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^[1]

$ 678,390

$ 638,277

$ 606,850

Selling, marketing, and distribution

^[1]

443,685

412,046

411,098

Gross profit

^[1]

234,705

226,231

195,752

Operating expenses:

Research and development

12,362

12,866

11,361

74,515

57,263

55,805

General and administrative

97,985

107,650

101,538

Other income/(expense), net

98,662

10,396

Total operating expenses

283,524

188,175

168,704

Operating (loss)/income

^[1]

(48,819)

38,056

27,048

Other (expense)/income, net:

1,737

Interest expense, net

(11,213)

(9,351)

(11,168)

Total other (expense)/income, net

(11,130)

(9,318)

(9,431)

(Loss)/income from operations before income taxes

(59,949)

28,738

17,617

Change in unrealized loss/(income) on interest rate swap

^[1]

1,281

10,328

(2,511)

Net (loss)/income

(61,230)

18,410

20,128

Comprehensive loss/(income):

(710)

(1,393)

1,531

Other comprehensive loss/(income), before income taxes

(710)

(1,393)

1,531

Income tax benefit/(loss) on other comprehensive loss

163

324

(424)

Other comprehensive loss/(income), net of tax

(547)

(1,069)

1,107

Comprehensive (loss)/income:

$ (61,777)

$ 17,341

$ 21,235

Net (loss)/income per share:

Basic

$ (1.11)

^[2]

$ 0.34

^[2]

$ 0.37

Diluted

$ (1.11)

^[2]

$ 0.33

^[2]

$ 0.37

Weighted average number of common shares outstanding:

Basic

54,983

54,483

54,061

Diluted

54,983

55,216

54,834

[1]	For the years ended April 30, 2020, 2019, and 2018, 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.
[2]	Basic and diluted earnings per share may not equal the sum of the quarterly basic and diluted earnings per share due to rounding.

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive (Loss)/Income	Treasury Stock
Balance at Apr. 30, 2017	$ 393,162	$ 72	$ 245,865	$ 369,164	$ 436	$ (222,375)
Balance (in shares) at Apr. 30, 2017		72,017,000
Treasury stock, shares at Apr. 30, 2017						18,167,000
Proceeds from exercise of employee stock options	$ 67		67
Proceeds from exercise of employee stock options (in shares)	19,000	19,000
Stock-based compensation	$ 7,815		7,815
Shares issued under employee stock purchase plan	2,146		2,146
Shares issued under employee stock purchase plan (in shares)		203,000
Change in unrealized income (loss) on interest rate swap, net of tax effect	1,107				1,107
Reclassification due to U.S. Tax Reform				(146)	146
Issuance of common stock under restricted stock unit awards, net of shares surrendered	(2,277)		(2,277)
Issuance of common stock under restricted stock unit awards, net of shares surrendered (in shares)		195,000
Net (loss)/income	20,128			20,128
Balance at Apr. 30, 2018	422,148	$ 72	253,616	389,146	1,689	$ (222,375)
Balance (in shares) at Apr. 30, 2018		72,434,000
Treasury stock, shares at Apr. 30, 2018						18,167,000
Proceeds from exercise of employee stock options	$ 304		304
Proceeds from exercise of employee stock options (in shares)	48,399	48,000
Stock-based compensation	$ 7,992		7,992
Shares issued under employee stock purchase plan	1,918		1,918
Shares issued under employee stock purchase plan (in shares)		231,000
Change in unrealized income (loss) on interest rate swap, net of tax effect	(1,069)				(1,069)
Impact of adoption of accounting standard updates	(4,610)			(4,610)
Issuance of common stock under restricted stock unit awards, net of shares surrendered	(649)	$ 1	(650)
Issuance of common stock under restricted stock unit awards, net of shares surrendered (in shares)		151,000
Net (loss)/income	18,410			18,410
Balance at Apr. 30, 2019	$ 444,444	$ 73	263,180	402,946	620	$ (222,375)
Balance (in shares) at Apr. 30, 2019	54,696,762	72,864,000
Treasury stock, shares at Apr. 30, 2019	18,166,862					18,167,000
Proceeds from exercise of employee stock options	$ 254		254
Proceeds from exercise of employee stock options (in shares)	67,094	67,000
Stock-based compensation	$ 2,921		2,921
Shares issued under employee stock purchase plan	1,873		1,873
Shares issued under employee stock purchase plan (in shares)		380,000
Change in unrealized income (loss) on interest rate swap, net of tax effect	(547)				(547)
Issuance of common stock under restricted stock unit awards, net of shares surrendered	(597)	$ 1	(598)
Issuance of common stock under restricted stock unit awards, net of shares surrendered (in shares)		216,000
Net (loss)/income	(61,230)			(61,230)
Balance at Apr. 30, 2020	$ 387,118	$ 74	$ 267,630	$ 341,716	$ 73	$ (222,375)
Balance (in shares) at Apr. 30, 2020	55,359,928	73,527,000
Treasury stock, shares at Apr. 30, 2020	18,166,862					18,167,000

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2018
Cash flows from operating activities:
Net (loss)/income	$ (61,230)	$ 18,410	$ 20,128
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:
Depreciation and amortization	54,058	53,859	52,075
Loss/(gain) on sale/disposition of assets	991	(454)	44
Provision for losses on notes and accounts receivable	104	1,060	991
Impairment of long-lived tangible assets	976		282
Goodwill impairment	98,662	10,396
Deferred income taxes	(12,009)	(2,795)	(8,775)
Change in fair value of contingent consideration	100	(60)	(1,640)
Stock-based compensation expense	2,921	7,992	7,815
Changes in operating assets and liabilities:
Accounts receivable	(8,630)	(28,997)	51,380
Inventories	(421)	(10,533)	(16,971)
Prepaid expenses and other current assets	(2,310)	359	514
Income taxes	6,197	1,780	5,848
Accounts payable	3,681	3,392	(20,998)
Accrued payroll and incentives	(6,850)	10,959	(10,754)
Accrued profit sharing	(416)	1,547	(11,721)
Accrued expenses and deferred revenue	21,908	(7,193)	(8,424)
Accrued warranty	(1,966)	(1,224)	1,915
Other assets	2,719	(671)	(417)
Other non-current liabilities	(3,524)	(377)	351
Net cash provided by operating activities	94,961	57,450	61,643
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired		(1,772)	(23,120)
Receipts from note receivable	786	74
Payments to acquire patents and software	(812)	(516)	(560)
Proceeds from sale of property and equipment		1,336	6
Payments to acquire property and equipment	(13,932)	(33,949)	(18,490)
Net cash used in investing activities	(13,958)	(34,827)	(42,164)
Cash flows from financing activities:
Proceeds from loans and notes payable	228,225	50,000	150,000
Cash paid for debt issuance costs	(875)		(158)
Payments on finance lease obligation	(900)	(741)	(646)
Payments on notes and loans payable	(224,600)	(81,300)	(181,300)
Proceeds from exercise of options to acquire common stock, including employee stock purchase plan	2,127	2,222	2,213
Payment of employee withholding tax related to restricted stock units	(597)	(649)	(2,277)
Net cash provided by/(used in) financing activities	3,380	(30,468)	(32,168)
Net increase/(decrease) in cash and cash equivalents	84,383	(7,845)	(12,689)
Cash and cash equivalents, beginning of period	41,015	48,860	61,549
Cash and cash equivalents, end of period	125,398	41,015	48,860
Supplemental disclosure of cash flow information Cash paid for:
Interest	11,103	9,473	10,624
Income taxes	6,935	10,567	1,387
Supplemental Disclosure of Non-cash Investing and Financing Activities:
Purchases of property and equipment included in accounts payable	479	565	2,406
Change in fair value of interest rate swap	670	1,393	1,631
Contingent consideration			100
Purchases of property and equipment funded by capital lease		24,271	21,974
Capital lease obligation		24,271	$ 21,974
Changes in note receivable		1,007
Adoption of ASU 2016-02:
Change in adoption of accounting standard updates		$ (4,610)
ASU 2016-02
Adoption of ASU 2016-02:
Changes in other assets for operating lease obligations	11,821
Changes in lease liabilities for operating lease obligations	12,790
ASU 2016-02 \| Change in Property and Equipment
Adoption of ASU 2016-02:
Change in adoption of accounting standard updates	3,276
ASU 2016-02 \| Changes in Finance Lease Liabilities
Adoption of ASU 2016-02:
Change in adoption of accounting standard updates	$ (4,245)

Organization

12 Months Ended

Apr. 30, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization

1. Organization

We are a leading manufacturer, designer, and provider of consumer products for the shooting, hunting, and rugged outdoor enthusiast. We are one of the largest manufacturers of handguns, modern sporting rifles, and handcuffs in the United States and an active participant in the hunting rifle and suppressor markets. We are also a leading provider of shooting, hunting, and rugged outdoor products and accessories, including knives and cutting tools, sighting lasers, shooting supplies, tree saws, and survival gear. We have two reporting segments: (1) Firearms and (2) Outdoor Products & Accessories.

In our Firearms segment, we manufacture a wide array of handguns (including revolvers and pistols), long guns (including modern sporting rifles, bolt action rifles, and muzzleloaders), handcuffs, suppressors, and other firearm-related products for sale to a wide variety of customers, including gun enthusiasts, collectors, hunters, sportsmen, competitive shooters, individuals desiring home and personal protection, law enforcement and security agencies and officers, and military agencies in the United States and throughout the world. We sell our firearm products under the Smith & Wesson, M&P, Performance Center, Thompson/Center Arms, and Gemtech brands. We manufacture our firearm products at our facilities in Springfield, Massachusetts, Houlton, Maine, and Deep River, Connecticut. We also sell our manufacturing services to other businesses to level-load our factories. We sell those services under our Smith & Wesson and Smith & Wesson Precision Components brands.

In our OP&A segment, we are a leading provider of outdoor products and accessories encompassing hunting, fishing, camping, shooting, and personal security and defense products for rugged outdoor enthusiasts. We conceive, design, produce or source, and sell products and accessories, including shooting supplies, rests, vaults, and other related accessories; premium sportsman knives and tools for fishing and hunting; land management tools for hunting preparedness; harvesting products for post-hunt or post-fishing activities; electro-optical devices, including hunting optics, firearm aiming devices, flashlights, and laser grips; reloading, gunsmithing, and firearm cleaning supplies; and survival, camping, and emergency preparedness products. We develop and market our products at our facility in Columbia, Missouri and contract for the manufacture and assembly of most of our products with third parties located in Asia. We also manufacture some of our electro-optics products at our facility in Wilsonville, Oregon.

On November 13, 2019, we announced that we were proceeding with a plan to spin-off our outdoor products and accessories business, or the Separation, and create an independent publicly traded company to conduct that business. We believe that separating the our outdoor products and accessories business from our firearm business and forming a new company to conduct the outdoor products and accessories business will enable the management team of each company to focus on its specific strategies, including, among others, (1) structuring its business to take advantage of growth opportunities in its specific markets, (2) tailoring its business operation and financial model to its specific long-term strategies, and (3) aligning its external financial resources, such as stock, access to markets, credit, and insurance factors, with its particular type of business. In our view, the Separation is in the best interests of our company and our stockholders and would create two industry-leading companies with attributes that best position each company for long-term success. In preparation for the Separation, on May 29, 2020, we changed our name to Smith & Wesson Brands, Inc., and on June 1, 2020, we changed the name of the company that will operate our outdoor products and accessories business through its subsidiaries to American Outdoor Brands, Inc., or AOUT.

Subject to the satisfaction or waiver of certain conditions, the Separation will be completed by way of a pro rata distribution, or the Distribution, of all the outstanding shares of AOUT common stock to our stockholders of record as of the close of business on the record date of the Distribution. Each of our stockholders will receive shares of AOUT common stock for the shares of our common stock held by such stockholders as of the close of business on the record date, so that our stockholders would own stock of our company as well as 100% of the stock of AOUT and we will retain no ownership interest in that company. We expect to receive an opinion from counsel to the effect that, among other things, the transfer of the assets and legal entities, subject to any related liabilities, associated with the outdoor products and accessories business, to AOUT, will qualify as a transaction that is tax-free for U.S. federal income tax purposes, except to the extent of any cash received in lieu of fractional shares. The Distribution does not require the approval of our stockholders. Our common stock will continue to trade on the Nasdaq Global Select Market under the new ticker symbol “SWBI,” and AOUT has applied to have its shares of common stock listed on the Nasdaq Global Market under the ticker symbol “AOUT.” The Separation is subject to the satisfaction or waiver of certain conditions, and we cannot provide any assurance that we will complete the Separation.

Acquisitions

12 Months Ended

Apr. 30, 2020

Business Combinations [Abstract]

Acquisitions

2. Acquisitions

LaserLyte Acquisition

In January 2019, we acquired substantially all of the LaserLyte branded products and other assets from P&L Industries, Inc., for a purchase price of $2.0 million, subject to certain adjustments, utilizing cash on hand. P&L Industries was a provider of laser training and sighting products for the consumer market. The operations of LaserLyte were fully integrated into our facility located in Wilsonville, Oregon and reported in our Outdoor Products & Accessories segment. This acquisition did not have a material impact on our condensed consolidated financial statements for all periods presented. Included in general and administrative costs are $28,000 of acquisition-related costs incurred for the LaserLyte Acquisition during the year ended April 30, 2019.

Pro forma results of operations assuming that the LaserLyte Acquisitions had occurred as of May 1, 2017 are not required because of the immaterial impact on our consolidated financial statements for all periods presented.

2018 Acquisitions

In August 2017, in two separate transactions, we acquired (1) substantially all of the net assets of Gemtech and (2) Bubba Blade branded products and other assets from Fish Tales, LLC. The aggregate purchase price for the two acquisitions was $23.1 million, subject to certain adjustments, utilizing a combination of cash on hand and borrowings under our revolving line of credit. In connection with the Gemtech acquisition, additional consideration of up to a maximum of $17.1 million may be paid contingent upon the cumulative three year sales volume of Gemtech products. The valuation of this contingent consideration liability was established in accordance with ASC 805 — Business Combinations. During fiscal 2020, we reduced the remaining fair value of this contingent liability by $100,000 to zero because we confirmed the performance metrics were not achieved. This reduction was recorded in other income on the consolidated statements of (loss)/income. Gemtech, based in Meridian, Idaho, was a provider of quality suppressors and accessories for the consumer, law enforcement, and military markets. Fish Tales, LLC, based in Oro Valley, Arizona, was a provider of premium sportsmen knives and tools for fishing and hunting, including the premium knife brand Bubba Blade. The valuations of the assets acquired and liabilities assumed in the 2018 Acquisitions are complete.

Significant Accounting Policies

12 Months Ended

Apr. 30, 2020

Accounting Policies [Abstract]

Significant Accounting Policies

3. Significant Accounting Policies

Use of Estimates — The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the financial statement dates and the reported amounts of revenue and expenses during the reporting periods. Our significant estimates include the accrual for warranty, reserves for excess and obsolete inventory, rebates and other promotions, and valuation of intangible assets. Actual results could differ from those estimates.

Principles of Consolidation — The accompanying consolidated financial statements include the accounts of Smith & Wesson Brands, Inc. and its wholly owned subsidiaries, including Smith & Wesson Inc., Smith & Wesson Sales Company, and SWPC Plastics, LLC, reported in our Firearms segment; AOB Products Company, Crimson Trace Corporation, and AOB Consulting (Shenzhen), Co., LTD., reported in our Outdoor Products & Accessories segment; and SWSS LLC, formerly Smith & Wesson Security Solutions, Inc., or SWSS, our former security services division. In our opinion, all adjustments, which include only normal recurring adjustments necessary to fairly present the financial position, results of operations, changes in stockholders’ equity, and cash flows at April 30, 2020 and 2019 and for the periods presented, have been included. All intercompany accounts and transactions have been eliminated in consolidation.

Fair Value of Financial Instruments — Unless otherwise indicated, the fair values of all reported assets and liabilities, which represent financial instruments not held for trading purposes, approximate the carrying values of such amounts because of their short-term nature or market rates of interest.

Cash and Cash Equivalents — We consider all highly liquid investments purchased with original maturities of three months or less at the date of acquisition to be cash equivalents. We maintain our cash in bank deposit accounts that, at times, may exceed federally insured limits. We have not experienced any losses in such accounts. As of April 30, 2020, all of our accounts exceeded federally insured limits.

Financial Instruments — We account for derivative instruments under Accounting Standards Codification (“ASC”) 815-10, Fair Value Measurements and Disclosure Topic, which establishes accounting and reporting standards for derivative instruments and hedging activities and requires us to recognize these instruments as either assets or liabilities on the balance sheet and measure them at fair value. As of April 30, 2020, we did not have any Level 2 financial instruments within the hierarchy. See Note 7 – Notes and Loans Payable and Financing Arrangements for more information regarding our financial instruments.

Trade Receivables — We extend credit to our domestic customers and some foreign distributors based on their financial condition. We sometimes offer discounts for early payment on invoices. When we believe the extension of credit is not advisable, we rely on either a prepayment or a letter of credit. We write off balances deemed uncollectible by us against our allowance for doubtful accounts. We estimate our allowance for doubtful accounts through current past due balances, knowledge of our customers’ financial situations, and past payment history.

Concentrations of Credit Risk — Financial instruments that potentially subject us to concentration of credit risk consist principally of cash, cash equivalents, and trade receivables. We place our cash and cash equivalents in overnight U.S. government securities. Concentrations of credit risk with respect to trade receivables are limited by the large number of customers comprising our customer base and their geographic and business dispersion. We perform ongoing credit evaluations of our customers’ financial condition and generally do not require collateral.

For the year ended April 30, 2020, one of our customers accounted for approximately 10.5% of our net sales but did not exceed 10% of our accounts receivable. Three other customers each had greater than 10% of our accounts receivable and combined for a total of 37.7%. For the fiscal year ended April 30, 2019, none of our customers exceeded 10% of our net sales and one of our customers accounted for approximately 19.8% of our accounts receivable. For the fiscal year ended April 30, 2018, one of our customers accounted for 11.9% of our net sales and none of our customers accounted for 10% or more of our accounts receivable.

Inventories — We value inventories at the lower cost, using the first-in, first-out, or FIFO method, or net realizable value. An allowance for potential non-saleable inventory due to excess stock or obsolescence is based upon a detailed review of inventory, past history, and expected future usage.

Property, Plant, and Equipment — We record property, plant, and equipment, consisting of land, building, improvements, machinery, equipment, software, hardware, furniture, and fixtures, at cost and depreciate them using the straight-line method over their estimated useful lives. We charge expenditures for maintenance and repairs to earnings as incurred, and we capitalize additions, renewals, and betterments. Upon the retirement or other disposition of property and equipment, we remove the related cost and accumulated depreciation from the respective accounts and include any gain or loss in operations. We lease certain of our real estate, machinery, photocopiers, and vehicles under non-cancelable operating lease agreements, and we recognize expenses under our operating lease assets and liabilities at the commencement date based on the present value of lease payments over the lease term. The depreciable life of assets and leasehold improvements are based on the expected life of the lease. A summary of the estimated useful lives is as follows:

Description	Useful Life
Building and improvements		10 to 40 years
Software and hardware		2 to 7 years
Machinery and equipment		2 to 10 years

We include tooling, dies, and fixtures as part of machinery and equipment and depreciate them over a period generally not exceeding ten years.

Intangible Assets — We record intangible assets at cost or based on the fair value of the assets acquired. Intangible assets consist of developed technology, customer relationships, trademarks, trade names, and patents. We amortize intangible assets over their estimated useful lives or in proportion to expected yearly revenue generated from the intangibles that were acquired.

Revenue Recognition — We recognize revenue in accordance with the provisions of Accounting Standards Update, or ASU, Revenue from Contracts with Customers (Topic 606), which became effective for us on May 1, 2018. Generally, all performance obligations are satisfied and revenue is recognized when the risks and rewards of ownership have transferred to the customer, which is generally upon shipment but could be delayed until the receipt of customer acceptance.

In some instances, sales include multiple performance obligations. The most common of these instances relates to sales promotion programs under which customers are entitled to receive free goods based upon their purchase of our products, which we have identified as a material right. The fulfillment of these free goods are our responsibility. In such instances, we allocate the revenue of the promotional sales based on the estimated level of participation in the sales promotional program and the timing of the shipment of all of the products included in the promotional program, including the free goods. We recognize revenue related to the material right proportionally as each performance obligation is satisfied. The net change in contract liabilities for a given period is reported as an increase or decrease to sales.

Our product sales are generally sold free on board, or FOB, shipping point and provide payment terms to most commercial customers ranging from 20 to 90 days of product shipment with a discount available to some customers for early payment. Generally, framework contracts define the general terms of sales, including payment terms, freight terms, insurance requirements, and cancelation provisions. Purchase orders define the terms for specific sales, including description, quantity, and price of each product purchased. We estimate variable consideration relative to the amount of cash discounts to which customers are likely to be entitled. In some instances, we provide longer payment terms, particularly as it relates to our hunting dating programs, which represent payment terms due in the fall for certain orders of hunting products received in the spring and summer. As a result of utilizing practical expedience upon the adoption of ASC 606, we do not consider these extended terms to be a significant financing component of the contract because the payment terms are less than one year. In all cases, we consider our costs related to shipping and handling to be a cost of fulfilling the contract with the customer.

Segment Information — We have two reporting segments: Firearms, which includes our Firearms and Manufacturing Services divisions; and Outdoor Products & Accessories. See Note 20 – Segment Reporting for more information regarding our segments.

Research and Development — We engage in both internal and external research and development, or R&D, in order to remain competitive and to exploit possible untapped market opportunities. We approve prospective R&D projects after analysis of the cost and benefits associated with the potential product. Costs in R&D expense include, among other items, salaries, materials, utilities, and administrative costs.

(Loss)/Earnings per Share — We calculate basic and diluted (loss)/earnings per common share in accordance with the provisions of ASC 260-10, Earnings Per Share. Basic (loss)/earnings per common share equals net (loss)/income divided by the weighted average number of common shares outstanding during the period. Diluted (loss)/earnings per common share equals net (loss)/income divided by the weighted average number of common shares outstanding during the period, including the effect of outstanding stock options and other stock-based instruments if their effect is dilutive.

