Ammunition operating segment. (2) Outdoor Accessories includes the Outdoor Accessories operating segment and our Stone Glacier business. (3) Action Sports includes the operating segments: Sports Protection and Cycling. (4) Outdoor Recreation includes the operating segments: Hydration, Outdoor Cooking, and Golf. |
Earnings Per Share (Tables)
| Earnings Per Share (Tables) | 3 Months Ended |
| Jun. 26, 2022 | |
| Earnings Per Share [Abstract] | |
| Schedule of Earnings Per Share, Basic and Diluted | In computing EPS for the periods presented, earnings, as reported for each respective period, is divided by the number of shares below: Three months ended (Amounts in thousands except per share data) June 26, 2022 June 27, 2021 Numerator: Net income $ 126,015 $ 102,725 Denominator: Weighted-average number of common shares outstanding basic: 56,486 58,123 Dilutive effect of share-based awards (1) 1,895 1,824 Diluted shares 58,381 59,947 Earnings per common share: Basic $ 2.23 $ 1.77 Diluted $ 2.16 $ 1.71 (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 3 and 527 for the three months ended June 26, 2022 and June 27, 2021, respectively. |
Receivables (Tables)
| Receivables (Tables) | 3 Months Ended |
| Jun. 26, 2022 | |
| Receivables [Abstract] | |
| Schedule of accounts, notes, loans and financing receivable | Net receivables are summarized as follows: June 26, 2022 March 31, 2022 Trade receivables $ 436,875 $ 357,584 Other receivables 11,475 13,699 Less: allowance for estimated credit losses and discounts (18,621) (14,510) Net receivables $ 429,729 $ 356,773 Note Receivable is summarized as follows: June 26, 2022 March 31, 2022 Principal $ 12,000 $ 12,000 Less: unamortized discount (2,083) (2,308) Note receivable, net, included within Deferred charges and other non-current assets $ 9,917 $ 9,692 |
| 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 for the three months ended June 26, 2022: Balance, March 31, 2022 $ 14,510 Provision for credit losses 4,078 Write-off of uncollectible amounts, net of recoveries 33 Balance, June 26, 2022 $ 18,621 |
Inventories (Tables)
| Inventories (Tables) | 3 Months Ended |
| Jun. 26, 2022 | |
| Inventory Disclosure [Abstract] | |
| Schedule of Inventory, Current | Current net inventories consist of the following: June 26, 2022 March 31, 2022 Raw materials $ 232,848 $ 220,425 Work in process 65,186 60,390 Finished goods 364,281 362,161 Net inventories $ 662,315 $ 642,976 |
Accumulated Other Comprehensi_2
| Accumulated Other Comprehensive Loss (AOCL) (Tables) | 3 Months Ended |
| Jun. 26, 2022 | |
| Equity [Abstract] | |
| Schedule of components of AOCL, net of income taxes | The components of AOCL, net of income taxes, are as follows: June 26, 2022 March 31, 2022 Derivatives $ (347) $ (356) Pension and other postretirement benefits liabilities (70,381) (71,075) Cumulative translation adjustment (5,721) (5,248) Total AOCL $ (76,449) $ (76,679) |
| 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 26, 2022 Derivatives Pension and other postretirement benefits liabilities Cumulative translation adjustment Total Beginning balance in AOCL $ (356) $ (71,075) $ (5,248) $ (76,679) Change in fair value of derivatives 75 — — 75 Net gains reclassified from AOCL (66) — — (66) Net actuarial losses reclassified from AOCL (1) — 694 — 694 Net change in cumulative translation adjustment — — (473) (473) Ending balance in AOCL $ (347) $ (70,381) $ (5,721) $ (76,449) (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 27, 2021 Derivatives Pension and other postretirement benefits liabilities Cumulative translation adjustment Total Beginning balance in AOCL $ 161 $ (78,166) $ (5,190) $ (83,195) Change in fair value of derivatives 650 — — 650 Net gains reclassified from AOCL (587) — — (587) Net actuarial losses reclassified from AOCL (1) — 798 — 798 Prior service costs reclassified from AOCL (1) — (72) — (72) Net change in cumulative translation adjustment — — 206 206 Ending balance in AOCL $ 224 $ (77,440) $ (4,984) $ (82,200) (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 |
| Jun. 26, 2022 | |
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| Schedule of changes in the carrying amount of goodwill by segment | Carrying value of goodwill by reportable segment was as follows: Sporting Products Outdoor Products Total Balance, March 31, 2022 $ 86,105 $ 395,752 $ 481,857 Balance, June 26, 2022 $ 86,105 $ 395,752 $ 481,857 |
