Company Quick10K Filing
Vista Outdoor
Price8.14 EPS-0
Shares58 P/E-16
MCap470 P/FCF1,310
Net Debt562 EBIT14
TTM 2019-09-29, in MM, except price, ratios
10-Q 2020-09-27 Filed 2020-11-05
10-Q 2020-06-28 Filed 2020-08-06
10-K 2020-03-31 Filed 2020-06-03
10-Q 2019-12-29 Filed 2020-02-06
10-Q 2019-09-29 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-08
10-K 2019-03-31 Filed 2019-05-23
10-Q 2018-12-30 Filed 2019-02-07
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-07-01 Filed 2018-08-09
10-K 2018-03-31 Filed 2018-05-18
10-Q 2017-12-31 Filed 2018-02-08
10-Q 2017-10-01 Filed 2017-11-09
10-Q 2017-07-02 Filed 2017-08-10
10-K 2017-03-31 Filed 2017-05-26
10-Q 2017-01-01 Filed 2017-02-09
10-Q 2016-10-02 Filed 2016-11-10
10-Q 2016-07-03 Filed 2016-08-12
10-K 2016-03-31 Filed 2016-05-27
10-Q 2016-01-03 Filed 2016-02-11
10-Q 2015-10-04 Filed 2015-11-12
10-Q 2015-07-05 Filed 2015-08-13
10-K 2015-03-31 Filed 2015-06-01
10-Q 2014-12-28 Filed 2015-03-04
8-K 2020-11-05 Earnings, Exhibits
8-K 2020-10-13 Other Events, Exhibits
8-K 2020-09-28 Other Events, Exhibits
8-K 2020-08-06 Earnings, Exhibits
8-K 2020-08-04 Officers, Shareholder Vote, Exhibits
8-K 2020-05-07
8-K 2020-05-05
8-K 2020-04-27
8-K 2020-02-06
8-K 2019-11-08
8-K 2019-11-07
8-K 2019-09-10
8-K 2019-08-12
8-K 2019-08-09
8-K 2019-08-08
8-K 2019-07-05
8-K 2019-05-09
8-K 2019-02-07
8-K 2018-12-17
8-K 2018-11-19
8-K 2018-11-01
8-K 2018-09-04
8-K 2018-08-09
8-K 2018-08-07
8-K 2018-07-31
8-K 2018-07-13
8-K 2018-07-02
8-K 2018-05-01
8-K 2018-03-29
8-K 2018-02-08
8-K 2018-02-05

VSTO 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 vsto-09272020ex311.htm
EX-31.2 vsto-09272020ex312.htm
EX-32 vsto-09272020ex32.htm

Vista Outdoor Earnings 2020-09-27

Balance SheetIncome StatementCash Flow
Assets, Equity
Rev, G Profit, Net Income
Ops, Inv, Fin

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Washington, D.C. 20549
For the quarterly period ended September 27, 2020
For the transition period from                    to                  
Commission file number 1-36597
Vista Outdoor Inc.
(Exact name of Registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
1 Vista Way
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code: (763) 433-1000
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $.01VSTONew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes     No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No 
As of October 26, 2020, there were 58,235,588 shares of the registrant's common stock outstanding.

