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Segment Reporting | 12 Months Ended
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Apr. 30, 2017
Segment Reporting [Abstract] |
Segment Reporting | 19. Segment Reporting We report our results of operations in two segments: (1) Firearms and (2) Outdoor Products & Accessories, which we previously referred to as our Accessories segment. Our two segments are defined based on the reporting and review process used by the chief operating decision maker, our Chief Executive Officer. The Firearms segment has been determined to be a single operating segment and reporting segment based on our reliance on production metrics such as gross margin per unit produced, units produced per day, incoming orders per day, and revenue produced by trade channel, all of which are particular to the Firearms segment. The Outdoor Products & Accessories segment has been determined to be two operating segments that have been aggregated into a single reporting segment, which are evaluated by a measurement of incoming orders per day and sales and gross margin by customer and brand. The Firearms segment includes our firearms and other components, which we manufacture at our facilities in Springfield, Massachusetts, Houlton, Maine, and Deep River, Connecticut and our firearm products, which we develop, assemble, and market in our Springfield, Massachusetts facility. The Outdoor Products & Accessories segment includes our accessories products, which we develop, source, market, and distribute at our facilities in Columbia, Missouri, Kingsport, Tennessee, and Jacksonville, Florida and our electro-optics products, which we develop, market, and assemble in our Wilsonville, Oregon facility. We report operating costs based on the activities performed within each segment. Segment assets are those directly used in or clearly allocable to a reportable segment’s operations. Assets by business segment are presented in the following table as of April 30, 2017 and 2016 (in thousands):
|  | As of April 30, 2017 |  |  |  | As of April 30, 2016 |
|  | Firearms |  |  |  | Outdoor Products & Accessories |  |  |  | Total |  |  |  | Firearms |  |  |  | Outdoor Products & Accessories |  |  |  | Total |
Total assets |  | $ | 393,341 |  |  |  | $ | 394,695 |  |  |  | $ | 788,036 |  |  |  | $ | 458,053 |  |  |  | $ | 161,450 |  |  |  | $ | 619,503 |
Property, plant, and equipment, net |  |  | 135,985 |  |  |  |  | 13,700 |  |  |  |  | 149,685 |  |  |  |  | 132,274 |  |  |  |  | 3,131 |  |  |  |  | 135,405 |
Intangibles, net |  |  | 2,792 |  |  |  |  | 138,525 |  |  |  |  | 141,317 |  |  |  |  | 2,903 |  |  |  |  | 60,021 |  |  |  |  | 62,924 |
Goodwill |  |  | 13,770 |  |  |  |  | 155,247 |  |  |  |  | 169,017 |  |  |  |  | 13,770 |  |  |  |  | 62,587 |  |  |  |  | 76,357 |
Results by business segment are presented in the following table for the years ended April 30, 2017, 2016, and 2015 (in thousands):
|  | For the Year Ended April 30, 2017 (a) |
|  | Firearms |  |  |  | Outdoor Products & Accessories |  |  |  | Corporate |  |  |  | Intersegment Eliminations |  |  |  | Total |
Revenue from external customers |  | $ | 772,997 |  |  |  | $ | 130,191 |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | 903,188 |
Intersegment revenue |  |  | 3,643 |  |  |  |  | 10,530 |  |  |  |  | — |  |  |  |  | (14,173 | ) |  |  |  | — |
Total net sales |  |  | 776,640 |  |  |  |  | 140,721 |  |  |  |  | — |  |  |  |  | (14,173 | ) |  |  |  | 903,188 |
Cost of sales |  |  | 464,019 |  |  |  |  | 75,737 |  | (c) |  |  | — |  |  |  |  | (11,840 | ) |  |  |  | 527,916 |
Gross margin |  |  | 312,619 |  |  |  |  | 64,985 |  |  |  |  | — |  |  |  |  | (2,332 | ) |  |  |  | 375,272 |
Operating income/(loss) |  |  | 201,442 |  |  |  |  | (3,949 | ) | (d) |  |  | (47,787 | ) |  |  |  | 50,233 |  |  |  |  | 199,939 |