| Schedule of net intangibles | Intangible assets by major asset class consisted of the following: June 26, 2022 March 31, 2022 Gross Accumulated Total Gross Accumulated Total Trade names $ 113,915 $ (25,529) $ 88,386 $ 113,915 $ (23,756) $ 90,159 Patented technology 36,854 (14,097) 22,757 36,854 (13,324) 23,530 Customer relationships and other 327,921 (123,012) 204,909 328,168 (117,664) 210,504 Total 478,690 (162,638) 316,052 478,937 (154,744) 324,193 Non-amortizing trade names 135,602 — 135,602 135,602 — 135,602 Net intangible assets $ 614,292 $ (162,638) $ 451,654 $ 614,539 $ (154,744) $ 459,795 |
| Schedule of net intangibles | Intangible assets by major asset class consisted of the following: June 26, 2022 March 31, 2022 Gross Accumulated Total Gross Accumulated Total Trade names $ 113,915 $ (25,529) $ 88,386 $ 113,915 $ (23,756) $ 90,159 Patented technology 36,854 (14,097) 22,757 36,854 (13,324) 23,530 Customer relationships and other 327,921 (123,012) 204,909 328,168 (117,664) 210,504 Total 478,690 (162,638) 316,052 478,937 (154,744) 324,193 Non-amortizing trade names 135,602 — 135,602 135,602 — 135,602 Net intangible assets $ 614,292 $ (162,638) $ 451,654 $ 614,539 $ (154,744) $ 459,795 |
| Schedule of expected future amortization expense | As of June 26, 2022, we expect amortization expense related to these assets to be as follows: Remainder of fiscal year 2023 $ 24,216 Fiscal year 2024 32,271 Fiscal year 2025 32,253 Fiscal year 2026 29,244 Fiscal year 2027 27,794 Thereafter 170,274 Total $ 316,052 |
Other Current and Non-current_2
| Other Current and Non-current Liabilities (Tables) | 3 Months Ended |
| Jun. 26, 2022 | |
| Other Liabilities Disclosure [Abstract] | |
| Schedule of major categories of other current and non-current liabilities | The major categories over 5% of current liabilities are as follows: June 26, 2022 March 31, 2022 Accrual for in-transit inventory $ 19,258 $ 11,620 Other 132,294 115,560 Total other current liabilities $ 151,552 $ 127,180 |
| 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, 2022 $ 9,073 Payments made (929) Warranties issued 952 Changes related to pre-existing warranties and other adjustments (16) Balance, June 26, 2022 $ 9,080 |
Long-term Debt (Tables)
| Long-term Debt (Tables) | 3 Months Ended |
| Jun. 26, 2022 | |
| Debt Disclosure [Abstract] | |
| Schedule of long-term debt | Long-term debt consisted of the following: June 26, 2022 March 31, 2022 2021 ABL Revolving Credit Facility $ 90,000 $ 170,000 4.5% Senior Notes 500,000 500,000 Less: unamortized deferred financing costs (3,745) (3,886) Carrying amount of long-term debt $ 586,255 $ 666,114 |
Operating Segment Information (
| Operating Segment Information (Tables) | 3 Months Ended |
| Jun. 26, 2022 | |
| 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 26, 2022 Sporting Products Outdoor Products (a) Corporate and other reconciling items Total Sales, net $ 510,626 $ 291,986 $ — $ 802,612 Gross Profit 200,962 92,508 — 293,470 EBIT 176,086 27,686 (31,347) 172,425 Depreciation and amortization 6,382 11,807 1,127 19,316 Three months ended June 27, 2021 (b) Sporting Products (b) Outdoor Products (a) Corporate and other reconciling items Total Sales, net $ 364,287 $ 298,625 $ — $ 662,912 Gross Profit 148,996 92,815 (384) 241,427 EBIT 124,704 42,945 (23,993) 143,656 Depreciation and amortization 6,506 8,768 971 16,245 (a) Reconciling items for the three months ended June 26, 2022 included post-acquisition compensation expense of $4,332, and contingent consideration fair value adjustment of $112. Reconciling items for the three months ended June 27, 2021 included a fair value step-up in inventory allocated from the HEVI-Shot acquisition of $384 and post-acquisition compensation expense of $546. |
Significant Accounting Polici_3
| Significant Accounting Policies (Details) | 3 Months Ended |
| Jun. 26, 2022 reportable_segment facility | |
| Accounting Policies [Abstract] | |
| Number of reportable segments | reportable_segment | 2 |
| Number of manufacturing and distribution facilities | facility | 26 |
Fair Value of Financial Instr_3
| Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | Jul. 05, 2019 | Jun. 26, 2022 | Mar. 31, 2022 | Jun. 27, 2021 |
| Fair value of assets and liabilities | ||||
| Principal | $ 12,000 | $ 12,000 | $ 12,000 | |
| Note receivable with imputed interest, term of contract | 5 years | |||
| QuietKat | ||||
| Fair value of assets and liabilities | ||||
| Business combination, contingent consideration, liability | 23,134 | $ 22,400 | ||
| Fiber | ||||
| Fair value of assets and liabilities | ||||
| Business combination, contingent consideration, liability | 3,625 | |||
| Stone Glacier | ||||
| Fair value of assets and liabilities | ||||
| Business combination, contingent consideration, liability | 9,939 | $ 9,939 | ||
| HEVI-Shot | ||||
| Fair value of assets and liabilities | ||||
| Business combination, contingent consideration, liability | $ 274 | |||