PART I - Financial Information
PART II - Other Information

Table of Contents

(Amounts in thousands except share data)September 27, 2020March 31, 2020
Current assets:  
Cash and cash equivalents$40,746 $31,375 
Restricted cash and cash equivalents (Note 18)12,210  
Net receivables336,592 313,517 
Net inventories338,380 331,293 
Income tax receivable29,373 7,626 
Other current assets27,484 25,200 
Total current assets784,785 709,011 
Net property, plant, and equipment170,874 184,733 
Operating lease assets65,208 69,024 
Goodwill83,167 83,167 
Net intangible assets296,426 306,100 
Deferred charges and other non-current assets, net30,861 39,254 
Total assets$1,431,321 $1,391,289 
Current liabilities:  
Accounts payable$125,351 $89,996 
Accrued compensation43,220 38,806 
Federal excise, use, and other taxes22,378 19,702 
Other current liabilities128,090 98,197 
Total current liabilities319,039 246,701 
Long-term debt345,305 511,806 
Deferred income tax liabilities14,520 12,810 
Long-term operating lease liabilities69,852 73,738 
Accrued pension and postemployment benefits51,704 60,225 
Other long-term liabilities56,264 43,504 
Total liabilities856,684 948,784 
Commitments and contingencies (Notes 3, 12, and 15)
Common stock — $.01 par value:
Authorized — 500,000,000 shares
Issued and outstanding — 58,256,243 shares as of September 27, 2020 and 58,038,822 shares as of March 31, 2020
583 580 
Additional paid-in capital1,742,645 1,744,096 
Accumulated deficit(839,927)(960,048)
Accumulated other comprehensive loss(97,030)(100,994)
Common stock in treasury, at cost — 5,708,196 shares held as of September 27, 2020 and 5,925,617 shares held as of March 31, 2020
Total stockholders' equity574,637 442,505 
Total liabilities and stockholders' equity$1,431,321 $1,391,289 

See Notes to the Condensed Consolidated Financial Statements.

Table of Contents
 Three months endedSix months ended
(Amounts in thousands except per share data)September 27, 2020September 29, 2019September 27, 2020September 29, 2019
Sales, net$575,179 $445,016 $1,054,319 $904,790 
Cost of sales413,289 354,752 767,061 719,448 
Gross profit161,890 90,264 287,258 185,342 
Operating expenses:  
Research and development5,362 5,553 10,372 12,047 
Selling, general, and administrative81,272 82,971 153,587 166,880 
Impairment of held-for-sale assets (Note 2)   9,429 
Earnings (loss) before interest, income taxes, and other75,256 1,740 123,299 (3,014)
Other expense, net (433) (433)
Earnings (loss) before interest and income taxes75,256 1,307 123,299 (3,447)
Interest expense, net(5,715)(12,314)(12,133)(23,438)
Earnings (loss) before income taxes69,541 (11,007)111,166 (26,885)
Income tax provision (benefit)(10,104)891 (8,955)1,628 
Net income (loss)$79,645 $(11,898)$120,121 $(28,513)
Earnings (loss) per common share:  
Basic$1.37 $(0.21)$2.07 $(0.49)
Diluted$1.34 $(0.21)$2.03 $(0.49)
Weighted-average number of common shares outstanding:    
Basic58,193 57,768 58,124 57,746 
Diluted59,314 57,768 59,066 57,746 
Net income (loss) (from above)$79,645 $(11,898)$120,121 $(28,513)
Other comprehensive income, net of tax:
Pension and other postretirement benefit liabilities:
Reclassification of prior service credits for pension and postretirement benefit plans recorded to net income, net of tax of $0 for each period presented
Reclassification of net actuarial loss for pension and postretirement benefit plans recorded to net income, net of tax of $0 for each period presented
970 812 1,938 1,623 
Change in derivatives, net of tax of $0 for each period presented
693 700 1,674 (450)
Currency translation gains reclassified from accumulated other comprehensive loss
 3,150  3,150 
Change in cumulative translation adjustment
160 (477)509 287 
Total other comprehensive income1,744 4,107 3,964 4,454 
Comprehensive income (loss)$81,389 $(7,791)$124,085 $(24,059)

See Notes to the Condensed Consolidated Financial Statements.