The following table provides a reconciliation of the net (loss)/income amounts and weighted average number of common and common equivalent shares used to determine basic and diluted (loss)/earnings per common share (in thousands, except per share data):

	For the Year Ended April 30,
	2020										2019								2018
	Net						Per Share				Net					Per Share			Net					Per Share
	Loss				Shares		Amount				Income			Shares		Amount			Income			Shares		Amount
Basic (loss)/earnings	$		(61,230	)		54,983	$		(1.11	)	$		18,410		54,483	$	0.34		$		20,128		54,061	$		0.37
Effect of dilutive stock awards		—			—			—				—			733		(0.01	)		—			773		—
Diluted (loss)/earnings	$		(61,230	)		54,983	$		(1.11	)	$		18,410		55,216	$	0.33		$		20,128		54,834	$		0.37

All of our outstanding stock options and restricted stock units, or RSUs, were included in the computation of diluted earnings per share for the years ended April 30, 2019 and 2018.

Valuation of Long-lived Tangible and Intangible Assets — We evaluate the recoverability of long-lived assets, or asset groups, whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. When such evaluations indicate that the related future undiscounted cash flows are not sufficient to recover the carrying values of the assets, such carrying values are reduced to fair value and this adjusted carrying value becomes the asset’s new cost basis. We determine fair value primarily using future anticipated cash flows that are directly associated with and are expected to arise as a direct result of the use and eventual disposition of the asset, or asset group, discounted using an interest rate commensurate with the risk involved.

We have significant long-lived tangible and intangible assets, which are susceptible to valuation adjustments as a result of changes in various factors or conditions. The most significant long-lived tangible and intangible assets, other than goodwill, are property, plant, and equipment, developed technology, customer relationships, patents, trademarks, and trade names. We amortize all finite-lived intangible assets either on a straight-line basis or based upon patterns in which we expect to utilize the economic benefits of such assets. We initially determine the values of intangible assets by a risk-adjusted, discounted cash flow approach. We assess the potential impairment of identifiable intangible assets and fixed assets whenever events or changes in circumstances indicate that the carrying values may not be recoverable and at least annually. Factors we consider important, which could trigger an impairment of such assets, include the following:

•

significant underperformance relative to historical or projected future operating results;

•

significant changes in the manner or use of the assets or the strategy for our overall business;

•

significant negative industry or economic trends;

•

a significant decline in our stock price for a sustained period; and

•

a decline in our market capitalization below net book value.

Future adverse changes in these or other unforeseeable factors could result in an impairment charge that could materially impact future results of operations and financial position in the reporting period identified.

In accordance with ASC 350, Intangibles-Goodwill and Other, we test goodwill for impairment on an annual basis on February 1 and between annual tests if indicators of potential impairment exist. The impairment test compares the fair value of the operating units to their carrying amounts to assess whether impairment is present. We have reviewed the provisions of ASC 350-20, with respect to the criteria necessary to evaluate the number of reporting units that exist. Based on this review, we have two operating units when reviewing ASC 350-20: Firearms and Outdoor Products & Accessories.

We estimate the fair value of our Firearms and Outdoor Products & Accessories operating units using an equal weighting of the fair values derived from the income approach and the market approach because we believe a market participant would equally weight both approaches when valuing the operating units. The income approach is based on the projected cash flows that are discounted to their present value using discount rates that consider the timing and risk of the forecasted cash flows. Fair value is estimated using internally developed forecasts and assumptions. The discount rate used is the average estimated value of a market participant’s cost of capital and debt, derived using customary market metrics. Other significant assumptions include revenue growth rates, profitability projections, and terminal value growth rates. The market approach estimates fair values based on the determination of appropriate publicly traded market comparison companies and market multiples of revenue and earnings derived from those companies with similar operating and investment characteristics as the operating unit being valued. Finally, we compare and reconcile our overall fair value to our market capitalization in order to assess the reasonableness of the calculated fair values of our operating units. We recognize an impairment loss for goodwill if the implied fair value of goodwill is less than the carrying value.

As of our valuation date, February 1, 2020, our Firearms operating unit had $19.0 million of goodwill and its fair value significantly exceeded its carrying value. Our Outdoor Products & Accessories operating unit had $163.2 million of goodwill and its fair value exceeded its carrying value by approximately 1.5%. On March 23, 2020, we determined that business in our Outdoor Products & Accessories segment was expected to be negatively impacted by several factors related to the COVID-19 pandemic, including a major online retail customer’s decision to halt or delay most non-essential product orders, COVID-19-related supply chain issues, as well as COVID-19-related “stay at home” orders and sporting goods store closures, which reduced retail foot traffic in many states. Given the extreme market volatility, we relied solely on the income approach to derive the current value of the Outdoor Products & Accessories segment. Based on these factors, we expect reduced cash flows in our Outdoor Products & Accessories segment, and we believe this constituted a triggering event under generally accepted accounting principles. Based on the results of this evaluation, we recorded a non-cash impairment charge of $98.7 million of goodwill in our Outdoor Products & Accessories segment. As of April 30, 2020, our Outdoor Products & Accessories operating unit had $64.6 million of goodwill. Although we concluded that there was no additional impairment of the goodwill associated with our operating units as of April 30, 2020, we will continue to closely monitor their performance and related market conditions for future indicators of potential impairment and reassess accordingly. Our assumptions related to the development of fair value could deviate materially from actual results and forecasts used to support asset carrying values may change in the future, which could result in non-cash charges that would adversely affect our financial results of operations.

Income Taxes — We use the asset and liability approach for financial accounting and reporting income taxes. The provision for income taxes is based upon income reported in the accompanying consolidated financial statements as required by ASC 740-10, Accounting for Income Taxes. We determine deferred tax assets and liabilities based on temporary differences between financial reporting and tax bases in assets and liabilities and measure them by applying enacted rates and laws expected to be in place when the deferred items become subject to income tax or deductible for income tax purposes. We recognize the effect on deferred taxes and liabilities of a change in tax rates in the period that includes the enactment date. In assessing the realization of our deferred income tax assets, we consider whether it is more likely than not that the deferred income tax assets will be realized. The ultimate realization of our deferred income tax assets depends upon generating future taxable income during the periods in which our temporary differences become deductible and before our net operating loss carryforwards expire. We evaluate the recoverability of our deferred income tax assets by assessing the need for a valuation allowance on a quarterly basis. If we determine that it is more likely than not that our deferred income tax assets will not be recovered, we establish a valuation allowance against some or all of our deferred income tax assets. Recording or reversing a valuation allowance could have a significant effect on our future results of operations and financial position.

Warranty — We generally provide a limited one-year warranty and a lifetime service policy to the original purchaser of our new firearm products. We either provide a limited one year or limited lifetime warranty program to the original purchaser of most of our outdoor products and accessories products and we will repair or replace any of our electro-optics products or parts that are found to be defective under normal use and service with an item of equivalent value, at our option, without charge during the warranty period. We provide for estimated warranty obligations in the period in which we recognize the related revenue. We quantify and record an estimate for warranty-related costs based on our actual historical claims experience and current repair costs. We make adjustments to accruals as warranty claims data and historical experience warrant. Should we experience actual claims and repair costs that are higher than the estimated claims and repair costs used to calculate the provision, our operating results for the period or periods in which such returns or additional costs materialize would be adversely impacted.

From time to time, we have experienced certain manufacturing and design issues with respect to some of our firearms and have initiated some product recalls and safety alerts in the past.

In November 2011, we initiated a recall of all Thompson/Center Arms Venture rifles manufactured since the products’ introduction in mid-2009. In June 2013, we also initiated a recall of all Thompson/Center Arms bolt action rifles manufactured since the products’ introduction in 2007. In April 2018, we initiated a consumer advisory for certain models of our M&P Shield EZ pistols because in rare circumstances the safety on the pistol will move from the fire position to the “safety on” position when using ammunition that produces a high level of felt recoil. In May 2018, we initiated a recall of certain models of our electro-optics products that incorporated diodes manufactured by a particular third party because the diodes failed to comply with a Food and Drug Administration, or FDA, standard for laser products. We have made efforts to notify all consumers that may be impacted by this recall. The remaining cost of all recalls, safety alerts, and consumer advisories is $683,000, which is recorded in accrued warranty on our consolidated balance sheet.

Warranty expense for the fiscal years ended April 30, 2020, 2019, and 2018 amounted to $1.6 million, $2.9 million, and $5.8 million, respectively.

The following table sets forth the change in accrued warranties, a portion of which is recorded as a non-current liability, in the fiscal years ended April 30, 2020, 2019, and 2018 (in thousands):


Balance as of April 30, 2018		7,513
Warranties issued and adjustments to provisions		2,852
Warranty claims		(4,163	)
Balance as of April 30, 2019		6,202
Warranties issued and adjustments to provisions		1,570
Warranty claims		(3,536	)
Balance as of April 30, 2020	$	4,236

Sales and Promotional Related Expenses — We present product sales in our consolidated financial statements, net of customer promotional program costs that depend upon the volume of sales. For promotional program costs that are not dependent on the volume of sales, we record promotional costs in cost of goods sold. The total of all our promotional programs amounted to $47.5 million, $39.2 million, and $58.2 million for the fiscal years ended April 30, 2020, 2019, and 2018, respectively. We have a co-op advertising program at the retail level. We expensed costs amounting to $26.3 million, $23.8 million, and $23.3 million for fiscal 2020, 2019, and 2018, respectively, as selling and marketing expenses.

Shipping and Handling — In the accompanying consolidated financial statements, we included amounts billed to customers for shipping and handling in net sales. Beginning in fiscal 2020, inbound freight charges and internal transfer costs are included in cost of goods sold; however, costs incurred to distribute products to customers is included in selling, marketing, and distribution expenses. As a result of this change, we recorded $4.4 million of costs in selling, marketing, and distribution expenses that would have been recorded in cost of sales in the prior fiscal year. Prior to fiscal 2020, in our Firearms segment, we included costs relating to shipping and handling charges, including inbound freight charges, internal transfer costs, and the other costs of our distribution network, in cost of goods sold.

Insurance Reserves — In January 2020, we formed a wholly owned captive insurance company, which provides product liability insurance to us and our subsidiaries. This captive insurance company was recorded in our consolidated financial statements for the fiscal year ended April 30, 2020. We are self-insured through retentions or deductibles for the majority of our workers’ compensation, automobile, general liability, product liability, and group health insurance programs. Self-insurance amounts vary up to $10.0 million per occurrence; however, we believe the likelihood of reaching the maximum per occurrence limit is remote. We record our liability for estimated premiums and incurred losses in the accompanying consolidated financial statements on an undiscounted basis.

Recently Issued Accounting Standards — In February 2016, the Financial Accounting Standards Board, or FASB, issued ASU 2016-02, Leases (Topic 842), or ASU 2016-02, which amends the existing guidance to require lessees to recognize right-of-use assets and lease liabilities in a classified balance sheet. The most prominent among the changes in the standard is the requirement for lessees to recognize right-of-use assets and lease liabilities for those leases classified as operating leases under current GAAP. The requirements of ASU 2016-02 are effective for financial statements for annual periods beginning after December 15, 2018, and early adoption is permitted. We utilized leasing software to assist us in the accounting and tracking of leases and used the optional transitional method allowed by ASU 2018-11, Leases (Topic 842): Targeted Improvements. Under this method, we applied the standard using the modified retrospective method with an adoption date of May 1, 2019. We elected to use the package of practical expedients, which permits us to not reassess certain lease contract provisions. We adopted ASU 2016-02 effective May 1, 2019 and recognized right-of-use assets of $11.5 million and lease liabilities of $12.8 million. The difference between the right-of-use assets and the lease liabilities of $1.3 million is a result of the reclassification of deferred rent and lease incentive liabilities primarily relating to our real estate operating leases into the right-of use assets, which had no impact to retained earnings. See also Note 4 — Leases, for more information.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new standard changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments, including trade receivables, from an incurred loss model to an expected loss model and adds certain new required disclosures. Under the expected loss model, entities will recognize credit losses to be incurred over the entire contractual term of the instrument rather than delaying recognition of credit losses until it is probable the loss has been incurred. The requirements of this ASU are effective for financial statements for annual periods beginning after December 15, 2019, and early adoption is permitted. While we are currently evaluating the impact this standard will have on our consolidated financial statements, we do not expect the impact to be material.

Leases

12 Months Ended

Apr. 30, 2020

Leases [Abstract]

Leases

4. Leases:

We lease certain of our real estate, machinery, photocopiers, and vehicles under non-cancelable operating lease agreements.

We recognize expenses under our operating lease assets and liabilities at the commencement date based on the present value of lease payments over the lease term. Our leases do not provide an implicit interest rate. We use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. Our lease agreements do not require material variable lease payments, residual value guarantees, or restrictive covenants. For operating leases, we recognize expense on a straight-line basis over the lease term. Tenant improvement allowances are recorded as an offsetting adjustment included in our calculation of the respective right-of-use asset.

Many of our leases include renewal options that can extend the lease term. The execution of those renewal options is at our sole discretion and are reflected in the lease term when they are reasonably certain to be exercised. 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 and financing leases as of April 30, 2020 were as follows (in thousands):

	Balance Sheet Caption	April 30, 2020
Operating Leases
Right-of-use assets		$	10,802
Accumulated amortization			(2,232	)
Right-of-use assets, net	Other assets	$	8,570

Current liabilities	Accrued expenses and deferred revenue	$	2,663
Non-current liabilities	Other non-current liabilities		7,488
Total operating lease liabilities		$	10,151
Finance Leases
Right-of-use assets		$	40,986
Accumulated depreciation			(2,098	)
Right-of-use assets, net	Property, plant, and equipment, net	$	38,888

Current liabilities	Accrued expenses and deferred revenue		996
Non-current liabilities	Finance lease payable, net of current portion		39,873
Total finance lease liabilities		$	40,869

During the fiscal year ended April 30, 2020, we recorded $4.3 million of operating lease costs, of which $1.1 million related to short-term leases, and not recorded as right-of-use assets. We recorded $2.1 million of financing lease amortization, and $2.1 million of financing lease interest expense during fiscal 2020. As of April 30, 2020, our weighted average lease term and weighted average discount rate for our operating leases was 4.0 years and 4.5%, respectively. As of April 30, 2020, our weighted average lease term and weighted average discount rate for our financing leases was 18.5 years and 5.0%, respectively, and consisted primarily of our distribution center located in Columbia, Missouri. The building is pledged to secure the amounts outstanding. The depreciable lives of right-of-use assets are limited by the lease term and are amortized on a straight-line basis over the life of the lease.

Future lease payments for all our operating and finance leases for succeeding fiscal years is as follows (in thousands):

	Operating			Financing			Total
2021	$	3,174		$	3,016		$	6,190
2022		2,958			3,056			6,014
2023		2,769			3,071			5,840
2024		1,722			3,125			4,847
2025		330			3,180			3,510
Thereafter		679			48,784			49,532
Total future lease payments		11,632			64,232			75,933
Less amounts representing interest		(1,481	)		(23,363	)		(24,844	)
Present value of lease payments		10,151			40,869			51,089
Less current maturities of lease liabilities		(2,663	)		(996	)		(3,659	)
Long-term maturities of lease liabilities	$	7,488		$	39,873		$	47,430

During the fiscal year ended April 30, 2020, the cash paid for amounts included in the measurement of the liabilities and the operating cash flows was $6.0 million.

Revenue Recognition and Contracts with Customers

12 Months Ended

Apr. 30, 2020

Revenue From Contract With Customer [Abstract]

Revenue Recognition and Contracts with Customers

5. Revenue Recognition and Contracts with Customers:

On May 1, 2018, we adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606), or ASU 2014-09, using the modified retrospective approach, and recorded a contract liability, included in accrued expenses in the condensed consolidated balance sheet, for outstanding performance obligations related to sales promotions. Under the modified retrospective approach, results for reporting periods after May 1, 2018 will be presented in accordance with ASU 2014-09, while prior period amounts will not be adjusted and will continue to be reported in accordance with the previous guidance, Accounting Standards Codification, or ASC, Topic 605, Revenue Recognition. When evaluating our performance obligations, we disaggregate revenue based on major product lines, which correlate with our reportable segments disclosed in Note 20 — Segment Reporting. Domestic sales account for 95% of our total net sales. There are no significant judgments or estimates used in the determination of performance obligations, and the transaction price for the performance obligations are allocated on a pro-rata basis. There are no other contract costs that need to be considered based on the nature of our performance obligations.

The following table outlines the impact of the adoption of ASU 2014-09 on revenue recognized during the year ended April 30, 2019 (in thousands):

	2020			2019
Outstanding performance obligations at beginning of period	$	12,213		$	23,305
Revenue recognized		(48,576	)		(51,213	)
Revenue deferred		50,406			40,121
Outstanding performance obligations at end of period	$	14,043		$	12,213

During fiscal 2020, we recognized $48.6 million of deferred revenue, of which $10.5 million was previously deferred as of April 30, 2019, as the performance obligations relating to sales promotions were satisfied. This recognition of revenue was partially offset by $50.4 million of additional deferred revenue for outstanding performance obligations incurred during fiscal 2020. This resulted in a $1.8 million net decrease in revenue recognized during fiscal 2020. We estimate that the majority of the revenue from the outstanding performance obligations as of April 30, 2020 will be recognized during our first quarter of fiscal 2021.

During fiscal 2019, we recognized $22.2 million of revenue previously deferred as of May 1, 2018 as the performance obligations relating to sales promotions were satisfied. In addition, we deferred $11.1 million during fiscal 2019, net of revenue recognized, as the performance obligations related to sales promotions were not satisfied, resulting in an outstanding performance obligation liability of $12.2 million that is recorded in accrued expenses in the consolidated balance sheet. During fiscal 2019, we recognized an $11.1 million net increase of revenue relating to the adoption of ASU 2014-09. As a result of the adoption of ASU 2014-09, for the year ended April 30, 2019, gross margin was unfavorably impacted by 400 basis points and earnings per share was increased by $0.03.

Goodwill and Intangible Assets

12 Months Ended

Apr. 30, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

6. Goodwill and Intangible Assets

The changes in the carrying amount of goodwill by reporting segment are as follows (in thousands):

			Outdoor Products &
	Firearm Segment		Accessories Segment			Total Goodwill
Balance as of April 30, 2018	$	18,490	$	172,797		$	191,287
Adjustments		534		—			534
Acquisitions		—		844			844
Goodwill impairment		—		(10,396	)		(10,396	)
Balance as of April 30, 2019		19,024		163,245			182,269
Adjustments		—		(2	)		(2	)
Goodwill impairment		—		(98,662	)		(98,662	)
Balance as of April 30, 2020	$	19,024	$	64,581		$	83,605

For more information regarding goodwill impairment testing, see Note 3 — Significant Accounting Policies — Valuation of Long-lived Tangible and Intangible Assets to our consolidated financial statements.

As of April 30, 2020, the goodwill recorded within our Outdoor Products & Accessories segment is presented net of $109.1 million of accumulated impairment losses, all of which was recorded during fiscal 2020 and 2019. The goodwill within our Firearms segment has no accumulated impairment losses.

The following table presents a summary of intangible assets as of April 30, 2020 and 2019 (in thousands):

	April 30, 2020							April 30, 2019
	Gross							Gross
	Carrying		Accumulated			Net Carrying		Carrying		Accumulated			Net Carrying
	Amount		Amortization			Amount		Amount		Amortization			Amount
Customer relationships	$	92,560	$	(52,981	)	$	39,579	$	92,560	$	(41,643	)	$	50,917
Developed technology		21,788		(12,705	)		9,083		21,230		(10,428	)		10,802
Patents, trademarks, and trade names		57,837		(34,320	)		23,517		57,477		(28,479	)		28,998
Backlog		1,150		(1,150	)		—		1,150		(1,150	)		—
		173,335		(101,156	)		72,179		172,417		(81,700	)		90,717
Patents in progress		1,145		—			1,145		897		—			897
Total definite-lived intangible assets		174,480		(101,156	)		73,324		173,314		(81,700	)		91,614
Indefinite-lived intangible assets		430		—			430		226		—			226
Total intangible assets	$	174,910	$	(101,156	)	$	73,754	$	173,540	$	(81,700	)	$	91,840

We amortize intangible assets with determinable lives over a weighted-average period of approximately five years. The weighted-average periods of amortization by intangible asset class is approximately five years for customer relationships, six years for developed technology, and five years for patents, trademarks, and trade names. Amortization expense, excluding amortization of deferred financing costs, amounted to $19.5 million, $22.0 million, and $21.0 million for the fiscal years ended April 30, 2020, 2019, and 2018, respectively.

The following table represents future expected amortization expense as of April 30, 2020, which will primarily be recorded in our Outdoor Products & Accessories segment (in thousands):

Fiscal	Amount
2021	$	16,798
2022		14,412
2023		11,857
2024		10,109
2025		6,456
Thereafter		12,547
Total	$	72,179

Notes and Loans Payable and Financing Arrangements

12 Months Ended

Apr. 30, 2020

Debt Disclosure [Abstract]

Notes and Loans Payable and Financing Arrangements

7. Notes and Loans Payable and Financing Arrangements

Credit Facilities – On June 15, 2015, we and certain of our domestic subsidiaries entered into an unsecured credit facility, or the Credit Agreement, with TD Bank, N.A. and other lenders, or the Lenders, which included a $175.0 million revolving line of credit, or the Revolving Line, and a $105.0 million term loan, or the Term Loan. The Term Loan was paid in full on November 19, 2019 with proceeds from the Revolving Line. The Revolving Line provides for availability for general corporate purposes, with borrowings to bear interest at a variable rate equal to LIBOR or prime plus an applicable margin based on our consolidated leverage ratio, at our election. On October 27, 2016, we entered into a second amendment to our Credit Agreement, or the Second Amendment, which, among other things, increased the Revolving Line to $350.0 million, increased the option to expand the credit commitment to an additional $150.0 million, and extended the maturity of the Revolving Line from June 15, 2020 to October 27, 2021. On November 22, 2019, we entered into a fifth amendment to our Credit Agreement, or the Fifth Amendment, which, among other things, provides the Lenders’ consent to the spin-off of our outdoor products and accessories business, provided that certain financial conditions are satisfied, including (x) granting the Lenders security interest in the assets of the remaining business, (y) reducing the Revolving Line to $250.0 million at the time of the spin-off, and (z) reducing the option to expand the credit agreement to $50.0 million at the time of the spin-off. Other than the

changes described in the Second and Fifth Amendments, we otherwise remain subject to the terms of the Credit Agreement, as described below. We incurred $875,000 of debt issuance costs related to the Fifth Amendment.

