Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Dec. 31, 2013 | Jan. 31, 2014 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'Prestige Brands Holdings, Inc. | ' |
Entity Central Index Key | '0001295947 | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 51,800,179 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income and Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues | ' | ' | ' | ' |
Net sales | $145,054 | $159,492 | $454,159 | $466,735 |
Other revenues | 1,158 | 740 | 3,466 | 2,349 |
Total revenues | 146,212 | 160,232 | 457,625 | 469,084 |
Cost of Sales | ' | ' | ' | ' |
Cost of sales (exclusive of depreciation shown below) | 64,403 | 75,235 | 197,614 | 209,938 |
Gross profit | 81,809 | 84,997 | 260,011 | 259,146 |
Operating Expenses | ' | ' | ' | ' |
Advertising and promotion | 25,570 | 23,538 | 70,754 | 67,371 |
General and administrative | 12,137 | 11,378 | 35,390 | 40,114 |
Depreciation and amortization | 3,644 | 3,359 | 10,206 | 9,950 |
Total operating expenses | 41,351 | 38,275 | 116,350 | 117,435 |
Operating income | 40,458 | 46,722 | 143,661 | 141,711 |
Other (income) expense | ' | ' | ' | ' |
Interest income | -16 | -4 | -44 | -9 |
Interest expense | 21,276 | 26,665 | 53,648 | 66,178 |
Loss on extinguishment of debt | 15,012 | 0 | 15,012 | 0 |
Total other expense | 36,272 | 26,661 | 68,616 | 66,169 |
Income before income taxes | 4,186 | 20,061 | 75,045 | 75,542 |
Provision for income taxes | 1,056 | 7,804 | 18,431 | 29,386 |
Net income | 3,130 | 12,257 | 56,614 | 46,156 |
Earnings per share: | ' | ' | ' | ' |
Basic (in USD per share) | $0.06 | $0.24 | $1.10 | $0.91 |
Diluted (in USD per share) | $0.06 | $0.24 | $1.08 | $0.90 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 51,806 | 50,686 | 51,498 | 50,465 |
Diluted (in shares) | 52,445 | 51,523 | 52,236 | 51,285 |
Comprehensive (loss) income, net of tax: | ' | ' | ' | ' |
Currency translation adjustments | -2,694 | -1 | -1,571 | 23 |
Total other comprehensive (loss) income | -2,694 | -1 | -1,571 | 23 |
Comprehensive income | $436 | $12,256 | $55,043 | $46,179 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $94,353 | $15,670 |
Accounts receivable, net | 66,188 | 73,053 |
Inventories | 64,798 | 60,201 |
Deferred income tax assets | 6,836 | 6,349 |
Prepaid expenses and other current assets | 12,326 | 8,900 |
Total current assets | 244,501 | 164,173 |
Property and equipment, net | 10,528 | 9,896 |
Goodwill | 189,955 | 167,546 |
Intangible assets, net | 1,395,755 | 1,373,240 |
Other long-term assets | 24,107 | 24,944 |
Total Assets | 1,864,846 | 1,739,799 |
Current liabilities | ' | ' |
Current portion of long-term debt | 48,290 | 0 |
Accounts payable | 51,547 | 51,376 |
Accrued interest payable | 10,781 | 13,894 |
Other accrued liabilities | 23,445 | 31,398 |
Total current liabilities | 134,063 | 96,668 |
Long-term debt | ' | ' |
Principal amount | 985,000 | 978,000 |
Less unamortized discount | -3,489 | -7,100 |
Long-term debt, net of unamortized discount | 981,511 | 970,900 |
Deferred income tax liabilities | 205,036 | 194,288 |
Other long-term liabilities | 302 | 0 |
Total Liabilities | 1,320,912 | 1,261,856 |
Commitments and Contingencies — Note 17 | ' | ' |
Stockholders' Equity | ' | ' |
Preferred stock - $0.01 par value; Authorized - 5,000 shares; Issued and outstanding - None | 0 | 0 |
Preferred share rights | 283 | 283 |
Common stock - $0.01 par value; Authorized - 250,000 shares; Issued - 51,961 shares at December 31, 2013 and 51,311 shares at March 31, 2013 | 520 | 513 |
Additional paid-in capital | 412,910 | 401,691 |
Treasury stock, at cost - 194 shares at December 31, 2013 and 181 shares March 31, 2013 | -965 | -687 |
Accumulated other comprehensive loss, net of tax | -1,675 | -104 |
Retained earnings | 132,861 | 76,247 |
Total Stockholders' Equity | 543,934 | 477,943 |
Total Liabilities and Stockholders' Equity | $1,864,846 | $1,739,799 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
Stockholders' Equity: | ' | ' |
Preferred stock, par value (in USD per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in USD per share) | $0.01 | $0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 51,961,000 | 51,311,000 |
Treasury stock, shares | 194,000 | 181,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities | ' | ' |
Net income | $56,614 | $46,156 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 10,209 | 9,950 |
Deferred income taxes | 10,261 | 15,979 |
Amortization of deferred financing costs | 6,023 | 8,220 |
Stock-based compensation costs | 3,763 | 2,965 |
Loss on extinguishment of debt | 15,012 | 0 |
Premium payment on 2010 Senior Notes | -12,768 | 0 |
Amortization of debt discount | 3,115 | 3,892 |
Lease termination costs | 0 | 975 |
(Gain) loss on sale or disposal of property and equipment | -3 | 51 |
Changes in operating assets and liabilities, net of effects from acquisitions | ' | ' |
Accounts receivable | 8,495 | -13,518 |
Inventories | -2,262 | -3,351 |
Prepaid expenses and other current assets | -2,783 | 5,801 |
Accounts payable | -1,285 | 14,125 |
Accrued liabilities | -13,531 | 9,631 |
Net cash provided by operating activities | 80,860 | 100,876 |
Investing Activities | ' | ' |
Purchases of property and equipment | -2,658 | -8,922 |
Proceeds from the sale of property and equipment | 3 | 15 |
Proceeds from the sale of the Phazyme brand | 0 | 21,700 |
Acquisition of brands from GSK purchase price adjustments | 0 | -226 |
Acquisition of Care Pharmaceuticals, less cash acquired | -55,215 | 0 |
Net cash (used in) provided by investing activities | -57,870 | 12,567 |
Financing Activities | ' | ' |
Proceeds from the issuance of 2013 Senior Notes | 400,000 | 0 |
Repayment of 2010 Senior Notes | -201,710 | 0 |
Repayments of long-term debt | -147,500 | -167,500 |
Repayments under revolving credit agreement | -45,500 | -8,000 |
Borrowings under revolving credit agreement | 50,000 | 48,000 |
Payment of deferred financing costs | -6,933 | 0 |
Proceeds from exercise of stock options | 5,738 | 5,460 |
Excess tax benefits from share-based awards | 1,725 | 0 |
Fair value of shares surrendered as payment of tax withholding | -278 | 0 |
Net cash provided by (used in) financing activities | 55,542 | -122,040 |
Effects of exchange rate changes on cash and cash equivalents | 151 | 13 |
Increase (decrease) in cash and cash equivalents | 78,683 | -8,584 |
Cash and cash equivalents - beginning of period | 15,670 | 19,015 |
Cash and cash equivalents - end of period | 94,353 | 10,431 |
Interest paid | 47,586 | 54,149 |
Income taxes paid | $9,761 | $7,183 |
Business_and_Basis_of_Presenta
Business and Basis of Presentation | 9 Months Ended | |
Dec. 31, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Business and Basis of Presentation | ' | |
Business and Basis of Presentation | ||
Nature of Business | ||
Prestige Brands Holdings, Inc. (referred to herein as the “Company” or “we”, which reference shall, unless the context requires otherwise, be deemed to refer to Prestige Brands Holdings, Inc. and all of its direct and indirect 100% owned subsidiaries on a consolidated basis) is engaged in the marketing, sales and distribution of over-the-counter (“OTC”) healthcare and household cleaning products to mass merchandisers, drug stores, supermarkets, club, convenience, and dollar stores in the United States and Canada and in certain other international markets. Prestige Brands Holdings, Inc. is a holding company with no operations and is also the parent guarantor of the senior credit facility and the senior notes described in Note 10 to the Consolidated Financial Statements. | ||
Basis of Presentation | ||
The unaudited Consolidated Financial Statements presented herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. All significant intercompany transactions and balances have been eliminated in the Consolidated Financial Statements. In the opinion of management, the Consolidated Financial Statements include all adjustments, consisting of normal recurring adjustments that are considered necessary for a fair statement of our consolidated financial position, results of operations and cash flows for the interim periods presented. Our fiscal year ends on March 31st of each year. References in these Consolidated Financial Statements or notes to a year (e.g., “2014”) mean our fiscal year ending or ended on March 31st of that year. Operating results for the three and nine months ended December 31, 2013 are not necessarily indicative of results that may be expected for the fiscal year ending March 31, 2014. This financial information should be read in conjunction with our Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2013. | ||
Use of Estimates | ||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on our knowledge of current events and actions that we may undertake in the future, actual results could differ materially from these estimates. As discussed below, our most significant estimates include those made in connection with the valuation of intangible assets, sales returns and allowances, trade promotional allowances, inventory obsolescence, and the recognition of income taxes using an estimated annual effective tax rate. | ||
Cash and Cash Equivalents | ||
We consider all short-term deposits and investments with original maturities of three months or less to be cash equivalents. Substantially all of our cash is held by a large regional bank with headquarters in California. We do not believe that, as a result of this concentration, we are subject to any unusual financial risk beyond the normal risk associated with commercial banking relationships. The Federal Deposit Insurance Corporation (“FDIC”) and Securities Investor Protection Corporation (“SIPC”) insure these balances up to $250,000 and $500,000, with a $250,000 limit for cash, respectively. Substantially all of the Company's cash balances at December 31, 2013 are uninsured. | ||
Accounts Receivable | ||
We extend non-interest-bearing trade credit to our customers in the ordinary course of business. We maintain an allowance for doubtful accounts receivable based upon historical collection experience and expected collectability of the accounts receivable. In an effort to reduce credit risk, we (i) have established credit limits for all of our customer relationships, (ii) perform ongoing credit evaluations of customers' financial condition, (iii) monitor the payment history and aging of customers' receivables, and (iv) monitor open orders against an individual customer's outstanding receivable balance. | ||
Inventories | ||
Inventories are stated at the lower of cost or market value, with cost determined by using the first-in, first-out method. We reduce inventories for diminution of value resulting from product obsolescence, damage or other issues affecting marketability, equal to the difference between the cost of the inventory and its estimated market value. Factors utilized in the determination of estimated market value include: (i) current sales data and historical return rates, (ii) estimates of future demand, (iii) competitive pricing pressures, (iv) new product introductions, (v) product expiration dates, and (vi) component and packaging obsolescence. | ||
Property and Equipment | ||
Property and equipment are stated at cost and are depreciated using the straight-line method based on the following estimated useful lives: | ||
Years | ||
Machinery | 5 | |
Computer equipment and software | 3 | |
Furniture and fixtures | 7 | |
Leasehold improvements | * | |
* Leasehold improvements are amortized over the lesser of the term of the lease or the estimated useful life of the related asset. | ||
Expenditures for maintenance and repairs are charged to expense as incurred. When an asset is sold or otherwise disposed of, we remove the cost and associated accumulated depreciation from the respective accounts and recognize the resulting gain or loss in the Consolidated Statements of Income and Comprehensive Income. | ||
Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. An impairment loss is recognized if the carrying amount of the asset exceeds its fair value. | ||
Goodwill | ||
The excess of the purchase price over the fair market value of assets acquired and liabilities assumed in purchase business combinations is classified as goodwill. Goodwill is not amortized, although the carrying value is tested for impairment at least annually in the fourth fiscal quarter of each year, or more frequently if events or changes in circumstances indicate that the asset may be impaired. Goodwill is tested for impairment at the reporting unit “brand” level, which is one level below the operating segment level. | ||
Intangible Assets | ||
Intangible assets, which are comprised primarily of trademarks, are stated at cost less accumulated amortization. For intangible assets with finite lives, amortization is computed using the straight-line method over estimated useful lives ranging from 3 to 30 years and are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts exceed their fair values and may not be recoverable. An impairment loss is recognized if the carrying amount of the asset exceeds its fair value. Indefinite-lived intangible assets are tested for impairment at least annually in the fourth fiscal quarter of each year. If the carrying amount of the asset exceeds its fair value, an impairment loss is recognized. | ||
Deferred Financing Costs | ||
We have incurred debt origination costs in connection with the issuance of long-term debt. These costs are capitalized as deferred financing costs and amortized using the effective interest method, over the term of the related debt. | ||
Revenue Recognition | ||
Revenues are recognized when the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the selling price is fixed or determinable, (iii) the product has been shipped and the customer takes ownership and assumes the risk of loss, and (iv) collection of the resulting receivable is reasonably assured. We have determined that these criteria are met and the transfer of the risk of loss generally occurs when the product is received by the customer, and, accordingly, we recognize revenue at that time. Provisions are made for estimated discounts related to customer payment terms and estimated product returns at the time of sale based on our historical experience. | ||
As is customary in the consumer products industry, we participate in the promotional programs of our customers to enhance the sale of our products. The cost of these promotional programs varies based on the actual number of units sold during a finite period of time. These promotional programs consist of direct-to-consumer incentives, such as coupons and temporary price reductions, as well as incentives to our customers, such as allowances for new distribution, including slotting fees, and cooperative advertising. Estimates of the costs of these promotional programs are based on (i) historical sales experience, (ii) the current promotional offering, (iii) forecasted data, (iv) current market conditions, and (v) communication with customer purchasing/marketing personnel. We recognize the cost of such sales incentives by recording an estimate of such cost as a reduction of revenue, at the later of (a) the date the related revenue is recognized, or (b) the date when a particular sales incentive is offered. At the completion of a promotional program, the estimated amounts are adjusted to actual results. | ||
Due to the nature of the consumer products industry, we are required to estimate future product returns. Accordingly, we record an estimate of product returns concurrent with recording sales, which is made after analyzing (i) historical return rates, (ii) current economic trends, (iii) changes in customer demand, (iv) product acceptance, (v) seasonality of our product offerings, and (vi) the impact of changes in product formulation, packaging and advertising. | ||
Cost of Sales | ||
Cost of sales includes product costs, warehousing costs, inbound and outbound shipping costs, and handling and storage costs. Shipping, warehousing and handling costs were $7.6 million and $23.3 million for the three and nine months ended December 31, 2013, respectively, and $7.6 million and $23.1 million for the three and nine months ended December 31, 2012, respectively. | ||
Advertising and Promotion Costs | ||
Advertising and promotion costs are expensed as incurred. Allowances for new distribution costs associated with products, including slotting fees, are recognized as a reduction of sales. Under these new distribution arrangements, the retailers allow our products to be placed on the stores' shelves in exchange for such fees. | ||
Stock-based Compensation | ||
We recognize stock-based compensation by measuring the cost of services to be rendered based on the grant-date fair value of the equity award. Compensation expense is recognized over the period an employee or director is required to provide service in exchange for the award, generally referred to as the requisite service period. | ||
Income Taxes | ||
Deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts expected to be realized. | ||
The Income Taxes topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) prescribes a recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The guidance only allows the recognition of those tax benefits that have a greater than 50% likelihood of being sustained upon examination by the various taxing authorities. As a result, we have applied a more-likely-than-not recognition threshold for all tax uncertainties. | ||
We are subject to taxation in the United States and various state and foreign jurisdictions. | ||
We classify penalties and interest related to unrecognized tax benefits as income tax expense in the Consolidated Statements of Income and Comprehensive Income. | ||
Earnings Per Share | ||
Basic earnings per share is calculated based on income available to common stockholders and the weighted-average number of shares outstanding during the reporting period. Diluted earnings per share is calculated based on income available to common stockholders and the weighted-average number of common and potential common shares outstanding during the reporting period. Potential common shares, composed of the incremental common shares issuable upon the exercise of outstanding stock options, stock appreciation rights and unvested restricted shares, are included in the earnings per share calculation to the extent that they are dilutive. | ||
Recently Issued Accounting Standards | ||
In July 2013, the FASB issued Accounting Standards Updated ("ASU") 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which requires that an unrecognized tax benefit, or portion of an unrecognized tax benefit, be presented as a reduction of a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward. If an applicable deferred tax asset is not available to use or the tax law of the applicable jurisdiction does not require the entity to use and the company does not intend to use the applicable deferred tax asset, the unrecognized tax benefit should be presented as a liability in the financial statements and should not be combined with an unrelated deferred tax asset. ASU 2013-11 is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2013. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date; however retrospective application is permitted. The adoption of ASU 2013-11 is not expected to have a material impact on our Consolidated Financial Statements. | ||
In March 2013, the FASB issued ASU 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity, relating to the release of cumulative translation adjustments into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets. The guidance is effective prospectively for annual reporting periods beginning after December 15, 2013, and interim periods within those annual periods. Early adoption is permitted. The adoption of ASU 2013-05 is not expected to have a material impact on our Consolidated Financial Statements. | ||
In February 2013, the FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-02 requires that for those items that are reclassified out of accumulated other comprehensive income and into net income in their entirety, the effect of the reclassification on each affected net income line item be disclosed. For accumulated other comprehensive income reclassification items that are not reclassified in their entirety into net income, a cross reference must be made to other required disclosures. The guidance is effective prospectively for annual reporting periods beginning after December 15, 2012, and interim periods within those annual periods. ASU 2013-02 did not have a material impact on our Consolidated Financial Statements. See Note 13 Accumulated Other Comprehensive Loss for required disclosure. | ||
In December 2011, the FASB issued ASU 2011-11, Disclosures about Offsetting Assets and Liabilities, regarding disclosures about offsetting assets and liabilities. The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of financial position, as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, the standard requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. An entity will be required to disclose the following information for assets and liabilities within the scope of the new standard: (i) the gross amounts of those recognized assets and those recognized liabilities; (ii) the amounts offset to determine the net amounts presented in the statement of financial position; (iii) the net amounts presented in the statement of financial position; (iv) the amounts subject to an enforceable master netting arrangement or similar agreement not otherwise included in (ii); and (v) the net amount after deducting the amounts in (iv) from the amounts in (iii). The standard affects all entities with balances presented on a net basis in the financial statements, derivative assets and derivative liabilities, repurchase agreements, and financial assets and financial liabilities executed under a master netting or similar arrangement. This guidance is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. This new guidance did not have a material impact on our Consolidated Financial Statements. | ||
Management has reviewed and continues to monitor the actions of the various financial and regulatory reporting agencies and is currently not aware of any other pronouncement that could have a material impact on our consolidated financial position, results of operations or cash flows. |
Acquisitions
Acquisitions | 9 Months Ended | |||
Dec. 31, 2013 | ||||
Business Combinations [Abstract] | ' | |||
Acquisitions | ' | |||
Acquisitions | ||||
Acquisition of Care Pharmaceuticals Pty Ltd. | ||||
On July 1, 2013, we completed the acquisition of Care Pharmaceuticals Pty Ltd. (“Care Pharma”), which was funded through a combination of our existing senior secured credit facility and cash on hand. | ||||
The Care Pharma brands include the Fess line of cold/allergy and saline nasal health products, which is the leading saline spray for both adults and children in Australia. Other key brands include Painstop analgesic, Rectogesic for rectal discomfort, and the Fab line of nutritional supplements. Care Pharma also carries a line of brands for children including Little Allergies, Little Eyes, and Little Coughs. The brands acquired are complementary to our existing OTC Healthcare portfolio. | ||||
This acquisition was accounted for in accordance with the Business Combinations topic of the FASB ASC 805, which requires that the total cost of an acquisition be allocated to the tangible and intangible assets acquired and liabilities assumed based upon their respective fair values at the date of acquisition. | ||||
We prepared a preliminary analysis of the fair values of the assets acquired and liabilities assumed as of the date of acquisition. The following table summarizes our preliminary allocation of the assets acquired and liabilities assumed as of the July 1, 2013 acquisition date. | ||||
(In thousands) | July 1, 2013 | |||
Cash acquired | $ | 1,546 | ||
Accounts receivable | 1,658 | |||
Inventories | 2,465 | |||
Prepaids and other current assets | 647 | |||
Property, plant and equipment | 163 | |||
Goodwill | 23,122 | |||
Intangible assets | 31,502 | |||
Total assets acquired | 61,103 | |||
Accounts payable | 1,537 | |||
Accrued expenses | 2,505 | |||
Other long term liabilities | 300 | |||
Total liabilities assumed | 4,342 | |||
Net assets acquired | $ | 56,761 | ||
Based on this analysis, we allocated $29.8 million to non-amortizable intangible assets and $1.7 million to amortizable intangible assets. We are amortizing the purchased amortizable intangible assets on a straight-line basis over an estimated weighted average useful life of 15.1 years. The weighted average remaining life for amortizable intangible assets at December 31, 2013 was 14.1 years. | ||||
We also recorded goodwill of $23.1 million based on the amount by which the purchase price exceeded the preliminary fair value of the net assets acquired. The full amount of goodwill is deductible for income tax purposes. | ||||
The pro-forma effect of this acquisition on revenues and earnings was not material. |
Divestitures
Divestitures | 9 Months Ended | |||
Dec. 31, 2013 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||
Divestitures | ' | |||
Divestitures | ||||
Sale of the Phazyme Brand | ||||
On October 31, 2012, we divested the Phazyme gas treatment brand, which was a non-core OTC brand that we acquired from GlaxoSmithKline ("GSK") in January 2012. We received $21.7 million from the divestiture on October 31, 2012 and the remaining $0.6 million on January 4, 2013. The proceeds were used to repay debt. No significant gain or loss was recorded as a result of the sale. | ||||
Concurrent with the completion of the sale of the Phazyme brand, we entered into a Transitional Services Agreement with the buyer (the “Phazyme TSA”), whereby we agreed to provide the buyer with various services, including marketing, operations, finance and other services, from the date of the acquisition primarily through January 31, 2013, with an option for additional support for the Canadian portion of that business through October 31, 2013, at the buyer's discretion. All Phazyme United States TSA services ended, as agreed, on January 31, 2013. The buyer elected to extend the Canadian portion of the TSA services on a month to month basis and terminated the support on October 31, 2013. | ||||
The following table presents the assets sold at October 31, 2012 related to the Phazyme brand: | ||||
(In thousands) | October 31, | |||
2012 | ||||
Components of assets sold: | ||||
Inventory | $ | 220 | ||
Prepaid expenses | 100 | |||
Trade names | 15,604 | |||
Goodwill | 6,382 | |||
Accounts_Receivable
Accounts Receivable | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Accounts Receivable | ' | |||||||
Accounts Receivable | ||||||||
Accounts receivable consist of the following: | ||||||||
(In thousands) | December 31, | March 31, | ||||||
2013 | 2013 | |||||||
Components of Accounts Receivable | ||||||||
Trade accounts receivable | $ | 74,025 | $ | 79,746 | ||||
Other receivables | 1,709 | 615 | ||||||
75,734 | 80,361 | |||||||
Less allowances for discounts, returns and uncollectible accounts | (9,546 | ) | (7,308 | ) | ||||
Accounts receivable, net | $ | 66,188 | $ | 73,053 | ||||
Inventories
Inventories | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories consist of the following: | ||||||||
(In thousands) | December 31, | March 31, | ||||||
2013 | 2013 | |||||||
Components of Inventories | ||||||||
Packaging and raw materials | $ | 1,455 | $ | 1,875 | ||||
Finished goods | 63,343 | 58,326 | ||||||
Inventories | $ | 64,798 | $ | 60,201 | ||||
Inventories are carried at the lower of cost or market, which includes a reduction in inventory values of $2.6 million and $1.3 million at December 31, 2013 and March 31, 2013, respectively, related to obsolete and slow-moving inventory. |
Property_and_Equipment
Property and Equipment | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property and Equipment | ' | |||||||
Property and Equipment | ||||||||
Property and equipment consist of the following: | ||||||||
(In thousands) | December 31, | March 31, | ||||||
2013 | 2013 | |||||||
Components of Property and Equipment | ||||||||
Machinery | $ | 1,870 | $ | 1,580 | ||||
Computer equipment and software | 8,886 | 6,559 | ||||||
Furniture and fixtures | 1,826 | 1,510 | ||||||
Leasehold improvements | 4,732 | 4,713 | ||||||
17,314 | 14,362 | |||||||
Accumulated depreciation | (6,786 | ) | (4,466 | ) | ||||
Property and equipment, net | $ | 10,528 | $ | 9,896 | ||||
We recorded depreciation expense of $1.1 million and $0.4 million for the three months ended December 31, 2013 and December 31, 2012, respectively, and $2.2 million and $1.0 million for the nine months ended December 31, 2013 and December 31, 2012, respectively. Additionally, during the nine months ended December 31, 2012, we wrote-off leasehold improvements with a remaining net book value of less than $0.1 million due to the relocation of our corporate offices. |
Goodwill
Goodwill | 9 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Goodwill [Abstract] | ' | |||||||||||
Goodwill | ' | |||||||||||
Goodwill | ||||||||||||
A reconciliation of the activity affecting goodwill by operating segment is as follows: | ||||||||||||
(In thousands) | OTC | Household | Consolidated | |||||||||
Healthcare | Cleaning | |||||||||||
Balance — March 31, 2013 | $ | 160,157 | $ | 7,389 | $ | 167,546 | ||||||
Additions | 23,122 | — | 23,122 | |||||||||
Effects of foreign currency exchange rates | (713 | ) | — | (713 | ) | |||||||
Balance — December 31, 2013 | $ | 182,566 | $ | 7,389 | $ | 189,955 | ||||||
As discussed in Note 2, on July 1, 2013, we completed the acquisition of Care Pharma. In connection with this acquisition, we recorded goodwill of $23.1 million based on the amount by which the purchase price exceeded the preliminary fair value of the net assets acquired. | ||||||||||||
Under accounting guidelines, goodwill is not amortized, but must be tested for impairment annually, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below the carrying amount. | ||||||||||||
On an annual basis, during the fourth fiscal quarter of each year, or more frequently if conditions indicate that the carrying value of the asset may not be recovered, management performs a review of the values assigned to goodwill and tests for impairment. | ||||||||||||
At March 31, 2013, during our annual test for goodwill impairment, there were no indicators of impairment under the analysis. Accordingly, no impairment charge was recorded in 2013. As of December 31, 2013, there have been no triggering events that would indicate potential impairment. | ||||||||||||
The discounted cash flow methodology is a widely-accepted valuation technique to estimate fair value utilized by market participants in the transaction evaluation process and has been applied consistently. We also considered our market capitalization at March 31, 2013, as compared to the aggregate fair values of our reporting units, to assess the reasonableness of our estimates pursuant to the discounted cash flow methodology. The estimates and assumptions made in assessing the fair value of our reporting units and the valuation of the underlying assets and liabilities are inherently subject to significant uncertainties. Consequently, changing rates of interest and inflation, declining sales or margins, increases in competition, changing consumer preferences, technical advances, or reductions in advertising and promotion may require an impairment charge to be recorded in the future. |