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 Six months ended
(Amounts in thousands)September 27, 2020September 29, 2019
Operating Activities:  
Net income (loss)$120,121 $(28,513)
Adjustments to net income (loss) to arrive at cash provided by (used for) operating activities:
Depreciation22,268 26,250 
Amortization of intangible assets9,899 9,782 
Impairment of held-for-sale assets (Note 2) 9,429 
Amortization of deferred financing costs 755 3,890 
Deferred income taxes1,667 (200)
Loss (gain) on disposal of property, plant, and equipment278 (57)
Loss on divestitures 431 
Share-based compensation7,466 3,574 
Changes in assets and liabilities:
Net receivables(22,884)(5,089)
Net inventories2,388 (37,468)
Accounts payable35,996 9,382 
Accrued compensation4,416 (2,290)
Accrued income taxes(16,980)1,723 
Federal excise, use, and other taxes2,661 (350)
Pension and other postretirement benefits(6,740)(1,435)
Other assets and liabilities36,514 2,703 
Cash provided by (used for) operating activities197,825 (8,238)
Investing Activities:
Capital expenditures(9,665)(17,720)
Proceeds from sale of our Firearms Business  156,567 
Proceeds from the disposition of property, plant, and equipment25 260 
Cash (used for) provided by investing activities(9,640)139,107 
Financing Activities:
Borrowings on lines of credit43,076 192,232 
Payments on lines of credit(210,332)(197,234)
Payments made on long-term debt (124,509)
Payments made for debt issuance costs  (103)
Proceeds from exercise of stock options 805  
Payment of employee taxes related to vested stock awards(239)(307)
Cash used for financing activities(166,690)(129,921)
Effect of foreign exchange rate fluctuations on cash and restricted cash
86 (72)
Increase in cash, restricted cash, and cash equivalents21,581 876 
Cash, cash equivalents and restricted cash at beginning of period 31,375 21,935 
Cash, cash equivalents and restricted cash at end of period$52,956 $22,811 
Supplemental Cash Flow Disclosures:
Non-cash investing activity:
Capital expenditures included in accounts payable$1,968 $1,216 
See Notes to the Condensed Consolidated Financial Statements.

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Common Stock $.01 Par Value
(Amounts in thousands except share data)SharesAmountAdditional
Accumulated Deficit Accumulated
Balance, March 31, 202058,038,822 $580 $1,744,096 $(960,048)$(100,994)$(241,129)$442,505 
Comprehensive income— — — 40,476 2,220 — 42,696 
Exercise of stock options5,000 — (203)— — 203  
Share-based compensation— — 4,404 — — — 4,404 
Restricted stock vested and shares withheld21,824 — (1,324)— — 1,224 (100)
Other1,313 1 (54)— — 53  
Balance, June 28, 202058,066,959 $581 $1,746,919 $(919,572)$(98,774)$(239,649)$489,505 
Comprehensive income— — — 79,645 1,744 — 81,389 
Exercise of stock options50,814 — (1,258)— — 2,063 805 
Share-based compensation— — 3,062 — — — 3,062 
Restricted stock vested and shares withheld29,680 — (1,741)— — 1,535 (206)
Employee stock purchase plan5,435 — (146)— — 221 75 
Other103,355 2 (4,191)— — 4,196 7 
Balance, September 27, 202058,256,243 $583 $1,742,645 $(839,927)$(97,030)$(231,634)$574,637 
Common Stock $.01 Par Value
(Amounts in thousands except share data)SharesAmountAdditional
Accumulated Deficit Accumulated
Balance, March 31, 201957,710,934 $577 $1,752,419 $(804,969)$(82,967)$(256,020)$609,040 
Comprehensive income (loss)— — — (16,615)347 — (16,268)
Share-based compensation— — 2,190 — — — 2,190 
Restricted stock vested and shares withheld23,059 — (1,534)— — 1,428 (106)
Employee stock purchase plan11,028 — (358)— — 451 93 
Other724 — 43 — — (43) 
Balance, June 30, 201957,745,745 $577 $1,752,760 $(821,584)$(82,620)$(254,184)$594,949 
Comprehensive income (loss)— — — (11,898)4,107 — (7,791)
Share-based compensation— — 1,384 — — — 1,384 
Restricted stock vested and shares withheld12,666 — (859)— — 818 (41)
Other29,022 1 (1,110)— — 1,109  
Balance, September 29, 201957,787,433 $578 $1,752,175 $(833,482)$(78,513)$(252,257)$588,501 
See Notes to the Condensed Consolidated Financial Statements.