| Fair value | Fair Value, Recurring | ||||
| Fair value of assets and liabilities | ||||
| Receivable with imputed interest, effective yield (interest rate) | 10% |
Fair Value of Financial Instr_4
| Fair Value of Financial Instruments (Contingent Consideration Liability) (Details) - Fair Value, Inputs, Level 3 - Fair Value, Recurring - USD ($) $ in Thousands | Jun. 26, 2022 | Mar. 31, 2022 |
| Business Acquisition, Contingent Consideration [Line Items] | ||
| Business combination, contingent consideration, liability | $ 36,972 | $ 37,090 |
| Other current liabilities | ||
| Business Acquisition, Contingent Consideration [Line Items] | ||
| Business combination, contingent consideration, liability | 12,694 | 96 |
| Other long-term liabilities | ||
| Business Acquisition, Contingent Consideration [Line Items] | ||
| Business combination, contingent consideration, liability | $ 24,278 | $ 36,994 |
Fair Value of Financial Instr_5
| Fair Value of Financial Instruments (Fair Value of Financial Instruments) (Details) - USD ($) | Jun. 26, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
| Fair value of assets and liabilities | |||
| Long-term debt | $ 586,255,000 | $ 666,114,000 | |
| Senior Notes, 4.5% | |||
| Fair value of assets and liabilities | |||
| Long-term debt | $ 500,000,000 | ||
| Long-term debt, percentage bearing fixed interest, percentage rate | 4.50% | ||
| Senior Notes, 4.5% | Carrying amount | Fair Value, Recurring | |||
| Fair value of assets and liabilities | |||
| Fixed-rate debt | $ 500,000,000 | $ 500,000,000 | |
| Senior Notes, 4.5% | Fair value | Fair Value, Recurring | |||
| Fair value of assets and liabilities | |||
| Fixed-rate debt | 397,000,000 | 460,000,000 | |
| ABL Revolving Credit Facility, 2021 | Carrying amount | Fair Value, Recurring | |||
| Fair value of assets and liabilities | |||
| Variable-rate debt | 90,000,000 | 170,000,000 | |
| ABL Revolving Credit Facility, 2021 | Fair value | Fair Value, Recurring | |||
| Fair value of assets and liabilities | |||
| Variable-rate debt | $ 90,000,000 | $ 170,000,000 |
Leases - Narrative (Details)
| Leases - Narrative (Details) | Jun. 26, 2022 |
| Minimum | |
| Lessee, Lease, Description [Line Items] | |
| Renewal term (in years) | 5 years |
Leases - Operating Lease Assets
| Leases - Operating Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 26, 2022 | Mar. 31, 2022 |
| Leases [Abstract] | ||
| Operating lease assets | $ 75,837 | $ 78,252 |
| Operating lease liabilities | $ 11,582 | $ 11,804 |
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
| Operating lease liabilities | $ 77,827 | $ 80,083 |
| Total lease liabilities | $ 89,409 | $ 91,887 |
Leases - Lease Cost (Details)
| Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
| Jun. 26, 2022 | Jun. 27, 2021 | Mar. 31, 2022 | |
| Leases [Abstract] | |||
| Fixed operating lease costs | $ 5,805 | $ 5,116 | |
| Variable operating lease costs | 463 | 669 | |
| Operating and sub-lease income | 151 | 44 | |
| Net Lease costs | $ 6,117 | $ 5,741 | |
| Weighted Average Remaining Lease Term (Years): | 8 years 6 months 7 days | 8 years 7 months 24 days | |
| Weighted Average Discount Rate: | 8.02% | 7.99% | |
Leases - Future Minimum Lease P
| Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Jun. 26, 2022 | Mar. 31, 2022 |
| Leases [Abstract] | ||
| Remainder of fiscal year 2023 | $ 13,822 | |
| Fiscal year 2024 | 16,463 | |
| Fiscal year 2025 | 14,799 | |
| Fiscal year 2026 | 13,301 | |
| Fiscal year 2027 | 12,420 | |
| Thereafter | 55,702 | |
| Total lease payments | 126,507 | |
| Less imputed interest | (37,098) | |
| Present value of lease liabilities | $ 89,409 | $ 91,887 |
Leases - Supplemental Cash Flow
| Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
| Jun. 26, 2022 | Jun. 27, 2021 | |
| Leases [Abstract] | ||
| Cash paid for amounts included in the measurement of lease liabilities: | $ 4,782 | $ 4,278 |
| Operating lease assets obtained in exchange for lease liabilities: | $ 432 | $ 3,303 |
Acquisitions and Divestitures -
| Acquisitions and Divestitures - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
| Dec. 26, 2021 | Jun. 27, 2021 | Jun. 26, 2022 | Mar. 31, 2022 | |
| Stone Glacier | ||||
| Business Acquisition [Line Items] | ||||
| Business combination, contingent consideration, liability | $ 9,939 | $ 9,939 | ||
| Foresight Sports | ||||
| Business Acquisition [Line Items] | ||||
| Business combination, consideration transferred | $ 470,772 | |||
| Foresight Sports | Employee Retention Payments | ||||
| Business Acquisition [Line Items] | ||||
| Business combination, separately recognized transactions, post combination compensation expense | 5,599 | |||