As of April 30, 2020, we had $160.0 million of borrowings outstanding under the Revolving Line, which bore interest at 2.95%, which is equal to the LIBOR rate plus an applicable margin based on our consolidated leverage ratio.

We were required to obtain interest rate protection on the Term Loan covering not less than 75% of the aggregate outstanding principal balance of the Term Loan. Accordingly, on June 18, 2015, we entered into an interest rate swap agreement that covered 100% of the $105.0 million of floating rate debt. On July 6, 2015, we executed an interest rate swap pursuant to such agreement, which required us to pay interest at a defined rate of 1.56% while receiving interest at a defined variable rate equal to the one-month LIBOR rate. This swap, when combined with the applicable margin based on our consolidated leverage ratio, effectively fixed our interest rate on the Term Loan, which was subject to change based on changes in our consolidated leverage ratio. In accordance with the repayment of the Term Loan on November 19, 2019, the interest rate swap was terminated resulting in a realized gain of approximately $40,000.

We recognize derivatives as either assets or liabilities on our consolidated balance sheets at fair value. The accounting for changes in the fair value (i.e., unrealized gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and on the type of hedging relationship. Derivatives that do not qualify for hedge accounting must be adjusted to fair value through earnings. Our interest rate swap agreement is considered effective and qualifies as a cash flow hedge. The effective portion of the gain or loss on the derivative that is designated and qualifies as a cash flow hedge is recorded as a component of accumulated other comprehensive income or loss and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. As of April 30, 2019, the interest rate swap was considered effective and had no effect on earnings. The fair value of the interest rate swap on April 30, 2019 and 2018 was an asset of $710,000 and $2.1 million, respectively, and was recorded in other assets on our consolidated balance sheet.

2018 Senior Notes – During fiscal 2015, we issued an aggregate of $75.0 million of 5.000% Senior Notes due 2018, or the 2018 Senior Notes, to various institutional investors pursuant to the terms and conditions of an indenture and purchase agreements. The 2018 Senior Notes bear interest at a rate of 5.000% per annum payable on January 15 and July 15 of each year, beginning on January 15, 2015. We incurred $2.3 million of debt issuance costs related to the issuance of the 2018 Senior Notes. As discussed below, the 2018 Senior Notes were redeemed on March 8, 2018 with proceeds from the issuance of 5.000% Senior Notes due 2020. As part of the redemption, in fiscal 2018, we wrote off $226,000 of debt issuance costs related to the 2018 Senior Notes.

2020 Senior Notes – On February 28, 2018, we issued an aggregate of $75.0 million of 5.000% Senior Notes due 2020, or the 2020 Senior Notes, to various institutional investors pursuant to the terms and conditions of an indenture, or the 2020 Senior Notes Indenture, and purchase agreements. The 2020 Senior Notes bore interest at a rate of 5.000% per annum payable on February 28 and August 28 of each year, beginning on August 28, 2018. We incurred $158,000 of debt issuance costs related to the issuance of the 2020 Senior Notes. On January 6, 2020, or the Redemption Date, we redeemed 100% of the principal amount of the 2020 Senior Notes, plus accrued and unpaid interest to, but not including, the Redemption Date, with proceeds from the Revolving Line. As part of the redemption, we wrote off $42,000 of debt issuance costs related to the 2020 Senior Notes.

Debt Issuance Costs — We recorded, in notes payable, $875,000 of debt issuance costs for the fiscal year ended April 30, 2020. We did not record any debt issuance costs during the fiscal year ended April 30, 2019. We recorded, in notes payable, $158,000 of debt issuance costs for the fiscal years ended April 30, 2018. These costs are being amortized to expense over the life of the credit facility. In total, we amortized $687,000, $431,000, and $1.1 million to interest expense for all debt issuance costs in fiscal 2020, 2019, and 2018, respectively, including write-offs related to extinguishment.

The Credit Agreement for our credit facility contains financial covenants relating to maintaining maximum leverage and minimum debt service coverage.

Letters of Credit — At April 30, 2020, we had outstanding letters of credit aggregating $2.2 million, which included a $1.5 million letter of credit to collateralize our newly created captive insurance company.

Net Sales

12 Months Ended

Apr. 30, 2020

Disclosure Net Sales [Abstract]

Net Sales

8. Net Sales

The following table sets forth the breakdown of net sales for the fiscal years ended April 30, 2020, 2019, and 2018 (in thousands):

	For the Years Ended April 30,
	2020		2019		2018
Handguns	$	390,712	$	336,901	$	326,290
Long Guns		101,540		107,717		90,222
Other Products & Services		33,775		33,859		32,474
Firearms Segment		526,027		478,477		448,986
Outdoor Products & Accessories Segment		152,363		159,800		157,864
Total Net Sales	$	678,390	$	638,277	$	606,850

We sell our products and services in our Firearms segment under our Smith & Wesson, M&P, Performance Center, Gemtech, Thompson/Center Arms, and Smith & Wesson Precision Components brands. Depending upon the product or service, our firearm customers primarily include distributors; federal, state, and municipal law enforcement agencies and officers; government and military agencies; businesses; and retailers. We sell our outdoor products & accessories products under our Caldwell, Wheeler, Tipton, Frankford Arsenal, Hooyman, BOG, MEAT!, Uncle Henry, Old Timer, Imperial, Crimson Trace, LaserLyte, Lockdown, UST, BUBBA, and Schrade, and we license from our Firearms segment for use in association with certain products that we sell, including M&P, Smith & Wesson, Performance Center by Smith & Wesson, and Thompson/Center Arms. Our outdoor products and accessories customers include online retailers, sports specialty stores, sporting goods stores, dealers and distributors, mass market, home and auto retailers, and direct-to-consumers.

We sell our products worldwide. The following table sets forth the breakdown of export net sales included in the above table. Our export net sales accounted for 4%, 5%, and 5% of total net sales for the fiscal years ended April 30, 2020, 2019, and 2018, respectively (in thousands):

	For the Years Ended April 30,
Region	2020		2019		2018
Europe	$	8,443	$	11,860	$	9,586
Asia		6,247		3,866		4,725
Latin America		2,411		3,268		2,038
All others international		9,086		14,030		12,388
Total international net sales (a)	$	26,187	$	33,024	$	28,737

(a)	Our international sales were negatively impacted in our fourth fiscal quarter as a result of COVID-19 pandemic.

Our Firearm and Outdoor Products & Accessories segments own tooling that is located at various suppliers in Asia and North America.

Advertising Costs

12 Months Ended

Apr. 30, 2020

Marketing And Advertising Expense [Abstract]

Advertising Costs

9. Advertising Costs

We expense advertising costs, primarily consisting of magazine advertisements, printed materials, and television advertisements, either as incurred or upon the first occurrence of the advertising. Advertising expense, included in selling and marketing expenses for the fiscal years ended April 30, 2020, 2019, and 2018, amounted to $28.1 million, $24.3 million, and $25.8 million, respectively.

Property, Plant, and Equipment

12 Months Ended

Apr. 30, 2020

Property Plant And Equipment [Abstract]

Property, Plant, and Equipment

10. Property, Plant, and Equipment

The following table summarizes property, plant, and equipment as of April 30, 2020 and 2019 (in thousands):

	April 30, 2020			April 30, 2019
Machinery and equipment	$	279,005		$		270,815
Software and hardware		50,671				47,587
Building and improvements		36,186				34,584
Land and improvements		3,787				3,787
Right of use assets		40,986			46246
		410,635				403,019
Less: Accumulated depreciation and amortization		(260,475	)			(228,306	)
		150,160				174,713
Construction in progress		7,257				8,555
Total property, plant, and equipment, net	$	157,417		$		183,268

Depreciation of tangible assets and amortization of software expense amounted to $33.9 million, $31.4 million, and $30.0 million for the fiscal years ended April 30, 2020, 2019, and 2018, respectively.

The following table summarizes depreciation and amortization expense, which includes amortization of intangibles and debt financing costs, by line item for the fiscal years ended April 30, 2020, 2019, and 2018 (in thousands):

	For the Years Ended April 30,
	2020		2019		2018
Cost of sales	$	24,217	$	23,797	$	24,582
Research and development		659		625		557
Selling and marketing		456		530		619
General and administrative (a)		28,039		28,476		25,212
Interest expense		687		431		1,105
Total depreciation and amortization	$	54,058	$	53,859	$	52,075

(a)	General and administrative expenses included $19.0 million, $21.8 million, and $20.8 million of amortization for the fiscal years ended April 30, 2020, 2019, and 2018, respectively, which were recorded as a result of our acquisitions.

Inventories

12 Months Ended

Apr. 30, 2020

Inventory Disclosure [Abstract]

Inventories

11. Inventories

The following table sets forth a summary of inventories, net of reserves, stated at lower of cost or market, as of April 30, 2020 and 2019 (in thousands):

	April 30, 2020		April 30, 2019
Finished goods	$	111,169	$	108,247
Finished parts		32,721		36,181
Work in process		7,037		7,576
Raw material		13,264		11,766
Total inventories	$	164,191	$	163,770

Accrued Expenses and Deferred Revenue

12 Months Ended

Apr. 30, 2020

Payables And Accruals [Abstract]

Accrued Expenses and Deferred Revenue

12. Accrued Expenses and Deferred Revenue

The following table sets forth other accrued expenses as of April 30, 2020 and 2019 (in thousands):

	April 30, 2020		April 30, 2019
Accrued taxes other than income	$	21,461	$	6,078
Deferred revenue		14,744		12,213
Accrued rebates and promotions		5,189		4,877
Accrued employee benefits		4,705		5,241
Accrued professional fees		4,058		2,649
Right-of-use lease liabilities		2,663	—
Accrued distributor incentives		2,253		1,895
Accrued commissions		967		1,004
Interest payable		349		737
Current portion of capital lease obligation		996		681
Accrued other		7,217		3,947
Total accrued expenses and deferred revenue	$	64,602	$	39,322

(a)	Increase in accrued taxes other than income is due to the deferral of federal excise tax payments allowed by the Tax and Trade Bureau as a result of the COVID-19 pandemic.

Fair Value Measurement

12 Months Ended

Apr. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurement

13. Fair Value Measurement

We follow the provisions of ASC 820-10, Fair Value Measurements and Disclosures Topic, or ASC 820-10, for our financial assets and liabilities. ASC 820-10 provides a framework for measuring fair value under GAAP and requires expanded disclosures regarding fair value measurements. ASC 820-10 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820-10 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value.

Financial assets and liabilities recorded on the accompanying consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:

Level 1 — Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that we have the ability to access at the measurement date (examples include active exchange-traded equity securities, listed derivatives, and most U.S. Government and agency securities).

Our cash and cash equivalents, which are measured at fair value on a recurring basis, totaled $125.4 million and $41.0 million as of April 30, 2020 and 2019, respectively. We utilized Level 1 of the value hierarchy to determine the fair values of these assets.

Level 2 — Financial assets and liabilities whose values are based on quoted prices in markets in which trading occurs infrequently or whose values are based on quoted prices of instruments with similar attributes in active markets. Level 2 inputs include the following:

•

quoted prices for identical or similar assets or liabilities in non-active markets (such as corporate and municipal bonds which trade infrequently);

•

inputs other than quoted prices that are observable for substantially the full term of the asset or liability (such as interest rate and currency swaps); and

•

inputs that are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability (such as certain securities and derivatives).

Level 3 — Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect our assumptions about the assumptions a market participant would use in pricing the asset or liability.

We currently do not have any Level 2 or Level 3 financial assets or liabilities.

Self-Insurance Reserves

12 Months Ended

Apr. 30, 2020

Commitments And Contingencies Disclosure [Abstract]

Self-Insurance Reserves

14. Self-Insurance Reserves

As of April 30, 2020 and 2019, we had reserves for workers’ compensation, product liability, municipal liability, and medical/dental costs totaling $9.4 million and $8.9 million, respectively, of which $4.6 million and $4.8 million was classified as other non-current liabilities, respectively. As of April 30, 2020 and 2019, $3.7 million and $3.6 million, respectively, were included in accrued expenses on the accompanying consolidated balance sheets. In addition, as of April 30, 2020 and 2019, 620,000 of workers’ compensation recoverable was classified as other assets. While we believe these reserves to be adequate, it is possible that the ultimate liabilities will exceed such estimates.

The following table summarizes the activity in the workers’ compensation, product liability, municipal liability, and medical/dental reserves in the fiscal years ended April 30, 2020, 2019, and 2018 (in thousands):

	For the Year Ended April 30,
	2020			2019			2018
Beginning balance	$	8,859		$	9,173		$	8,663
Additional provision charged to expense		21,317			21,602			22,802
Payments		(20,763	)		(21,916	)		(22,292	)
Ending balance	$	9,413		$	8,859		$	9,173

It is our policy to provide an estimate for loss as a result of expected adverse findings or legal settlements on product liability, municipal liability, workers’ compensation, and other matters when such losses are probable and are reasonably estimable. It is also our policy to accrue for reasonable estimable legal costs associated with defending such litigation. While such estimates involve a range of possible costs, we determine, in consultation with counsel, the most likely cost within such range on a case-by-case basis. We also record receivables from insurance carriers relating to these matters when their collection is probable. As of April 30, 2020 and 2019, we had accrued reserves for product and municipal litigation liabilities of $3.6 million and $3.3 million, respectively (of which $2.6 million and $2.8 million was non-current, respectively), consisting entirely of expected legal defense costs. In addition, as of April 30, 2020 and 2019, we had recorded receivables from insurance carriers related to these liabilities of $1.9 million, nearly all of which has been classified as other assets.

Stockholders' Equity

12 Months Ended

Apr. 30, 2020

Equity [Abstract]

Stockholders' Equity

15. Stockholders’ Equity

Treasury Stock

We did not repurchase any shares of our common stock during fiscal 2020, 2019, or 2018, and we do not have an authorized repurchase program as of April 30, 2020.

Incentive Stock and Employee Stock Purchase Plans

We have two stock incentive plans, or SPs: the 2004 Incentive Stock Plan and the 2013 Incentive Stock Plan. New grants under the 2004 Incentive Stock Plan have not been made since the approval of the 2013 Incentive Stock Plan at our September 23, 2013 annual meeting of stockholders. All new grants covering all participants are issued under the 2013 Incentive Stock Plan.

The 2013 Incentive Stock Plan authorizes the issuance of 3,000,000 shares, plus any shares that were reserved and remained available for grant and delivery under the 2004 Incentive Stock Plan as of September 23, 2013, the effective date of the 2013 Incentive Stock Plan. The plan permits the grant of options to acquire common stock, restricted stock awards, RSUs, stock appreciation rights, bonus stock and awards in lieu of obligations, performance awards, and dividend equivalents. Our board of directors, or a committee established by our board, administers the SPs, selects recipients to whom awards are granted, and determines the grants to be awarded. Options granted under the SPs are exercisable at a price determined by our board or committee at the time of grant, but in no event, less than fair market value of our common stock on the date granted. Grants of options may be made to employees and directors without regard to any performance measures. All options issued pursuant to the SPs are generally nontransferable and subject to forfeiture.

Unless terminated earlier by our board of directors, the 2013 Incentive Stock Plan will terminate at the earliest of (1) the tenth anniversary of the effective date of the 2013 Stock Plan, or (2) such time as no shares of common stock remain available for issuance under the plan and we have no further rights or obligations with respect to outstanding awards under the plan. The date of grant of an award is deemed to be the date upon which our board of directors or board committee authorizes the granting of such award.

Except in specific circumstances, grants vest over a period of four years and grants of stock options are exercisable for a period of 10 years. The plan also permits the grant of awards to non-employees, which our board of directors or committee has authorized in the past.

The number of shares and weighted average exercise prices of options for the fiscal years ended April 30, 2020, 2019, and 2018 are as follows:

	For the Year Ended April 30,
	2020					2019					2018
				Weighted					Weighted					Weighted
				Average					Average					Average
	Shares			Exercise Price		Shares			Exercise Price		Shares			Exercise Price
Options outstanding, beginning of year		267,761		$	6.76		316,160		$	6.69		335,160		$	6.58
Exercised during the period		(67,094	)		3.97		(48,399	)		6.28		(19,000	)		4.70
Options outstanding, end of period		200,667		$	7.70		267,761		$	6.76		316,160		$	6.69
Weighted average remaining contractual life	0.43 years					2.35 years					3.16 years
Options exercisable, end of period		200,667		$	7.70		267,761		$	6.76		316,160		$	6.69
Weighted average remaining contractual life	0.43 years					2.35 years					3.16 years

As of April 30, 2020, there were 4,137,967 shares available for grant under the 2013 Incentive Stock Plan. We use our unissued share pool for all shares issued for options, restricted stock awards, RSUs, performance share units, performance-based restricted stock units, or PSUs, and shares issued under our Employee Stock Purchase Plan, or ESPP.

The aggregate intrinsic value of outstanding and exercisable stock options as of April 30, 2020, 2019, and 2018 was $356,000, $826,000, and $1.4 million, respectively. The aggregate intrinsic value of the options exercised for the years ended April 30, 2020, 2019, and 2018 was $260,000, $285,000, and $116,000, respectively. At April 30, 2020, there was no unrecognized compensation cost of outstanding options.

The following table summarizes stock compensation expense by line item for the fiscal years ended April 30, 2020, 2019, and 2018 (in thousands):

	For the Years Ended April 30,
		2020			2019		2018
Cost of sales	$	704		$	746	$	882
Research and development		121			99		187
Selling and marketing		340			489		382
General and administrative		1,756	(a)		6,658		6,364
Total stock-based compensation	$	2,921		$	7,992	$	7,815

(a)

The decrease in general and administrative stock-based compensation expense from fiscal 2019 was because of the separation of our former President and Chief Executive Officer.

We grant service-based RSUs to employees, consultants, and directors. The awards are made at no cost to the recipient. An RSU represents the right to acquire one share of our common stock and does not carry voting or dividend rights. Except in specific circumstances, RSU grants to employees generally vest over a period of three or four years with one-third or one-fourth of the units vesting, respectively, on each anniversary date of the grant date. The aggregate fair value of our RSU grants is amortized to compensation expense over the applicable vesting period.

We grant PSUs to our executive officers and certain management employees who are not executive officers. At the time of grant, we calculate the fair value of our PSUs using the Monte-Carlo simulation. We incorporate the following variables into the valuation model:

	For the Years Ended April 30,
		2020		2019			2018
Grant date fair market value
Smith & Wesson Brands, Inc.	$	7.80		$	9.85		$	11.11
Russell 2000 Index	$	1,138.78		$	1,591.21		$	1,557.89
Volatility (a)
Smith & Wesson Brands, Inc.		54.02	%		45.19	%		42.27	%
Russell 2000 Index		24.65	%		15.65	%		16.26	%
Correlation coefficient (b)		0.11			0.14		0.19
Risk-free interest rate (c)		0.35	%		2.23	%		2.61	%
Dividend yield (d)		0	%		0	%		0	%

(a)	Expected volatility is calculated over the most recent period that represents the remaining term of the performance period as of the valuation date, or three years.

(b)	The correlation coefficient utilizes the same historical price data used to develop the volatility assumptions.

(c)	The risk-free interest rate is based on the yield of a zero-coupon U.S. Treasury bill, commensurate with the three-year performance period.

(d)	We did not pay dividends in fiscal 2020, 2019, and 2018.

The PSUs vest, and the fair value of such PSUs will be recognized, over the corresponding three-year performance period. Our PSUs have a maximum aggregate award equal to 200% of the target amount granted. Generally, the number of PSUs that may be earned depends upon the total stockholder return, or TSR, of our common stock compared with the TSR of the Russell 2000 Index, or RUT, over the three-year performance period. For PSUs, our stock must outperform the RUT by 5% in order for the target award to vest. In addition, there is a cap on the number of shares that can be earned under our PSUs, which is equal to six times the grant-date value of each award.

In certain circumstances, the vested awards will be delivered on the first anniversary of the applicable vesting date. We have applied a discount to the grant date fair value when determining the amount of compensation expense to be recorded for these RSUs and PSUs.

During the fiscal year ended April 30, 2020, we granted 105,767 PSUs to certain of our executive officers and 32,050 PSUs to non-executive officer employees. We also granted 440,483 service-based RSUs during the year ended April 30, 2020, including 113,770 RSUs to certain of our executive officers, 115,600 RSUs to our directors, and 211,073 RSUs to non-executive officer employees. Compensation expense recognized related to grants of RSUs and PSUs was $2.3 million for the fiscal year ended April 30, 2020.

During the fiscal year ended April 30, 2020, we canceled 232,793 service-based RSUs as a result of the service period condition not being met and 367,025 PSUs as the three year stock performance targets were not achieved. We delivered 296,139 shares of common stock to current employees under vested RSUs with a total market value of $2.6 million.

During the fiscal year ended April 30, 2019, we granted 181,600 PSUs to certain of our executive officers. We also granted 360,185 service-based RSUs during the year ended April 30, 2019, including 167,818 RSUs to certain of our executive officers, 49,509 RSUs to our directors, and 142,858 RSUs to non-executive officer employees. Compensation expense recognized related to grants of RSUs and PSUs was $7.3 million for the fiscal year ended April 30, 2019.