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Six Months Ended September 27, 2020
(Amounts in thousands except per share data and unless otherwise indicated)
1. Significant Accounting Policies
Nature of Operations—Vista Outdoor Inc. (together with our subsidiaries, "Vista Outdoor", "we", "our", and "us", unless the context otherwise requires) is a leading global designer, manufacturer and marketer of outdoor and shooting sports products. We conduct our operations through two reportable segments, Shooting Sports and Outdoor Products. We are headquartered in Anoka, Minnesota and have 14 manufacturing and distribution facilities in the United States, Canada, Mexico, and Puerto Rico along with international customer service, sales and sourcing operations in Asia, Canada, and Europe. Vista Outdoor was incorporated in Delaware in 2014. The condensed consolidated financial statements reflect our financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States.

This Quarterly Report on Form 10-Q should be read in conjunction with our consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2020 (“fiscal 2020”).

Basis of Presentation—Our unaudited condensed consolidated financial statements have been prepared in accordance with the requirements of the Securities and Exchange Commission ("SEC") for interim reporting. As permitted under those rules, certain disclosures and other financial information that normally are required by accounting principles generally accepted in the United States have been condensed or omitted. Our accounting policies are described in the notes to the consolidated financial statements in our Annual Report on Form 10-K for fiscal 2020. Management is responsible for the condensed consolidated financial statements included in this report, which are unaudited but, in the opinion of management, include all adjustments necessary for a fair presentation of our financial position as of September 27, 2020 and March 31, 2020, our results of operations for the three and six months ended September 27, 2020 and September 29, 2019, and our cash flows for the six months ended September 27, 2020 and September 29, 2019.

New Accounting Pronouncements

Our accounting policies are described in Note 1 of the Notes to Consolidated Financial Statements included in our fiscal year 2020 Annual Report on Form 10-K. Such significant accounting policies are applicable for periods prior to the following new accounting standards.

Accounting Standards Adopted During this Fiscal Year

On April 1, 2020, we adopted ASU No. 2016-13, "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" ("Topic 326"). This new standard is intended to improve financial reporting by requiring more timely recording of credit losses on our trade account receivable and requires the measurement of all expected credit losses based on historical experience, current conditions, and reasonable and supportable forecasts. The adoption of this ASU did not have a material impact on our condensed consolidated financial statements and disclosures. For further information, see Note 7, Receivables.

On April 1, 2020, we adopted ASU No. 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement." The amendments in this ASU removed, modified or added to the disclosure requirements for fair value measurements in ASC Topic 820, "Fair Value Measurement" ("Topic 820"). The adoption of this ASU did not have a material impact on our condensed consolidated financial statements and disclosures.

Accounting Standards Yet to Be Adopted

In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. ASU 2019-12 is effective for fiscal years beginning after December 15, 2021, although early adoption is permitted. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. We are currently evaluating the impacts of the provisions of ASU 2019-12 on our consolidated financial statements.


