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Segment Information | 9 Months Ended
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Sep. 30, 2022
Segment Information [Abstract] |
Segment Information | NOTE 16. SEGMENT INFORMATION We operate our business structure within three segments. These segments are defined based on the internal financial reporting used by our chief operating decision maker to allocate resources and assess performance. Certain significant selling and general and administrative expenses are not allocated to the segments including non-cash stock compensation expense. Each segment is described below: Our Outdoor segment, which includes Black Diamond Equipment, PIEPS, and SKINourishment, is a global leader in designing, manufacturing, and marketing innovative outdoor engineered equipment and apparel for climbing, mountaineering, trail running, backpacking, skiing, and a wide range of other year-round outdoor recreation activities. Our Outdoor segment offers a broad range of products including: high-performance, activity-based apparel (such as shells, insulation, midlayers, pants and logowear); rock-climbing footwear and equipment (such as carabiners, protection devices, harnesses, belay devices, helmets, and ice-climbing gear); technical backpacks and high-end day packs; trekking poles; headlamps and lanterns; gloves and mittens; and skincare and other sport-enhancing products. We also offer advanced skis, ski poles, ski skins, and snow safety products, including avalanche airbag systems, avalanche transceivers, shovels, and probes. Our Precision Sport segment, which includes Sierra and Barnes, includes two iconic American manufacturers of a wide range of high-performance bullets and ammunition for both rifles and pistols. These bullets are used for precision target shooting, hunting and military and law enforcement purposes. Our Adventure segment, which includes Rhino-Rack and MAXTRAX, is a manufacturer of highly-engineered automotive roof racks, trays, mounting systems, luggage boxes, carriers, recovery boards and accessories in Australia and New Zealand and a growing presence in the United States. As noted above, the Company has a wide variety of technical outdoor equipment and lifestyle products that are sold to a variety of customers in multiple end markets. While there are multiple products sold, the terms and nature of revenue recognition policy is similar for all segments. Financial information for our segments, as well as revenue by geography, which the Company believes provides a meaningful depiction how the nature, timing and uncertainty of revenue are affected by economic factors, is as follows:
| Three Months Ended |  | Nine Months Ended
| September 30, 2022 |  | September 30, 2021 |  | September 30, 2022 |  | September 30, 2021
Sales to external customers: |  |  |  |  |  |  |  |  |  |  |
Outdoor |  |  |  |  |  |  |  |  |  |  |
Domestic sales | $ | 27,446 |  | $ | 26,773 |  | $ | 80,368 |  | $ | 77,765
International sales |  | 35,430 |  |  | 32,256 |  |  | 86,634 |  |  | 77,952
Total Outdoor |  | 62,876 |  |  | 59,029 |  |  | 167,002 |  |  | 155,717
Precision Sport |  |  |  |  |  |  |  |  |  |  |
Domestic sales |  | 24,612 |  |  | 27,363 |  |  | 79,248 |  |  | 75,820
International sales |  | 9,595 |  |  | 2,954 |  |  | 23,264 |  |  | 6,449
Total Precision Sport |  | 34,207 |  |  | 30,317 |  |  | 102,512 |  |  | 82,269
Adventure |  |  |  |  |  |  |  |  |  |  |
Domestic sales |  | 3,482 |  |  | 7,123 |  |  | 22,304 |  |  | 7,123
International sales |  | 15,150 |  |  | 12,502 |  |  | 52,106 |  |  | 12,502
Total Adventure |  | 18,632 |  |  | 19,625 |  |  | 74,410 |  |  | 19,625
Total sales to external customers |  | 115,715 |  |  | 108,971 |  |  | 343,924 |  |  | 257,611
Segment operating income (loss): |  |  |  |  |  |  |  |  |  |  |
Outdoor |  | 5,853 |  |  | 5,939 |  |  | 9,212 |  |  | 10,041
Precision Sport |  | 9,936 |  |  | 10,441 |  |  | 33,951 |  |  | 26,420
Adventure |  | (3,736) |  |  | (3,014) |  |  | (968) |  |  | (3,014)
Total segment operating income |  | 12,053 |  |  | 13,366 |  |  | 42,195 |  |  | 33,447
Transaction costs |  | (858) |  |  | (8,147) |  |  | (2,880) |  |  | (9,272)
Contingent consideration expense |  | (104) |  |  | - |  |  | (493) |  |  | -
Corporate and other expenses |  | (6,207) |  |  | (5,163) |  |  | (19,444) |  |  | (16,363)
Interest expense, net |  | (2,216) |  |  | (1,476) |  |  | (5,060) |  |  | (1,926)
Income (loss) before income tax | $ | 2,668 |  | $ | (1,420) |  | $ | 14,318 |  | $ | 5,886
There were no intercompany sales between the Outdoor, Precision Sport, and Adventure segments for the periods presented. Total assets by segment, as of September 30, 2022 and December 31, 2021, were as follows:
|  |  |  |  |  |  | September 30, 2022 |  | December 31, 2021
Outdoor |  |  |  |  |  |  | $ | 181,669 |  | $ | 166,751
Precision Sport |  |  |  |  |  |  |  | 153,812 |  |  | 142,549
Adventure |  |  |  |  |  |  |  | 266,340 |  |  | 298,364
Corporate |  |  |  |  |  |  |  | 26,120 |  |  | 24,163
|  |  |  |  |  |  | $ | 627,941 |  | $ | 631,827
Capital expenditures, depreciation and amortization by segment is as follows.
| Three Months Ended |  | Nine Months Ended
| September 30, 2022 |  | September 30, 2021 |  | September 30, 2022 |  | September 30, 2021
Capital expenditures: |  |  |  |  |  |  |  |  |  |  |
Outdoor | $ | 184 |  | $ | 819 |  | $ | 2,509 |  | $ | 2,091
Precision Sport |  | 1,024 |  |  | 957 |  |  | 2,246 |  |  | 2,910
Adventure |  | 936 |  |  | 578 |  |  | 1,461 |  |  | 578
Total capital expenditures | $ | 2,144 |  | $ | 2,354 |  | $ | 6,216 |  | $ | 5,579
Depreciation: |  |  |  |  |  |  |  |  |  |  |
Outdoor | $ | 794 |  | $ | 727 |  | $ | 2,440 |  | $ | 2,134
Precision Sport |  | 818 |  |  | 669 |  |  | 2,411 |  |  | 1,967
Adventure |  | 479 |  |  | 235 |  |  | 949 |  |  | 235
Total depreciation | $ | 2,091 |  | $ | 1,631 |  | $ | 5,800 |  | $ | 4,336
Amortization: |  |  |  |  |  |  |  |  |  |  |
Outdoor | $ | 248 |  | $ | 259 |  | $ | 753 |  | $ | 776
Precision Sport |  | 692 |  |  | 938 |  |  | 2,077 |  |  | 2,815
Adventure |  | 2,743 |  |  | 2,380 |  |  | 8,910 |  |  | 2,380
Total amortization | $ | 3,683 |  | $ | 3,577 |  | $ | 11,740 |  | $ | 5,971

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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