During the fiscal year ended April 30, 2019, we canceled 33,899 service-based RSUs as a result of the service period condition not being met and 112,000 PSUs as the three year stock performance targets were not achieved. We delivered 206,572 shares of common stock to current employees under vested RSUs with a total market value of $2.5 million.

During the year ended April 30, 2018, we granted 157,700 PSUs to certain of our executive officers. We also granted 388,186 service-based RSUs during the year ended April 30, 2018, including 159,167 RSUs to certain of our executive officers, 52,826 RSUs to our directors, and 176,193 RSUs to non-executive officer employees. In addition, in connection with a 2014 grant of 105,000 PSUs (i.e., the target amount granted), which achieved 115.2% of the targeted award, we vested and delivered awards totaling 121,504 shares to certain of our executive officers. Compensation expense recognized related to grants of RSUs and PSUs was $7.1 million for the fiscal year ended April 30, 2018.

During the fiscal year ended April 30, 2018, we canceled 208,496 service-based RSUs and 39,429 PSUs as a result of the service period condition not being met and delivered 300,496 shares of common stock to current employees under vested RSUs and PSUs with a total market value of $6.2 million.

The grant date fair value of RSUs and PSUs that vested in fiscal 2020, 2019, and 2018 was $5.0 million, $3.9 million, and $5.0 million, respectively.

A summary of activity for unvested RSUs and PSUs for fiscal years 2020, 2019, and 2018 is as follows:

	For the Year Ended April 30,
	2020					2019					2018
				Weighted					Weighted					Weighted
	Total # of			Average		Total # of			Average		Total # of			Average
	Restricted			Grant Date		Restricted			Grant Date		Restricted			Grant Date
	Stock Units			Fair Value		Stock Units			Fair Value		Stock Units			Fair Value
RSUs and PSUs outstanding, beginning of period		1,631,631		$	15.44		1,442,317		$	17.80		1,428,848		$	18.58
Awarded		578,300			5.75		541,785			10.65		561,890			15.09
Vested		(296,139	)		17.05		(206,572	)		19.11		(300,496	)		16.53
Forfeited		(599,818	)		15.34		(145,899	)		16.11		(247,925	)		17.04
RSUs and PSUs outstanding, end of period		1,313,974		$	10.86		1,631,631		$	15.44		1,442,317		$	17.80

As of April 30, 2020, there was $3.3 million of unrecognized compensation cost related to unvested RSUs and PSUs. This cost is expected to be recognized over a weighted average remaining contractual term of 1.7 years.

On September 26, 2011, our stockholders approved our 2011 ESPP, which authorizes the sale of up to 6,000,000 shares of our common stock to employees. All options and rights to participate in our ESPP are nontransferable and subject to forfeiture in accordance with our ESPP guidelines. Our current ESPP will be implemented in a series of successive offering periods, each with a maximum duration of 12 months. If the fair market value, or FMV, per share of our common stock on any purchase date is less than the FMV per share on the start date of a 12-month offering period, then that offering period will automatically terminate, and a new 12-month offering period will begin on the next business day. Each offering period will begin on April 1 or October 1, as applicable, immediately following the end of the previous offering period. Payroll deductions will be on an after-tax basis, in an amount of not less than 1% and not more than 20% (or such greater percentage as the committee appointed to administer our ESPP may establish from time to time before the first day of an offering period) of a participant’s compensation on each payroll date. The option exercise price per share will equal 85% of the lower of the FMV on the first day of the offering period or the FMV on the exercise date. The maximum number of shares that a participant may purchase during any purchase period is 12,500 shares, or a total of $25,000 in shares, based on the FMV on the first day of the offering period. Our ESPP will remain in effect until the earliest of (a) the exercise date that participants become entitled to purchase a number of shares greater than the number of reserved shares available for purchase under our ESPP, (b) such date as is determined by our board of directors in its discretion, or (c) March 31, 2022. In the event of certain corporate transactions, each option outstanding under our ESPP will be assumed or an equivalent option will be substituted by the successor corporation or a parent or subsidiary of such successor corporation. During fiscal 2020, 2019, and 2018, 380,209, 230,282, and 203,002 shares, respectively, were purchased by our employees under our ESPP.

We measure the cost of employee services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. We calculate the fair value of our stock options issued to employees using the Black-Scholes model at the time the options were granted. That amount is then amortized over the vesting period of the option. With our ESPP, fair value is determined at the beginning of the purchase period and amortized over the term of each exercise period.

The following assumptions were used in valuing our ESPP purchases during the years ended April 30, 2020, 2019, and 2018:

	For the Years Ended April 30,
	2020			2019			2018
Risk-free interest rate		1.24	%		2.21	%		1.62	%
Expected term (a)	4 months			6 months			6 months
Expected volatility (b)		63.6	%		45.3	%		42.3	%
Dividend yield		0	%		0	%		0	%

(a)

We expect to have an abbreviated purchase period for the first half of fiscal 2021 because of our expected spin-off of our outdoor products and accessories business.

(b)

We believe our expected volatility increased in fiscal 2020 primarily due to market and stock price fluctuations as a result of the COVID-19 pandemic.

We estimate expected volatility using historical volatility for the expected term. The fair value of each stock option or ESPP purchase was estimated on the date of the grant using the Black-Scholes option pricing model (using the risk-free interest rate, expected term, expected volatility, and dividend yield variables, as noted in the above table). The total stock-based compensation expense, including stock options, purchases under our ESPP, and RSU and PSU awards, was $2.9 million, $8.0 million, and $7.8 million, for fiscal years 2020, 2019, and 2018, respectively.

Employer Sponsored Benefit Plans

12 Months Ended

Apr. 30, 2020

Compensation And Retirement Disclosure [Abstract]

Employer Sponsored Benefit Plans

16. Employer Sponsored Benefit Plans

Contributory Defined Investment Plan — We offer two contributory defined investment plans covering substantially all employees, subject to service requirements. Employees may contribute up to 100% of their annual pay, depending on the plan. We generally make discretionary matching contributions of up to 50% of the first 6% of employee contributions to the plan. We contributed $2.5 million, $2.9 million, and $3.0 million for the fiscal years ended April 30, 2020, 2019, and 2018, respectively.

Non-Contributory Profit Sharing Plan — We have a non-contributory profit sharing plan covering substantially all of our employees. Employees become eligible on May 1 following the completion of a full fiscal year of continuous service. Our contributions to the plan are discretionary. For fiscal 2020, we plan to contribute approximately $2.4 million, which has been recorded in general and administrative costs. We contributed $2.8 million and $1.3 million for the fiscal years ended April 30, 2019 and 2018, respectively. Contributions are funded after the fiscal year-end.

Income Taxes

12 Months Ended

Apr. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

17. Income Taxes

Income tax expense/(benefit) from continuing operations consists of the following (in thousands):

	For the Year Ended April 30,
	2020			2019			2018
Current:
Federal	$	11,690		$	8,999		$		5,081
State		1,596			2,600				1,184
Foreign		4			5			—
Total current		13,290			11,604				6,265
Deferred:
Deferred federal		(10,877	)		(879	)			(9,081	)
Deferred state		(1,132	)		(397	)			305
Total deferred		(12,009	)		(1,276	)			(8,776	)
Total income tax expense/(benefit)	$	1,281		$	10,328		$		(2,511	)

The following table presents a reconciliation of the provision for income taxes from continuing operations at statutory rates to the provision (benefit) in the consolidated financial statements (in thousands):

	For the Year Ended April 30,
	2020			2019				2018
Federal income taxes expected at the statutory rate (a)	$	(12,589	)	$		6,035		$	5,355
State income taxes, less federal income tax benefit		325				1,804			1,460
Stock compensation		1,163				708			(322	)
Business meals and entertainment		275				181			302
Domestic production activity deduction		—			—				(335	)
Research and development tax credit		(598	)			(567	)		(426	)
Goodwill impairment		11,925				2,183			—
Non-deductible Separation expenses		688				—			—
Other		92				54			(403	)
Federal tax rate change on deferred taxes		—				(70	)		(8,142	)
Total income tax expense/(benefit)	$	1,281		$		10,328		$	(2,511	)

(a)	We had a statutory rate of 21% in fiscal 2020 and 2019 and a blended statutory rate of 30.4% in fiscal 2018 because of Tax Reform.

Deferred tax assets (liabilities) related to temporary differences are the following (in thousands):

	For the Years Ended April 30,
	2020			2019
Non-current tax assets (liabilities):
Net operating loss carryforwards and tax credits	$	3,158		$	3,256
Inventories		6,955			6,741
Accrued expenses, including compensation		5,095			5,800
Environmental reserves		—			181
Product liability		434			360
Accrued promotions		69			73
Workers' compensation		512			478
Warranty reserve		1,065			1,525
Stock-based compensation		2,568			3,884
State bonus depreciation		1,328			1,454
Property taxes		(254	)		(185	)
Property, plant, and equipment		(17,512	)		(20,392	)
Intangible assets		1,275			(10,006	)
Right-of-use assets		(2,086	)		—
Right-of-use liabilities		2,458		—
Pension		231			234
Other		286			397
Less valuation allowance		(3,186	)		(3,576	)
Net deferred tax asset/(liability) — total	$	2,396		$	(9,776	)

We had no federal net operating loss carryforwards in fiscal 2020.

There were $17.7 million and $17.9 million in state net operating loss carryforwards as of April 30, 2020 and 2019, respectively. The state net operating loss carryforwards will expire between April 30, 2025 and April 30, 2038. There were $2.9 million of state tax credit carryforwards as of April 30, 2020 and 2019. The state tax credit carryforwards will expire between April 30, 2023 and April 30, 2025 or have no expiration date.

As of April 30, 2020, valuation allowances of $904,000 and $2.3 million were provided on our deferred tax assets for those state net operating loss carryforwards, and state tax credits, respectively, that we do not anticipate using prior to their expiration. As of April 30, 2019, valuation allowances of $911,000 and $2.3 million were provided on our deferred tax assets for those state net operating loss carryforwards and state tax credits, respectively, that we do not anticipate using prior to their expiration. Additional valuation allowances of $29,000 were provided on our deferred income tax assets as of April 30, 2020, as we believe that it is more likely than not that all such assets will not be realized. These allowances related to IRC Section 162(m) limitations on the deductibility of certain executive compensation. Recording a valuation allowance or reversing a valuation allowance could have an effect on our future results of operations and financial position.

On December 22, 2017, the SEC issued Staff Accounting Bulletin 118, or SAB118, that provided additional guidance allowing companies to use a measurement period, similar to that used in business combinations, to account for the impacts of Tax Reform in their financial statements. This measurement period was not permitted to extend beyond one year from the Tax reform enactment date. In accordance with SAB 118, to the extent that a company’s accounting for certain income tax effects of the Tax Reform is incomplete, but the company was able to determine a reasonably estimating the effects, we were permitted to record a provisional estimate in our financial statements. All provisional estimates related to Tax Reform were finalized within the measurement period.

The income tax provisions represent effective tax rates of (2.1%) and 35.9% for the fiscal year ended April 30, 2020 and 2019, respectively.

U.S. income taxes have not been provided on $84,000 of undistributed earnings of our foreign subsidiary since it is our intention to permanently reinvest such earnings offshore. If the earnings were distributed in the form of dividends, we would not be subject to U.S. tax as a result of the Tax Act but could be subject to foreign income and withholding taxes. Determination of the amount of this unrecognized deferred income tax liability is not practical.

At April 30, 2020 and 2019, we did not have any gross tax-effected unrecognized tax benefits.

With limited exception, we are subject to U.S. federal, state, and local, or non-U.S. income tax audits by tax authorities for fiscal years subsequent to April 30, 2016.

Commitments and Contingencies

12 Months Ended

Apr. 30, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

18. Commitments and Contingencies

Litigation

In January 2018, Gemini Technologies, Incorporated, or Gemini, commenced an action against us and Smith & Wesson Corp. in the United States District Court for the District of Idaho, or District Court. The complaint alleges, among other things, that the defendants breached the earn-out and other provisions of the Asset Purchase Agreement and ancillary agreements between the parties in connection with Smith & Wesson Corp.’s acquisition of the Gemtech business from Gemini. The complaint seeks a declaratory judgment interpreting various terms of the Asset Purchase Agreement and damages in the sum of $18.6 million. In May 2018, the District Court dismissed the complaint on the grounds of forum non conveniens. In June 2018, Gemini appealed the decision dismissing its complaint to the U.S. Court of Appeals for the Ninth Circuit. On July 24, 2019, the Ninth Circuit reversed the dismissal and remanded the case to the District Court to perform a traditional forum non conveniens analysis. On September 6, 2019, the parties stipulated that they do not contest that the venue is proper in the District of Idaho. On November 4, 2019, we filed an answer to plaintiff’s complaint and a counterclaim against Gemini and its stockholders at the time of the signing of the Asset Purchase Agreement. We believe the claims asserted in the complaint have no merit, and we intend to aggressively defend this action.

We are a defendant in seven product liability cases and are aware of five other product liability claims, primarily alleging defective product design, defective manufacturing, or failure to provide adequate warnings. In addition, we are a co-defendant in a case filed on August 27, 1999 by the city of Gary, Indiana against numerous firearm manufacturers, distributors, and dealers seeking to recover monetary damages, as well as injunctive relief, allegedly arising out of the misuse of firearms by third parties. In January 2018, the trial court granted defendants’ Motion for Judgment on the Pleadings, dismissing the case in its entirety. In February 2018, plaintiffs appealed the dismissal to the Indiana Court of Appeals. On May 23, 2019, the Indiana Court of Appeals issued a decision, which affirmed in part and reversed in part and remanded for further proceedings, the trial court’s dismissal of the City’s complaint. On July 8, 2019, defendants filed a Petition to Transfer jurisdiction to the Indiana Supreme Court. Briefing was completed in the Indiana Supreme Court on August 5, 2019. On November 26, 2019, the Indiana Supreme Court denied our petition to transfer. The case was returned to the trial court.

In May 2018, we were named in an action related to the Parkland, Florida shooting, filed in the Circuit Court, Broward County, Florida, seeking a declaratory judgment that a Florida statute that provides firearm manufacturers and dealers immunity from liability when their legally manufactured and lawfully sold firearms are later used in criminal acts only applies to civil actions commenced by governmental agencies not private litigants. In August 2018, we moved to dismiss the complaint on the grounds that it seeks an impermissible advisory opinion. On December 6, 2018, the court granted defendants’ motion to dismiss without prejudice and granted plaintiffs leave to amend their complaint. On December 10, 2018, plaintiffs filed a Second Amended Complaint for Declaratory Relief. On December 13, 2018, defendants filed a Motion to Dismiss Plaintiffs’ Second Amended Complaint. On November 21, 2019, the court granted defendants’ motion to dismiss plaintiffs’ second amended complaint, with prejudice.

In August 2019, Primus Group, LLC filed an action in the U.S. District Court for the Southern District of Ohio Eastern Division against us and other firearms manufacturers, alleging Racketeer Influenced Corrupt Organizations Act (RICO) violations, racketeering enterprise, and intentional misrepresentation. Plaintiff, which operates as an “entertainment venue” in Columbus, Ohio, purports to bring this action on behalf of “all persons entitled to freely attend schools, shopping locations, churches, entertainment venues, and workplaces in the United States without the intrusion of individuals armed with assault weapons.” In addition to compensatory and punitive damages, plaintiff seeks preliminary and permanent injunctive relief enjoining the distribution and sale of “assault weapons.” On August 20, 2019, the court denied without prejudice plaintiff’s Motion for Temporary Restraining Order. On September 3, 2019, defendants moved to dismiss plaintiff’s complaint. On September 16, 2019, plaintiff filed an amended complaint, adding claims of public nuisance, negligent design, and failure to warn. On October 9, 2019, the U.S. District Court granted defendants’ motion, dismissing the case in its entirety. On October 11, 2019, plaintiff filed a notice of appeal with the U.S. Court of Appeals for the Sixth Circuit. On November 1, 2019, the Sixth Circuit dismissed plaintiff’s appeal for failure to pay the required fee. On November 4, 2019, plaintiff-appellant filed, and the Sixth Circuit granted, a motion to reinstate the case. However, on March 13, 2020, at the request of the Appellant and based on the death of co-counsel, the Sixth Circuit held the case in abeyance and ordered that the Appellant file a status report every 30 days. On April 14, 2020, the Appellant filed a Status Report stating that it intended to reactivate the case or dismiss the appeal within 60 days. The Appellant has filed no further Status Reports.

We are a defendant in a putative class proceeding before the Ontario Superior Court of Justice in Toronto, Canada. The action was filed on December 16, 2019. The action claims CAD$50 million in aggregate general damages, CAD$100 million in aggregate punitive damages, special damages in an unspecified amount, together with interest and legal costs. The named plaintiffs are two victims of a shooting that took place in Toronto on July 22, 2018, and their family members. One victim was shot and injured during the shooting. The other suffered unspecified injuries while fleeing the shooting. The plaintiffs are seeking to certify a claim on behalf of classes that include all persons who were killed or injured in the shooting and their immediate family members. The plaintiffs allege negligent design and public nuisance. The case has not been certified as a class action. We intend to vigorously oppose the proceedings.

In May 2020, we were named in an action related to the Chabad of Poway synagogue shooting that took place on April 27, 2019. The complaint was filed in the Superior Court of the State of California, for the County of San Diego – Central, and asserts claims against us for product liability, unfair competition, negligence, and public nuisance. The plaintiffs allege they were present at the synagogue on the day of the incident, and suffered physical and/or emotional injury. The plaintiffs seek compensatory and punitive damages, attorneys’ fees, and injunctive relief. We have not yet been served in the litigation.

On July 31, 2019, our competitor, Sturm, Ruger & Co., Inc., filed a complaint and motion for preliminary injunction against us in the U.S. District Court, District of New Hampshire, seeking injunctive relief and damages. Plaintiff alleges trade dress infringement, involving our Thompson/Center brand T/CR22 rifle, as well as violation of the New Hampshire Consumer Protection Act. A hearing on plaintiff’s motion for preliminary injunction was held in November 2019. On December 2, 2019, plaintiff withdrew its motion for preliminary injunction.

John Pidcock, as trustee of the ASPC Creditor Trust (appointed under the plan of reorganization of AcuSport Corp., or AcuSport, as debtor in possession under chapter 11 of the U.S. Bankruptcy Code), is the plaintiff in three

separate actions against us in the U.S. Bankruptcy Court for the Southern District of Ohio. Two seek recovery of alleged preferential transfers received by us from AcuSport in the aggregate amount of $4.2 million. The third seeks turnover of goods allegedly owed to AcuSport by us under one or more of our promotional programs in the amount of $1.5 million. We deny all material allegations and have asserted affirmative defenses. We believe we have strong defenses to these actions and intend to continue to vigorously defend them.

We believe that the various allegations as described above are unfounded, and that any incident and any results from them or any injuries were due to negligence or misuse of the firearm by the claimant or a third party.

In addition, from time to time, we are involved in lawsuits, claims, investigations, and proceedings, including commercial, environmental, and employment matters, which arise in the ordinary course of business. The relief sought in individual cases primarily includes compensatory and, sometimes, punitive damages. Certain of the cases and claims seek unspecified compensatory or punitive damages. In others, compensatory damages sought may range from less than $75,000 to approximately $50.0million, with punitive damages up to approximately $100.0 million. In our experience, initial demands do not generally bear a reasonable relationship to the facts and circumstances of a particular matter. We believe that our accruals for product liability cases and claims, as described below, are a reasonable quantitative measure of the cost to us of product liability cases and claims.

We are vigorously defending ourselves in the lawsuits to which we are subject. An unfavorable outcome or prolonged litigation could harm our business. Litigation of this nature also is expensive, time consuming, and diverts the time and attention of our management.

We monitor the status of known claims and the related product liability accrual, which includes amounts for defense costs for asserted and unasserted claims. After consultation with litigation counsel and a review of the merit of each claim, we have concluded that we are unable to reasonably estimate the probability or the estimated range of reasonably possible losses related to material adverse judgments related to such claims and, therefore, we have not accrued for any such judgments. In the future, should we determine that a loss (or an additional loss in excess of our accrual) is at least reasonably possible and material, we would then disclose an estimate of the possible loss or range of loss, if such estimate could be made, or disclose that an estimate could not be made. We believe that we have provided adequate accruals for defense costs.

For the fiscal years ended April 30, 2020, 2019, and 2018, we paid $584,000, $322,000, and $473,000, respectively, in defense and administrative costs relative to product liability and municipal litigation. In addition, we spent an aggregate of $3,000, $180,000, and $129,000, respectively, in those fiscal years in settlement fees related to product liability cases.

We have recorded our liability for defense costs before consideration for reimbursement from insurance carriers. We have also recorded the amount due as reimbursement under existing policies from the insurance carriers as a receivable shown in other current assets and other assets.

We recognize gains and expenses for changes in our product liability provisions and municipal litigation liabilities. In fiscal 2020, we recorded expense of $892,000; in fiscal 2019, we recorded expense of $293,000; and in fiscal 2018, we recorded expense of $540,000.

At this time, an estimated range of reasonably possible additional losses relating to unfavorable outcomes cannot be made.

Environmental Remediation

We are subject to numerous federal, state, and local laws and regulations that regulate the health and safety of our workforce, including, but not limited to, those regulations monitored by the Occupational Health and Safety Administration, or OSHA, the National Fire Protection Association, and the Department of Public Health. Though not exhaustive, examples of applicable regulations include confined space safety, walking and working surfaces, machine guarding, and life safety.

We are also subject to numerous federal, state and local environmental laws and regulations concerning, among other things, emissions in the air, discharges to land, surface, subsurface strata and water and the generation, handling, storage, transportation, treatment and disposal of hazardous wastes and other materials. These laws have required us to make significant expenditures of both a capital and expense nature. Several of the more significant federal laws applicable to our operations include the Clean Air Act, the Clean Water Act, the Comprehensive Environmental Response, Compensation and Liability Act, or CERCLA, and the Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act.