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2. Fair Value of Financial Instruments
We measure and disclose our financial assets and liabilities at fair value on a recurring and nonrecurring basis. Fair value is defined as the price that would be received to sell an asset or the price paid to transfer a liability (the exit price) in the principal and most advantageous market for the asset or liability in an orderly transaction between market participants. Assets and liabilities carried at fair value are classified using the following three-tier hierarchy:
Level 1—Quoted prices for identical instruments in active markets.
Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
Level 3—Significant inputs to the valuation model are unobservable.
The following section describes the valuation methodologies we use to measure our financial instruments at fair value on a recurring basis:
Interest Rate Swaps—We periodically enter into floating-to-fixed interest rate swap agreements in order to hedge our forecasted interest payments on our outstanding variable-rate debt. The fair value of those swaps is determined using a pricing model based on observable inputs for similar instruments and other market assumptions. We consider these to be Level 2 instruments. See Note 4, Derivative Financial Instruments, for additional information.
Commodity Price Hedging Instruments—We periodically enter into commodity forward contracts to hedge our exposure to price fluctuations on certain commodities we use for raw material components in our manufacturing process. When actual commodity prices exceed the fixed price provided by these contracts, we receive this difference from the counterparty, and when actual commodity prices are below the contractually provided fixed price, we pay this difference to the counterparty. We consider these to be Level 2 instruments. See Note 4, Derivative Financial Instruments, for additional information.
Note Receivable—In connection with the sale of our Firearms business in July 2019, we received a $12,000 interest-free, five-year pre-payable promissory note due June 2024. Based on the general market conditions and the credit quality of the buyer at the time of the sale, we discounted the Note Receivable at an effective interest rate of 10% and estimated fair value using a discounted cash flow approach. We consider this to be a Level 3 instrument. See Note 7, Receivables, for additional information.
Disclosures about the Fair Value of Financial Instruments
The carrying amount of our receivables, inventory, accounts payable and accrued liabilities at September 27, 2020 and March 31, 2020, approximates fair value because of the short maturity of these instruments. The carrying values of cash, restricted cash and cash equivalents at September 27, 2020 and March 31, 2020 are categorized within Level 1 of the fair value hierarchy. 
The table below discloses information about carrying values and estimated fair value relating to our financial assets and liabilities:
September 27, 2020March 31, 2020
Fixed-rate debt (1)$350,000 $352,100 $350,000 $284,375 
Variable-rate debt (2)  167,256 167,256 
(1) In fiscal 2016, we issued $350,000 aggregate principal amount of 5.875% Senior Notes (the "5.875% Notes") that mature on October 1, 2023. These notes are unsecured and senior obligations. The fair value of the fixed-rate long-term debt is calculated based on current market rates for debt of the same risk and maturities, based on market quotes for each issuance. We consider these to be Level 2 instruments. See Note 12, Long-term Debt, for information on long-term debt, including certain risks and uncertainties.
(2) The carrying value of the amounts outstanding under our ABL Revolving Credit Facility approximates the fair value due to the short-term nature of these obligations. The fair value of this debt is categorized within Level 2 of the fair value hierarchy based on the observable market borrowing rates. See Note 12, Long-term Debt, for additional information on our credit facilities, including related certain risks and uncertainties.

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We measure certain nonfinancial assets at fair value on a nonrecurring basis if certain indicators are present. These assets include long-lived assets that are written down to fair value when they are held for sale or determined to be impaired. During the six months ended September 27, 2020 there were no impairments recorded related to our assets that are measured at fair value on a nonrecurring basis. During the six months ended September 29, 2019, we recognized an impairment of $9,429 related to an expected loss on the sale of the held-for-sale assets of our Firearms business.
3. Leases
We lease certain warehouse and distribution space, manufacturing space, office space, retail locations, equipment and vehicles. All of these leases are classified as operating leases. Operating lease assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. We use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. These rates are assessed on a quarterly basis. The operating lease assets also include any lease payments made less lease incentives. Leases with an initial term of twelve months or less are not recorded on the balance sheet. For operating leases, expense is recognized on a straight-line basis over the lease term. Variable lease payments associated with our leases are recognized upon occurrence of the event, activity, or circumstance in the lease agreement on which those payments are assessed. Tenant improvement allowances are recorded as leasehold improvements with an offsetting adjustment included in our calculation of our operating lease assets.
Many leases include one or more options to renew, with renewal terms that can extend the lease term for three years or more. The exercise of lease renewal options is at our sole discretion. The depreciable life of assets and leasehold improvements are limited by the expected lease term.
The amounts of assets and liabilities related to our operating leases were as follows:
Balance Sheet CaptionSeptember 27, 2020March 31, 2020
Operating lease assetsOperating lease assets$65,208 $69,024 
Operating lease liabilitiesOther current liabilities$10,457 $10,780 
Operating lease liabilitiesLong-term operating lease liabilities69,852 73,738 
Total lease liabilities$80,309 $84,518 
The components of lease expense are recorded to cost of sales and selling, general and administration expenses in the unaudited condensed consolidated statements of comprehensive income (loss). The components of lease expense were as follows:
Three months endedSix months ended
September 27, 2020September 29, 2019September 27, 2020September 29, 2019
Fixed operating lease costs (1)$5,052 $4,686 $10,111 $9,703 
Variable operating lease costs659 704 1,241 1,239 
Sublease income(277)(192)(665)(473)
Net Lease costs$5,434 $5,198 $10,687 $10,469 
(1) Includes short-term leases, which are immaterial.
September 27, 2020March 31, 2020
Weighted Average Remaining Lease Term (Years):
Operating leases9.349.55
Weighted Average Discount Rate:

Operating leases8.68 %8.64 %

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The approximate minimum lease payments under non-cancelable operating leases as of September 27, 2020 are as follows:
Remainder of fiscal 2021$8,799 
Fiscal 202215,271 
Fiscal 202313,546 
Fiscal 202411,912 
Fiscal 202510,718 
Total lease payments121,034 
Less imputed interest(40,725)
Present value of lease liabilities$80,309 
Supplemental cash flow information related to leases is as follows:
Six months ended
September 27, 2020September 29, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases$9,080 $10,475 
Operating lease assets obtained in exchange for lease liabilities:
Operating leases1,285 1,143 
4. Derivative Financial Instruments
In the normal course of business, we are exposed to market risks arising from adverse changes in:
commodity prices affecting the cost of raw materials, and
interest rates.
We record our interest rate swaps and commodity forward contracts that are accounted for as designated hedges pursuant to ASC Topic 815, “Derivatives and Hedging” ("ASC Topic 815"). ASC Topic 815 requires that an entity recognize all derivatives as either assets or liabilities on the balance sheet, measure those instruments at fair value and recognize changes in the fair value of derivatives in earnings in the period of change unless the derivative qualifies as designated cash flow hedge that offsets certain exposures. Certain criteria must be satisfied in order for derivative financial instruments to be classified and accounted for as a cash flow hedge. Derivatives that are not elected for hedge accounting treatment are recorded immediately in earnings.
From time to time, we have entered into floating-to-fixed interest rate swap agreements in order to hedge our forecasted interest payments on our outstanding variable-rate debt. Gains and losses from the remeasurement of our interest rate swap contract agreement are recorded as a component of accumulated other comprehensive income (loss) and released into earnings as a component of interest expense during the period in which the hedged transaction takes place. There are no cash flow hedge interest rate swaps in place as of September 27, 2020.
We entered into various commodity forward contracts during fiscal 2021 and 2020. These contracts are used to hedge our exposure to price fluctuations on lead we purchase for raw material components in our ammunition manufacturing process and are designated and qualify as effective cash flow hedges. The effectiveness of cash flow hedge contracts is assessed quantitatively at inception and qualitatively thereafter considering transactions critical terms and counterparty credit quality.
The gains and losses on these hedges are included in accumulated other comprehensive income (loss) and are reclassified into earnings at the time the forecasted revenue or expense is recognized. The gains or losses on the lead forward contracts are recorded in inventory as the commodities are purchased and in cost of sales when the related inventory is sold. As of September 27, 2020, we had outstanding lead forward contracts on approximately 21 million pounds of lead. In the event the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, the related change in fair value of the derivative instrument would be reclassified from accumulated other comprehensive income (loss) and recognized in earnings. As of September 27, 2020, there is a net asset balance related to the lead forward contracts. The balance is recorded as within other current and non-current assets and is immaterial.