Income tax expense/(benefit) |  |  | 77,585 |  |  |  |  | (2,300 | ) |  |  |  | (11,833 | ) |  |  |  | — |  |  |  |  | 63,452 |
|  | For the Year Ended April 30, 2016 (a) |
|  | Firearms |  |  |  | Outdoor Products & Accessories |  |  |  | Corporate |  |  |  | Intersegment Eliminations |  |  |  | Total |
Revenue from external customers |  | $ | 652,065 |  | (b) |  | $ | 70,843 |  | (b) |  | $ | — |  |  |  | $ | — |  |  |  | $ | 722,908 |
Intersegment revenue |  |  | 1,821 |  |  |  |  | 743 |  |  |  |  | — |  |  |  |  | (2,564 | ) |  |  |  | — |
Total net sales |  |  | 653,886 |  |  |  |  | 71,586 |  |  |  |  | — |  |  |  |  | (2,564 | ) |  |  |  | 722,908 |
Cost of sales |  |  | 394,118 |  | (b) |  |  | 37,536 |  | (b) |  |  | — |  |  |  |  | (2,558 | ) |  |  |  | 429,096 |
Gross margin |  |  | 259,767 |  |  |  |  | 34,051 |  |  |  |  | — |  |  |  |  | (6 | ) |  |  |  | 293,812 |
Operating income/(loss) |  |  | 153,728 |  |  |  |  | 3,511 |  |  |  |  | (17,201 | ) |  |  |  | 18,605 |  |  |  |  | 158,643 |
Income tax expense/(benefit) |  |  | 58,103 |  |  |  |  | 1,006 |  |  |  |  | (7,974 | ) |  |  |  | — |  |  |  |  | 51,135 |
|  | For the Year Ended April 30, 2015 (a) |
|  | Firearms |  |  |  | Outdoor Products & Accessories |  |  |  | Corporate |  |  |  | Intersegment Eliminations |  |  |  | Total |
Revenue from external customers |  | $ | 531,222 |  |  |  | $ | 20,640 |  |  |  | $ — |  |  |  | $ — |  |  |  | $ | 551,862 |
Intersegment revenue |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |
Total net sales |  |  | 531,222 |  |  |  |  | 20,640 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 551,862 |
Cost of sales |  |  | 342,663 |  |  |  |  | 14,273 |  | (e) |  |  | — |  |  |  |  | — |  |  |  |  | 356,936 |
Gross margin |  |  | 188,559 |  |  |  |  | 6,367 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 194,926 |
Operating income/(loss) |  |  | 91,788 |  |  |  |  | (3,505 | ) | (f) |  |  | (13,695 | ) | (a) |  |  | 15,040 |  |  |  |  | 89,628 |
Income tax expense/(benefit) |  |  | 35,427 |  |  |  |  | (1,133 | ) |  |  |  | (5,389 | ) |  |  |  | — |  |  |  |  | 28,905 |
(a) | For the years ended April 30, 2017 and 2016, we allocated all of corporate overhead expenses except for interest and income taxes, such as general and administrative expenses and other corporate-level expenses, to both our Firearms and Outdoor Products & Accessories segments. For the year ended April 30, 2015, segment information herein has been restated from that previously presented to allocate corporate overhead expenses on the same basis. Corporate overhead expenses were not previously allocated for the year ended April 30, 2015 due to the timing of the BTI Acquisition.
(b) | Effective October 1, 2015, our Thompson/Center accessories business was transitioned from our Firearms segment to our Outdoor Products & Accessories segment. As a result of the transition, we have reclassified $5.6 million and $4.6 million of revenue and cost of sales, respectively, from the Firearms segment to the Outdoor Products & Accessories segment for the year ended April 30, 2016.
(c) | Amount includes $4.7 million of additional cost of goods sold from the fair value inventory step-up and backlog expense related to the 2017 Acquisitions.
(d) | Amount includes $18.4 million of amortization of intangible assets identified as a result of our acquisitions.
(e) | Amount includes $4.2 million of additional cost of goods sold from the fair value inventory step-up related to the BTI Acquisition.
(f) | Amount includes $3.6 million of amortization of intangible assets identified as a result of the BTI Acquisition.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 + Details
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