| Foresight Sports | Contingent Payments Related To Net Sales Targets Being Met | ||||
| Business Acquisition [Line Items] | ||||
| Business combination, separately recognized transactions, post combination compensation expense | $ 25,000 | |||
| QuietKat | ||||
| Business Acquisition [Line Items] | ||||
| Business combination, contingent consideration, liability | $ 22,400 | $ 23,134 | ||
| Other payments to acquire businesses | $ 13,000 | |||
| Business acquisition, milestone payment period (in years) | 3 years | |||
Acquisitions and Divestitures_2
| Acquisitions and Divestitures - Purchase Price Allocation (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
| Dec. 26, 2021 | Jun. 26, 2022 | Mar. 31, 2022 | Sep. 28, 2021 | |
| Business Acquisition [Line Items] | ||||
| Goodwill | $ 481,857 | $ 481,857 | ||
| Foresight Sports | ||||
| Business Acquisition [Line Items] | ||||
| Total consideration transferred | $ 470,772 | |||
| Accounts receivable | $ 2,806 | |||
| Inventories | 10,780 | |||
| Intangible assets | 131,500 | |||
| Property, plant, and equipment | 1,870 | |||
| Operating lease assets | 6,506 | |||
| Other long-term assets | 2,006 | |||
| Total assets | 155,468 | |||
| Accounts payable | 6,177 | |||
| Customer deposits | 2,084 | |||
| Long-term operating lease liabilities | 5,961 | |||
| Contract liabilities | 2,992 | |||
| Other liabilities | 1,729 | |||
| Other long-term liabilities | 9,182 | |||
| Total liabilities | 28,125 | |||
| Net assets acquired | 127,343 | |||
| Goodwill | $ 343,429 |
Acquisitions and Divestitures_3
| Acquisitions and Divestitures - Indefinite and Finite-lived Intangible Assets Acquired (Details) - Foresight Sports $ in Thousands | Sep. 28, 2021 USD ($) |
| Trade names | |
| Finite-Lived And Indefinite-Lived Intangible Assets Acquired As Part Of Business Combination [Line Items] | |
| Finite-lived intangible assets acquired, value | $ 42,500 |
| Acquired finite-lived intangible assets, weighted average useful life (in years) | 20 years |
| Patented technology | |
| Finite-Lived And Indefinite-Lived Intangible Assets Acquired As Part Of Business Combination [Line Items] | |
| Finite-lived intangible assets acquired, value | $ 19,900 |
| Patented technology | Maximum | |
| Finite-Lived And Indefinite-Lived Intangible Assets Acquired As Part Of Business Combination [Line Items] | |
| Acquired finite-lived intangible assets, weighted average useful life (in years) | 10 years |
| Patented technology | Minimum | |
| Finite-Lived And Indefinite-Lived Intangible Assets Acquired As Part Of Business Combination [Line Items] | |
| Acquired finite-lived intangible assets, weighted average useful life (in years) | 5 years |
| Customer Relationships | |
| Finite-Lived And Indefinite-Lived Intangible Assets Acquired As Part Of Business Combination [Line Items] | |
| Finite-lived intangible assets acquired, value | $ 69,100 |
| Customer Relationships | Maximum | |
| Finite-Lived And Indefinite-Lived Intangible Assets Acquired As Part Of Business Combination [Line Items] | |
| Acquired finite-lived intangible assets, weighted average useful life (in years) | 15 years |
| Customer Relationships | Minimum | |
| Finite-Lived And Indefinite-Lived Intangible Assets Acquired As Part Of Business Combination [Line Items] | |
| Acquired finite-lived intangible assets, weighted average useful life (in years) | 5 years |
Derivative Financial Instrume_2
| Derivative Financial Instruments (Details) lb in Thousands | 3 Months Ended |
| Jun. 26, 2022 lb | |
| Lead Forward Contract | |
| Derivative [Line Items] | |
| Derivative, notional amount, mass | 7,500 |
Revenue Recognition (Details)
| Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | |
| Jun. 26, 2022 | Jun. 27, 2021 | |
| Disaggregation of Revenue [Line Items] | ||
| Sales, net | $ 802,612 | $ 662,912 |
| Minimum | ||
| Disaggregation of Revenue [Line Items] | ||
| Contract with customer, payment terms (in days) | 30 days | |
| Maximum | ||
| Disaggregation of Revenue [Line Items] | ||
| Contract with customer, payment terms (in days) | 60 days | |
| United States | ||
| Disaggregation of Revenue [Line Items] | ||
| Sales, net | $ 683,534 | 557,954 |
| Rest of the World | ||
| Disaggregation of Revenue [Line Items] | ||
| Sales, net | 119,078 | 104,958 |
| Sporting Products | ||
| Disaggregation of Revenue [Line Items] | ||
| Sales, net | 510,626 | 364,287 |
| Outdoor Accessories | ||
| Disaggregation of Revenue [Line Items] | ||
| Sales, net | 71,196 | 99,031 |
| Action Sports | ||
| Disaggregation of Revenue [Line Items] | ||
| Sales, net | 90,058 | 92,143 |
| Outdoor Recreation | ||
| Disaggregation of Revenue [Line Items] | ||