Intangible_Assets
Intangible Assets | 9 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Intangible Assets [Abstract] | ' | |||||||||||||||
Intangible Assets | ' | |||||||||||||||
Intangible Assets | ||||||||||||||||
A reconciliation of the activity affecting intangible assets is as follows: | ||||||||||||||||
(In thousands) | Indefinite | Finite Lived | Non Compete | Totals | ||||||||||||
Lived | Trademarks | Agreement | ||||||||||||||
Trademarks | ||||||||||||||||
Gross Carrying Amounts | ||||||||||||||||
Balance — March 31, 2013 | $ | 1,243,718 | $ | 203,066 | $ | 158 | $ | 1,446,942 | ||||||||
Additions | 29,845 | 1,657 | — | 31,502 | ||||||||||||
Reductions | — | — | (158 | ) | (158 | ) | ||||||||||
Effects of foreign currency exchange rates | (919 | ) | (51 | ) | — | (970 | ) | |||||||||
Balance — December 31, 2013 | $ | 1,272,644 | $ | 204,672 | $ | — | $ | 1,477,316 | ||||||||
Accumulated Amortization | ||||||||||||||||
Balance — March 31, 2013 | $ | — | $ | 73,544 | $ | 158 | $ | 73,702 | ||||||||
Additions | — | 8,019 | — | 8,019 | ||||||||||||
Reductions | — | — | (158 | ) | (158 | ) | ||||||||||
Effects of foreign currency exchange rates | — | (2 | ) | — | (2 | ) | ||||||||||
Balance — December 31, 2013 | $ | — | $ | 81,561 | $ | — | $ | 81,561 | ||||||||
Intangible assets, net - December 31, 2013 | $ | 1,272,644 | $ | 123,111 | $ | — | $ | 1,395,755 | ||||||||
As discussed in Note 2, on July 1, 2013, we completed the acquisition of Care Pharma. In connection with this acquisition, we allocated $31.5 million to intangible assets based on our preliminary analysis. | ||||||||||||||||
Under accounting guidelines, indefinite-lived assets are not amortized, but must be tested for impairment annually, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the asset below the carrying amount. Additionally, at each reporting period an evaluation must be made to determine whether events and circumstances continue to support an indefinite useful life. Intangible assets with finite lives are amortized over their respective estimated useful lives and must also be tested for impairment annually or whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable and exceeds its fair value. | ||||||||||||||||
On an annual basis during the fourth fiscal quarter of each year, or more frequently if conditions indicate that the carrying value of the asset may not be recovered, management performs a review of both the values and, if applicable, useful lives assigned to intangible assets and tests for impairment. | ||||||||||||||||
In a manner similar to goodwill, we completed our annual test for impairment of our indefinite-lived intangible assets during the three months ended March 31, 2013. We did not record an impairment charge, as facts and circumstances indicated that the fair values of the intangible assets for our brands exceeded their carrying values. Additionally, for the indefinite-lived intangible assets, an evaluation of the facts and circumstances as of December 31, 2013 continues to support an indefinite useful life for these assets. Therefore, no impairment charge was recorded for the nine months ended December 31, 2013. | ||||||||||||||||
The weighted average remaining life for finite-lived intangible assets at December 31, 2013 was approximately 13.8 years and the amortization expense for the three and nine months ended December 31, 2013 was $2.6 million and $8.0 million, respectively. At December 31, 2013, finite-lived intangible assets are being amortized over a period of 3 to 30 years, and the associated amortization expense is expected to be as follows: | ||||||||||||||||
(In thousands) | ||||||||||||||||
Year Ending March 31, | Amount | |||||||||||||||
2014 (Remaining three months ending March 31, 2014) | $ | 2,235 | ||||||||||||||
2015 | 8,949 | |||||||||||||||
2016 | 8,949 | |||||||||||||||
2017 | 8,949 | |||||||||||||||
2018 | 8,949 | |||||||||||||||
Thereafter | 85,080 | |||||||||||||||
$ | 123,111 | |||||||||||||||
Other_Accrued_Liabilities
Other Accrued Liabilities | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Other Accrued Liabilities | ' | |||||||
Other Accrued Liabilities | ||||||||
Other accrued liabilities consist of the following: | ||||||||
(In thousands) | December 31, | March 31, | ||||||
2013 | 2013 | |||||||
Accrued marketing costs | $ | 11,845 | $ | 17,187 | ||||
Accrued compensation costs | 5,378 | 8,847 | ||||||
Accrued broker commissions | 941 | 1,028 | ||||||
Income taxes payable | — | 493 | ||||||
Accrued professional fees | 3,794 | 1,846 | ||||||
Deferred rent | 1,254 | 1,268 | ||||||
Accrued lease termination costs | 180 | 729 | ||||||
Other accrued liabilities | 53 | — | ||||||
$ | 23,445 | $ | 31,398 | |||||
LongTerm_Debt
Long-Term Debt | 9 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
Long-Term Debt | |||||||||
2010 Senior Notes: | |||||||||
On March 24, 2010, Prestige Brands, Inc. (the "Borrower") issued $150.0 million of senior unsecured notes, with an interest rate of 8.25% and a maturity date of April 1, 2018 (the "2010 Senior Notes"). On November 1, 2010, the Borrower issued an additional $100.0 million of the 2010 Senior Notes. The Borrower may earlier redeem some or all of the 2010 Senior Notes at redemption prices set forth in the indenture governing the 2010 Senior Notes. The 2010 Senior Notes issued in March and November 2010 were issued at an aggregate face value of $150.0 million and $100.0 million, respectively, with a discount to the initial purchasers of $2.2 million and a premium of $0.3 million, respectively, and net proceeds to the Company of $147.8 million and $100.3 million, respectively, yielding an 8.5% effective interest rate for the 2010 Senior Notes on a combined basis. The 2010 Senior Notes are unconditionally guaranteed by Prestige Brands Holdings, Inc. and its domestic 100% owned subsidiaries, other than the Borrower. Each of these guarantees is joint and several. There are no significant restrictions on the ability of any of the guarantors to obtain funds from their subsidiaries or to make payments to the Borrower or the Company. On December 17, 2013, we offered to redeem the 2010 Senior Notes at a premium of 6.33%, of which $201.7 million were redeemed on such date. The remaining $48.3 million were redeemed on January 16, 2014, which is included in our current liabilities as of December 31, 2013. As a result, during the quarter ended December 31, 2013, we recorded a $15.0 million loss on the early extinguishment of debt relating to the $201.7 million 2010 Senior Notes redeemed and will record an additional loss of approximately $3.3 million on the remaining $48.3 million tendered on January 16, 2014. This loss consists of premium payments of $12.8 million, write-off of deferred financing costs of $1.7 million, and write-off of debt discount of $0.5 million. | |||||||||
2012 Senior Notes: | |||||||||
On January 31, 2012, the Borrower issued $250.0 million of senior unsecured notes at par value, with an interest rate of 8.125% and a maturity date of February 1, 2020 (the "2012 Senior Notes"). The Borrower may earlier redeem some or all of the 2012 Senior Notes at redemption prices set forth in the indenture governing the 2012 Senior Notes. The 2012 Senior Notes are guaranteed by Prestige Brands Holdings, Inc. and certain of its domestic 100% owned subsidiaries. Each of these guarantees is joint and several. There are no significant restrictions on the ability of any of the guarantors to obtain funds from their subsidiaries or to make payments to the Borrower or the Company. In connection with the 2012 Senior Notes offering, we incurred $12.6 million of costs, which were capitalized as deferred financing costs and are being amortized over the term of the 2012 Senior Notes. | |||||||||
2012 Term Loan and 2012 ABL Revolver: | |||||||||
On January 31, 2012, the Borrower also entered into a new senior secured credit facility, which consists of (i) a $660.0 million term loan facility (the “2012 Term Loan”) with a seven-year maturity and (ii) a $50.0 million asset-based revolving credit facility (the “2012 ABL Revolver”) with a five-year maturity. In September 2012, we utilized a portion of our accordion feature to increase the amount of our borrowing capacity under the 2012 ABL Revolver by $25.0 million to $75.0 million, and in June 2013, we further increased the amount of our borrowing capacity under the 2012 ABL Revolver by $20.0 million to $95.0 million and also reduced our borrowing rate on the 2012 ABL Revolver by 0.25%. The 2012 Term Loan was issued with an original issue discount of 1.5% of the principal amount thereof, resulting in net proceeds to the Company of $650.1 million. In connection with these loan facilities, we incurred $20.6 million of costs, which were capitalized as deferred financing costs and are being amortized over the terms of the facilities. The 2012 Term Loan is unconditionally guaranteed by Prestige Brands Holdings, Inc. and certain of its domestic 100% owned subsidiaries, other than the Borrower. Each of these guarantees is joint and several. There are no significant restrictions on the ability of any of the guarantors to obtain funds from their subsidiaries or to make payments to the Borrower or the Company. | |||||||||
On February 21, 2013, the Borrower entered into Amendment No. 1 (the "Amendment") to the 2012 Term Loan. The Amendment provides for the refinancing of all of the Borrower's existing Term B Loans with new Term B-1 Loans. The interest rate on the Term B-1 Loans is based, at the Borrower's option, on a LIBOR rate plus a margin of 2.75% per annum, with a LIBOR floor of 1.00%, or an alternate base rate plus a margin. The new Term B-1 Loans will mature on the same date as the Term B Loans' original maturity date. In addition, the Amendment provides the Borrower with certain additional capacity to prepay subordinated debt, the 2012 Senior Notes and certain other unsecured indebtedness permitted to be incurred under the credit agreement governing the 2012 Term Loan and 2012 ABL Revolver. In connection with the Amendment, during the fourth quarter ended March 31, 2013, we recognized a $1.4 million loss on the extinguishment of debt. | |||||||||
During the three months ended December 31, 2012, as a result of our significant debt repayments, we accelerated a portion of the deferred financing costs and original issue discount related to our 2012 Term Loan. As a result, during the three months ended December 31, 2012, we recorded a $7.7 million pre-tax charge to interest expense related to this non-cash acceleration. Of the $7.7 million, $3.0 million relates to the prior three quarters. Had the timing of the accelerated amortization been properly recorded, pre-tax earnings for the three and nine months ended December 31, 2012 would have been higher by $3.0 million ($1.9 million after tax, or $0.03 per diluted share) and $1.1 million ($0.7 million after tax or $0.01 per diluted share), respectively; pre-tax earnings in the first and second quarters of 2013 would have been lower by $1.2 million ($0.7 million after tax or $0.02 per diluted share) and $0.7 million ($0.5 million after tax, or $0.01 per diluted share), respectively; and pre-tax earnings in the fourth quarter of 2012 and the year ended March 31, 2012 would have been lower by $1.1 million ($0.7 million after tax, or $0.01 per diluted share). We do not believe the amounts were material to the consolidated financial statements for any prior period and the cumulative amount is not material to the estimated results of operations for the year ended March 31, 2013. Furthermore, the adjustments had no impact to our cash flows from operations or total cash flows. | |||||||||
The 2012 Term Loan, as amended, bears interest at a rate per annum equal to an applicable margin plus, at our option, either (i) a base rate determined by reference to the highest of (a) the Federal Funds rate plus 0.50%, (b) the prime rate of Citibank, N.A., (c) the LIBOR rate determined by reference to the cost of funds for U.S. dollar deposits for an interest period of one month, adjusted for certain additional costs, plus 1.00% and (d) a floor of 2.00% or (ii) a LIBOR rate determined by reference to the costs of funds for U.S. dollar deposits for the interest period relevant to such borrowing, adjusted for certain additional costs, provided that LIBOR shall not be lower than 1.00%. For the nine months ended December 31, 2013, the average interest rate on the 2012 Term Loan was 4.0%. | |||||||||
Under the 2012 Term Loan, we were originally required to make quarterly payments each equal to 0.25% of the original principal amount of the 2012 Term Loan, with the balance expected to be due on the seventh anniversary of the closing date. However, since we have previously made significant optional payments that exceeded all of our required quarterly payments, we will not be required to make a payment until the maturity date of January 31, 2019. | |||||||||
Borrowings under the 2012 ABL Revolver, as amended, bear interest at a rate per annum equal to an applicable margin, plus, at our option, either (i) a base rate determined by reference to the highest of (a) the Federal Funds rate plus 0.50%, (b) the prime rate of Citibank, N.A., (c) the LIBOR rate determined by reference to the cost of funds for U.S. dollar deposits for an interest period of one month, adjusted for certain additional costs, plus 1.00% or (ii) a LIBOR rate determined by reference to the costs of funds for U.S. dollar deposits for the interest period relevant to such borrowing, adjusted for certain additional costs. The initial applicable margin for borrowings under the 2012 ABL Revolver is 1.75% with respect to LIBOR borrowings and 0.75% with respect to base-rate borrowings. The applicable margin for borrowings under the 2012 ABL Revolver may be increased to 2.00% or 2.25% for LIBOR borrowings and 1.00% or 1.25% for base-rate borrowings, depending on average excess availability under the 2012 ABL Revolver during the prior fiscal quarter. In addition to paying interest on outstanding principal under the 2012 ABL Revolver, we are required to pay a commitment fee to the lenders under the 2012 ABL Revolver in respect of the unutilized commitments thereunder. The initial commitment fee rate is 0.50% per annum. The commitment fee rate will be reduced to 0.375% per annum at any time when the average daily unused commitments for the prior quarter is less than a percentage of total commitments in an amount set forth in the credit agreement covering the 2012 ABL Revolver. We may voluntarily repay outstanding loans under the 2012 ABL Revolver at any time without a premium or penalty. For the nine months ended December 31, 2013, the average interest rate on the amounts borrowed under the 2012 ABL Revolver was 2.0%. | |||||||||
We used the net proceeds from the 2012 Senior Notes offering, together with borrowings under the 2012 Term Loan, to finance the acquisition of the 17 North American OTC healthcare brands from GSK (the "GSK Brands"), to repay the balance of our then outstanding credit facility, to pay fees and expenses incurred in connection with these transactions and for general corporate purposes. | |||||||||
2013 Senior Notes: | |||||||||
On December 17, 2013, the Borrower issued $400.0 million of senior unsecured notes, with an interest rate of 5.375% and a maturity date of December 15, 2021 (the "2013 Senior Notes"). The Borrower may redeem some or all of the 2013 Senior Notes at redemption prices set forth in the indenture governing the 2013 Senior Notes. The 2013 Senior notes are guaranteed by Prestige Brands Holdings, Inc. and certain of its 100% domestic owned subsidiaries. Each of these guarantees is joint and several. There are no significant restrictions on the ability of any of the guarantors to obtain funds from their subsidiaries or to make payments to the Borrower or the Company. In connection with the 2013 Senior Notes offering, we incurred $6.7 million of costs, which were capitalized as deferred financing costs and are being amortized over the term of the 2013 Senior Notes. | |||||||||
Guarantees and Subordination: | |||||||||
The 2010 Senior Notes, which have been redeemed, are secured on a pari passu basis with the 2012 Term Loan and are guaranteed on a senior secured basis. The 2012 Senior Notes and the 2013 Senior Notes are senior unsecured obligations of the Company and are guaranteed on a senior unsecured basis. The 2010 Senior Notes are effectively junior in right of payment to all existing and future secured obligations of the Company, equal in right of payment with all existing and future senior unsecured indebtedness of the Company, and senior in right of payment to all future subordinated debt of the Company. The 2012 Senior Notes and the 2013 Senior Notes are effectively subordinated to secured obligations of the Company, including the 2012 Term Loan and the 2012 ABL Revolver and the 2010 Senior Notes, equal in right of payment to all existing and future unsecured obligations of the Company, and senior in right of payment to all existing and future subordinated obligations of the Company. | |||||||||
At any time prior to February 1, 2016, we may redeem the 2012 Senior Notes in whole or in part at a redemption price equal to 100% of the principal amount of the notes redeemed, plus a "make-whole premium" calculated as set forth in the indenture governing the 2012 Senior Notes, together with accrued and unpaid interest, if any, to the date of redemption. On or after February 1, 2016, we may redeem the 2012 Senior Notes in whole or in part at redemption prices set forth in the indenture governing the 2012 Senior Notes. In addition, at any time prior to February 1, 2015, we may redeem up to 35% of the aggregate principal amount of the 2012 Senior Notes at a redemption price equal to 108.125% of the principal amount, plus accrued and unpaid interest, if any, to the redemption date, with the net cash proceeds of certain equity offerings, provided that certain conditions are met. Subject to certain limitations, in the event of a change of control, as defined in the indenture governing the 2012 Senior Notes, the Borrower will be required to make an offer to purchase the 2012 Senior Notes at a price equal to 101% of the aggregate principal amount of the 2012 Senior Notes repurchased, plus accrued and unpaid interest, if any, to the date of repurchase. | |||||||||
At any time prior to December 15, 2016, we may redeem the 2013 Senior Notes in whole or in part at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest, if any, on the 2013 Senior Notes plus an applicable "make-whole premium". On or after December 15, 2016, we may redeem some or all of the 2013 Senior Notes at redemption prices set forth in the indenture governing the 2013 Senior Notes. In addition, at any time prior to December 15, 2016, we may redeem up to 35% of the aggregate principal amount of the 2013 Senior Notes at a redemption price equal to 105.375% of the principal amount thereof plus accrued and unpaid interest to the redemption date, with the net cash proceeds of certain equity offerings, provided that certain conditions are met. | |||||||||
The indentures governing the 2010 Senior Notes, the 2012 Senior Notes and the 2013 Senior Notes contain provisions that restrict us from undertaking specified corporate actions, such as asset dispositions, acquisitions, dividend payments, repurchases of common shares outstanding, changes of control, incurrences of indebtedness, issuance of equity, creation of liens, making of loans and transactions with affiliates. Additionally, the credit agreement with respect to the 2012 Term Loan and the 2012 ABL Revolver and the indentures governing the 2012 Senior Notes and the 2013 Senior Notes contain cross-default provisions, whereby a default pursuant to the terms and conditions of certain indebtedness will cause a default on the remaining indebtedness under the credit agreement and the indentures governing the 2012 Senior Notes and the 2013 Senior Notes. At December 31, 2013, we were in compliance with the covenants under our long-term indebtedness. | |||||||||
At December 31, 2013, we had an aggregate of $24.1 million of unamortized debt issuance costs and $3.5 million of unamortized debt discount. The total of which is comprised of $0.5 million related to the 2010 Senior Notes, $10.4 million related to the 2012 Senior Notes, $6.6 million related to the 2013 Senior Notes, $8.7 million related to the 2012 Term Loan, and $1.4 million related to the 2012 ABL Revolver. | |||||||||
During the nine months ended December 31, 2013, we borrowed a net amount of $4.5 million against the 2012 ABL Revolver. | |||||||||
Long-term debt consists of the following, as of the dates indicated: | |||||||||
(In thousands, except percentages) | December 31, | March 31, | |||||||
2013 | 2013 | ||||||||
2013 Senior Notes bearing interest at 5.375%, with interest payable on June 15 and December 15 of each year, commencing June 15, 2014. The 2013 Senior Notes mature on December 15, 2021. | $ | 400,000 | $ | — | |||||
2012 Senior Notes bearing interest at 8.125%, with interest payable on February 1 and August 1 of each year. The 2012 Senior Notes mature on February 1, 2020. | 250,000 | 250,000 | |||||||
2012 Term Loan bearing interest at the Company's option at either a base rate plus applicable margin with a floor of 2.00% or LIBOR with a floor of 1.00%, due on January 31, 2019. | 297,500 | 445,000 | |||||||
2012 ABL Revolver bearing interest at the Company's option at either a base rate plus applicable margin or LIBOR plus applicable margin. Any unpaid balance is due on January 31, 2017. | 37,500 | 33,000 | |||||||
2010 Senior Notes bearing interest at 8.25%, with interest payable on April 1 and October 1 of each year. The 2010 Senior Notes mature on April 1, 2018. | 48,290 | 250,000 | |||||||
1,033,290 | 978,000 | ||||||||
Current portion of long-term debt | 48,290 | — | |||||||
985,000 | 978,000 | ||||||||
Less: unamortized discount | (3,489 | ) | (7,100 | ) | |||||
Long-term debt, net of unamortized discount | $ | 981,511 | $ | 970,900 | |||||
As of December 31, 2013, aggregate future principal payments required in accordance with the terms of the 2012 Term Loan, the 2012 ABL Revolver and the indentures governing the 2013 Senior Notes, the 2012 Senior Notes, and the 2010 Senior Notes are as follows: | |||||||||
(In thousands) | |||||||||
Year Ending March 31, | Amount | ||||||||
2014 (remaining three months ending March 31, 2014) | $ | 48,290 | |||||||
2015 | — | ||||||||
2016 | — | ||||||||
2017 | 37,500 | ||||||||
2018 | — | ||||||||
Thereafter | 947,500 | ||||||||
$ | 1,033,290 | ||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended |
Dec. 31, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Measurements | ' |
Fair Value Measurements | |
For certain of our financial instruments, including cash, accounts receivable, accounts payable and other current liabilities, the carrying amounts approximate their respective fair values due to the relatively short maturity of these amounts. | |
The Fair Value Measurements and Disclosures topic of the FASB ASC requires fair value to be determined based on the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market assuming an orderly transaction between market participants. The Fair Value Measurements and Disclosures topic established market (observable inputs) as the preferred source of fair value, to be followed by the Company's assumptions of fair value based on hypothetical transactions (unobservable inputs) in the absence of observable market inputs. Based upon the above, the following fair value hierarchy was created: | |
Level 1 - Quoted market prices for identical instruments in active markets; | |
Level 2 - Quoted prices for similar instruments in active markets, as well as quoted prices for identical or similar instruments in markets that are not considered active; and | |
Level 3 - Unobservable inputs developed by the Company using estimates and assumptions reflective of those that would be utilized by a market participant. | |
The market values have been determined based on market values for similar instruments adjusted for certain factors. As such, the 2012 Term Loan, the 2013 Senior Notes, the 2012 Senior Notes, the 2010 Senior Notes and the 2012 ABL Revolver are measured in Level 2 of the above hierarchy. At December 31, 2013 and March 31, 2013, we did not have any assets or liabilities measured in Level 1 or 3. During any of the periods presented, there were no transfers of assets or liabilities between Levels 1, 2 and 3. | |
At December 31, 2013 the carrying value and market value of our 2013 Senior Notes was $400.0 million and $403.0 million, respectively. | |
At December 31, 2013 and March 31, 2013, the carrying value of our 2012 Senior Notes was $250.0 million. The market value of our 2012 Senior Notes was $279.1 million and $281.9 million at December 31, 2013 and March 31, 2013, respectively. | |
At December 31, 2013 and March 31, 2013, the carrying value of the 2012 Term Loan was $297.5 million and $445.0 million, respectively. The market value of the 2012 Term Loan was $299.0 million and $451.1 million at December 31, 2013 and March 31, 2013, respectively. | |
At December 31, 2013 and March 31, 2013, the carrying value of our 2010 Senior Notes was $48.3 million and $250.0 million, respectively. The market value of our 2010 Senior Notes was $51.1 million and $271.9 million at December 31, 2013 and March 31, 2013, respectively. | |
At December 31, 2013, the carrying value and market value of the 2012 ABL Revolver was $37.5 million. At March 31, 2013, the carrying value and market value of the 2012 ABL Revolver was $33.0 million. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended |
Dec. 31, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity | ' |
Stockholders' Equity | |
The Company is authorized to issue 250.0 million shares of common stock, $0.01 par value per share, and 5.0 million shares of preferred stock, $0.01 par value per share. The Board of Directors may direct the issuance of the undesignated preferred stock in one or more series and determine preferences, privileges and restrictions thereof. | |
Each share of common stock has the right to one vote on all matters submitted to a vote of stockholders. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the Board of Directors, subject to prior rights of holders of all classes of stock outstanding having priority rights as to dividends. No dividends have been declared or paid on the Company's common stock through December 31, 2013. | |
Pursuant to the provisions of various employee restricted stock awards, we repurchased 2,549 shares and 13,275 shares of restricted common stock from our employees during the three and nine months ended December 31, 2013, respectively. During the three and nine months ended December 31, 2012, we did not repurchase any shares of restricted common stock from our employees pursuant to the provisions of the various employee restricted stock awards. The repurchases during the nine months ended December 31, 2013 were at an average price of $27.81. All of the repurchased shares have been recorded as treasury stock. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||
Accumulated Other Comprehensive Loss | ' | |||||||
Accumulated Other Comprehensive Loss | ||||||||
The table below presents accumulated other comprehensive loss (“AOCI”), which is comprised of various items that affect equity and results from recognized transactions and other economic events, other than transactions with owners in their capacity as owners. As discussed in Note 1 above, ASU 2013-02 did not have a significant impact on our financial statements. | ||||||||
AOCI consisted of the following at December 31, 2013 and March 31, 2013: | ||||||||
December 31, | March 31, | |||||||
(In thousands) | 2013 | 2013 | ||||||
Components of Accumulated Other Comprehensive Loss | ||||||||
Cumulative translation adjustment | $ | (1,675 | ) | $ | (104 | ) | ||
Total accumulated other comprehensive loss, net of tax | $ | (1,675 | ) | $ | (104 | ) |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
Earnings Per Share | |||||||||||||||||
Basic earnings per share is computed based on the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed based on the weighted-average number of shares of common stock outstanding plus the effect of potentially dilutive common shares outstanding during the period using the treasury stock method, which includes stock options, restricted stock awards, and restricted stock units. The following table sets forth the computation of basic and diluted earnings per share: | |||||||||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||||
(In thousands, except per share data) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator | |||||||||||||||||
Net income | $ | 3,130 | $ | 12,257 | $ | 56,614 | $ | 46,156 | |||||||||
Denominator | |||||||||||||||||
Denominator for basic earnings per share — weighted average shares outstanding | 51,806 | 50,686 | 51,498 | 50,465 | |||||||||||||
Dilutive effect of unvested restricted common stock (including restricted stock units) and options issued to employees and directors | 639 | 837 | 738 | 820 | |||||||||||||
Denominator for diluted earnings per share | 52,445 | 51,523 | 52,236 | 51,285 | |||||||||||||
Earnings per Common Share: | |||||||||||||||||
Basic net earnings per share | $ | 0.06 | $ | 0.24 | $ | 1.1 | $ | 0.91 | |||||||||
Diluted net earnings per share | $ | 0.06 | $ | 0.24 | $ | 1.08 | $ | 0.9 | |||||||||
For the three months ended December 31, 2013 and 2012, there were 0.2 million and less than 0.1 million shares, respectively, attributable to outstanding stock-based awards that were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For the nine months ended December 31, 2013 and 2012, there were 0.2 million and less than 0.1 million shares, respectively, attributable to outstanding stock-based awards that were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. |
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Share-based Compensation | ' | |||||||||||||
Share-Based Compensation | ||||||||||||||
In connection with our initial public offering, the Board of Directors adopted the 2005 Long-Term Equity Incentive Plan (the “Plan”), which provides for the grant of up to a maximum of 5.0 million shares of restricted stock, stock options, restricted stock units and other equity-based awards. Directors, officers and other employees of the Company and its subsidiaries, as well as others performing services for the Company, are eligible for grants under the Plan. | ||||||||||||||
During the three months and nine months ended December 31, 2013, pre-tax share-based compensation costs charged against income were $1.3 million and $3.8 million, respectively, and the related income tax benefit recognized was $0.4 million and $1.1 million, respectively. During the three and nine months ended December 31, 2012, pre-tax share-based compensation costs charged against income were $1.0 million and $3.0 million, respectively, and the related income tax benefit recognized was $0.3 million and $0.9 million, respectively. | ||||||||||||||