We have in place programs and personnel to monitor compliance with various federal, state, and local environmental regulations. In the normal course of our manufacturing operations, we are subject to governmental proceedings and orders pertaining to waste disposal, air emissions, and water discharges into the environment. We fund our environmental costs through cash flows from operations. We believe that we are in compliance with applicable environmental regulations in all material respects.

We are required to remediate hazardous waste at our facilities. Currently, we own a designated site in Springfield, Massachusetts that contains two release areas, which are the focus of remediation projects as part of the Massachusetts Contingency Plan, or MCP. The MCP provides a structured environment for the voluntary remediation of regulated releases. We may be required to remove hazardous waste or remediate the alleged effects of hazardous substances on the environment associated with past disposal practices at sites not owned by us. We have received notice that we are a potentially responsible party from the Environmental Protection Agency and/or individual states under CERCLA or a state equivalent at two sites.

As of April 30, 2020, we do not have an open environmental reserve recorded in our consolidated balance sheet. As of April 30, 2019, we recorded approximately $725,000 of environmental reserve in non-current liabilities.

When the available information is sufficient to estimate the amount of liability, that estimate has been used. When the information is only sufficient to establish a range of probable liability and no point within the range is more likely than any other, the lower end of the range has been used. We may not have insurance coverage for our environmental remediation costs. We have not recognized any gains from probable recoveries or other gain contingencies. The environmental reserve in fiscal 2019 was calculated using undiscounted amounts based on environmental remediation reports obtained from independent third-parties.

Based on information known to us, we do not expect current environmental regulations or environmental proceedings and claims to have a material adverse effect on our consolidated financial position, results of operations, or cash flows. However, it is not possible to predict with certainty the impact on us of future environmental compliance requirements or the cost of resolving of future environmental health and safety proceedings and claims, in part because the scope of the remedies that may be required is not certain, liability under federal environmental laws is joint and several in nature, and environmental laws and regulations are subject to modification and changes in interpretation. There can be no assurance that additional or changing environmental regulation will not become more burdensome in the future and that any such development would not have a material adverse effect on our company.

Contracts

Employment Agreements — We have employment, severance, and change of control agreements with certain officers and managers.

Other Agreements — We have distribution agreements with various third parties in the ordinary course of business.

Leases

The following summarizes our operating leases for office and/or manufacturing space:

Location of Lease		Expiration Date
Springfield, Massachusetts		November 30, 2020
Scottsdale, Arizona		April 30, 2021
Somersworth, New Hampshire		June 30, 2021
Shenzhen, China		August 31, 2021
Houlton, Maine		January 31, 2022
Wilsonville, Oregon		October 31, 2022
Columbia, Missouri (1)		April 30, 2023
Bentonville, Arkansas		December 31, 2023
Deep River, Connecticut		May 4, 2024
Park City , Utah		August 31, 2024
Herstal, Belgium		January 21, 2027
Meridian, Idaho (1)		October 14, 2027
Columbia, Missouri		November 25, 2038

(1)	Properties are subleased.

We also lease machinery, photocopiers, and vehicles for our national sales force with various expiration dates.

Quarterly Financial Information

12 Months Ended

Apr. 30, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information

19. Quarterly Financial Information (Unaudited)

The following table summarizes quarterly financial results in fiscal 2020 and 2019. In our opinion, all adjustments necessary to present fairly the information for such quarters have been reflected (in thousands, except per share data):

		For the Year Ended April 30, 2020
	First				Second		Third		Fourth				Full
	Quarter				Quarter		Quarter		Quarter				Year
Net sales	$		123,665		$	154,388	$	166,695	$	233,642			$	678,390
Gross profit			47,854			50,306		55,203		81,342				234,705
Net (loss)/income	$		(2,108	)	$	1,293	$	5,731	$	(66,146	)	(b)	$	(61,230	)
Per common share (a)
Basic - total	$		(0.04	)	$	0.02	$	0.10	$	(1.19	)		$	(1.11	)
Diluted - total	$		(0.04	)	$	0.02	$	0.10	$	(1.19	)		$	(1.11	)

	For the Year Ended April 30, 2019
	First		Second		Third				Fourth		Full
	Quarter		Quarter		Quarter				Quarter		Year
Net sales	$	138,833	$	161,703	$	162,008			$	175,733	$	638,277
Gross profit		52,422		56,386		54,059				63,364		226,231
Net income/(loss)	$	7,645	$	6,665	$	(5,725	)	(c)	$	9,825	$	18,410
Per common share (a)
Basic – total	$	0.14	$	0.12	$	(0.10	)		$	0.18	$	0.34
Diluted – total	$	0.14	$	0.12	$	(0.10	)		$	0.18	$	0.33

(a)	Basic and diluted earnings per share may not equal the sum of the quarterly basic and diluted earnings per share due to rounding.

(b)	Amounts includes a $98.7 million non-cash goodwill impairment relating to our Outdoor Products & Accessories segment.

(c)	Amounts includes a $10.4 million non-cash goodwill impairment relating to our Outdoor Products & Accessories segment.

Segment Reporting

12 Months Ended

Apr. 30, 2020

Segment Reporting [Abstract]

Segment Reporting

20. Segment Reporting

We report our results of operations in two segments: (1) Firearms (which includes Firearms and Manufacturing Services divisions) and (2) Outdoor Products & Accessories. Our two segments are defined based on the reporting and review process used by the chief operating decision makers, our co-Chief Executive Officers. 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 a single operating segment and reporting segment based on our measurement of incoming orders per day and sales and gross margin by customer and brand.

The Firearms segment includes our firearms, services, and other components, which we manufacture or provide 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 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, 2020 and 2019 (in thousands):

	As of April 30, 2020						As of April 30, 2019
	Firearms		Outdoor Products & Accessories		Total		Firearms		Outdoor Products & Accessories		Total
Total assets	$	467,978	$	260,983	$	728,961	$	389,719	$	377,070	$	766,789
Property, plant, and equipment, net		147,642		9,775		157,417		170,549		12,719		183,268
Intangibles, net		4,982		68,772		73,754		4,661		87,179		91,840
Goodwill		19,024		64,581		83,605		19,024		163,245		182,269

Results by business segment are presented in the following table for the years ended April 30, 2020, 2019, and 2018 (in thousands):

	For the Year Ended April 30, 2020 (a)
	Firearms		Outdoor Products & Accessories				Corporate			Intersegment Eliminations			Total
Revenue from external customers	$	526,027	$	152,363			$	—		$	—		$	678,390
Intersegment revenue		3,587		15,110				—			(18,697	)		—
Total gross revenue		529,614		167,473				—			(18,697	)		678,390
Cost of sales		363,924		98,143				—			(18,382	)		443,685
Gross margin		165,690		69,330				—			(315	)		234,705
Operating income/(loss)		58,911		(111,337	)	(b)		(43,780	)		47,387			(48,819	)
Income tax expense/(benefit)		13,497		(7,890	)			(4,326	)		—			1,281

	For the Year Ended April 30, 2019 (a)
	Firearms		Outdoor Products & Accessories				Corporate			Intersegment Eliminations			Total
Revenue from external customers	$	478,477	$	159,800			$	—		$	—		$	638,277
Intersegment revenue		2,858		17,469				—			(20,327	)		—
Total gross revenue		481,335		177,269				—			(20,327	)		638,277
Cost of sales		335,051		97,143				—			(20,148	)		412,046
Gross margin		146,284		80,126				—			(179	)		226,231
Operating income/(loss)		59,663		(18,414	)	(c)		(44,831	)		41,638			38,056
Income tax expense/(benefit)		12,068		(966	)			(774	)		—			10,328

	For the Year Ended April 30, 2018 (a)
	Firearms			Outdoor Products & Accessories			Corporate			Intersegment Eliminations			Total
Revenue from external customers	$	448,986		$	157,864		$	—		$	—		$	606,850
Intersegment revenue		3,807			13,816			—			(17,623	)		—
Total net sales		452,793			171,680			—			(17,623	)		606,850
Cost of sales		332,889	(d)		93,822			—			(15,613	)		411,098
Gross margin		119,903			77,859			—			(2,010	)		195,752
Operating income/(loss)		30,213			(5,508	)		(44,128	)		46,471			27,048
Income tax expense/(benefit)		16,729			(8,059	)		(11,181	)		—			(2,511	)

(a)	For the years ended April 30, 2020, 2019, and 2018, 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.

(b)	Amount includes a non-cash goodwill charge of $98.7 million.

(c)	Amount includes a non-cash goodwill charge of $10.4 million.

(d)	Amount includes $500,000 of additional cost of goods sold from the fair value inventory step-up related to our 2018 Acquisitions.

Schedule II-Valuation and Qualifying Accounts

12 Months Ended

Apr. 30, 2020

Valuation And Qualifying Accounts [Abstract]

Schedule II-Valuation and Qualifying Accounts

SCHEDULE II

SMITH & WESSON BRANDS, INC. AND SUBSIDIARIES

VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended April 30, 2020, 2019, and 2018

			Additions
			Charged to			Charged to
	Balance at		Costs and			Other									Balance at
	May 1,		Expenses			Accounts				Deductions					April 30,
2020
Allowance for doubtful accounts	$	1,899	$	281		$	—			$		(742	)		$	1,438
Deferred tax valuation allowance		3,576		(390	)		—				—					3,186
2019
Allowance for doubtful accounts	$	1,824	$	631		$		—		$		(556	)		$	1,899
Deferred tax valuation allowance		3,336		240			—				—					3,576
2018
Allowance for doubtful accounts	$	598	$	1,000		$		401	(1)	$		(175	)	(3)	$	1,824
Deferred tax valuation allowance		2,792		544			—				—					3,336

Significant Accounting Policies (Policies)

12 Months Ended

Apr. 30, 2020

Accounting Policies [Abstract]

Use of Estimates

Principles of Consolidation

Fair Value of Financial Instruments

Cash and Cash Equivalents

Financial Instruments

Trade Receivables

Concentrations of Credit Risk

Inventories

Property, Plant, and Equipment

Description	Useful Life
Building and improvements		10 to 40 years
Software and hardware		2 to 7 years
Machinery and equipment		2 to 10 years

We include tooling, dies, and fixtures as part of machinery and equipment and depreciate them over a period generally not exceeding ten years.

Intangible Assets

Revenue Recognition

Segment Information

Research and Development

(Loss)/Earnings per Share

	For the Year Ended April 30,
	2020										2019								2018
	Net						Per Share				Net					Per Share			Net					Per Share
	Loss				Shares		Amount				Income			Shares		Amount			Income			Shares		Amount
Basic (loss)/earnings	$		(61,230	)		54,983	$		(1.11	)	$		18,410		54,483	$	0.34		$		20,128		54,061	$		0.37
Effect of dilutive stock awards		—			—			—				—			733		(0.01	)		—			773		—
Diluted (loss)/earnings	$		(61,230	)		54,983	$		(1.11	)	$		18,410		55,216	$	0.33		$		20,128		54,834	$		0.37

All of our outstanding stock options and restricted stock units, or RSUs, were included in the computation of diluted earnings per share for the years ended April 30, 2019 and 2018.

Valuation of Long Lived Tangible and Intangible Assets

•

significant underperformance relative to historical or projected future operating results;

•

significant changes in the manner or use of the assets or the strategy for our overall business;

•

significant negative industry or economic trends;

•

a significant decline in our stock price for a sustained period; and

•

a decline in our market capitalization below net book value.

Income Taxes

Warranty

From time to time, we have experienced certain manufacturing and design issues with respect to some of our firearms and have initiated some product recalls and safety alerts in the past.

Warranty expense for the fiscal years ended April 30, 2020, 2019, and 2018 amounted to $1.6 million, $2.9 million, and $5.8 million, respectively.

The following table sets forth the change in accrued warranties, a portion of which is recorded as a non-current liability, in the fiscal years ended April 30, 2020, 2019, and 2018 (in thousands):


Balance as of April 30, 2018		7,513
Warranties issued and adjustments to provisions		2,852
Warranty claims		(4,163	)
Balance as of April 30, 2019		6,202
Warranties issued and adjustments to provisions		1,570
Warranty claims		(3,536	)
Balance as of April 30, 2020	$	4,236

Sales and Promotional Related Expenses

Shipping and Handling

Insurance Reserves

Recently Issued Accounting Standards

Fair Value Measurements and Disclosures Topic

Financial assets and liabilities recorded on the accompanying consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:

•

quoted prices for identical or similar assets or liabilities in non-active markets (such as corporate and municipal bonds which trade infrequently);

•

inputs other than quoted prices that are observable for substantially the full term of the asset or liability (such as interest rate and currency swaps); and

•

inputs that are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability (such as certain securities and derivatives).

We currently do not have any Level 2 or Level 3 financial assets or liabilities.

Significant Accounting Policies (Tables)

12 Months Ended

Apr. 30, 2020

Accounting Policies [Abstract]

Summary of Estimated Useful Lives

A summary of the estimated useful lives is as follows:

Description	Useful Life
Building and improvements		10 to 40 years
Software and hardware		2 to 7 years
Machinery and equipment		2 to 10 years

Reconciliation of Net (Loss)/Income Amounts and Weighted Average Number of Common and Common Equivalent Shares Used to Determine Basic and Diluted (Loss)/Earnings per Common Share

	For the Year Ended April 30,
	2020										2019								2018
	Net						Per Share				Net					Per Share			Net					Per Share
	Loss				Shares		Amount				Income			Shares		Amount			Income			Shares		Amount
Basic (loss)/earnings	$		(61,230	)		54,983	$		(1.11	)	$		18,410		54,483	$	0.34		$		20,128		54,061	$		0.37
Effect of dilutive stock awards		—			—			—				—			733		(0.01	)		—			773		—
Diluted (loss)/earnings	$		(61,230	)		54,983	$		(1.11	)	$		18,410		55,216	$	0.33		$		20,128		54,834	$		0.37

Change in Accrued Warranties Recorded as Non-Current Liability

The following table sets forth the change in accrued warranties, a portion of which is recorded as a non-current liability, in the fiscal years ended April 30, 2020, 2019, and 2018 (in thousands):


Balance as of April 30, 2018		7,513
Warranties issued and adjustments to provisions		2,852
Warranty claims		(4,163	)
Balance as of April 30, 2019		6,202
Warranties issued and adjustments to provisions		1,570
Warranty claims		(3,536	)
Balance as of April 30, 2020	$	4,236

Leases (Tables)

12 Months Ended

Apr. 30, 2020

Leases [Abstract]

Schedule of Assets and Liabilities Related to Operating and Financing Leases

The amounts of assets and liabilities related to our operating and financing leases as of April 30, 2020 were as follows (in thousands):

	Balance Sheet Caption	April 30, 2020
Operating Leases
Right-of-use assets		$	10,802
Accumulated amortization			(2,232	)
Right-of-use assets, net	Other assets	$	8,570

Current liabilities	Accrued expenses and deferred revenue	$	2,663
Non-current liabilities	Other non-current liabilities		7,488
Total operating lease liabilities		$	10,151
Finance Leases
Right-of-use assets		$	40,986
Accumulated depreciation			(2,098	)
Right-of-use assets, net	Property, plant, and equipment, net	$	38,888

Current liabilities	Accrued expenses and deferred revenue		996
Non-current liabilities	Finance lease payable, net of current portion		39,873
Total finance lease liabilities		$	40,869

Summary of Future Lease Payments for Operating and Finance Leases

Future lease payments for all our operating and finance leases for succeeding fiscal years is as follows (in thousands):

	Operating			Financing			Total
2021	$	3,174		$	3,016		$	6,190
2022		2,958			3,056			6,014
2023		2,769			3,071			5,840
2024		1,722			3,125			4,847
2025		330			3,180			3,510
Thereafter		679			48,784			49,532
Total future lease payments		11,632			64,232			75,933
Less amounts representing interest		(1,481	)		(23,363	)		(24,844	)
Present value of lease payments		10,151			40,869			51,089
Less current maturities of lease liabilities		(2,663	)		(996	)		(3,659	)
Long-term maturities of lease liabilities	$	7,488		$	39,873		$	47,430

Revenue Recognition and Contracts with Customers (Tables)

12 Months Ended

Apr. 30, 2020

Revenue From Contract With Customer [Abstract]

Schedule of Impact of Adoption of ASU 2014-09 on Revenue Recognized

The following table outlines the impact of the adoption of ASU 2014-09 on revenue recognized during the year ended April 30, 2019 (in thousands):

	2020			2019
Outstanding performance obligations at beginning of period	$	12,213		$	23,305
Revenue recognized		(48,576	)		(51,213	)
Revenue deferred		50,406			40,121
Outstanding performance obligations at end of period	$	14,043		$	12,213

Goodwill and Intangible Assets (Tables)

12 Months Ended

Apr. 30, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill by reporting segment are as follows (in thousands):

			Outdoor Products &
	Firearm Segment		Accessories Segment			Total Goodwill
Balance as of April 30, 2018	$	18,490	$	172,797		$	191,287
Adjustments		534		—			534
Acquisitions		—		844			844
Goodwill impairment		—		(10,396	)		(10,396	)
Balance as of April 30, 2019		19,024		163,245			182,269
Adjustments		—		(2	)		(2	)
Goodwill impairment		—		(98,662	)		(98,662	)
Balance as of April 30, 2020	$	19,024	$	64,581		$	83,605

Summary of Intangible Assets

The following table presents a summary of intangible assets as of April 30, 2020 and 2019 (in thousands):

	April 30, 2020							April 30, 2019
	Gross							Gross
	Carrying		Accumulated			Net Carrying		Carrying		Accumulated			Net Carrying
	Amount		Amortization			Amount		Amount		Amortization			Amount
Customer relationships	$	92,560	$	(52,981	)	$	39,579	$	92,560	$	(41,643	)	$	50,917
Developed technology		21,788		(12,705	)		9,083		21,230		(10,428	)		10,802
Patents, trademarks, and trade names		57,837		(34,320	)		23,517		57,477		(28,479	)		28,998
Backlog		1,150		(1,150	)		—		1,150		(1,150	)		—
		173,335		(101,156	)		72,179		172,417		(81,700	)		90,717
Patents in progress		1,145		—			1,145		897		—			897
Total definite-lived intangible assets		174,480		(101,156	)		73,324		173,314		(81,700	)		91,614
Indefinite-lived intangible assets		430		—			430		226		—			226
Total intangible assets	$	174,910	$	(101,156	)	$	73,754	$	173,540	$	(81,700	)	$	91,840

Schedule of Future Expected Amortization Expense

The following table represents future expected amortization expense as of April 30, 2020, which will primarily be recorded in our Outdoor Products & Accessories segment (in thousands):

Fiscal	Amount
2021	$	16,798
2022		14,412
2023		11,857
2024		10,109
2025		6,456
Thereafter		12,547
Total	$	72,179

Net Sales (Tables)

12 Months Ended

Apr. 30, 2020

Disclosure Net Sales [Abstract]

Breakdown of Net Sales

The following table sets forth the breakdown of net sales for the fiscal years ended April 30, 2020, 2019, and 2018 (in thousands):

	For the Years Ended April 30,
	2020		2019		2018
Handguns	$	390,712	$	336,901	$	326,290
Long Guns		101,540		107,717		90,222
Other Products & Services		33,775		33,859		32,474
Firearms Segment		526,027		478,477		448,986
Outdoor Products & Accessories Segment		152,363		159,800		157,864
Total Net Sales	$	678,390	$	638,277	$	606,850

Breakdown of Export Net Sales

	For the Years Ended April 30,
Region	2020		2019		2018
Europe	$	8,443	$	11,860	$	9,586
Asia		6,247		3,866		4,725
Latin America		2,411		3,268		2,038
All others international		9,086		14,030		12,388
Total international net sales (a)	$	26,187	$	33,024	$	28,737

(a)	Our international sales were negatively impacted in our fourth fiscal quarter as a result of COVID-19 pandemic.

Property, Plant, and Equipment (Tables)

12 Months Ended

Apr. 30, 2020

Property Plant And Equipment [Abstract]

Summary of Property, Plant, and Equipment

The following table summarizes property, plant, and equipment as of April 30, 2020 and 2019 (in thousands):

	April 30, 2020			April 30, 2019
Machinery and equipment	$	279,005		$		270,815
Software and hardware		50,671				47,587
Building and improvements		36,186				34,584
Land and improvements		3,787				3,787
Right of use assets		40,986			46246
		410,635				403,019
Less: Accumulated depreciation and amortization		(260,475	)			(228,306	)
		150,160				174,713
Construction in progress		7,257				8,555
Total property, plant, and equipment, net	$	157,417		$		183,268

Summary of Depreciation and Amortization Expense

	For the Years Ended April 30,
	2020		2019		2018
Cost of sales	$	24,217	$	23,797	$	24,582
Research and development		659		625		557
Selling and marketing		456		530		619
General and administrative (a)		28,039		28,476		25,212
Interest expense		687		431		1,105
Total depreciation and amortization	$	54,058	$	53,859	$	52,075

(a)	General and administrative expenses included $19.0 million, $21.8 million, and $20.8 million of amortization for the fiscal years ended April 30, 2020, 2019, and 2018, respectively, which were recorded as a result of our acquisitions.

Inventories (Tables)

12 Months Ended

Apr. 30, 2020

Inventory Disclosure [Abstract]

Summary of Inventories

The following table sets forth a summary of inventories, net of reserves, stated at lower of cost or market, as of April 30, 2020 and 2019 (in thousands):

	April 30, 2020		April 30, 2019
Finished goods	$	111,169	$	108,247
Finished parts		32,721		36,181
Work in process		7,037		7,576
Raw material		13,264		11,766
Total inventories	$	164,191	$	163,770

Accrued Expenses and Deferred Revenue (Tables)

12 Months Ended

Apr. 30, 2020

Payables And Accruals [Abstract]

Summary of Accrued Expenses

The following table sets forth other accrued expenses as of April 30, 2020 and 2019 (in thousands):

	April 30, 2020		April 30, 2019
Accrued taxes other than income	$	21,461	$	6,078
Deferred revenue		14,744		12,213
Accrued rebates and promotions		5,189		4,877
Accrued employee benefits		4,705		5,241
Accrued professional fees		4,058		2,649
Right-of-use lease liabilities		2,663	—
Accrued distributor incentives		2,253		1,895
Accrued commissions		967		1,004
Interest payable		349		737
Current portion of capital lease obligation		996		681
Accrued other		7,217		3,947
Total accrued expenses and deferred revenue	$	64,602	$	39,322

(a)	Increase in accrued taxes other than income is due to the deferral of federal excise tax payments allowed by the Tax and Trade Bureau as a result of the COVID-19 pandemic.