| Sales, net | 130,732 | 107,451 |
| Sporting Products | ||
| Disaggregation of Revenue [Line Items] | ||
| Sales, net | 510,626 | 364,287 |
| Sporting Products | United States | ||
| Disaggregation of Revenue [Line Items] | ||
| Sales, net | 481,078 | 330,278 |
| Sporting Products | Rest of the World | ||
| Disaggregation of Revenue [Line Items] | ||
| Sales, net | 29,548 | 34,009 |
| Sporting Products | Sporting Products | ||
| Disaggregation of Revenue [Line Items] | ||
| Sales, net | 510,626 | 364,287 |
| Outdoor Products | ||
| Disaggregation of Revenue [Line Items] | ||
| Sales, net | 291,986 | 298,625 |
| Outdoor Products | United States | ||
| Disaggregation of Revenue [Line Items] | ||
| Sales, net | 202,456 | 227,676 |
| Outdoor Products | Rest of the World | ||
| Disaggregation of Revenue [Line Items] | ||
| Sales, net | 89,530 | 70,949 |
| Outdoor Products | Outdoor Accessories | ||
| Disaggregation of Revenue [Line Items] | ||
| Sales, net | 71,196 | 99,031 |
| Outdoor Products | Action Sports | ||
| Disaggregation of Revenue [Line Items] | ||
| Sales, net | 90,058 | 92,143 |
| Outdoor Products | Outdoor Recreation | ||
| Disaggregation of Revenue [Line Items] | ||
| Sales, net | $ 130,732 | $ 107,451 |
Earnings Per Share (Details)
| Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
| Jun. 26, 2022 | Jun. 27, 2021 | |
| Earnings Per Share [Abstract] | ||
| Net income | $ 126,015 | $ 102,725 |
| Basic EPS shares outstanding (in shares) | 56,486 | 58,123 |
| Dilutive effect of stock-based awards (in shares) | 1,895 | 1,824 |
| Diluted EPS shares outstanding (in shares) | 58,381 | 59,947 |
| Earnings per common share: | ||
| Basic (in dollars per share) | $ 2.23 | $ 1.77 |
| Diluted (in dollars per share) | $ 2.16 | $ 1.71 |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3 | 527 |
Receivables (Narrative) (Detail
| Receivables (Narrative) (Details) | 6 Months Ended |
| Sep. 26, 2021 | |
| Walmart | Accounts Receivable | Credit Concentration Risk | |
| Concentration Risk [Line Items] | |
| Concentration risk, percentage | 14% |
Receivables (Components of Rece
| Receivables (Components of Receivables) (Details) - USD ($) $ in Thousands | Jun. 26, 2022 | Mar. 31, 2022 |
| Receivables [Abstract] | ||
| Trade receivables | $ 436,875 | $ 357,584 |
| Other receivables | 11,475 | 13,699 |
| Less: allowance for estimated credit losses and discounts | (18,621) | (14,510) |
| Net receivables | $ 429,729 | $ 356,773 |
Receivables (Reconciliation of
| Receivables (Reconciliation of Allowance for Doubtful Accounts) (Details) $ in Thousands | 3 Months Ended |
| Jun. 26, 2022 USD ($) | |
| Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
| Balance at beginning of period | $ 14,510 |
| Provision for credit losses | 4,078 |
| Write-off of uncollectible amounts, net of recoveries | 33 |
| Balance at end of period | $ 18,621 |
Receivables (Note Receivable) (
| Receivables (Note Receivable) (Details) - USD ($) $ in Thousands | Jun. 26, 2022 | Mar. 31, 2022 | Jul. 05, 2019 |
| Receivables [Abstract] | |||
| Principal | $ 12,000 | $ 12,000 | $ 12,000 |
| Less: unamortized discount | (2,083) | (2,308) | |
| Receivable with Imputed Interest, Net Amount | $ 9,917 | $ 9,692 |
Inventories (Details)
| Inventories (Details) - USD ($) $ in Thousands | Jun. 26, 2022 | Mar. 31, 2022 |
| Inventory Disclosure [Abstract] | ||
| Raw materials | $ 232,848 | $ 220,425 |
| Work in process | 65,186 | 60,390 |
| Finished goods | 364,281 | 362,161 |
| Net inventories | 662,315 | 642,976 |
| Long-term inventories | $ 22,141 | $ 14,662 |
Accumulated Other Comprehensi_3
| Accumulated Other Comprehensive Loss (AOCL) (Components of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | Jun. 26, 2022 | Mar. 31, 2022 |
| Equity [Abstract] | ||
| Derivatives | $ (347) | $ (356) |
| Pension and other postretirement benefits liabilities | (70,381) | (71,075) |
| Cumulative translation adjustment | (5,721) | (5,248) |
| Total AOCL | $ (76,449) | $ (76,679) |
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. 26, 2022 | Jun. 27, 2021 | |
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
| Pension and other postretirement benefits liabilities, beginning balance | $ (71,075) | |
| Cumulative translation adjustment, beginning balance | (5,248) | |
| AOCL, Total, beginning balance | (76,679) | |
| Net actuarial losses reclassified from AOCL | 694 | $ 798 |
| Prior service costs reclassified from AOCL | 0 | (72) |
| Net change in cumulative translation adjustment | (473) | 206 |
| Pension and other postretirement benefits liabilities, ending balance | (70,381) | |
| Cumulative translation adjustment, ending balance | (5,721) | |