Restricted Shares and Restricted Stock Units | ||||||||||||||
Restricted shares and restricted stock units granted to employees under the Plan generally vest in three to five years, primarily upon the attainment of certain time vesting thresholds, and may also be contingent on the attainment of certain performance goals by the Company, including revenue and earnings before income taxes, depreciation and amortization targets. The restricted share and restricted stock unit awards provide for accelerated vesting if there is a change of control, as defined in the Plan. The restricted stock units granted to employees generally vest in their entirety on the three-year anniversary of the date of the grant. Termination of employment prior to vesting will result in forfeiture of the restricted stock units. The restricted stock units granted to directors will vest in their entirety one year after the date of grant so long as the membership on the Board of Directors continues through the vesting date, with the settlement in common stock to occur on the earliest of the director's death, disability or six month anniversary of the date on which the director's Board membership ceases for reasons other than death or disability. Upon vesting, the units will be settled in shares of our common stock. | ||||||||||||||
On May 14, 2013, the Compensation Committee of our Board of Directors granted 113,637 restricted stock units to certain executive officers and employees under the Plan. Of those grants, 55,637 restricted stock units vest in their entirety on the three-year anniversary of the date of grant, and 58,000 restricted stock units vest 33.3% per year over three years. On November 5, 2013, the Compensation Committee of our Board of Directors granted 6,000 restricted stock units to certain employees under the Plan, which will vest 33.3% per year over three years. On July 29, 2013, the Compensation Committee of the Board of Directors granted 7,004 restricted stock units to the independent members of the Board of Directors under the Plan. | ||||||||||||||
The fair value of the restricted stock units is determined using the closing price of our common stock on the day of grant. The weighted-average grant-date fair value of restricted stock units granted during the nine months ended December 31, 2013 and 2012 was $30.19 and $13.59, respectively. | ||||||||||||||
A summary of the Company's restricted shares and restricted stock units granted under the Plan is presented below: | ||||||||||||||
Weighted- | ||||||||||||||
Shares | Average | |||||||||||||
(in thousands) | Grant-Date | |||||||||||||
Restricted Shares and Restricted Stock Units | Fair Value | |||||||||||||
Nine months ended December 31, 2012: | ||||||||||||||
Outstanding at March 31, 2012 | 363.4 | $ | 9.92 | |||||||||||
Granted | 128.9 | 13.59 | ||||||||||||
Vested and issued | (27.0 | ) | 7.16 | |||||||||||
Forfeited | (12.3 | ) | 10.69 | |||||||||||
Outstanding at December 31, 2012 | 453 | 11.11 | ||||||||||||
Vested at December 31, 2012 | 70.4 | 8.52 | ||||||||||||
Nine months ended December 31, 2013: | ||||||||||||||
Outstanding at March 31, 2013 | 421.3 | $ | 11.01 | |||||||||||
Granted | 126.6 | 30.19 | ||||||||||||
Vested and issued | (59.7 | ) | 8.42 | |||||||||||
Forfeited | (5.6 | ) | 15.11 | |||||||||||
Outstanding at December 31, 2013 | 482.6 | 16.32 | ||||||||||||
Vested at December 31, 2013 | 83.1 | 9.63 | ||||||||||||
Options | ||||||||||||||
The Plan provides that the exercise price of options granted shall be no less than the fair market value of the Company's common stock on the date the options are granted. Options granted have a term of no greater than ten years from the date of grant and vest in accordance with a schedule determined at the time the option is granted, generally three to five years. The option awards provide for accelerated vesting if there is a change in control, as defined in the Plan. | ||||||||||||||
The fair value of each option award is estimated on the date of grant using the Black-Scholes Option Pricing Model that uses the assumptions noted in the table below. Expected volatilities are based on the historical volatility of our common stock and other factors, including the historical volatilities of comparable companies. We use appropriate historical data, as well as current data, to estimate option exercise and employee termination behaviors. Employees that are expected to exhibit similar exercise or termination behaviors are grouped together for the purposes of valuation. The expected terms of the options granted are derived from management's estimates and consideration of information derived from the public filings of companies similar to us and represent the period of time that options granted are expected to be outstanding. The risk-free rate represents the yield on U.S. Treasury bonds with a maturity equal to the expected term of the granted option. On May 14, 2013, the Compensation Committee of our Board of Directors granted stock options to acquire 227,672 shares of our common stock to certain executive officers and employees under the Plan. The stock options will vest 33.3% per year over three years and are exercisable for up to ten years from the date of grant. These stock options were granted at an exercise price of $29.94 per share, which is equal to the closing price for our common stock on the day of the grant. Termination of employment prior to vesting will result in forfeiture of the unvested stock options. Vested stock options will remain exercisable by the employee after termination, subject to the terms of the Plan. | ||||||||||||||
The weighted-average grant-date fair value of the options granted during the nine months ended December 31, 2013 and 2012 was $13.94 and $6.03, respectively. | ||||||||||||||
Nine Months Ended December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Expected volatility | 48 | % | 44 | % | ||||||||||
Expected dividends | $ | — | $ | — | ||||||||||
Expected term in years | 6 | 6.5 | ||||||||||||
Risk-free rate | 1.3 | % | 1.2 | % | ||||||||||
A summary of option activity under the Plan is as follows: | ||||||||||||||
Weighted- | Weighted- | Aggregate | ||||||||||||
Average | Average | Intrinsic | ||||||||||||
Shares | Exercise | Remaining | Value | |||||||||||
(in thousands) | Price | Contractual | (in thousands) | |||||||||||
Options | Term | |||||||||||||
Nine months ended December 31, 2012: | ||||||||||||||
Outstanding at March 31, 2012 | 1,745.40 | $ | 8.44 | |||||||||||
Granted | 444.9 | 13.36 | ||||||||||||
Exercised | (708.5 | ) | 7.71 | |||||||||||
Forfeited or expired | (17.4 | ) | 11.21 | |||||||||||
Outstanding at December 31, 2012 | 1,464.40 | 10.26 | 7.7 | $ | 11,330 | |||||||||
Exercisable at December 31, 2012 | 332.4 | 9.99 | 6.8 | 2,248 | ||||||||||
Nine months ended December 31, 2013: | ||||||||||||||
Outstanding at March 31, 2013 | 1,386.40 | $ | 10.43 | |||||||||||
Granted | 227.7 | 29.94 | ||||||||||||
Exercised | (589.9 | ) | 9.73 | |||||||||||
Forfeited or expired | (14.2 | ) | 14.56 | |||||||||||
Outstanding at December 31, 2013 | 1,010.00 | 15.18 | 7.6 | $ | 20,828 | |||||||||
Exercisable at December 31, 2013 | 172.1 | 11.34 | 6.8 | 4,210 | ||||||||||
The aggregate intrinsic value of options exercised in the nine months ended December 31, 2013 was $13.7 million. The aggregate intrinsic value for options granted during the nine months ended December 31, 2013 was $1.3 million. | ||||||||||||||
At December 31, 2013, there were $5.0 million of unrecognized compensation costs related to nonvested share-based compensation arrangements under the Plan, based on management's estimate of the shares that will ultimately vest. We expect to recognize such costs over a weighted-average period of 0.9 years. The total fair value of options and restricted shares vested during the nine months ended December 31, 2013 and 2012 was $3.2 million and $2.1 million, respectively. For the nine months ended December 31, 2013 and 2012, cash received from the exercise of stock options was $5.7 million and $5.4 million, respectively, and we realized $1.7 million and $9.3 million, respectively, in tax benefits for the tax deductions resulting from these option exercises. At December 31, 2013, there were 1.6 million shares available for issuance under the Plan. |
Income_Taxes
Income Taxes | 9 Months Ended |
Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
Income taxes are recorded in our quarterly financial statements based on our estimated annual effective income tax rate, subject to adjustments for discrete events, should they occur. The effective tax rate used in the calculation of income taxes was 25.2% and 38.9% for the three months ended December 31, 2013 and December 31, 2012, respectively. The effective tax rate used in the calculation of income taxes was 24.6% and 38.9% for the nine months ended December 31, 2013 and December 31, 2012, respectively. The decrease in the effective tax rate for the three months ended December 31, 2013 was primarily due to the impact of lower state income tax rates on the lower profitability of the Company due primarily to the loss on debt extinguishment. The decrease in the effective tax rate for the nine months ended December 31, 2013 was primarily due to a one-time benefit of $0.4 million and $8.9 million, respectively, to adjust our current and deferred tax balances for lower state income taxes. This benefit was primarily related to a recent law change in the state where we have our major distribution center to tax earnings attributed to in-state revenues only. | |
At December 31, 2013, a wholly-owned subsidiary had a net operating loss carryforward of approximately $1.0 million, which may be used to offset future taxable income of the consolidated group and which begins to expire in 2020. The net operating loss carryforward is subject to an annual limitation as to usage of approximately $0.2 million pursuant to Internal Revenue Code Section 382. | |
We experienced a net increase of $0.2 million in our uncertain tax liability during the nine months ended December 31, 2013. Therefore, the balance in our uncertain tax liability was $1.2 million and $1.0 million at December 31, 2013 and March 31, 2013, respectively. We recognize interest and penalties related to uncertain tax positions as a component of income tax expense. We did not incur any material interest or penalties related to income taxes in any of the periods presented. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||
Commitments and Contingencies | ' | ||||||||||||
Commitments and Contingencies | |||||||||||||
We are involved from time to time in legal matters and other claims incidental to our business. We review outstanding claims and proceedings internally and with external counsel as necessary to assess the probability and amount of a potential loss. These assessments are re-evaluated at each reporting period and as new information becomes available to determine whether a reserve should be established or if any existing reserve should be adjusted. The actual cost of resolving a claim or proceeding ultimately may be substantially different than the amount of the recorded reserve. In addition, because it is not permissible under GAAP to establish a litigation reserve until the loss is both probable and estimable, in some cases there may be insufficient time to establish a reserve prior to the actual incurrence of the loss (upon verdict and judgment at trial, for example, or in the case of a quickly negotiated settlement). We believe the resolution of routine legal matters and other claims incidental to our business, taking our reserves into account, will not have a material adverse effect on our business, financial condition or results from operations. | |||||||||||||
Lease Commitments | |||||||||||||
We have operating leases for office facilities and equipment in New York and Wyoming, which expire at various dates through 2018. Due to the acquisition of the GSK Brands, we required additional office space and entered into a 5.5 year lease for a new office facility in New York, which began in the third quarter of fiscal 2013. In May 2012, we also entered into a three year lease for an office in Rogers, Arkansas. These amounts have been included in the schedule below. | |||||||||||||
The following summarizes future minimum lease payments for our operating leases as of December 31, 2013: | |||||||||||||
(In thousands) | |||||||||||||
Year Ending March 31, | Facilities | Equipment | Total | ||||||||||
2014 (Remaining three months ending March 31, 2014) | $ | 459 | $ | 35 | $ | 494 | |||||||
2015 | 1,049 | 136 | 1,185 | ||||||||||
2016 | 994 | 135 | 1,129 | ||||||||||
2017 | 1,023 | 68 | 1,091 | ||||||||||
2018 | 1,044 | — | 1,044 | ||||||||||
Thereafter | — | — | — | ||||||||||
$ | 4,569 | $ | 374 | $ | 4,943 | ||||||||
Rent expense for each of the three months ended December 31, 2013 and 2012 was $0.4 million and $0.3 million, respectively, while rent expense for each of the nine months ended December 31, 2013 and 2012 was $1.2 million and $0.9 million, respectively. | |||||||||||||
Purchase Commitments | |||||||||||||
Effective November 1, 2009, we entered into a ten year supply agreement for the exclusive manufacture of a portion of one of our Household Cleaning products. Although we are committed under the supply agreement to pay the minimum amounts set forth in the table below, the total commitment is less than 10% of the estimated purchases that we expect to make during the course of the agreement. | |||||||||||||
(In thousands) | |||||||||||||
Year Ending March 31, | Amount | ||||||||||||
2014 (Remaining three months ending March 31, 2014) | $ | 281 | |||||||||||
2015 | 1,105 | ||||||||||||
2016 | 1,074 | ||||||||||||
2017 | 1,044 | ||||||||||||
2018 | 1,013 | ||||||||||||
Thereafter | 1,542 | ||||||||||||
$ | 6,059 | ||||||||||||
Concentrations_of_Risk
Concentrations of Risk | 9 Months Ended |
Dec. 31, 2013 | |
Risks and Uncertainties [Abstract] | ' |
Concentrations of Risk | ' |
Concentrations of Risk | |
Our revenues are concentrated in the areas of OTC Healthcare and Household Cleaning products. We sell our products to mass merchandisers, food and drug stores, and dollar and club stores. During the three and nine months ended December 31, 2013, approximately 41.1% and 41.7%, respectively, of our total revenues were derived from our five top selling brands. During the three and nine months ended December 31, 2012, approximately 40.3% and 40.7%, respectively, of our total revenues were derived from our five top selling brands. One customer, Walmart, accounted for more than 10% of our gross revenues for each of the periods presented. Walmart accounted for approximately 20.4% and 19.7%, respectively, of our gross revenues for the three and nine months ended December 31, 2013, and approximately 21.5% and 21.3%, respectively, of our gross revenues for the three and nine months ended December 31, 2012. At December 31, 2013, approximately 20.2% of accounts receivable were owed by the same customer. | |
We manage product distribution in the continental United States through a third-party distribution center in St. Louis, Missouri. A serious disruption, such as a flood or fire, to the main distribution center could damage our inventories and could materially impair our ability to distribute our products to customers in a timely manner or at a reasonable cost. We could incur significantly higher costs and experience longer lead times associated with the distribution of our products to our customers during the time that it takes us to reopen or replace our distribution center. As a result, any such disruption could have a material adverse effect on our business, sales and profitability. | |
At December 31, 2013, we had relationships with 58 third-party manufacturers pertaining to our domestic operations. Of those, we had long-term contracts with 21 manufacturers that produced items that accounted for approximately 86.3% of gross sales for the nine months ended December 31, 2013. At December 31, 2012, we had relationships with 62 third-party manufacturers. Of those, we had long-term contracts with 24 manufacturers that produced items that accounted for approximately 77.1% of gross sales for the nine months ended December 31, 2012. The fact that we do not have long-term contracts with certain manufacturers means they could cease manufacturing our products at any time and for any reason or initiate arbitrary and costly price increases, which could have a material adverse effect on our business, financial condition and results from operations. |
Business_Segments
Business Segments | 9 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Business Segments | ' | |||||||||||||||||||||||
Business Segments | ||||||||||||||||||||||||
Segment information has been prepared in accordance with the Segment Reporting topic of the FASB ASC 280. Our current operating and reportable segments consist of (i) OTC Healthcare and (ii) Household Cleaning. There were no inter-segment sales or transfers during any of the periods presented. We evaluate the performance of our operating segments and allocate resources to them based primarily on contribution margin. | ||||||||||||||||||||||||
The tables below summarize information about our operating and reportable segments. | ||||||||||||||||||||||||
Three Months Ended December 31, 2013 | Nine Months Ended December 31, 2013 | |||||||||||||||||||||||
(In thousands) | OTC | Household | Consolidated | OTC | Household | Consolidated | ||||||||||||||||||
Healthcare | Cleaning | Healthcare | Cleaning | |||||||||||||||||||||
Net sales | $ | 125,448 | $ | 19,606 | $ | 145,054 | $ | 390,670 | $ | 63,489 | $ | 454,159 | ||||||||||||
Other revenues | 150 | 1,008 | 1,158 | 462 | 3,004 | 3,466 | ||||||||||||||||||
Total revenues | 125,598 | 20,614 | 146,212 | 391,132 | 66,493 | 457,625 | ||||||||||||||||||
Cost of sales | 49,042 | 15,361 | 64,403 | 149,378 | 48,236 | 197,614 | ||||||||||||||||||
Gross profit | 76,556 | 5,253 | 81,809 | 241,754 | 18,257 | 260,011 | ||||||||||||||||||
Advertising and promotion | 24,830 | 740 | 25,570 | 68,375 | 2,379 | 70,754 | ||||||||||||||||||
Contribution margin | $ | 51,726 | $ | 4,513 | 56,239 | $ | 173,379 | $ | 15,878 | 189,257 | ||||||||||||||
Other operating expenses | 15,781 | 45,596 | ||||||||||||||||||||||
Operating income | 40,458 | 143,661 | ||||||||||||||||||||||
Other expense | 36,272 | 68,616 | ||||||||||||||||||||||
Income before income taxes | 4,186 | 75,045 | ||||||||||||||||||||||
Provision for income taxes | 1,056 | 18,431 | ||||||||||||||||||||||
Net income | $ | 3,130 | $ | 56,614 | ||||||||||||||||||||
Three Months Ended December 31, 2012 | Nine Months Ended December 31, 2012 | |||||||||||||||||||||||
(In thousands) | OTC | Household | Consolidated | OTC | Household | Consolidated | ||||||||||||||||||
Healthcare | Cleaning | Healthcare | Cleaning | |||||||||||||||||||||
Net sales | $ | 138,858 | $ | 20,634 | $ | 159,492 | $ | 402,633 | $ | 64,102 | $ | 466,735 | ||||||||||||
Other revenues | 175 | 565 | 740 | 520 | 1,829 | 2,349 | ||||||||||||||||||
Total revenues | 139,033 | 21,199 | 160,232 | 403,153 | 65,931 | 469,084 | ||||||||||||||||||
Cost of sales | 59,381 | 15,854 | 75,235 | 160,249 | 49,689 | 209,938 | ||||||||||||||||||
Gross profit | 79,652 | 5,345 | 84,997 | 242,904 | 16,242 | 259,146 | ||||||||||||||||||
Advertising and promotion | 22,410 | 1,128 | 23,538 | 62,309 | 5,062 | 67,371 | ||||||||||||||||||
Contribution margin | $ | 57,242 | $ | 4,217 | 61,459 | $ | 180,595 | $ | 11,180 | 191,775 | ||||||||||||||
Other operating expenses | 14,737 | 50,064 | ||||||||||||||||||||||
Operating income | 46,722 | 141,711 | ||||||||||||||||||||||
Other expense | 26,661 | 66,169 | ||||||||||||||||||||||
Income before income taxes | 20,061 | 75,542 | ||||||||||||||||||||||
Provision for income taxes | 7,804 | 29,386 | ||||||||||||||||||||||
Net income | $ | 12,257 | $ | 46,156 | ||||||||||||||||||||
The table below summarizes information about our revenues from similar product groups. | ||||||||||||||||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Analgesics | $ | 25,903 | $ | 27,946 | $ | 84,634 | $ | 81,727 | ||||||||||||||||
Cough & Cold | 34,330 | 37,424 | 89,548 | 94,197 | ||||||||||||||||||||
Gastrointestinal | 20,190 | 24,977 | 64,841 | 74,510 | ||||||||||||||||||||
Eye & Ear Care | 19,400 | 19,702 | 63,519 | 63,109 | ||||||||||||||||||||
Dermatologicals | 9,797 | 11,496 | 40,223 | 41,578 | ||||||||||||||||||||
Oral Care | 11,408 | 12,953 | 35,845 | 36,032 | ||||||||||||||||||||
Other OTC | 4,570 | 4,535 | 12,522 | 12,000 | ||||||||||||||||||||
Total OTC Healthcare Segment | 125,598 | 139,033 | 391,132 | 403,153 | ||||||||||||||||||||
Household Cleaning Segment | 20,614 | 21,199 | 66,493 | 65,931 | ||||||||||||||||||||
Consolidated Total Revenues | $ | 146,212 | $ | 160,232 | $ | 457,625 | $ | 469,084 | ||||||||||||||||
During the three and nine months ended December 31, 2013, approximately 85.7% and 87.2%, respectively, of our sales were made to customers in the United States, while during the three and nine months ended December 31, 2012, approximately 89.1% and 89.9% , respectively, of our sales were made to customers in the United States. Other than the United States, no individual geographical area accounted for more than 10% of net sales in any of the periods presented. During the three and nine months ended December 31, 2013, sales to Canada accounted for approximately 8.3% and 7.8%, respectively, of our total revenues, while during the three and nine months ended December 31, 2012 approximately 8.1% and 7.5%, respectively, of our total revenue was attributable to sales to Canada. | ||||||||||||||||||||||||
At December 31, 2013, substantially all of our long-term assets were located in the United States and have been allocated to the operating segments as follows: | ||||||||||||||||||||||||
(In thousands) | OTC | Household | Consolidated | |||||||||||||||||||||
Healthcare | Cleaning | |||||||||||||||||||||||
Goodwill | $ | 182,566 | $ | 7,389 | $ | 189,955 | ||||||||||||||||||
Intangible assets | ||||||||||||||||||||||||
Indefinite-lived | 1,152,824 | 119,820 | 1,272,644 | |||||||||||||||||||||
Finite-lived | 96,508 | 26,603 | 123,111 | |||||||||||||||||||||
1,249,332 | 146,423 | 1,395,755 | ||||||||||||||||||||||
$ | 1,431,898 | $ | 153,812 | $ | 1,585,710 | |||||||||||||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Statements | 9 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||||||||||||
Condensed Consolidating Financial Statements | ' | ||||||||||||||||||||||||
Condensed Consolidating Financial Statements | |||||||||||||||||||||||||
As described in Note 10, Prestige Brands Holdings, Inc., together with certain of our 100% owned subsidiaries, have fully and unconditionally guaranteed, on a joint and several basis, the obligations of Prestige Brands, Inc. (a 100% owned subsidiary of the Company) set forth in the indentures governing the 2013 Senior Notes, 2012 Senior Notes and the 2010 Senior Notes, including, without limitation, the obligation to pay principal and interest with respect to the 2013 Senior Notes, 2012 Senior Notes and the 2010 Senior Notes. The 100% owned subsidiaries of the Company that have guaranteed the 2013 Senior Notes, 2012 Senior Notes and the 2010 Senior Notes are as follows: Prestige Services Corp., Prestige Brands Holdings, Inc. (a Virginia corporation), Prestige Brands International, Inc., Medtech Holdings, Inc., Medtech Products Inc., The Cutex Company, The Spic and Span Company, and Blacksmith Brands, Inc. (collectively, the "Subsidiary Guarantors"). A significant portion of our operating income and cash flow is generated by our subsidiaries. As a result, funds necessary to meet Prestige Brands, Inc.'s debt service obligations are provided in part by distributions or advances from our subsidiaries. Under certain circumstances, contractual and legal restrictions, as well as the financial condition and operating requirements of our subsidiaries, could limit Prestige Brands, Inc.'s ability to obtain cash from our subsidiaries for the purpose of meeting our debt service obligations, including the payment of principal and interest on the 2013 Senior Notes, 2012 Senior Notes and the 2010 Senior Notes. Although holders of the 2013 Senior Notes, 2012 Senior Notes and the 2010 Senior Notes will be direct creditors of the guarantors of the 2013 Senior Notes, 2012 Senior Notes and the 2010 Senior Notes by virtue of the guarantees, we have indirect subsidiaries located primarily in the United Kingdom, the Netherlands and Australia (collectively, the "Non-Guarantor Subsidiaries") that have not guaranteed the 2013 Senior Notes, 2012 Senior Notes or the 2010 Senior Notes, and such subsidiaries will not be obligated with respect to the 2013 Senior Notes, 2012 Senior Notes or the 2010 Senior Notes. As a result, the claims of creditors of the Non-Guarantor Subsidiaries will effectively have priority with respect to the assets and earnings of such companies over the claims of the holders of the 2013 Senior Notes, 2012 Senior Notes and the 2010 Senior Notes. | |||||||||||||||||||||||||
Presented below are supplemental Condensed Consolidating Balance Sheets as of December 31, 2013 and March 31, 2013, Condensed Consolidating Income and Comprehensive Income Statements for the three and nine months ended December 31, 2013 and 2012, and Condensed Consolidating Statements of Cash Flows for the nine months ended December 31, 2013 and 2012. Such consolidating information includes separate columns for: | |||||||||||||||||||||||||
a) Prestige Brands Holdings, Inc., the parent, | |||||||||||||||||||||||||
b) Prestige Brands, Inc., the issuer, | |||||||||||||||||||||||||
c) Combined Subsidiary Guarantors, | |||||||||||||||||||||||||
d) Combined Non-Guarantor Subsidiaries, and | |||||||||||||||||||||||||
e) Elimination entries necessary to consolidate the Company and all of its subsidiaries. | |||||||||||||||||||||||||
The Condensed Consolidating Financial Statements are presented using the equity method of accounting for investments in our 100% owned subsidiaries. Under the equity method, the investments in subsidiaries are recorded at cost and adjusted for our share of the subsidiaries' cumulative results of operations, capital contributions, distributions and other equity changes. The elimination entries principally eliminate investments in subsidiaries and intercompany balances and transactions. The financial information in this note should be read in conjunction with the Consolidated Financial Statements presented and other notes related thereto contained in this Quarterly Report on Form 10-Q. | |||||||||||||||||||||||||
In the third quarter of fiscal 2014, the Company determined that it had incorrectly recorded certain intercompany transactions relating to the second quarter of fiscal 2014. This resulted in an understatement of equity in earnings of subsidiaries for Prestige Brands, Inc. (the "Issuer") of $48.1 million, an overstatement of $0.6 million for Prestige Brands Holdings, Inc. (the "Parent")and a net understatement of equity in earnings of subsidiaries for the eliminations of $47.5 million for each of the three and six month periods ended September 30, 2013. These items also resulted in corresponding adjustments to the Investments in subsidiaries on the balance sheet as of September 30, 2013 and adjustments to net income (loss) and equity in income of subsidiaries in the statement of cash flows, although net cash provided by operating activities for the six months ended September 30, 2013 remained unchanged. Revisions were also made to increase the cumulative translation adjustment of the Issuer and subsidiary guarantors by approximately $1 million each, with corresponding adjustments to the Investment in subsidiaries and stockholders' equity balances. | |||||||||||||||||||||||||
The Company assessed the materiality of these items on the previously issued interim financial statements in accordance with SEC Staff Accounting Bulletin No. 99 and No. 108, and concluded that the revisions were not material to the consolidated financial statements. The Company will disclose the impact of the revisions on previously reported amounts and accordingly revised the Condensed Consolidating Financial Statements for comparative periods in its future filings. There were no changes to any of the Company's Consolidated Financial Statements. | |||||||||||||||||||||||||
Condensed Consolidating Statements of Income and Comprehensive Income | |||||||||||||||||||||||||
Three Months Ended December 31, 2013 | |||||||||||||||||||||||||
(In thousands) | Prestige | Prestige | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||||
Brands | Brands, | Subsidiary | Non- | ||||||||||||||||||||||
Holdings, | Inc., | Guarantors | Guarantor | ||||||||||||||||||||||
Inc. | the issuer | Subsidiaries | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Net sales | $ | — | $ | 25,689 | $ | 113,685 | $ | 7,502 | $ | (1,822 | ) | $ | 145,054 | ||||||||||||
Other revenues | — | 75 | 1,160 | 10 | (87 | ) | 1,158 | ||||||||||||||||||
Total revenues | — | 25,764 | 114,845 | 7,512 | (1,909 | ) | 146,212 | ||||||||||||||||||
Cost of Sales | |||||||||||||||||||||||||
Cost of sales (exclusive of depreciation shown below) | — | 9,361 | 53,750 | 2,325 | (1,033 | ) | 64,403 | ||||||||||||||||||
Gross profit | — | 16,403 | 61,095 | 5,187 | (876 | ) | 81,809 | ||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||
Advertising and promotion | — | 2,066 | 21,359 | 2,145 | — | 25,570 | |||||||||||||||||||
General and administrative | 165 | 2,132 | 8,967 | 873 | — | 12,137 | |||||||||||||||||||
Depreciation and amortization | 983 | 149 | 2,440 | 72 | — | 3,644 | |||||||||||||||||||
Total operating expenses | 1,148 | 4,347 | 32,766 | 3,090 | — | 41,351 | |||||||||||||||||||
Operating income (loss) | (1,148 | ) | 12,056 | 28,329 | 2,097 | (876 | ) | 40,458 | |||||||||||||||||
Other (income) expense | |||||||||||||||||||||||||
Interest (income) | (12,305 | ) | (14,437 | ) | (731 | ) | (6 | ) | 27,463 | (16 | ) | ||||||||||||||
Interest expense | 8,671 | 21,276 | 18,061 | 731 | (27,463 | ) | 21,276 | ||||||||||||||||||
Loss on extinguishment of debt | — | 15,012 | — | — | — | 15,012 | |||||||||||||||||||
Equity in (income) loss of subsidiaries | (1,148 | ) | (6,845 | ) | (999 | ) | — | 8,992 | — | ||||||||||||||||
Total other (income) expense | (4,782 | ) | 15,006 | 16,331 | 725 | 8,992 | 36,272 | ||||||||||||||||||
Income before income taxes | 3,634 | (2,950 | ) | 11,998 | 1,372 | (9,868 | ) | 4,186 | |||||||||||||||||
Provision (benefit) for income taxes | 504 | (2,541 | ) | 2,720 | 373 | — | 1,056 | ||||||||||||||||||
Net income (loss) | $ | 3,130 | $ | (409 | ) | $ | 9,278 | $ | 999 | $ | (9,868 | ) | $ | 3,130 | |||||||||||
Comprehensive income, net of tax: | |||||||||||||||||||||||||
Currency translation adjustments | (2,694 | ) | (2,694 | ) | (2,694 | ) | (2,694 | ) | 8,082 | (2,694 | ) | ||||||||||||||
Total other comprehensive income (loss) | (2,694 | ) | (2,694 | ) | (2,694 | ) | (2,694 | ) | 8,082 | (2,694 | ) | ||||||||||||||
Comprehensive income (loss) | $ | 436 | $ | (3,103 | ) | $ | 6,584 | $ | (1,695 | ) | $ | (1,786 | ) | $ | 436 | ||||||||||