Self-Insurance Reserves (Tables)

12 Months Ended

Apr. 30, 2020

Commitments And Contingencies Disclosure [Abstract]

Summary of Other Liabilities

	For the Year Ended April 30,
	2020			2019			2018
Beginning balance	$	8,859		$	9,173		$	8,663
Additional provision charged to expense		21,317			21,602			22,802
Payments		(20,763	)		(21,916	)		(22,292	)
Ending balance	$	9,413		$	8,859		$	9,173

Stockholders' Equity (Tables)

12 Months Ended

Apr. 30, 2020

Equity [Abstract]

Share Based Compensation Stock Options Activity

The number of shares and weighted average exercise prices of options for the fiscal years ended April 30, 2020, 2019, and 2018 are as follows:

	For the Year Ended April 30,
	2020					2019					2018
				Weighted					Weighted					Weighted
				Average					Average					Average
	Shares			Exercise Price		Shares			Exercise Price		Shares			Exercise Price
Options outstanding, beginning of year		267,761		$	6.76		316,160		$	6.69		335,160		$	6.58
Exercised during the period		(67,094	)		3.97		(48,399	)		6.28		(19,000	)		4.70
Options outstanding, end of period		200,667		$	7.70		267,761		$	6.76		316,160		$	6.69
Weighted average remaining contractual life	0.43 years					2.35 years					3.16 years
Options exercisable, end of period		200,667		$	7.70		267,761		$	6.76		316,160		$	6.69
Weighted average remaining contractual life	0.43 years					2.35 years					3.16 years

Summary of Stock Compensation Expense

The following table summarizes stock compensation expense by line item for the fiscal years ended April 30, 2020, 2019, and 2018 (in thousands):

	For the Years Ended April 30,
		2020			2019		2018
Cost of sales	$	704		$	746	$	882
Research and development		121			99		187
Selling and marketing		340			489		382
General and administrative		1,756	(a)		6,658		6,364
Total stock-based compensation	$	2,921		$	7,992	$	7,815

(a)

The decrease in general and administrative stock-based compensation expense from fiscal 2019 was because of the separation of our former President and Chief Executive Officer.

Share Based Payment Award Performance Shares Valuation Assumptions

We incorporate the following variables into the valuation model:

	For the Years Ended April 30,
		2020		2019			2018
Grant date fair market value
Smith & Wesson Brands, Inc.	$	7.80		$	9.85		$	11.11
Russell 2000 Index	$	1,138.78		$	1,591.21		$	1,557.89
Volatility (a)
Smith & Wesson Brands, Inc.		54.02	%		45.19	%		42.27	%
Russell 2000 Index		24.65	%		15.65	%		16.26	%
Correlation coefficient (b)		0.11			0.14		0.19
Risk-free interest rate (c)		0.35	%		2.23	%		2.61	%
Dividend yield (d)		0	%		0	%		0	%

(a)	Expected volatility is calculated over the most recent period that represents the remaining term of the performance period as of the valuation date, or three years.

(b)	The correlation coefficient utilizes the same historical price data used to develop the volatility assumptions.

(c)	The risk-free interest rate is based on the yield of a zero-coupon U.S. Treasury bill, commensurate with the three-year performance period.

(d)	We did not pay dividends in fiscal 2020, 2019, and 2018.

Summary of Activity for Unvested RSUs and PSUs

A summary of activity for unvested RSUs and PSUs for fiscal years 2020, 2019, and 2018 is as follows:

	For the Year Ended April 30,
	2020					2019					2018
				Weighted					Weighted					Weighted
	Total # of			Average		Total # of			Average		Total # of			Average
	Restricted			Grant Date		Restricted			Grant Date		Restricted			Grant Date
	Stock Units			Fair Value		Stock Units			Fair Value		Stock Units			Fair Value
RSUs and PSUs outstanding, beginning of period		1,631,631		$	15.44		1,442,317		$	17.80		1,428,848		$	18.58
Awarded		578,300			5.75		541,785			10.65		561,890			15.09
Vested		(296,139	)		17.05		(206,572	)		19.11		(300,496	)		16.53
Forfeited		(599,818	)		15.34		(145,899	)		16.11		(247,925	)		17.04
RSUs and PSUs outstanding, end of period		1,313,974		$	10.86		1,631,631		$	15.44		1,442,317		$	17.80

Schedule of Assumptions used in Valuing ESPP Purchases

The following assumptions were used in valuing our ESPP purchases during the years ended April 30, 2020, 2019, and 2018:

	For the Years Ended April 30,
	2020			2019			2018
Risk-free interest rate		1.24	%		2.21	%		1.62	%
Expected term (a)	4 months			6 months			6 months
Expected volatility (b)		63.6	%		45.3	%		42.3	%
Dividend yield		0	%		0	%		0	%

(a)

We expect to have an abbreviated purchase period for the first half of fiscal 2021 because of our expected spin-off of our outdoor products and accessories business.

(b)

We believe our expected volatility increased in fiscal 2020 primarily due to market and stock price fluctuations as a result of the COVID-19 pandemic.

Income Taxes (Tables)

12 Months Ended

Apr. 30, 2020

Income Tax Disclosure [Abstract]

Income Tax Expense/(Benefit) from Continuing Operations

Income tax expense/(benefit) from continuing operations consists of the following (in thousands):

	For the Year Ended April 30,
	2020			2019			2018
Current:
Federal	$	11,690		$	8,999		$		5,081
State		1,596			2,600				1,184
Foreign		4			5			—
Total current		13,290			11,604				6,265
Deferred:
Deferred federal		(10,877	)		(879	)			(9,081	)
Deferred state		(1,132	)		(397	)			305
Total deferred		(12,009	)		(1,276	)			(8,776	)
Total income tax expense/(benefit)	$	1,281		$	10,328		$		(2,511	)

Reconciliation of Provision for Income Taxes from Continuing Operations

	For the Year Ended April 30,
	2020			2019				2018
Federal income taxes expected at the statutory rate (a)	$	(12,589	)	$		6,035		$	5,355
State income taxes, less federal income tax benefit		325				1,804			1,460
Stock compensation		1,163				708			(322	)
Business meals and entertainment		275				181			302
Domestic production activity deduction		—			—				(335	)
Research and development tax credit		(598	)			(567	)		(426	)
Goodwill impairment		11,925				2,183			—
Non-deductible Separation expenses		688				—			—
Other		92				54			(403	)
Federal tax rate change on deferred taxes		—				(70	)		(8,142	)
Total income tax expense/(benefit)	$	1,281		$		10,328		$	(2,511	)

(a)	We had a statutory rate of 21% in fiscal 2020 and 2019 and a blended statutory rate of 30.4% in fiscal 2018 because of Tax Reform.

Deferred Tax Assets (Liabilities) Related to Temporary Differences

Deferred tax assets (liabilities) related to temporary differences are the following (in thousands):

	For the Years Ended April 30,
	2020			2019
Non-current tax assets (liabilities):
Net operating loss carryforwards and tax credits	$	3,158		$	3,256
Inventories		6,955			6,741
Accrued expenses, including compensation		5,095			5,800
Environmental reserves		—			181
Product liability		434			360
Accrued promotions		69			73
Workers' compensation		512			478
Warranty reserve		1,065			1,525
Stock-based compensation		2,568			3,884
State bonus depreciation		1,328			1,454
Property taxes		(254	)		(185	)
Property, plant, and equipment		(17,512	)		(20,392	)
Intangible assets		1,275			(10,006	)
Right-of-use assets		(2,086	)		—
Right-of-use liabilities		2,458		—
Pension		231			234
Other		286			397
Less valuation allowance		(3,186	)		(3,576	)
Net deferred tax asset/(liability) — total	$	2,396		$	(9,776	)

Commitments and Contingencies (Tables)

12 Months Ended

Apr. 30, 2020

Commitments And Contingencies Disclosure [Abstract]

Summary of Operating Leases for Office and/or Manufacturing Space

The following summarizes our operating leases for office and/or manufacturing space:

Location of Lease		Expiration Date
Springfield, Massachusetts		November 30, 2020
Scottsdale, Arizona		April 30, 2021
Somersworth, New Hampshire		June 30, 2021
Shenzhen, China		August 31, 2021
Houlton, Maine		January 31, 2022
Wilsonville, Oregon		October 31, 2022
Columbia, Missouri (1)		April 30, 2023
Bentonville, Arkansas		December 31, 2023
Deep River, Connecticut		May 4, 2024
Park City , Utah		August 31, 2024
Herstal, Belgium		January 21, 2027
Meridian, Idaho (1)		October 14, 2027
Columbia, Missouri		November 25, 2038

(1)	Properties are subleased.

Quarterly Financial Information (Tables)

12 Months Ended

Apr. 30, 2020

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Financial Results

		For the Year Ended April 30, 2020
	First				Second		Third		Fourth				Full
	Quarter				Quarter		Quarter		Quarter				Year
Net sales	$		123,665		$	154,388	$	166,695	$	233,642			$	678,390
Gross profit			47,854			50,306		55,203		81,342				234,705
Net (loss)/income	$		(2,108	)	$	1,293	$	5,731	$	(66,146	)	(b)	$	(61,230	)
Per common share (a)
Basic - total	$		(0.04	)	$	0.02	$	0.10	$	(1.19	)		$	(1.11	)
Diluted - total	$		(0.04	)	$	0.02	$	0.10	$	(1.19	)		$	(1.11	)

	For the Year Ended April 30, 2019
	First		Second		Third				Fourth		Full
	Quarter		Quarter		Quarter				Quarter		Year
Net sales	$	138,833	$	161,703	$	162,008			$	175,733	$	638,277
Gross profit		52,422		56,386		54,059				63,364		226,231
Net income/(loss)	$	7,645	$	6,665	$	(5,725	)	(c)	$	9,825	$	18,410
Per common share (a)
Basic – total	$	0.14	$	0.12	$	(0.10	)		$	0.18	$	0.34
Diluted – total	$	0.14	$	0.12	$	(0.10	)		$	0.18	$	0.33

(a)	Basic and diluted earnings per share may not equal the sum of the quarterly basic and diluted earnings per share due to rounding.

(b)	Amounts includes a $98.7 million non-cash goodwill impairment relating to our Outdoor Products & Accessories segment.

(c)	Amounts includes a $10.4 million non-cash goodwill impairment relating to our Outdoor Products & Accessories segment.

Segment Reporting (Tables)

12 Months Ended

Apr. 30, 2020

Segment Reporting [Abstract]

Schedule of Assets by Business Segment

Assets by business segment are presented in the following table as of April 30, 2020 and 2019 (in thousands):

	As of April 30, 2020						As of April 30, 2019
	Firearms		Outdoor Products & Accessories		Total		Firearms		Outdoor Products & Accessories		Total
Total assets	$	467,978	$	260,983	$	728,961	$	389,719	$	377,070	$	766,789
Property, plant, and equipment, net		147,642		9,775		157,417		170,549		12,719		183,268
Intangibles, net		4,982		68,772		73,754		4,661		87,179		91,840
Goodwill		19,024		64,581		83,605		19,024		163,245		182,269

Schedule of Results by Business Segment

Results by business segment are presented in the following table for the years ended April 30, 2020, 2019, and 2018 (in thousands):

	For the Year Ended April 30, 2020 (a)
	Firearms		Outdoor Products & Accessories				Corporate			Intersegment Eliminations			Total
Revenue from external customers	$	526,027	$	152,363			$	—		$	—		$	678,390
Intersegment revenue		3,587		15,110				—			(18,697	)		—
Total gross revenue		529,614		167,473				—			(18,697	)		678,390
Cost of sales		363,924		98,143				—			(18,382	)		443,685
Gross margin		165,690		69,330				—			(315	)		234,705
Operating income/(loss)		58,911		(111,337	)	(b)		(43,780	)		47,387			(48,819	)
Income tax expense/(benefit)		13,497		(7,890	)			(4,326	)		—			1,281

	For the Year Ended April 30, 2019 (a)
	Firearms		Outdoor Products & Accessories				Corporate			Intersegment Eliminations			Total
Revenue from external customers	$	478,477	$	159,800			$	—		$	—		$	638,277
Intersegment revenue		2,858		17,469				—			(20,327	)		—
Total gross revenue		481,335		177,269				—			(20,327	)		638,277
Cost of sales		335,051		97,143				—			(20,148	)		412,046
Gross margin		146,284		80,126				—			(179	)		226,231
Operating income/(loss)		59,663		(18,414	)	(c)		(44,831	)		41,638			38,056
Income tax expense/(benefit)		12,068		(966	)			(774	)		—			10,328

	For the Year Ended April 30, 2018 (a)
	Firearms			Outdoor Products & Accessories			Corporate			Intersegment Eliminations			Total
Revenue from external customers	$	448,986		$	157,864		$	—		$	—		$	606,850
Intersegment revenue		3,807			13,816			—			(17,623	)		—
Total net sales		452,793			171,680			—			(17,623	)		606,850
Cost of sales		332,889	(d)		93,822			—			(15,613	)		411,098
Gross margin		119,903			77,859			—			(2,010	)		195,752
Operating income/(loss)		30,213			(5,508	)		(44,128	)		46,471			27,048
Income tax expense/(benefit)		16,729			(8,059	)		(11,181	)		—			(2,511	)

(a)	For the years ended April 30, 2020, 2019, and 2018, 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.

(b)	Amount includes a non-cash goodwill charge of $98.7 million.

(c)	Amount includes a non-cash goodwill charge of $10.4 million.

(d)	Amount includes $500,000 of additional cost of goods sold from the fair value inventory step-up related to our 2018 Acquisitions.

Organization - Additional Information (Detail) - Segment	12 Months Ended
	Apr. 30, 2020	Nov. 13, 2019
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of reporting segments	2
American Outdoor Brands Inc.
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Stockholders ownership percentage		100.00%
Firearms Segment
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of reporting segments	1
Outdoor Products & Accessories Segment
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of reporting segments	1

Acquisitions - Additional Information (Detail)	1 Months Ended		12 Months Ended
Acquisitions - Additional Information (Detail)	Jan. 31, 2019 USD ($)	Aug. 31, 2017 USD ($) Transaction	Apr. 30, 2020 USD ($)	Apr. 30, 2019 USD ($)	Apr. 30, 2018 USD ($)
Business Acquisition [Line Items]
Payments to acquire business, net of cash acquired				$ 1,772,000	$ 23,120,000
General and administrative			$ 97,985,000	107,650,000	101,538,000
Reduction in fair value of contingent liability			100,000	(60,000)	$ (1,640,000)
P&L Industries Inc.
Business Acquisition [Line Items]
Payments to acquire business, net of cash acquired	$ 2,000,000.0
LaserLyte Acquisition
Business Acquisition [Line Items]
General and administrative				$ 28,000
Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC
Business Acquisition [Line Items]
Payments to acquire business, net of cash acquired		$ 23,100,000
Number of transactions for acquisition \| Transaction		2
Gemini Technologies, Incorporated
Business Acquisition [Line Items]
Contingent consideration maximum payout		$ 17,100,000
Business combination, contingent consideration payable performance period		3 years
Reduction in fair value of contingent liability			(100,000)
Business combination contingent consideration liability			$ 0

Significant Accounting Policies - Additional Information (Detail)		12 Months Ended
	Feb. 01, 2020 USD ($)	Apr. 30, 2020 USD ($) Segment Customer	Apr. 30, 2019 USD ($) Customer	Apr. 30, 2018 USD ($) Customer	May 01, 2019 USD ($)
Product Information [Line Items]
Maximum maturity period of all highly liquid investments to be considered cash equivalents		3 months
Number of reporting segments \| Segment		2
Goodwill		$ 83,605,000	$ 182,269,000	$ 191,287,000
Goodwill impairment		98,662,000	10,396,000
Warranty expense		1,600,000	2,900,000	5,800,000
Promotional programs amount		47,500,000	39,200,000	58,200,000
Selling and marketing expenses		26,300,000	23,800,000	23,300,000
Right-of-use assets recognition		8,570,000
Lease liabilities recognition		10,151,000
Self Insurance
Product Information [Line Items]
Maximum amount of self-insurance per occurrence		10,000,000.0
Cost of sales
Product Information [Line Items]
Costs in selling, marketing, and distribution expenses			4,400,000
Thompson/Center Arms
Product Information [Line Items]
Remaining cost related to recalls, safety alerts, and consumer advisories		$ 683,000
Firearms Segment
Product Information [Line Items]
Number of reporting segments \| Segment		1
Goodwill	$ 19,000,000.0	$ 19,024,000	19,024,000	18,490,000
Additional goodwill impairment		$ 0
Outdoor Products & Accessories Segment
Product Information [Line Items]
Number of reporting segments \| Segment		1
Goodwill	$ 163,200,000	$ 64,581,000	163,245,000	$ 172,797,000
Additional goodwill impairment		0
Goodwill impairment		$ 98,662,000	$ 10,396,000
Fair value in excess of carrying value of goodwill	1.50%
ASU 2014-09
Product Information [Line Items]
Description of payment terms		Our product sales are generally sold free on board, or FOB, shipping point and provide payment terms to most commercial customers ranging from 20 to 90 days of product shipment with a discount available to some customers for early payment. Generally, framework contracts define the general terms of sales, including payment terms, freight terms, insurance requirements, and cancelation provisions. Purchase orders define the terms for specific sales, including description, quantity, and price of each product purchased. We estimate variable consideration relative to the amount of cash discounts to which customers are likely to be entitled. In some instances, we provide longer payment terms, particularly as it relates to our hunting dating programs, which represent payment terms due in the fall for certain orders of hunting products received in the spring and summer. As a result of utilizing practical expedience upon the adoption of ASC 606, we do not consider these extended terms to be a significant financing component of the contract because the payment terms are less than one year.
ASU 2016-02
Product Information [Line Items]
Right-of-use assets recognition					$ 11,500,000
Lease liabilities recognition					12,800,000
Reclassification of deferred rent and lease incentive liabilities related to real estate operating leases					$ 1,300,000
Other Capitalized Property Plant and Equipment \| Maximum
Product Information [Line Items]
Estimated useful life		10 years
Sales, net \| Customer Concentration Risk
Product Information [Line Items]
Number of Customers Accounted for Net Sales. \| Customer		1	0	1
Sales, net \| Customer Concentration Risk \| Customer One
Product Information [Line Items]
Concentration of risk, percentage		10.50%	10.00%	11.90%
Accounts Receivable \| Customer Concentration Risk
Product Information [Line Items]
Number of Customers Accounted for Accounts Receivable \| Customer		1	1	0
Accounts Receivable \| Customer Concentration Risk \| Customer One
Product Information [Line Items]
Concentration of risk, percentage		10.00%	19.80%	10.00%
Accounts Receivable \| Customer Concentration Risk \| Customer Two
Product Information [Line Items]
Concentration of risk, percentage		10.00%
Accounts Receivable \| Customer Concentration Risk \| Customer Three
Product Information [Line Items]
Concentration of risk, percentage		10.00%
Accounts Receivable \| Customer Concentration Risk \| Customer Four
Product Information [Line Items]
Concentration of risk, percentage		10.00%
Accounts Receivable \| Customer Concentration Risk \| Customer Two And Three And Four
Product Information [Line Items]
Concentration of risk, percentage		37.70%
Level 2
Product Information [Line Items]
Fair value of financial instrument		$ 0

Significant Accounting Policies - Summary of Estimated Useful Lives (Detail)	12 Months Ended
	Apr. 30, 2020
Building and improvements \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful life	10 years
Building and improvements \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful life	40 years
Software and hardware \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful life	2 years
Software and hardware \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful life	7 years
Machinery and equipment \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful life	2 years
Machinery and equipment \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful life	10 years

Significant Accounting Policies - Reconciliation of Net (Loss)/Income Amounts and Weighted Average Number of Common and Common Equivalent Shares Used to Determine Basic and Diluted (Loss)/Earnings per Common Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

12 Months Ended

Apr. 30, 2020

Jan. 31, 2020

Oct. 31, 2019

Jul. 31, 2019

Apr. 30, 2019

Jan. 31, 2019

Oct. 31, 2018

Jul. 31, 2018

Apr. 30, 2020

Apr. 30, 2019

Apr. 30, 2018

Earnings Per Share [Abstract]

Net (loss) income

$ (66,146)

^[1]

$ 5,731

$ 1,293

$ (2,108)

$ 9,825

$ (5,725)

^[2]

$ 6,665

$ 7,645

$ (61,230)

$ 18,410

$ 20,128

Basic (loss)/earnings, Shares

54,983

54,483

54,061

Effect of dilutive stock awards, Shares

733

773

Diluted (loss)/earnings, Shares

54,983

55,216

54,834

Basic (loss)/earnings, Per Share Amount

$ (1.19)

^[3]

$ 0.10

^[3]

$ 0.02

^[3]

$ (0.04)

^[3]

$ 0.18

^[3]

$ (0.10)

^[3]

$ 0.12

^[3]

$ 0.14

^[3]

$ (1.11)

^[3]

$ 0.34

^[3]

$ 0.37

Effect of dilutive stock awards, Per Share Amount

(0.01)

Diluted

$ (1.19)

^[3]

$ 0.10

^[3]

$ 0.02

^[3]

$ (0.04)

^[3]

$ 0.18

^[3]

$ (0.10)

^[3]

$ 0.12

^[3]

$ 0.14

^[3]

$ (1.11)

^[3]

$ 0.33

^[3]

$ 0.37

[1]	Amounts includes a $98.7 million non-cash goodwill impairment relating to our Outdoor Products & Accessories segment.
[2]	Amounts includes a $10.4 million non-cash goodwill impairment relating to our Outdoor Products & Accessories segment.
[3]	Basic and diluted earnings per share may not equal the sum of the quarterly basic and diluted earnings per share due to rounding.

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Segment Reporting Revenue Reconciling Item [Line Items]

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Significant Accounting Policies - Change in Accrued Warranties Recorded as Non-Current Liability (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
Accounting Policies [Abstract]
Beginning Balance	$ 6,202	$ 7,513
Warranties issued and adjustments to provisions	1,570	2,852
Warranty claims	(3,536)	(4,163)
Ending Balance	$ 4,236	$ 6,202

Leases - Schedule of Assets and Liabilities Related to Operating and Financing Leases (Detail) - USD ($) $ in Thousands	Apr. 30, 2020	Apr. 30, 2019
Operating Leases
Right-of-use assets	$ 10,802
Accumulated amortization	(2,232)
Right-of-use assets, net	$ 8,570
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsNoncurrent
Current liabilities	$ 2,663
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	swbi:AccruedExpensesAndDeferredRevenueCurrent
Non-current liabilities	$ 7,488
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent
Total operating lease liabilities	$ 10,151
Finance Leases
Right-of-use assets	40,986	$ 46,246
Accumulated depreciation	(2,098)
Right-of-use assets, net	$ 38,888
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	swbi:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Current liabilities	$ 996	681
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	swbi:AccruedExpensesAndDeferredRevenueCurrent
Non-current liabilities	$ 39,873	$ 45,400
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:FinanceLeaseLiabilityNoncurrent
Total finance lease liabilities	$ 40,869

Leases - Additional Information (Detail) $ in Millions	12 Months Ended
Leases - Additional Information (Detail) $ in Millions	Apr. 30, 2020 USD ($)
Leases [Abstract]
Operating lease cost	$ 4.3
Short-term operating lease costs	1.1
Financing lease Amortization	2.1
Financing lease interest expense	$ 2.1
Operating leases, weighted average lease term	4 years
Operating leases, weighted average discount rate	4.50%
Financing leases, weighted average lease term	18 years 6 months
Financing leases, weighted average discount rate	5.00%
Cash paid for amounts included in measurement of liabilities and operating cash flows	$ 6.0

Leases - Summary of Future Lease Payments for Operating and Finance Leases (Detail) - USD ($) $ in Thousands	Apr. 30, 2020	Apr. 30, 2019
Operating and Finance Lease liabilities payments
2021	$ 6,190
2022	6,014
2023	5,840
2024	4,847
2025	3,510
Thereafter	49,532
Total future lease payments	75,933
Less amounts representing interest	(24,844)
Present value of lease payments	51,089
Less current maturities of lease liabilities	(3,659)
Long-term maturities of lease liabilities	47,430
Operating Leases
2021	3,174
2022	2,958
2023	2,769
2024	1,722
2025	330
Thereafter	679
Total future lease payments	11,632
Less amounts representing interest	(1,481)
Total operating lease liabilities	10,151
Less current maturities of lease liabilities	(2,663)
Long-term maturities of lease liabilities	7,488
Financing Leases
2021	3,016
2022	3,056
2023	3,071
2024	3,125
2025	3,180
Thereafter	48,784
Total future lease payments	64,232
Less amounts representing interest	(23,363)
Total finance lease liabilities	40,869
Less current maturities of lease liabilities	(996)	$ (681)
Non-current liabilities	$ 39,873	$ 45,400

Revenue Recognition and Contracts with Customers - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	May 01, 2018	Apr. 30, 2020	Apr. 30, 2019
Disaggregation Of Revenue [Line Items]
Deferred revenue recognized	$ 22,200	$ 48,600	$ 10,500
Additional deferred revenue for outstanding performance obligations		50,400
Revenue deferred, net of revenue recognized			11,100
Outstanding performance obligation liability			12,200
Net increase (decrease) of revenue		(1,800)	11,100
ASU 2014-09
Disaggregation Of Revenue [Line Items]
Deferred revenue recognized		48,576	51,213
Additional deferred revenue for outstanding performance obligations		$ 50,406	$ 40,121
ASU 2014-09 \| Accounting Standard Adjustments
Disaggregation Of Revenue [Line Items]
Percentage of unfavorable impact on gross margin			4.00%
Increase in earnings per share basic			$ 0.03
Increase in earnings per share diluted			$ 0.03
Total Net Sales \| ASU 2014-09 \| Geographic Concentration Risk \| Domestic
Disaggregation Of Revenue [Line Items]
Concentration risk percentage		95.00%

Revenue Recognition and Contracts with Customers - Schedule of Impact of Adoption of ASU 2014-09 on Revenue Recognized (Detail) - USD ($) $ in Thousands		12 Months Ended
	May 01, 2018	Apr. 30, 2020	Apr. 30, 2019
Disaggregation Of Revenue [Line Items]
Revenue recognized	$ (22,200)	$ (48,600)	$ (10,500)
Revenue deferred		50,400
ASU 2014-09
Disaggregation Of Revenue [Line Items]
Outstanding performance obligations at beginning of period	$ 23,305	12,213	23,305
Revenue recognized		(48,576)	(51,213)
Revenue deferred		50,406	40,121
Outstanding performance obligations at end of period		$ 14,043	$ 12,213

Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
Goodwill [Line Items]
Beginning Balance	$ 182,269	$ 191,287
Adjustments	(2)	534
Acquisitions		844
Goodwill impairment	(98,662)	(10,396)
Ending Balance	83,605	182,269
Firearms Segment
Goodwill [Line Items]
Beginning Balance	19,024	18,490
Adjustments		534
Ending Balance	19,024	19,024
Outdoor Products & Accessories Segment
Goodwill [Line Items]
Beginning Balance	163,245	172,797
Adjustments	(2)
Acquisitions		844
Goodwill impairment	(98,662)	(10,396)
Ending Balance	$ 64,581	$ 163,245

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($)	12 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2018
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	$ 19,500,000	$ 22,000,000.0	$ 21,000,000.0
Weighted-average period for amortization of intangible assets	5 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-average period for amortization of intangible assets	5 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted-average period for amortization of intangible assets	6 years
Patents, trademarks, and trade names
Finite-Lived Intangible Assets [Line Items]
Weighted-average period for amortization of intangible assets	5 years
Outdoor Products & Accessories Segment
Finite-Lived Intangible Assets [Line Items]
Goodwill, Accumulated impairment loss	$ 109,100,000	$ 109,100,000
Firearms Segment
Finite-Lived Intangible Assets [Line Items]
Goodwill, Accumulated impairment loss			$ 0

Goodwill and Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	Apr. 30, 2020	Apr. 30, 2019
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	$ 174,480	$ 173,314
Total definite-lived intangible assets, Accumulated Amortization	(101,156)	(81,700)
Total definite-lived intangible assets, Net Carrying Amount	73,324	91,614
Indefinite-lived intangible assets, Net Carrying Amount	430	226
Total Intangible assets, Gross Carrying Amount	174,910	173,540
Total Intangible assets, Net Carrying Amount	73,754	91,840
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	92,560	92,560
Total definite-lived intangible assets, Accumulated Amortization	(52,981)	(41,643)
Total definite-lived intangible assets, Net Carrying Amount	39,579	50,917
Developed technology
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	21,788	21,230
Total definite-lived intangible assets, Accumulated Amortization	(12,705)	(10,428)
Total definite-lived intangible assets, Net Carrying Amount	9,083	10,802
Patents, trademarks, and trade names
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	57,837	57,477
Total definite-lived intangible assets, Accumulated Amortization	(34,320)	(28,479)
Total definite-lived intangible assets, Net Carrying Amount	23,517	28,998
Backlog
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	1,150	1,150
Total definite-lived intangible assets, Accumulated Amortization	(1,150)	(1,150)
Definite-lived intangible assets excluding patents in progress
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	173,335	172,417
Total definite-lived intangible assets, Accumulated Amortization	(101,156)	(81,700)
Total definite-lived intangible assets, Net Carrying Amount	72,179	90,717
Patents in progress
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Gross Carrying Amount	1,145	897
Total definite-lived intangible assets, Net Carrying Amount	$ 1,145	$ 897

Goodwill and Intangible Assets - Schedule of Future Expected Amortization Expense (Detail) - USD ($) $ in Thousands	Apr. 30, 2020	Apr. 30, 2019
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets, Net Carrying Amount	$ 73,324	$ 91,614
Outdoor Products & Accessories Segment
Finite-Lived Intangible Assets [Line Items]
2021	16,798
2022	14,412
2023	11,857
2024	10,109
2025	6,456
Thereafter	12,547
Total definite-lived intangible assets, Net Carrying Amount	$ 72,179

Notes and Loans Payable and Financing Arrangements - Additional Information (Detail) - USD ($)					12 Months Ended
	Jan. 06, 2020	Nov. 19, 2019	Mar. 08, 2018	Oct. 27, 2016	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2018	Nov. 22, 2019	Feb. 28, 2018	Jul. 06, 2015	Jun. 18, 2015	Jun. 15, 2015	Apr. 30, 2015
Debt Instrument [Line Items]
Credit facility, maturity				Jun. 15, 2020
Interest description of revolving line of credit					The Revolving Line provides for availability for general corporate purposes, with borrowings to bear interest at a variable rate equal to LIBOR or prime plus an applicable margin based on our consolidated leverage ratio, at our election.
Percentage of interest rate protection on term loan												75.00%
Fair value of the interest rate swap asset						$ 710,000	$ 2,100,000
Amortization to interest expense for all debt issuance costs					$ 687,000	431,000	1,100,000
Notes payable
Debt Instrument [Line Items]
Debt issuance cost					875,000	$ 0	158,000
Interest Rate Swap
Debt Instrument [Line Items]
Percentage of floating rate debt covered											100.00%
Derivative, notional amount											$ 105,000,000.0
Derivative, fixed interest rate										1.56%
Gain on termination of interest rate swap		$ 40,000
Term Loan
Debt Instrument [Line Items]
Outstanding debt												$ 105,000,000.0
5.000% Senior Notes due 2018
Debt Instrument [Line Items]
Debt issuance cost													$ 2,300,000
Notes issued													$ 75,000,000.0
Debt instrument, interest rate													5.00%
Debt instrument, redemption date			Mar. 08, 2018
Debt issuance write-off costs							$ 226,000
5.000% Senior Notes due 2020
Debt Instrument [Line Items]
Debt issuance cost									$ 158,000
Notes issued									$ 75,000,000.0
Debt instrument, interest rate									5.00%
Debt issuance write-off costs					$ 42,000
Description of redemption for senior notes					On January 6, 2020, or the Redemption Date, we redeemed 100% of the principal amount of the 2020 Senior Notes, plus accrued and unpaid interest to, but not including, the Redemption Date, with proceeds from the Revolving Line. As part of the redemption, we wrote off $42,000 of debt issuance costs related to the 2020 Senior Notes.
Debt instrument redemption date	Jan. 06, 2020
Redemption price of senior notes	100.00%
Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity												$ 175,000,000.0
Credit Facilities
Debt Instrument [Line Items]
Borrowings outstanding					$ 160,000,000.0
Outstanding letters of credit					2,200,000
Credit Facilities \| Self Insurance
Debt Instrument [Line Items]
Outstanding letters of credit					$ 1,500,000
Credit Facilities \| LIBOR Rate
Debt Instrument [Line Items]
Interest rate on borrowings					2.95%
Second Amendment \| Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity				$ 350,000,000.0
Credit facility additional borrowing capacity option to increase maximum borrowing capacity				$ 150,000,000.0
Credit facility, maturity				Oct. 27, 2021
Fifth Amendment \| Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity								$ 250,000,000.0
Credit facility additional borrowing capacity option to increase maximum borrowing capacity								(50,000,000.0)
Debt issuance cost								$ 875,000

Net Sales - Breakdown of Net sale (Detail) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Apr. 30, 2020

Jan. 31, 2020

Oct. 31, 2019

Jul. 31, 2019

Apr. 30, 2019

Jan. 31, 2019

Oct. 31, 2018

Jul. 31, 2018

Apr. 30, 2020

Apr. 30, 2019

Apr. 30, 2018

Segment Reporting Revenue Reconciling Item [Line Items]

$ 233,642

$ 166,695

$ 154,388

$ 123,665

$ 175,733

$ 162,008

$ 161,703

$ 138,833

$ 678,390

^[1]

$ 638,277

^[1]

$ 606,850

^[1]

Firearms Segment

Firearms Segment | Handguns

^[1]

526,027

478,477

448,986

Segment Reporting Revenue Reconciling Item [Line Items]

Firearms Segment | Long Guns

390,712

336,901

326,290

Segment Reporting Revenue Reconciling Item [Line Items]

Firearms Segment | Other products and services

101,540

107,717

90,222

Segment Reporting Revenue Reconciling Item [Line Items]

Outdoor Products & Accessories Segment

33,775

33,859

32,474

Segment Reporting Revenue Reconciling Item [Line Items]

^[1]

$ 152,363

$ 159,800

$ 157,864

[1]	For the years ended April 30, 2020, 2019, and 2018, 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.

Net Sales - Additional Information (Detail)	12 Months Ended
Net Sales - Additional Information (Detail)	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2018
Disclosure Net Sales [Abstract]
Export sales as percentage of revenue	4.00%	5.00%	5.00%

Net Sales - Breakdown of Export Net Sales (Detail) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Apr. 30, 2020

Jan. 31, 2020

Oct. 31, 2019

Jul. 31, 2019

Apr. 30, 2019

Jan. 31, 2019

Oct. 31, 2018

Jul. 31, 2018

Apr. 30, 2020

Apr. 30, 2019

Apr. 30, 2018

$ 233,642

$ 166,695

$ 154,388

$ 123,665

$ 175,733

$ 162,008

$ 161,703

$ 138,833

$ 678,390

^[1]

$ 638,277

^[1]

$ 606,850

^[1]

Europe

8,443

11,860

9,586

Asia

6,247

3,866

4,725

Latin America

2,411

3,268

2,038

All others international

9,086

14,030

12,388

Total International

Depreciation and Other Amortization Expenses [Line Items]

^[2]

$ 26,187

$ 33,024

$ 28,737

[1]	For the years ended April 30, 2020, 2019, and 2018, 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.
[2]	Our international sales were negatively impacted in our fourth fiscal quarter as a result of COVID-19 pandemic.

Advertising Costs - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2018
Selling and Marketing Expense
Advertising Costs [Line Items]
Advertising expense for continuing operations	$ 28.1	$ 24.3	$ 25.8

Property, Plant, and Equipment - Summary of Property, Plant, and Equipment (Detail) - USD ($) $ in Thousands	Apr. 30, 2020	Apr. 30, 2019
Property Plant And Equipment [Abstract]
Machinery and equipment	$ 279,005	$ 270,815
Software and hardware	50,671	47,587
Building and improvements	36,186	34,584
Land and improvements	3,787	3,787
Right-of-use assets	40,986	46,246
Property plant and equipment gross	410,635	403,019
Less: Accumulated depreciation and amortization	(260,475)	(228,306)
Property plant and equipment before construction in progress	150,160	174,713
Construction in progress	7,257	8,555
Total property, plant, and equipment, net	$ 157,417	$ 183,268

Property, Plant, and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2018
Property Plant And Equipment [Line Items]
Depreciation and amortization expense	$ 54,058	$ 53,859	$ 52,075
Software
Property Plant And Equipment [Line Items]
Depreciation and amortization expense	$ 33,900	$ 31,400	$ 30,000

Property, Plant, and Equipment - Summary of Depreciation and Amortization Expense (Detail) - USD ($)
$ in Thousands

12 Months Ended

Apr. 30, 2020

Apr. 30, 2019

Apr. 30, 2018

$ 54,058

$ 53,859

$ 52,075

Depreciation and Other Amortization Expenses [Line Items]

Depreciation and Other Amortization Expenses [Line Items]

24,217

23,797

24,582

Research and development

Depreciation and Other Amortization Expenses [Line Items]

659

625

557

Selling and marketing

General and administrative

456

530

619

Depreciation and Other Amortization Expenses [Line Items]

Depreciation and Other Amortization Expenses [Line Items]

^[1]

28,039

28,476

25,212

Interest expense

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

$ 687

$ 431

$ 1,105

[1]	General and administrative expenses included $19.0 million, $21.8 million, and $20.8 million of amortization for the fiscal years ended April 30, 2020, 2019, and 2018, respectively, which were recorded as a result of our acquisitions.

Property, Plant, and Equipment - Summary of Depreciation and Amortization Expense (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2018
Property Plant And Equipment [Abstract]
Amortization expenses recorded as a result of acquisition	$ 19.0	$ 21.8	$ 20.8

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Apr. 30, 2020	Apr. 30, 2019
Inventory Disclosure [Abstract]
Finished goods	$ 111,169	$ 108,247
Finished parts	32,721	36,181
Work in process	7,037	7,576
Raw material	13,264	11,766
Total inventories	$ 164,191	$ 163,770

Accrued Expenses and Deferred Revenue - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Apr. 30, 2020	Apr. 30, 2019
Payables And Accruals [Abstract]
Accrued taxes other than income	$ 21,461	$ 6,078
Deferred revenue	14,744	12,213
Accrued rebates and promotions	5,189	4,877
Accrued employee benefits	4,705	5,241
Accrued professional fees	4,058	2,649
Right-of-use lease liabilities	2,663
Accrued distributor incentives	2,253	1,895
Accrued commissions	967	1,004
Interest payable	349	737
Current portion of capital lease obligation	996	681
Accrued other	7,217	3,947
Total accrued expenses and deferred revenue	$ 64,602	$ 39,322

Fair Value Measurement - Additional Information (Detail) - USD ($)	Apr. 30, 2020	Apr. 30, 2019
(Level 1) \| Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 125,400,000	$ 41,000,000.0
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Financial assets	0
Financial liabilities	0
(Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Financial assets	0
Financial liabilities	$ 0

Self-Insurance Reserves - Additional Information (Detail) - USD ($)	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2017
Commitments And Contingencies Disclosure [Abstract]
Reserves for workers' compensation, product liability, municipal liability, and medical/dental costs	$ 9,413,000	$ 8,859,000	$ 9,173,000	$ 8,663,000
Reserves for workers' compensation, product liability, municipal liability, and medical/dental costs, Non-current portion	4,600,000	4,800,000
Reserves for workers' compensation, product liability, municipal liability, and medical/dental costs, included in accrued expenses	3,700,000	3,600,000
Workers' compensation receivable classified as an other assets	620,000	620,000
Accrued reserves for product and municipal litigation liabilities	3,600,000	3,300,000
Accrued reserves for product and municipal litigation liabilities, Non-current portion	2,600,000	2,800,000
Receivables from insurance carriers, included in other assets	$ 1,900,000	$ 1,900,000

Self-Insurance Reserves - Summary of Other Liabilities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2018
Commitments And Contingencies Disclosure [Abstract]
Beginning balance	$ 8,859	$ 9,173	$ 8,663
Additional provision charged to expense	21,317	21,602	22,802
Payments	(20,763)	(21,916)	(22,292)
Ending balance	$ 9,413	$ 8,859	$ 9,173

Stockholders' Equity - Additional Information (Detail)	12 Months Ended
Stockholders' Equity - Additional Information (Detail)	Apr. 30, 2020 USD ($) OptionPlan shares	Apr. 30, 2019 USD ($) shares	Apr. 30, 2018 USD ($) shares	Sep. 23, 2013 shares	Sep. 26, 2011 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase of common stock	0	0	0
Number of stock incentive plans \| OptionPlan	2
Intrinsic value of stock outstanding \| $	$ 356,000	$ 826,000	$ 1,400,000
Intrinsic value of stock exercisable \| $	356,000	826,000	1,400,000
Intrinsic value of stock exercised \| $	260,000	285,000	116,000
Unrecognized compensation cost of outstanding options \| $	$ 0
Performance period	3 years
Percentage of maximum aggregate award granted	200.00%
Percentage of stock outperform in order for target award to vest	5.00%
Stock-based compensation expense \| $	$ 2,921,000	7,992,000	7,815,000
Grant date fair value of vested RSUs and PSUs \| $	$ 5,000,000.0	$ 3,900,000	$ 5,000,000.0
2011 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option exercise price per share as a percentage of fair market value	85.00%
Number of shares an employee may purchase under the stock purchase plan	12,500
Fair market value of shares an employee may purchase under the stock purchase plan \| $	$ 25,000
Shares issued under employee stock purchase plan	380,209	230,282	203,002
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years
Stock units, awarded			105,000
Stock units, forfeited	367,025	112,000	39,429
Share based payment award percentage of award achieved			115.20%
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded	440,483	360,185	388,186
Stock units, forfeited	232,793	33,899	208,496
Grant date fair value of vested RSUs and PSUs \| $	$ 2,600,000	$ 2,500,000
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded	578,300	541,785	561,890
Stock units, forfeited	599,818	145,899	247,925
Stock units, vested	296,139	206,572	300,496
Grant date fair value of vested RSUs and PSUs \| $			$ 6,200,000
Unrecognized compensation expense related to unvested RSUs and PSUs \| $	$ 3,300,000
Weighted average remaining contractual term	1 year 8 months 12 days
Executive Officer \| PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded	105,767	181,600	157,700
Stock units, vested			121,504
Executive Officer \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded	113,770	167,818	159,167
Non-Executive Employees \| PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded	32,050
Non-Executive Employees \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded	211,073	142,858	176,193
Director \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded	115,600	49,509	52,826
Employees And Consultants \| RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense \| $	$ 2,300,000	$ 7,300,000	$ 7,100,000
Employees \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, vested	296,139	206,572
Employees \| RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, vested			300,496
2013 Incentive Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized of common stock				3,000,000
Vesting period	4 years
Stock option, exercisable period	10 years
Shares available for grant under incentive stock option	4,137,967
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase authorization \| $	$ 0
Payroll deduction of participant's compensation	20.00%
Maximum \| 2011 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved under employee stock purchase plan					6,000,000
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payroll deduction of participant's compensation	1.00%

Stockholders' Equity - Share Based Compensation Stock Options Activity (Detail) - $ / shares	12 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2018
Shares
Options outstanding, beginning of year, Shares	267,761	316,160	335,160
Exercised during the period, Shares	(67,094)	(48,399)	(19,000)
Options outstanding, end of period, Shares	200,667	267,761	316,160
Weighted average remaining contractual life	5 months 4 days	2 years 4 months 6 days	3 years 1 month 28 days
Options exercisable, end of period, Shares	200,667	267,761	316,160
Weighted average remaining contractual life	5 months 4 days	2 years 4 months 6 days	3 years 1 month 28 days
Weighted-Average Exercise Price
Options outstanding, beginning of year, Weighted-Average Exercise Price	$ 6.76	$ 6.69	$ 6.58
Exercised during period, Weighted-Average Exercise Price	3.97	6.28	4.70
Options outstanding, end of period, Weighted-Average Exercise Price	7.70	6.76	6.69
Options exercisable, end of period, Weighted-Average Exercise Price	$ 7.70	$ 6.76	$ 6.69

Stockholders' Equity - Summary of Stock Compensation Expense (Detail) - USD ($)
$ in Thousands

12 Months Ended

Apr. 30, 2020

Apr. 30, 2019

Apr. 30, 2018

$ 2,921

$ 7,992

$ 7,815

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

704

746

882

Research and development

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

121

187

Selling and marketing

General and administrative

340

489

382

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

$ 1,756

^[1]

$ 6,658

$ 6,364

[1]	The decrease in general and administrative stock-based compensation expense from fiscal 2019 was because of the separation of our former President and Chief Executive Officer.

Stockholders' Equity - Share Based Payment Award Performance Shares Valuation Assumptions (Detail) - PSUs

12 Months Ended

Apr. 30, 2020

CorrelationCoefficient

$ / shares

Apr. 30, 2019

CorrelationCoefficient

$ / shares

Apr. 30, 2018

CorrelationCoefficient

$ / shares

Correlation coefficient | CorrelationCoefficient

^[1]

0.11

0.14

0.19

Risk-free interest rate

^[2]

0.35%

2.23%

2.61%

Dividend yield

^[3]

0.00%

Smith & Wesson Brands, Inc.

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Grant date fair market value

$ 7.80

$ 9.85

$ 11.11

Volatility

^[4]

54.02%

45.19%

42.27%

Russell 2000 Index

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Grant date fair market value

$ 1,138.78

$ 1,591.21

$ 1,557.89

Volatility

^[4]

24.65%

15.65%

16.26%

[1]	The correlation coefficient utilizes the same historical price data used to develop the volatility assumptions.
[2]	The risk-free interest rate is based on the yield of a zero-coupon U.S. Treasury bill, commensurate with the three-year performance period.
[3]	We did not pay dividends in fiscal 2020, 2019, and 2018.
[4]	Expected volatility is calculated over the most recent period that represents the remaining term of the performance period as of the valuation date, or three years.

Stockholders' Equity - Share Based Payment Award Performance Shares Valuation Assumptions (Parenthetical) (Detail)	12 Months Ended
	Apr. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based restricted stock unit performance period	3 years
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based restricted stock unit performance period	3 years

Stockholders' Equity - Summary of Activity for Unvested RSUs and PSUs (Detail) - RSUs and PSUs - $ / shares	12 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2018
Summary of activity in unvested restricted stock units and performance share units
Restricted Stock Units, RSUs and PSUs outstanding, beginning of period	1,631,631	1,442,317	1,428,848
Restricted Stock Units, Awarded	578,300	541,785	561,890
Restricted Stock Units, Vested	(296,139)	(206,572)	(300,496)
Restricted Stock Units, Forfeited	(599,818)	(145,899)	(247,925)
Restricted Stock Units, RSUs and PSUs outstanding, end of period	1,313,974	1,631,631	1,442,317
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value, RSUs and PSUs outstanding, beginning of period	$ 15.44	$ 17.80	$ 18.58
Weighted Average Grant Date Fair Value, Awarded	5.75	10.65	15.09
Weighted Average Grant Date Fair Value, Vested	17.05	19.11	16.53
Weighted Average Grant Date Fair Value, Forfeited	15.34	16.11	17.04
Weighted Average Grant Date Fair Value, RSUs and PSUs outstanding, end of period	$ 10.86	$ 15.44	$ 17.80

Stockholders' Equity - Schedule of Assumptions used in Valuing ESPP Purchases (Detail) - Employee Stock Purchase Plan

12 Months Ended

Apr. 30, 2020

Apr. 30, 2019

Apr. 30, 2018

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Risk-free interest rate

1.24%

2.21%

1.62%

Expected term

^[1]

4 months

6 months

Expected volatility

^[2]

63.60%

45.30%

42.30%

Dividend yield

0.00%

[1]	We expect to have an abbreviated purchase period for the first half of fiscal 2021 because of our expected spin-off of our outdoor products and accessories business.
[2]	We believe our expected volatility increased in fiscal 2020 primarily due to market and stock price fluctuations as a result of the COVID-19 pandemic.

Employer Sponsored Benefit Plans - Additional Information (Detail) $ in Millions	12 Months Ended
	Apr. 30, 2020 USD ($) InvestmentPlan	Apr. 30, 2019 USD ($)	Apr. 30, 2018 USD ($)
Contributory Defined Investment Plan
Defined Contribution Plan Disclosure [Line Items]
Number of contributory defined investment plan \| InvestmentPlan	2
Defined contribution plan, employee contribution percentage	100.00%
Defined contribution plan, matching contribution percentage	6.00%
Deferred compensation plan description	We offer two contributory defined investment plans covering substantially all employees, subject to service requirements. Employees may contribute up to 100% of their annual pay, depending on the plan. We generally make discretionary matching contributions of up to 50% of the first 6% of employee contributions to the plan.
Employer contribution to defined benefit plan	$ 2.5	$ 2.9	$ 3.0
Contributory Defined Investment Plan \| Maximum
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, matching contribution percentage of match	50.00%
Non-Contributory Profit Sharing Plan
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan service period	1 year
Employer contribution to defined benefit plan		$ 2.8	$ 1.3
Defined contribution plan expected contribution	$ 2.4

Income Taxes - Income Tax Expense/(Benefit) from Continuing Operations (Detail) - USD ($)
$ in Thousands

12 Months Ended

Apr. 30, 2020

Apr. 30, 2019

Apr. 30, 2018

Current:

Federal

$ 11,690

$ 8,999

$ 5,081

State

1,596

2,600

1,184

Foreign

Total current

13,290

11,604

6,265

Deferred:

Deferred federal

(10,877)

(879)

(9,081)

Deferred state

(1,132)

(397)

305

Total deferred

(12,009)

(1,276)

(8,776)

Total income tax expense/(benefit)

^[1]

$ 1,281

$ 10,328

$ (2,511)

[1]	For the years ended April 30, 2020, 2019, and 2018, 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.

Income Taxes - Reconciliation of Provision for Income Taxes from Continuing Operations (Detail) - USD ($)
$ in Thousands

12 Months Ended

Apr. 30, 2020

Apr. 30, 2019

Apr. 30, 2018

Income Tax Disclosure [Abstract]

Federal income taxes expected at the statutory rate

^[1]

$ (12,589)

$ 6,035

$ 5,355

State income taxes, less federal income tax benefit

325

1,804

1,460

Stock compensation

1,163

708

(322)

Business meals and entertainment

275

181

302

Domestic production activity deduction

(335)

Research and development tax credit

(598)

(567)

(426)

Non-deductible Separation expenses

11,925

2,183

688

Other

(403)

Federal tax rate change on deferred taxes

(70)

(8,142)

Total income tax expense/(benefit)

^[2]

$ 1,281

$ 10,328

$ (2,511)

[1]	We had a statutory rate of 21% in fiscal 2020 and 2019 and a blended statutory rate of 30.4% in fiscal 2018 because of Tax Reform.
[2]	For the years ended April 30, 2020, 2019, and 2018, 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.

Income Taxes - Reconciliation of Provision for Income Taxes from Continuing Operations (Parenthetical) (Detail)	12 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2018
Income Tax Disclosure [Abstract]
Federal income taxes, expected statutory rate	21.00%	21.00%	30.40%

Income Taxes - Deferred Tax Assets (Liabilities) Related to Temporary Differences (Detail) - USD ($)	Apr. 30, 2020	Apr. 30, 2019
Deferred tax assets (liabilities):
Less valuation allowance	$ (29,000)
Net deferred tax assets	2,396,000
Net deferred tax (liability)		$ (9,776,000)
Non Current
Deferred tax assets (liabilities):
Net operating loss carryforwards and tax credits	3,158,000	3,256,000
Inventories	6,955,000	6,741,000
Accrued expenses, including compensation	5,095,000	5,800,000
Environmental reserves		181,000
Product liability	434,000	360,000
Accrued promotions	69,000	73,000
Workers' compensation	512,000	478,000
Warranty reserve	1,065,000	1,525,000
Stock-based compensation	2,568,000	3,884,000
State bonus depreciation	1,328,000	1,454,000
Property taxes	(254,000)	(185,000)
Property, plant, and equipment	(17,512,000)	(20,392,000)
Intangible assets	1,275,000	(10,006,000)
Right-of-use assets	(2,086,000)
Right-of-use liabilities	2,458,000
Pension	231,000	234,000
Other	286,000	397,000
Less valuation allowance	$ (3,186,000)	$ (3,576,000)

Income Taxes - Additional Information (Detail) - USD ($)		12 Months Ended
	Dec. 22, 2017	Apr. 30, 2020	Apr. 30, 2019
Income Tax Contingency [Line Items]
Additional valuation allowance deferred income tax assets		$ 29,000
Tax reform, accounting complete	false
Tax reform, measurement period from enactment date	1 year
Effective income tax rate, provisions (benefit)		(2.10%)	35.90%
Undistributed earnings of foreign subsidiary		$ 84,000,000
Gross tax-effected unrecognized tax benefits		0	$ 0
Federal
Income Tax Contingency [Line Items]
Net operating loss carryforwards		0
State
Income Tax Contingency [Line Items]
Net operating loss carryforwards		17,700,000	17,900,000
Tax credit carryforwards		2,900,000	2,900,000
Valuation allowances for net operating loss carryforward		904,000	911,000
Valuation allowances for tax credits		$ 2,300,000	$ 2,300,000
State \| Minimum
Income Tax Contingency [Line Items]
Operating loss carry forwards expiration dates			Apr. 30, 2025
State tax credit carryforwards expire date			Apr. 30, 2023
State \| Maximum
Income Tax Contingency [Line Items]
Operating loss carry forwards expiration dates			Apr. 30, 2038
State tax credit carryforwards expire date			Apr. 30, 2025

Commitments and Contingencies - Additional Information (Detail) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2018 USD ($)	Apr. 30, 2020 USD ($) Case Claim Plaintiff	Apr. 30, 2020 CAD ($) Case Claim Plaintiff	Apr. 30, 2019 USD ($)	Apr. 30, 2018 USD ($)
Schedule Of Commitments And Contingencies [Line Items]
Number of Product liability cases \| Case		7	7
Number of Other product liability claims \| Claim		5	5
Defense and administrative costs		$ 584,000		$ 322,000	$ 473,000
Settlement fees related to product liability cases		3,000		180,000	129,000
Expense related to changes in product liability and municipal litigation liability		892,000		293,000	$ 540,000
Environmental reserve in non-current liabilities		0		$ 725,000
Minimum
Schedule Of Commitments And Contingencies [Line Items]
Compensatory damages sought		75,000
Maximum
Schedule Of Commitments And Contingencies [Line Items]
Compensatory damages sought		50,000,000.0
Compensatory or Punitive Damages \| Maximum
Schedule Of Commitments And Contingencies [Line Items]
Aggregate damages claims		$ 100,000,000.0
Putative Class
Schedule Of Commitments And Contingencies [Line Items]
Date of actions filed		December 16, 2019	December 16, 2019
Number of plaintiffs \| Plaintiff		2	2
Putative Class \| General Damages
Schedule Of Commitments And Contingencies [Line Items]
Aggregate damages claims			$ 50
Putative Class \| Compensatory or Punitive Damages
Schedule Of Commitments And Contingencies [Line Items]
Aggregate damages claims			$ 100
John Pidcock
Schedule Of Commitments And Contingencies [Line Items]
Number of plaintiffs \| Plaintiff		3	3
John Pidcock \| Preferential Transfers
Schedule Of Commitments And Contingencies [Line Items]
Compensatory damages sought		$ 4,200,000
John Pidcock \| Turnover of Goods
Schedule Of Commitments And Contingencies [Line Items]
Compensatory damages sought		$ 1,500,000
Gemini Technologies, Incorporated \| Smith & Wesson Corp
Schedule Of Commitments And Contingencies [Line Items]
Compensatory damages sought	$ 18,600,000

Commitments and Contingencies - Summary of Operating Leases for Office and/or Manufacturing Space (Detail)	12 Months Ended
	Apr. 30, 2020
Springfield, Massachusetts \| November 30, 2020
Schedule Of Commitments And Contingencies [Line Items]
Lease Expiration Date	Nov. 30, 2020
Scottsdale, Arizona \| April 30, 2021
Schedule Of Commitments And Contingencies [Line Items]
Lease Expiration Date	Apr. 30, 2021
Somersworth, New Hampshire \| June 30, 2021
Schedule Of Commitments And Contingencies [Line Items]
Lease Expiration Date	Jun. 30, 2021
Shenzhen, China \| August 31, 2021
Schedule Of Commitments And Contingencies [Line Items]
Lease Expiration Date	Aug. 31, 2021
Houlton, Maine \| January 31, 2022
Schedule Of Commitments And Contingencies [Line Items]
Lease Expiration Date	Jan. 31, 2022
Wilsonville, Oregon \| October 31, 2022
Schedule Of Commitments And Contingencies [Line Items]
Lease Expiration Date	Oct. 31, 2022
Columbia, Missouri \| April 30, 2023
Schedule Of Commitments And Contingencies [Line Items]
Lease Expiration Date	Apr. 30, 2023
Columbia, Missouri \| November 25, 2038
Schedule Of Commitments And Contingencies [Line Items]
Lease Expiration Date	Nov. 25, 2038
Bentonville, Arkansas \| December 31, 2023
Schedule Of Commitments And Contingencies [Line Items]
Lease Expiration Date	Dec. 31, 2023
Deep River, Connecticut \| May 4, 2024
Schedule Of Commitments And Contingencies [Line Items]
Lease Expiration Date	May 04, 2024
Park City , Utah \| August 31, 2024
Schedule Of Commitments And Contingencies [Line Items]
Lease Expiration Date	Aug. 31, 2024
Herstal, Belgium \| January 21, 2027
Schedule Of Commitments And Contingencies [Line Items]
Lease Expiration Date	Jan. 21, 2027
Meridian, Idaho \| October 14, 2027
Schedule Of Commitments And Contingencies [Line Items]
Lease Expiration Date	Oct. 14, 2027

Quarterly Financial Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Apr. 30, 2020

Jan. 31, 2020

Oct. 31, 2019

Jul. 31, 2019

Apr. 30, 2019

Jan. 31, 2019

Oct. 31, 2018

Jul. 31, 2018

Apr. 30, 2020

Apr. 30, 2019

Apr. 30, 2018

Quarterly Financial Information Disclosure [Abstract]

$ 233,642

$ 166,695

$ 154,388

$ 123,665

$ 175,733

$ 162,008

$ 161,703

$ 138,833

$ 678,390

^[1]

$ 638,277

^[1]

$ 606,850

^[1]

Gross profit

81,342

55,203

50,306

47,854

63,364

54,059

56,386

52,422

234,705

^[1]

226,231

^[1]

195,752

^[1]

Net (loss)/income

$ (66,146)

^[2]

$ 5,731

$ 1,293

$ (2,108)

$ 9,825

$ (5,725)

^[3]

$ 6,665

$ 7,645

$ (61,230)

$ 18,410

$ 20,128

Per common share

Basic - total

$ (1.19)

^[4]

$ 0.10

^[4]

$ 0.02

^[4]

$ (0.04)

^[4]

$ 0.18

^[4]

$ (0.10)

^[4]

$ 0.12

^[4]

$ 0.14

^[4]

$ (1.11)

^[4]

$ 0.34

^[4]

$ 0.37

Diluted - total

$ (1.19)

^[4]

$ 0.10

^[4]

$ 0.02

^[4]

$ (0.04)

^[4]

$ 0.18

^[4]

$ (0.10)

^[4]

$ 0.12

^[4]

$ 0.14

^[4]

$ (1.11)

^[4]

$ 0.33

^[4]

$ 0.37

[1]	For the years ended April 30, 2020, 2019, and 2018, 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.
[2]	Amounts includes a $98.7 million non-cash goodwill impairment relating to our Outdoor Products & Accessories segment.
[3]	Amounts includes a $10.4 million non-cash goodwill impairment relating to our Outdoor Products & Accessories segment.
[4]	Basic and diluted earnings per share may not equal the sum of the quarterly basic and diluted earnings per share due to rounding.

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Quarterly Financial Information (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Apr. 30, 2020	Jan. 31, 2019	Apr. 30, 2020	Apr. 30, 2019
Quarterly Financial Information [Line Items]
Goodwill impairment			$ 98,662	$ 10,396
Outdoor Products & Accessories Segment
Quarterly Financial Information [Line Items]
Goodwill impairment			98,662	10,396
Operating Segments \| Outdoor Products & Accessories Segment
Quarterly Financial Information [Line Items]
Goodwill impairment	$ 98,700	$ 10,400	$ 98,700	$ 10,400

Segment Reporting - Additional Information (Detail)	12 Months Ended
Segment Reporting - Additional Information (Detail)	Apr. 30, 2020 Segment
Segment Reporting Information [Line Items]
Number of reporting segments	2
Firearms Segment
Segment Reporting Information [Line Items]
Number of reporting segments	1
Outdoor Products & Accessories Segment
Segment Reporting Information [Line Items]
Number of reporting segments	1

Segment Reporting - Schedule of Assets by Business Segment (Detail) - USD ($) $ in Thousands	Apr. 30, 2020	Feb. 01, 2020	Apr. 30, 2019	Apr. 30, 2018
Segment Reporting Information [Line Items]
Total assets	$ 728,961		$ 766,789
Property, plant, and equipment, net	157,417		183,268
Intangibles, net	73,754		91,840
Goodwill	83,605		182,269	$ 191,287
Firearms Segment
Segment Reporting Information [Line Items]
Total assets	467,978		389,719
Property, plant, and equipment, net	147,642		170,549
Intangibles, net	4,982		4,661
Goodwill	19,024	$ 19,000	19,024	18,490
Outdoor Products & Accessories Segment
Segment Reporting Information [Line Items]
Total assets	260,983		377,070
Property, plant, and equipment, net	9,775		12,719
Intangibles, net	68,772		87,179
Goodwill	$ 64,581	$ 163,200	$ 163,245	$ 172,797

Segment Reporting - Schedule of Results by Business Segment (Detail) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Apr. 30, 2020

Jan. 31, 2020

Oct. 31, 2019

Jul. 31, 2019

Apr. 30, 2019

Jan. 31, 2019

Oct. 31, 2018

Jul. 31, 2018

Apr. 30, 2020

Apr. 30, 2019

Apr. 30, 2018

$ 233,642

$ 166,695

$ 154,388

$ 123,665

$ 175,733

$ 162,008

$ 161,703

$ 138,833

$ 678,390

^[1]

$ 638,277

^[1]

$ 606,850

^[1]

^[1]

443,685

412,046

411,098

$ 81,342

$ 55,203

$ 50,306

$ 47,854

$ 63,364

$ 54,059

$ 56,386

$ 52,422

234,705

^[1]

226,231

^[1]

195,752

^[1]

^[1]

(48,819)

38,056

27,048

^[1]

1,281

10,328

(2,511)

Firearms Segment

Outdoor Products & Accessories Segment

^[1]

526,027

478,477

448,986

Intersegment Eliminations

^[1]

152,363

159,800

157,864

^[1]

(18,697)

(20,327)

(17,623)

^[1]

(18,382)

(20,148)

(15,613)

^[1]

(315)

(179)

(2,010)

Intersegment Eliminations | Firearms Segment

^[1]

47,387

41,638

46,471

Intersegment Eliminations | Outdoor Products & Accessories Segment

^[1]

3,587

2,858

3,807

Operating Segments | Firearms Segment

^[1]

15,110

17,469

13,816

^[1]

529,614

481,335

452,793

^[1]

363,924

335,051

332,889

^[2]

^[1]

165,690

146,284

119,903

^[1]

58,911

59,663

30,213

Operating Segments | Outdoor Products & Accessories Segment

^[1]

13,497

12,068

16,729

^[1]

167,473

177,269

171,680

^[1]

98,143

97,143

93,822

^[1]

69,330

80,126

77,859

^[1]

(111,337)

^[3]

(18,414)

^[4]

(5,508)

^[1]

(7,890)

(966)

(8,059)

Corporate

^[1]

(43,780)

(44,831)

(44,128)

^[1]

$ (4,326)

$ (774)

$ (11,181)

[1]	For the years ended April 30, 2020, 2019, and 2018, 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.
[2]	Amount includes $500,000 of additional cost of goods sold from the fair value inventory step-up related to our 2018 Acquisitions.
[3]	Amount includes a non-cash goodwill charge of $98.7 million.
[4]	Amount includes a non-cash goodwill charge of $10.4 million.

Segment Reporting - Schedule of Results by Business Segment (Parenthetical) (Detail) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Apr. 30, 2020

Jan. 31, 2019

Apr. 30, 2020

Apr. 30, 2019

Apr. 30, 2018

Additional cost of goods sold

^[1]

$ 443,685

$ 412,046

$ 411,098

Outdoor Products & Accessories Segment

98,662

10,396

Operating Segments | Outdoor Products & Accessories Segment

98,662

10,396

Additional cost of goods sold

^[1]

98,143

97,143

93,822

Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC

$ 98,700

$ 10,400

$ 98,700

$ 10,400