| AOCL, Total, ending balance | (76,449) | |
| Derivatives | ||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
| Derivatives, beginning balance | (356) | 161 |
| Change in fair value of derivatives | 75 | 650 |
| Net (gains) losses reclassified from AOCL | (66) | (587) |
| Derivatives, ending balance | (347) | 224 |
| Pension and other postretirement benefits liabilities | ||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
| Pension and other postretirement benefits liabilities, beginning balance | (71,075) | (78,166) |
| Net actuarial losses reclassified from AOCL | 694 | 798 |
| Prior service costs reclassified from AOCL | (72) | |
| Pension and other postretirement benefits liabilities, ending balance | (70,381) | (77,440) |
| Cumulative translation adjustment | ||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
| Cumulative translation adjustment, beginning balance | (5,248) | (5,190) |
| Net change in cumulative translation adjustment | (473) | 206 |
| Cumulative translation adjustment, ending balance | (5,721) | (4,984) |
| Total | ||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
| AOCL, Total, beginning balance | (76,679) | (83,195) |
| Change in fair value of derivatives | 75 | 650 |
| Net (gains) losses reclassified from AOCL | (66) | (587) |
| Net actuarial losses reclassified from AOCL | 694 | 798 |
| Prior service costs reclassified from AOCL | (72) | |
| Net change in cumulative translation adjustment | (473) | 206 |
| AOCL, Total, ending balance | $ (76,449) | $ (82,200) |
Goodwill and Intangible Asset_2
| Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
| Jun. 26, 2022 | Jun. 27, 2021 | |
| Goodwill and Intangible Assets Disclosure [Abstract] | ||
| Amortization expense | $ 8,036 | $ 4,998 |
Goodwill and Intangible Asset_3
| Goodwill and Intangible Assets (Goodwill Rollforward) (Details) $ in Thousands | Jun. 26, 2022 USD ($) |
| Goodwill [Roll Forward] | |
| Goodwill, beginning balance | $ 481,857 |
| Goodwill, ending balance | 481,857 |
| Sporting Products | |
| Goodwill [Roll Forward] | |
| Goodwill, beginning balance | 86,105 |
| Goodwill, ending balance | 86,105 |
| Outdoor Products | |
| Goodwill [Roll Forward] | |
| Goodwill, beginning balance | 395,752 |
| Goodwill, ending balance | $ 395,752 |
Goodwill and Intangible Asset_4
| Goodwill and Intangible Assets (Schedule of Net Intangible Assets) (Details) - USD ($) $ in Thousands | Jun. 26, 2022 | Mar. 31, 2022 |
| Amortizing assets | ||
| Gross carrying amount | $ 478,690 | $ 478,937 |
| Accumulated amortization | (162,638) | (154,744) |
| Total | 316,052 | 324,193 |
| Intangible assets, gross | 614,292 | 614,539 |
| Net intangible assets | 451,654 | 459,795 |
| Trade names | ||
| Amortizing assets | ||
| Non-amortizing trade names | 135,602 | 135,602 |
| Trade names | ||
| Amortizing assets | ||
| Gross carrying amount | 113,915 | 113,915 |
| Accumulated amortization | (25,529) | (23,756) |
| Total | 88,386 | 90,159 |
| Patented technology | ||
| Amortizing assets | ||
| Gross carrying amount | 36,854 | 36,854 |
| Accumulated amortization | (14,097) | (13,324) |
| Total | 22,757 | 23,530 |
| Customer relationships and other | ||
| Amortizing assets | ||
| Gross carrying amount | 327,921 | 328,168 |
| Accumulated amortization | (123,012) | (117,664) |
| Total | $ 204,909 | $ 210,504 |
Goodwill and Intangible Asset_5
| Goodwill and Intangible Assets (Future Amortization Expense) (Details) - USD ($) $ in Thousands | Jun. 26, 2022 | Mar. 31, 2022 |
| Goodwill and Intangible Assets Disclosure [Abstract] | ||
| Remainder of fiscal year 2023 | $ 24,216 | |
| Fiscal year 2024 | 32,271 | |
| Fiscal year 2025 | 32,253 | |
| Fiscal year 2026 | 29,244 | |
| Fiscal year 2027 | 27,794 | |
| Thereafter | 170,274 | |
| Total | $ 316,052 | $ 324,193 |
Other Current and Non-current_3
| Other Current and Non-current Liabilities (Components of Current and Non-current Liabilities) (Details) - USD ($) $ in Thousands | Jun. 26, 2022 | Mar. 31, 2022 |
| Other Liabilities Disclosure [Abstract] | ||
| Accrual for in-transit inventory | $ 19,258 | $ 11,620 |
| Other | 132,294 | 115,560 |
| Total other current liabilities | $ 151,552 | $ 127,180 |
Other Current and Non-current_4
| Other Current and Non-current Liabilities (Narrative) (Details) | 3 Months Ended |
| Jun. 26, 2022 | |
| Minimum | |
| Product Warranty Liability [Line Items] | |
| Standard product warranty | one year |
Other Current and Non-current_5
| Other Current and Non-current Liabilities (Product Warranty Rollforward) (Details) $ in Thousands | 3 Months Ended |
| Jun. 26, 2022 USD ($) | |
| Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | |
| Balance, March 31, 2022 | $ 9,073 |
| Payments made | (929) |
| Warranties issued | 952 |
| Changes related to pre-existing warranties and other adjustments | (16) |
| Balance, June 26, 2022 | $ 9,080 |
Long-term Debt (Components of L
| Long-term Debt (Components of Long-term Debt) (Details) - USD ($) $ in Thousands | Jun. 26, 2022 | Mar. 31, 2022 |
| Long-Term Debt | ||
| Less: unamortized deferred financing costs | $ (3,745) | $ (3,886) |
| Carrying amount of long-term debt | 586,255 | 666,114 |
| Line of Credit | ABL Revolving Credit Facility, 2021 | Revolving Credit Facility | ||
| Long-Term Debt | ||
| Long-term debt, gross | 90,000 | 170,000 |
| Senior Notes | Senior Notes, 4.5% | ||
| Long-Term Debt | ||
| Long-term debt, gross | $ 500,000 | $ 500,000 |
Long-term Debt (Narrative - Cre
| Long-term Debt (Narrative - Credit Agreement) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
| Jun. 26, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | |
| Guarantor Subsidiaries | |||
| Long-Term Debt | |||
| Subsidiaries owned, percentage | 100% | ||
| Senior Notes, 4.5% | |||
| Long-Term Debt | |||
| Interest rate, stated percentage | 4.50% | ||
| Deferred finance costs gross, accordion feature | $ 4,491,000 | ||
| Amortization of debt issuance costs, period (in years) | 8 years | ||
| Bottom threshold of guarantee | $ 75,000,000 | ||
| Senior Notes | Senior Notes, 4.5% | |||
| Long-Term Debt | |||
| Principal amount of long-term debt | $ 500,000,000 | $ 500,000,000 | |
| Senior Notes | Senior Notes, 4.5% | Debt Instrument, Redemption, Period One | |||
| Long-Term Debt | |||
| Percentage of principal amount redeemed | 100% | ||
| Senior Notes | Senior Notes, 4.5% | Debt Instrument, Redemption, Period Two | |||
| Long-Term Debt | |||
| Percentage of principal amount redeemable | 0.40 | ||
| Percentage of principal amount redeemable, period two | 104.50% | ||
| Revolving Credit Facility | Line of Credit | ABL Revolving Credit Facility, 2021 | |||
| Long-Term Debt | |||
| Term loan facility | $ 450,000,000 | ||
| Principal amount of long-term debt | $ 90,000,000 | $ 170,000,000 | |
| Letters of credit outstanding, amount | 15,445,000 | ||
| Line of credit facility, current borrowing capacity | 45,000,000 | $ 42,500,000 | |
| Line of credit facility, remaining borrowing capacity | $ 299,555,000 | ||
| Annual commitment fee on the unused portion (as a percent) | 0.175% | ||
| Deferred finance costs gross, accordion feature | $ 6,004,000 | ||
| Covenant, minimum threshold line of capacity | 10% | ||
| Non-First-in, Last-out, Revolving Credit Facility | ABL Revolving Credit Facility, 2021 | |||
| Long-Term Debt | |||
| Weighted average interest rate (as a percent) | 2.56% | ||
| Non-First-in, Last-out, Revolving Credit Facility | Base Rate | ABL Revolving Credit Facility, 2021 | |||
| 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, 2021 | |||
| Long-Term Debt | |||
| Basis spread on variable rate margin (as a percent) | 1.50% | 1.25% | |
| Minimum | Non-First-in, Last-out, Revolving Credit Facility | Base Rate | ABL Revolving Credit Facility, 2021 | |||
| Long-Term Debt | |||
| Basis spread on variable rate margin (as a percent) | 0.25% | ||
| Maximum | Revolving Credit Facility | Line of Credit | ABL Revolving Credit Facility, 2021 | |||
| Long-Term Debt | |||
| Line of credit facility, increased borrowing capacity, amount | $ 150,000 | ||
| Maximum | Non-First-in, Last-out, Revolving Credit Facility | Base Rate | ABL Revolving Credit Facility, 2021 | |||
| 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, 2021 | |||
| Long-Term Debt | |||
| Basis spread on variable rate margin (as a percent) | 1.75% |
Long-term Debt (Narrative - Cas
| Long-term Debt (Narrative - Cash Paid for Interest on Debt) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
| Jun. 26, 2022 | Jun. 27, 2021 | |
| Debt Disclosure [Abstract] | ||
| Interest paid, including capitalized interest | $ 1,091 | $ 0 |
Employee Benefit Plans (Details
| Employee Benefit Plans (Details) - USD ($) | 3 Months Ended | |
| Jun. 26, 2022 | Jun. 27, 2021 | |
| Defined Benefit Plans | ||
| Defined benefit plan, net periodic benefit | $ 381,000 | $ 35,000 |
| Pension Plan | ||
| Defined Benefit Plans | ||
| Contribution by employer | 0 | 1,300,000 |
| 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 | ||
| Required and expected contributions by employer for remainder of fiscal year | 0 | |
| Distributions by employer | $ 0 | $ 0 |
Income Taxes (Details)
| Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
| Jun. 26, 2022 | Jun. 27, 2021 | Mar. 31, 2022 | |
| Income Tax Disclosure [Abstract] | |||
| Income tax provision (as a percent) | 24.10% | 25.50% | |
| Effective income tax rate reconciliation, at federal statutory income tax rate, percent | 21% | ||
| Income taxes paid, net | $ 509 | $ 1,359 | |
| Income taxes receivable | 42,193 | ||
| Income tax receivable, current | 6,642 | $ 43,560 | |
| Potential reduction of uncertain tax benefits over the next 12 months from audit settlements | 3,470 | ||
| Unrecognized tax benefits | 27,119 | $ 24,719 | |
| 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 | $ 2,791 | ||
Contingencies (Details)
| Contingencies (Details) - USD ($) $ in Thousands | Jun. 26, 2022 | Mar. 31, 2022 |
| Loss Contingency [Abstract] | ||
| Accrual for environmental loss contingencies | $ 697 | $ 697 |
Operating Segment Information_2
| Operating Segment Information (Narrative) (Details) | 3 Months Ended |
| Jun. 26, 2022 reportable_segment operating_segment | |
| Revenue, Major Customer [Line Items] | |
| Number of operating segments | operating_segment | 7 |
| Number of reportable segments | reportable_segment | 2 |
| Sporting Products | |
| Revenue, Major Customer [Line Items] | |
| Revenues from external customers, percentage | 64% |
| Outdoor Products | |
| Revenue, Major Customer [Line Items] | |
| Revenues from external customers, percentage | 36% |
Operating Segment Information_3
| Operating Segment Information (Schedule of Results by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
| Jun. 26, 2022 | Jun. 27, 2021 | |
| Segment Reporting Information [Line Items] | ||
| Sales, net | $ 802,612 | $ 662,912 |
| Gross Profit | 293,470 | 241,427 |
| EBIT | 172,425 | 143,656 |
| Depreciation and amortization | 19,316 | 16,245 |
| Change in fair value of contingent consideration | (112) | 0 |
| Sporting Products | ||
| Segment Reporting Information [Line Items] | ||
| Sales, net | 510,626 | 364,287 |
| Outdoor Accessories | ||
| Segment Reporting Information [Line Items] | ||
| Sales, net | 71,196 | 99,031 |
| Action Sports | ||
| Segment Reporting Information [Line Items] | ||
| Sales, net | 90,058 | 92,143 |
| Outdoor Recreation | ||
| Segment Reporting Information [Line Items] | ||
| Sales, net | 130,732 | 107,451 |
| Corporate and other reconciling items | ||
| Segment Reporting Information [Line Items] | ||
| Sales, net | 0 | 0 |
| Gross Profit | 0 | (384) |
| EBIT | (31,347) | (23,993) |
| Depreciation and amortization | 1,127 | 971 |
| Business combination, separately recognized transactions, post combination compensation expense | 4,332 | |
| Change in fair value of contingent consideration | 112 | |
| Sporting Products | ||
| Segment Reporting Information [Line Items] | ||
| Sales, net | 510,626 | 364,287 |
| Sporting Products | Sporting Products | ||
| Segment Reporting Information [Line Items] | ||
| Sales, net | 510,626 | 364,287 |
| Sporting Products | Operating Segments | ||
| Segment Reporting Information [Line Items] | ||
| Sales, net | 510,626 | 364,287 |
| Gross Profit | 200,962 | 148,996 |
| EBIT | 176,086 | 124,704 |
| Depreciation and amortization | 6,382 | 6,506 |
| Outdoor Products | ||
| Segment Reporting Information [Line Items] | ||
| Sales, net | 291,986 | 298,625 |
| Outdoor Products | Outdoor Accessories | ||
| Segment Reporting Information [Line Items] | ||
| Sales, net | 71,196 | 99,031 |
| Outdoor Products | Action Sports | ||
| Segment Reporting Information [Line Items] | ||
| Sales, net | 90,058 | 92,143 |
| Outdoor Products | Outdoor Recreation | ||
| Segment Reporting Information [Line Items] | ||
| Sales, net | 130,732 | 107,451 |
| Outdoor Products | Operating Segments | ||
| Segment Reporting Information [Line Items] | ||
| Sales, net | 291,986 | 298,625 |
| Gross Profit | 92,508 | 92,815 |
| EBIT | 27,686 | 42,945 |
| Depreciation and amortization | 11,807 | $ 8,768 |
| Sporting Products | Operating Segments | HEVI-Shot | ||
| Segment Reporting Information [Line Items] | ||
| Business combination, separately recognized transactions, post combination compensation expense | 546 | |
| Business combination, step acquisition, equity interest in acquiree, remeasurement loss | $ 384 | |
Subsequent Event (Details)
| Subsequent Event (Details) - Subsequent Event - USD ($) $ in Thousands | Jul. 22, 2022 | Jun. 30, 2022 |
| Revolving Credit Facility | ABL Credit Facility | Line of Credit | ||
| Subsequent Event [Line Items] | ||
| Asset-based revolving credit facility | $ 600,000 | |
| Secured Debt | Term Facility | Line of Credit | ||
| Subsequent Event [Line Items] | ||
| Term loan facility | 350,000 | |
| Fox | ||
| Subsequent Event [Line Items] | ||
| Business combination, consideration transferred | $ 540,000 | |
| Simms | ||
| Subsequent Event [Line Items] | ||
| Business combination, consideration transferred | $ 192,500 |