Condensed Consolidating Statements of Income and Comprehensive Income | |||||||||||||||||||||||||
Nine Months Ended December 31, 2013 | |||||||||||||||||||||||||
(In thousands) | Prestige | Prestige | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||||
Brands | Brands, | Subsidiary | Non- | ||||||||||||||||||||||
Holdings, | Inc., | Guarantors | Guarantor | ||||||||||||||||||||||
Inc. | the issuer | Subsidiaries | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Net sales | $ | — | $ | 75,339 | $ | 364,468 | $ | 16,174 | $ | (1,822 | ) | $ | 454,159 | ||||||||||||
Other revenues | — | 210 | 3,454 | 1,112 | (1,310 | ) | 3,466 | ||||||||||||||||||
Total revenues | — | 75,549 | 367,922 | 17,286 | (3,132 | ) | 457,625 | ||||||||||||||||||
Cost of Sales | |||||||||||||||||||||||||
Cost of sales (exclusive of depreciation shown below) | — | 28,157 | 165,252 | 6,461 | (2,256 | ) | 197,614 | ||||||||||||||||||
Gross profit | — | 47,392 | 202,670 | 10,825 | (876 | ) | 260,011 | ||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||
Advertising and promotion | — | 9,254 | 57,751 | 3,749 | — | 70,754 | |||||||||||||||||||
General and administrative | 2,555 | 5,256 | 25,782 | 1,797 | — | 35,390 | |||||||||||||||||||
Depreciation and amortization | 2,017 | 434 | 7,625 | 130 | — | 10,206 | |||||||||||||||||||
Total operating expenses | 4,572 | 14,944 | 91,158 | 5,676 | — | 116,350 | |||||||||||||||||||
Operating income (loss) | (4,572 | ) | 32,448 | 111,512 | 5,149 | (876 | ) | 143,661 | |||||||||||||||||
Other (income) expense | |||||||||||||||||||||||||
Interest (income) | (37,296 | ) | (42,765 | ) | (1,441 | ) | (30 | ) | 81,488 | (44 | ) | ||||||||||||||
Interest expense | 25,965 | 53,648 | 54,082 | 1,441 | (81,488 | ) | 53,648 | ||||||||||||||||||
Loss on extinguishment of debt | — | 15,012 | — | — | — | 15,012 | |||||||||||||||||||
Equity in (income) loss of subsidiaries | (51,347 | ) | (41,997 | ) | (2,867 | ) | — | 96,211 | — | ||||||||||||||||
Total other (income) expense | (62,678 | ) | (16,102 | ) | 49,774 | 1,411 | 96,211 | 68,616 | |||||||||||||||||
Income before income taxes | 58,106 | 48,550 | 61,738 | 3,738 | (97,087 | ) | 75,045 | ||||||||||||||||||
Provision (benefit) for income taxes | 1,492 | 1,609 | 14,459 | 871 | — | 18,431 | |||||||||||||||||||
Net income (loss) | $ | 56,614 | $ | 46,941 | $ | 47,279 | $ | 2,867 | $ | (97,087 | ) | $ | 56,614 | ||||||||||||
Comprehensive income, net of tax: | |||||||||||||||||||||||||
Currency translation adjustments | (1,571 | ) | (1,571 | ) | (1,571 | ) | (1,571 | ) | 4,713 | (1,571 | ) | ||||||||||||||
Total other comprehensive income (loss) | (1,571 | ) | (1,571 | ) | (1,571 | ) | (1,571 | ) | 4,713 | (1,571 | ) | ||||||||||||||
Comprehensive income (loss) | $ | 55,043 | $ | 45,370 | $ | 45,708 | $ | 1,296 | $ | (92,374 | ) | $ | 55,043 | ||||||||||||
Condensed Consolidating Statements of Income and Comprehensive Income | |||||||||||||||||||||||||
Three Months Ended December 31, 2012 | |||||||||||||||||||||||||
(In thousands) | Prestige | Prestige | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||||
Brands | Brands, | Subsidiary | Non- | ||||||||||||||||||||||
Holdings, | Inc., | Guarantors | Guarantor | ||||||||||||||||||||||
Inc. | the issuer | Subsidiaries | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Net sales | $ | — | $ | 25,345 | $ | 132,881 | $ | 1,266 | $ | — | $ | 159,492 | |||||||||||||
Other revenues | — | 79 | 724 | 276 | (339 | ) | 740 | ||||||||||||||||||
Total revenues | — | 25,424 | 133,605 | 1,542 | (339 | ) | 160,232 | ||||||||||||||||||
Cost of Sales | |||||||||||||||||||||||||
Cost of sales (exclusive of depreciation shown below) | — | 9,877 | 65,172 | 525 | (339 | ) | 75,235 | ||||||||||||||||||
Gross profit | — | 15,547 | 68,433 | 1,017 | — | 84,997 | |||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||
Advertising and promotion | — | 3,032 | 19,997 | 509 | — | 23,538 | |||||||||||||||||||
General and administrative | 952 | 1,585 | 8,734 | 107 | — | 11,378 | |||||||||||||||||||
Depreciation and amortization | 549 | 140 | 2,658 | 12 | — | 3,359 | |||||||||||||||||||
Total operating expenses | 1,501 | 4,757 | 31,389 | 628 | — | 38,275 | |||||||||||||||||||
Operating income (loss) | (1,501 | ) | 10,790 | 37,044 | 389 | — | 46,722 | ||||||||||||||||||
Other (income) expense | |||||||||||||||||||||||||
Interest (income) | 33 | (41,552 | ) | 162 | (62 | ) | 41,415 | (4 | ) | ||||||||||||||||
Interest expense | 8,735 | 35,394 | 23,951 | — | (41,415 | ) | 26,665 | ||||||||||||||||||
Equity in (income) loss of subsidiaries | (18,531 | ) | (8,407 | ) | (393 | ) | — | 27,331 | — | ||||||||||||||||
Total other (income) expense | (9,763 | ) | (14,565 | ) | 23,720 | (62 | ) | 27,331 | 26,661 | ||||||||||||||||
Income before income taxes | 8,262 | 25,355 | 13,324 | 451 | (27,331 | ) | 20,061 | ||||||||||||||||||
Provision (benefit) for income taxes | (3,995 | ) | 6,593 | 5,030 | 176 | — | 7,804 | ||||||||||||||||||
Net income | $ | 12,257 | $ | 18,762 | $ | 8,294 | $ | 275 | $ | (27,331 | ) | $ | 12,257 | ||||||||||||
Comprehensive income, net of tax: | |||||||||||||||||||||||||
Currency translation adjustments | (1 | ) | (1 | ) | (1 | ) | (1 | ) | 3 | (1 | ) | ||||||||||||||
Total other comprehensive income | (1 | ) | (1 | ) | (1 | ) | (1 | ) | 3 | (1 | ) | ||||||||||||||
Comprehensive income | $ | 12,256 | $ | 18,761 | $ | 8,293 | $ | 274 | $ | (27,328 | ) | $ | 12,256 | ||||||||||||
Condensed Consolidating Statements of Income and Comprehensive Income | |||||||||||||||||||||||||
Nine Months Ended December 31, 2012 | |||||||||||||||||||||||||
(In thousands) | Prestige | Prestige | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||||
Brands | Brands, | Subsidiary | Non- | ||||||||||||||||||||||
Holdings, | Inc., | Guarantors | Guarantor | ||||||||||||||||||||||
Inc. | the issuer | Subsidiaries | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Net sales | $ | — | $ | 75,294 | $ | 387,815 | $ | 3,626 | $ | — | $ | 466,735 | |||||||||||||
Other revenues | — | 220 | 2,310 | 1,270 | (1,451 | ) | 2,349 | ||||||||||||||||||
Total revenues | — | 75,514 | 390,125 | 4,896 | (1,451 | ) | 469,084 | ||||||||||||||||||
Cost of Sales | |||||||||||||||||||||||||
Cost of sales (exclusive of depreciation shown below) | — | 28,493 | 181,382 | 1,514 | (1,451 | ) | 209,938 | ||||||||||||||||||
Gross profit | — | 47,021 | 208,743 | 3,382 | — | 259,146 | |||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||
Advertising and promotion | — | 8,917 | 57,326 | 1,128 | — | 67,371 | |||||||||||||||||||
General and administrative | 3,676 | 5,020 | 30,802 | 616 | — | 40,114 | |||||||||||||||||||
Depreciation and amortization | 818 | 420 | 8,667 | 45 | — | 9,950 | |||||||||||||||||||
Total operating expenses | 4,494 | 14,357 | 96,795 | 1,789 | — | 117,435 | |||||||||||||||||||
Operating income (loss) | (4,494 | ) | 32,664 | 111,948 | 1,593 | — | 141,711 | ||||||||||||||||||
Other (income) expense | |||||||||||||||||||||||||
Interest (income) | (24,337 | ) | (63,573 | ) | 162 | (163 | ) | 87,902 | (9 | ) | |||||||||||||||
Interest expense | 26,147 | 92,320 | 35,613 | — | (87,902 | ) | 66,178 | ||||||||||||||||||
Equity in (income) loss of subsidiaries | (50,008 | ) | (49,280 | ) | (1,306 | ) | — | 100,594 | — | ||||||||||||||||
Total other (income) expense | (48,198 | ) | (20,533 | ) | 34,469 | (163 | ) | 100,594 | 66,169 | ||||||||||||||||
Income before income taxes | 43,704 | 53,197 | 77,479 | 1,756 | (100,594 | ) | 75,542 | ||||||||||||||||||
Provision (benefit) for income taxes | (2,452 | ) | 1,524 | 29,631 | 683 | — | 29,386 | ||||||||||||||||||
Net income | $ | 46,156 | $ | 51,673 | $ | 47,848 | $ | 1,073 | $ | (100,594 | ) | $ | 46,156 | ||||||||||||
Comprehensive income, net of tax: | |||||||||||||||||||||||||
Currency translation adjustments | 23 | 23 | 23 | 23 | (69 | ) | 23 | ||||||||||||||||||
Total other comprehensive income | 23 | 23 | 23 | 23 | (69 | ) | 23 | ||||||||||||||||||
Comprehensive income | $ | 46,179 | $ | 51,696 | $ | 47,871 | $ | 1,096 | $ | (100,663 | ) | $ | 46,179 | ||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(In thousands) | Prestige | Prestige | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||||
Brands | Brands, | Subsidiary | Non- | ||||||||||||||||||||||
Holdings, | Inc., | Guarantors | Guarantor | ||||||||||||||||||||||
Inc. | the issuer | Subsidiaries | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 90,647 | $ | — | $ | — | $ | 3,706 | $ | — | $ | 94,353 | |||||||||||||
Accounts receivable, net | 127 | 14,349 | 47,631 | 4,081 | — | 66,188 | |||||||||||||||||||
Inventories | — | 14,660 | 46,020 | 4,994 | (876 | ) | 64,798 | ||||||||||||||||||
Deferred income tax assets | 251 | 917 | 5,668 | — | — | 6,836 | |||||||||||||||||||
Prepaid expenses and other current assets | 8,148 | 66 | 3,313 | 799 | — | 12,326 | |||||||||||||||||||
Total current assets | 99,173 | 29,992 | 102,632 | 13,580 | (876 | ) | 244,501 | ||||||||||||||||||
Property and equipment, net | 9,905 | 125 | 229 | 269 | — | 10,528 | |||||||||||||||||||
Goodwill | — | 66,007 | 101,540 | 22,408 | — | 189,955 | |||||||||||||||||||
Intangible assets, net | — | 192,995 | 1,172,004 | 30,756 | — | 1,395,755 | |||||||||||||||||||
Other long-term assets | — | 24,107 | — | — | — | 24,107 | |||||||||||||||||||
Intercompany receivable | 596,369 | 1,919,068 | 588,046 | 9,501 | (3,112,984 | ) | — | ||||||||||||||||||
Investment in subsidiary | 1,536,312 | 735,694 | 8,259 | — | (2,280,265 | ) | — | ||||||||||||||||||
Total Assets | $ | 2,241,759 | $ | 2,967,988 | $ | 1,972,710 | $ | 76,514 | $ | (5,394,125 | ) | $ | 1,864,846 | ||||||||||||
Liabilities and Stockholders' Equity | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 48,290 | $ | — | $ | — | $ | — | $ | 48,290 | |||||||||||||
Accounts payable | 3,063 | 11,641 | 34,320 | 2,523 | — | 51,547 | |||||||||||||||||||
Accrued interest payable | — | 10,781 | — | — | — | 10,781 | |||||||||||||||||||
Other accrued liabilities | 6,144 | 3,299 | 10,249 | 3,753 | — | 23,445 | |||||||||||||||||||
Total current liabilities | 9,207 | 74,011 | 44,569 | 6,276 | — | 134,063 | |||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||
Principal amount | — | 985,000 | — | — | — | 985,000 | |||||||||||||||||||
Less unamortized discount | — | (3,489 | ) | — | — | — | (3,489 | ) | |||||||||||||||||
Long-term debt, net of unamortized discount | — | 981,511 | — | — | — | 981,511 | |||||||||||||||||||
Deferred income tax liabilities | — | 55,316 | 149,652 | 68 | — | 205,036 | |||||||||||||||||||
Long term liabilities | — | — | — | 302 | — | 302 | |||||||||||||||||||
Intercompany payable | 1,688,618 | 394,359 | 992,745 | 37,262 | (3,112,984 | ) | — | ||||||||||||||||||
Total Liabilities | 1,697,825 | 1,505,197 | 1,186,966 | 43,908 | (3,112,984 | ) | 1,320,912 | ||||||||||||||||||
Stockholders' Equity | |||||||||||||||||||||||||
Preferred share rights | 283 | — | — | — | — | 283 | |||||||||||||||||||
Common stock | 520 | — | — | — | — | 520 | |||||||||||||||||||
Additional paid-in capital | 412,910 | 1,337,706 | 658,799 | 23,815 | (2,020,320 | ) | 412,910 | ||||||||||||||||||
Treasury stock, at cost - 194 shares | (965 | ) | — | — | — | — | (965 | ) | |||||||||||||||||
Accumulated other comprehensive income, net of tax | (1,675 | ) | (1,675 | ) | (1,675 | ) | (1,675 | ) | 5,025 | (1,675 | ) | ||||||||||||||
Retained earnings (accumulated deficit) | 132,861 | 126,760 | 128,620 | 10,466 | (265,846 | ) | 132,861 | ||||||||||||||||||
Total Stockholders' Equity | 543,934 | 1,462,791 | 785,744 | 32,606 | (2,281,141 | ) | 543,934 | ||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 2,241,759 | $ | 2,967,988 | $ | 1,972,710 | $ | 76,514 | $ | (5,394,125 | ) | $ | 1,864,846 | ||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||
(In thousands) | Prestige | Prestige | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||||
Brands | Brands, | Subsidiary | Non- | ||||||||||||||||||||||
Holdings, | Inc., | Guarantors | Guarantor | ||||||||||||||||||||||
Inc. | the issuer | Subsidiaries | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 14,720 | $ | — | $ | — | $ | 950 | $ | — | $ | 15,670 | |||||||||||||
Accounts receivable, net | 21 | 13,875 | 58,345 | 812 | — | 73,053 | |||||||||||||||||||
Inventories | — | 11,164 | 48,474 | 563 | — | 60,201 | |||||||||||||||||||
Deferred income tax assets | 218 | 855 | 5,276 | — | — | 6,349 | |||||||||||||||||||
Prepaid expenses and other current assets | 4,942 | 93 | 3,609 | 256 | — | 8,900 | |||||||||||||||||||
Total current assets | 19,901 | 25,987 | 115,704 | 2,581 | — | 164,173 | |||||||||||||||||||
Property and equipment, net | 9,609 | 34 | 253 | — | — | 9,896 | |||||||||||||||||||
Goodwill | — | 66,007 | 101,539 | — | — | 167,546 | |||||||||||||||||||
Intangible assets, net | — | 193,396 | 1,179,524 | 320 | — | 1,373,240 | |||||||||||||||||||
Other long-term assets | — | 24,944 | — | — | — | 24,944 | |||||||||||||||||||
Intercompany receivable | 653,049 | 1,911,573 | 415,587 | 7,316 | (2,987,525 | ) | — | ||||||||||||||||||
Investment in subsidiary | 1,429,775 | 638,611 | 7,067 | — | (2,075,453 | ) | — | ||||||||||||||||||
Total Assets | $ | 2,112,334 | $ | 2,860,552 | $ | 1,819,674 | $ | 10,217 | $ | (5,062,978 | ) | $ | 1,739,799 | ||||||||||||
Liabilities and Stockholders' Equity | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Accounts payable | $ | 2,601 | $ | 10,600 | $ | 37,695 | $ | 480 | $ | — | $ | 51,376 | |||||||||||||
Accrued interest payable | — | 13,894 | — | — | — | 13,894 | |||||||||||||||||||
Other accrued liabilities | 12,694 | 1,684 | 16,107 | 913 | — | 31,398 | |||||||||||||||||||
Total current liabilities | 15,295 | 26,178 | 53,802 | 1,393 | — | 96,668 | |||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||
Principal amount | — | 978,000 | — | — | — | 978,000 | |||||||||||||||||||
Less unamortized discount | — | (7,100 | ) | — | — | — | (7,100 | ) | |||||||||||||||||
Long-term debt, net of unamortized discount | — | 970,900 | — | — | — | 970,900 | |||||||||||||||||||
Deferred income tax liabilities | — | 55,291 | 138,924 | 73 | — | 194,288 | |||||||||||||||||||
Intercompany payable | 1,619,096 | 447,419 | 920,865 | 145 | (2,987,525 | ) | — | ||||||||||||||||||
Total Liabilities | 1,634,391 | 1,499,788 | 1,113,591 | 1,611 | (2,987,525 | ) | 1,261,856 | ||||||||||||||||||
Stockholders' Equity | |||||||||||||||||||||||||
Preferred share rights | 283 | — | — | — | — | 283 | |||||||||||||||||||
Common stock | 513 | — | — | — | — | 513 | |||||||||||||||||||
Additional paid-in capital | 401,691 | 1,280,945 | 624,742 | 1,111 | (1,906,798 | ) | 401,691 | ||||||||||||||||||
Treasury stock, at cost - 181 shares | (687 | ) | — | — | — | — | (687 | ) | |||||||||||||||||
Accumulated other comprehensive loss, net of tax | (104 | ) | — | — | (104 | ) | 104 | (104 | ) | ||||||||||||||||
Retained earnings (accumulated deficit) | 76,247 | 79,819 | 81,341 | 7,599 | (168,759 | ) | 76,247 | ||||||||||||||||||
Total Stockholders' Equity | 477,943 | 1,360,764 | 706,083 | 8,606 | (2,075,453 | ) | 477,943 | ||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 2,112,334 | $ | 2,860,552 | $ | 1,819,674 | $ | 10,217 | $ | (5,062,978 | ) | $ | 1,739,799 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||
Nine Months Ended December 31, 2013 | |||||||||||||||||||||||||
(In thousands) | Prestige | Prestige | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||||
Brands | Brands, | Subsidiary | Non- | ||||||||||||||||||||||
Holdings, | Inc., | Guarantors | Guarantor | ||||||||||||||||||||||
Inc. | the issuer | Subsidiaries | |||||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net income (loss) | $ | 56,614 | $ | 46,941 | $ | 47,279 | $ | 2,867 | $ | (97,087 | ) | $ | 56,614 | ||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||||||||
Depreciation and amortization | 2,017 | 434 | 7,624 | 134 | — | 10,209 | |||||||||||||||||||
Deferred income taxes | (33 | ) | (37 | ) | 10,336 | (5 | ) | — | 10,261 | ||||||||||||||||
Amortization of deferred financing costs | — | 6,023 | — | — | — | 6,023 | |||||||||||||||||||
Stock-based compensation costs | 3,763 | — | — | — | — | 3,763 | |||||||||||||||||||
Loss on extinguishment of debt | — | 15,012 | — | — | — | 15,012 | |||||||||||||||||||
Premium payment on 2010 Senior Notes Tendered | — | (12,768 | ) | — | — | — | (12,768 | ) | |||||||||||||||||
Amortization of debt discount | — | 3,115 | — | — | — | 3,115 | |||||||||||||||||||
Gain on sale of assets | — | — | (3 | ) | — | — | (3 | ) | |||||||||||||||||
Equity in income of subsidiaries | (51,347 | ) | (41,997 | ) | (2,867 | ) | — | 96,211 | — | ||||||||||||||||
Changes in operating assets and liabilities, net of effects from acquisitions: | |||||||||||||||||||||||||
Accounts receivable | (106 | ) | (474 | ) | 10,714 | (1,639 | ) | — | 8,495 | ||||||||||||||||
Inventories | — | (3,496 | ) | 2,454 | (2,096 | ) | 876 | (2,262 | ) | ||||||||||||||||
Prepaid expenses and other current assets | (3,206 | ) | 27 | 296 | 100 | — | (2,783 | ) | |||||||||||||||||
Accounts payable | 462 | 1,041 | (3,375 | ) | 587 | — | (1,285 | ) | |||||||||||||||||
Accrued liabilities | (6,550 | ) | (1,498 | ) | (5,858 | ) | 375 | — | (13,531 | ) | |||||||||||||||
Net cash provided by operating activities | 1,614 | 12,323 | 66,600 | 323 | — | 80,860 | |||||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Purchases of property and equipment | (2,555 | ) | — | — | (103 | ) | — | (2,658 | ) | ||||||||||||||||
Proceeds from the sale of property and equipment | — | — | 3 | — | — | 3 | |||||||||||||||||||
Acquisition of Care Pharmaceuticals, less cash acquired | — | — | — | (55,215 | ) | — | (55,215 | ) | |||||||||||||||||
Intercompany activity, net | — | (55,215 | ) | — | 55,215 | — | — | ||||||||||||||||||
Net cash provided by (used in) investing activities | (2,555 | ) | (55,215 | ) | 3 | (103 | ) | — | (57,870 | ) | |||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Proceeds from the issuance of 2013 Senior Notes | — | 400,000 | — | — | — | 400,000 | |||||||||||||||||||
Payment of 2010 Senior Notes | — | (201,710 | ) | — | — | — | (201,710 | ) | |||||||||||||||||
Repayments of long-term debt | — | (147,500 | ) | — | — | — | (147,500 | ) | |||||||||||||||||
Repayments under revolving credit agreement | — | (45,500 | ) | — | — | — | (45,500 | ) | |||||||||||||||||
Borrowings under revolving credit agreement | — | 50,000 | — | — | — | 50,000 | |||||||||||||||||||
Payment of deferred financing costs | — | (6,933 | ) | — | — | — | (6,933 | ) | |||||||||||||||||
Proceeds from exercise of stock options | 5,738 | — | — | — | — | 5,738 | |||||||||||||||||||
Excess tax benefits from share-based awards | 1,725 | — | — | — | — | 1,725 | |||||||||||||||||||
Shares surrendered as payment of tax withholding | (278 | ) | — | — | — | — | (278 | ) | |||||||||||||||||
Intercompany activity, net | 69,683 | (5,465 | ) | (66,603 | ) | 2,385 | — | — | |||||||||||||||||
Net cash provided by (used in) financing activities | 76,868 | 42,892 | (66,603 | ) | 2,385 | — | 55,542 | ||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 151 | — | 151 | |||||||||||||||||||
Increase in cash and cash equivalents | 75,927 | — | — | 2,756 | — | 78,683 | |||||||||||||||||||
Cash - beginning of period | 14,720 | — | — | 950 | — | 15,670 | |||||||||||||||||||
Cash - end of period | $ | 90,647 | $ | — | $ | — | $ | 3,706 | $ | — | $ | 94,353 | |||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||
Nine Months Ended December 31, 2012 | |||||||||||||||||||||||||
(In thousands) | Prestige Brands Holdings, Inc. | Prestige Brands, Inc., the issuer | Combined Subsidiary Guarantors | Combined Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net income (loss) | $ | 46,156 | $ | 51,673 | $ | 47,848 | $ | 1,073 | $ | (100,594 | ) | $ | 46,156 | ||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||||||||
Depreciation and amortization | 818 | 420 | 8,667 | 45 | — | 9,950 | |||||||||||||||||||
Deferred income taxes | 143 | 44 | 15,796 | (4 | ) | — | 15,979 | ||||||||||||||||||
Amortization of deferred financing costs | — | 8,220 | — | — | — | 8,220 | |||||||||||||||||||
Stock-based compensation costs | 2,965 | — | — | — | — | 2,965 | |||||||||||||||||||
Lease termination costs | 975 | — | — | — | — | 975 | |||||||||||||||||||
Amortization of debt discount | — | 3,892 | — | — | — | 3,892 | |||||||||||||||||||
Loss on disposal of equipment | 30 | — | 21 | — | — | 51 | |||||||||||||||||||
Equity in income of subsidiaries | (50,008 | ) | (49,280 | ) | (1,306 | ) | — | 100,594 | — | ||||||||||||||||
Changes in operating assets and liabilities, net of effects from acquisitions: | |||||||||||||||||||||||||
Accounts receivable | (115 | ) | 285 | (13,474 | ) | (214 | ) | — | (13,518 | ) | |||||||||||||||
Inventories | — | (1,242 | ) | (2,104 | ) | (5 | ) | — | (3,351 | ) | |||||||||||||||
Prepaid expenses and other current assets | 6,446 | (369 | ) | (627 | ) | 351 | — | 5,801 | |||||||||||||||||
Accounts payable | (3,347 | ) | 2,488 | 14,095 | 889 | — | 14,125 | ||||||||||||||||||
Accrued liabilities | (1,071 | ) | 529 | 9,830 | 343 | — | 9,631 | ||||||||||||||||||
Net cash provided by (used in) operating activities | 2,992 | 16,660 | 78,746 | 2,478 | — | 100,876 | |||||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Purchases of property and equipment | (8,922 | ) | — | — | — | — | (8,922 | ) | |||||||||||||||||
Proceeds from sale of property and equipment | — | — | 15 | — | — | 15 | |||||||||||||||||||
Proceeds from the sale of the Phazyme brand | — | — | 21,700 | — | — | 21,700 | |||||||||||||||||||
Acquisition of GSK purchase price adjustments | — | — | (226 | ) | — | — | (226 | ) | |||||||||||||||||
Intercompany activity, net | (226 | ) | — | 226 | — | — | — | ||||||||||||||||||
Net cash (used in) provided by investing activities | (9,148 | ) | — | 21,715 | — | — | 12,567 | ||||||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Repayment of long-term debt | — | (167,500 | ) | — | — | — | (167,500 | ) | |||||||||||||||||
Repayments under revolving credit agreement | — | (8,000 | ) | — | — | — | (8,000 | ) | |||||||||||||||||
Borrowings under revolving credit agreement | — | 48,000 | — | — | — | 48,000 | |||||||||||||||||||
Proceeds from exercise of stock options | 5,460 | — | — | — | — | 5,460 | |||||||||||||||||||
Intercompany activity, net | (8,647 | ) | 110,840 | (100,461 | ) | (1,732 | ) | — | — | ||||||||||||||||
Net cash used in financing activities | (3,187 | ) | (16,660 | ) | (100,461 | ) | (1,732 | ) | — | (122,040 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 13 | — | 13 | |||||||||||||||||||
(Decrease) increase in cash and cash equivalents | (9,343 | ) | — | — | 759 | — | (8,584 | ) | |||||||||||||||||
Cash - beginning of period | 18,221 | — | — | 794 | — | 19,015 | |||||||||||||||||||
Cash - end of period | $ | 8,878 | $ | — | $ | — | $ | 1,553 | $ | — | $ | 10,431 | |||||||||||||
Subsequent_Events_Notes
Subsequent Events (Notes) | 9 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
Redemption of the 2010 Senior Notes: | |
On December 17, 2013, we offered to redeem the 2010 Senior Notes at a premium of 6.33%, of which $201.7 million were redeemed on such date. The remaining $48.3 million were redeemed on January 16, 2014. As a result, during the quarter ended December 31, 2013, we recorded a $15.0 million loss on the early extinguishment of debt relating to the $201.7 million 2010 Senior Notes redeemed and will record an additional loss of approximately $3.3 million on the remaining $48.3 million tendered on January 16, 2014. | |
Product Supply Disruption: | |
One of the Company’s suppliers, which packages products accounting for approximately 8% of the Company’s sales, temporarily stopped production in mid-January and has not indicated when production will resume. We are in the process of qualifying alternative sources of supply and, until production resumes, will be allocating safety stock inventories. Until the supplier resumes production or alternative sources of supply are qualified, the Company may be unable to supply these products to its customers. We do not expect this supply interruption will have a material adverse effect in the fourth quarter of fiscal 2014, however, if unresolved, it could have a materially adverse effect on our business and results of operations in future periods. |
Business_and_Basis_of_Presenta1
Business and Basis of Presentation (Policies) | 9 Months Ended | |
Dec. 31, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Basis of Presentation | ' | |
Basis of Presentation | ||
The unaudited Consolidated Financial Statements presented herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. All significant intercompany transactions and balances have been eliminated in the Consolidated Financial Statements. In the opinion of management, the Consolidated Financial Statements include all adjustments, consisting of normal recurring adjustments that are considered necessary for a fair statement of our consolidated financial position, results of operations and cash flows for the interim periods presented. Our fiscal year ends on March 31st of each year. References in these Consolidated Financial Statements or notes to a year (e.g., “2014”) mean our fiscal year ending or ended on March 31st of that year. Operating results for the three and nine months ended December 31, 2013 are not necessarily indicative of results that may be expected for the fiscal year ending March 31, 2014. This financial information should be read in conjunction with our Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2013. | ||
Use of Estimates | ' | |
Use of Estimates | ||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on our knowledge of current events and actions that we may undertake in the future, actual results could differ materially from these estimates. As discussed below, our most significant estimates include those made in connection with the valuation of intangible assets, sales returns and allowances, trade promotional allowances, inventory obsolescence, and the recognition of income taxes using an estimated annual effective tax rate. | ||
Cash and Cash Equivalents | ' | |
Cash and Cash Equivalents | ||
We consider all short-term deposits and investments with original maturities of three months or less to be cash equivalents. Substantially all of our cash is held by a large regional bank with headquarters in California. We do not believe that, as a result of this concentration, we are subject to any unusual financial risk beyond the normal risk associated with commercial banking relationships. | ||
Accounts Receivable | ' | |
Accounts Receivable | ||
We extend non-interest-bearing trade credit to our customers in the ordinary course of business. We maintain an allowance for doubtful accounts receivable based upon historical collection experience and expected collectability of the accounts receivable. In an effort to reduce credit risk, we (i) have established credit limits for all of our customer relationships, (ii) perform ongoing credit evaluations of customers' financial condition, (iii) monitor the payment history and aging of customers' receivables, and (iv) monitor open orders against an individual customer's outstanding receivable balance. | ||
Inventories | ' | |
Inventories | ||
Inventories are stated at the lower of cost or market value, with cost determined by using the first-in, first-out method. We reduce inventories for diminution of value resulting from product obsolescence, damage or other issues affecting marketability, equal to the difference between the cost of the inventory and its estimated market value. Factors utilized in the determination of estimated market value include: (i) current sales data and historical return rates, (ii) estimates of future demand, (iii) competitive pricing pressures, (iv) new product introductions, (v) product expiration dates, and (vi) component and packaging obsolescence. | ||
Property and Equipment | ' | |
Property and Equipment | ||
Property and equipment are stated at cost and are depreciated using the straight-line method based on the following estimated useful lives: | ||
Years | ||
Machinery | 5 | |
Computer equipment and software | 3 | |
Furniture and fixtures | 7 | |
Leasehold improvements | * | |
* Leasehold improvements are amortized over the lesser of the term of the lease or the estimated useful life of the related asset. | ||
Expenditures for maintenance and repairs are charged to expense as incurred. When an asset is sold or otherwise disposed of, we remove the cost and associated accumulated depreciation from the respective accounts and recognize the resulting gain or loss in the Consolidated Statements of Income and Comprehensive Income. | ||
Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. An impairment loss is recognized if the carrying amount of the asset exceeds its fair value. | ||
Goodwill | ' | |
Goodwill | ||
The excess of the purchase price over the fair market value of assets acquired and liabilities assumed in purchase business combinations is classified as goodwill. Goodwill is not amortized, although the carrying value is tested for impairment at least annually in the fourth fiscal quarter of each year, or more frequently if events or changes in circumstances indicate that the asset may be impaired. Goodwill is tested for impairment at the reporting unit “brand” level, which is one level below the operating segment level. | ||
Intangible Assets | ' | |
Intangible Assets | ||
Intangible assets, which are comprised primarily of trademarks, are stated at cost less accumulated amortization. For intangible assets with finite lives, amortization is computed using the straight-line method over estimated useful lives ranging from 3 to 30 years and are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts exceed their fair values and may not be recoverable. An impairment loss is recognized if the carrying amount of the asset exceeds its fair value. Indefinite-lived intangible assets are tested for impairment at least annually in the fourth fiscal quarter of each year. If the carrying amount of the asset exceeds its fair value, an impairment loss is recognized. | ||
Deferred Financing Costs | ' | |
Deferred Financing Costs | ||
We have incurred debt origination costs in connection with the issuance of long-term debt. These costs are capitalized as deferred financing costs and amortized using the effective interest method, over the term of the related debt. | ||
Revenue Recognition | ' | |
Revenue Recognition | ||
Revenues are recognized when the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the selling price is fixed or determinable, (iii) the product has been shipped and the customer takes ownership and assumes the risk of loss, and (iv) collection of the resulting receivable is reasonably assured. We have determined that these criteria are met and the transfer of the risk of loss generally occurs when the product is received by the customer, and, accordingly, we recognize revenue at that time. Provisions are made for estimated discounts related to customer payment terms and estimated product returns at the time of sale based on our historical experience. | ||
As is customary in the consumer products industry, we participate in the promotional programs of our customers to enhance the sale of our products. The cost of these promotional programs varies based on the actual number of units sold during a finite period of time. These promotional programs consist of direct-to-consumer incentives, such as coupons and temporary price reductions, as well as incentives to our customers, such as allowances for new distribution, including slotting fees, and cooperative advertising. Estimates of the costs of these promotional programs are based on (i) historical sales experience, (ii) the current promotional offering, (iii) forecasted data, (iv) current market conditions, and (v) communication with customer purchasing/marketing personnel. We recognize the cost of such sales incentives by recording an estimate of such cost as a reduction of revenue, at the later of (a) the date the related revenue is recognized, or (b) the date when a particular sales incentive is offered. At the completion of a promotional program, the estimated amounts are adjusted to actual results. | ||
Due to the nature of the consumer products industry, we are required to estimate future product returns. Accordingly, we record an estimate of product returns concurrent with recording sales, which is made after analyzing (i) historical return rates, (ii) current economic trends, (iii) changes in customer demand, (iv) product acceptance, (v) seasonality of our product offerings, and (vi) the impact of changes in product formulation, packaging and advertising. | ||
Cost of Sales | ' | |
Cost of Sales | ||
Cost of sales includes product costs, warehousing costs, inbound and outbound shipping costs, and handling and storage costs. | ||
Advertising and Promotion Costs | ' | |
Advertising and Promotion Costs | ||
Advertising and promotion costs are expensed as incurred. Allowances for new distribution costs associated with products, including slotting fees, are recognized as a reduction of sales. Under these new distribution arrangements, the retailers allow our products to be placed on the stores' shelves in exchange for such fees. | ||
Stock-based Compensation | ' | |
Stock-based Compensation | ||
We recognize stock-based compensation by measuring the cost of services to be rendered based on the grant-date fair value of the equity award. Compensation expense is recognized over the period an employee or director is required to provide service in exchange for the award, generally referred to as the requisite service period. | ||
Income Taxes | ' | |
Income Taxes | ||
Deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts expected to be realized. | ||
The Income Taxes topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) prescribes a recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The guidance only allows the recognition of those tax benefits that have a greater than 50% likelihood of being sustained upon examination by the various taxing authorities. As a result, we have applied a more-likely-than-not recognition threshold for all tax uncertainties. | ||
We are subject to taxation in the United States and various state and foreign jurisdictions. | ||
We classify penalties and interest related to unrecognized tax benefits as income tax expense in the Consolidated Statements of Income and Comprehensive Income. | ||
Earnings Per Share | ' | |
Earnings Per Share | ||
Basic earnings per share is calculated based on income available to common stockholders and the weighted-average number of shares outstanding during the reporting period. Diluted earnings per share is calculated based on income available to common stockholders and the weighted-average number of common and potential common shares outstanding during the reporting period. Potential common shares, composed of the incremental common shares issuable upon the exercise of outstanding stock options, stock appreciation rights and unvested restricted shares, are included in the earnings per share calculation to the extent that they are dilutive. | ||
Recently Issued Accounting Standards | ' | |
Recently Issued Accounting Standards | ||
In July 2013, the FASB issued Accounting Standards Updated ("ASU") 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which requires that an unrecognized tax benefit, or portion of an unrecognized tax benefit, be presented as a reduction of a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward. If an applicable deferred tax asset is not available to use or the tax law of the applicable jurisdiction does not require the entity to use and the company does not intend to use the applicable deferred tax asset, the unrecognized tax benefit should be presented as a liability in the financial statements and should not be combined with an unrelated deferred tax asset. ASU 2013-11 is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2013. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date; however retrospective application is permitted. The adoption of ASU 2013-11 is not expected to have a material impact on our Consolidated Financial Statements. | ||
In March 2013, the FASB issued ASU 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity, relating to the release of cumulative translation adjustments into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets. The guidance is effective prospectively for annual reporting periods beginning after December 15, 2013, and interim periods within those annual periods. Early adoption is permitted. The adoption of ASU 2013-05 is not expected to have a material impact on our Consolidated Financial Statements. | ||
In February 2013, the FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-02 requires that for those items that are reclassified out of accumulated other comprehensive income and into net income in their entirety, the effect of the reclassification on each affected net income line item be disclosed. For accumulated other comprehensive income reclassification items that are not reclassified in their entirety into net income, a cross reference must be made to other required disclosures. The guidance is effective prospectively for annual reporting periods beginning after December 15, 2012, and interim periods within those annual periods. ASU 2013-02 did not have a material impact on our Consolidated Financial Statements. See Note 13 Accumulated Other Comprehensive Loss for required disclosure. | ||
In December 2011, the FASB issued ASU 2011-11, Disclosures about Offsetting Assets and Liabilities, regarding disclosures about offsetting assets and liabilities. The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of financial position, as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, the standard requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. An entity will be required to disclose the following information for assets and liabilities within the scope of the new standard: (i) the gross amounts of those recognized assets and those recognized liabilities; (ii) the amounts offset to determine the net amounts presented in the statement of financial position; (iii) the net amounts presented in the statement of financial position; (iv) the amounts subject to an enforceable master netting arrangement or similar agreement not otherwise included in (ii); and (v) the net amount after deducting the amounts in (iv) from the amounts in (iii). The standard affects all entities with balances presented on a net basis in the financial statements, derivative assets and derivative liabilities, repurchase agreements, and financial assets and financial liabilities executed under a master netting or similar arrangement. This guidance is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. This new guidance did not have a material impact on our Consolidated Financial Statements. | ||
Management has reviewed and continues to monitor the actions of the various financial and regulatory reporting agencies and is currently not aware of any other pronouncement that could have a material impact on our consolidated financial position, results of operations or cash flows. |
Business_and_Basis_of_Presenta2
Business and Basis of Presentation (Tables) | 9 Months Ended | |
Dec. 31, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Property and Equipment | ' | |
Property and equipment are stated at cost and are depreciated using the straight-line method based on the following estimated useful lives: | ||
Years | ||
Machinery | 5 | |
Computer equipment and software | 3 | |
Furniture and fixtures | 7 | |
Leasehold improvements | * | |
* Leasehold improvements are amortized over the lesser of the term of the lease or the estimated useful life of the related asset. |
Acquisitions_Tables
Acquisitions (Tables) (Care Pharma) | 9 Months Ended | |||
Dec. 31, 2013 | ||||
Care Pharma | ' | |||
Business Acquisition [Line Items] | ' | |||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | |||
The following table summarizes our preliminary allocation of the assets acquired and liabilities assumed as of the July 1, 2013 acquisition date. | ||||
(In thousands) | July 1, 2013 | |||
Cash acquired | $ | 1,546 | ||
Accounts receivable | 1,658 | |||
Inventories | 2,465 | |||
Prepaids and other current assets | 647 | |||
Property, plant and equipment | 163 | |||
Goodwill | 23,122 | |||
Intangible assets | 31,502 | |||
Total assets acquired | 61,103 | |||
Accounts payable | 1,537 | |||
Accrued expenses | 2,505 | |||
Other long term liabilities | 300 | |||
Total liabilities assumed | 4,342 | |||
Net assets acquired | $ | 56,761 | ||
Divestitures_Tables
Divestitures (Tables) | 9 Months Ended | |||
Dec. 31, 2013 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||
Assets Sold and Associated Assets Held for Sale | ' | |||
The following table presents the assets sold at October 31, 2012 related to the Phazyme brand: | ||||
(In thousands) | October 31, | |||
2012 | ||||
Components of assets sold: | ||||
Inventory | $ | 220 | ||
Prepaid expenses | 100 | |||
Trade names | 15,604 | |||
Goodwill | 6,382 | |||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Accounts Receivable | ' | |||||||
Accounts receivable consist of the following: | ||||||||
(In thousands) | December 31, | March 31, | ||||||
2013 | 2013 | |||||||
Components of Accounts Receivable | ||||||||
Trade accounts receivable | $ | 74,025 | $ | 79,746 | ||||
Other receivables | 1,709 | 615 | ||||||
75,734 | 80,361 | |||||||
Less allowances for discounts, returns and uncollectible accounts | (9,546 | ) | (7,308 | ) | ||||
Accounts receivable, net | $ | 66,188 | $ | 73,053 | ||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories consist of the following: | ||||||||
(In thousands) | December 31, | March 31, | ||||||
2013 | 2013 | |||||||
Components of Inventories | ||||||||
Packaging and raw materials | $ | 1,455 | $ | 1,875 | ||||
Finished goods | 63,343 | 58,326 | ||||||
Inventories | $ | 64,798 | $ | 60,201 | ||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property and Equipment | ' | |||||||
Property and equipment consist of the following: | ||||||||
(In thousands) | December 31, | March 31, | ||||||
2013 | 2013 | |||||||
Components of Property and Equipment | ||||||||
Machinery | $ | 1,870 | $ | 1,580 | ||||
Computer equipment and software | 8,886 | 6,559 | ||||||
Furniture and fixtures | 1,826 | 1,510 | ||||||
Leasehold improvements | 4,732 | 4,713 | ||||||
17,314 | 14,362 | |||||||
Accumulated depreciation | (6,786 | ) | (4,466 | ) | ||||
Property and equipment, net | $ | 10,528 | $ | 9,896 | ||||
Goodwill_Tables
Goodwill (Tables) | 9 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Goodwill [Abstract] | ' | |||||||||||
Reconciliation of the Activity Affecting Goodwill | ' | |||||||||||
A reconciliation of the activity affecting goodwill by operating segment is as follows: | ||||||||||||
(In thousands) | OTC | Household | Consolidated | |||||||||
Healthcare | Cleaning | |||||||||||
Balance — March 31, 2013 | $ | 160,157 | $ | 7,389 | $ | 167,546 | ||||||
Additions | 23,122 | — | 23,122 | |||||||||
Effects of foreign currency exchange rates | (713 | ) | — | (713 | ) | |||||||
Balance — December 31, 2013 | $ | 182,566 | $ | 7,389 | $ | 189,955 | ||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Intangible Assets [Abstract] | ' | |||||||||||||||
Reconciliation of the Activity Affecting Intangible Assets | ' | |||||||||||||||
A reconciliation of the activity affecting intangible assets is as follows: | ||||||||||||||||
(In thousands) | Indefinite | Finite Lived | Non Compete | Totals | ||||||||||||
Lived | Trademarks | Agreement | ||||||||||||||
Trademarks | ||||||||||||||||
Gross Carrying Amounts | ||||||||||||||||
Balance — March 31, 2013 | $ | 1,243,718 | $ | 203,066 | $ | 158 | $ | 1,446,942 | ||||||||
Additions | 29,845 | 1,657 | — | 31,502 | ||||||||||||
Reductions | — | — | (158 | ) | (158 | ) | ||||||||||
Effects of foreign currency exchange rates | (919 | ) | (51 | ) | — | (970 | ) | |||||||||
Balance — December 31, 2013 | $ | 1,272,644 | $ | 204,672 | $ | — | $ | 1,477,316 | ||||||||
Accumulated Amortization | ||||||||||||||||
Balance — March 31, 2013 | $ | — | $ | 73,544 | $ | 158 | $ | 73,702 | ||||||||
Additions | — | 8,019 | — | 8,019 | ||||||||||||
Reductions | — | — | (158 | ) | (158 | ) | ||||||||||
Effects of foreign currency exchange rates | — | (2 | ) | — | (2 | ) | ||||||||||
Balance — December 31, 2013 | $ | — | $ | 81,561 | $ | — | $ | 81,561 | ||||||||
Intangible assets, net - December 31, 2013 | $ | 1,272,644 | $ | 123,111 | $ | — | $ | 1,395,755 | ||||||||
Schedule of Expected Amortization Expense | ' | |||||||||||||||
At December 31, 2013, finite-lived intangible assets are being amortized over a period of 3 to 30 years, and the associated amortization expense is expected to be as follows: | ||||||||||||||||
(In thousands) | ||||||||||||||||
Year Ending March 31, | Amount | |||||||||||||||
2014 (Remaining three months ending March 31, 2014) | $ | 2,235 | ||||||||||||||
2015 | 8,949 | |||||||||||||||
2016 | 8,949 | |||||||||||||||
2017 | 8,949 | |||||||||||||||
2018 | 8,949 | |||||||||||||||
Thereafter | 85,080 | |||||||||||||||
$ | 123,111 | |||||||||||||||
Other_Accrued_Liabilities_Tabl
Other Accrued Liabilities (Tables) | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Other Accrued Liabilities | ' | |||||||
Other accrued liabilities consist of the following: | ||||||||
(In thousands) | December 31, | March 31, | ||||||
2013 | 2013 | |||||||
Accrued marketing costs | $ | 11,845 | $ | 17,187 | ||||
Accrued compensation costs | 5,378 | 8,847 | ||||||
Accrued broker commissions | 941 | 1,028 | ||||||
Income taxes payable | — | 493 | ||||||
Accrued professional fees | 3,794 | 1,846 | ||||||
Deferred rent | 1,254 | 1,268 | ||||||
Accrued lease termination costs | 180 | 729 | ||||||
Other accrued liabilities | 53 | — | ||||||
$ | 23,445 | $ | 31,398 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Long-term Debt | ' | ||||||||
Long-term debt consists of the following, as of the dates indicated: | |||||||||
(In thousands, except percentages) | December 31, | March 31, | |||||||
2013 | 2013 | ||||||||
2013 Senior Notes bearing interest at 5.375%, with interest payable on June 15 and December 15 of each year, commencing June 15, 2014. The 2013 Senior Notes mature on December 15, 2021. | $ | 400,000 | $ | — | |||||
2012 Senior Notes bearing interest at 8.125%, with interest payable on February 1 and August 1 of each year. The 2012 Senior Notes mature on February 1, 2020. | 250,000 | 250,000 | |||||||
2012 Term Loan bearing interest at the Company's option at either a base rate plus applicable margin with a floor of 2.00% or LIBOR with a floor of 1.00%, due on January 31, 2019. | 297,500 | 445,000 | |||||||
2012 ABL Revolver bearing interest at the Company's option at either a base rate plus applicable margin or LIBOR plus applicable margin. Any unpaid balance is due on January 31, 2017. | 37,500 | 33,000 | |||||||
2010 Senior Notes bearing interest at 8.25%, with interest payable on April 1 and October 1 of each year. The 2010 Senior Notes mature on April 1, 2018. | 48,290 | 250,000 | |||||||
1,033,290 | 978,000 | ||||||||
Current portion of long-term debt | 48,290 | — | |||||||
985,000 | 978,000 | ||||||||
Less: unamortized discount | (3,489 | ) | (7,100 | ) | |||||
Long-term debt, net of unamortized discount | $ | 981,511 | $ | 970,900 | |||||
Aggregate Future Principal Payments | ' | ||||||||
As of December 31, 2013, aggregate future principal payments required in accordance with the terms of the 2012 Term Loan, the 2012 ABL Revolver and the indentures governing the 2013 Senior Notes, the 2012 Senior Notes, and the 2010 Senior Notes are as follows: | |||||||||
(In thousands) | |||||||||
Year Ending March 31, | Amount | ||||||||
2014 (remaining three months ending March 31, 2014) | $ | 48,290 | |||||||
2015 | — | ||||||||
2016 | — | ||||||||
2017 | 37,500 | ||||||||
2018 | — | ||||||||
Thereafter | 947,500 | ||||||||
$ | 1,033,290 | ||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||
Schedule of Accumulated Other Comprehensive Loss | ' | |||||||
AOCI consisted of the following at December 31, 2013 and March 31, 2013: | ||||||||
December 31, | March 31, | |||||||
(In thousands) | 2013 | 2013 | ||||||
Components of Accumulated Other Comprehensive Loss | ||||||||
Cumulative translation adjustment | $ | (1,675 | ) | $ | (104 | ) | ||
Total accumulated other comprehensive loss, net of tax | $ | (1,675 | ) | $ | (104 | ) |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of Basic and Diluted Earnings Per Share | ' | ||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | |||||||||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||||
(In thousands, except per share data) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator | |||||||||||||||||
Net income | $ | 3,130 | $ | 12,257 | $ | 56,614 | $ | 46,156 | |||||||||
Denominator | |||||||||||||||||
Denominator for basic earnings per share — weighted average shares outstanding | 51,806 | 50,686 | 51,498 | 50,465 | |||||||||||||
Dilutive effect of unvested restricted common stock (including restricted stock units) and options issued to employees and directors | 639 | 837 | 738 | 820 | |||||||||||||
Denominator for diluted earnings per share | 52,445 | 51,523 | 52,236 | 51,285 | |||||||||||||
Earnings per Common Share: | |||||||||||||||||
Basic net earnings per share | $ | 0.06 | $ | 0.24 | $ | 1.1 | $ | 0.91 | |||||||||
Diluted net earnings per share | $ | 0.06 | $ | 0.24 | $ | 1.08 | $ | 0.9 | |||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Summary of Restricted Shares | ' | |||||||||||||
A summary of the Company's restricted shares and restricted stock units granted under the Plan is presented below: | ||||||||||||||
Weighted- | ||||||||||||||
Shares | Average | |||||||||||||
(in thousands) | Grant-Date | |||||||||||||
Restricted Shares and Restricted Stock Units | Fair Value | |||||||||||||
Nine months ended December 31, 2012: | ||||||||||||||
Outstanding at March 31, 2012 | 363.4 | $ | 9.92 | |||||||||||
Granted | 128.9 | 13.59 | ||||||||||||
Vested and issued | (27.0 | ) | 7.16 | |||||||||||
Forfeited | (12.3 | ) | 10.69 | |||||||||||
Outstanding at December 31, 2012 | 453 | 11.11 | ||||||||||||
Vested at December 31, 2012 | 70.4 | 8.52 | ||||||||||||
Nine months ended December 31, 2013: | ||||||||||||||
Outstanding at March 31, 2013 | 421.3 | $ | 11.01 | |||||||||||
Granted | 126.6 | 30.19 | ||||||||||||
Vested and issued | (59.7 | ) | 8.42 | |||||||||||
Forfeited | (5.6 | ) | 15.11 | |||||||||||
Outstanding at December 31, 2013 | 482.6 | 16.32 | ||||||||||||
Vested at December 31, 2013 | 83.1 | 9.63 | ||||||||||||
Stock Options, Valuation Assumptions | ' | |||||||||||||
Nine Months Ended December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Expected volatility | 48 | % | 44 | % | ||||||||||
Expected dividends | $ | — | $ | — | ||||||||||
Expected term in years | 6 | 6.5 | ||||||||||||
Risk-free rate | 1.3 | % | 1.2 | % | ||||||||||
Stock Option Activity | ' | |||||||||||||
A summary of option activity under the Plan is as follows: | ||||||||||||||
Weighted- | Weighted- | Aggregate | ||||||||||||
Average | Average | Intrinsic | ||||||||||||
Shares | Exercise | Remaining | Value | |||||||||||
(in thousands) | Price | Contractual | (in thousands) | |||||||||||
Options | Term | |||||||||||||
Nine months ended December 31, 2012: | ||||||||||||||
Outstanding at March 31, 2012 | 1,745.40 | $ | 8.44 | |||||||||||
Granted | 444.9 | 13.36 | ||||||||||||
Exercised | (708.5 | ) | 7.71 | |||||||||||
Forfeited or expired | (17.4 | ) | 11.21 | |||||||||||
Outstanding at December 31, 2012 | 1,464.40 | 10.26 | 7.7 | $ | 11,330 | |||||||||
Exercisable at December 31, 2012 | 332.4 | 9.99 | 6.8 | 2,248 | ||||||||||
Nine months ended December 31, 2013: | ||||||||||||||
Outstanding at March 31, 2013 | 1,386.40 | $ | 10.43 | |||||||||||
Granted | 227.7 | 29.94 | ||||||||||||
Exercised | (589.9 | ) | 9.73 | |||||||||||
Forfeited or expired | (14.2 | ) | 14.56 | |||||||||||
Outstanding at December 31, 2013 | 1,010.00 | 15.18 | 7.6 | $ | 20,828 | |||||||||
Exercisable at December 31, 2013 | 172.1 | 11.34 | 6.8 | 4,210 | ||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | ||||||||||||
The following summarizes future minimum lease payments for our operating leases as of December 31, 2013: | |||||||||||||
(In thousands) | |||||||||||||
Year Ending March 31, | Facilities | Equipment | Total | ||||||||||
2014 (Remaining three months ending March 31, 2014) | $ | 459 | $ | 35 | $ | 494 | |||||||
2015 | 1,049 | 136 | 1,185 | ||||||||||
2016 | 994 | 135 | 1,129 | ||||||||||
2017 | 1,023 | 68 | 1,091 | ||||||||||
2018 | 1,044 | — | 1,044 | ||||||||||
Thereafter | — | — | — | ||||||||||
$ | 4,569 | $ | 374 | $ | 4,943 | ||||||||
Unrecorded Unconditional Purchase Obligations Disclosure | ' | ||||||||||||
Although we are committed under the supply agreement to pay the minimum amounts set forth in the table below, the total commitment is less than 10% of the estimated purchases that we expect to make during the course of the agreement. | |||||||||||||
(In thousands) | |||||||||||||
Year Ending March 31, | Amount | ||||||||||||
2014 (Remaining three months ending March 31, 2014) | $ | 281 | |||||||||||
2015 | 1,105 | ||||||||||||
2016 | 1,074 | ||||||||||||
2017 | 1,044 | ||||||||||||
2018 | 1,013 | ||||||||||||
Thereafter | 1,542 | ||||||||||||
$ | 6,059 | ||||||||||||
Business_Segments_Tables
Business Segments (Tables) | 9 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Information about our Operating and Reportable Segments | ' | |||||||||||||||||||||||
The tables below summarize information about our operating and reportable segments. | ||||||||||||||||||||||||
Three Months Ended December 31, 2013 | Nine Months Ended December 31, 2013 | |||||||||||||||||||||||
(In thousands) | OTC | Household | Consolidated | OTC | Household | Consolidated | ||||||||||||||||||
Healthcare | Cleaning | Healthcare | Cleaning | |||||||||||||||||||||
Net sales | $ | 125,448 | $ | 19,606 | $ | 145,054 | $ | 390,670 | $ | 63,489 | $ | 454,159 | ||||||||||||
Other revenues | 150 | 1,008 | 1,158 | 462 | 3,004 | 3,466 | ||||||||||||||||||
Total revenues | 125,598 | 20,614 | 146,212 | 391,132 | 66,493 | 457,625 | ||||||||||||||||||
Cost of sales | 49,042 | 15,361 | 64,403 | 149,378 | 48,236 | 197,614 | ||||||||||||||||||
Gross profit | 76,556 | 5,253 | 81,809 | 241,754 | 18,257 | 260,011 | ||||||||||||||||||
Advertising and promotion | 24,830 | 740 | 25,570 | 68,375 | 2,379 | 70,754 | ||||||||||||||||||
Contribution margin | $ | 51,726 | $ | 4,513 | 56,239 | $ | 173,379 | $ | 15,878 | 189,257 | ||||||||||||||
Other operating expenses | 15,781 | 45,596 | ||||||||||||||||||||||
Operating income | 40,458 | 143,661 | ||||||||||||||||||||||
Other expense | 36,272 | 68,616 | ||||||||||||||||||||||
Income before income taxes | 4,186 | 75,045 | ||||||||||||||||||||||
Provision for income taxes | 1,056 | 18,431 | ||||||||||||||||||||||
Net income | $ | 3,130 | $ | 56,614 | ||||||||||||||||||||
Three Months Ended December 31, 2012 | Nine Months Ended December 31, 2012 | |||||||||||||||||||||||
(In thousands) | OTC | Household | Consolidated | OTC | Household | Consolidated | ||||||||||||||||||
Healthcare | Cleaning | Healthcare | Cleaning | |||||||||||||||||||||
Net sales | $ | 138,858 | $ | 20,634 | $ | 159,492 | $ | 402,633 | $ | 64,102 | $ | 466,735 | ||||||||||||
Other revenues | 175 | 565 | 740 | 520 | 1,829 | 2,349 | ||||||||||||||||||
Total revenues | 139,033 | 21,199 | 160,232 | 403,153 | 65,931 | 469,084 | ||||||||||||||||||
Cost of sales | 59,381 | 15,854 | 75,235 | 160,249 | 49,689 | 209,938 | ||||||||||||||||||
Gross profit | 79,652 | 5,345 | 84,997 | 242,904 | 16,242 | 259,146 | ||||||||||||||||||
Advertising and promotion | 22,410 | 1,128 | 23,538 | 62,309 | 5,062 | 67,371 | ||||||||||||||||||
Contribution margin | $ | 57,242 | $ | 4,217 | 61,459 | $ | 180,595 | $ | 11,180 | 191,775 | ||||||||||||||
Other operating expenses | 14,737 | 50,064 | ||||||||||||||||||||||
Operating income | 46,722 | 141,711 | ||||||||||||||||||||||
Other expense | 26,661 | 66,169 | ||||||||||||||||||||||
Income before income taxes | 20,061 | 75,542 | ||||||||||||||||||||||
Provision for income taxes | 7,804 | 29,386 | ||||||||||||||||||||||
Net income | $ | 12,257 | $ | 46,156 | ||||||||||||||||||||
Information about our Revenues from Similar Product Groups | ' | |||||||||||||||||||||||
The table below summarizes information about our revenues from similar product groups. | ||||||||||||||||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Analgesics | $ | 25,903 | $ | 27,946 | $ | 84,634 | $ | 81,727 | ||||||||||||||||
Cough & Cold | 34,330 | 37,424 | 89,548 | 94,197 | ||||||||||||||||||||
Gastrointestinal | 20,190 | 24,977 | 64,841 | 74,510 | ||||||||||||||||||||
Eye & Ear Care | 19,400 | 19,702 | 63,519 | 63,109 | ||||||||||||||||||||
Dermatologicals | 9,797 | 11,496 | 40,223 | 41,578 | ||||||||||||||||||||
Oral Care | 11,408 | 12,953 | 35,845 | 36,032 | ||||||||||||||||||||
Other OTC | 4,570 | 4,535 | 12,522 | 12,000 | ||||||||||||||||||||
Total OTC Healthcare Segment | 125,598 | 139,033 | 391,132 | 403,153 | ||||||||||||||||||||
Household Cleaning Segment | 20,614 | 21,199 | 66,493 | 65,931 | ||||||||||||||||||||
Consolidated Total Revenues | $ | 146,212 | $ | 160,232 | $ | 457,625 | $ | 469,084 | ||||||||||||||||
Allocation of Long-Term Assets to Segments | ' | |||||||||||||||||||||||
At December 31, 2013, substantially all of our long-term assets were located in the United States and have been allocated to the operating segments as follows: | ||||||||||||||||||||||||
(In thousands) | OTC | Household | Consolidated | |||||||||||||||||||||
Healthcare | Cleaning | |||||||||||||||||||||||
Goodwill | $ | 182,566 | $ | 7,389 | $ | 189,955 | ||||||||||||||||||
Intangible assets | ||||||||||||||||||||||||
Indefinite-lived | 1,152,824 | 119,820 | 1,272,644 | |||||||||||||||||||||
Finite-lived | 96,508 | 26,603 | 123,111 | |||||||||||||||||||||
1,249,332 | 146,423 | 1,395,755 | ||||||||||||||||||||||
$ | 1,431,898 | $ | 153,812 | $ | 1,585,710 | |||||||||||||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Statements (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||||||||||||
Condensed Consolidating Statements of Income and Comprehensive Income | ' | ||||||||||||||||||||||||
Condensed Consolidating Statements of Income and Comprehensive Income | |||||||||||||||||||||||||
Three Months Ended December 31, 2013 | |||||||||||||||||||||||||
(In thousands) | Prestige | Prestige | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||||
Brands | Brands, | Subsidiary | Non- | ||||||||||||||||||||||
Holdings, | Inc., | Guarantors | Guarantor | ||||||||||||||||||||||
Inc. | the issuer | Subsidiaries | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Net sales | $ | — | $ | 25,689 | $ | 113,685 | $ | 7,502 | $ | (1,822 | ) | $ | 145,054 | ||||||||||||
Other revenues | — | 75 | 1,160 | 10 | (87 | ) | 1,158 | ||||||||||||||||||
Total revenues | — | 25,764 | 114,845 | 7,512 | (1,909 | ) | 146,212 | ||||||||||||||||||
Cost of Sales | |||||||||||||||||||||||||
Cost of sales (exclusive of depreciation shown below) | — | 9,361 | 53,750 | 2,325 | (1,033 | ) | 64,403 | ||||||||||||||||||
Gross profit | — | 16,403 | 61,095 | 5,187 | (876 | ) | 81,809 | ||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||
Advertising and promotion | — | 2,066 | 21,359 | 2,145 | — | 25,570 | |||||||||||||||||||
General and administrative | 165 | 2,132 | 8,967 | 873 | — | 12,137 | |||||||||||||||||||
Depreciation and amortization | 983 | 149 | 2,440 | 72 | — | 3,644 | |||||||||||||||||||
Total operating expenses | 1,148 | 4,347 | 32,766 | 3,090 | — | 41,351 | |||||||||||||||||||
Operating income (loss) | (1,148 | ) | 12,056 | 28,329 | 2,097 | (876 | ) | 40,458 | |||||||||||||||||
Other (income) expense | |||||||||||||||||||||||||
Interest (income) | (12,305 | ) | (14,437 | ) | (731 | ) | (6 | ) | 27,463 | (16 | ) | ||||||||||||||
Interest expense | 8,671 | 21,276 | 18,061 | 731 | (27,463 | ) | 21,276 | ||||||||||||||||||
Loss on extinguishment of debt | — | 15,012 | — | — | — | 15,012 | |||||||||||||||||||
Equity in (income) loss of subsidiaries | (1,148 | ) | (6,845 | ) | (999 | ) | — | 8,992 | — | ||||||||||||||||
Total other (income) expense | (4,782 | ) | 15,006 | 16,331 | 725 | 8,992 | 36,272 | ||||||||||||||||||
Income before income taxes | 3,634 | (2,950 | ) | 11,998 | 1,372 | (9,868 | ) | 4,186 | |||||||||||||||||
Provision (benefit) for income taxes | 504 | (2,541 | ) | 2,720 | 373 | — | 1,056 | ||||||||||||||||||
Net income (loss) | $ | 3,130 | $ | (409 | ) | $ | 9,278 | $ | 999 | $ | (9,868 | ) | $ | 3,130 | |||||||||||
Comprehensive income, net of tax: | |||||||||||||||||||||||||
Currency translation adjustments | (2,694 | ) | (2,694 | ) | (2,694 | ) | (2,694 | ) | 8,082 | (2,694 | ) | ||||||||||||||
Total other comprehensive income (loss) | (2,694 | ) | (2,694 | ) | (2,694 | ) | (2,694 | ) | 8,082 | (2,694 | ) | ||||||||||||||
Comprehensive income (loss) | $ | 436 | $ | (3,103 | ) | $ | 6,584 | $ | (1,695 | ) | $ | (1,786 | ) | $ | 436 | ||||||||||
Condensed Consolidating Statements of Income and Comprehensive Income | |||||||||||||||||||||||||
Nine Months Ended December 31, 2013 | |||||||||||||||||||||||||
(In thousands) | Prestige | Prestige | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||||
Brands | Brands, | Subsidiary | Non- | ||||||||||||||||||||||
Holdings, | Inc., | Guarantors | Guarantor | ||||||||||||||||||||||
Inc. | the issuer | Subsidiaries | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Net sales | $ | — | $ | 75,339 | $ | 364,468 | $ | 16,174 | $ | (1,822 | ) | $ | 454,159 | ||||||||||||
Other revenues | — | 210 | 3,454 | 1,112 | (1,310 | ) | 3,466 | ||||||||||||||||||
Total revenues | — | 75,549 | 367,922 | 17,286 | (3,132 | ) | 457,625 | ||||||||||||||||||
Cost of Sales | |||||||||||||||||||||||||
Cost of sales (exclusive of depreciation shown below) | — | 28,157 | 165,252 | 6,461 | (2,256 | ) | 197,614 | ||||||||||||||||||
Gross profit | — | 47,392 | 202,670 | 10,825 | (876 | ) | 260,011 | ||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||
Advertising and promotion | — | 9,254 | 57,751 | 3,749 | — | 70,754 | |||||||||||||||||||
General and administrative | 2,555 | 5,256 | 25,782 | 1,797 | — | 35,390 | |||||||||||||||||||
Depreciation and amortization | 2,017 | 434 | 7,625 | 130 | — | 10,206 | |||||||||||||||||||
Total operating expenses | 4,572 | 14,944 | 91,158 | 5,676 | — | 116,350 | |||||||||||||||||||
Operating income (loss) | (4,572 | ) | 32,448 | 111,512 | 5,149 | (876 | ) | 143,661 | |||||||||||||||||
Other (income) expense | |||||||||||||||||||||||||
Interest (income) | (37,296 | ) | (42,765 | ) | (1,441 | ) | (30 | ) | 81,488 | (44 | ) | ||||||||||||||
Interest expense | 25,965 | 53,648 | 54,082 | 1,441 | (81,488 | ) | 53,648 | ||||||||||||||||||
Loss on extinguishment of debt | — | 15,012 | — | — | — | 15,012 | |||||||||||||||||||
Equity in (income) loss of subsidiaries | (51,347 | ) | (41,997 | ) | (2,867 | ) | — | 96,211 | — | ||||||||||||||||
Total other (income) expense | (62,678 | ) | (16,102 | ) | 49,774 | 1,411 | 96,211 | 68,616 | |||||||||||||||||
Income before income taxes | 58,106 | 48,550 | 61,738 | 3,738 | (97,087 | ) | 75,045 | ||||||||||||||||||
Provision (benefit) for income taxes | 1,492 | 1,609 | 14,459 | 871 | — | 18,431 | |||||||||||||||||||
Net income (loss) | $ | 56,614 | $ | 46,941 | $ | 47,279 | $ | 2,867 | $ | (97,087 | ) | $ | 56,614 | ||||||||||||
Comprehensive income, net of tax: | |||||||||||||||||||||||||
Currency translation adjustments | (1,571 | ) | (1,571 | ) | (1,571 | ) | (1,571 | ) | 4,713 | (1,571 | ) | ||||||||||||||
Total other comprehensive income (loss) | (1,571 | ) | (1,571 | ) | (1,571 | ) | (1,571 | ) | 4,713 | (1,571 | ) | ||||||||||||||
Comprehensive income (loss) | $ | 55,043 | $ | 45,370 | $ | 45,708 | $ | 1,296 | $ | (92,374 | ) | $ | 55,043 | ||||||||||||
Condensed Consolidating Statements of Income and Comprehensive Income | |||||||||||||||||||||||||
Three Months Ended December 31, 2012 | |||||||||||||||||||||||||
(In thousands) | Prestige | Prestige | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||||
Brands | Brands, | Subsidiary | Non- | ||||||||||||||||||||||
Holdings, | Inc., | Guarantors | Guarantor | ||||||||||||||||||||||
Inc. | the issuer | Subsidiaries | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Net sales | $ | — | $ | 25,345 | $ | 132,881 | $ | 1,266 | $ | — | $ | 159,492 | |||||||||||||
Other revenues | — | 79 | 724 | 276 | (339 | ) | 740 | ||||||||||||||||||
Total revenues | — | 25,424 | 133,605 | 1,542 | (339 | ) | 160,232 | ||||||||||||||||||
Cost of Sales | |||||||||||||||||||||||||
Cost of sales (exclusive of depreciation shown below) | — | 9,877 | 65,172 | 525 | (339 | ) | 75,235 | ||||||||||||||||||
Gross profit | — | 15,547 | 68,433 | 1,017 | — | 84,997 | |||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||
Advertising and promotion | — | 3,032 | 19,997 | 509 | — | 23,538 | |||||||||||||||||||
General and administrative | 952 | 1,585 | 8,734 | 107 | — | 11,378 | |||||||||||||||||||
Depreciation and amortization | 549 | 140 | 2,658 | 12 | — | 3,359 | |||||||||||||||||||
Total operating expenses | 1,501 | 4,757 | 31,389 | 628 | — | 38,275 | |||||||||||||||||||
Operating income (loss) | (1,501 | ) | 10,790 | 37,044 | 389 | — | 46,722 | ||||||||||||||||||
Other (income) expense | |||||||||||||||||||||||||
Interest (income) | 33 | (41,552 | ) | 162 | (62 | ) | 41,415 | (4 | ) | ||||||||||||||||
Interest expense | 8,735 | 35,394 | 23,951 | — | (41,415 | ) | 26,665 | ||||||||||||||||||
Equity in (income) loss of subsidiaries | (18,531 | ) | (8,407 | ) | (393 | ) | — | 27,331 | — | ||||||||||||||||
Total other (income) expense | (9,763 | ) | (14,565 | ) | 23,720 | (62 | ) | 27,331 | 26,661 | ||||||||||||||||
Income before income taxes | 8,262 | 25,355 | 13,324 | 451 | (27,331 | ) | 20,061 | ||||||||||||||||||
Provision (benefit) for income taxes | (3,995 | ) | 6,593 | 5,030 | 176 | — | 7,804 | ||||||||||||||||||
Net income | $ | 12,257 | $ | 18,762 | $ | 8,294 | $ | 275 | $ | (27,331 | ) | $ | 12,257 | ||||||||||||
Comprehensive income, net of tax: | |||||||||||||||||||||||||
Currency translation adjustments | (1 | ) | (1 | ) | (1 | ) | (1 | ) | 3 | (1 | ) | ||||||||||||||
Total other comprehensive income | (1 | ) | (1 | ) | (1 | ) | (1 | ) | 3 | (1 | ) | ||||||||||||||
Comprehensive income | $ | 12,256 | $ | 18,761 | $ | 8,293 | $ | 274 | $ | (27,328 | ) | $ | 12,256 | ||||||||||||
Condensed Consolidating Statements of Income and Comprehensive Income | |||||||||||||||||||||||||
Nine Months Ended December 31, 2012 | |||||||||||||||||||||||||
(In thousands) | Prestige | Prestige | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||||
Brands | Brands, | Subsidiary | Non- | ||||||||||||||||||||||
Holdings, | Inc., | Guarantors | Guarantor | ||||||||||||||||||||||
Inc. | the issuer | Subsidiaries | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Net sales | $ | — | $ | 75,294 | $ | 387,815 | $ | 3,626 | $ | — | $ | 466,735 | |||||||||||||
Other revenues | — | 220 | 2,310 | 1,270 | (1,451 | ) | 2,349 | ||||||||||||||||||
Total revenues | — | 75,514 | 390,125 | 4,896 | (1,451 | ) | 469,084 | ||||||||||||||||||
Cost of Sales | |||||||||||||||||||||||||
Cost of sales (exclusive of depreciation shown below) | — | 28,493 | 181,382 | 1,514 | (1,451 | ) | 209,938 | ||||||||||||||||||
Gross profit | — | 47,021 | 208,743 | 3,382 | — | 259,146 | |||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||
Advertising and promotion | — | 8,917 | 57,326 | 1,128 | — | 67,371 | |||||||||||||||||||
General and administrative | 3,676 | 5,020 | 30,802 | 616 | — | 40,114 | |||||||||||||||||||
Depreciation and amortization | 818 | 420 | 8,667 | 45 | — | 9,950 | |||||||||||||||||||
Total operating expenses | 4,494 | 14,357 | 96,795 | 1,789 | — | 117,435 | |||||||||||||||||||
Operating income (loss) | (4,494 | ) | 32,664 | 111,948 | 1,593 | — | 141,711 | ||||||||||||||||||
Other (income) expense | |||||||||||||||||||||||||
Interest (income) | (24,337 | ) | (63,573 | ) | 162 | (163 | ) | 87,902 | (9 | ) | |||||||||||||||
Interest expense | 26,147 | 92,320 | 35,613 | — | (87,902 | ) | 66,178 | ||||||||||||||||||
Equity in (income) loss of subsidiaries | (50,008 | ) | (49,280 | ) | (1,306 | ) | — | 100,594 | — | ||||||||||||||||
Total other (income) expense | (48,198 | ) | (20,533 | ) | 34,469 | (163 | ) | 100,594 | 66,169 | ||||||||||||||||
Income before income taxes | 43,704 | 53,197 | 77,479 | 1,756 | (100,594 | ) | 75,542 | ||||||||||||||||||
Provision (benefit) for income taxes | (2,452 | ) | 1,524 | 29,631 | 683 | — | 29,386 | ||||||||||||||||||
Net income | $ | 46,156 | $ | 51,673 | $ | 47,848 | $ | 1,073 | $ | (100,594 | ) | $ | 46,156 | ||||||||||||
Comprehensive income, net of tax: | |||||||||||||||||||||||||
Currency translation adjustments | 23 | 23 | 23 | 23 | (69 | ) | 23 | ||||||||||||||||||
Total other comprehensive income | 23 | 23 | 23 | 23 | (69 | ) | 23 | ||||||||||||||||||
Comprehensive income | $ | 46,179 | $ | 51,696 | $ | 47,871 | $ | 1,096 | $ | (100,663 | ) | $ | 46,179 | ||||||||||||
Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(In thousands) | Prestige | Prestige | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||||
Brands | Brands, | Subsidiary | Non- | ||||||||||||||||||||||
Holdings, | Inc., | Guarantors | Guarantor | ||||||||||||||||||||||
Inc. | the issuer | Subsidiaries | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 90,647 | $ | — | $ | — | $ | 3,706 | $ | — | $ | 94,353 | |||||||||||||
Accounts receivable, net | 127 | 14,349 | 47,631 | 4,081 | — | 66,188 | |||||||||||||||||||
Inventories | — | 14,660 | 46,020 | 4,994 | (876 | ) | 64,798 | ||||||||||||||||||
Deferred income tax assets | 251 | 917 | 5,668 | — | — | 6,836 | |||||||||||||||||||
Prepaid expenses and other current assets | 8,148 | 66 | 3,313 | 799 | — | 12,326 | |||||||||||||||||||
Total current assets | 99,173 | 29,992 | 102,632 | 13,580 | (876 | ) | 244,501 | ||||||||||||||||||
Property and equipment, net | 9,905 | 125 | 229 | 269 | — | 10,528 | |||||||||||||||||||
Goodwill | — | 66,007 | 101,540 | 22,408 | — | 189,955 | |||||||||||||||||||
Intangible assets, net | — | 192,995 | 1,172,004 | 30,756 | — | 1,395,755 | |||||||||||||||||||
Other long-term assets | — | 24,107 | — | — | — | 24,107 | |||||||||||||||||||
Intercompany receivable | 596,369 | 1,919,068 | 588,046 | 9,501 | (3,112,984 | ) | — | ||||||||||||||||||
Investment in subsidiary | 1,536,312 | 735,694 | 8,259 | — | (2,280,265 | ) | — | ||||||||||||||||||
Total Assets | $ | 2,241,759 | $ | 2,967,988 | $ | 1,972,710 | $ | 76,514 | $ | (5,394,125 | ) | $ | 1,864,846 | ||||||||||||
Liabilities and Stockholders' Equity | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 48,290 | $ | — | $ | — | $ | — | $ | 48,290 | |||||||||||||
Accounts payable | 3,063 | 11,641 | 34,320 | 2,523 | — | 51,547 | |||||||||||||||||||
Accrued interest payable | — | 10,781 | — | — | — | 10,781 | |||||||||||||||||||
Other accrued liabilities | 6,144 | 3,299 | 10,249 | 3,753 | — | 23,445 | |||||||||||||||||||
Total current liabilities | 9,207 | 74,011 | 44,569 | 6,276 | — | 134,063 | |||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||
Principal amount | — | 985,000 | — | — | — | 985,000 | |||||||||||||||||||
Less unamortized discount | — | (3,489 | ) | — | — | — | (3,489 | ) | |||||||||||||||||
Long-term debt, net of unamortized discount | — | 981,511 | — | — | — | 981,511 | |||||||||||||||||||
Deferred income tax liabilities | — | 55,316 | 149,652 | 68 | — | 205,036 | |||||||||||||||||||
Long term liabilities | — | — | — | 302 | — | 302 | |||||||||||||||||||
Intercompany payable | 1,688,618 | 394,359 | 992,745 | 37,262 | (3,112,984 | ) | — | ||||||||||||||||||
Total Liabilities | 1,697,825 | 1,505,197 | 1,186,966 | 43,908 | (3,112,984 | ) | 1,320,912 | ||||||||||||||||||
Stockholders' Equity | |||||||||||||||||||||||||
Preferred share rights | 283 | — | — | — | — | 283 | |||||||||||||||||||
Common stock | 520 | — | — | — | — | 520 | |||||||||||||||||||
Additional paid-in capital | 412,910 | 1,337,706 | 658,799 | 23,815 | (2,020,320 | ) | 412,910 | ||||||||||||||||||
Treasury stock, at cost - 194 shares | (965 | ) | — | — | — | — | (965 | ) | |||||||||||||||||
Accumulated other comprehensive income, net of tax | (1,675 | ) | (1,675 | ) | (1,675 | ) | (1,675 | ) | 5,025 | (1,675 | ) | ||||||||||||||
Retained earnings (accumulated deficit) | 132,861 | 126,760 | 128,620 | 10,466 | (265,846 | ) | 132,861 | ||||||||||||||||||
Total Stockholders' Equity | 543,934 | 1,462,791 | 785,744 | 32,606 | (2,281,141 | ) | 543,934 | ||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 2,241,759 | $ | 2,967,988 | $ | 1,972,710 | $ | 76,514 | $ | (5,394,125 | ) | $ | 1,864,846 | ||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||
(In thousands) | Prestige | Prestige | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||||
Brands | Brands, | Subsidiary | Non- | ||||||||||||||||||||||
Holdings, | Inc., | Guarantors | Guarantor | ||||||||||||||||||||||
Inc. | the issuer | Subsidiaries | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 14,720 | $ | — | $ | — | $ | 950 | $ | — | $ | 15,670 | |||||||||||||
Accounts receivable, net | 21 | 13,875 | 58,345 | 812 | — | 73,053 | |||||||||||||||||||
Inventories | — | 11,164 | 48,474 | 563 | — | 60,201 | |||||||||||||||||||
Deferred income tax assets | 218 | 855 | 5,276 | — | — | 6,349 | |||||||||||||||||||
Prepaid expenses and other current assets | 4,942 | 93 | 3,609 | 256 | — | 8,900 | |||||||||||||||||||
Total current assets | 19,901 | 25,987 | 115,704 | 2,581 | — | 164,173 | |||||||||||||||||||
Property and equipment, net | 9,609 | 34 | 253 | — | — | 9,896 | |||||||||||||||||||
Goodwill | — | 66,007 | 101,539 | — | — | 167,546 | |||||||||||||||||||
Intangible assets, net | — | 193,396 | 1,179,524 | 320 | — | 1,373,240 | |||||||||||||||||||
Other long-term assets | — | 24,944 | — | — | — | 24,944 | |||||||||||||||||||
Intercompany receivable | 653,049 | 1,911,573 | 415,587 | 7,316 | (2,987,525 | ) | — | ||||||||||||||||||
Investment in subsidiary | 1,429,775 | 638,611 | 7,067 | — | (2,075,453 | ) | — | ||||||||||||||||||
Total Assets | $ | 2,112,334 | $ | 2,860,552 | $ | 1,819,674 | $ | 10,217 | $ | (5,062,978 | ) | $ | 1,739,799 | ||||||||||||
Liabilities and Stockholders' Equity | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Accounts payable | $ | 2,601 | $ | 10,600 | $ | 37,695 | $ | 480 | $ | — | $ | 51,376 | |||||||||||||
Accrued interest payable | — | 13,894 | — | — | — | 13,894 | |||||||||||||||||||
Other accrued liabilities | 12,694 | 1,684 | 16,107 | 913 | — | 31,398 | |||||||||||||||||||
Total current liabilities | 15,295 | 26,178 | 53,802 | 1,393 | — | 96,668 | |||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||
Principal amount | — | 978,000 | — | — | — | 978,000 | |||||||||||||||||||
Less unamortized discount | — | (7,100 | ) | — | — | — | (7,100 | ) | |||||||||||||||||
Long-term debt, net of unamortized discount | — | 970,900 | — | — | — | 970,900 | |||||||||||||||||||
Deferred income tax liabilities | — | 55,291 | 138,924 | 73 | — | 194,288 | |||||||||||||||||||
Intercompany payable | 1,619,096 | 447,419 | 920,865 | 145 | (2,987,525 | ) | — | ||||||||||||||||||
Total Liabilities | 1,634,391 | 1,499,788 | 1,113,591 | 1,611 | (2,987,525 | ) | 1,261,856 | ||||||||||||||||||
Stockholders' Equity | |||||||||||||||||||||||||
Preferred share rights | 283 | — | — | — | — | 283 | |||||||||||||||||||
Common stock | 513 | — | — | — | — | 513 | |||||||||||||||||||
Additional paid-in capital | 401,691 | 1,280,945 | 624,742 | 1,111 | (1,906,798 | ) | 401,691 | ||||||||||||||||||
Treasury stock, at cost - 181 shares | (687 | ) | — | — | — | — | (687 | ) | |||||||||||||||||
Accumulated other comprehensive loss, net of tax | (104 | ) | — | — | (104 | ) | 104 | (104 | ) | ||||||||||||||||
Retained earnings (accumulated deficit) | 76,247 | 79,819 | 81,341 | 7,599 | (168,759 | ) | 76,247 | ||||||||||||||||||
Total Stockholders' Equity | 477,943 | 1,360,764 | 706,083 | 8,606 | (2,075,453 | ) | 477,943 | ||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 2,112,334 | $ | 2,860,552 | $ | 1,819,674 | $ | 10,217 | $ | (5,062,978 | ) | $ | 1,739,799 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||
Nine Months Ended December 31, 2013 | |||||||||||||||||||||||||
(In thousands) | Prestige | Prestige | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||||
Brands | Brands, | Subsidiary | Non- | ||||||||||||||||||||||
Holdings, | Inc., | Guarantors | Guarantor | ||||||||||||||||||||||
Inc. | the issuer | Subsidiaries | |||||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net income (loss) | $ | 56,614 | $ | 46,941 | $ | 47,279 | $ | 2,867 | $ | (97,087 | ) | $ | 56,614 | ||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||||||||
Depreciation and amortization | 2,017 | 434 | 7,624 | 134 | — | 10,209 | |||||||||||||||||||
Deferred income taxes | (33 | ) | (37 | ) | 10,336 | (5 | ) | — | 10,261 | ||||||||||||||||
Amortization of deferred financing costs | — | 6,023 | — | — | — | 6,023 | |||||||||||||||||||
Stock-based compensation costs | 3,763 | — | — | — | — | 3,763 | |||||||||||||||||||
Loss on extinguishment of debt | — | 15,012 | — | — | — | 15,012 | |||||||||||||||||||
Premium payment on 2010 Senior Notes Tendered | — | (12,768 | ) | — | — | — | (12,768 | ) | |||||||||||||||||
Amortization of debt discount | — | 3,115 | — | — | — | 3,115 | |||||||||||||||||||
Gain on sale of assets | — | — | (3 | ) | — | — | (3 | ) | |||||||||||||||||
Equity in income of subsidiaries | (51,347 | ) | (41,997 | ) | (2,867 | ) | — | 96,211 | — | ||||||||||||||||
Changes in operating assets and liabilities, net of effects from acquisitions: | |||||||||||||||||||||||||
Accounts receivable | (106 | ) | (474 | ) | 10,714 | (1,639 | ) | — | 8,495 | ||||||||||||||||
Inventories | — | (3,496 | ) | 2,454 | (2,096 | ) | 876 | (2,262 | ) | ||||||||||||||||
Prepaid expenses and other current assets | (3,206 | ) | 27 | 296 | 100 | — | (2,783 | ) | |||||||||||||||||
Accounts payable | 462 | 1,041 | (3,375 | ) | 587 | — | (1,285 | ) | |||||||||||||||||
Accrued liabilities | (6,550 | ) | (1,498 | ) | (5,858 | ) | 375 | — | (13,531 | ) | |||||||||||||||
Net cash provided by operating activities | 1,614 | 12,323 | 66,600 | 323 | — | 80,860 | |||||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Purchases of property and equipment | (2,555 | ) | — | — | (103 | ) | — | (2,658 | ) | ||||||||||||||||
Proceeds from the sale of property and equipment | — | — | 3 | — | — | 3 | |||||||||||||||||||
Acquisition of Care Pharmaceuticals, less cash acquired | — | — | — | (55,215 | ) | — | (55,215 | ) | |||||||||||||||||
Intercompany activity, net | — | (55,215 | ) | — | 55,215 | — | — | ||||||||||||||||||
Net cash provided by (used in) investing activities | (2,555 | ) | (55,215 | ) | 3 | (103 | ) | — | (57,870 | ) | |||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Proceeds from the issuance of 2013 Senior Notes | — | 400,000 | — | — | — | 400,000 | |||||||||||||||||||
Payment of 2010 Senior Notes | — | (201,710 | ) | — | — | — | (201,710 | ) | |||||||||||||||||
Repayments of long-term debt | — | (147,500 | ) | — | — | — | (147,500 | ) | |||||||||||||||||
Repayments under revolving credit agreement | — | (45,500 | ) | — | — | — | (45,500 | ) | |||||||||||||||||
Borrowings under revolving credit agreement | — | 50,000 | — | — | — | 50,000 | |||||||||||||||||||
Payment of deferred financing costs | — | (6,933 | ) | — | — | — | (6,933 | ) | |||||||||||||||||
Proceeds from exercise of stock options | 5,738 | — | — | — | — | 5,738 | |||||||||||||||||||
Excess tax benefits from share-based awards | 1,725 | — | — | — | — | 1,725 | |||||||||||||||||||
Shares surrendered as payment of tax withholding | (278 | ) | — | — | — | — | (278 | ) | |||||||||||||||||
Intercompany activity, net | 69,683 | (5,465 | ) | (66,603 | ) | 2,385 | — | — | |||||||||||||||||
Net cash provided by (used in) financing activities | 76,868 | 42,892 | (66,603 | ) | 2,385 | — | 55,542 | ||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 151 | — | 151 | |||||||||||||||||||
Increase in cash and cash equivalents | 75,927 | — | — | 2,756 | — | 78,683 | |||||||||||||||||||
Cash - beginning of period | 14,720 | — | — | 950 | — | 15,670 | |||||||||||||||||||
Cash - end of period | $ | 90,647 | $ | — | $ | — | $ | 3,706 | $ | — | $ | 94,353 | |||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||
Nine Months Ended December 31, 2012 | |||||||||||||||||||||||||
(In thousands) | Prestige Brands Holdings, Inc. | Prestige Brands, Inc., the issuer | Combined Subsidiary Guarantors | Combined Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net income (loss) | $ | 46,156 | $ | 51,673 | $ | 47,848 | $ | 1,073 | $ | (100,594 | ) | $ | 46,156 | ||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||||||||
Depreciation and amortization | 818 | 420 | 8,667 | 45 | — | 9,950 | |||||||||||||||||||
Deferred income taxes | 143 | 44 | 15,796 | (4 | ) | — | 15,979 | ||||||||||||||||||
Amortization of deferred financing costs | — | 8,220 | — | — | — | 8,220 | |||||||||||||||||||
Stock-based compensation costs | 2,965 | — | — | — | — | 2,965 | |||||||||||||||||||
Lease termination costs | 975 | — | — | — | — | 975 | |||||||||||||||||||
Amortization of debt discount | — | 3,892 | — | — | — | 3,892 | |||||||||||||||||||
Loss on disposal of equipment | 30 | — | 21 | — | — | 51 | |||||||||||||||||||
Equity in income of subsidiaries | (50,008 | ) | (49,280 | ) | (1,306 | ) | — | 100,594 | — | ||||||||||||||||
Changes in operating assets and liabilities, net of effects from acquisitions: | |||||||||||||||||||||||||
Accounts receivable | (115 | ) | 285 | (13,474 | ) | (214 | ) | — | (13,518 | ) | |||||||||||||||
Inventories | — | (1,242 | ) | (2,104 | ) | (5 | ) | — | (3,351 | ) | |||||||||||||||
Prepaid expenses and other current assets | 6,446 | (369 | ) | (627 | ) | 351 | — | 5,801 | |||||||||||||||||
Accounts payable | (3,347 | ) | 2,488 | 14,095 | 889 | — | 14,125 | ||||||||||||||||||
Accrued liabilities | (1,071 | ) | 529 | 9,830 | 343 | — | 9,631 | ||||||||||||||||||
Net cash provided by (used in) operating activities | 2,992 | 16,660 | 78,746 | 2,478 | — | 100,876 | |||||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Purchases of property and equipment | (8,922 | ) | — | — | — | — | (8,922 | ) | |||||||||||||||||
Proceeds from sale of property and equipment | — | — | 15 | — | — | 15 | |||||||||||||||||||
Proceeds from the sale of the Phazyme brand | — | — | 21,700 | — | — | 21,700 | |||||||||||||||||||
Acquisition of GSK purchase price adjustments | — | — | (226 | ) | — | — | (226 | ) | |||||||||||||||||
Intercompany activity, net | (226 | ) | — | 226 | — | — | — | ||||||||||||||||||
Net cash (used in) provided by investing activities | (9,148 | ) | — | 21,715 | — | — | 12,567 | ||||||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Repayment of long-term debt | — | (167,500 | ) | — | — | — | (167,500 | ) | |||||||||||||||||
Repayments under revolving credit agreement | — | (8,000 | ) | — | — | — | (8,000 | ) | |||||||||||||||||
Borrowings under revolving credit agreement | — | 48,000 | — | — | — | 48,000 | |||||||||||||||||||
Proceeds from exercise of stock options | 5,460 | — | — | — | — | 5,460 | |||||||||||||||||||
Intercompany activity, net | (8,647 | ) | 110,840 | (100,461 | ) | (1,732 | ) | — | — | ||||||||||||||||
Net cash used in financing activities | (3,187 | ) | (16,660 | ) | (100,461 | ) | (1,732 | ) | — | (122,040 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 13 | — | 13 | |||||||||||||||||||
(Decrease) increase in cash and cash equivalents | (9,343 | ) | — | — | 759 | — | (8,584 | ) | |||||||||||||||||
Cash - beginning of period | 18,221 | — | — | 794 | — | 19,015 | |||||||||||||||||||
Cash - end of period | $ | 8,878 | $ | — | $ | — | $ | 1,553 | $ | — | $ | 10,431 | |||||||||||||
Business_and_Basis_of_Presenta3
Business and Basis of Presentation (Property and Equipment) (Details) | 9 Months Ended | |
Dec. 31, 2013 | ||
Machinery | ' | |
Property, Plant and Equipment [Line Items] | ' | |
Property and equipment, useful lives | '5 years | |
Computer equipment and software | ' | |
Property, Plant and Equipment [Line Items] | ' | |
Property and equipment, useful lives | '3 years | |
Furniture and fixtures | ' | |
Property, Plant and Equipment [Line Items] | ' | |
Property and equipment, useful lives | '7 years | |
Leasehold improvements | ' | |
Property, Plant and Equipment [Line Items] | ' | |
Property and equipment, useful lives | ' | [1] |
[1] | Leasehold improvements are amortized over the lesser of the term of the lease or the estimated useful life of the related asset. |
Business_and_Basis_of_Presenta4
Business and Basis of Presentation (Intangible Assets) (Details) | 9 Months Ended |
Dec. 31, 2013 | |
Minimum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Intangible assets, useful lives | '3 years |
Maximum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Intangible assets, useful lives | '30 years |
Business_and_Basis_of_Presenta5
Business and Basis of Presentation (Other Balance Sheet and Income Statement Items) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' |
Ownership percentage | 100.00% | ' | 100.00% | ' |
Term of original maturities, cash equivalents, up to and including | ' | ' | '3 months | ' |
Shipping costs, and handling and storage costs | $7.60 | $7.60 | $23.30 | $23.10 |
Acquisitions_Care_Pharmaceutic
Acquisitions (Care Pharmaceuticals Pty Ltd.) (Details) (USD $) | 9 Months Ended | 9 Months Ended | ||
Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Jul. 02, 2013 | |
Care Pharma | Care Pharma | |||
Purchase Price | ' | ' | ' | ' |
Cash acquired | ' | ' | ' | $1,546,000 |
Accounts receivable | ' | ' | ' | 1,658,000 |
Inventories | ' | ' | ' | 2,465,000 |
Prepaids and other current assets | ' | ' | ' | 647,000 |
Property, plant and equipment | ' | ' | ' | 163,000 |
Goodwill | 189,955,000 | 167,546,000 | ' | 23,122,000 |
Intangible assets | ' | ' | ' | 31,502,000 |
Total assets acquired | ' | ' | ' | 61,103,000 |
Accounts payable | ' | ' | ' | 1,537,000 |
Accrued expenses | ' | ' | ' | 2,505,000 |
Other long term liabilities | ' | ' | ' | 300,000 |
Total liabilities assumed | ' | ' | ' | 4,342,000 |
Net assets acquired | ' | ' | ' | 56,761,000 |
Indefinite-lived intangible assets | ' | ' | ' | 29,800,000 |
Finite-lived intangibles | ' | ' | ' | 1,700,000 |
Purchased amortizable intangible assets, weighted average useful life | ' | ' | '15 years 1 month 6 days | ' |
Amortizable intangible assets, weighted average remaining life | '13 years 9 months 1 day | ' | '14 years 1 month 0 days | ' |
Goodwill, Acquired During Period | $23,122,000 | ' | ' | ' |
Divestitures_Details
Divestitures (Details) (Sale of Phazyme Brand, USD $) | Oct. 31, 2012 |
In Thousands, unless otherwise specified | |
Sale of Phazyme Brand | ' |
Components of assets sold: | ' |
Inventory | $220 |
Prepaid expenses | 100 |
Trade names | 15,604 |
Goodwill | $6,382 |
Divestitures_Narrative_Details
Divestitures (Narrative) (Details) (USD $) | 9 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 04, 2013 | Oct. 31, 2012 |
Sale of Phazyme Brand | Sale of Phazyme Brand | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Proceeds from the sale of the Phazyme brand | $0 | $21,700 | $600 | $21,700 |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable, gross | $75,734 | $80,361 |
Less allowances for discounts, returns and uncollectible accounts | -9,546 | -7,308 |
Accounts receivable, net | 66,188 | 73,053 |
Trade Accounts Receivable | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable, gross | 74,025 | 79,746 |
Other Receivables | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable, gross | $1,709 | $615 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
Inventory Disclosure [Abstract] | ' | ' |
Packaging and raw materials | $1,455,000 | $1,875,000 |
Finished goods | 63,343,000 | 58,326,000 |
Inventories | 64,798,000 | 60,201,000 |
Inventory valuation reserves related to obsolete and slow-moving inventory | $2,600,000 | $1,300,000 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | |
Components of Property and Equipment | ' | ' | ' | ' | ' |
Property and equipment, gross | $17,314,000 | ' | $17,314,000 | ' | $14,362,000 |
Accumulated depreciation | -6,786,000 | ' | -6,786,000 | ' | -4,466,000 |
Property and equipment, net | 10,528,000 | ' | 10,528,000 | ' | 9,896,000 |
Depreciation | 1,100,000 | 400,000 | 2,200,000 | 1,000,000 | ' |
Machinery | ' | ' | ' | ' | ' |
Components of Property and Equipment | ' | ' | ' | ' | ' |
Property and equipment, gross | 1,870,000 | ' | 1,870,000 | ' | 1,580,000 |
Computer equipment and software | ' | ' | ' | ' | ' |
Components of Property and Equipment | ' | ' | ' | ' | ' |
Property and equipment, gross | 8,886,000 | ' | 8,886,000 | ' | 6,559,000 |
Furniture and fixtures | ' | ' | ' | ' | ' |
Components of Property and Equipment | ' | ' | ' | ' | ' |
Property and equipment, gross | 1,826,000 | ' | 1,826,000 | ' | 1,510,000 |
Leasehold improvements | ' | ' | ' | ' | ' |
Components of Property and Equipment | ' | ' | ' | ' | ' |
Property and equipment, gross | 4,732,000 | ' | 4,732,000 | ' | 4,713,000 |
Impairment of assets | ' | ' | ' | $100,000 | ' |
Goodwill_Details
Goodwill (Details) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 02, 2013 |
OTC Healthcare | Household Cleaning | Care Pharma | ||
Goodwill [Roll Forward] | ' | ' | ' | ' |
Goodwill beginning balance | $167,546 | $160,157 | $7,389 | $23,122 |
Additions | 23,122 | 23,122 | 0 | ' |
Effects of foreign currency exchange rates | -713 | -713 | 0 | ' |
Goodwill ending balance | $189,955 | $182,566 | $7,389 | $23,122 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 |
Indefinite-Lived Intangible Assets [Abstract] | ' | ' | ' |
Indefinite-lived intangibles, ending balance | $1,272,644 | $1,272,644 | ' |
Finite-lived Intangible Assets, Accumulated Amortization [Abstract] | ' | ' | ' |
Intangible assets, accumulated amortization, additions | 2,600 | 8,019 | ' |
Finite-lived intangibles, accumulated amortization, effects of foreign exchange rates | ' | -2 | ' |
Intangible Assets, Gross [Abstract] | ' | ' | ' |
Intangible assets, gross, beginning balance | ' | 1,446,942 | ' |
Intangible assets, additions | ' | 31,502 | ' |
Intangible assets, reductions | ' | -158 | ' |
Intangible assets, effects of foreign currency exchange rate | ' | -970 | ' |
Intangible assets, gross, ending balance | 1,477,316 | 1,477,316 | ' |
Intangible Assets, Accumulated Amortization [Abstract] | ' | ' | ' |
Intangible assets, accumulated amortization, beginning balance | ' | 73,702 | ' |
Intangible assets, accumulated amortization, additions | 2,600 | 8,019 | ' |
Intangible assets, accumulated amortization, reductions | ' | -158 | ' |
Intangible assets, accumulated amortization, ending balance | 81,561 | 81,561 | ' |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ' |
Intangible assets, net | 123,111 | 123,111 | ' |
Intangible Assets, Net [Abstract] | ' | ' | ' |
Intangible assets, net (excluding goodwill) | 1,395,755 | 1,395,755 | 1,373,240 |
Indefinite Lived Trademarks | ' | ' | ' |
Indefinite-Lived Intangible Assets [Abstract] | ' | ' | ' |
Indefinite-lived intangibles, beginning balance | ' | 1,243,718 | ' |
Indefinite-lived intangibles, additions | ' | 29,845 | ' |
Indefinite-lived intangibles, reductions | ' | 0 | ' |
Indefinite-lived intangibles, effects of foreign currency exchange rate | ' | -919 | ' |
Indefinite-lived intangibles, ending balance | 1,272,644 | 1,272,644 | ' |
Finite Lived Trademarks | ' | ' | ' |
Finite-Lived Intangible Assets, Gross [Abstract] | ' | ' | ' |
Finite-lived intangibles, gross, beginning balance | ' | 203,066 | ' |
Finite-lived intangibles, additions | ' | 1,657 | ' |
Finite-lived intangibles, reductions | ' | 0 | ' |
Finite-lived intangibles, effects of foreign currency exchange rate | ' | -51 | ' |
Finite-lived intangibles, gross, ending balance | 204,672 | 204,672 | ' |
Finite-lived Intangible Assets, Accumulated Amortization [Abstract] | ' | ' | ' |
Finite-lived intangibles, accumulated amortization, beginning balance | ' | 73,544 | ' |
Intangible assets, accumulated amortization, additions | ' | 8,019 | ' |
Finite-lived intangibles, accumulated amortization, reductions | ' | 0 | ' |
Finite-lived intangibles, accumulated amortization, effects of foreign exchange rates | ' | -2 | ' |
Finite-lived intangibles, accumulated amortization, ending balance | 81,561 | 81,561 | ' |
Intangible Assets, Accumulated Amortization [Abstract] | ' | ' | ' |
Intangible assets, accumulated amortization, additions | ' | 8,019 | ' |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ' |
Intangible assets, net | 123,111 | 123,111 | ' |
Noncompete Agreements | ' | ' | ' |
Finite-Lived Intangible Assets, Gross [Abstract] | ' | ' | ' |
Finite-lived intangibles, gross, beginning balance | ' | 158 | ' |
Finite-lived intangibles, additions | ' | 0 | ' |
Finite-lived intangibles, reductions | ' | -158 | ' |
Finite-lived intangibles, effects of foreign currency exchange rate | ' | 0 | ' |
Finite-lived intangibles, gross, ending balance | 0 | 0 | ' |
Finite-lived Intangible Assets, Accumulated Amortization [Abstract] | ' | ' | ' |
Finite-lived intangibles, accumulated amortization, beginning balance | ' | 158 | ' |
Intangible assets, accumulated amortization, additions | ' | 0 | ' |
Finite-lived intangibles, accumulated amortization, reductions | ' | -158 | ' |
Finite-lived intangibles, accumulated amortization, effects of foreign exchange rates | ' | 0 | ' |
Finite-lived intangibles, accumulated amortization, ending balance | 0 | 0 | ' |
Intangible Assets, Accumulated Amortization [Abstract] | ' | ' | ' |
Intangible assets, accumulated amortization, additions | ' | 0 | ' |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ' |
Intangible assets, net | $0 | $0 | ' |
Intangible_Assets_Expected_Amo
Intangible Assets (Expected Amortization Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, weighted average remaining period | ' | '13 years 9 months 1 day |
Amortization of intangible assets | $2,600 | $8,019 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' |
2014 (Remaining three months ending March 31, 2014) | 2,235 | 2,235 |
2015 | 8,949 | 8,949 |
2016 | 8,949 | 8,949 |
2017 | 8,949 | 8,949 |
2018 | 8,949 | 8,949 |
Thereafter | 85,080 | 85,080 |
Intangible assets, net | $123,111 | $123,111 |
Minimum | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, useful lives | ' | '3 years |
Maximum | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, useful lives | ' | '30 years |
Other_Accrued_Liabilities_Deta
Other Accrued Liabilities (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Accrued marketing costs | $11,845 | $17,187 |
Accrued compensation costs | 5,378 | 8,847 |
Accrued broker commissions | 941 | 1,028 |
Income taxes payable | 0 | 493 |
Accrued professional fees | 3,794 | 1,846 |
Deferred rent | 1,254 | 1,268 |
Accrued lease termination costs | 180 | 729 |
Other accrued liabilities | 53 | 0 |
Other accrued liabilities | $23,445 | $31,398 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 17, 2013 | Mar. 31, 2013 | Jan. 31, 2012 | Dec. 31, 2013 | Jan. 31, 2012 | Dec. 17, 2013 | Jan. 31, 2012 | Jun. 30, 2013 | Sep. 30, 2012 | Jan. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Dec. 17, 2013 | Nov. 01, 2010 | Mar. 24, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2011 | Jan. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Dec. 17, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Feb. 21, 2013 | Feb. 21, 2013 | Jan. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Jan. 16, 2014 | |
2012 Senior Notes | 2012 Senior Notes | 2013 Senior Notes | Term Loan and ABL Revolver 2012 | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Term Loans | Term Loans | Term Loans | Term Loans | Term Loans | Term Loans | Term Loans | Term Loans | Term Loans | Term Loans | Term Loans | Term Loans | Term Loans | Term Loans | Subsequent Event | ||||||||
2010 Revolving Credit Facility | 2010 Revolving Credit Facility | 2012 ABL Revolver | 2012 ABL Revolver | 2012 ABL Revolver | 2012 ABL Revolver | 2012 ABL Revolver | 2012 ABL Revolver | 2012 ABL Revolver | 2012 ABL Revolver | 2012 ABL Revolver | 2012 ABL Revolver | 2012 ABL Revolver | 2012 ABL Revolver | 2010 Senior Notes | 2010 Senior Notes | 2010 Senior Notes | 2010 Senior Notes | 2010 Senior Notes | 2010 Senior Notes | 2012 Senior Notes | 2012 Senior Notes | 2012 Senior Notes | 2012 Senior Notes | 2013 Senior Notes | 2013 Senior Notes | 2013 Senior Notes | Amended 2012 Term Loan | Amended 2012 Term Loan | Amended 2012 Term Loan | 2012 Term Loan | 2012 Term Loan | 2012 Term Loan | 2012 Term Loan | 2012 Term Loan | 2012 Term Loan | 2012 Term Loan | 2012 Term Loan | 2012 Term Loan | 2012 Term Loan | 2012 Term Loan | Senior Notes | ||||||||||||
LIBOR | LIBOR | LIBOR | Base Rate | Base Rate | Base Rate | Base Rate | Base Rate | Prior to February 1, 2016 | Prior to February 1, 2015 | Upon Change in Control | Prior to December 15, 2016 | On Or After December 15, 2016 | LIBOR | LIBOR | Base Rate | Base Rate | Base Rate | 2010 Senior Notes | |||||||||||||||||||||||||||||||||||
Minimum | Maximum | Minimum | Maximum | Federal Funds Rate | LIBOR | Minimum | Federal Funds Rate | LIBOR | |||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $150,000,000 | ' | ' | ' | $250,000,000 | ' | ' | ' | $400,000,000 | ' | ' | ' | ' | ' | $660,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.25% | ' | ' | ' | 8.13% | ' | ' | ' | 5.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, increase, additional borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, unamortized discount | 3,489,000 | ' | 3,489,000 | ' | ' | 7,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, unamortized premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,300,000 | 147,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 650,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, effective interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of subsidiary owned | ' | ' | ' | ' | 100.00% | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of debt | ' | ' | 201,710,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -201,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,300,000 |
Loss on extinguishment of debt | 15,012,000 | 0 | 15,012,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash acceleration expense, before tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,700,000 | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' |
Non-cash acceleration expense, increase (decrease) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,100,000 | 1,100,000 | -700,000 | -1,200,000 | ' | 3,000,000 | ' | ' | ' | ' | ' |
Non-cash acceleration expense, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | 700,000 | 500,000 | 700,000 | ' | 1,900,000 | ' | ' | ' | ' | ' |
Non-cash acceleration expense, effect on diluted share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | $0.01 | $0.01 | $0.02 | ' | $0.03 | ' | ' | ' | ' | ' |
Additional loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,300,000 |
Tendered debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,300,000 |
Repayments of debt premium | ' | ' | 12,768,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write off of deferred debt financing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write off of debt discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance costs capitalized | ' | ' | ' | ' | ' | ' | ' | ' | 12,600,000 | 6,700,000 | 20,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | 95,000,000 | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, increase in borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, discount, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' |
Debt instrument, reference rate floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, basis spread on variable rate, fixed component | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 0.50% | 1.00% | ' |
Debt instrument, average interest rate during period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' |
Debt instrument, quarterly payment, percent of original principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, conditional variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 2.25% | ' | 1.00% | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, conditional commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, interest rate at period end | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized debt issuance costs | 24,100,000 | ' | 24,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized debt issuance expense and discount | ' | ' | ' | ' | ' | ' | ' | 10,400,000 | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,700,000 | ' | ' | ' | ' | ' | ' |
Debt instrument, redemption price, percentage of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 108.13% | 101.00% | ' | 100.00% | 105.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, percentage of principal amount eligible for redemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of long-term debt | ' | ' | $147,500,000 | $167,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt (Schedule of Long-term Debt) (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 24, 2010 |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term debt, gross | $1,033,290,000 | $978,000,000 | ' |
Less: unamortized discount | -3,489,000 | -7,100,000 | ' |
Current portion of long-term debt | 48,290,000 | 0 | ' |
Principal amount | 985,000,000 | 978,000,000 | ' |
Long-term debt, net of unamortized discount | 981,511,000 | 970,900,000 | ' |
Senior Notes | 2013 Senior Notes | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term debt, gross | 400,000,000 | 0 | ' |
Senior Notes | 2012 Senior Notes | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term debt, gross | 250,000,000 | 250,000,000 | ' |
Senior Notes | 2010 Senior Notes | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term debt, gross | 48,290,000 | 250,000,000 | ' |
Less: unamortized discount | ' | ' | -2,200,000 |
Term Loans | 2012 Term Loan | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term debt, gross | 297,500,000 | 445,000,000 | ' |
Revolving Credit Facility | 2012 ABL Revolver | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term debt, gross | $37,500,000 | $33,000,000 | ' |
LongTerm_Debt_Maturities_of_Lo
Long-Term Debt (Maturities of Long-term Debt) (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
Debt Disclosure [Abstract] | ' | ' |
2014 (remaining three months ending March 31, 2014) | $48,290,000 | ' |
2015 | 0 | ' |
2016 | 0 | ' |
2017 | 37,500,000 | ' |
2018 | 0 | ' |
Thereafter | 947,500,000 | ' |
Long-term debt, gross | $1,033,290,000 | $978,000,000 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
Senior Notes | 2013 Senior Notes | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans payable, fair value disclosure | $400,000,000 | ' |
Senior Notes | 2012 Senior Notes | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans payable, fair value disclosure | 250,000,000 | ' |
Senior Notes | 2010 Senior Notes | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans payable, fair value disclosure | 48,300,000 | 250,000,000 |
Senior Notes | Nonrecurring | Fair Value, Inputs, Level 2 | 2013 Senior Notes | Market Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans payable, fair value disclosure | 403,000,000 | ' |
Senior Notes | Nonrecurring | Fair Value, Inputs, Level 2 | 2012 Senior Notes | Market Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans payable, fair value disclosure | 279,100,000 | 281,900,000 |
Senior Notes | Nonrecurring | Fair Value, Inputs, Level 2 | 2010 Senior Notes | Market Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans payable, fair value disclosure | 51,100,000 | 271,900,000 |
Term Loans | 2012 Term Loan | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans payable, fair value disclosure | 297,500,000 | 445,000,000 |
Term Loans | Nonrecurring | Fair Value, Inputs, Level 2 | 2012 Term Loan | Market Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans payable, fair value disclosure | 299,000,000 | 451,100,000 |
Revolving Credit Facility | 2012 ABL Revolver | Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Line of credit, fair value disclosure | $37,500,000 | $33,000,000 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Restricted Shares | Restricted Shares | |||
Class of Stock [Line Items] | ' | ' | ' | ' |
Common stock, shares authorized | 250,000,000 | 250,000,000 | ' | ' |
Common stock, par value (in USD per share) | $0.01 | $0.01 | ' | ' |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | ' | ' |
Preferred stock, par value (in USD per share) | $0.01 | $0.01 | ' | ' |
Voting rights, number of votes per common share owned | 1 | ' | ' | ' |
Restricted stock repurchased during period, shares | ' | ' | 2,549 | 13,275 |
Restricted stock acquired, average cost per share | ' | ' | $27.81 | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Components of AOCI) (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accumulated Other Comprehensive Income [Abstract] | ' | ' |
Cumulative translation adjustment | ($1,675) | ($104) |
Total accumulated other comprehensive loss, net of tax | ($1,675) | ($104) |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator | ' | ' | ' | ' |
Net income | $3,130 | $12,257 | $56,614 | $46,156 |
Denominator | ' | ' | ' | ' |
Denominator for basic earnings per share — weighted average shares outstanding (in shares) | 51,806 | 50,686 | 51,498 | 50,465 |
Dilutive effect of unvested restricted common stock (including restricted stock units) and options issued to employees and directors (in shares) | 639 | 837 | 738 | 820 |
Denominator for diluted earnings per share (in shares) | 52,445 | 51,523 | 52,236 | 51,285 |
Earnings per Common Share: | ' | ' | ' | ' |
Basic net earnings per share (in USD per share) | $0.06 | $0.24 | $1.10 | $0.91 |
Diluted net earnings per share (in USD per share) | $0.06 | $0.24 | $1.08 | $0.90 |
Earnings_Per_Share_Antidilutiv
Earnings Per Share Antidilutive Securities (Details) (Outstanding Stock Awards) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Outstanding Stock Awards | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share, shares (fewer than 0.1 million shares for the three and nine months ended December 31, 2012) | 0.2 | 0.1 | 0.2 | 0.1 |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 05, 2013 | 14-May-13 | Dec. 31, 2013 | 14-May-13 | Jun. 30, 2013 | Dec. 31, 2013 | 14-May-13 | 14-May-13 |
Restricted Stock and Restricted Stock Units (RSUs) | Restricted Stock and Restricted Stock Units (RSUs) | Restricted Stock and Restricted Stock Units (RSUs) | Restricted Stock and Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Stock Options | Stock Options | Employee | Employee | Employee | Employee | Director | Director | Group One | Group Two | |||||
Minimum | Maximum | Minimum | Maximum | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Stock Options | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Employee | Employee | |||||||||
Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | |||||||||||||||||||
Share-based Compensation, Aggregate Disclosures: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized for grant under 2005 Long-Term Equity Incentive Plan | 5,000,000 | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation costs charged against income | $1.30 | $1 | $3.80 | $3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit recognized from share-based compensation expense | 0.4 | 0.3 | 1.1 | 0.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting period | ' | ' | ' | ' | ' | ' | '3 years | '5 years | ' | ' | '3 years | '5 years | ' | ' | '3 years | '3 years | ' | '1 year | '3 years | '3 years |
Restricted common stock units granted in period, shares | ' | ' | ' | ' | 126,600 | 128,900 | ' | ' | ' | ' | ' | ' | 6,000 | 113,637 | ' | ' | 7,004 | ' | 55,637 | 58,000 |
Granted, weighted-average grant-date fair value (in USD per share) | ' | ' | ' | ' | $30.19 | $13.59 | ' | ' | $30.19 | $13.59 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options, Additional Disclosures: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award exercisability period, from date of grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | '10 years | ' | ' | ' | ' |
Options granted in period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 227,672 | ' | ' | ' | ' |
Percentage of options vesting annually | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.30% | ' | ' | ' | 33.30% |
Options granted, weighted-average grant-date fair value (in USD per share) | ' | ' | $13.94 | $6.03 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $29.94 | ' | ' | ' | ' |
Options exercised, aggregate intrinsic value | ' | ' | 13.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted, aggregate intrinsic value | ' | ' | 1.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation costs related to nonvested awards | 5 | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation costs related to nonvested awards, weighted average period for recognition | ' | ' | '0 years 11 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of vested shares | ' | ' | 3.2 | 2.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received from exercise of stock options | ' | ' | 5.7 | 5.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit realized from exercise of stock options | ' | ' | $1.70 | $9.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for issuance under the Plan | 1,600,000 | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_Restri
Share-Based Compensation (Restricted Shares and Restricted Stock Units Activity) (Details) (Restricted Stock and Restricted Stock Units (RSUs), USD $) | 9 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock and Restricted Stock Units (RSUs) | ' | ' |
Shares | ' | ' |
Outstanding, beginning of period | 421,300 | 363,400 |
Granted | 126,600 | 128,900 |
Vested and issued | -59,700 | -27,000 |
Forfeited | -5,600 | -12,300 |
Outstanding, end of period | 482,600 | 453,000 |
Vested, end of period | 83,100 | 70,400 |
Weighted- Average Grant-Date Fair Value | ' | ' |
Outstanding, beginning of period, weighted-average grant-date fair value (in USD per share) | $11.01 | $9.92 |
Granted, weighted-average grant-date fair value (in USD per share) | $30.19 | $13.59 |
Vested and issued, weighted-average grant-date fair value (in USD per share) | $8.42 | $7.16 |
Forfeited, weighted-average grant-date fair value (in USD per share) | $15.11 | $10.69 |
Outstanding, end of period, weighted-average grant-date fair value (in USD per share) | $16.32 | $11.11 |
Vested, end of period, weighted-average grant-date fair value (in USD per share) | $9.63 | $8.52 |
ShareBased_Compensation_Stock_
Share-Based Compensation (Stock Option Valuation Assumptions) (Details) (Stock Options, USD $) | 9 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Options | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected volatility | 48.00% | 44.00% |
Expected dividends | $0 | $0 |
Expected term in years | '6 years | '6 years 6 months |
Risk-free rate | 1.30% | 1.20% |
ShareBased_Compensation_Stock_1
Share-Based Compensation (Stock Option Activity) (Details) (USD $) | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Shares | ' | ' |
Outstanding, beginning of period (in shares) | 1,386,400 | 1,745,400 |
Granted (in shares) | 227,700 | 444,900 |
Exercised (in shares) | -589,900 | -708,500 |
Forfeited or expired (in shares) | -14,200 | -17,400 |
Outstanding, end of period (in shares) | 1,010,000 | 1,464,400 |
Exercisable, end of period (in shares) | 172,100 | 332,400 |
Weighted- Average Exercise Price | ' | ' |
Outstanding, beginning of period, weighted-average exercise price (in USD per share) | $10.43 | $8.44 |
Granted, weighted-average exercise price (in USD per share) | $29.94 | $13.36 |
Exercised, weighted-average exercise price (in USD per share) | $9.73 | $7.71 |
Forfeited or expired, weighted-average exercise price (in USD per share) | $14.56 | $11.21 |
Outstanding, end of period, weighted-average exercise price (in USD per share) | $15.18 | $10.26 |
Exercisable, end of period, weighted-average exercise price (in USD per share) | $11.34 | $9.99 |
Options, Additional Disclosures: | ' | ' |
Outstanding, end of period, weighted-average remaining contractual term | '7 years 7 months | '7 years 8 months 0 days |
Exercisable, end of period, weighted-average remaining contractual term | '6 years 9 months 18 days | '6 years 10 months 0 days |
Outstanding, end of period, aggregate intrinsic value | $20,828 | $11,330 |
Exercisable, end of period, aggregate intrinsic value | $4,210 | $2,248 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Effective income tax rate | 25.20% | 38.90% | 24.60% | 38.90% | ' |
Income tax benefit adjustment | $0.40 | ' | $8.90 | ' | ' |
Net operating loss carryforwards | 1 | ' | 1 | ' | ' |
Operating loss carryforwards, limitation on use, annual amount | 0.2 | ' | 0.2 | ' | ' |
Increase in uncertain tax liability | ' | ' | 0.2 | ' | ' |
Uncertain tax liability | $1.20 | ' | $1.20 | ' | $1 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Future Minimum Rental Payments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 1 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-12 | Dec. 31, 2013 | |
Facilities | New York | Arkansas | Equipment | |||||
Operating Leased Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Operating lease, term | ' | ' | ' | ' | ' | '5 years 6 months | '3 years | ' |
2014 (Remaining three months ending March 31, 2014) | $494,000 | ' | $494,000 | ' | $459,000 | ' | ' | $35,000 |
2015 | 1,185,000 | ' | 1,185,000 | ' | 1,049,000 | ' | ' | 136,000 |
2016 | 1,129,000 | ' | 1,129,000 | ' | 994,000 | ' | ' | 135,000 |
2017 | 1,091,000 | ' | 1,091,000 | ' | 1,023,000 | ' | ' | 68,000 |
2018 | 1,044,000 | ' | 1,044,000 | ' | 1,044,000 | ' | ' | 0 |
Thereafter | 0 | ' | 0 | ' | 0 | ' | ' | 0 |
Total future minimum payments due | 4,943,000 | ' | 4,943,000 | ' | 4,569,000 | ' | ' | 374,000 |
Operating leases, rent expense | $400,000 | $300,000 | $1,200,000 | $900,000 | ' | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Long-term Supply Agreement) (Details) (Third-party Manufacturing, USD $) | 0 Months Ended | |
In Thousands, unless otherwise specified | Nov. 01, 2009 | Dec. 31, 2013 |
Third-party Manufacturing | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' |
Supply agreement, term | '10 years | ' |
2014 (Remaining three months ending March 31, 2014) | ' | $281 |
2015 | ' | 1,105 |
2016 | ' | 1,074 |
2017 | ' | 1,044 |
2018 | ' | 1,013 |
Thereafter | ' | 1,542 |
Total purchase commitment | ' | $6,059 |
Concentrations_of_Risk_Details
Concentrations of Risk (Details) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
brand | ||||
Concentration Risk [Line Items] | ' | ' | ' | ' |
Number of third-party manufacturers | 58 | 62 | 58 | 62 |
Sales | Product Concentration Risk | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Concentration risk, percentage | 41.10% | 40.30% | 41.70% | 40.70% |
Number of highest selling brands comprising group against which concentration risk is measured | ' | ' | 5 | ' |
Sales | Customer Concentration Risk | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Concentration risk, percentage | 20.40% | 21.50% | 19.70% | 21.30% |
Number of customers exceeding concentration risk benchmark | ' | ' | 1 | 1 |
Sales | Supplier Concentration Risk | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Concentration risk, percentage | ' | ' | 86.30% | 77.10% |
Number of third-party manufacturers with long-term contracts | ' | ' | 21 | 24 |
Accounts Receivable | Customer Concentration Risk | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Concentration risk, percentage | ' | ' | 20.20% | ' |
Business_Segments_Information_
Business Segments (Information on Operating and Reportable Segments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information, Profit (Loss): | ' | ' | ' | ' |
Net sales | $145,054 | $159,492 | $454,159 | $466,735 |
Other revenues | 1,158 | 740 | 3,466 | 2,349 |
Total revenues | 146,212 | 160,232 | 457,625 | 469,084 |
Cost of sales | 64,403 | 75,235 | 197,614 | 209,938 |
Gross profit | 81,809 | 84,997 | 260,011 | 259,146 |
Advertising and promotion | 25,570 | 23,538 | 70,754 | 67,371 |
Contribution margin | 56,239 | 61,459 | 189,257 | 191,775 |
Other operating expenses | 15,781 | 14,737 | 45,596 | 50,064 |
Operating income | 40,458 | 46,722 | 143,661 | 141,711 |
Other expense | 36,272 | 26,661 | 68,616 | 66,169 |
Income before income taxes | 4,186 | 20,061 | 75,045 | 75,542 |
Provision for income taxes | 1,056 | 7,804 | 18,431 | 29,386 |
Net income | 3,130 | 12,257 | 56,614 | 46,156 |
OTC Healthcare | ' | ' | ' | ' |
Segment Reporting Information, Profit (Loss): | ' | ' | ' | ' |
Net sales | 125,448 | 138,858 | 390,670 | 402,633 |
Other revenues | 150 | 175 | 462 | 520 |
Total revenues | 125,598 | 139,033 | 391,132 | 403,153 |
Cost of sales | 49,042 | 59,381 | 149,378 | 160,249 |
Gross profit | 76,556 | 79,652 | 241,754 | 242,904 |
Advertising and promotion | 24,830 | 22,410 | 68,375 | 62,309 |
Contribution margin | 51,726 | 57,242 | 173,379 | 180,595 |
Household Cleaning | ' | ' | ' | ' |
Segment Reporting Information, Profit (Loss): | ' | ' | ' | ' |
Net sales | 19,606 | 20,634 | 63,489 | 64,102 |
Other revenues | 1,008 | 565 | 3,004 | 1,829 |
Total revenues | 20,614 | 21,199 | 66,493 | 65,931 |
Cost of sales | 15,361 | 15,854 | 48,236 | 49,689 |
Gross profit | 5,253 | 5,345 | 18,257 | 16,242 |
Advertising and promotion | 740 | 1,128 | 2,379 | 5,062 |
Contribution margin | $4,513 | $4,217 | $15,878 | $11,180 |
Geographic Concentration Risk | Sales | United States | ' | ' | ' | ' |
Geographic Areas, Revenues from External Customers [Abstract] | ' | ' | ' | ' |
Concentration risk, percentage | 85.70% | 89.10% | 87.20% | 89.90% |
Geographic Concentration Risk | Sales | Canada | ' | ' | ' | ' |
Geographic Areas, Revenues from External Customers [Abstract] | ' | ' | ' | ' |
Concentration risk, percentage | 8.30% | 8.10% | 7.80% | 7.50% |
Business_Segments_Revenue_by_P
Business Segments (Revenue by Product) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | $146,212 | $160,232 | $457,625 | $469,084 |
OTC Healthcare | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 125,598 | 139,033 | 391,132 | 403,153 |
OTC Healthcare | Analgesics | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 25,903 | 27,946 | 84,634 | 81,727 |
OTC Healthcare | Cough & Cold | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 34,330 | 37,424 | 89,548 | 94,197 |
OTC Healthcare | Gastrointestinal | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 20,190 | 24,977 | 64,841 | 74,510 |
OTC Healthcare | Eye & Ear Care | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 19,400 | 19,702 | 63,519 | 63,109 |
OTC Healthcare | Dermatologicals | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 9,797 | 11,496 | 40,223 | 41,578 |
OTC Healthcare | Oral Care | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 11,408 | 12,953 | 35,845 | 36,032 |
OTC Healthcare | Other OTC | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 4,570 | 4,535 | 12,522 | 12,000 |
Household Cleaning | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | $20,614 | $21,199 | $66,493 | $65,931 |
Business_Segments_Assets_by_Se
Business Segments (Assets by Segment) (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Goodwill | $189,955 | $167,546 |
Indefinite-lived intangibles | 1,272,644 | ' |
Finite-lived intangibles | 123,111 | ' |
Intangible assets, net (excluding goodwill) | 1,395,755 | 1,373,240 |
Intangible assets, net (including goodwill) | 1,585,710 | ' |
OTC Healthcare | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Goodwill | 182,566 | 160,157 |
Indefinite-lived intangibles | 1,152,824 | ' |
Finite-lived intangibles | 96,508 | ' |
Intangible assets, net (excluding goodwill) | 1,249,332 | ' |
Intangible assets, net (including goodwill) | 1,431,898 | ' |
Household Cleaning | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Goodwill | 7,389 | 7,389 |
Indefinite-lived intangibles | 119,820 | ' |
Finite-lived intangibles | 26,603 | ' |
Intangible assets, net (excluding goodwill) | 146,423 | ' |
Intangible assets, net (including goodwill) | $153,812 | ' |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Statements (Condensed Consolidating Statements of Income and Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenues | ' | ' | ' | ' |
Net sales | $145,054,000 | $159,492,000 | $454,159,000 | $466,735,000 |
Other revenues | 1,158,000 | 740,000 | 3,466,000 | 2,349,000 |
Total revenues | 146,212,000 | 160,232,000 | 457,625,000 | 469,084,000 |
Cost of Sales | ' | ' | ' | ' |
Cost of sales (exclusive of depreciation shown below) | 64,403,000 | 75,235,000 | 197,614,000 | 209,938,000 |
Gross profit | 81,809,000 | 84,997,000 | 260,011,000 | 259,146,000 |
Operating Expenses | ' | ' | ' | ' |
Advertising and promotion | 25,570,000 | 23,538,000 | 70,754,000 | 67,371,000 |
General and administrative | 12,137,000 | 11,378,000 | 35,390,000 | 40,114,000 |
Depreciation and amortization | 3,644,000 | 3,359,000 | 10,206,000 | 9,950,000 |
Total operating expenses | 41,351,000 | 38,275,000 | 116,350,000 | 117,435,000 |
Operating income | 40,458,000 | 46,722,000 | 143,661,000 | 141,711,000 |
Other (income) expense | ' | ' | ' | ' |
Interest income | -16,000 | -4,000 | -44,000 | -9,000 |
Interest expense | 21,276,000 | 26,665,000 | 53,648,000 | 66,178,000 |
Loss on extinguishment of debt | 15,012,000 | 0 | 15,012,000 | 0 |
Equity in (income) loss of subsidiaries | 0 | 0 | 0 | 0 |
Total other expense | 36,272,000 | 26,661,000 | 68,616,000 | 66,169,000 |
Income before income taxes | 4,186,000 | 20,061,000 | 75,045,000 | 75,542,000 |
Provision (benefit) for income taxes | 1,056,000 | 7,804,000 | 18,431,000 | 29,386,000 |
Net income | 3,130,000 | 12,257,000 | 56,614,000 | 46,156,000 |
Comprehensive (loss) income, net of tax: | ' | ' | ' | ' |
Currency translation adjustments | -2,694,000 | -1,000 | -1,571,000 | 23,000 |
Total other comprehensive (loss) income | -2,694,000 | -1,000 | -1,571,000 | 23,000 |
Comprehensive income | 436,000 | 12,256,000 | 55,043,000 | 46,179,000 |
Prestige Brands Holdings, Inc. | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Corrections adjustment for equity in income of subsidiaries | 600,000 | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 |
Other revenues | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Cost of Sales | ' | ' | ' | ' |
Cost of sales (exclusive of depreciation shown below) | 0 | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 | 0 |
Operating Expenses | ' | ' | ' | ' |
Advertising and promotion | 0 | 0 | 0 | 0 |
General and administrative | 165,000 | 952,000 | 2,555,000 | 3,676,000 |
Depreciation and amortization | 983,000 | 549,000 | 2,017,000 | 818,000 |
Total operating expenses | 1,148,000 | 1,501,000 | 4,572,000 | 4,494,000 |
Operating income | -1,148,000 | -1,501,000 | -4,572,000 | -4,494,000 |
Other (income) expense | ' | ' | ' | ' |
Interest income | -12,305,000 | 33,000 | -37,296,000 | -24,337,000 |
Interest expense | 8,671,000 | 8,735,000 | 25,965,000 | 26,147,000 |
Loss on extinguishment of debt | 0 | ' | 0 | ' |
Equity in (income) loss of subsidiaries | -1,148,000 | -18,531,000 | -51,347,000 | -50,008,000 |
Total other expense | -4,782,000 | -9,763,000 | -62,678,000 | -48,198,000 |
Income before income taxes | 3,634,000 | 8,262,000 | 58,106,000 | 43,704,000 |
Provision (benefit) for income taxes | 504,000 | -3,995,000 | 1,492,000 | -2,452,000 |
Net income | 3,130,000 | 12,257,000 | 56,614,000 | 46,156,000 |
Comprehensive (loss) income, net of tax: | ' | ' | ' | ' |
Currency translation adjustments | -2,694,000 | -1,000 | -1,571,000 | 23,000 |
Total other comprehensive (loss) income | -2,694,000 | -1,000 | -1,571,000 | 23,000 |
Comprehensive income | 436,000 | 12,256,000 | 55,043,000 | 46,179,000 |
Prestige Brands, Inc., the issuer | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Corrections adjustment for equity in income of subsidiaries | -48,100,000 | ' | ' | ' |
Corrections adjustment for cumulative adjustment | 1,000,000 | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Net sales | 25,689,000 | 25,345,000 | 75,339,000 | 75,294,000 |
Other revenues | 75,000 | 79,000 | 210,000 | 220,000 |
Total revenues | 25,764,000 | 25,424,000 | 75,549,000 | 75,514,000 |
Cost of Sales | ' | ' | ' | ' |
Cost of sales (exclusive of depreciation shown below) | 9,361,000 | 9,877,000 | 28,157,000 | 28,493,000 |
Gross profit | 16,403,000 | 15,547,000 | 47,392,000 | 47,021,000 |
Operating Expenses | ' | ' | ' | ' |
Advertising and promotion | 2,066,000 | 3,032,000 | 9,254,000 | 8,917,000 |
General and administrative | 2,132,000 | 1,585,000 | 5,256,000 | 5,020,000 |
Depreciation and amortization | 149,000 | 140,000 | 434,000 | 420,000 |
Total operating expenses | 4,347,000 | 4,757,000 | 14,944,000 | 14,357,000 |
Operating income | 12,056,000 | 10,790,000 | 32,448,000 | 32,664,000 |
Other (income) expense | ' | ' | ' | ' |
Interest income | -14,437,000 | -41,552,000 | -42,765,000 | -63,573,000 |
Interest expense | 21,276,000 | 35,394,000 | 53,648,000 | 92,320,000 |
Loss on extinguishment of debt | 15,012,000 | ' | 15,012,000 | ' |
Equity in (income) loss of subsidiaries | -6,845,000 | -8,407,000 | -41,997,000 | -49,280,000 |
Total other expense | 15,006,000 | -14,565,000 | -16,102,000 | -20,533,000 |
Income before income taxes | -2,950,000 | 25,355,000 | 48,550,000 | 53,197,000 |
Provision (benefit) for income taxes | -2,541,000 | 6,593,000 | 1,609,000 | 1,524,000 |
Net income | -409,000 | 18,762,000 | 46,941,000 | 51,673,000 |
Comprehensive (loss) income, net of tax: | ' | ' | ' | ' |
Currency translation adjustments | -2,694,000 | -1,000 | -1,571,000 | 23,000 |
Total other comprehensive (loss) income | -2,694,000 | -1,000 | -1,571,000 | 23,000 |
Comprehensive income | -3,103,000 | 18,761,000 | 45,370,000 | 51,696,000 |
Combined Subsidiary Guarantors | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Net sales | 113,685,000 | 132,881,000 | 364,468,000 | 387,815,000 |
Other revenues | 1,160,000 | 724,000 | 3,454,000 | 2,310,000 |
Total revenues | 114,845,000 | 133,605,000 | 367,922,000 | 390,125,000 |
Cost of Sales | ' | ' | ' | ' |
Cost of sales (exclusive of depreciation shown below) | 53,750,000 | 65,172,000 | 165,252,000 | 181,382,000 |
Gross profit | 61,095,000 | 68,433,000 | 202,670,000 | 208,743,000 |
Operating Expenses | ' | ' | ' | ' |
Advertising and promotion | 21,359,000 | 19,997,000 | 57,751,000 | 57,326,000 |
General and administrative | 8,967,000 | 8,734,000 | 25,782,000 | 30,802,000 |
Depreciation and amortization | 2,440,000 | 2,658,000 | 7,625,000 | 8,667,000 |
Total operating expenses | 32,766,000 | 31,389,000 | 91,158,000 | 96,795,000 |
Operating income | 28,329,000 | 37,044,000 | 111,512,000 | 111,948,000 |
Other (income) expense | ' | ' | ' | ' |
Interest income | -731,000 | 162,000 | -1,441,000 | 162,000 |
Interest expense | 18,061,000 | 23,951,000 | 54,082,000 | 35,613,000 |
Loss on extinguishment of debt | 0 | ' | 0 | ' |
Equity in (income) loss of subsidiaries | -999,000 | -393,000 | -2,867,000 | -1,306,000 |
Total other expense | 16,331,000 | 23,720,000 | 49,774,000 | 34,469,000 |
Income before income taxes | 11,998,000 | 13,324,000 | 61,738,000 | 77,479,000 |
Provision (benefit) for income taxes | 2,720,000 | 5,030,000 | 14,459,000 | 29,631,000 |
Net income | 9,278,000 | 8,294,000 | 47,279,000 | 47,848,000 |
Comprehensive (loss) income, net of tax: | ' | ' | ' | ' |
Currency translation adjustments | -2,694,000 | -1,000 | -1,571,000 | 23,000 |
Total other comprehensive (loss) income | -2,694,000 | -1,000 | -1,571,000 | 23,000 |
Comprehensive income | 6,584,000 | 8,293,000 | 45,708,000 | 47,871,000 |
Combined Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Net sales | 7,502,000 | 1,266,000 | 16,174,000 | 3,626,000 |
Other revenues | 10,000 | 276,000 | 1,112,000 | 1,270,000 |
Total revenues | 7,512,000 | 1,542,000 | 17,286,000 | 4,896,000 |
Cost of Sales | ' | ' | ' | ' |
Cost of sales (exclusive of depreciation shown below) | 2,325,000 | 525,000 | 6,461,000 | 1,514,000 |
Gross profit | 5,187,000 | 1,017,000 | 10,825,000 | 3,382,000 |
Operating Expenses | ' | ' | ' | ' |
Advertising and promotion | 2,145,000 | 509,000 | 3,749,000 | 1,128,000 |
General and administrative | 873,000 | 107,000 | 1,797,000 | 616,000 |
Depreciation and amortization | 72,000 | 12,000 | 130,000 | 45,000 |
Total operating expenses | 3,090,000 | 628,000 | 5,676,000 | 1,789,000 |
Operating income | 2,097,000 | 389,000 | 5,149,000 | 1,593,000 |
Other (income) expense | ' | ' | ' | ' |
Interest income | -6,000 | -62,000 | -30,000 | -163,000 |
Interest expense | 731,000 | 0 | 1,441,000 | 0 |
Loss on extinguishment of debt | 0 | ' | 0 | ' |
Equity in (income) loss of subsidiaries | 0 | 0 | 0 | 0 |
Total other expense | 725,000 | -62,000 | 1,411,000 | -163,000 |
Income before income taxes | 1,372,000 | 451,000 | 3,738,000 | 1,756,000 |
Provision (benefit) for income taxes | 373,000 | 176,000 | 871,000 | 683,000 |
Net income | 999,000 | 275,000 | 2,867,000 | 1,073,000 |
Comprehensive (loss) income, net of tax: | ' | ' | ' | ' |
Currency translation adjustments | -2,694,000 | -1,000 | -1,571,000 | 23,000 |
Total other comprehensive (loss) income | -2,694,000 | -1,000 | -1,571,000 | 23,000 |
Comprehensive income | -1,695,000 | 274,000 | 1,296,000 | 1,096,000 |
Eliminations | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Corrections adjustment for equity in income of subsidiaries | -47,500,000 | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Net sales | -1,822,000 | 0 | -1,822,000 | 0 |
Other revenues | -87,000 | -339,000 | -1,310,000 | -1,451,000 |
Total revenues | -1,909,000 | -339,000 | -3,132,000 | -1,451,000 |
Cost of Sales | ' | ' | ' | ' |
Cost of sales (exclusive of depreciation shown below) | -1,033,000 | -339,000 | -2,256,000 | -1,451,000 |
Gross profit | -876,000 | 0 | -876,000 | 0 |
Operating Expenses | ' | ' | ' | ' |
Advertising and promotion | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Total operating expenses | 0 | 0 | 0 | 0 |
Operating income | -876,000 | 0 | -876,000 | 0 |
Other (income) expense | ' | ' | ' | ' |
Interest income | 27,463,000 | 41,415,000 | 81,488,000 | 87,902,000 |
Interest expense | -27,463,000 | -41,415,000 | -81,488,000 | -87,902,000 |
Loss on extinguishment of debt | 0 | ' | 0 | ' |
Equity in (income) loss of subsidiaries | 8,992,000 | 27,331,000 | 96,211,000 | 100,594,000 |
Total other expense | 8,992,000 | 27,331,000 | 96,211,000 | 100,594,000 |
Income before income taxes | -9,868,000 | -27,331,000 | -97,087,000 | -100,594,000 |
Provision (benefit) for income taxes | 0 | 0 | 0 | 0 |
Net income | -9,868,000 | -27,331,000 | -97,087,000 | -100,594,000 |
Comprehensive (loss) income, net of tax: | ' | ' | ' | ' |
Currency translation adjustments | 8,082,000 | 3,000 | 4,713,000 | -69,000 |
Total other comprehensive (loss) income | 8,082,000 | 3,000 | 4,713,000 | -69,000 |
Comprehensive income | ($1,786,000) | ($27,328,000) | ($92,374,000) | ($100,663,000) |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Statements (Condensed Consolidating Balance Sheet) (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Ownership percentage | 100.00% | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | $94,353 | $15,670 | $10,431 | $19,015 |
Accounts receivable, net | 66,188 | 73,053 | ' | ' |
Inventories | 64,798 | 60,201 | ' | ' |
Deferred income tax assets | 6,836 | 6,349 | ' | ' |
Prepaid expenses and other current assets | 12,326 | 8,900 | ' | ' |
Total current assets | 244,501 | 164,173 | ' | ' |
Property and equipment, net | 10,528 | 9,896 | ' | ' |
Goodwill | 189,955 | 167,546 | ' | ' |
Intangible assets, net | 1,395,755 | 1,373,240 | ' | ' |
Other long-term assets | 24,107 | 24,944 | ' | ' |
Intercompany receivable | 0 | 0 | ' | ' |
Investment in subsidiary | 0 | 0 | ' | ' |
Total Assets | 1,864,846 | 1,739,799 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current portion of long-term debt | 48,290 | 0 | ' | ' |
Accounts payable | 51,547 | 51,376 | ' | ' |
Accrued interest payable | 10,781 | 13,894 | ' | ' |
Other accrued liabilities | 23,445 | 31,398 | ' | ' |
Total current liabilities | 134,063 | 96,668 | ' | ' |
Long-term debt | ' | ' | ' | ' |
Principal amount | 985,000 | 978,000 | ' | ' |
Less unamortized discount | -3,489 | -7,100 | ' | ' |
Long-term debt, net of unamortized discount | 981,511 | 970,900 | ' | ' |
Deferred income tax liabilities | 205,036 | 194,288 | ' | ' |
Long term liabilities | 302 | ' | ' | ' |
Intercompany payable | 0 | 0 | ' | ' |
Total Liabilities | 1,320,912 | 1,261,856 | ' | ' |
Stockholders' Equity | ' | ' | ' | ' |
Preferred share rights | 283 | 283 | ' | ' |
Common stock | 520 | 513 | ' | ' |
Additional paid-in capital | 412,910 | 401,691 | ' | ' |
Treasury stock, at cost - 194 shares | -965 | -687 | ' | ' |
Accumulated other comprehensive loss, net of tax | -1,675 | -104 | ' | ' |
Retained earnings (accumulated deficit) | 132,861 | 76,247 | ' | ' |
Total Stockholders' Equity | 543,934 | 477,943 | ' | ' |
Total Liabilities and Stockholders' Equity | 1,864,846 | 1,739,799 | ' | ' |
Prestige Brands Holdings, Inc. | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 90,647 | 14,720 | 8,878 | 18,221 |
Accounts receivable, net | 127 | 21 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Deferred income tax assets | 251 | 218 | ' | ' |
Prepaid expenses and other current assets | 8,148 | 4,942 | ' | ' |
Total current assets | 99,173 | 19,901 | ' | ' |
Property and equipment, net | 9,905 | 9,609 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Other long-term assets | 0 | 0 | ' | ' |
Intercompany receivable | 596,369 | 653,049 | ' | ' |
Investment in subsidiary | 1,536,312 | 1,429,775 | ' | ' |
Total Assets | 2,241,759 | 2,112,334 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current portion of long-term debt | 0 | ' | ' | ' |
Accounts payable | 3,063 | 2,601 | ' | ' |
Accrued interest payable | 0 | 0 | ' | ' |
Other accrued liabilities | 6,144 | 12,694 | ' | ' |
Total current liabilities | 9,207 | 15,295 | ' | ' |
Long-term debt | ' | ' | ' | ' |
Principal amount | 0 | 0 | ' | ' |
Less unamortized discount | 0 | 0 | ' | ' |
Long-term debt, net of unamortized discount | 0 | 0 | ' | ' |
Deferred income tax liabilities | 0 | 0 | ' | ' |
Long term liabilities | 0 | ' | ' | ' |
Intercompany payable | 1,688,618 | 1,619,096 | ' | ' |
Total Liabilities | 1,697,825 | 1,634,391 | ' | ' |
Stockholders' Equity | ' | ' | ' | ' |
Preferred share rights | 283 | 283 | ' | ' |
Common stock | 520 | 513 | ' | ' |
Additional paid-in capital | 412,910 | 401,691 | ' | ' |
Treasury stock, at cost - 194 shares | -965 | -687 | ' | ' |
Accumulated other comprehensive loss, net of tax | -1,675 | -104 | ' | ' |
Retained earnings (accumulated deficit) | 132,861 | 76,247 | ' | ' |
Total Stockholders' Equity | 543,934 | 477,943 | ' | ' |
Total Liabilities and Stockholders' Equity | 2,241,759 | 2,112,334 | ' | ' |
Prestige Brands, Inc., the issuer | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Ownership percentage | 100.00% | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 14,349 | 13,875 | ' | ' |
Inventories | 14,660 | 11,164 | ' | ' |
Deferred income tax assets | 917 | 855 | ' | ' |
Prepaid expenses and other current assets | 66 | 93 | ' | ' |
Total current assets | 29,992 | 25,987 | ' | ' |
Property and equipment, net | 125 | 34 | ' | ' |
Goodwill | 66,007 | 66,007 | ' | ' |
Intangible assets, net | 192,995 | 193,396 | ' | ' |
Other long-term assets | 24,107 | 24,944 | ' | ' |
Intercompany receivable | 1,919,068 | 1,911,573 | ' | ' |
Investment in subsidiary | 735,694 | 638,611 | ' | ' |
Total Assets | 2,967,988 | 2,860,552 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current portion of long-term debt | 48,290 | ' | ' | ' |
Accounts payable | 11,641 | 10,600 | ' | ' |
Accrued interest payable | 10,781 | 13,894 | ' | ' |
Other accrued liabilities | 3,299 | 1,684 | ' | ' |
Total current liabilities | 74,011 | 26,178 | ' | ' |
Long-term debt | ' | ' | ' | ' |
Principal amount | 985,000 | 978,000 | ' | ' |
Less unamortized discount | -3,489 | -7,100 | ' | ' |
Long-term debt, net of unamortized discount | 981,511 | 970,900 | ' | ' |
Deferred income tax liabilities | 55,316 | 55,291 | ' | ' |
Long term liabilities | 0 | ' | ' | ' |
Intercompany payable | 394,359 | 447,419 | ' | ' |
Total Liabilities | 1,505,197 | 1,499,788 | ' | ' |
Stockholders' Equity | ' | ' | ' | ' |
Preferred share rights | 0 | 0 | ' | ' |
Common stock | 0 | 0 | ' | ' |
Additional paid-in capital | 1,337,706 | 1,280,945 | ' | ' |
Treasury stock, at cost - 194 shares | 0 | 0 | ' | ' |
Accumulated other comprehensive loss, net of tax | -1,675 | 0 | ' | ' |
Retained earnings (accumulated deficit) | 126,760 | 79,819 | ' | ' |
Total Stockholders' Equity | 1,462,791 | 1,360,764 | ' | ' |
Total Liabilities and Stockholders' Equity | 2,967,988 | 2,860,552 | ' | ' |
Combined Subsidiary Guarantors | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Ownership percentage | 100.00% | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 47,631 | 58,345 | ' | ' |
Inventories | 46,020 | 48,474 | ' | ' |
Deferred income tax assets | 5,668 | 5,276 | ' | ' |
Prepaid expenses and other current assets | 3,313 | 3,609 | ' | ' |
Total current assets | 102,632 | 115,704 | ' | ' |
Property and equipment, net | 229 | 253 | ' | ' |
Goodwill | 101,540 | 101,539 | ' | ' |
Intangible assets, net | 1,172,004 | 1,179,524 | ' | ' |
Other long-term assets | 0 | 0 | ' | ' |
Intercompany receivable | 588,046 | 415,587 | ' | ' |
Investment in subsidiary | 8,259 | 7,067 | ' | ' |
Total Assets | 1,972,710 | 1,819,674 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current portion of long-term debt | 0 | ' | ' | ' |
Accounts payable | 34,320 | 37,695 | ' | ' |
Accrued interest payable | 0 | 0 | ' | ' |
Other accrued liabilities | 10,249 | 16,107 | ' | ' |
Total current liabilities | 44,569 | 53,802 | ' | ' |
Long-term debt | ' | ' | ' | ' |
Principal amount | 0 | 0 | ' | ' |
Less unamortized discount | 0 | 0 | ' | ' |
Long-term debt, net of unamortized discount | 0 | 0 | ' | ' |
Deferred income tax liabilities | 149,652 | 138,924 | ' | ' |
Long term liabilities | 0 | ' | ' | ' |
Intercompany payable | 992,745 | 920,865 | ' | ' |
Total Liabilities | 1,186,966 | 1,113,591 | ' | ' |
Stockholders' Equity | ' | ' | ' | ' |
Preferred share rights | 0 | 0 | ' | ' |
Common stock | 0 | 0 | ' | ' |
Additional paid-in capital | 658,799 | 624,742 | ' | ' |
Treasury stock, at cost - 194 shares | 0 | 0 | ' | ' |
Accumulated other comprehensive loss, net of tax | -1,675 | 0 | ' | ' |
Retained earnings (accumulated deficit) | 128,620 | 81,341 | ' | ' |
Total Stockholders' Equity | 785,744 | 706,083 | ' | ' |
Total Liabilities and Stockholders' Equity | 1,972,710 | 1,819,674 | ' | ' |
Combined Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 3,706 | 950 | 1,553 | 794 |
Accounts receivable, net | 4,081 | 812 | ' | ' |
Inventories | 4,994 | 563 | ' | ' |
Deferred income tax assets | 0 | 0 | ' | ' |
Prepaid expenses and other current assets | 799 | 256 | ' | ' |
Total current assets | 13,580 | 2,581 | ' | ' |
Property and equipment, net | 269 | 0 | ' | ' |
Goodwill | 22,408 | 0 | ' | ' |
Intangible assets, net | 30,756 | 320 | ' | ' |
Other long-term assets | 0 | 0 | ' | ' |
Intercompany receivable | 9,501 | 7,316 | ' | ' |
Investment in subsidiary | 0 | 0 | ' | ' |
Total Assets | 76,514 | 10,217 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current portion of long-term debt | 0 | ' | ' | ' |
Accounts payable | 2,523 | 480 | ' | ' |
Accrued interest payable | 0 | 0 | ' | ' |
Other accrued liabilities | 3,753 | 913 | ' | ' |
Total current liabilities | 6,276 | 1,393 | ' | ' |
Long-term debt | ' | ' | ' | ' |
Principal amount | 0 | 0 | ' | ' |
Less unamortized discount | 0 | 0 | ' | ' |
Long-term debt, net of unamortized discount | 0 | 0 | ' | ' |
Deferred income tax liabilities | 68 | 73 | ' | ' |
Long term liabilities | 302 | ' | ' | ' |
Intercompany payable | 37,262 | 145 | ' | ' |
Total Liabilities | 43,908 | 1,611 | ' | ' |
Stockholders' Equity | ' | ' | ' | ' |
Preferred share rights | 0 | 0 | ' | ' |
Common stock | 0 | 0 | ' | ' |
Additional paid-in capital | 23,815 | 1,111 | ' | ' |
Treasury stock, at cost - 194 shares | 0 | 0 | ' | ' |
Accumulated other comprehensive loss, net of tax | -1,675 | -104 | ' | ' |
Retained earnings (accumulated deficit) | 10,466 | 7,599 | ' | ' |
Total Stockholders' Equity | 32,606 | 8,606 | ' | ' |
Total Liabilities and Stockholders' Equity | 76,514 | 10,217 | ' | ' |
Eliminations | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | ' |
Inventories | -876 | 0 | ' | ' |
Deferred income tax assets | 0 | 0 | ' | ' |
Prepaid expenses and other current assets | 0 | 0 | ' | ' |
Total current assets | -876 | 0 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Other long-term assets | 0 | 0 | ' | ' |
Intercompany receivable | -3,112,984 | -2,987,525 | ' | ' |
Investment in subsidiary | -2,280,265 | -2,075,453 | ' | ' |
Total Assets | -5,394,125 | -5,062,978 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current portion of long-term debt | 0 | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Accrued interest payable | 0 | 0 | ' | ' |
Other accrued liabilities | 0 | 0 | ' | ' |
Total current liabilities | 0 | 0 | ' | ' |
Long-term debt | ' | ' | ' | ' |
Principal amount | 0 | 0 | ' | ' |
Less unamortized discount | 0 | 0 | ' | ' |
Long-term debt, net of unamortized discount | 0 | 0 | ' | ' |
Deferred income tax liabilities | 0 | 0 | ' | ' |
Long term liabilities | 0 | ' | ' | ' |
Intercompany payable | -3,112,984 | -2,987,525 | ' | ' |
Total Liabilities | -3,112,984 | -2,987,525 | ' | ' |
Stockholders' Equity | ' | ' | ' | ' |
Preferred share rights | 0 | 0 | ' | ' |
Common stock | 0 | 0 | ' | ' |
Additional paid-in capital | -2,020,320 | -1,906,798 | ' | ' |
Treasury stock, at cost - 194 shares | 0 | 0 | ' | ' |
Accumulated other comprehensive loss, net of tax | 5,025 | 104 | ' | ' |
Retained earnings (accumulated deficit) | -265,846 | -168,759 | ' | ' |
Total Stockholders' Equity | -2,281,141 | -2,075,453 | ' | ' |
Total Liabilities and Stockholders' Equity | ($5,394,125) | ($5,062,978) | ' | ' |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Statements (Condensed Consolidating Statement of Cash Flows) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities | ' | ' |
Net income (loss) | $56,614 | $46,156 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 10,209 | 9,950 |
Deferred income taxes | 10,261 | 15,979 |
Amortization of deferred financing costs | 6,023 | 8,220 |
Stock-based compensation costs | 3,763 | 2,965 |
Loss on extinguishment of debt | 15,012 | 0 |
Premium payment on 2010 Senior Notes | -12,768 | 0 |
Lease termination costs | 0 | 975 |
Amortization of debt discount | 3,115 | 3,892 |
Gain on sale of assets | -3 | 51 |
Equity in income of subsidiaries | 0 | 0 |
Changes in operating assets and liabilities, net of effects from acquisitions | ' | ' |
Accounts receivable | 8,495 | -13,518 |
Inventories | -2,262 | -3,351 |
Prepaid expenses and other current assets | -2,783 | 5,801 |
Accounts payable | -1,285 | 14,125 |
Accrued liabilities | -13,531 | 9,631 |
Net cash provided by operating activities | 80,860 | 100,876 |
Investing Activities | ' | ' |
Purchases of property and equipment | -2,658 | -8,922 |
Proceeds from the sale of property and equipment | 3 | 15 |
Proceeds from the sale of the Phazyme brand | 0 | 21,700 |
Acquisition of Care Pharmaceuticals, less cash acquired | -55,215 | 0 |
Acquisition of GSK purchase price adjustments | 0 | -226 |
Intercompany activity, net | 0 | 0 |
Net cash (used in) provided by investing activities | -57,870 | 12,567 |
Financing Activities | ' | ' |
Proceeds from the issuance of 2013 Senior Notes | 400,000 | 0 |
Repayment of 2010 Senior Notes | -201,710 | 0 |
Repayments of long-term debt | -147,500 | -167,500 |
Repayments under revolving credit agreement | -45,500 | -8,000 |
Borrowings under revolving credit agreement | 50,000 | 48,000 |
Payment of deferred financing costs | -6,933 | 0 |
Proceeds from exercise of stock options | 5,738 | 5,460 |
Excess tax benefits from share-based awards | 1,725 | 0 |
Shares surrendered as payment of tax withholding | -278 | 0 |
Intercompany activity, net | 0 | 0 |
Net cash provided by (used in) financing activities | 55,542 | -122,040 |
Effects of exchange rate changes on cash and cash equivalents | 151 | 13 |
Increase (decrease) in cash and cash equivalents | 78,683 | -8,584 |
Cash and cash equivalents - beginning of period | 15,670 | 19,015 |
Cash and cash equivalents - end of period | 94,353 | 10,431 |
Prestige Brands Holdings, Inc. | ' | ' |
Operating Activities | ' | ' |
Net income (loss) | 56,614 | 46,156 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 2,017 | 818 |
Deferred income taxes | -33 | 143 |
Amortization of deferred financing costs | 0 | 0 |
Stock-based compensation costs | 3,763 | 2,965 |
Loss on extinguishment of debt | 0 | ' |
Premium payment on 2010 Senior Notes | 0 | ' |
Lease termination costs | ' | 975 |
Amortization of debt discount | 0 | 0 |
Gain on sale of assets | 0 | 30 |
Equity in income of subsidiaries | -51,347 | -50,008 |
Changes in operating assets and liabilities, net of effects from acquisitions | ' | ' |
Accounts receivable | -106 | -115 |
Inventories | 0 | 0 |
Prepaid expenses and other current assets | -3,206 | 6,446 |
Accounts payable | 462 | -3,347 |
Accrued liabilities | -6,550 | -1,071 |
Net cash provided by operating activities | 1,614 | 2,992 |
Investing Activities | ' | ' |
Purchases of property and equipment | -2,555 | -8,922 |
Proceeds from the sale of property and equipment | 0 | 0 |
Proceeds from the sale of the Phazyme brand | ' | 0 |
Acquisition of Care Pharmaceuticals, less cash acquired | 0 | ' |
Acquisition of GSK purchase price adjustments | ' | 0 |
Intercompany activity, net | 0 | -226 |
Net cash (used in) provided by investing activities | -2,555 | -9,148 |
Financing Activities | ' | ' |
Proceeds from the issuance of 2013 Senior Notes | 0 | ' |
Repayment of 2010 Senior Notes | 0 | ' |
Repayments of long-term debt | 0 | 0 |
Repayments under revolving credit agreement | 0 | 0 |
Borrowings under revolving credit agreement | 0 | 0 |
Payment of deferred financing costs | 0 | ' |
Proceeds from exercise of stock options | 5,738 | 5,460 |
Excess tax benefits from share-based awards | 1,725 | ' |
Shares surrendered as payment of tax withholding | -278 | ' |
Intercompany activity, net | 69,683 | -8,647 |
Net cash provided by (used in) financing activities | 76,868 | -3,187 |
Effects of exchange rate changes on cash and cash equivalents | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 75,927 | -9,343 |
Cash and cash equivalents - beginning of period | 14,720 | 18,221 |
Cash and cash equivalents - end of period | 90,647 | 8,878 |
Prestige Brands, Inc., the issuer | ' | ' |
Operating Activities | ' | ' |
Net income (loss) | 46,941 | 51,673 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 434 | 420 |
Deferred income taxes | -37 | 44 |
Amortization of deferred financing costs | 6,023 | 8,220 |
Stock-based compensation costs | 0 | 0 |
Loss on extinguishment of debt | 15,012 | ' |
Premium payment on 2010 Senior Notes | -12,768 | ' |
Lease termination costs | ' | 0 |
Amortization of debt discount | 3,115 | 3,892 |
Gain on sale of assets | 0 | 0 |
Equity in income of subsidiaries | -41,997 | -49,280 |
Changes in operating assets and liabilities, net of effects from acquisitions | ' | ' |
Accounts receivable | -474 | 285 |
Inventories | -3,496 | -1,242 |
Prepaid expenses and other current assets | 27 | -369 |
Accounts payable | 1,041 | 2,488 |
Accrued liabilities | -1,498 | 529 |
Net cash provided by operating activities | 12,323 | 16,660 |
Investing Activities | ' | ' |
Purchases of property and equipment | 0 | 0 |
Proceeds from the sale of property and equipment | 0 | 0 |
Proceeds from the sale of the Phazyme brand | ' | 0 |
Acquisition of Care Pharmaceuticals, less cash acquired | 0 | ' |
Acquisition of GSK purchase price adjustments | ' | 0 |
Intercompany activity, net | -55,215 | 0 |
Net cash (used in) provided by investing activities | -55,215 | 0 |
Financing Activities | ' | ' |
Proceeds from the issuance of 2013 Senior Notes | 400,000 | ' |
Repayment of 2010 Senior Notes | -201,710 | ' |
Repayments of long-term debt | -147,500 | -167,500 |
Repayments under revolving credit agreement | -45,500 | -8,000 |
Borrowings under revolving credit agreement | 50,000 | 48,000 |
Payment of deferred financing costs | -6,933 | ' |
Proceeds from exercise of stock options | 0 | 0 |
Excess tax benefits from share-based awards | 0 | ' |
Shares surrendered as payment of tax withholding | 0 | ' |
Intercompany activity, net | -5,465 | 110,840 |
Net cash provided by (used in) financing activities | 42,892 | -16,660 |
Effects of exchange rate changes on cash and cash equivalents | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 |
Cash and cash equivalents - end of period | 0 | 0 |
Combined Subsidiary Guarantors | ' | ' |
Operating Activities | ' | ' |
Net income (loss) | 47,279 | 47,848 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 7,624 | 8,667 |
Deferred income taxes | 10,336 | 15,796 |
Amortization of deferred financing costs | 0 | 0 |
Stock-based compensation costs | 0 | 0 |
Loss on extinguishment of debt | 0 | ' |
Premium payment on 2010 Senior Notes | 0 | ' |
Lease termination costs | ' | 0 |
Amortization of debt discount | 0 | 0 |
Gain on sale of assets | -3 | 21 |
Equity in income of subsidiaries | -2,867 | -1,306 |
Changes in operating assets and liabilities, net of effects from acquisitions | ' | ' |
Accounts receivable | 10,714 | -13,474 |
Inventories | 2,454 | -2,104 |
Prepaid expenses and other current assets | 296 | -627 |
Accounts payable | -3,375 | 14,095 |
Accrued liabilities | -5,858 | 9,830 |
Net cash provided by operating activities | 66,600 | 78,746 |
Investing Activities | ' | ' |
Purchases of property and equipment | 0 | 0 |
Proceeds from the sale of property and equipment | 3 | 15 |
Proceeds from the sale of the Phazyme brand | ' | 21,700 |
Acquisition of Care Pharmaceuticals, less cash acquired | 0 | ' |
Acquisition of GSK purchase price adjustments | ' | -226 |
Intercompany activity, net | 0 | 226 |
Net cash (used in) provided by investing activities | 3 | 21,715 |
Financing Activities | ' | ' |
Proceeds from the issuance of 2013 Senior Notes | 0 | ' |
Repayment of 2010 Senior Notes | 0 | ' |
Repayments of long-term debt | 0 | 0 |
Repayments under revolving credit agreement | 0 | 0 |
Borrowings under revolving credit agreement | 0 | 0 |
Payment of deferred financing costs | 0 | ' |
Proceeds from exercise of stock options | 0 | 0 |
Excess tax benefits from share-based awards | 0 | ' |
Shares surrendered as payment of tax withholding | 0 | ' |
Intercompany activity, net | -66,603 | -100,461 |
Net cash provided by (used in) financing activities | -66,603 | -100,461 |
Effects of exchange rate changes on cash and cash equivalents | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 |
Cash and cash equivalents - end of period | 0 | 0 |
Combined Non-Guarantor Subsidiaries | ' | ' |
Operating Activities | ' | ' |
Net income (loss) | 2,867 | 1,073 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 134 | 45 |
Deferred income taxes | -5 | -4 |
Amortization of deferred financing costs | 0 | 0 |
Stock-based compensation costs | 0 | 0 |
Loss on extinguishment of debt | 0 | ' |
Premium payment on 2010 Senior Notes | 0 | ' |
Lease termination costs | ' | 0 |
Amortization of debt discount | 0 | 0 |
Gain on sale of assets | 0 | 0 |
Equity in income of subsidiaries | 0 | 0 |
Changes in operating assets and liabilities, net of effects from acquisitions | ' | ' |
Accounts receivable | -1,639 | -214 |
Inventories | -2,096 | -5 |
Prepaid expenses and other current assets | 100 | 351 |
Accounts payable | 587 | 889 |
Accrued liabilities | 375 | 343 |
Net cash provided by operating activities | 323 | 2,478 |
Investing Activities | ' | ' |
Purchases of property and equipment | -103 | 0 |
Proceeds from the sale of property and equipment | 0 | 0 |
Proceeds from the sale of the Phazyme brand | ' | 0 |
Acquisition of Care Pharmaceuticals, less cash acquired | -55,215 | ' |
Acquisition of GSK purchase price adjustments | ' | 0 |
Intercompany activity, net | 55,215 | 0 |
Net cash (used in) provided by investing activities | -103 | 0 |
Financing Activities | ' | ' |
Proceeds from the issuance of 2013 Senior Notes | 0 | ' |
Repayment of 2010 Senior Notes | 0 | ' |
Repayments of long-term debt | 0 | 0 |
Repayments under revolving credit agreement | 0 | 0 |
Borrowings under revolving credit agreement | 0 | 0 |
Payment of deferred financing costs | 0 | ' |
Proceeds from exercise of stock options | 0 | 0 |
Excess tax benefits from share-based awards | 0 | ' |
Shares surrendered as payment of tax withholding | 0 | ' |
Intercompany activity, net | 2,385 | -1,732 |
Net cash provided by (used in) financing activities | 2,385 | -1,732 |
Effects of exchange rate changes on cash and cash equivalents | 151 | 13 |
Increase (decrease) in cash and cash equivalents | 2,756 | 759 |
Cash and cash equivalents - beginning of period | 950 | 794 |
Cash and cash equivalents - end of period | 3,706 | 1,553 |
Eliminations | ' | ' |
Operating Activities | ' | ' |
Net income (loss) | -97,087 | -100,594 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 0 | 0 |
Deferred income taxes | 0 | 0 |
Amortization of deferred financing costs | 0 | 0 |
Stock-based compensation costs | 0 | 0 |
Loss on extinguishment of debt | 0 | ' |
Premium payment on 2010 Senior Notes | 0 | ' |
Lease termination costs | ' | 0 |
Amortization of debt discount | 0 | 0 |
Gain on sale of assets | 0 | 0 |
Equity in income of subsidiaries | 96,211 | 100,594 |
Changes in operating assets and liabilities, net of effects from acquisitions | ' | ' |
Accounts receivable | 0 | 0 |
Inventories | 876 | 0 |
Prepaid expenses and other current assets | 0 | 0 |
Accounts payable | 0 | 0 |
Accrued liabilities | 0 | 0 |
Net cash provided by operating activities | 0 | 0 |
Investing Activities | ' | ' |
Purchases of property and equipment | 0 | 0 |
Proceeds from the sale of property and equipment | 0 | 0 |
Proceeds from the sale of the Phazyme brand | ' | 0 |
Acquisition of Care Pharmaceuticals, less cash acquired | 0 | ' |
Acquisition of GSK purchase price adjustments | ' | 0 |
Intercompany activity, net | 0 | 0 |
Net cash (used in) provided by investing activities | 0 | 0 |
Financing Activities | ' | ' |
Proceeds from the issuance of 2013 Senior Notes | 0 | ' |
Repayment of 2010 Senior Notes | 0 | ' |
Repayments of long-term debt | 0 | 0 |
Repayments under revolving credit agreement | 0 | 0 |
Borrowings under revolving credit agreement | 0 | 0 |
Payment of deferred financing costs | 0 | ' |
Proceeds from exercise of stock options | 0 | 0 |
Excess tax benefits from share-based awards | 0 | ' |
Shares surrendered as payment of tax withholding | 0 | ' |
Intercompany activity, net | 0 | 0 |
Net cash provided by (used in) financing activities | 0 | 0 |
Effects of exchange rate changes on cash and cash equivalents | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 |
Cash and cash equivalents - end of period | $0 | $0 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 17, 2013 | Dec. 31, 2013 | Jan. 16, 2014 | Jan. 16, 2014 | |
2010 Senior Notes | 2010 Senior Notes | 2010 Senior Notes | Sales | |||||
Senior Notes | Senior Notes | Senior Notes | Supplier Concentration Risk | |||||
Subsequent Event | Subsequent Event | |||||||
supplier | ||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Premium percentage | ' | ' | ' | ' | 6.33% | ' | ' | ' |
Repayments of debt | ' | ' | $201,710,000 | $0 | ($201,700,000) | ' | $48,300,000 | ' |
Loss on extinguishment of debt | 15,012,000 | 0 | 15,012,000 | 0 | ' | 15,000,000 | ' | ' |
Additional loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | 3,300,000 | ' |
Tendered debt | ' | ' | ' | ' | ' | ' | $48,300,000 | ' |
Number of suppliers contributing to production stoppage | ' | ' | ' | ' | ' | ' | ' | 1 |
Production stoppage percentage | ' | ' | ' | ' | ' | ' | ' | 8.00% |