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5. Revenue Recognition

The following tables disaggregate our net sales by major category:
Three months ended
September 27, 2020September 29, 2019(1)
Shooting SportsOutdoor ProductsTotalShooting SportsOutdoor ProductsTotal
Ammunition$272,219 $— $272,219 $210,172 $— $210,172 
Firearms —  560 — 560 
Hunting and Shooting107,468 — 107,468 89,592 — 89,592 
Action Sports— 97,447 97,447 — 83,961 83,961 
Outdoor Recreation (2)— 98,045 98,045 — 60,731 60,731 
Total$379,687 $195,492 $575,179 $300,324 $144,692 $445,016 
Geographic Region:
United States$352,740 $151,783 $504,523 $272,409 $100,060 $372,469 
Rest of the World26,947 43,709 70,656 27,915 44,632 72,547 
Total$379,687 $195,492 $575,179 $300,324 $144,692 $445,016 
Six months ended
September 27, 2020September 29, 2019(1)
Shooting SportsOutdoor ProductsTotalShooting SportsOutdoor ProductsTotal
Ammunition$533,981 $— $533,981 $423,982 $— $423,982 
Firearms —  24,577 — 24,577 
Hunting and Shooting179,863 — 179,863 160,562 — 160,562 
Action Sports— 170,306 170,306 — 151,869 151,869 
Outdoor Recreation (2)— 170,169 170,169 — 143,800 143,800 
Total$713,844 $340,475 $1,054,319 $609,121 $295,669 $904,790 
Geographic Region:
United States$660,127 $266,800 $926,927 $540,232 $213,393 $753,625 
Rest of the World53,717 73,675 127,392 68,889 82,276 151,165 
Total$713,844 $340,475 $1,054,319 $609,121 $295,669 $904,790 
(1) We changed our operating segments during the fourth quarter of fiscal 2020 (see Note 17, Operating Segment Information). Accordingly, prior period amounts have been reclassified to conform with the current period presentation.
(2) Outdoor Recreation includes the operating segments: Hydration, Outdoor Cooking, and Golf.
Product Sales
We recognize revenue for our products at a point in time upon the transfer of control of the products to the customer, which typically occurs upon shipment and coincides with our right to payment, the transfer of legal title, and the transfer of the significant risks and rewards of ownership of the product.
Typically, our contracts require customers to pay within 30-60 days of product delivery with a discount available to some customers for early payment. In some cases, we offer extended payment terms to customers. However, we do not consider these extended payment terms to be a significant financing component of the contract because the payment terms are less than a year.

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In limited circumstances, our contract with a customer may have shipping terms that indicate a transfer of control of the products upon their arrival at the destination rather than upon shipment. In those cases, we recognize revenue only when the product reaches the customer destination, which may require us to estimate the timing of transfer of control based on the expected delivery date. In all cases, however, we consider our costs related to shipping and handling to be a cost of fulfilling the contract with the customer.
The total amount of revenue we recognize for the sale of our products reflects various sales adjustments for discounts, returns, refunds, allowances, rebates, and other customer incentives. These sales adjustments can vary based on market conditions, customer preferences, timing of customer payments, volume of products sold, and timing of new product launches. These adjustments require management to make reasonable estimates of the amount we expect to receive from the customer. We estimate sales adjustments by customer or by product category on the basis of our historical experience with similar contracts with customers, adjusted as necessary to reflect current facts and circumstances and our expectations for the future. Sales taxes, firearms and ammunition excise tax and other similar taxes are excluded from revenue.
Incentives in the form of cash paid to the customer (or a reduction of a customer cash payment to us) typically are recognized as a reduction of sales unless the incentive is for a distinct benefit that we receive from the customer (e.g., advertising or marketing).
We pay commissions to some of our employees based on agreed-upon sales targets. We recognize the incremental costs of obtaining a contract as an expense when incurred because our sales contracts with commissions are a year or less.
6. Earnings Per Share
The computation of basic earnings per share ("EPS") is based on the weighted average number of shares that were outstanding during the period. The computation of diluted EPS is based on the number of basic weighted average shares outstanding plus the number of common shares that would be issued assuming the exercise of all potentially dilutive common shares, such as common stock to be issued upon exercise of options, contingently issuable shares and restricted stock units, using the treasury stock method.
The following tables set forth the computation of basic and diluted earnings per share:
Three months endedSix months ended
(Amounts in thousands except per share data)September 27, 2020September 29, 2019September 27, 2020September 29, 2019
Net income (loss)$79,645 $(11,898)$120,121 $(28,513)
Weighted-average number of common shares outstanding basic:58,193 57,768 58,124 57,746 
Dilutive effect of share-based awards (1)1,121  942  
Diluted shares 59,314 57,768 59,066 57,746 
Earnings (loss) per common share: