Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Sep. 30, 2014 | Oct. 27, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
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 | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 52,172,727 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income and Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues | ' | ' | ' | ' |
Net sales | $180,005 | $165,507 | $324,546 | $307,149 |
Other revenues | 1,264 | 1,438 | 2,425 | 2,308 |
Total revenues | 181,269 | 166,945 | 326,971 | 309,457 |
Cost of Sales | ' | ' | ' | ' |
Cost of sales (exclusive of depreciation shown below) | 78,727 | 73,723 | 142,563 | 133,211 |
Gross profit | 102,542 | 93,222 | 184,408 | 176,246 |
Operating Expenses | ' | ' | ' | ' |
Advertising and promotion | 25,044 | 24,547 | 44,140 | 43,228 |
General and administrative | 27,128 | 11,619 | 44,134 | 23,253 |
Depreciation and amortization | 3,852 | 3,294 | 6,813 | 6,562 |
Total operating expenses | 56,024 | 39,460 | 95,087 | 73,043 |
Operating income | 46,518 | 53,762 | 89,321 | 103,203 |
Other (income) expense | ' | ' | ' | ' |
Interest income | -15 | -25 | -47 | -28 |
Interest expense | 18,208 | 16,464 | 32,893 | 32,372 |
Total other (income) expense | 18,193 | 16,439 | 32,846 | 32,344 |
Income before income taxes | 28,325 | 37,323 | 56,475 | 70,859 |
Provision for income taxes | 11,862 | 4,531 | 23,280 | 17,375 |
Net income | 16,463 | 32,792 | 33,195 | 53,484 |
Earnings per share: | ' | ' | ' | ' |
Basic (in USD per share) | $0.32 | $0.64 | $0.64 | $1.04 |
Diluted (in USD per share) | $0.31 | $0.63 | $0.63 | $1.03 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 52,088 | 51,463 | 52,023 | 51,343 |
Diluted (in shares) | 52,594 | 52,219 | 52,564 | 52,130 |
Comprehensive income, net of tax: | ' | ' | ' | ' |
Currency translation adjustments | -10,830 | 1,122 | -8,104 | 1,123 |
Total other comprehensive (loss) income | -10,830 | 1,122 | -8,104 | 1,123 |
Comprehensive income | $5,633 | $33,914 | $25,091 | $54,607 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $21,748 | $28,331 |
Accounts receivable, net | 98,644 | 65,050 |
Inventories | 82,875 | 65,586 |
Deferred income tax assets | 9,171 | 6,544 |
Prepaid expenses and other current assets | 9,935 | 11,674 |
Total current assets | 222,373 | 177,185 |
Property and equipment, net | 12,420 | 9,597 |
Goodwill | 293,993 | 190,911 |
Intangible assets, net | 2,163,947 | 1,394,817 |
Other long-term assets | 32,937 | 23,153 |
Total Assets | 2,725,670 | 1,795,663 |
Current liabilities | ' | ' |
Current portion of long term debt | 7,200 | 0 |
Accounts payable | 58,538 | 48,286 |
Accrued interest payable | 12,086 | 9,626 |
Other accrued liabilities | 34,086 | 26,446 |
Total current liabilities | 111,910 | 84,358 |
Long-term debt | ' | ' |
Principal amount | 1,691,400 | 937,500 |
Less unamortized discount | -6,289 | -3,086 |
Long-term debt, net of unamortized discount | 1,685,111 | 934,414 |
Deferred income tax liabilities | 334,297 | 213,204 |
Other long-term liabilities | 313 | 327 |
Total Liabilities | 2,131,631 | 1,232,303 |
Commitments and Contingencies — Note 16 | ' | ' |
Stockholders' Equity | ' | ' |
Preferred stock - $0.01 par value; Authorized - 5,000 shares; Issued and outstanding - None | 0 | 0 |
Common stock - $0.01 par value; Authorized - 250,000 shares; Issued - 52,426 shares at September 30, 2014 and 52,021 shares at March 31, 2014 | 524 | 520 |
Additional paid-in capital | 421,574 | 414,387 |
Treasury stock, at cost - 254 shares at September 30, 2014 and 206 shares at March 31, 2014 | -3,034 | -1,431 |
Accumulated other comprehensive (loss) income, net of tax | -7,365 | 739 |
Retained earnings | 182,340 | 149,145 |
Total Stockholders' Equity | 594,039 | 563,360 |
Total Liabilities and Stockholders' Equity | $2,725,670 | $1,795,663 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
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 | 52,426,000 | 52,021,000 |
Treasury stock, shares | 254,000 | 206,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating Activities | ' | ' |
Net income | $33,195 | $53,484 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 6,815 | 6,562 |
Deferred income taxes | 11,496 | 4,355 |
Amortization of deferred financing costs | 2,398 | 1,975 |
Stock-based compensation costs | 3,403 | 2,487 |
Amortization of debt discount | 687 | 798 |
Loss (Gain) on sale or disposal of property and equipment | 56 | -3 |
Changes in operating assets and liabilities, net of effects from acquisitions | ' | ' |
Accounts receivable | -8,363 | -5,712 |
Inventories | 7,264 | 821 |
Prepaid expenses and other current assets | 3,114 | 2,619 |
Accounts payable | -5,647 | -1,125 |
Accrued liabilities | 2,640 | -10,663 |
Net cash provided by operating activities | 57,058 | 55,598 |
Investing Activities | ' | ' |
Purchases of property and equipment | -1,380 | -2,319 |
Proceeds from the sale of property and equipment | 0 | 3 |
Proceeds from sale of business | 18,500 | 0 |
Acquisition of Insight Pharmaceuticals, less cash acquired | -749,666 | 0 |
Acquisition of the Hydralyte brand | -77,991 | 0 |
Acquisition of Care Pharmaceuticals, less cash acquired | 0 | -55,215 |
Net cash provided by (used in) investing activities | -810,537 | -57,531 |
Financing Activities | ' | ' |
Term loan borrowings | 720,000 | 0 |
Term loan repayments | -25,000 | -7,500 |
Repayments under revolving credit agreement | -58,500 | -35,500 |
Borrowings under revolving credit agreement | 124,600 | 50,000 |
Payment of deferred financing costs | -16,072 | -275 |
Proceeds from exercise of stock options | 2,757 | 5,143 |
Proceeds from restricted stock exercises | 57 | 0 |
Excess tax benefits from share-based awards | 1,030 | 1,350 |
Fair value of shares surrendered as payment of tax withholding | -1,660 | -278 |
Net cash provided by (used in) financing activities | 747,212 | 12,940 |
Effects of exchange rate changes on cash and cash equivalents | -316 | 156 |
(Decrease) Increase in cash and cash equivalents | -6,583 | 11,163 |
Cash and cash equivalents - beginning of period | 28,331 | 15,670 |
Cash and cash equivalents - end of period | 21,748 | 26,833 |
Interest paid | 27,349 | 29,516 |
Income taxes paid | $4,716 | $8,468 |
Business_and_Basis_of_Presenta
Business and Basis of Presentation | 6 Months Ended | |
Sep. 30, 2014 | ||
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, and club, convenience, and dollar stores in North America (the United States and Canada), and in Australia and 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 9 to these 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 related notes to a year (e.g., “2015”) mean our fiscal year ending or ended on March 31st of that year. Operating results for the three and six months ended September 30, 2014 are not necessarily indicative of results that may be expected for the fiscal year ending March 31, 2015. These unaudited Consolidated Financial Statements and related notes should be read in conjunction with our audited Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2014. | ||
Revision | ||
We revised the classification of certain promotional expenses that were incurred in the prior year to correctly present the amounts as a reduction to net sales. The amounts were not material to any of the periods presented. | ||
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, stock-based compensation, fair value of debt, 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 September 30, 2014 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 these assets 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, or more frequently if events or changes in circumstances indicate that the asset may be impaired. 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 $9.4 million and $17.1 million for the three and six months ended September 30, 2014, respectively, and $9.1 million and $15.7 million for the three and six months ended September 30, 2013, 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 a grantee 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 August 2014, the FASB issued Accounting Standards Update ("ASU") 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This amendment states that in connection with preparing financial statements for each annual and interim reporting period, an entity's management should evaluate whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued, when applicable). The amendments in this update are effective for the annual reporting period beginning after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The adoption of ASU 2014-15 is not expected to have a material impact on our Consolidated Financial Statements. | ||
In June 2014, the FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could Be Achieved after the Requisite Service Period, which requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. As such, the new guidance does not allow for a performance target that affects vesting to be reflected in estimating the fair value of the award at the grant date. The amendments to this update are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted. Entities may apply the amendments in this update either prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. We currently do not have any outstanding share-based payments with a performance target. The adoption of ASU 2014-12 is not expected to have a material impact on our Consolidated Financial Statements. | ||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers - Topic 606, which supersedes the revenue recognition requirements in FASB ASC 605. The new guidance primarily states that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The amendments in this update are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. We are evaluating the impact of adopting this prospective guidance on our consolidated results of operations and financial condition. | ||
In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The amendments in this update must be applied prospectively to all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. The adoption of ASU 2014-08 is not expected to 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 | 6 Months Ended | ||||
Sep. 30, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Acquisitions | ' | ||||
Acquisitions | |||||
Acquisition of Insight Pharmaceuticals | |||||
On September 3, 2014, the Company completed its previously announced acquisition of Insight Pharmaceuticals Corporation ("Insight"), a marketer and distributor of feminine care and other OTC healthcare products, for $753.2 million in cash. The closing followed the Federal Trade Commission’s (“FTC”) approval of the acquisition and was finalized pursuant to the terms of the purchase agreement announced on April 25, 2014. Pursuant to the Insight purchase agreement, the Company acquired 27 OTC brands sold in North America (including related trademarks, contracts and inventory), which extends the Company's portfolio of OTC brands to include a leading feminine care platform in the United States and Canada anchored by Monistat, the leading brand in OTC yeast infection treatment. The acquisition also adds brands to the Company's cough/cold, pain relief, ear care and dermatological platforms. In connection with the FTC's approval of the Insight acquisition, we sold one of the competing brands that we acquired from Insight on the same day as the Insight closing. | |||||
The Insight 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 an 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 September 3, 2014 acquisition date. | |||||
(In thousands) | 3-Sep-14 | ||||
Cash acquired | $ | 3,507 | |||
Accounts receivable | 25,784 | ||||
Inventories | 23,559 | ||||
Deferred income tax assets - current | 860 | ||||
Prepaids and other current assets | 1,407 | ||||
Property, plant and equipment | 2,308 | ||||
Goodwill | 103,255 | ||||
Intangible Assets | 724,374 | ||||
Total assets acquired | 885,054 | ||||
Accounts payable | 16,079 | ||||
Accrued expenses | 8,003 | ||||
Deferred income tax liabilities - long term | 107,799 | ||||
Total liabilities assumed | 131,881 | ||||
Total purchase price | $ | 753,173 | |||
Based on this analysis, we allocated $599.6 million to non-amortizable intangible assets and $124.8 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 16.2 years. The weighted average remaining life for amortizable intangible assets at September 30, 2014 was 16.1 years. | |||||
We also recorded goodwill of $103.3 million based on the amount by which the purchase price exceeded the fair value of the net assets acquired. The full amount of goodwill is not deductible for income tax purposes. | |||||
The operating results of Insight have been included in our Consolidated Financial Statements beginning September 3, 2014. Revenues of the acquired Insight operations for the three and six months ended September 30, 2014 were $12.7 million. Net loss for the three and six months ended September 30, 2014 was $2.0 million. On September 3, 2014 we sold one of the brands we acquired from the Insight acquisition for $18.5 million, for which we had allocated $17.7 million, $0.6 million and $0.2 million to intangible assets, inventory and property, plant and equipment, respectively. | |||||
The following table provides our unaudited pro forma revenues, net income and net income per basic and diluted common share had the results of Insight's operations been included in our operations commencing on April 1, 2013, based upon available information related to Insight's operations. This pro forma information is not necessarily indicative either of the combined results of operations that actually would have been realized by us had the Insight acquisition been consummated at the beginning of the period for which the pro forma information is presented, or of future results. | |||||
(In thousands, except per share data) | Six Months Ended September 30, 2014 | ||||
Revenues | $ | 393,140 | |||
Net income | $ | 37,957 | |||
Earnings per share: | |||||
Basic | $ | 0.73 | |||
Diluted | $ | 0.72 | |||
(In thousands, except per share data) | Six Months Ended September 30, 2013 | ||||
Revenues | $ | 389,490 | |||
Net income | $ | 53,511 | |||
Earnings per share: | |||||
Basic | $ | 1.04 | |||
Diluted | $ | 1.03 | |||
Acquisition of the Hydralyte brand | |||||
On April 30, 2014, we completed the acquisition of the Hydralyte brand in Australia and New Zealand from The Hydration Pharmaceuticals Trust of Victoria, Australia, which was funded through a combination of cash on the balance sheet and our existing senior secured credit facility. | |||||
Hydralyte is the leading OTC brand in oral rehydration in Australia and is marketed and sold through our Care Pharmaceuticals Pty Ltd. subsidiary ("Care Pharma"). Hydralyte is available in pharmacies in multiple forms and is indicated for oral rehydration following diarrhea, vomiting, fever, heat and other ailments. Hydralyte is included in our International OTC Healthcare segment. | |||||
The Hydralyte 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 an analysis of the fair values of the assets acquired and liabilities assumed as of the date of acquisition. The following table summarizes our allocation of the assets acquired and liabilities assumed as of the April 30, 2014 acquisition date. | |||||
(In thousands) | 30-Apr-14 | ||||
Inventories | $ | 1,970 | |||
Property, plant and equipment, net | 1,267 | ||||
Goodwill | 1,224 | ||||
Intangible assets, net | 73,580 | ||||
Total assets acquired | 78,041 | ||||
Accrued expenses | 38 | ||||
Other long term liabilities | 12 | ||||
Total liabilities assumed | 50 | ||||
Net assets acquired | $ | 77,991 | |||
Based on this analysis, we allocated $73.6 million to non-amortizable intangible assets and no allocation was made to amortizable intangible assets. | |||||
We also recorded goodwill of $1.2 million based on the amount by which the purchase price exceeded the fair value of the net assets acquired. The full amount of goodwill is not deductible for income tax purposes. | |||||
The pro-forma effect of this acquisition on revenues and earnings was not material. | |||||
Acquisition of Care Pharmaceuticals Pty Ltd. | |||||
On July 1, 2013, we completed the acquisition of 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 includes a line of brands for children including, Little Allergies, Little Eyes, and Little Coughs. The brands acquired are complementary to our OTC Healthcare portfolio and are included in our International OTC Healthcare segment. | |||||
The Care Pharma 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 an analysis of the fair values of the assets acquired and liabilities assumed as of the date of acquisition. The following table summarizes our allocation of the assets acquired and liabilities assumed as of the July 1, 2013 acquisition date. | |||||
(In thousands) | 1-Jul-13 | ||||
Cash acquired | $ | 1,546 | |||
Accounts receivable | 1,658 | ||||
Inventories | 2,465 | ||||
Deferred income taxes | 283 | ||||
Prepaids and other current assets | 647 | ||||
Property, plant and equipment | 163 | ||||
Goodwill | 23,122 | ||||
Intangible assets | 31,502 | ||||
Total assets acquired | 61,386 | ||||
Accounts payable | 1,537 | ||||
Accrued expenses | 2,788 | ||||
Other long term liabilities | 300 | ||||
Total liabilities assumed | 4,625 | ||||
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 September 30, 2014 was 13.1 years. | |||||
We also recorded goodwill of $23.1 million based on the amount by which the purchase price exceeded the 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. |
Accounts_Receivable
Accounts Receivable | 6 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Accounts Receivable | ' | |||||||
Accounts Receivable | ||||||||
Accounts receivable consist of the following: | ||||||||
(In thousands) | September 30, | March 31, | ||||||
2014 | 2014 | |||||||
Components of Accounts Receivable | ||||||||
Trade accounts receivable | $ | 107,943 | $ | 73,632 | ||||
Other receivables | 2,176 | 1,360 | ||||||
110,119 | 74,992 | |||||||
Less allowances for discounts, returns and uncollectible accounts | (11,475 | ) | (9,942 | ) | ||||
Accounts receivable, net | $ | 98,644 | $ | 65,050 | ||||
Inventories
Inventories | 6 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories consist of the following: | ||||||||
(In thousands) | September 30, | March 31, | ||||||
2014 | 2014 | |||||||
Components of Inventories | ||||||||
Packaging and raw materials | $ | 3,929 | $ | 3,099 | ||||
Work in process | 3,456 | — | ||||||
Finished goods | 75,490 | 62,487 | ||||||
Inventories | $ | 82,875 | $ | 65,586 | ||||
Inventories are carried at the lower of cost or market, which includes a reduction in inventory values of $4.8 million and $1.1 million at September 30, 2014 and March 31, 2014, respectively, related to obsolete and slow-moving inventory. Following the acquisition of the Hydralyte brand on April 30, 2014, we manufacture certain Hydralyte products in Australia. |
Property_and_Equipment
Property and Equipment | 6 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property and Equipment | ' | |||||||
Property and Equipment | ||||||||
Property and equipment consist of the following: | ||||||||
(In thousands) | September 30, | March 31, | ||||||
2014 | 2014 | |||||||
Components of Property and Equipment | ||||||||
Machinery | $ | 4,245 | $ | 1,927 | ||||
Computer equipment and software | 10,183 | 8,923 | ||||||
Furniture and fixtures | 2,703 | 1,858 | ||||||
Leasehold improvements | 4,823 | 4,734 | ||||||
21,954 | 17,442 | |||||||
Accumulated depreciation | (9,534 | ) | (7,845 | ) | ||||
Property and equipment, net | $ | 12,420 | $ | 9,597 | ||||
We recorded depreciation expense of $0.9 million and $0.5 million for the three months ended September 30, 2014 and September 30, 2013, respectively, and $1.6 million and $1.1 million for the six months ended September 30, 2014 and September 30, 2013, respectively. |
Goodwill
Goodwill | 6 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Goodwill [Abstract] | ' | |||||||||||||||
Goodwill | ' | |||||||||||||||
Goodwill | ||||||||||||||||
As described in Note 18 to these Consolidated Financial Statements, we have realigned our reportable segments with how we currently operate, review and evaluate the results of our business. A reconciliation of the activity affecting goodwill by reportable segment is as follows: | ||||||||||||||||
(In thousands) | North American OTC | International OTC | Household | Consolidated | ||||||||||||
Healthcare | Healthcare | Cleaning | ||||||||||||||
Balance — March 31, 2014 | $ | 160,157 | $ | 23,365 | $ | 7,389 | $ | 190,911 | ||||||||
Additions | 103,254 | 1,224 | — | 104,478 | ||||||||||||
Effects of foreign currency exchange rates | — | (1,396 | ) | — | (1,396 | ) | ||||||||||
Balance — September 30, 2014 | $ | 263,411 | $ | 23,193 | $ | 7,389 | $ | 293,993 | ||||||||
As discussed in Note 2, we completed two acquisitions during the six months ended September 30, 2014. On September 3, 2014, we completed the acquisition of Insight and recorded goodwill of $103.3 million reflecting the amount by which the purchase price exceeded the preliminary estimate of fair value of net assets acquired. Additionally, on April 30, 2014, we completed the acquisition of the Hydralyte brand and recorded goodwill of $1.2 million reflecting the amount by which the purchase price exceeded the preliminary estimate of 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 quarter of each fiscal 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, 2014, during our annual test for goodwill impairment, there were no indicators of impairment under the analysis. Accordingly, no impairment charge was recorded in fiscal 2014. As of September 30, 2014, there have been no triggering events that would indicate potential impairment of goodwill. | ||||||||||||||||
The discounted cash flow methodology is a widely-accepted valuation technique to estimate fair value that is utilized by market participants in the transaction evaluation process and has been applied consistently. We also considered our market capitalization at March 31, 2014, 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 | 6 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Intangible Assets [Abstract] | ' | |||||||||||
Intangible Assets | ' | |||||||||||
Intangible Assets | ||||||||||||
A reconciliation of the activity affecting intangible assets is as follows: | ||||||||||||
(In thousands) | Indefinite | Finite Lived | Totals | |||||||||
Lived | Trademarks | |||||||||||
Trademarks | ||||||||||||
Gross Carrying Amounts | ||||||||||||
Balance — March 31, 2014 | $ | 1,273,878 | $ | 204,740 | $ | 1,478,618 | ||||||
Additions | 673,180 | 124,774 | 797,954 | |||||||||
Reductions | — | (17,674 | ) | (17,674 | ) | |||||||
Effects of foreign currency exchange rates | (6,000 | ) | (95 | ) | (6,095 | ) | ||||||
Balance — September 30, 2014 | 1,941,058 | 311,745 | 2,252,803 | |||||||||
Accumulated Amortization | ||||||||||||
Balance — March 31, 2014 | — | 83,801 | 83,801 | |||||||||
Additions | — | 5,064 | 5,064 | |||||||||
Effects of foreign currency exchange rates | — | (9 | ) | (9 | ) | |||||||
Balance — September 30, 2014 | — | 88,856 | 88,856 | |||||||||
Intangible assets, net - September 30, 2014 | $ | 1,941,058 | $ | 222,889 | $ | 2,163,947 | ||||||
Intangible Assets, net by Reportable Segment: | ||||||||||||
North American OTC Healthcare | $ | 1,723,498 | $ | 196,145 | $ | 1,919,643 | ||||||
International OTC Healthcare | 97,740 | 1,449 | 99,189 | |||||||||
Household Cleaning | 119,820 | 25,295 | 145,115 | |||||||||
Intangible assets, net - September 30, 2014 | $ | 1,941,058 | $ | 222,889 | $ | 2,163,947 | ||||||
As discussed in Note 2, we completed two acquisitions during the six months ended September 30, 2014. On September 3, 2014, we completed the acquisition of Insight and allocated $724.4 million to intangible assets based on our preliminary analysis. Additionally, on April 30, 2014, we completed the acquisition of the Hydralyte brand and allocated $73.6 million to intangible assets based on our preliminary analysis. Furthermore, on September 3, 2014 we sold one of the brands that we acquired from Insight, for which we allocated $17.7 million to the intangible assets. | ||||||||||||
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 are also tested for impairment 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 fourth quarter of fiscal 2014. 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 September 30, 2014 continues to support an indefinite useful life for these assets. Therefore, no impairment charge was recorded for the six months ended September 30, 2014. | ||||||||||||
The weighted average remaining life for finite-lived intangible assets at September 30, 2014 was approximately 14.5 years and the amortization expense for the three and six months ended September 30, 2014 was $2.8 million and $5.1 million, respectively. At September 30, 2014, 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 | |||||||||||
2015 (Remaining six months ending March 31, 2015) | $ | 7,740 | ||||||||||
2016 | 15,554 | |||||||||||
2017 | 15,554 | |||||||||||
2018 | 15,554 | |||||||||||
2019 | 15,554 | |||||||||||
Thereafter | 152,933 | |||||||||||
$ | 222,889 | |||||||||||
Other_Accrued_Liabilities
Other Accrued Liabilities | 6 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Other Accrued Liabilities | ' | |||||||
Other Accrued Liabilities | ||||||||
Other accrued liabilities consist of the following: | ||||||||
(In thousands) | September 30, | March 31, | ||||||
2014 | 2014 | |||||||
Accrued marketing costs | $ | 16,187 | $ | 11,812 | ||||
Accrued compensation costs | 5,129 | 6,232 | ||||||
Accrued broker commissions | 851 | 1,019 | ||||||
Income taxes payable | 1,186 | 1,854 | ||||||
Accrued professional fees | 2,344 | 2,002 | ||||||
Deferred rent | 1,109 | 1,258 | ||||||
Accrued production costs | 3,364 | 1,506 | ||||||
Other accrued liabilities | 3,916 | 763 | ||||||
$ | 34,086 | $ | 26,446 | |||||
LongTerm_Debt
Long-Term Debt | 6 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
Long-Term Debt | |||||||||
2012 Senior Notes: | |||||||||
On January 31, 2012, Prestige Brands, Inc. (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, 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. 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 subsequent years, we have utilized portions of our accordion feature to increase the amount of our borrowing capacity under the 2012 ABL Revolver by $85.0 million to $135.0 million and 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 Borrower 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 "Term Loan Amendment No. 1") to the 2012 Term Loan. Term Loan Amendment No. 1 provided for the refinancing of all of the Borrower's existing Term B Loans with new Term B-1 Loans (the "Term B-1 Loan"). The interest rate on the Term B-1 Loans under the Term Loan Amendment No. 1 was 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 mature on the same date as the Term B Loans' original maturity date. In addition, Term Loan Amendment No.1 provided 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 Term Loan Amendment No. 1, during the fourth quarter ended March 31, 2013, we recognized a $1.4 million loss on the extinguishment of debt. | |||||||||
On September 3, 2014, the Borrower entered into Amendment No. 2 ("Term Loan Amendment No. 2") to the 2012 Term Loan. Term Loan Amendment No. 2 provides for (i) the creation of a new class of Term B-2 Loans under the 2012 Term Loan (the "Term B-2 Loan") in an aggregate principal amount of $720.0 million, (ii) increased flexibility under the credit agreement governing the 2012 Term Loan and 2012 ABL Revolver, including but not limited to additional investment, restricted payment and debt incurrence flexibility and financial maintenance covenant relief and (iii) an interest rate on (x) the Term B-1 Loans that is based, at the Borrower’s option, on a LIBOR rate plus a margin of 3.125% per annum, with a LIBOR floor of 1.00%, or an alternate base rate plus a margin, and (y) the Term B-2 Loans that is based, at the Borrower’s option, on a LIBOR rate plus a margin of 3.50% per annum, with a LIBOR floor of 1.00%, or an alternate base rate plus a margin (with a margin step-down to 3.25% per annum, based upon achievement of a specified secured net leverage ratio). Under the Term Loan Amendment No.2, we are required to make quarterly payments each equal to 0.25% of the original principal amount of the Term B-2 Loan, with the balance expected to be due on the seventh anniversary of the closing date. Therefore, we have presented $7.2 million of current portion of long term debt as of September 30, 2014. | |||||||||
The 2012 Term Loan, as amended, bears interest at a rate per annum equal to an applicable margin plus, at the Borrower's 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, with a floor of 1.00%. For the six months ended September 30, 2014, the average interest rate on the 2012 Term Loan was 4.9%. | |||||||||
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. | |||||||||
On September 3, 2014, the Borrower entered into Amendment No. 3 (“ABL Amendment No. 3”) to the 2012 ABL Revolver. ABL Amendment No. 3 provided for (i) a $40.0 million increase in revolving commitments under the 2012 ABL Revolver and (ii) increased flexibility under the credit agreement governing the 2012 Term Loan and 2012 ABL Revolver, including additional investment, restricted payment and debt incurrence flexibility. 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 by 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 six months ended September 30, 2014, the average interest rate on the amounts borrowed under the 2012 ABL Revolver was 3.7%. | |||||||||
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, 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. In connection with the 2013 Senior Notes offering, we incurred $7.2 million of costs, which were capitalized as deferred financing costs and are being amortized over the term of the 2013 Senior Notes. | |||||||||
Redemptions and Restrictions: | |||||||||
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 of notes redeemed, plus an applicable "make-whole premium" calculated as set forth in the indenture governing the 2013 Senior Notes, together with accrued and unpaid interest, if any, to the date of redemption. 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, 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 2013 Senior Notes, the Borrower will be required to make an offer to purchase the 2013 Senior Notes at a price equal to 101% of the aggregate principal amount of the 2013 Senior Notes repurchased, plus accrued and unpaid interest, if any, to the date of repurchase. | |||||||||
The indentures governing 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 governing the 2012 Term Loan and the 2012 ABL Revolver and the indentures governing the 2012 Senior Notes and the 2013 Senior Notes. At September 30, 2014, we were in compliance with the covenants under our long-term indebtedness. | |||||||||
At September 30, 2014, we had an aggregate of $32.9 million of unamortized debt issuance costs and $6.3 million of unamortized debt discount, the total of which is comprised of $9.4 million related to the 2012 Senior Notes, $6.6 million related to the 2013 Senior Notes, $21.8 million related to the 2012 Term Loan, and $1.4 million related to the 2012 ABL Revolver. | |||||||||
During the six months ended September 30, 2014, we borrowed a net amount of $66.1 million against the 2012 ABL Revolver. | |||||||||
Long-term debt consists of the following, as of the dates indicated: | |||||||||
(In thousands, except percentages) | September 30, | March 31, | |||||||
2014 | 2014 | ||||||||
2013 Senior Notes bearing interest at 5.375%, with interest payable on June 15 and December 15 of each year. The 2013 Senior Notes mature on December 15, 2021. | $ | 400,000 | $ | 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 B-1 Loan bearing interest at the Borrower's option at either a base rate with a floor of 2.00% plus applicable margin or LIBOR with a floor of 1.00% plus applicable margin, due on January 31, 2019. | 262,500 | 287,500 | |||||||
2012 Term B-2 Loan bearing interest at the Borrower's option at either a base rate with a floor of 2.00% plus applicable margin or LIBOR with a floor of 1.00% plus applicable margin, due on September 3, 2021. | 720,000 | — | |||||||
2012 ABL Revolver bearing interest at the Borrower's option at either a base rate plus applicable margin or LIBOR plus applicable margin. Any unpaid balance is due on January 31, 2017. | 66,100 | — | |||||||
1,698,600 | 937,500 | ||||||||
Current portion of long-term debt | 7,200 | — | |||||||
1,691,400 | 937,500 | ||||||||
Less: unamortized discount | (6,289 | ) | (3,086 | ) | |||||
Long-term debt, net of unamortized discount | $ | 1,685,111 | $ | 934,414 | |||||
As of September 30, 2014, aggregate future principal payments required in accordance with the terms of the 2012 Term Loan, 2012 ABL Revolver and the indentures governing the 2013 Senior Notes and the 2012 Senior Notes are as follows: | |||||||||
(In thousands) | |||||||||
Year Ending March 31, | Amount | ||||||||
2015 (remaining six months ending March 31, 2015) | $ | 3,600 | |||||||
2016 | 7,200 | ||||||||
2017 | 73,300 | ||||||||
2018 | 7,200 | ||||||||
2019 | 269,700 | ||||||||
Thereafter | 1,337,600 | ||||||||
$ | 1,698,600 | ||||||||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended |
Sep. 30, 2014 | |
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 Term B-1 Loan, Term B-2 Loan, the 2013 Senior Notes, the 2012 Senior Notes, and the 2012 ABL Revolver are measured in Level 2 of the above hierarchy. At September 30, 2014 and March 31, 2014, 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 September 30, 2014 and March 31, 2014, the carrying value of our 2013 Senior Notes was $400.0 million. The fair value of our 2013 Senior Notes was $377.0 million and $408.5 million at September 30, 2014 and March 31, 2014, respectively. | |
At September 30, 2014 and March 31, 2014, the carrying value of our 2012 Senior Notes was $250.0 million. The fair value of our 2012 Senior Notes was $266.9 million and $280.6 million at September 30, 2014 and March 31, 2014, respectively. | |
At September 30, 2014 and March 31, 2014, the carrying value of the Term B-1 Loan was $262.5 million. The fair value of the Term B-1 Loan was $261.2 million and $288.9 million at September 30, 2014 and March 31, 2014, respectively. | |
At September 30, 2014 the carrying value of the Term B-2 Loan was $720.0 million. The fair value of the Term B-2 Loan was $718.2 million at September 30, 2014. Because the Term B-2 Loan was entered into on September 3, 2014, there were no outstanding loan balances as of March 31, 2014. | |
At September 30, 2014, the carrying value and fair value of the 2012 ABL Revolver was $66.1 million. There were no outstanding borrowings under the 2012 ABL Revolver at March 31, 2014. |
Stockholders_Equity
Stockholders' Equity | 6 Months Ended |
Sep. 30, 2014 | |
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 outstanding stock having priority rights as to dividends. No dividends have been declared or paid on the Company's common stock through September 30, 2014. | |
During the three and six months ended September 30, 2014, we repurchased 13,924 shares and 47,664 shares, respectively, of restricted common stock from our employees pursuant to the provisions of various employee restricted stock awards. During the three and six months ended September 30, 2013, we repurchased zero shares and 10,726 shares, respectively, of restricted common stock from our employees pursuant to the provisions of various employee restricted stock awards. The repurchases for the six months ended September 30, 2014 and 2013 were at an average price of $33.63 and $25.96, respectively. All of the repurchased shares have been recorded as treasury stock. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive (Loss) Income | 6 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||
Accumulated Other Comprehensive (Loss) Income | ' | |||||||
Accumulated Other Comprehensive (Loss) Income | ||||||||
The table below presents accumulated other comprehensive (loss) income (“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. | ||||||||
AOCI consisted of the following at September 30, 2014 and March 31, 2014: | ||||||||
September 30, | March 31, | |||||||
(In thousands) | 2014 | 2014 | ||||||
Components of Accumulated Other Comprehensive (Loss) Income | ||||||||
Cumulative translation adjustment | $ | (7,365 | ) | $ | 739 | |||
Total accumulated other comprehensive (loss) income, net of tax | $ | (7,365 | ) | $ | 739 | |||
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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 September 30, | Six Months Ended September 30, | ||||||||||||||||
(In thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator | |||||||||||||||||
Net income | $ | 16,463 | $ | 32,792 | $ | 33,195 | $ | 53,484 | |||||||||
Denominator | |||||||||||||||||
Denominator for basic earnings per share — weighted average shares outstanding | 52,088 | 51,463 | 52,023 | 51,343 | |||||||||||||
Dilutive effect of unvested restricted common stock (including restricted stock units) and options issued to employees and directors | 506 | 756 | 541 | 787 | |||||||||||||
Denominator for diluted earnings per share | 52,594 | 52,219 | 52,564 | 52,130 | |||||||||||||
Earnings per Common Share: | |||||||||||||||||
Basic net earnings per share | $ | 0.32 | $ | 0.64 | $ | 0.64 | $ | 1.04 | |||||||||
Diluted net earnings per share | $ | 0.31 | $ | 0.63 | $ | 0.63 | $ | 1.03 | |||||||||
For the three months ended September 30, 2014 and 2013, there were 0.3 million and 0.2 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 six months ended September 30, 2014 and 2013, there were 0.3 million and 0.2 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 | 6 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
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. On June 19, 2014, the Board of Directors amended the Plan to provide for the grant of an additional 1.8 million shares of the Company's stock, $0.01 par value, pursuant to the Plan, which amendment the Company's stockholders approved on August 5, 2014. 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 and six months ended September 30, 2014, pre-tax share-based compensation costs charged against income were $1.5 million and $3.4 million, respectively, and the related income tax benefit recognized was $0.5 million and $1.2 million, respectively. During the three and six months ended September 30, 2013, pre-tax share-based compensation costs charged against income were $1.3 million and $2.5 million, respectively, and the related income tax benefit recognized was $0.3 million and $0.7 million, respectively. | ||||||||||||||
Restricted Shares | ||||||||||||||
Restricted shares 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 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, unless specified differently on the date of 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 12, 2014, the Compensation Committee of our Board of Directors granted 96,638 restricted stock units to certain executive officers and employees under the Plan. Of those grants, 75,638 restricted stock units vest in their entirety on the three-year anniversary of the date of grant and 21,000 restricted stock units vest 33.3% per year over three years. | ||||||||||||||
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 six months ended September 30, 2014 and 2013 was $33.30 and $30.19, respectively. | ||||||||||||||
A summary of the Company's restricted shares granted under the Plan is presented below: | ||||||||||||||
Weighted- | ||||||||||||||
Shares | Average | |||||||||||||
(in thousands) | Grant-Date | |||||||||||||
Restricted Shares | Fair Value | |||||||||||||
Six months ended September 30, 2013 | ||||||||||||||
Vested and nonvested at March 31, 2013 | 421.3 | $ | 11.01 | |||||||||||
Granted | 120.6 | 30.19 | ||||||||||||
Vested and issued | (54.7 | ) | 8.11 | |||||||||||
Forfeited | (3.6 | ) | 13.24 | |||||||||||
Vested and nonvested at September 30, 2013 | 483.6 | 16.11 | ||||||||||||
Vested at September 30, 2013 | 83.1 | 9.63 | ||||||||||||
Six months ended September 30, 2014: | ||||||||||||||
Vested and nonvested at March 31, 2014 | 437.5 | $ | 16.76 | |||||||||||
Granted | 104.4 | 33.3 | ||||||||||||
Vested and issued | (120.7 | ) | 13.34 | |||||||||||
Forfeited | (14.4 | ) | 20.78 | |||||||||||
Vested and nonvested at September 30, 2014 | 406.8 | 21.88 | ||||||||||||
Vested at September 30, 2014 | 76.6 | 11.62 | ||||||||||||
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 12, 2014, the Compensation Committee of our Board of Directors granted stock options to acquire 307,490 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 $33.50 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 six months ended September 30, 2014 and 2013 was $15.93 and $13.94, respectively. | ||||||||||||||
Six Months Ended September 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
Expected volatility | 47.3 | % | 48 | % | ||||||||||
Expected dividends | $ | — | $ | — | ||||||||||
Expected term in years | 6 | 6 | ||||||||||||
Risk-free rate | 2.2 | % | 1.3 | % | ||||||||||
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 | |||||||||||||
Six months ended September 30, 2013: | ||||||||||||||
Outstanding at March 31, 2013 | 1,386.40 | $ | 10.43 | |||||||||||
Granted | 227.7 | 29.94 | ||||||||||||
Exercised | (539.4 | ) | 9.54 | |||||||||||
Forfeited or expired | (8.0 | ) | 13.24 | |||||||||||
Outstanding at September 30, 2013 | 1,066.70 | 15.02 | 6.5 | $ | 16,110 | |||||||||
Exercisable at September 30, 2013 | 225.5 | 11.42 | 7.7 | 4,216 | ||||||||||
Six months ended September 30, 2014: | ||||||||||||||
Outstanding at March 31, 2014 | 994.9 | $ | 15.24 | |||||||||||
Granted | 307.5 | 33.5 | ||||||||||||
Exercised | (284.4 | ) | 9.7 | |||||||||||
Forfeited or expired | (32.5 | ) | 25.61 | |||||||||||
Outstanding at September 30, 2014 | 985.5 | 22.19 | 8 | $ | 10,364 | |||||||||
Exercisable at September 30, 2014 | 416 | 14.31 | 6.8 | 7,514 | ||||||||||
The aggregate intrinsic value of options exercised in the six months ended September 30, 2014 was $7.1 million. | ||||||||||||||
At September 30, 2014, there were $7.4 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 1.0 year. The total fair value of options and restricted shares vested during the six months ended September 30, 2014 and 2013 was $4.2 million and $3.2 million, respectively. For the six months ended September 30, 2014 and 2013, cash received from the exercise of stock options was $2.8 million and $5.1 million, respectively, and we realized $1.8 million and $1.7 million, respectively, in tax benefits from the tax deductions resulting from these option exercises. At September 30, 2014, there were 1.2 million shares available for issuance under the Plan. |
Income_Taxes
Income Taxes | 6 Months Ended |
Sep. 30, 2014 | |
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 rates used in the calculation of income taxes were 41.9% and 12.1% for the three months ended September 30, 2014 and September 30, 2013, respectively. The effective tax rates used in the calculation of income taxes were 41.2% and 24.5%, for the six months ended September 30, 2014 and September 30, 2013, respectively. The increase in the effective tax rate for the three and six months ended September 30, 2014 was primarily due to the impact of certain non-deductible items related to acquisitions and state tax adjustments and a one-time benefit of $9.1 million to adjust our current and deferred tax balances as of September 30, 2013 for lower state income taxes. This benefit was primarily related to a law change in the state where we have our major distribution center to tax earnings attributed to in-state revenues only. | |
At September 30, 2014, wholly-owned subsidiaries of the Company had net operating loss carryforwards of approximately $78.2 million, which may be used to offset future taxable income of the consolidated group and which begin to expire in 2020. The net operating loss carryforwards are subject to an annual limitation as to usage of approximately $33.6 million pursuant to Internal Revenue Code Section 382. The Company expects to utilize all of the net operating loss carryforwards before they expire. | |
We had no change in our uncertain tax liability during the six months ended September 30, 2014. Therefore, the balance in our uncertain tax liability was $1.2 million at September 30, 2014 and March 31, 2014. 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 | 6 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
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, Wyoming, and other locations, which expire at various dates through fiscal 2021. We required additional office space as a result of the closing of the acquisition of Insight. Therefore, in the first quarter of fiscal 2015, we amended our existing New York office lease to include an additional 15,470 square feet beginning October 2014 and extended the expiration of the combined lease through September 2020. These amounts have been included in the table below. | |||||||||||||
The following summarizes future minimum lease payments for our operating leases as of September 30, 2014: | |||||||||||||
(In thousands) | |||||||||||||
Year Ending March 31, | Facilities | Equipment | Total | ||||||||||
2015 (Remaining six months ending March 31, 2015) | $ | 859 | $ | 344 | $ | 1,203 | |||||||
2016 | 1,612 | 311 | 1,923 | ||||||||||
2017 | 1,772 | 77 | 1,849 | ||||||||||
2018 | 1,856 | — | 1,856 | ||||||||||
2019 | 1,864 | — | 1,864 | ||||||||||
Thereafter | 2,465 | — | 2,465 | ||||||||||
$ | 10,428 | $ | 732 | $ | 11,160 | ||||||||
Rent expense for each of the three months ended September 30, 2014 and 2013 was $0.3 million and $0.5 million, respectively, while rent expense for each of the six months ended September 30, 2014 and 2013 was $0.7 million and $0.8 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 | ||||||||||||
2015 (Remaining six months ending March 31, 2015) | $ | 549 | |||||||||||
2016 | 1,074 | ||||||||||||
2017 | 1,044 | ||||||||||||
2018 | 1,013 | ||||||||||||
2019 | 982 | ||||||||||||
Thereafter | 560 | ||||||||||||
$ | 5,222 | ||||||||||||
Concentrations_of_Risk
Concentrations of Risk | 6 Months Ended |
Sep. 30, 2014 | |
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 convenience, dollar and club stores. During the three and six months ended September 30, 2014, approximately 40.6% and 41.2%, respectively, of our total revenues were derived from our five top selling brands. During the three and six months ended September 30, 2013, approximately 41.8% and 43.0%, 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 17.0% and 18.0%, respectively, of our gross revenues for the three and six months ended September 30, 2014, and approximately 19.2% and 20.4%, respectively, of our gross revenues for the three and six months ended September 30, 2013. At September 30, 2014, approximately 21.5% 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 and inventory levels. As a result, any such disruption could have a material adverse effect on our business, sales and profitability. | |
At September 30, 2014, we had relationships with 101 third-party manufacturers. Of those, we had long-term contracts with 47 manufacturers that produced items that accounted for approximately 77.4% of gross sales for the six months ended September 30, 2014. At September 30, 2013, we had relationships with 50 third-party manufacturers. Of those, we had long-term contracts with 22 manufacturers that produced items that accounted for approximately 77.9% of gross sales for the six months ended September 30, 2013. 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 | 6 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Business Segments | ' | |||||||||||||||
Business Segments | ||||||||||||||||
Beginning April 1, 2014, we began managing and reporting certain of our businesses separately and have therefore realigned our reportable segments to align with how we manage and evaluate the results of our business. These reportable segments consist of (i) North American OTC Healthcare, (ii) International OTC Healthcare and (iii) Household Cleaning. The results of our previously reported OTC Healthcare segment is now separated into two reporting segments, the North American OTC Healthcare segment and the International OTC Healthcare segment, largely to reflect our international expansion due to recent acquisitions. Prior year amounts were reclassified to conform to the current reportable segments discussed above. Segment information has been prepared in accordance with the Segment Reporting topic of the FASB ASC 280. We evaluate the performance of our operating segments and allocate resources to these segments based primarily on contribution margin, which we define as gross profit less advertising and promotional expenses. | ||||||||||||||||
The tables below summarize information about our reportable segments. | ||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||
(In thousands) | North American OTC | International OTC | Household | Consolidated | ||||||||||||
Healthcare | Healthcare | Cleaning | ||||||||||||||
Gross segment revenues | $ | 138,138 | $ | 17,331 | $ | 25,246 | $ | 180,715 | ||||||||
Elimination of intersegment revenues | (710 | ) | — | — | (710 | ) | ||||||||||
Third-party segment revenues | 137,428 | 17,331 | 25,246 | 180,005 | ||||||||||||
Other revenues | 150 | 23 | 1,091 | 1,264 | ||||||||||||
Total segment revenues | 137,578 | 17,354 | 26,337 | 181,269 | ||||||||||||
Cost of sales | 52,185 | 6,595 | 19,947 | 78,727 | ||||||||||||
Gross profit | 85,393 | 10,759 | 6,390 | 102,542 | ||||||||||||
Advertising and promotion | 21,442 | 3,035 | 567 | 25,044 | ||||||||||||
Contribution margin | $ | 63,951 | $ | 7,724 | $ | 5,823 | 77,498 | |||||||||
Other operating expenses | 30,980 | |||||||||||||||
Operating income | 46,518 | |||||||||||||||
Other expense | 18,193 | |||||||||||||||
Income before income taxes | 28,325 | |||||||||||||||
Provision for income taxes | 11,862 | |||||||||||||||
Net income | $ | 16,463 | ||||||||||||||
Six Months Ended September 30, 2014 | ||||||||||||||||
(In thousands) | North | International | Household | Consolidated | ||||||||||||
American | OTC | Cleaning | ||||||||||||||
OTC | Healthcare | |||||||||||||||
Healthcare | ||||||||||||||||
Gross segment revenues | $ | 249,112 | $ | 31,022 | $ | 45,839 | $ | 325,973 | ||||||||
Elimination of intersegment revenues | (1,427 | ) | — | — | (1,427 | ) | ||||||||||
Third-party segment revenues | 247,685 | 31,022 | 45,839 | 324,546 | ||||||||||||
Other revenues | 327 | 58 | 2,040 | 2,425 | ||||||||||||
Total segment revenues | 248,012 | 31,080 | 47,879 | 326,971 | ||||||||||||
Cost of sales | 94,526 | 11,679 | 36,358 | 142,563 | ||||||||||||
Gross profit | 153,486 | 19,401 | 11,521 | 184,408 | ||||||||||||
Advertising and promotion | 37,794 | 5,375 | 971 | 44,140 | ||||||||||||
Contribution margin | $ | 115,692 | $ | 14,026 | $ | 10,550 | 140,268 | |||||||||
Other operating expenses | 50,947 | |||||||||||||||
Operating income | 89,321 | |||||||||||||||
Other expense | 32,846 | |||||||||||||||
Income before income taxes | 56,475 | |||||||||||||||
Provision for income taxes | 23,280 | |||||||||||||||
Net income | $ | 33,195 | ||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||
(In thousands) | North American OTC | International OTC | Household | Consolidated | ||||||||||||
Healthcare | Healthcare | Cleaning | ||||||||||||||
Gross segment revenues | $ | 132,944 | $ | 9,008 | $ | 24,374 | $ | 166,326 | ||||||||
Elimination of intersegment revenues | (819 | ) | — | — | (819 | ) | ||||||||||
Third-party segment revenues | 132,125 | 9,008 | 24,374 | 165,507 | ||||||||||||
Other revenues | 150 | 7 | 1,281 | 1,438 | ||||||||||||
Total segment revenues | 132,275 | 9,015 | 25,655 | 166,945 | ||||||||||||
Cost of sales | 50,987 | 4,338 | 18,398 | 73,723 | ||||||||||||
Gross profit | 81,288 | 4,677 | 7,257 | 93,222 | ||||||||||||
Advertising and promotion | 22,547 | 1,446 | 554 | 24,547 | ||||||||||||
Contribution margin | $ | 58,741 | $ | 3,231 | $ | 6,703 | 68,675 | |||||||||
Other operating expenses | 14,913 | |||||||||||||||
Operating income | 53,762 | |||||||||||||||
Other expense | 16,439 | |||||||||||||||
Income before income taxes | 37,323 | |||||||||||||||
Provision for income taxes | 4,531 | |||||||||||||||
Net income | $ | 32,792 | ||||||||||||||
Six Months Ended September 30, 2013 | ||||||||||||||||
(In thousands) | North American OTC | International OTC | Household | Consolidated | ||||||||||||
Healthcare | Healthcare | Cleaning | ||||||||||||||
Gross segment revenues | $ | 251,880 | $ | 12,422 | $ | 43,666 | $ | 307,968 | ||||||||
Elimination of intersegment revenues | (819 | ) | — | — | (819 | ) | ||||||||||
Third-party segment revenues | 251,061 | 12,422 | 43,666 | 307,149 | ||||||||||||
Other revenues | 300 | 14 | 1,994 | 2,308 | ||||||||||||
Total segment revenues | 251,361 | 12,436 | 45,660 | 309,457 | ||||||||||||
Cost of sales | 94,533 | 5,803 | 32,875 | 133,211 | ||||||||||||
Gross profit | 156,828 | 6,633 | 12,785 | 176,246 | ||||||||||||
Advertising and promotion | 40,097 | 1,710 | 1,421 | 43,228 | ||||||||||||
Contribution margin | $ | 116,731 | $ | 4,923 | $ | 11,364 | 133,018 | |||||||||
Other operating expenses | 29,815 | |||||||||||||||
Operating income | 103,203 | |||||||||||||||
Other expense | 32,344 | |||||||||||||||
Income before income taxes | 70,859 | |||||||||||||||
Provision for income taxes | 17,375 | |||||||||||||||
Net income | $ | 53,484 | ||||||||||||||
The tables below summarize information about our segment revenues from similar product groups. | ||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||
(In thousands) | North American OTC | International OTC | Household | Consolidated | ||||||||||||
Healthcare | Healthcare | Cleaning | ||||||||||||||
Analgesics | $ | 29,072 | $ | 792 | $ | — | $ | 29,864 | ||||||||
Cough & Cold | 24,771 | 5,460 | — | 30,231 | ||||||||||||
Women's Health | 9,119 | 658 | — | 9,777 | ||||||||||||
Gastrointestinal | 20,896 | 5,598 | — | 26,494 | ||||||||||||
Eye & Ear Care | 21,405 | 4,028 | — | 25,433 | ||||||||||||
Dermatologicals | 17,459 | 687 | — | 18,146 | ||||||||||||
Oral Care | 12,934 | 127 | — | 13,061 | ||||||||||||
Other OTC | 1,922 | 4 | — | 1,926 | ||||||||||||
Household Cleaning | — | — | 26,337 | 26,337 | ||||||||||||
Total segment revenues | $ | 137,578 | $ | 17,354 | $ | 26,337 | $ | 181,269 | ||||||||
Six Months Ended September 30, 2014 | ||||||||||||||||
(In thousands) | North American OTC | International OTC | Household | Consolidated | ||||||||||||
Healthcare | Healthcare | Cleaning | ||||||||||||||
Analgesics | $ | 54,103 | $ | 1,457 | $ | — | $ | 55,560 | ||||||||
Cough & Cold | 44,814 | 10,259 | — | 55,073 | ||||||||||||
Women's Health | 9,487 | 1,176 | 10,663 | |||||||||||||
Gastrointestinal | 41,534 | 8,096 | — | 49,630 | ||||||||||||
Eye & Ear Care | 42,130 | 8,670 | — | 50,800 | ||||||||||||
Dermatologicals | 29,720 | 1,229 | — | 30,949 | ||||||||||||
Oral Care | 23,121 | 189 | — | 23,310 | ||||||||||||
Other OTC | 3,103 | 4 | — | 3,107 | ||||||||||||
Household Cleaning | — | — | 47,879 | 47,879 | ||||||||||||
Total segment revenues | $ | 248,012 | $ | 31,080 | $ | 47,879 | $ | 326,971 | ||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||
(In thousands) | North American OTC | International OTC | Household | Consolidated | ||||||||||||
Healthcare | Healthcare | Cleaning | ||||||||||||||
Analgesics | $ | 29,343 | $ | 698 | $ | — | $ | 30,041 | ||||||||
Cough & Cold | 28,695 | 5,023 | — | 33,718 | ||||||||||||
Women's Health | 501 | 633 | — | 1,134 | ||||||||||||
Gastrointestinal | 21,695 | 301 | — | 21,996 | ||||||||||||
Eye & Ear Care | 19,378 | 1,625 | — | 21,003 | ||||||||||||
Dermatologicals | 17,716 | 605 | — | 18,321 | ||||||||||||
Oral Care | 13,028 | 130 | — | 13,158 | ||||||||||||
Other OTC | 1,919 | — | — | 1,919 | ||||||||||||
Household Cleaning | — | — | 25,655 | 25,655 | ||||||||||||
Total segment revenues | $ | 132,275 | $ | 9,015 | $ | 25,655 | $ | 166,945 | ||||||||
Six Months Ended September 30, 2013 | ||||||||||||||||
(In thousands) | North American OTC | International OTC | Household | Consolidated | ||||||||||||
Healthcare | Healthcare | Cleaning | ||||||||||||||
Analgesics | $ | 57,479 | $ | 727 | $ | — | $ | 58,206 | ||||||||
Cough & Cold | 49,193 | 6,006 | — | 55,199 | ||||||||||||
Women's Health | 988 | 633 | — | 1,621 | ||||||||||||
Gastrointestinal | 43,453 | 312 | — | 43,765 | ||||||||||||
Eye & Ear Care | 39,710 | 3,885 | — | 43,595 | ||||||||||||
Dermatologicals | 32,347 | 696 | — | 33,043 | ||||||||||||
Oral Care | 24,114 | 177 | — | 24,291 | ||||||||||||
Other OTC | 4,077 | — | — | 4,077 | ||||||||||||
Household Cleaning | — | — | 45,660 | 45,660 | ||||||||||||
Total segment revenues | $ | 251,361 | $ | 12,436 | $ | 45,660 | $ | 309,457 | ||||||||
During the three months ended September 30, 2014 and September 30, 2013, approximately 82.7% and 86.9%, respectively of our total segment revenues were from customers in the United States. During the six months ended September 30, 2014 and September 30, 2013, approximately 83.5% and 87.8%, respectively of our total segment revenues were from 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 months ended September 30, 2014, our Canada and Australia sales accounted for approximately 7.4% and 8.1%, respectively, of our total segment revenues, while during the three months ended September 30, 2013, approximately 7.2% of our total segment revenues was attributable to sales to Canada. During the six months ended September 30, 2014, our Canada and Australia sales accounted for approximately 6.6% and 7.6%, respectively, of our total segment revenues, while during the six months ended September 30, 2013, approximately 7.6% of our total segment revenues was attributable to sales to Canada. | ||||||||||||||||
At September 30, 2014, approximately 95.0% of our consolidated goodwill and intangible assets were located in the United States and approximately 5.0% were located in Australia. These consolidated goodwill and intangible assets have been allocated to the reportable segments as follows: | ||||||||||||||||
(In thousands) | North American OTC | International OTC | Household | Consolidated | ||||||||||||
Healthcare | Healthcare | Cleaning | ||||||||||||||
Goodwill | $ | 263,411 | $ | 23,193 | $ | 7,389 | $ | 293,993 | ||||||||
Intangible assets | ||||||||||||||||
Indefinite-lived | 1,723,498 | 97,740 | 119,820 | 1,941,058 | ||||||||||||
Finite-lived | 196,145 | 1,449 | 25,295 | 222,889 | ||||||||||||
Intangible assets, net | 1,919,643 | 99,189 | 145,115 | 2,163,947 | ||||||||||||
Total | $ | 2,183,054 | $ | 122,382 | $ | 152,504 | $ | 2,457,940 | ||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Statements | 6 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||||||||||||
Condensed Consolidating Financial Statements | ' | ||||||||||||||||||||||||
Condensed Consolidating Financial Statements | |||||||||||||||||||||||||
As described in Note 9, Prestige Brands Holdings, Inc., together with certain of our 100% owned subsidiaries, has 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 and the 2012 Senior Notes, including the obligation to pay principal and interest with respect to the 2013 Senior Notes and the 2012 Senior Notes. The 100% owned subsidiaries of the Company that have guaranteed the 2013 Senior Notes and the 2012 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 and the 2012 Senior Notes. Although holders of the 2013 Senior Notes and the 2012 Senior Notes will be direct creditors of the guarantors of the 2013 Senior Notes and the 2012 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 or the 2012 Senior Notes, and such subsidiaries will not be obligated with respect to the 2013 Senior Notes or the 2012 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 and the 2012 Senior Notes. | |||||||||||||||||||||||||
Presented below are supplemental Condensed Consolidating Balance Sheets as of September 30, 2014 and March 31, 2014, Condensed Consolidating Statements of Income and Comprehensive Income for the three and six months ended September 30, 2014 and 2013, and Condensed Consolidating Statements of Cash Flows for the six months ended September 30, 2014 and 2013. Such consolidating information includes separate columns for: | |||||||||||||||||||||||||
a) Prestige Brands Holdings, Inc., the parent, | |||||||||||||||||||||||||
b) Prestige Brands, Inc., the issuer or the borrower, | |||||||||||||||||||||||||
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. of $48.1 million, an overstatement of $0.6 million for Prestige Brands Holdings, Inc. 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 disclosed the impact of the revisions on previously reported amounts and accordingly revised the Condensed Consolidating Financial Statements relating to the second quarter of fiscal 2014. There were no changes to any of the Company's Consolidated Financial Statements. | |||||||||||||||||||||||||
Condensed Consolidating Statements of Income and Comprehensive Income | |||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||
(In thousands) | Prestige | Prestige | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||||
Brands | Brands, | Subsidiary | Non- | ||||||||||||||||||||||
Holdings, | Inc., | Guarantors | Guarantor | ||||||||||||||||||||||
Inc. | the issuer | Subsidiaries | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Net sales | $ | — | $ | 27,167 | $ | 138,336 | $ | 15,212 | $ | (710 | ) | $ | 180,005 | ||||||||||||
Other revenues | — | 95 | 1,241 | 436 | (508 | ) | 1,264 | ||||||||||||||||||
Total revenues | — | 27,262 | 139,577 | 15,648 | (1,218 | ) | 181,269 | ||||||||||||||||||
Cost of Sales | |||||||||||||||||||||||||
Cost of sales (exclusive of depreciation shown below) | — | 10,426 | 64,812 | 5,767 | (2,278 | ) | 78,727 | ||||||||||||||||||
Gross profit | — | 16,836 | 74,765 | 9,881 | 1,060 | 102,542 | |||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||
Advertising and promotion | — | 2,699 | 19,311 | 3,034 | — | 25,044 | |||||||||||||||||||
General and administrative | 1,109 | 3,441 | 20,329 | 2,249 | — | 27,128 | |||||||||||||||||||
Depreciation and amortization | 870 | 145 | 2,729 | 108 | — | 3,852 | |||||||||||||||||||
Total operating expenses | 1,979 | 6,285 | 42,369 | 5,391 | — | 56,024 | |||||||||||||||||||
Operating income (loss) | (1,979 | ) | 10,551 | 32,396 | 4,490 | 1,060 | 46,518 | ||||||||||||||||||
Other (income) expense | |||||||||||||||||||||||||
Interest income | (12,245 | ) | (16,719 | ) | (1,760 | ) | (11 | ) | 30,720 | (15 | ) | ||||||||||||||
Interest expense | 8,629 | 18,208 | 20,333 | 1,758 | (30,720 | ) | 18,208 | ||||||||||||||||||
Equity in (income) loss of subsidiaries | (17,577 | ) | (9,825 | ) | (1,870 | ) | — | 29,272 | — | ||||||||||||||||
Total other (income) expense | (21,193 | ) | (8,336 | ) | 16,703 | 1,747 | 29,272 | 18,193 | |||||||||||||||||
Income before income taxes | 19,214 | 18,887 | 15,693 | 2,743 | (28,212 | ) | 28,325 | ||||||||||||||||||
Provision for income taxes | 2,751 | 3,262 | 4,976 | 873 | — | 11,862 | |||||||||||||||||||
Net income (loss) | $ | 16,463 | $ | 15,625 | $ | 10,717 | $ | 1,870 | $ | (28,212 | ) | $ | 16,463 | ||||||||||||
Comprehensive income, net of tax: | |||||||||||||||||||||||||
Currency translation adjustments | (10,830 | ) | (10,830 | ) | (10,830 | ) | (10,830 | ) | 32,490 | (10,830 | ) | ||||||||||||||
Total other comprehensive (loss) income | (10,830 | ) | (10,830 | ) | (10,830 | ) | (10,830 | ) | 32,490 | (10,830 | ) | ||||||||||||||
Comprehensive income (loss) | $ | 5,633 | $ | 4,795 | $ | (113 | ) | $ | (8,960 | ) | $ | 4,278 | $ | 5,633 | |||||||||||
Condensed Consolidating Statements of Income and Comprehensive Income | |||||||||||||||||||||||||
Six Months Ended September 30, 2014 | |||||||||||||||||||||||||
(In thousands) | Prestige | Prestige | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||||
Brands | Brands, | Subsidiary | Non- | ||||||||||||||||||||||
Holdings, | Inc., | Guarantors | Guarantor | ||||||||||||||||||||||
Inc. | the issuer | Subsidiaries | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Net sales | $ | — | $ | 52,577 | $ | 247,234 | $ | 26,163 | $ | (1,428 | ) | $ | 324,546 | ||||||||||||
Other revenues | — | 225 | 2,340 | 838 | (978 | ) | 2,425 | ||||||||||||||||||
Total revenues | — | 52,802 | 249,574 | 27,001 | (2,406 | ) | 326,971 | ||||||||||||||||||
Cost of Sales | |||||||||||||||||||||||||
Cost of sales (exclusive of depreciation shown below) | — | 19,874 | 115,327 | 9,790 | (2,428 | ) | 142,563 | ||||||||||||||||||
Gross profit | — | 32,928 | 134,247 | 17,211 | 22 | 184,408 | |||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||
Advertising and promotion | — | 5,388 | 33,377 | 5,375 | — | 44,140 | |||||||||||||||||||
General and administrative | 2,254 | 5,914 | 29,319 | 6,647 | — | 44,134 | |||||||||||||||||||
Depreciation and amortization | 1,512 | 290 | 4,818 | 193 | — | 6,813 | |||||||||||||||||||
Total operating expenses | 3,766 | 11,592 | 67,514 | 12,215 | — | 95,087 | |||||||||||||||||||
Operating income (loss) | (3,766 | ) | 21,336 | 66,733 | 4,996 | 22 | 89,321 | ||||||||||||||||||
Other (income) expense | |||||||||||||||||||||||||
Interest income | (24,378 | ) | (30,944 | ) | (2,522 | ) | (40 | ) | 57,837 | (47 | ) | ||||||||||||||
Interest expense | 17,177 | 32,893 | 38,138 | 2,522 | (57,837 | ) | 32,893 | ||||||||||||||||||
Equity in (income) loss of subsidiaries | (33,256 | ) | (20,723 | ) | (911 | ) | — | 54,890 | — | ||||||||||||||||
Total other (income) expense | (40,457 | ) | (18,774 | ) | 34,705 | 2,482 | 54,890 | 32,846 | |||||||||||||||||
Income before income taxes | 36,691 | 40,110 | 32,028 | 2,514 | (54,868 | ) | 56,475 | ||||||||||||||||||
Provision (benefit) for income taxes | 3,496 | 6,979 | 11,202 | 1,603 | — | 23,280 | |||||||||||||||||||
Net income (loss) | $ | 33,195 | $ | 33,131 | $ | 20,826 | $ | 911 | $ | (54,868 | ) | $ | 33,195 | ||||||||||||
Comprehensive income, net of tax: | |||||||||||||||||||||||||
Currency translation adjustments | (8,104 | ) | (8,104 | ) | (8,104 | ) | (8,104 | ) | 24,312 | (8,104 | ) | ||||||||||||||
Total other comprehensive (loss) income | (8,104 | ) | (8,104 | ) | (8,104 | ) | (8,104 | ) | 24,312 | (8,104 | ) | ||||||||||||||
Comprehensive income (loss) | $ | 25,091 | $ | 25,027 | $ | 12,722 | $ | (7,193 | ) | $ | (30,556 | ) | $ | 25,091 | |||||||||||
Condensed Consolidating Statements of Income and Comprehensive Income | |||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||
(In thousands) | Prestige | Prestige | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||||
Brands | Brands, | Subsidiary | Non- | ||||||||||||||||||||||
Holdings, | Inc., | Guarantors | Guarantor | ||||||||||||||||||||||
Inc. | the issuer | Subsidiaries | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Net sales | $ | — | $ | 25,237 | $ | 132,821 | $ | 7,449 | $ | — | $ | 165,507 | |||||||||||||
Other revenues | — | 67 | 1,431 | 668 | (728 | ) | 1,438 | ||||||||||||||||||
Total revenues | — | 25,304 | 134,252 | 8,117 | (728 | ) | 166,945 | ||||||||||||||||||
Cost of Sales | |||||||||||||||||||||||||
Cost of sales (exclusive of depreciation shown below) | — | 9,338 | 61,513 | 3,600 | (728 | ) | 73,723 | ||||||||||||||||||
Gross profit | — | 15,966 | 72,739 | 4,517 | — | 93,222 | |||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||
Advertising and promotion | — | 3,594 | 19,556 | 1,397 | — | 24,547 | |||||||||||||||||||
General and administrative | 891 | 1,481 | 8,358 | 889 | — | 11,619 | |||||||||||||||||||
Depreciation and amortization | 517 | 143 | 2,589 | 45 | — | 3,294 | |||||||||||||||||||
Total operating expenses | 1,408 | 5,218 | 30,503 | 2,331 | — | 39,460 | |||||||||||||||||||
Operating income (loss) | (1,408 | ) | 10,748 | 42,236 | 2,186 | — | 53,762 | ||||||||||||||||||
Other (income) expense | |||||||||||||||||||||||||
Interest income | (12,778 | ) | (14,005 | ) | (710 | ) | (22 | ) | 27,490 | (25 | ) | ||||||||||||||
Interest expense | 8,687 | 16,464 | 18,093 | 710 | (27,490 | ) | 16,464 | ||||||||||||||||||
Equity in (income) loss of subsidiaries | (30,344 | ) | (20,599 | ) | (1,189 | ) | — | 52,132 | — | ||||||||||||||||
Total other (income) expense | (34,435 | ) | (18,140 | ) | 16,194 | 688 | 52,132 | 16,439 | |||||||||||||||||
Income (loss) before income taxes | 33,027 | 28,888 | 26,042 | 1,498 | (52,132 | ) | 37,323 | ||||||||||||||||||
Provision for income taxes | 235 | 1,064 | 2,922 | 310 | — | 4,531 | |||||||||||||||||||
Net income (loss) | $ | 32,792 | $ | 27,824 | $ | 23,120 | $ | 1,188 | $ | (52,132 | ) | $ | 32,792 | ||||||||||||
Comprehensive income, net of tax: | |||||||||||||||||||||||||
Currency translation adjustments | 1,122 | 1,122 | 1,122 | 1,122 | (3,366 | ) | 1,122 | ||||||||||||||||||
Total other comprehensive income (loss) | 1,122 | 1,122 | 1,122 | 1,122 | (3,366 | ) | 1,122 | ||||||||||||||||||
Comprehensive income (loss) | $ | 33,914 | $ | 28,946 | $ | 24,242 | $ | 2,310 | $ | (55,498 | ) | $ | 33,914 | ||||||||||||
Condensed Consolidating Statements of Income and Comprehensive Income | |||||||||||||||||||||||||
Six Months Ended September 30, 2013 | |||||||||||||||||||||||||
(In thousands) | Prestige | Prestige | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||||
Brands | Brands, | Subsidiary | Non- | ||||||||||||||||||||||
Holdings, | Inc., | Guarantors | Guarantor | ||||||||||||||||||||||
Inc. | the issuer | Subsidiaries | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Net sales | $ | — | $ | 49,386 | $ | 249,091 | $ | 8,672 | $ | — | $ | 307,149 | |||||||||||||
Other revenues | — | 135 | 2,294 | 1,102 | (1,223 | ) | 2,308 | ||||||||||||||||||
Total revenues | — | 49,521 | 251,385 | 9,774 | (1,223 | ) | 309,457 | ||||||||||||||||||
Cost of Sales | |||||||||||||||||||||||||
Cost of sales (exclusive of depreciation shown below) | — | 18,796 | 111,502 | 4,136 | (1,223 | ) | 133,211 | ||||||||||||||||||
Gross profit | — | 30,725 | 139,883 | 5,638 | — | 176,246 | |||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||
Advertising and promotion | — | 6,924 | 34,700 | 1,604 | — | 43,228 | |||||||||||||||||||
General and administrative | 2,390 | 3,124 | 16,815 | 924 | — | 23,253 | |||||||||||||||||||
Depreciation and amortization | 1,034 | 285 | 5,184 | 59 | — | 6,562 | |||||||||||||||||||
Total operating expenses | 3,424 | 10,333 | 56,699 | 2,587 | — | 73,043 | |||||||||||||||||||
Operating income (loss) | (3,424 | ) | 20,392 | 83,184 | 3,051 | — | 103,203 | ||||||||||||||||||
Other (income) expense | |||||||||||||||||||||||||
Interest income | (24,991 | ) | (28,328 | ) | (710 | ) | (24 | ) | 54,025 | (28 | ) | ||||||||||||||
Interest expense | 17,294 | 32,372 | 36,021 | 710 | (54,025 | ) | 32,372 | ||||||||||||||||||
Equity in (income) loss of subsidiaries | (50,199 | ) | (35,152 | ) | (1,868 | ) | — | 87,219 | — | ||||||||||||||||
Total other (income) expense | (57,896 | ) | (31,108 | ) | 33,443 | 686 | 87,219 | 32,344 | |||||||||||||||||
Income (loss) before income taxes | 54,472 | 51,500 | 49,741 | 2,365 | (87,219 | ) | 70,859 | ||||||||||||||||||
Provision for income taxes | 988 | 4,151 | 11,738 | 498 | — | 17,375 | |||||||||||||||||||
Net income (loss) | $ | 53,484 | $ | 47,349 | $ | 38,003 | $ | 1,867 | $ | (87,219 | ) | $ | 53,484 | ||||||||||||
Comprehensive income, net of tax: | |||||||||||||||||||||||||
Currency translation adjustments | 1,123 | 1,123 | 1,123 | 1,123 | (3,369 | ) | 1,123 | ||||||||||||||||||
Total other comprehensive income (loss) | 1,123 | 1,123 | 1,123 | 1,123 | (3,369 | ) | 1,123 | ||||||||||||||||||
Comprehensive income (loss) | $ | 54,607 | $ | 48,472 | $ | 39,126 | $ | 2,990 | $ | (90,588 | ) | $ | 54,607 | ||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
(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 | $ | 10,465 | $ | — | $ | 5,034 | $ | 6,249 | $ | — | $ | 21,748 | |||||||||||||
Accounts receivable, net | 7 | 14,352 | 76,165 | 8,120 | — | 98,644 | |||||||||||||||||||
Inventories | — | 9,666 | 67,420 | 6,777 | (988 | ) | 82,875 | ||||||||||||||||||
Deferred income tax assets | 1,139 | 823 | 6,743 | 466 | — | 9,171 | |||||||||||||||||||
Prepaid expenses and other current assets | 2,841 | 354 | 6,023 | 717 | — | 9,935 | |||||||||||||||||||
Total current assets | 14,452 | 25,195 | 161,385 | 22,329 | (988 | ) | 222,373 | ||||||||||||||||||
Property and equipment, net | 8,580 | 90 | 2,297 | 1,453 | — | 12,420 | |||||||||||||||||||
Goodwill | — | 66,007 | 204,794 | 23,192 | — | 293,993 | |||||||||||||||||||
Intangible assets, net | — | 192,593 | 1,871,933 | 99,421 | — | 2,163,947 | |||||||||||||||||||
Other long-term assets | — | 32,937 | — | — | — | 32,937 | |||||||||||||||||||
Intercompany receivables | 1,203,499 | 2,688,676 | 599,886 | 10,045 | (4,502,106 | ) | — | ||||||||||||||||||
Investment in subsidiary | 1,519,129 | 1,213,732 | 79,877 | — | (2,812,738 | ) | — | ||||||||||||||||||
Total Assets | $ | 2,745,660 | $ | 4,219,230 | $ | 2,920,172 | $ | 156,440 | $ | (7,315,832 | ) | $ | 2,725,670 | ||||||||||||
Liabilities and Stockholders' Equity | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Current portion of long term debt | — | 7,200 | — | — | — | 7,200 | |||||||||||||||||||
Accounts payable | 2,084 | 9,508 | 42,634 | 4,312 | — | 58,538 | |||||||||||||||||||
Accrued interest payable | — | 12,086 | — | — | — | 12,086 | |||||||||||||||||||
Other accrued liabilities | 6,407 | 2,970 | 20,746 | 3,963 | — | 34,086 | |||||||||||||||||||
Total current liabilities | 8,491 | 31,764 | 63,380 | 8,275 | — | 111,910 | |||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||
Principal amount | — | 1,691,400 | — | — | — | 1,691,400 | |||||||||||||||||||
Less unamortized discount | — | (6,289 | ) | — | — | — | (6,289 | ) | |||||||||||||||||
Long-term debt, net of unamortized discount | — | 1,685,111 | — | — | — | 1,685,111 | |||||||||||||||||||
Deferred income tax liabilities | — | 58,076 | 276,180 | 41 | — | 334,297 | |||||||||||||||||||
Other long-term liabilities | — | — | — | 313 | — | 313 | |||||||||||||||||||
Intercompany payables | 2,143,130 | 995,186 | 1,295,207 | 68,583 | (4,502,106 | ) | — | ||||||||||||||||||
Total Liabilities | 2,151,621 | 2,770,137 | 1,634,767 | 77,212 | (4,502,106 | ) | 2,131,631 | ||||||||||||||||||
Stockholders' Equity | |||||||||||||||||||||||||
Preferred share rights | — | — | — | — | — | — | |||||||||||||||||||
Common stock | 524 | — | — | — | — | 524 | |||||||||||||||||||
Additional paid-in capital | 421,574 | 1,280,948 | 1,131,578 | 74,031 | (2,486,557 | ) | 421,574 | ||||||||||||||||||
Treasury stock, at cost - 254 shares | (3,034 | ) | — | — | — | — | (3,034 | ) | |||||||||||||||||
Accumulated other comprehensive (loss) income, net of tax | (7,365 | ) | (7,365 | ) | (7,365 | ) | (7,365 | ) | 22,095 | (7,365 | ) | ||||||||||||||
Retained earnings (accumulated deficit) | 182,340 | 175,510 | 161,192 | 12,562 | (349,264 | ) | 182,340 | ||||||||||||||||||
Total Stockholders' Equity | 594,039 | 1,449,093 | 1,285,405 | 79,228 | (2,813,726 | ) | 594,039 | ||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 2,745,660 | $ | 4,219,230 | $ | 2,920,172 | $ | 156,440 | $ | (7,315,832 | ) | $ | 2,725,670 | ||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
(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 | $ | 24,644 | $ | — | $ | — | $ | 3,687 | $ | — | $ | 28,331 | |||||||||||||
Accounts receivable, net | 473 | 14,245 | 45,885 | 4,447 | — | 65,050 | |||||||||||||||||||
Inventories | — | 14,357 | 46,309 | 5,930 | (1,010 | ) | 65,586 | ||||||||||||||||||
Deferred income tax assets | 260 | 925 | 4,914 | 445 | — | 6,544 | |||||||||||||||||||
Prepaid expenses and other current assets | 8,004 | 113 | 2,898 | 659 | — | 11,674 | |||||||||||||||||||
Total current assets | 33,381 | 29,640 | 100,006 | 15,168 | (1,010 | ) | 177,185 | ||||||||||||||||||
Property and equipment, net | 8,966 | 112 | 226 | 293 | — | 9,597 | |||||||||||||||||||
Goodwill | — | 66,007 | 101,540 | 23,364 | — | 190,911 | |||||||||||||||||||
Intangible assets, net | — | 192,861 | 1,169,943 | 32,013 | — | 1,394,817 | |||||||||||||||||||
Other long-term assets | — | 23,153 | — | — | — | 23,153 | |||||||||||||||||||
Intercompany receivable | 655,146 | 1,824,482 | 656,759 | 13,595 | (3,149,982 | ) | — | ||||||||||||||||||
Investment in subsidiary | 1,497,357 | 749,947 | 34,562 | — | (2,281,866 | ) | — | ||||||||||||||||||
Total Assets | $ | 2,194,850 | $ | 2,886,202 | $ | 2,063,036 | $ | 84,433 | $ | (5,432,858 | ) | $ | 1,795,663 | ||||||||||||
Liabilities and Stockholders' Equity | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Accounts payable | $ | 4,416 | $ | 7,658 | $ | 33,553 | $ | 2,659 | $ | — | $ | 48,286 | |||||||||||||
Accrued interest payable | — | 9,626 | — | — | — | 9,626 | |||||||||||||||||||
Other accrued liabilities | 7,728 | 2,117 | 13,443 | 3,158 | — | 26,446 | |||||||||||||||||||
Total current liabilities | 12,144 | 19,401 | 46,996 | 5,817 | — | 84,358 | |||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||
Principal amount | — | 937,500 | — | — | — | 937,500 | |||||||||||||||||||
Less unamortized discount | — | (3,086 | ) | — | — | — | (3,086 | ) | |||||||||||||||||
Long-term debt, net of unamortized discount | — | 934,414 | — | — | — | 934,414 | |||||||||||||||||||
Deferred income tax liabilities | — | 56,827 | 156,327 | 50 | — | 213,204 | |||||||||||||||||||
Other long-term liabilities | — | — | — | 327 | — | 327 | |||||||||||||||||||
Intercompany payable | 1,619,346 | 451,497 | 1,037,105 | 42,034 | (3,149,982 | ) | — | ||||||||||||||||||
Total Liabilities | 1,631,490 | 1,462,139 | 1,240,428 | 48,228 | (3,149,982 | ) | 1,232,303 | ||||||||||||||||||
Stockholders' Equity | |||||||||||||||||||||||||
Common stock | 520 | — | — | — | — | 520 | |||||||||||||||||||
Additional paid-in capital | 414,387 | 1,280,945 | 681,503 | 23,815 | (1,986,263 | ) | 414,387 | ||||||||||||||||||
Treasury stock, at cost - 206 shares | (1,431 | ) | — | — | — | — | (1,431 | ) | |||||||||||||||||
Accumulated other comprehensive income (loss), net of tax | 739 | 739 | 739 | 739 | (2,217 | ) | 739 | ||||||||||||||||||
Retained earnings (accumulated deficit) | 149,145 | 142,379 | 140,366 | 11,651 | (294,396 | ) | 149,145 | ||||||||||||||||||
Total Stockholders' Equity | 563,360 | 1,424,063 | 822,608 | 36,205 | (2,282,876 | ) | 563,360 | ||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 2,194,850 | $ | 2,886,202 | $ | 2,063,036 | $ | 84,433 | $ | (5,432,858 | ) | $ | 1,795,663 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||
Six Months Ended September 30, 2014 | |||||||||||||||||||||||||
(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) | $ | 33,195 | $ | 33,131 | $ | 20,826 | $ | 911 | $ | (54,868 | ) | $ | 33,195 | ||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||||||||
Depreciation and amortization | 1,512 | 290 | 4,818 | 195 | — | 6,815 | |||||||||||||||||||
Deferred income taxes | (879 | ) | 1,351 | 11,084 | (60 | ) | — | 11,496 | |||||||||||||||||
Amortization of deferred financing costs | 2,398 | 2,398 | |||||||||||||||||||||||
Stock-based compensation costs | 3,403 | 3,403 | |||||||||||||||||||||||
Amortization of debt discount | 687 | 687 | |||||||||||||||||||||||
Loss on sale of assets | — | 56 | 56 | ||||||||||||||||||||||
Equity in income of subsidiaries | (33,256 | ) | (20,723 | ) | (911 | ) | — | 54,890 | — | ||||||||||||||||
Changes in operating assets and liabilities, net of effects from acquisitions: | |||||||||||||||||||||||||
Accounts receivable | 466 | (107 | ) | (4,496 | ) | (4,226 | ) | — | (8,363 | ) | |||||||||||||||
Inventories | — | 4,691 | 1,857 | 738 | (22 | ) | 7,264 | ||||||||||||||||||
Prepaid expenses and other current assets | 5,163 | (241 | ) | (1,718 | ) | (90 | ) | — | 3,114 | ||||||||||||||||
Accounts payable | (2,332 | ) | 1,850 | (6,997 | ) | 1,832 | — | (5,647 | ) | ||||||||||||||||
Accrued liabilities | (1,321 | ) | 3,313 | (701 | ) | 1,349 | — | 2,640 | |||||||||||||||||
Net cash provided by operating activities | 5,951 | 26,640 | 23,762 | 705 | — | 57,058 | |||||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Purchases of property and equipment | (1,127 | ) | (87 | ) | (166 | ) | (1,380 | ) | |||||||||||||||||
Proceeds from the sale of business | — | — | 18,500 | — | — | 18,500 | |||||||||||||||||||
Acquisition of Insight Pharmaceuticals, less cash acquired | — | — | (749,666 | ) | — | (749,666 | ) | ||||||||||||||||||
Acquisition of Hydralyte | — | — | — | (77,991 | ) | — | (77,991 | ) | |||||||||||||||||
Intercompany activity, net | (809,157 | ) | 731,166 | 77,991 | — | ||||||||||||||||||||
Net cash used in investing activities | (1,127 | ) | (809,157 | ) | (87 | ) | (166 | ) | — | (810,537 | ) | ||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Term loan borrowings | 720,000 | 720,000 | |||||||||||||||||||||||
Term loan repayments | — | (25,000 | ) | — | — | — | (25,000 | ) | |||||||||||||||||
Repayments under revolving credit agreement | — | (58,500 | ) | — | — | — | (58,500 | ) | |||||||||||||||||
Borrowings under revolving credit agreement | — | 124,600 | — | — | — | 124,600 | |||||||||||||||||||
Payment of deferred financing costs | — | (16,072 | ) | — | — | — | (16,072 | ) | |||||||||||||||||
Proceeds from exercise of stock options | 2,757 | — | — | — | — | 2,757 | |||||||||||||||||||
Proceeds from exercise of restricted stock exercises | 57 | — | — | — | — | 57 | |||||||||||||||||||
Excess tax benefits from share-based awards | 1,030 | — | — | — | — | 1,030 | |||||||||||||||||||
Fair value of shares surrendered as payment of tax withholding | (1,660 | ) | — | — | — | — | (1,660 | ) | |||||||||||||||||
Intercompany activity, net | (21,187 | ) | 37,489 | (18,641 | ) | 2,339 | — | — | |||||||||||||||||
Net cash provided by (used in) financing activities | (19,003 | ) | 782,517 | (18,641 | ) | 2,339 | — | 747,212 | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (316 | ) | — | (316 | ) | |||||||||||||||||
(Decrease) increase in cash and cash equivalents | (14,179 | ) | — | 5,034 | 2,562 | — | (6,583 | ) | |||||||||||||||||
Cash and cash equivalents - beginning of period | 24,644 | — | — | 3,687 | — | 28,331 | |||||||||||||||||||
Cash and cash equivalents - end of period | $ | 10,465 | $ | — | $ | 5,034 | $ | 6,249 | $ | — | $ | 21,748 | |||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||
Six Months Ended September 30, 2013 | |||||||||||||||||||||||||
(In thousands) | Prestige Brands Holdings, Inc. | Prestige | Combined Subsidiary Guarantors | Combined Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||
Brands, | |||||||||||||||||||||||||
Inc., | |||||||||||||||||||||||||
the issuer | |||||||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net income (loss) | $ | 53,484 | $ | 47,349 | $ | 38,003 | $ | 1,867 | $ | (87,219 | ) | $ | 53,484 | ||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||||||||
Depreciation and amortization | 1,034 | 285 | 5,184 | 59 | — | 6,562 | |||||||||||||||||||
Deferred income taxes | (14 | ) | (642 | ) | 5,011 | — | — | 4,355 | |||||||||||||||||
Amortization of deferred financing costs | — | 1,975 | — | — | — | 1,975 | |||||||||||||||||||
Stock-based compensation costs | 2,487 | — | — | — | — | 2,487 | |||||||||||||||||||
Amortization of debt discount | — | 798 | — | — | — | 798 | |||||||||||||||||||
Gain on sale of assets | — | — | (3 | ) | — | — | (3 | ) | |||||||||||||||||
Equity in income of subsidiaries | (50,199 | ) | (35,152 | ) | (1,868 | ) | — | 87,219 | — | ||||||||||||||||
Changes in operating assets and liabilities, net of effects from acquisitions: | |||||||||||||||||||||||||
Accounts receivable | (112 | ) | 996 | (5,323 | ) | (1,273 | ) | — | (5,712 | ) | |||||||||||||||
Inventories | — | (1,975 | ) | 3,073 | (277 | ) | — | 821 | |||||||||||||||||
Prepaid expenses and other current assets | 2,656 | (147 | ) | (787 | ) | 493 | 404 | 2,619 | |||||||||||||||||
Accounts payable | (517 | ) | (1,296 | ) | (1,473 | ) | 2,161 | — | (1,125 | ) | |||||||||||||||
Accrued liabilities | (6,218 | ) | 177 | (3,011 | ) | (1,207 | ) | (404 | ) | (10,663 | ) | ||||||||||||||
Net cash provided by operating activities | 2,601 | 12,368 | 38,806 | 1,823 | — | 55,598 | |||||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Purchases of property and equipment | (2,216 | ) | — | — | (103 | ) | — | (2,319 | ) | ||||||||||||||||
Proceeds from 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 (used in) provided by investing activities | (2,216 | ) | (55,215 | ) | 3 | (103 | ) | — | (57,531 | ) | |||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Term loan repayments | — | (7,500 | ) | — | — | — | (7,500 | ) | |||||||||||||||||
Repayments under revolving credit agreement | — | (35,500 | ) | — | — | — | (35,500 | ) | |||||||||||||||||
Borrowings under revolving credit agreement | — | 50,000 | — | — | — | 50,000 | |||||||||||||||||||
Payment of deferred financing costs | — | (275 | ) | — | — | — | (275 | ) | |||||||||||||||||
Proceeds from exercise of stock options | 5,143 | — | — | — | — | 5,143 | |||||||||||||||||||
Excess tax benefits from share-based awards | 1,350 | — | — | — | — | 1,350 | |||||||||||||||||||
Fair value of shares surrendered as payment of tax withholding | (278 | ) | — | — | — | — | (278 | ) | |||||||||||||||||
Intercompany activity, net | 2,347 | 36,122 | (38,809 | ) | 340 | — | — | ||||||||||||||||||
Net cash provided by (used in) financing activities | 8,562 | 42,847 | (38,809 | ) | 340 | — | 12,940 | ||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 156 | — | 156 | |||||||||||||||||||
Increase in cash and cash equivalents | 8,947 | — | — | 2,216 | — | 11,163 | |||||||||||||||||||
Cash and cash equivalents - beginning of period | 14,720 | — | — | 950 | — | 15,670 | |||||||||||||||||||
Cash and cash equivalents - end of period | $ | 23,667 | $ | — | $ | — | $ | 3,166 | $ | — | $ | 26,833 | |||||||||||||
Business_and_Basis_of_Presenta1
Business and Basis of Presentation (Policies) | 6 Months Ended | |
Sep. 30, 2014 | ||
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 related notes to a year (e.g., “2015”) mean our fiscal year ending or ended on March 31st of that year. Operating results for the three and six months ended September 30, 2014 are not necessarily indicative of results that may be expected for the fiscal year ending March 31, 2015. These unaudited Consolidated Financial Statements and related notes should be read in conjunction with our audited Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2014. | ||
Revision | ' | |
Revision | ||
We revised the classification of certain promotional expenses that were incurred in the prior year to correctly present the amounts as a reduction to net sales. The amounts were not material to any of the periods presented. | ||
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, stock-based compensation, fair value of debt, 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 these assets 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, or more frequently if events or changes in circumstances indicate that the asset may be impaired. 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 a grantee 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 August 2014, the FASB issued Accounting Standards Update ("ASU") 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This amendment states that in connection with preparing financial statements for each annual and interim reporting period, an entity's management should evaluate whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued, when applicable). The amendments in this update are effective for the annual reporting period beginning after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The adoption of ASU 2014-15 is not expected to have a material impact on our Consolidated Financial Statements. | ||
In June 2014, the FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could Be Achieved after the Requisite Service Period, which requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. As such, the new guidance does not allow for a performance target that affects vesting to be reflected in estimating the fair value of the award at the grant date. The amendments to this update are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted. Entities may apply the amendments in this update either prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. We currently do not have any outstanding share-based payments with a performance target. The adoption of ASU 2014-12 is not expected to have a material impact on our Consolidated Financial Statements. | ||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers - Topic 606, which supersedes the revenue recognition requirements in FASB ASC 605. The new guidance primarily states that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The amendments in this update are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. We are evaluating the impact of adopting this prospective guidance on our consolidated results of operations and financial condition. | ||
In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The amendments in this update must be applied prospectively to all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. The adoption of ASU 2014-08 is not expected to 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) | 6 Months Ended | |
Sep. 30, 2014 | ||
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) | 6 Months Ended | ||||
Sep. 30, 2014 | |||||
Insight Pharmaceuticals | ' | ||||
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 September 3, 2014 acquisition date. | |||||
(In thousands) | 3-Sep-14 | ||||
Cash acquired | $ | 3,507 | |||
Accounts receivable | 25,784 | ||||
Inventories | 23,559 | ||||
Deferred income tax assets - current | 860 | ||||
Prepaids and other current assets | 1,407 | ||||
Property, plant and equipment | 2,308 | ||||
Goodwill | 103,255 | ||||
Intangible Assets | 724,374 | ||||
Total assets acquired | 885,054 | ||||
Accounts payable | 16,079 | ||||
Accrued expenses | 8,003 | ||||
Deferred income tax liabilities - long term | 107,799 | ||||
Total liabilities assumed | 131,881 | ||||
Total purchase price | $ | 753,173 | |||
Schedule of Pro Forma Information | ' | ||||
The following table provides our unaudited pro forma revenues, net income and net income per basic and diluted common share had the results of Insight's operations been included in our operations commencing on April 1, 2013, based upon available information related to Insight's operations. This pro forma information is not necessarily indicative either of the combined results of operations that actually would have been realized by us had the Insight acquisition been consummated at the beginning of the period for which the pro forma information is presented, or of future results. | |||||
(In thousands, except per share data) | Six Months Ended September 30, 2014 | ||||
Revenues | $ | 393,140 | |||
Net income | $ | 37,957 | |||
Earnings per share: | |||||
Basic | $ | 0.73 | |||
Diluted | $ | 0.72 | |||
(In thousands, except per share data) | Six Months Ended September 30, 2013 | ||||
Revenues | $ | 389,490 | |||
Net income | $ | 53,511 | |||
Earnings per share: | |||||
Basic | $ | 1.04 | |||
Diluted | $ | 1.03 | |||
Hydralyte | ' | ||||
Business Acquisition [Line Items] | ' | ||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | ||||
We prepared an analysis of the fair values of the assets acquired and liabilities assumed as of the date of acquisition. The following table summarizes our allocation of the assets acquired and liabilities assumed as of the April 30, 2014 acquisition date. | |||||
(In thousands) | 30-Apr-14 | ||||
Inventories | $ | 1,970 | |||
Property, plant and equipment, net | 1,267 | ||||
Goodwill | 1,224 | ||||
Intangible assets, net | 73,580 | ||||
Total assets acquired | 78,041 | ||||
Accrued expenses | 38 | ||||
Other long term liabilities | 12 | ||||
Total liabilities assumed | 50 | ||||
Net assets acquired | $ | 77,991 | |||
Care Pharma | ' | ||||
Business Acquisition [Line Items] | ' | ||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | ||||
The following table summarizes our allocation of the assets acquired and liabilities assumed as of the July 1, 2013 acquisition date. | |||||
(In thousands) | 1-Jul-13 | ||||
Cash acquired | $ | 1,546 | |||
Accounts receivable | 1,658 | ||||
Inventories | 2,465 | ||||
Deferred income taxes | 283 | ||||
Prepaids and other current assets | 647 | ||||
Property, plant and equipment | 163 | ||||
Goodwill | 23,122 | ||||
Intangible assets | 31,502 | ||||
Total assets acquired | 61,386 | ||||
Accounts payable | 1,537 | ||||
Accrued expenses | 2,788 | ||||
Other long term liabilities | 300 | ||||
Total liabilities assumed | 4,625 | ||||
Net assets acquired | $ | 56,761 | |||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 6 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Accounts Receivable | ' | |||||||
Accounts receivable consist of the following: | ||||||||
(In thousands) | September 30, | March 31, | ||||||
2014 | 2014 | |||||||
Components of Accounts Receivable | ||||||||
Trade accounts receivable | $ | 107,943 | $ | 73,632 | ||||
Other receivables | 2,176 | 1,360 | ||||||
110,119 | 74,992 | |||||||
Less allowances for discounts, returns and uncollectible accounts | (11,475 | ) | (9,942 | ) | ||||
Accounts receivable, net | $ | 98,644 | $ | 65,050 | ||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories consist of the following: | ||||||||
(In thousands) | September 30, | March 31, | ||||||
2014 | 2014 | |||||||
Components of Inventories | ||||||||
Packaging and raw materials | $ | 3,929 | $ | 3,099 | ||||
Work in process | 3,456 | — | ||||||
Finished goods | 75,490 | 62,487 | ||||||
Inventories | $ | 82,875 | $ | 65,586 | ||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 6 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property and Equipment | ' | |||||||
Property and equipment consist of the following: | ||||||||
(In thousands) | September 30, | March 31, | ||||||
2014 | 2014 | |||||||
Components of Property and Equipment | ||||||||
Machinery | $ | 4,245 | $ | 1,927 | ||||
Computer equipment and software | 10,183 | 8,923 | ||||||
Furniture and fixtures | 2,703 | 1,858 | ||||||
Leasehold improvements | 4,823 | 4,734 | ||||||
21,954 | 17,442 | |||||||
Accumulated depreciation | (9,534 | ) | (7,845 | ) | ||||
Property and equipment, net | $ | 12,420 | $ | 9,597 | ||||
Goodwill_Tables
Goodwill (Tables) | 6 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Goodwill [Abstract] | ' | |||||||||||||||
Reconciliation of the Activity Affecting Goodwill | ' | |||||||||||||||
A reconciliation of the activity affecting goodwill by reportable segment is as follows: | ||||||||||||||||
(In thousands) | North American OTC | International OTC | Household | Consolidated | ||||||||||||
Healthcare | Healthcare | Cleaning | ||||||||||||||
Balance — March 31, 2014 | $ | 160,157 | $ | 23,365 | $ | 7,389 | $ | 190,911 | ||||||||
Additions | 103,254 | 1,224 | — | 104,478 | ||||||||||||
Effects of foreign currency exchange rates | — | (1,396 | ) | — | (1,396 | ) | ||||||||||
Balance — September 30, 2014 | $ | 263,411 | $ | 23,193 | $ | 7,389 | $ | 293,993 | ||||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 6 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
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 | Totals | |||||||||
Lived | Trademarks | |||||||||||
Trademarks | ||||||||||||
Gross Carrying Amounts | ||||||||||||
Balance — March 31, 2014 | $ | 1,273,878 | $ | 204,740 | $ | 1,478,618 | ||||||
Additions | 673,180 | 124,774 | 797,954 | |||||||||
Reductions | — | (17,674 | ) | (17,674 | ) | |||||||
Effects of foreign currency exchange rates | (6,000 | ) | (95 | ) | (6,095 | ) | ||||||
Balance — September 30, 2014 | 1,941,058 | 311,745 | 2,252,803 | |||||||||
Accumulated Amortization | ||||||||||||
Balance — March 31, 2014 | — | 83,801 | 83,801 | |||||||||
Additions | — | 5,064 | 5,064 | |||||||||
Effects of foreign currency exchange rates | — | (9 | ) | (9 | ) | |||||||
Balance — September 30, 2014 | — | 88,856 | 88,856 | |||||||||
Intangible assets, net - September 30, 2014 | $ | 1,941,058 | $ | 222,889 | $ | 2,163,947 | ||||||
Intangible Assets, net by Reportable Segment: | ||||||||||||
North American OTC Healthcare | $ | 1,723,498 | $ | 196,145 | $ | 1,919,643 | ||||||
International OTC Healthcare | 97,740 | 1,449 | 99,189 | |||||||||
Household Cleaning | 119,820 | 25,295 | 145,115 | |||||||||
Intangible assets, net - September 30, 2014 | $ | 1,941,058 | $ | 222,889 | $ | 2,163,947 | ||||||
Schedule of Expected Amortization Expense | ' | |||||||||||
At September 30, 2014, 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 | |||||||||||
2015 (Remaining six months ending March 31, 2015) | $ | 7,740 | ||||||||||
2016 | 15,554 | |||||||||||
2017 | 15,554 | |||||||||||
2018 | 15,554 | |||||||||||
2019 | 15,554 | |||||||||||
Thereafter | 152,933 | |||||||||||
$ | 222,889 | |||||||||||
Other_Accrued_Liabilities_Tabl
Other Accrued Liabilities (Tables) | 6 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Other Accrued Liabilities | ' | |||||||
Other accrued liabilities consist of the following: | ||||||||
(In thousands) | September 30, | March 31, | ||||||
2014 | 2014 | |||||||
Accrued marketing costs | $ | 16,187 | $ | 11,812 | ||||
Accrued compensation costs | 5,129 | 6,232 | ||||||
Accrued broker commissions | 851 | 1,019 | ||||||
Income taxes payable | 1,186 | 1,854 | ||||||
Accrued professional fees | 2,344 | 2,002 | ||||||
Deferred rent | 1,109 | 1,258 | ||||||
Accrued production costs | 3,364 | 1,506 | ||||||
Other accrued liabilities | 3,916 | 763 | ||||||
$ | 34,086 | $ | 26,446 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 6 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Long-term Debt | ' | ||||||||
Long-term debt consists of the following, as of the dates indicated: | |||||||||
(In thousands, except percentages) | September 30, | March 31, | |||||||
2014 | 2014 | ||||||||
2013 Senior Notes bearing interest at 5.375%, with interest payable on June 15 and December 15 of each year. The 2013 Senior Notes mature on December 15, 2021. | $ | 400,000 | $ | 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 B-1 Loan bearing interest at the Borrower's option at either a base rate with a floor of 2.00% plus applicable margin or LIBOR with a floor of 1.00% plus applicable margin, due on January 31, 2019. | 262,500 | 287,500 | |||||||
2012 Term B-2 Loan bearing interest at the Borrower's option at either a base rate with a floor of 2.00% plus applicable margin or LIBOR with a floor of 1.00% plus applicable margin, due on September 3, 2021. | 720,000 | — | |||||||
2012 ABL Revolver bearing interest at the Borrower's option at either a base rate plus applicable margin or LIBOR plus applicable margin. Any unpaid balance is due on January 31, 2017. | 66,100 | — | |||||||
1,698,600 | 937,500 | ||||||||
Current portion of long-term debt | 7,200 | — | |||||||
1,691,400 | 937,500 | ||||||||
Less: unamortized discount | (6,289 | ) | (3,086 | ) | |||||
Long-term debt, net of unamortized discount | $ | 1,685,111 | $ | 934,414 | |||||
Aggregate Future Principal Payments | ' | ||||||||
As of September 30, 2014, aggregate future principal payments required in accordance with the terms of the 2012 Term Loan, 2012 ABL Revolver and the indentures governing the 2013 Senior Notes and the 2012 Senior Notes are as follows: | |||||||||
(In thousands) | |||||||||
Year Ending March 31, | Amount | ||||||||
2015 (remaining six months ending March 31, 2015) | $ | 3,600 | |||||||
2016 | 7,200 | ||||||||
2017 | 73,300 | ||||||||
2018 | 7,200 | ||||||||
2019 | 269,700 | ||||||||
Thereafter | 1,337,600 | ||||||||
$ | 1,698,600 | ||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive (Loss) Income (Tables) | 6 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||
Schedule of Accumulated Other Comprehensive Income | ' | |||||||
The table below presents accumulated other comprehensive (loss) income (“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. | ||||||||
AOCI consisted of the following at September 30, 2014 and March 31, 2014: | ||||||||
September 30, | March 31, | |||||||
(In thousands) | 2014 | 2014 | ||||||
Components of Accumulated Other Comprehensive (Loss) Income | ||||||||
Cumulative translation adjustment | $ | (7,365 | ) | $ | 739 | |||
Total accumulated other comprehensive (loss) income, net of tax | $ | (7,365 | ) | $ | 739 | |||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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 September 30, | Six Months Ended September 30, | ||||||||||||||||
(In thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator | |||||||||||||||||
Net income | $ | 16,463 | $ | 32,792 | $ | 33,195 | $ | 53,484 | |||||||||
Denominator | |||||||||||||||||
Denominator for basic earnings per share — weighted average shares outstanding | 52,088 | 51,463 | 52,023 | 51,343 | |||||||||||||
Dilutive effect of unvested restricted common stock (including restricted stock units) and options issued to employees and directors | 506 | 756 | 541 | 787 | |||||||||||||
Denominator for diluted earnings per share | 52,594 | 52,219 | 52,564 | 52,130 | |||||||||||||
Earnings per Common Share: | |||||||||||||||||
Basic net earnings per share | $ | 0.32 | $ | 0.64 | $ | 0.64 | $ | 1.04 | |||||||||
Diluted net earnings per share | $ | 0.31 | $ | 0.63 | $ | 0.63 | $ | 1.03 | |||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 6 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Summary of Restricted Shares | ' | |||||||||||||
A summary of the Company's restricted shares granted under the Plan is presented below: | ||||||||||||||
Weighted- | ||||||||||||||
Shares | Average | |||||||||||||
(in thousands) | Grant-Date | |||||||||||||
Restricted Shares | Fair Value | |||||||||||||
Six months ended September 30, 2013 | ||||||||||||||
Vested and nonvested at March 31, 2013 | 421.3 | $ | 11.01 | |||||||||||
Granted | 120.6 | 30.19 | ||||||||||||
Vested and issued | (54.7 | ) | 8.11 | |||||||||||
Forfeited | (3.6 | ) | 13.24 | |||||||||||
Vested and nonvested at September 30, 2013 | 483.6 | 16.11 | ||||||||||||
Vested at September 30, 2013 | 83.1 | 9.63 | ||||||||||||
Six months ended September 30, 2014: | ||||||||||||||
Vested and nonvested at March 31, 2014 | 437.5 | $ | 16.76 | |||||||||||
Granted | 104.4 | 33.3 | ||||||||||||
Vested and issued | (120.7 | ) | 13.34 | |||||||||||
Forfeited | (14.4 | ) | 20.78 | |||||||||||
Vested and nonvested at September 30, 2014 | 406.8 | 21.88 | ||||||||||||
Vested at September 30, 2014 | 76.6 | 11.62 | ||||||||||||
Stock Options, Valuation Assumptions | ' | |||||||||||||
Six Months Ended September 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
Expected volatility | 47.3 | % | 48 | % | ||||||||||
Expected dividends | $ | — | $ | — | ||||||||||
Expected term in years | 6 | 6 | ||||||||||||
Risk-free rate | 2.2 | % | 1.3 | % | ||||||||||
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 | |||||||||||||
Six months ended September 30, 2013: | ||||||||||||||
Outstanding at March 31, 2013 | 1,386.40 | $ | 10.43 | |||||||||||
Granted | 227.7 | 29.94 | ||||||||||||
Exercised | (539.4 | ) | 9.54 | |||||||||||
Forfeited or expired | (8.0 | ) | 13.24 | |||||||||||
Outstanding at September 30, 2013 | 1,066.70 | 15.02 | 6.5 | $ | 16,110 | |||||||||
Exercisable at September 30, 2013 | 225.5 | 11.42 | 7.7 | 4,216 | ||||||||||
Six months ended September 30, 2014: | ||||||||||||||
Outstanding at March 31, 2014 | 994.9 | $ | 15.24 | |||||||||||
Granted | 307.5 | 33.5 | ||||||||||||
Exercised | (284.4 | ) | 9.7 | |||||||||||
Forfeited or expired | (32.5 | ) | 25.61 | |||||||||||
Outstanding at September 30, 2014 | 985.5 | 22.19 | 8 | $ | 10,364 | |||||||||
Exercisable at September 30, 2014 | 416 | 14.31 | 6.8 | 7,514 | ||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 6 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
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 September 30, 2014: | |||||||||||||
(In thousands) | |||||||||||||
Year Ending March 31, | Facilities | Equipment | Total | ||||||||||
2015 (Remaining six months ending March 31, 2015) | $ | 859 | $ | 344 | $ | 1,203 | |||||||
2016 | 1,612 | 311 | 1,923 | ||||||||||
2017 | 1,772 | 77 | 1,849 | ||||||||||
2018 | 1,856 | — | 1,856 | ||||||||||
2019 | 1,864 | — | 1,864 | ||||||||||
Thereafter | 2,465 | — | 2,465 | ||||||||||
$ | 10,428 | $ | 732 | $ | 11,160 | ||||||||
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 | ||||||||||||
2015 (Remaining six months ending March 31, 2015) | $ | 549 | |||||||||||
2016 | 1,074 | ||||||||||||
2017 | 1,044 | ||||||||||||
2018 | 1,013 | ||||||||||||
2019 | 982 | ||||||||||||
Thereafter | 560 | ||||||||||||
$ | 5,222 | ||||||||||||
Business_Segments_Tables
Business Segments (Tables) | 6 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Information about our Operating and Reportable Segments | ' | |||||||||||||||
The tables below summarize information about our reportable segments. | ||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||
(In thousands) | North American OTC | International OTC | Household | Consolidated | ||||||||||||
Healthcare | Healthcare | Cleaning | ||||||||||||||
Gross segment revenues | $ | 138,138 | $ | 17,331 | $ | 25,246 | $ | 180,715 | ||||||||
Elimination of intersegment revenues | (710 | ) | — | — | (710 | ) | ||||||||||
Third-party segment revenues | 137,428 | 17,331 | 25,246 | 180,005 | ||||||||||||
Other revenues | 150 | 23 | 1,091 | 1,264 | ||||||||||||
Total segment revenues | 137,578 | 17,354 | 26,337 | 181,269 | ||||||||||||
Cost of sales | 52,185 | 6,595 | 19,947 | 78,727 | ||||||||||||
Gross profit | 85,393 | 10,759 | 6,390 | 102,542 | ||||||||||||
Advertising and promotion | 21,442 | 3,035 | 567 | 25,044 | ||||||||||||
Contribution margin | $ | 63,951 | $ | 7,724 | $ | 5,823 | 77,498 | |||||||||
Other operating expenses | 30,980 | |||||||||||||||
Operating income | 46,518 | |||||||||||||||
Other expense | 18,193 | |||||||||||||||
Income before income taxes | 28,325 | |||||||||||||||
Provision for income taxes | 11,862 | |||||||||||||||
Net income | $ | 16,463 | ||||||||||||||
Six Months Ended September 30, 2014 | ||||||||||||||||
(In thousands) | North | International | Household | Consolidated | ||||||||||||
American | OTC | Cleaning | ||||||||||||||
OTC | Healthcare | |||||||||||||||
Healthcare | ||||||||||||||||
Gross segment revenues | $ | 249,112 | $ | 31,022 | $ | 45,839 | $ | 325,973 | ||||||||
Elimination of intersegment revenues | (1,427 | ) | — | — | (1,427 | ) | ||||||||||
Third-party segment revenues | 247,685 | 31,022 | 45,839 | 324,546 | ||||||||||||
Other revenues | 327 | 58 | 2,040 | 2,425 | ||||||||||||
Total segment revenues | 248,012 | 31,080 | 47,879 | 326,971 | ||||||||||||
Cost of sales | 94,526 | 11,679 | 36,358 | 142,563 | ||||||||||||
Gross profit | 153,486 | 19,401 | 11,521 | 184,408 | ||||||||||||
Advertising and promotion | 37,794 | 5,375 | 971 | 44,140 | ||||||||||||
Contribution margin | $ | 115,692 | $ | 14,026 | $ | 10,550 | 140,268 | |||||||||
Other operating expenses | 50,947 | |||||||||||||||
Operating income | 89,321 | |||||||||||||||
Other expense | 32,846 | |||||||||||||||
Income before income taxes | 56,475 | |||||||||||||||
Provision for income taxes | 23,280 | |||||||||||||||
Net income | $ | 33,195 | ||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||
(In thousands) | North American OTC | International OTC | Household | Consolidated | ||||||||||||
Healthcare | Healthcare | Cleaning | ||||||||||||||
Gross segment revenues | $ | 132,944 | $ | 9,008 | $ | 24,374 | $ | 166,326 | ||||||||
Elimination of intersegment revenues | (819 | ) | — | — | (819 | ) | ||||||||||
Third-party segment revenues | 132,125 | 9,008 | 24,374 | 165,507 | ||||||||||||
Other revenues | 150 | 7 | 1,281 | 1,438 | ||||||||||||
Total segment revenues | 132,275 | 9,015 | 25,655 | 166,945 | ||||||||||||
Cost of sales | 50,987 | 4,338 | 18,398 | 73,723 | ||||||||||||
Gross profit | 81,288 | 4,677 | 7,257 | 93,222 | ||||||||||||
Advertising and promotion | 22,547 | 1,446 | 554 | 24,547 | ||||||||||||
Contribution margin | $ | 58,741 | $ | 3,231 | $ | 6,703 | 68,675 | |||||||||
Other operating expenses | 14,913 | |||||||||||||||
Operating income | 53,762 | |||||||||||||||
Other expense | 16,439 | |||||||||||||||
Income before income taxes | 37,323 | |||||||||||||||
Provision for income taxes | 4,531 | |||||||||||||||
Net income | $ | 32,792 | ||||||||||||||
Six Months Ended September 30, 2013 | ||||||||||||||||
(In thousands) | North American OTC | International OTC | Household | Consolidated | ||||||||||||
Healthcare | Healthcare | Cleaning | ||||||||||||||
Gross segment revenues | $ | 251,880 | $ | 12,422 | $ | 43,666 | $ | 307,968 | ||||||||
Elimination of intersegment revenues | (819 | ) | — | — | (819 | ) | ||||||||||
Third-party segment revenues | 251,061 | 12,422 | 43,666 | 307,149 | ||||||||||||
Other revenues | 300 | 14 | 1,994 | 2,308 | ||||||||||||
Total segment revenues | 251,361 | 12,436 | 45,660 | 309,457 | ||||||||||||
Cost of sales | 94,533 | 5,803 | 32,875 | 133,211 | ||||||||||||
Gross profit | 156,828 | 6,633 | 12,785 | 176,246 | ||||||||||||
Advertising and promotion | 40,097 | 1,710 | 1,421 | 43,228 | ||||||||||||
Contribution margin | $ | 116,731 | $ | 4,923 | $ | 11,364 | 133,018 | |||||||||
Other operating expenses | 29,815 | |||||||||||||||
Operating income | 103,203 | |||||||||||||||
Other expense | 32,344 | |||||||||||||||
Income before income taxes | 70,859 | |||||||||||||||
Provision for income taxes | 17,375 | |||||||||||||||
Net income | $ | 53,484 | ||||||||||||||
Information about our Revenues from Similar Product Groups | ' | |||||||||||||||
The tables below summarize information about our segment revenues from similar product groups. | ||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||
(In thousands) | North American OTC | International OTC | Household | Consolidated | ||||||||||||
Healthcare | Healthcare | Cleaning | ||||||||||||||
Analgesics | $ | 29,072 | $ | 792 | $ | — | $ | 29,864 | ||||||||
Cough & Cold | 24,771 | 5,460 | — | 30,231 | ||||||||||||
Women's Health | 9,119 | 658 | — | 9,777 | ||||||||||||
Gastrointestinal | 20,896 | 5,598 | — | 26,494 | ||||||||||||
Eye & Ear Care | 21,405 | 4,028 | — | 25,433 | ||||||||||||
Dermatologicals | 17,459 | 687 | — | 18,146 | ||||||||||||
Oral Care | 12,934 | 127 | — | 13,061 | ||||||||||||
Other OTC | 1,922 | 4 | — | 1,926 | ||||||||||||
Household Cleaning | — | — | 26,337 | 26,337 | ||||||||||||
Total segment revenues | $ | 137,578 | $ | 17,354 | $ | 26,337 | $ | 181,269 | ||||||||
Six Months Ended September 30, 2014 | ||||||||||||||||
(In thousands) | North American OTC | International OTC | Household | Consolidated | ||||||||||||
Healthcare | Healthcare | Cleaning | ||||||||||||||
Analgesics | $ | 54,103 | $ | 1,457 | $ | — | $ | 55,560 | ||||||||
Cough & Cold | 44,814 | 10,259 | — | 55,073 | ||||||||||||
Women's Health | 9,487 | 1,176 | 10,663 | |||||||||||||
Gastrointestinal | 41,534 | 8,096 | — | 49,630 | ||||||||||||
Eye & Ear Care | 42,130 | 8,670 | — | 50,800 | ||||||||||||
Dermatologicals | 29,720 | 1,229 | — | 30,949 | ||||||||||||
Oral Care | 23,121 | 189 | — | 23,310 | ||||||||||||
Other OTC | 3,103 | 4 | — | 3,107 | ||||||||||||
Household Cleaning | — | — | 47,879 | 47,879 | ||||||||||||
Total segment revenues | $ | 248,012 | $ | 31,080 | $ | 47,879 | $ | 326,971 | ||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||
(In thousands) | North American OTC | International OTC | Household | Consolidated | ||||||||||||
Healthcare | Healthcare | Cleaning | ||||||||||||||
Analgesics | $ | 29,343 | $ | 698 | $ | — | $ | 30,041 | ||||||||
Cough & Cold | 28,695 | 5,023 | — | 33,718 | ||||||||||||
Women's Health | 501 | 633 | — | 1,134 | ||||||||||||
Gastrointestinal | 21,695 | 301 | — | 21,996 | ||||||||||||
Eye & Ear Care | 19,378 | 1,625 | — | 21,003 | ||||||||||||
Dermatologicals | 17,716 | 605 | — | 18,321 | ||||||||||||
Oral Care | 13,028 | 130 | — | 13,158 | ||||||||||||
Other OTC | 1,919 | — | — | 1,919 | ||||||||||||
Household Cleaning | — | — | 25,655 | 25,655 | ||||||||||||
Total segment revenues | $ | 132,275 | $ | 9,015 | $ | 25,655 | $ | 166,945 | ||||||||
Six Months Ended September 30, 2013 | ||||||||||||||||
(In thousands) | North American OTC | International OTC | Household | Consolidated | ||||||||||||
Healthcare | Healthcare | Cleaning | ||||||||||||||
Analgesics | $ | 57,479 | $ | 727 | $ | — | $ | 58,206 | ||||||||
Cough & Cold | 49,193 | 6,006 | — | 55,199 | ||||||||||||
Women's Health | 988 | 633 | — | 1,621 | ||||||||||||
Gastrointestinal | 43,453 | 312 | — | 43,765 | ||||||||||||
Eye & Ear Care | 39,710 | 3,885 | — | 43,595 | ||||||||||||
Dermatologicals | 32,347 | 696 | — | 33,043 | ||||||||||||
Oral Care | 24,114 | 177 | — | 24,291 | ||||||||||||
Other OTC | 4,077 | — | — | 4,077 | ||||||||||||
Household Cleaning | — | — | 45,660 | 45,660 | ||||||||||||
Total segment revenues | $ | 251,361 | $ | 12,436 | $ | 45,660 | $ | 309,457 | ||||||||
Allocation of Long-Term Assets to Segments | ' | |||||||||||||||
At September 30, 2014, approximately 95.0% of our consolidated goodwill and intangible assets were located in the United States and approximately 5.0% were located in Australia. These consolidated goodwill and intangible assets have been allocated to the reportable segments as follows: | ||||||||||||||||
(In thousands) | North American OTC | International OTC | Household | Consolidated | ||||||||||||
Healthcare | Healthcare | Cleaning | ||||||||||||||
Goodwill | $ | 263,411 | $ | 23,193 | $ | 7,389 | $ | 293,993 | ||||||||
Intangible assets | ||||||||||||||||
Indefinite-lived | 1,723,498 | 97,740 | 119,820 | 1,941,058 | ||||||||||||
Finite-lived | 196,145 | 1,449 | 25,295 | 222,889 | ||||||||||||
Intangible assets, net | 1,919,643 | 99,189 | 145,115 | 2,163,947 | ||||||||||||
Total | $ | 2,183,054 | $ | 122,382 | $ | 152,504 | $ | 2,457,940 | ||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Statements (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
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 September 30, 2014 | |||||||||||||||||||||||||
(In thousands) | Prestige | Prestige | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||||
Brands | Brands, | Subsidiary | Non- | ||||||||||||||||||||||
Holdings, | Inc., | Guarantors | Guarantor | ||||||||||||||||||||||
Inc. | the issuer | Subsidiaries | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Net sales | $ | — | $ | 27,167 | $ | 138,336 | $ | 15,212 | $ | (710 | ) | $ | 180,005 | ||||||||||||
Other revenues | — | 95 | 1,241 | 436 | (508 | ) | 1,264 | ||||||||||||||||||
Total revenues | — | 27,262 | 139,577 | 15,648 | (1,218 | ) | 181,269 | ||||||||||||||||||
Cost of Sales | |||||||||||||||||||||||||
Cost of sales (exclusive of depreciation shown below) | — | 10,426 | 64,812 | 5,767 | (2,278 | ) | 78,727 | ||||||||||||||||||
Gross profit | — | 16,836 | 74,765 | 9,881 | 1,060 | 102,542 | |||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||
Advertising and promotion | — | 2,699 | 19,311 | 3,034 | — | 25,044 | |||||||||||||||||||
General and administrative | 1,109 | 3,441 | 20,329 | 2,249 | — | 27,128 | |||||||||||||||||||
Depreciation and amortization | 870 | 145 | 2,729 | 108 | — | 3,852 | |||||||||||||||||||
Total operating expenses | 1,979 | 6,285 | 42,369 | 5,391 | — | 56,024 | |||||||||||||||||||
Operating income (loss) | (1,979 | ) | 10,551 | 32,396 | 4,490 | 1,060 | 46,518 | ||||||||||||||||||
Other (income) expense | |||||||||||||||||||||||||
Interest income | (12,245 | ) | (16,719 | ) | (1,760 | ) | (11 | ) | 30,720 | (15 | ) | ||||||||||||||
Interest expense | 8,629 | 18,208 | 20,333 | 1,758 | (30,720 | ) | 18,208 | ||||||||||||||||||
Equity in (income) loss of subsidiaries | (17,577 | ) | (9,825 | ) | (1,870 | ) | — | 29,272 | — | ||||||||||||||||
Total other (income) expense | (21,193 | ) | (8,336 | ) | 16,703 | 1,747 | 29,272 | 18,193 | |||||||||||||||||
Income before income taxes | 19,214 | 18,887 | 15,693 | 2,743 | (28,212 | ) | 28,325 | ||||||||||||||||||
Provision for income taxes | 2,751 | 3,262 | 4,976 | 873 | — | 11,862 | |||||||||||||||||||
Net income (loss) | $ | 16,463 | $ | 15,625 | $ | 10,717 | $ | 1,870 | $ | (28,212 | ) | $ | 16,463 | ||||||||||||
Comprehensive income, net of tax: | |||||||||||||||||||||||||
Currency translation adjustments | (10,830 | ) | (10,830 | ) | (10,830 | ) | (10,830 | ) | 32,490 | (10,830 | ) | ||||||||||||||
Total other comprehensive (loss) income | (10,830 | ) | (10,830 | ) | (10,830 | ) | (10,830 | ) | 32,490 | (10,830 | ) | ||||||||||||||
Comprehensive income (loss) | $ | 5,633 | $ | 4,795 | $ | (113 | ) | $ | (8,960 | ) | $ | 4,278 | $ | 5,633 | |||||||||||
Condensed Consolidating Statements of Income and Comprehensive Income | |||||||||||||||||||||||||
Six Months Ended September 30, 2014 | |||||||||||||||||||||||||
(In thousands) | Prestige | Prestige | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||||
Brands | Brands, | Subsidiary | Non- | ||||||||||||||||||||||
Holdings, | Inc., | Guarantors | Guarantor | ||||||||||||||||||||||
Inc. | the issuer | Subsidiaries | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Net sales | $ | — | $ | 52,577 | $ | 247,234 | $ | 26,163 | $ | (1,428 | ) | $ | 324,546 | ||||||||||||
Other revenues | — | 225 | 2,340 | 838 | (978 | ) | 2,425 | ||||||||||||||||||
Total revenues | — | 52,802 | 249,574 | 27,001 | (2,406 | ) | 326,971 | ||||||||||||||||||
Cost of Sales | |||||||||||||||||||||||||
Cost of sales (exclusive of depreciation shown below) | — | 19,874 | 115,327 | 9,790 | (2,428 | ) | 142,563 | ||||||||||||||||||
Gross profit | — | 32,928 | 134,247 | 17,211 | 22 | 184,408 | |||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||
Advertising and promotion | — | 5,388 | 33,377 | 5,375 | — | 44,140 | |||||||||||||||||||
General and administrative | 2,254 | 5,914 | 29,319 | 6,647 | — | 44,134 | |||||||||||||||||||
Depreciation and amortization | 1,512 | 290 | 4,818 | 193 | — | 6,813 | |||||||||||||||||||
Total operating expenses | 3,766 | 11,592 | 67,514 | 12,215 | — | 95,087 | |||||||||||||||||||
Operating income (loss) | (3,766 | ) | 21,336 | 66,733 | 4,996 | 22 | 89,321 | ||||||||||||||||||
Other (income) expense | |||||||||||||||||||||||||
Interest income | (24,378 | ) | (30,944 | ) | (2,522 | ) | (40 | ) | 57,837 | (47 | ) | ||||||||||||||
Interest expense | 17,177 | 32,893 | 38,138 | 2,522 | (57,837 | ) | 32,893 | ||||||||||||||||||
Equity in (income) loss of subsidiaries | (33,256 | ) | (20,723 | ) | (911 | ) | — | 54,890 | — | ||||||||||||||||
Total other (income) expense | (40,457 | ) | (18,774 | ) | 34,705 | 2,482 | 54,890 | 32,846 | |||||||||||||||||
Income before income taxes | 36,691 | 40,110 | 32,028 | 2,514 | (54,868 | ) | 56,475 | ||||||||||||||||||
Provision (benefit) for income taxes | 3,496 | 6,979 | 11,202 | 1,603 | — | 23,280 | |||||||||||||||||||
Net income (loss) | $ | 33,195 | $ | 33,131 | $ | 20,826 | $ | 911 | $ | (54,868 | ) | $ | 33,195 | ||||||||||||
Comprehensive income, net of tax: | |||||||||||||||||||||||||
Currency translation adjustments | (8,104 | ) | (8,104 | ) | (8,104 | ) | (8,104 | ) | 24,312 | (8,104 | ) | ||||||||||||||
Total other comprehensive (loss) income | (8,104 | ) | (8,104 | ) | (8,104 | ) | (8,104 | ) | 24,312 | (8,104 | ) | ||||||||||||||
Comprehensive income (loss) | $ | 25,091 | $ | 25,027 | $ | 12,722 | $ | (7,193 | ) | $ | (30,556 | ) | $ | 25,091 | |||||||||||
Condensed Consolidating Statements of Income and Comprehensive Income | |||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||
(In thousands) | Prestige | Prestige | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||||
Brands | Brands, | Subsidiary | Non- | ||||||||||||||||||||||
Holdings, | Inc., | Guarantors | Guarantor | ||||||||||||||||||||||
Inc. | the issuer | Subsidiaries | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Net sales | $ | — | $ | 25,237 | $ | 132,821 | $ | 7,449 | $ | — | $ | 165,507 | |||||||||||||
Other revenues | — | 67 | 1,431 | 668 | (728 | ) | 1,438 | ||||||||||||||||||
Total revenues | — | 25,304 | 134,252 | 8,117 | (728 | ) | 166,945 | ||||||||||||||||||
Cost of Sales | |||||||||||||||||||||||||
Cost of sales (exclusive of depreciation shown below) | — | 9,338 | 61,513 | 3,600 | (728 | ) | 73,723 | ||||||||||||||||||
Gross profit | — | 15,966 | 72,739 | 4,517 | — | 93,222 | |||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||
Advertising and promotion | — | 3,594 | 19,556 | 1,397 | — | 24,547 | |||||||||||||||||||
General and administrative | 891 | 1,481 | 8,358 | 889 | — | 11,619 | |||||||||||||||||||
Depreciation and amortization | 517 | 143 | 2,589 | 45 | — | 3,294 | |||||||||||||||||||
Total operating expenses | 1,408 | 5,218 | 30,503 | 2,331 | — | 39,460 | |||||||||||||||||||
Operating income (loss) | (1,408 | ) | 10,748 | 42,236 | 2,186 | — | 53,762 | ||||||||||||||||||
Other (income) expense | |||||||||||||||||||||||||
Interest income | (12,778 | ) | (14,005 | ) | (710 | ) | (22 | ) | 27,490 | (25 | ) | ||||||||||||||
Interest expense | 8,687 | 16,464 | 18,093 | 710 | (27,490 | ) | 16,464 | ||||||||||||||||||
Equity in (income) loss of subsidiaries | (30,344 | ) | (20,599 | ) | (1,189 | ) | — | 52,132 | — | ||||||||||||||||
Total other (income) expense | (34,435 | ) | (18,140 | ) | 16,194 | 688 | 52,132 | 16,439 | |||||||||||||||||
Income (loss) before income taxes | 33,027 | 28,888 | 26,042 | 1,498 | (52,132 | ) | 37,323 | ||||||||||||||||||
Provision for income taxes | 235 | 1,064 | 2,922 | 310 | — | 4,531 | |||||||||||||||||||
Net income (loss) | $ | 32,792 | $ | 27,824 | $ | 23,120 | $ | 1,188 | $ | (52,132 | ) | $ | 32,792 | ||||||||||||
Comprehensive income, net of tax: | |||||||||||||||||||||||||
Currency translation adjustments | 1,122 | 1,122 | 1,122 | 1,122 | (3,366 | ) | 1,122 | ||||||||||||||||||
Total other comprehensive income (loss) | 1,122 | 1,122 | 1,122 | 1,122 | (3,366 | ) | 1,122 | ||||||||||||||||||
Comprehensive income (loss) | $ | 33,914 | $ | 28,946 | $ | 24,242 | $ | 2,310 | $ | (55,498 | ) | $ | 33,914 | ||||||||||||
Condensed Consolidating Statements of Income and Comprehensive Income | |||||||||||||||||||||||||
Six Months Ended September 30, 2013 | |||||||||||||||||||||||||
(In thousands) | Prestige | Prestige | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||||
Brands | Brands, | Subsidiary | Non- | ||||||||||||||||||||||
Holdings, | Inc., | Guarantors | Guarantor | ||||||||||||||||||||||
Inc. | the issuer | Subsidiaries | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Net sales | $ | — | $ | 49,386 | $ | 249,091 | $ | 8,672 | $ | — | $ | 307,149 | |||||||||||||
Other revenues | — | 135 | 2,294 | 1,102 | (1,223 | ) | 2,308 | ||||||||||||||||||
Total revenues | — | 49,521 | 251,385 | 9,774 | (1,223 | ) | 309,457 | ||||||||||||||||||
Cost of Sales | |||||||||||||||||||||||||
Cost of sales (exclusive of depreciation shown below) | — | 18,796 | 111,502 | 4,136 | (1,223 | ) | 133,211 | ||||||||||||||||||
Gross profit | — | 30,725 | 139,883 | 5,638 | — | 176,246 | |||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||
Advertising and promotion | — | 6,924 | 34,700 | 1,604 | — | 43,228 | |||||||||||||||||||
General and administrative | 2,390 | 3,124 | 16,815 | 924 | — | 23,253 | |||||||||||||||||||
Depreciation and amortization | 1,034 | 285 | 5,184 | 59 | — | 6,562 | |||||||||||||||||||
Total operating expenses | 3,424 | 10,333 | 56,699 | 2,587 | — | 73,043 | |||||||||||||||||||
Operating income (loss) | (3,424 | ) | 20,392 | 83,184 | 3,051 | — | 103,203 | ||||||||||||||||||
Other (income) expense | |||||||||||||||||||||||||
Interest income | (24,991 | ) | (28,328 | ) | (710 | ) | (24 | ) | 54,025 | (28 | ) | ||||||||||||||
Interest expense | 17,294 | 32,372 | 36,021 | 710 | (54,025 | ) | 32,372 | ||||||||||||||||||
Equity in (income) loss of subsidiaries | (50,199 | ) | (35,152 | ) | (1,868 | ) | — | 87,219 | — | ||||||||||||||||
Total other (income) expense | (57,896 | ) | (31,108 | ) | 33,443 | 686 | 87,219 | 32,344 | |||||||||||||||||
Income (loss) before income taxes | 54,472 | 51,500 | 49,741 | 2,365 | (87,219 | ) | 70,859 | ||||||||||||||||||
Provision for income taxes | 988 | 4,151 | 11,738 | 498 | — | 17,375 | |||||||||||||||||||
Net income (loss) | $ | 53,484 | $ | 47,349 | $ | 38,003 | $ | 1,867 | $ | (87,219 | ) | $ | 53,484 | ||||||||||||
Comprehensive income, net of tax: | |||||||||||||||||||||||||
Currency translation adjustments | 1,123 | 1,123 | 1,123 | 1,123 | (3,369 | ) | 1,123 | ||||||||||||||||||
Total other comprehensive income (loss) | 1,123 | 1,123 | 1,123 | 1,123 | (3,369 | ) | 1,123 | ||||||||||||||||||
Comprehensive income (loss) | $ | 54,607 | $ | 48,472 | $ | 39,126 | $ | 2,990 | $ | (90,588 | ) | $ | 54,607 | ||||||||||||
Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
(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 | $ | 10,465 | $ | — | $ | 5,034 | $ | 6,249 | $ | — | $ | 21,748 | |||||||||||||
Accounts receivable, net | 7 | 14,352 | 76,165 | 8,120 | — | 98,644 | |||||||||||||||||||
Inventories | — | 9,666 | 67,420 | 6,777 | (988 | ) | 82,875 | ||||||||||||||||||
Deferred income tax assets | 1,139 | 823 | 6,743 | 466 | — | 9,171 | |||||||||||||||||||
Prepaid expenses and other current assets | 2,841 | 354 | 6,023 | 717 | — | 9,935 | |||||||||||||||||||
Total current assets | 14,452 | 25,195 | 161,385 | 22,329 | (988 | ) | 222,373 | ||||||||||||||||||
Property and equipment, net | 8,580 | 90 | 2,297 | 1,453 | — | 12,420 | |||||||||||||||||||
Goodwill | — | 66,007 | 204,794 | 23,192 | — | 293,993 | |||||||||||||||||||
Intangible assets, net | — | 192,593 | 1,871,933 | 99,421 | — | 2,163,947 | |||||||||||||||||||
Other long-term assets | — | 32,937 | — | — | — | 32,937 | |||||||||||||||||||
Intercompany receivables | 1,203,499 | 2,688,676 | 599,886 | 10,045 | (4,502,106 | ) | — | ||||||||||||||||||
Investment in subsidiary | 1,519,129 | 1,213,732 | 79,877 | — | (2,812,738 | ) | — | ||||||||||||||||||
Total Assets | $ | 2,745,660 | $ | 4,219,230 | $ | 2,920,172 | $ | 156,440 | $ | (7,315,832 | ) | $ | 2,725,670 | ||||||||||||
Liabilities and Stockholders' Equity | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Current portion of long term debt | — | 7,200 | — | — | — | 7,200 | |||||||||||||||||||
Accounts payable | 2,084 | 9,508 | 42,634 | 4,312 | — | 58,538 | |||||||||||||||||||
Accrued interest payable | — | 12,086 | — | — | — | 12,086 | |||||||||||||||||||
Other accrued liabilities | 6,407 | 2,970 | 20,746 | 3,963 | — | 34,086 | |||||||||||||||||||
Total current liabilities | 8,491 | 31,764 | 63,380 | 8,275 | — | 111,910 | |||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||
Principal amount | — | 1,691,400 | — | — | — | 1,691,400 | |||||||||||||||||||
Less unamortized discount | — | (6,289 | ) | — | — | — | (6,289 | ) | |||||||||||||||||
Long-term debt, net of unamortized discount | — | 1,685,111 | — | — | — | 1,685,111 | |||||||||||||||||||
Deferred income tax liabilities | — | 58,076 | 276,180 | 41 | — | 334,297 | |||||||||||||||||||
Other long-term liabilities | — | — | — | 313 | — | 313 | |||||||||||||||||||
Intercompany payables | 2,143,130 | 995,186 | 1,295,207 | 68,583 | (4,502,106 | ) | — | ||||||||||||||||||
Total Liabilities | 2,151,621 | 2,770,137 | 1,634,767 | 77,212 | (4,502,106 | ) | 2,131,631 | ||||||||||||||||||
Stockholders' Equity | |||||||||||||||||||||||||
Preferred share rights | — | — | — | — | — | — | |||||||||||||||||||
Common stock | 524 | — | — | — | — | 524 | |||||||||||||||||||
Additional paid-in capital | 421,574 | 1,280,948 | 1,131,578 | 74,031 | (2,486,557 | ) | 421,574 | ||||||||||||||||||
Treasury stock, at cost - 254 shares | (3,034 | ) | — | — | — | — | (3,034 | ) | |||||||||||||||||
Accumulated other comprehensive (loss) income, net of tax | (7,365 | ) | (7,365 | ) | (7,365 | ) | (7,365 | ) | 22,095 | (7,365 | ) | ||||||||||||||
Retained earnings (accumulated deficit) | 182,340 | 175,510 | 161,192 | 12,562 | (349,264 | ) | 182,340 | ||||||||||||||||||
Total Stockholders' Equity | 594,039 | 1,449,093 | 1,285,405 | 79,228 | (2,813,726 | ) | 594,039 | ||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 2,745,660 | $ | 4,219,230 | $ | 2,920,172 | $ | 156,440 | $ | (7,315,832 | ) | $ | 2,725,670 | ||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
(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 | $ | 24,644 | $ | — | $ | — | $ | 3,687 | $ | — | $ | 28,331 | |||||||||||||
Accounts receivable, net | 473 | 14,245 | 45,885 | 4,447 | — | 65,050 | |||||||||||||||||||
Inventories | — | 14,357 | 46,309 | 5,930 | (1,010 | ) | 65,586 | ||||||||||||||||||
Deferred income tax assets | 260 | 925 | 4,914 | 445 | — | 6,544 | |||||||||||||||||||
Prepaid expenses and other current assets | 8,004 | 113 | 2,898 | 659 | — | 11,674 | |||||||||||||||||||
Total current assets | 33,381 | 29,640 | 100,006 | 15,168 | (1,010 | ) | 177,185 | ||||||||||||||||||
Property and equipment, net | 8,966 | 112 | 226 | 293 | — | 9,597 | |||||||||||||||||||
Goodwill | — | 66,007 | 101,540 | 23,364 | — | 190,911 | |||||||||||||||||||
Intangible assets, net | — | 192,861 | 1,169,943 | 32,013 | — | 1,394,817 | |||||||||||||||||||
Other long-term assets | — | 23,153 | — | — | — | 23,153 | |||||||||||||||||||
Intercompany receivable | 655,146 | 1,824,482 | 656,759 | 13,595 | (3,149,982 | ) | — | ||||||||||||||||||
Investment in subsidiary | 1,497,357 | 749,947 | 34,562 | — | (2,281,866 | ) | — | ||||||||||||||||||
Total Assets | $ | 2,194,850 | $ | 2,886,202 | $ | 2,063,036 | $ | 84,433 | $ | (5,432,858 | ) | $ | 1,795,663 | ||||||||||||
Liabilities and Stockholders' Equity | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Accounts payable | $ | 4,416 | $ | 7,658 | $ | 33,553 | $ | 2,659 | $ | — | $ | 48,286 | |||||||||||||
Accrued interest payable | — | 9,626 | — | — | — | 9,626 | |||||||||||||||||||
Other accrued liabilities | 7,728 | 2,117 | 13,443 | 3,158 | — | 26,446 | |||||||||||||||||||
Total current liabilities | 12,144 | 19,401 | 46,996 | 5,817 | — | 84,358 | |||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||
Principal amount | — | 937,500 | — | — | — | 937,500 | |||||||||||||||||||
Less unamortized discount | — | (3,086 | ) | — | — | — | (3,086 | ) | |||||||||||||||||
Long-term debt, net of unamortized discount | — | 934,414 | — | — | — | 934,414 | |||||||||||||||||||
Deferred income tax liabilities | — | 56,827 | 156,327 | 50 | — | 213,204 | |||||||||||||||||||
Other long-term liabilities | — | — | — | 327 | — | 327 | |||||||||||||||||||
Intercompany payable | 1,619,346 | 451,497 | 1,037,105 | 42,034 | (3,149,982 | ) | — | ||||||||||||||||||
Total Liabilities | 1,631,490 | 1,462,139 | 1,240,428 | 48,228 | (3,149,982 | ) | 1,232,303 | ||||||||||||||||||
Stockholders' Equity | |||||||||||||||||||||||||
Common stock | 520 | — | — | — | — | 520 | |||||||||||||||||||
Additional paid-in capital | 414,387 | 1,280,945 | 681,503 | 23,815 | (1,986,263 | ) | 414,387 | ||||||||||||||||||
Treasury stock, at cost - 206 shares | (1,431 | ) | — | — | — | — | (1,431 | ) | |||||||||||||||||
Accumulated other comprehensive income (loss), net of tax | 739 | 739 | 739 | 739 | (2,217 | ) | 739 | ||||||||||||||||||
Retained earnings (accumulated deficit) | 149,145 | 142,379 | 140,366 | 11,651 | (294,396 | ) | 149,145 | ||||||||||||||||||
Total Stockholders' Equity | 563,360 | 1,424,063 | 822,608 | 36,205 | (2,282,876 | ) | 563,360 | ||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 2,194,850 | $ | 2,886,202 | $ | 2,063,036 | $ | 84,433 | $ | (5,432,858 | ) | $ | 1,795,663 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||
Six Months Ended September 30, 2014 | |||||||||||||||||||||||||
(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) | $ | 33,195 | $ | 33,131 | $ | 20,826 | $ | 911 | $ | (54,868 | ) | $ | 33,195 | ||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||||||||
Depreciation and amortization | 1,512 | 290 | 4,818 | 195 | — | 6,815 | |||||||||||||||||||
Deferred income taxes | (879 | ) | 1,351 | 11,084 | (60 | ) | — | 11,496 | |||||||||||||||||
Amortization of deferred financing costs | 2,398 | 2,398 | |||||||||||||||||||||||
Stock-based compensation costs | 3,403 | 3,403 | |||||||||||||||||||||||
Amortization of debt discount | 687 | 687 | |||||||||||||||||||||||
Loss on sale of assets | — | 56 | 56 | ||||||||||||||||||||||
Equity in income of subsidiaries | (33,256 | ) | (20,723 | ) | (911 | ) | — | 54,890 | — | ||||||||||||||||
Changes in operating assets and liabilities, net of effects from acquisitions: | |||||||||||||||||||||||||
Accounts receivable | 466 | (107 | ) | (4,496 | ) | (4,226 | ) | — | (8,363 | ) | |||||||||||||||
Inventories | — | 4,691 | 1,857 | 738 | (22 | ) | 7,264 | ||||||||||||||||||
Prepaid expenses and other current assets | 5,163 | (241 | ) | (1,718 | ) | (90 | ) | — | 3,114 | ||||||||||||||||
Accounts payable | (2,332 | ) | 1,850 | (6,997 | ) | 1,832 | — | (5,647 | ) | ||||||||||||||||
Accrued liabilities | (1,321 | ) | 3,313 | (701 | ) | 1,349 | — | 2,640 | |||||||||||||||||
Net cash provided by operating activities | 5,951 | 26,640 | 23,762 | 705 | — | 57,058 | |||||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Purchases of property and equipment | (1,127 | ) | (87 | ) | (166 | ) | (1,380 | ) | |||||||||||||||||
Proceeds from the sale of business | — | — | 18,500 | — | — | 18,500 | |||||||||||||||||||
Acquisition of Insight Pharmaceuticals, less cash acquired | — | — | (749,666 | ) | — | (749,666 | ) | ||||||||||||||||||
Acquisition of Hydralyte | — | — | — | (77,991 | ) | — | (77,991 | ) | |||||||||||||||||
Intercompany activity, net | (809,157 | ) | 731,166 | 77,991 | — | ||||||||||||||||||||
Net cash used in investing activities | (1,127 | ) | (809,157 | ) | (87 | ) | (166 | ) | — | (810,537 | ) | ||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Term loan borrowings | 720,000 | 720,000 | |||||||||||||||||||||||
Term loan repayments | — | (25,000 | ) | — | — | — | (25,000 | ) | |||||||||||||||||
Repayments under revolving credit agreement | — | (58,500 | ) | — | — | — | (58,500 | ) | |||||||||||||||||
Borrowings under revolving credit agreement | — | 124,600 | — | — | — | 124,600 | |||||||||||||||||||
Payment of deferred financing costs | — | (16,072 | ) | — | — | — | (16,072 | ) | |||||||||||||||||
Proceeds from exercise of stock options | 2,757 | — | — | — | — | 2,757 | |||||||||||||||||||
Proceeds from exercise of restricted stock exercises | 57 | — | — | — | — | 57 | |||||||||||||||||||
Excess tax benefits from share-based awards | 1,030 | — | — | — | — | 1,030 | |||||||||||||||||||
Fair value of shares surrendered as payment of tax withholding | (1,660 | ) | — | — | — | — | (1,660 | ) | |||||||||||||||||
Intercompany activity, net | (21,187 | ) | 37,489 | (18,641 | ) | 2,339 | — | — | |||||||||||||||||
Net cash provided by (used in) financing activities | (19,003 | ) | 782,517 | (18,641 | ) | 2,339 | — | 747,212 | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (316 | ) | — | (316 | ) | |||||||||||||||||
(Decrease) increase in cash and cash equivalents | (14,179 | ) | — | 5,034 | 2,562 | — | (6,583 | ) | |||||||||||||||||
Cash and cash equivalents - beginning of period | 24,644 | — | — | 3,687 | — | 28,331 | |||||||||||||||||||
Cash and cash equivalents - end of period | $ | 10,465 | $ | — | $ | 5,034 | $ | 6,249 | $ | — | $ | 21,748 | |||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||
Six Months Ended September 30, 2013 | |||||||||||||||||||||||||
(In thousands) | Prestige Brands Holdings, Inc. | Prestige | Combined Subsidiary Guarantors | Combined Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||
Brands, | |||||||||||||||||||||||||
Inc., | |||||||||||||||||||||||||
the issuer | |||||||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net income (loss) | $ | 53,484 | $ | 47,349 | $ | 38,003 | $ | 1,867 | $ | (87,219 | ) | $ | 53,484 | ||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||||||||
Depreciation and amortization | 1,034 | 285 | 5,184 | 59 | — | 6,562 | |||||||||||||||||||
Deferred income taxes | (14 | ) | (642 | ) | 5,011 | — | — | 4,355 | |||||||||||||||||
Amortization of deferred financing costs | — | 1,975 | — | — | — | 1,975 | |||||||||||||||||||
Stock-based compensation costs | 2,487 | — | — | — | — | 2,487 | |||||||||||||||||||
Amortization of debt discount | — | 798 | — | — | — | 798 | |||||||||||||||||||
Gain on sale of assets | — | — | (3 | ) | — | — | (3 | ) | |||||||||||||||||
Equity in income of subsidiaries | (50,199 | ) | (35,152 | ) | (1,868 | ) | — | 87,219 | — | ||||||||||||||||
Changes in operating assets and liabilities, net of effects from acquisitions: | |||||||||||||||||||||||||
Accounts receivable | (112 | ) | 996 | (5,323 | ) | (1,273 | ) | — | (5,712 | ) | |||||||||||||||
Inventories | — | (1,975 | ) | 3,073 | (277 | ) | — | 821 | |||||||||||||||||
Prepaid expenses and other current assets | 2,656 | (147 | ) | (787 | ) | 493 | 404 | 2,619 | |||||||||||||||||
Accounts payable | (517 | ) | (1,296 | ) | (1,473 | ) | 2,161 | — | (1,125 | ) | |||||||||||||||
Accrued liabilities | (6,218 | ) | 177 | (3,011 | ) | (1,207 | ) | (404 | ) | (10,663 | ) | ||||||||||||||
Net cash provided by operating activities | 2,601 | 12,368 | 38,806 | 1,823 | — | 55,598 | |||||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Purchases of property and equipment | (2,216 | ) | — | — | (103 | ) | — | (2,319 | ) | ||||||||||||||||
Proceeds from 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 (used in) provided by investing activities | (2,216 | ) | (55,215 | ) | 3 | (103 | ) | — | (57,531 | ) | |||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Term loan repayments | — | (7,500 | ) | — | — | — | (7,500 | ) | |||||||||||||||||
Repayments under revolving credit agreement | — | (35,500 | ) | — | — | — | (35,500 | ) | |||||||||||||||||
Borrowings under revolving credit agreement | — | 50,000 | — | — | — | 50,000 | |||||||||||||||||||
Payment of deferred financing costs | — | (275 | ) | — | — | — | (275 | ) | |||||||||||||||||
Proceeds from exercise of stock options | 5,143 | — | — | — | — | 5,143 | |||||||||||||||||||
Excess tax benefits from share-based awards | 1,350 | — | — | — | — | 1,350 | |||||||||||||||||||
Fair value of shares surrendered as payment of tax withholding | (278 | ) | — | — | — | — | (278 | ) | |||||||||||||||||
Intercompany activity, net | 2,347 | 36,122 | (38,809 | ) | 340 | — | — | ||||||||||||||||||
Net cash provided by (used in) financing activities | 8,562 | 42,847 | (38,809 | ) | 340 | — | 12,940 | ||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 156 | — | 156 | |||||||||||||||||||
Increase in cash and cash equivalents | 8,947 | — | — | 2,216 | — | 11,163 | |||||||||||||||||||
Cash and cash equivalents - beginning of period | 14,720 | — | — | 950 | — | 15,670 | |||||||||||||||||||
Cash and cash equivalents - end of period | $ | 23,667 | $ | — | $ | — | $ | 3,166 | $ | — | $ | 26,833 | |||||||||||||
Business_and_Basis_of_Presenta3
Business and Basis of Presentation (Property and Equipment) (Details) | 6 Months Ended | |
Sep. 30, 2014 | ||
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) | 6 Months Ended |
Sep. 30, 2014 | |
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 | 6 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
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, warehousing and handling costs | $9.40 | $9.10 | $17.10 | $15.70 |
Acquisitions_Allocation_of_Ass
Acquisitions Allocation of Assets Acquired and Liabilities Assumed(Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 03, 2014 | Apr. 30, 2014 | Jul. 02, 2013 |
In Thousands, unless otherwise specified | Insight Pharmaceuticals | Hydralyte | Care Pharma | ||
Purchase Price | ' | ' | ' | ' | ' |
Cash acquired | ' | ' | $3,507 | ' | $1,546 |
Accounts receivable | ' | ' | 25,784 | ' | 1,658 |
Inventories | ' | ' | 23,559 | 1,970 | 2,465 |
Deferred income tax assets - current | ' | ' | 860 | ' | 283 |
Prepaids and other current assets | ' | ' | 1,407 | ' | 647 |
Property, plant and equipment | ' | ' | 2,308 | 1,267 | 163 |
Goodwill | 293,993 | 190,911 | 103,255 | 1,224 | 23,122 |
Intangible Assets | ' | ' | 724,374 | 73,580 | 31,502 |
Total assets acquired | ' | ' | 885,054 | 78,041 | 61,386 |
Accounts payable | ' | ' | 16,079 | ' | 1,537 |
Accrued expenses | ' | ' | 8,003 | 38 | 2,788 |
Deferred income tax liabilities - long term | ' | ' | 107,799 | ' | ' |
Other long term liabilities | ' | ' | ' | 12 | 300 |
Total liabilities assumed | ' | ' | 131,881 | 50 | 4,625 |
Net assets acquired | ' | ' | $753,173 | $77,991 | $56,761 |
Acquisitions_Narrative_Details
Acquisitions Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 03, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 03, 2014 | Sep. 03, 2014 | Sep. 03, 2014 | Sep. 03, 2014 | Apr. 30, 2014 | Sep. 30, 2014 | Jul. 02, 2013 | |
Insight Pharmaceuticals | Insight Pharmaceuticals | Insight Pharmaceuticals | Insight Pharmaceuticals | Insight Pharmaceuticals | Insight Pharmaceuticals | Insight Pharmaceuticals | Hydralyte | Care Pharma | Care Pharma | ||||||
brand | Intangible assets | Inventory | Property, plant and equipment | ||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price of acquisition | ' | ' | ' | ' | ' | $753,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of pharmaceutical brands acquired as a result of acquisition | ' | ' | ' | ' | ' | 27 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of brands sold | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-amortizable intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 599,600,000 | ' | ' | ' | ' | ' | 29,800,000 |
Amortizable intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 124,800,000 | ' | ' | ' | ' | ' | 1,700,000 |
Purchased amortizable intangible assets, weighted average useful life | ' | ' | ' | ' | ' | ' | '16 years 2 months 12 days | ' | ' | ' | ' | ' | ' | '15 years 1 month 6 days | ' |
Purchased amortizable intangible assets, weighted average remaining period | ' | ' | '14 years 6 months | ' | ' | ' | '16 years 1 month 12 days | ' | ' | ' | ' | ' | ' | '13 years 0 months 22 days | ' |
Goodwill | 293,993,000 | ' | 293,993,000 | ' | 190,911,000 | ' | ' | ' | 103,255,000 | ' | ' | ' | 1,224,000 | ' | 23,122,000 |
Revenues of acquired business | ' | ' | ' | ' | ' | ' | 12,700,000 | 12,700,000 | ' | ' | ' | ' | ' | ' | ' |
Net income | 16,463,000 | 32,792,000 | 33,195,000 | 53,484,000 | ' | ' | 2,000,000 | 3,200,000 | ' | ' | ' | ' | ' | ' | ' |
Value of assets sold on acquisition date, excluded from purchase price | ' | ' | ' | ' | ' | ' | ' | ' | $18,500,000 | $17,700,000 | $600,000 | $200,000 | ' | ' | ' |
Acquisitions_Pro_Forma_Informa
Acquisitions Pro Forma Information (Details) (Insight Pharmaceuticals, USD $) | 6 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Insight Pharmaceuticals | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Revenues | $393,140 | $389,490 |
Net income | $37,957 | $53,511 |
Earnings per share: | ' | ' |
Basic EPS (in dollars per share) | $0.73 | $1.04 |
Diluted EPS (in dollars per share) | $0.72 | $1.03 |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable, gross | $110,119 | $74,992 |
Less allowances for discounts, returns and uncollectible accounts | -11,475 | -9,942 |
Accounts receivable, net | 98,644 | 65,050 |
Trade Accounts Receivable | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable, gross | 107,943 | 73,632 |
Other Receivables | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable, gross | $2,176 | $1,360 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
Inventory Disclosure [Abstract] | ' | ' |
Packaging and raw materials | $3,929,000 | $3,099,000 |
Work in process | 3,456,000 | 0 |
Finished goods | 75,490,000 | 62,487,000 |
Inventories | 82,875,000 | 65,586,000 |
Inventory valuation reserves related to obsolete and slow-moving inventory | $4,800,000 | $1,100,000 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | |
Components of Property and Equipment | ' | ' | ' | ' | ' |
Property and equipment, gross | $21,954,000 | ' | $21,954,000 | ' | $17,442,000 |
Accumulated depreciation | -9,534,000 | ' | -9,534,000 | ' | -7,845,000 |
Property and equipment, net | 12,420,000 | ' | 12,420,000 | ' | 9,597,000 |
Depreciation | 900,000 | 500,000 | 1,600,000 | 1,100,000 | ' |
Machinery | ' | ' | ' | ' | ' |
Components of Property and Equipment | ' | ' | ' | ' | ' |
Property and equipment, gross | 4,245,000 | ' | 4,245,000 | ' | 1,927,000 |
Computer equipment and software | ' | ' | ' | ' | ' |
Components of Property and Equipment | ' | ' | ' | ' | ' |
Property and equipment, gross | 10,183,000 | ' | 10,183,000 | ' | 8,923,000 |
Furniture and fixtures | ' | ' | ' | ' | ' |
Components of Property and Equipment | ' | ' | ' | ' | ' |
Property and equipment, gross | 2,703,000 | ' | 2,703,000 | ' | 1,858,000 |
Leasehold improvements | ' | ' | ' | ' | ' |
Components of Property and Equipment | ' | ' | ' | ' | ' |
Property and equipment, gross | $4,823,000 | ' | $4,823,000 | ' | $4,734,000 |
Goodwill_Details
Goodwill (Details) (USD $) | 6 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 03, 2014 | Apr. 30, 2014 |
business | North American OTC Healthcare | International OTC Healthcare | Household Cleaning | Insight Pharmaceuticals | Hydralyte | |
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | ' |
Balance — March 31, 2014 | $190,911 | $160,157 | $23,365 | $7,389 | $103,255 | $1,224 |
Additions | 104,478 | 103,254 | 1,224 | 0 | ' | ' |
Effects of foreign currency exchange rates | -1,396 | 0 | -1,396 | 0 | ' | ' |
Balance — September 30, 2014 | $293,993 | $263,411 | $23,193 | $7,389 | $103,255 | $1,224 |
Number of acquisitions | 2 | ' | ' | ' | ' | ' |
Intangible_Assets_Schedule_of_
Intangible Assets Schedule of Reconciliation of Activity Affecting Intangible Assets (Details) (USD $) | 3 Months Ended | 6 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 |
Indefinite-Lived Intangible Assets [Abstract] | ' | ' | ' |
Indefinite Lived Trademarks, ending balance | $1,941,058 | $1,941,058 | ' |
Finite-lived Intangible Assets, Accumulated Amortization [Abstract] | ' | ' | ' |
Intangible assets, accumulated amortization, additions | 2,800 | 5,064 | ' |
Finite Lived Trademarks, accumulated amortization, effects of foreign exchange rates | ' | -9 | ' |
Intangible Assets, Gross [Abstract] | ' | ' | ' |
Totals, gross, beginning balance | ' | 1,478,618 | ' |
Totals, additions | ' | 797,954 | ' |
Totals, reductions | ' | -17,674 | ' |
Totals, effects of foreign currency exchange rate | ' | -6,095 | ' |
Totals, gross, ending balance | 2,252,803 | 2,252,803 | ' |
Intangible Assets, Accumulated Amortization [Abstract] | ' | ' | ' |
Totals, accumulated amortization, beginning balance | ' | 83,801 | ' |
Intangible assets, accumulated amortization, additions | 2,800 | 5,064 | ' |
Totals, accumulated amortization, ending balance | 88,856 | 88,856 | ' |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ' |
Intangible assets, net | 222,889 | 222,889 | ' |
Intangible Assets, Net [Abstract] | ' | ' | ' |
Intangible assets, net (excluding goodwill) | 2,163,947 | 2,163,947 | 1,394,817 |
North American OTC Healthcare | ' | ' | ' |
Indefinite-Lived Intangible Assets [Abstract] | ' | ' | ' |
Indefinite Lived Trademarks, ending balance | 1,723,498 | 1,723,498 | ' |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ' |
Intangible assets, net | 196,145 | 196,145 | ' |
Intangible Assets, Net [Abstract] | ' | ' | ' |
Intangible assets, net (excluding goodwill) | 1,919,643 | 1,919,643 | ' |
International OTC Healthcare | ' | ' | ' |
Indefinite-Lived Intangible Assets [Abstract] | ' | ' | ' |
Indefinite Lived Trademarks, ending balance | 97,740 | 97,740 | ' |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ' |
Intangible assets, net | 1,449 | 1,449 | ' |
Intangible Assets, Net [Abstract] | ' | ' | ' |
Intangible assets, net (excluding goodwill) | 99,189 | 99,189 | ' |
Household Cleaning | ' | ' | ' |
Indefinite-Lived Intangible Assets [Abstract] | ' | ' | ' |
Indefinite Lived Trademarks, ending balance | 119,820 | 119,820 | ' |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ' |
Intangible assets, net | 25,295 | 25,295 | ' |
Intangible Assets, Net [Abstract] | ' | ' | ' |
Intangible assets, net (excluding goodwill) | 145,115 | 145,115 | ' |
Indefinite Lived Trademarks | ' | ' | ' |
Indefinite-Lived Intangible Assets [Abstract] | ' | ' | ' |
Indefinite Lived Trademarks, beginning balance | ' | 1,273,878 | ' |
Indefinite-lived Intangible Assets Acquired | ' | 673,180 | ' |
Indefinite Lived Trademarks, reductions | ' | 0 | ' |
Indefinite Lived Trademarks, effects of foreign currency exchange rate | ' | -6,000 | ' |
Indefinite Lived Trademarks, ending balance | 1,941,058 | 1,941,058 | ' |
Finite Lived Trademarks | ' | ' | ' |
Finite-Lived Intangible Assets, Gross [Abstract] | ' | ' | ' |
Finite Lived Trademarks, beginning balance | ' | 204,740 | ' |
Finite Lived Trademarks, additions | ' | 124,774 | ' |
Finite Lived Trademarks, reductions | ' | -17,674 | ' |
Finite Lived Trademarks, effects of foreign currency exchange rate | ' | -95 | ' |
Finite Lived Trademarks, ending balance | 311,745 | 311,745 | ' |
Finite-lived Intangible Assets, Accumulated Amortization [Abstract] | ' | ' | ' |
Finite Lived Trademarks, accumulated amortization, beginning balance | ' | 83,801 | ' |
Intangible assets, accumulated amortization, additions | ' | 5,064 | ' |
Finite Lived Trademarks, accumulated amortization, effects of foreign exchange rates | ' | -9 | ' |
Finite Lived Trademarks, accumulated amortization, ending balance | 88,856 | 88,856 | ' |
Intangible Assets, Accumulated Amortization [Abstract] | ' | ' | ' |
Intangible assets, accumulated amortization, additions | ' | 5,064 | ' |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ' |
Intangible assets, net | $222,889 | $222,889 | ' |
Intangible_Assets_Narrative_De
Intangible Assets Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 03, 2014 | Sep. 30, 2014 | Sep. 03, 2014 | Apr. 30, 2014 | |
business | Minimum | Maximum | Insight Pharmaceuticals | Insight Pharmaceuticals | Insight Pharmaceuticals | Hydralyte | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of acquisitions | ' | 2 | ' | ' | ' | ' | ' | ' |
Intangible Assets | ' | ' | ' | ' | ' | ' | $724,374,000 | $73,580,000 |
Acquired intangible assets sold on acquisition date | ' | ' | ' | ' | 17,700,000 | ' | ' | ' |
Weighted average remaining life for finite-lived intangible assets | ' | '14 years 6 months | ' | ' | ' | '16 years 1 month 12 days | ' | ' |
Amortization of Intangible Assets | $2,800,000 | $5,064,000 | ' | ' | ' | ' | ' | ' |
Intangible assets, useful lives | ' | ' | '3 years | '30 years | ' | ' | ' | ' |
Intangible_Assets_Expected_Amo
Intangible Assets Expected Amortization Expense (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' |
2015 (Remaining six months ending March 31, 2015) | $7,740 |
2016 | 15,554 |
2017 | 15,554 |
2018 | 15,554 |
2019 | 15,554 |
Thereafter | 152,933 |
Intangible assets, net | $222,889 |
Other_Accrued_Liabilities_Deta
Other Accrued Liabilities (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Accrued marketing costs | $16,187 | $11,812 |
Accrued compensation costs | 5,129 | 6,232 |
Accrued broker commissions | 851 | 1,019 |
Income taxes payable | 1,186 | 1,854 |
Accrued professional fees | 2,344 | 2,002 |
Deferred rent | 1,109 | 1,258 |
Accrued production costs | 3,364 | 1,506 |
Other accrued liabilities | 3,916 | 763 |
Total other accrued liabilities | $34,086 | $26,446 |
LongTerm_Debt_2012_Senior_Note
Long-Term Debt (2012 Senior Notes) (Details) (USD $) | Dec. 17, 2013 | Jan. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Percentage of subsidiary owned | 100.00% | 100.00% |
2012 Senior Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt issuance costs capitalized | ' | 12,600,000 |
Senior Notes | 2012 Senior Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument, face amount | ' | 250,000,000 |
Debt instrument, stated interest rate | ' | 8.13% |
LongTerm_Debt_2012_Term_Loan_a
Long-Term Debt (2012 Term Loan and 2012 ABL Revolver) (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 | Dec. 17, 2013 | Jan. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Sep. 30, 2014 | Mar. 31, 2013 | Feb. 21, 2013 | Sep. 03, 2014 | Sep. 30, 2014 | Sep. 03, 2014 | Jan. 31, 2012 | Jan. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 03, 2014 | Feb. 21, 2013 | Sep. 03, 2014 | Sep. 03, 2014 | Jan. 31, 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 | Jan. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 |
Term Loan and ABL Revolver 2012 | Term Loans | Term Loans | Term Loans | Term Loans | Term Loans | Term Loans | Term B-2 | Term B-2 | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | LIBOR | LIBOR | LIBOR | LIBOR | Base Rate | Base Rate | Base Rate | Base Rate | Base Rate | Base Rate | Minimum | Minimum | Minimum | Maximum | Maximum | |||||
2012 Term Loan | 2012 Term Loan | 2012 Term Loan | Amendment 1 2012 Term Loan | Amendment 1 2012 Term Loan | Amendment 2 2012 Term Loan | Amendment 2 2012 Term Loan | Amendment 2 2012 Term Loan | 2012 ABL Revolver | 2012 ABL Revolver | 2012 ABL Revolver | 2012 ABL Revolver | 2012 ABL Revolver Amendment 3 | Term Loans | Term Loans | Term B-2 | Revolving Credit Facility | Term Loans | Revolving Credit Facility | Federal Funds Rate | Federal Funds Rate | LIBOR | LIBOR | LIBOR | LIBOR | Base Rate | LIBOR | Base Rate | ||||||
Amendment 1 2012 Term Loan | Amendment 2 2012 Term Loan | Amendment 2 2012 Term Loan | 2012 ABL Revolver | 2012 Term Loan | 2012 ABL Revolver | Term Loans | Revolving Credit Facility | Term Loans | Revolving Credit Facility | Term Loans | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | |||||||||||||||||||
2012 Term Loan | 2012 ABL Revolver | 2012 Term Loan | 2012 ABL Revolver | 2012 Term Loan | 2012 ABL Revolver | 2012 ABL Revolver | 2012 ABL Revolver | 2012 ABL Revolver | |||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | $660,000,000 | ' | ' | ' | ' | $720,000,000 | $720,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity term | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | 135,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, increase in borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,000,000 | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate, increase (decrease) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, discount, percentage | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of long-term debt | ' | ' | ' | ' | ' | ' | 650,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance costs capitalized | ' | ' | ' | ' | 20,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of subsidiary owned | ' | ' | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | 3.13% | 3.50% | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' |
Debt instrument, reference rate floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.00% | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, quarterly payment, percent of original principal amount | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, step down interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current portion of long term debt | $7,200,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, basis spread on variable rate, fixed component | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | 0.50% | 0.50% | 1.00% | 1.00% | ' | ' | ' | ' | ' |
Debt instrument, average interest rate during period | ' | ' | ' | ' | ' | ' | ' | 4.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, conditional variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 1.00% | 2.25% | 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_2013_Senior_Note
Long-Term Debt (2013 Senior Notes) (Details) (USD $) | Dec. 17, 2013 | Jan. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Percentage of subsidiary owned | 100.00% | 100.00% |
Senior Notes | 2013 Senior Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument, face amount | 400,000,000 | ' |
Debt instrument, stated interest rate | 5.38% | ' |
Debt issuance costs capitalized | 7,200,000 | ' |
LongTerm_Debt_Redemptions_and_
Long-Term Debt (Redemptions and Restrictions) (Details) (USD $) | 6 Months Ended | 6 Months Ended | ||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jan. 31, 2012 | Jan. 31, 2012 | Jan. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Senior Notes | Senior Notes | Term Loans | 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 | Revolving Credit Facility | ||||
2012 Senior Notes | 2013 Senior Notes | 2012 Term Loan | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | 2012 ABL Revolver | ||||
2012 Senior Notes | 2012 Senior Notes | 2012 Senior Notes | 2013 Senior Notes | 2013 Senior Notes | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, redemption price, percentage of principal amount | ' | ' | ' | ' | 101.00% | ' | 100.00% | 108.13% | 101.00% | 100.00% | 105.38% | ' |
Debt instrument, percentage of principal amount eligible for redemption | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | 35.00% | ' | ' |
Unamortized debt issuance costs | $32,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, unamortized discount | 6,289,000 | ' | 3,086,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized debt issuance expense and discount | ' | ' | ' | 9,400,000 | 6,600,000 | 21,800,000 | ' | ' | ' | ' | ' | 1,400,000 |
Repayments of long-term debt | $25,000,000 | $7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $66,100,000 |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt (Schedule of Long-term Debt) (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term debt, gross | $1,698,600 | $937,500 |
Current portion of long-term debt | 7,200 | 0 |
Principal amount | 1,691,400 | 937,500 |
Less: unamortized discount | -6,289 | -3,086 |
Long-term debt, net of unamortized discount | 1,685,111 | 934,414 |
2012 ABL Revolver | Revolving Credit Facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, gross | 66,100 | 0 |
Senior Notes | 2013 Senior Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, gross | 400,000 | 400,000 |
Senior Notes | 2012 Senior Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, gross | 250,000 | 250,000 |
Term Loans | 2012 Term Loan | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, gross | 262,500 | 287,500 |
Term Loans | Amendment 2 2012 Term Loan | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, gross | $720,000 | $0 |
LongTerm_Debt_Maturities_of_Lo
Long-Term Debt (Maturities of Long-term Debt) (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2015 (remaining six months ending March 31, 2015) | $3,600 | ' |
2016 | 7,200 | ' |
2017 | 73,300 | ' |
2018 | 7,200 | ' |
2019 | 269,700 | ' |
Thereafter | 1,337,600 | ' |
Long-term debt, gross | $1,698,600 | $937,500 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2014 | Dec. 17, 2013 | Sep. 30, 2014 | Mar. 31, 2014 | Jan. 31, 2012 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Jan. 31, 2012 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 03, 2014 |
Revolving Credit Facility | 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 B-2 | Term B-2 | |
2012 ABL Revolver | 2013 Senior Notes | 2013 Senior Notes | 2013 Senior Notes | 2012 Senior Notes | 2012 Senior Notes | 2012 Senior Notes | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | 2012 Term Loan | 2012 Term Loan | 2012 Term Loan | Nonrecurring | Nonrecurring | Amendment 2 2012 Term Loan | Amendment 2 2012 Term Loan | |
Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Carrying Value | Carrying Value | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | ||||||
2013 Senior Notes | 2013 Senior Notes | 2012 Senior Notes | 2012 Senior Notes | 2012 Term Loan | 2012 Term Loan | |||||||||||||
Market Value | Market Value | Market Value | Market Value | Market Value | Market Value | |||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans payable, fair value disclosure | ' | ' | $400,000,000 | $400,000,000 | ' | $250,000,000 | $250,000,000 | $377,000,000 | $408,500,000 | $266,900,000 | $280,600,000 | ' | $262,500,000 | $287,500,000 | $261,200,000 | $288,900,000 | ' | ' |
Debt instrument, face amount | ' | 400,000,000 | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | 660,000,000 | ' | ' | ' | ' | 720,000,000 | 720,000,000 |
Debt instrument, fair value disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 718,200,000 | ' |
Line of credit, fair value disclosure | $66,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Restricted Shares | Restricted Shares | 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 | ' | ' | 13,924 | 0 | 47,664 | 10,726 |
Restricted stock acquired, average cost per share | ' | ' | ' | ' | $33.63 | $25.96 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive (Loss) Income (Components of AOCI) (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accumulated Other Comprehensive Income [Abstract] | ' | ' |
Cumulative translation adjustment | ($7,365) | $739 |
Total accumulated other comprehensive (loss) income, net of tax | ($7,365) | $739 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Numerator | ' | ' | ' | ' |
Net income | $16,463 | $32,792 | $33,195 | $53,484 |
Denominator | ' | ' | ' | ' |
Denominator for basic earnings per share — weighted average shares outstanding (in shares) | 52,088 | 51,463 | 52,023 | 51,343 |
Dilutive effect of unvested restricted common stock (including restricted stock units) and options issued to employees and directors (in shares) | 506 | 756 | 541 | 787 |
Denominator for diluted earnings per share (in shares) | 52,594 | 52,219 | 52,564 | 52,130 |
Earnings per Common Share: | ' | ' | ' | ' |
Basic net earnings per share (in USD per share) | $0.32 | $0.64 | $0.64 | $1.04 |
Diluted net earnings per share (in USD per share) | $0.31 | $0.63 | $0.63 | $1.03 |
Earnings_Per_Share_Antidilutiv
Earnings Per Share Antidilutive Securities (Details) (Outstanding Stock Awards) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Outstanding Stock Awards | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share, shares | 0.3 | 0.2 | 0.3 | 0.2 |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | |||||||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Aug. 28, 2014 | Aug. 28, 2014 | 12-May-14 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | 12-May-14 | Sep. 30, 2014 | 12-May-14 | 12-May-14 |
2005 Long-Term Incentive Plan | 2005 Long-Term Incentive Plan | Restricted Shares | Restricted Shares | Restricted Shares | Restricted Shares | Restricted Shares | Stock Options | Stock Options | Employee | Employee | Director | Group One | Group Two | ||||||
Minimum | Maximum | Minimum | Maximum | Restricted Shares | Stock Options | Restricted Shares | Restricted Shares | Restricted Shares | |||||||||||
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 arrangement by share-based payment award, number of additional shares authorized | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value (in USD per share) | $0.01 | ' | $0.01 | ' | $0.01 | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation costs charged against income | $1.50 | $1.30 | $3.40 | $2.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit recognized from share-based compensation expense | 0.5 | 0.3 | 1.2 | 0.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting period | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | '3 years | '5 years | '3 years | '5 years | '3 years | '3 years | '1 year | ' | ' |
Granted in period (in shares) | ' | ' | ' | ' | ' | ' | ' | 96,638 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,638 | 21,000 |
Percentage of stock units vesting annually | ' | ' | ' | ' | ' | ' | ' | 33.30% | ' | ' | ' | ' | ' | ' | ' | 33.30% | ' | ' | ' |
Granted, weighted-average grant-date fair value (in USD per share) | ' | ' | ' | ' | ' | ' | ' | ' | $33.30 | $30.19 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options, Additional Disclosures: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award exercisability period, from date of grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | '10 years | ' | ' | ' |
Options granted in period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 307,490 | ' | ' | ' |
Options granted, weighted-average grant-date fair value (in USD per share) | ' | ' | $15.93 | $13.94 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $33.50 | ' | ' | ' |
Options exercised, aggregate intrinsic value | ' | ' | 7.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation costs related to nonvested awards | 7.4 | ' | 7.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation costs related to nonvested awards, weighted average period for recognition | ' | ' | '1 year 0 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of vested shares | ' | ' | 4.2 | 3.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received from exercise of stock options | ' | ' | 2.8 | 5.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit realized from exercise of stock options | ' | ' | $1.80 | $1.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for issuance under the Plan | 1,200,000 | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_Restri
Share-Based Compensation Restricted Stock Units Activity) (Details) (Restricted Stock Units (RSUs), USD $) | 6 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Restricted Stock Units (RSUs) | ' | ' |
Shares | ' | ' |
Outstanding, beginning of period (in shares) | 437,500 | 421,300 |
Granted (in shares) | 104,400 | 120,600 |
Vested and issued (in shares) | 120,700 | -54,700 |
Forfeited (in shares) | -14,400 | -3,600 |
Outstanding, end of period (in shares) | 406,800 | 483,600 |
Vested, end of period (in shares) | 76,600 | 83,100 |
Weighted- Average Grant-Date Fair Value | ' | ' |
Outstanding, beginning of period, weighted-average grant-date fair value (in USD per share) | $16.76 | $11.01 |
Granted, weighted-average grant-date fair value (in USD per share) | $33.30 | $30.19 |
Vested and issued, weighted-average grant-date fair value (in USD per share) | $13.34 | $8.11 |
Forfeited, weighted-average grant-date fair value (in USD per share) | $20.78 | $13.24 |
Outstanding, end of period, weighted-average grant-date fair value (in USD per share) | $21.88 | $16.11 |
Vested, end of period, weighted-average grant-date fair value (in USD per share) | $11.62 | $9.63 |
ShareBased_Compensation_Stock_
Share-Based Compensation (Stock Option Valuation Assumptions) (Details) (Stock Options, USD $) | 6 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Stock Options | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected volatility | 47.30% | 48.00% |
Expected dividends | $0 | $0 |
Expected term in years | '6 years 0 months | '6 years 0 months |
Risk-free rate | 2.20% | 1.30% |
ShareBased_Compensation_Stock_1
Share-Based Compensation (Stock Option Activity) (Details) (USD $) | 6 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Shares | ' | ' |
Outstanding, beginning of period (in shares) | 994,900 | 1,386,400 |
Granted (in shares) | 307,500 | 227,700 |
Exercised (in shares) | -284,400 | -539,400 |
Forfeited or expired (in shares) | -32,500 | -8,000 |
Outstanding, end of period (in shares) | 985,500 | 1,066,700 |
Exercisable, end of period (in shares) | 416,000 | 225,500 |
Weighted- Average Exercise Price | ' | ' |
Outstanding, beginning of period, weighted-average exercise price (in USD per share) | $15.24 | $10.43 |
Granted, weighted-average exercise price (in USD per share) | $33.50 | $29.94 |
Exercised, weighted-average exercise price (in USD per share) | $9.70 | $9.54 |
Forfeited or expired, weighted-average exercise price (in USD per share) | $25.61 | $13.24 |
Outstanding, end of period, weighted-average exercise price (in USD per share) | $22.19 | $15.02 |
Exercisable, end of period, weighted-average exercise price (in USD per share) | $14.31 | $11.42 |
Options, Additional Disclosures: | ' | ' |
Outstanding, end of period, weighted-average remaining contractual term | '8 years | '6 years 6 months |
Exercisable, end of period, weighted-average remaining contractual term | '6 years 9 months 18 days | '7 years 8 months 12 days |
Outstanding, end of period, aggregate intrinsic value | $10,364 | $16,110 |
Exercisable, end of period, aggregate intrinsic value | $7,514 | $4,216 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Effective income tax rate | 41.90% | 12.10% | 41.20% | 24.50% | ' |
One-time benefit due to recent tax law change | ' | ' | $9.10 | ' | ' |
Net operating loss carryforwards | 78.2 | ' | 78.2 | ' | ' |
Operating loss carryforwards, limitation on use, annual amount | 33.6 | ' | 33.6 | ' | ' |
Uncertain tax liability | $1.20 | ' | $1.20 | ' | $1.20 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Future Minimum Rental Payments) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
sqft | ||||
Operating Leased Assets [Line Items] | ' | ' | ' | ' |
Additional space | ' | ' | 15,470 | ' |
2015 (Remaining six months ending March 31, 2015) | $1,203,000 | ' | $1,203,000 | ' |
2016 | 1,923,000 | ' | 1,923,000 | ' |
2017 | 1,849,000 | ' | 1,849,000 | ' |
2018 | 1,856,000 | ' | 1,856,000 | ' |
2019 | 1,864,000 | ' | 1,864,000 | ' |
Thereafter | 2,465,000 | ' | 2,465,000 | ' |
Total future minimum payments due | 11,160,000 | ' | 11,160,000 | ' |
Rent expense | 300,000 | 500,000 | 700,000 | 800,000 |
Facilities | ' | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' | ' |
2015 (Remaining six months ending March 31, 2015) | 859,000 | ' | 859,000 | ' |
2016 | 1,612,000 | ' | 1,612,000 | ' |
2017 | 1,772,000 | ' | 1,772,000 | ' |
2018 | 1,856,000 | ' | 1,856,000 | ' |
2019 | 1,864,000 | ' | 1,864,000 | ' |
Thereafter | 2,465,000 | ' | 2,465,000 | ' |
Total future minimum payments due | 10,428,000 | ' | 10,428,000 | ' |
Equipment | ' | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' | ' |
2015 (Remaining six months ending March 31, 2015) | 344,000 | ' | 344,000 | ' |
2016 | 311,000 | ' | 311,000 | ' |
2017 | 77,000 | ' | 77,000 | ' |
2018 | 0 | ' | 0 | ' |
2019 | 0 | ' | 0 | ' |
Thereafter | 0 | ' | 0 | ' |
Total future minimum payments due | $732,000 | ' | $732,000 | ' |
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 | Sep. 30, 2014 |
Third-party Manufacturing | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' |
Supply agreement, term | '10 years | ' |
2015 (Remaining six months ending March 31, 2015) | ' | $549 |
2016 | ' | 1,074 |
2017 | ' | 1,044 |
2018 | ' | 1,013 |
2019 | ' | 982 |
Thereafter | ' | 560 |
Total purchase commitment | ' | $5,222 |
Concentrations_of_Risk_Details
Concentrations of Risk (Details) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
brand | ||||
Concentration Risk [Line Items] | ' | ' | ' | ' |
Number of third-party manufacturers | 101 | 50 | 101 | 50 |
Sales | Product Concentration Risk | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Concentration risk, percentage | 40.60% | 41.80% | 41.20% | 43.00% |
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 | 17.00% | 19.20% | 18.00% | 20.40% |
Number of customers exceeding concentration risk benchmark | ' | ' | 1 | 1 |
Sales | Supplier Concentration Risk | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Concentration risk, percentage | ' | ' | 77.40% | 77.90% |
Number of third-party manufacturers with long-term contracts | ' | ' | 47 | 22 |
Accounts Receivable | Customer Concentration Risk | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Concentration risk, percentage | ' | ' | 21.50% | ' |
Business_Segments_Information_
Business Segments (Information on Operating and Reportable Segments) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information, Profit (Loss): | ' | ' | ' | ' |
Net sales | $180,005 | $165,507 | $324,546 | $307,149 |
Other revenues | 1,264 | 1,438 | 2,425 | 2,308 |
Total revenues | 181,269 | 166,945 | 326,971 | 309,457 |
Cost of sales | 78,727 | 73,723 | 142,563 | 133,211 |
Gross profit | 102,542 | 93,222 | 184,408 | 176,246 |
Advertising and promotion | 25,044 | 24,547 | 44,140 | 43,228 |
Contribution margin | 77,498 | 68,675 | 140,268 | 133,018 |
Other operating expenses | 30,980 | 14,913 | 50,947 | 29,815 |
Operating income | 46,518 | 53,762 | 89,321 | 103,203 |
Other expense | 18,193 | 16,439 | 32,846 | 32,344 |
Income before income taxes | 28,325 | 37,323 | 56,475 | 70,859 |
Provision for income taxes | 11,862 | 4,531 | 23,280 | 17,375 |
Net income | 16,463 | 32,792 | 33,195 | 53,484 |
Geographic Concentration Risk | Sales | ' | ' | ' | ' |
Geographic Areas, Revenues from External Customers [Abstract] | ' | ' | ' | ' |
Concentration risk, percentage | ' | 10.00% | ' | ' |
Geographic Concentration Risk | Sales | United States | ' | ' | ' | ' |
Geographic Areas, Revenues from External Customers [Abstract] | ' | ' | ' | ' |
Concentration risk, percentage | 82.70% | 86.90% | 83.50% | 87.80% |
Geographic Concentration Risk | Sales | Canada | ' | ' | ' | ' |
Geographic Areas, Revenues from External Customers [Abstract] | ' | ' | ' | ' |
Concentration risk, percentage | 7.40% | 7.20% | 6.60% | 7.60% |
Geographic Concentration Risk | Sales | Australia | ' | ' | ' | ' |
Geographic Areas, Revenues from External Customers [Abstract] | ' | ' | ' | ' |
Concentration risk, percentage | ' | 8.10% | 7.60% | ' |
Geographic Concentration Risk | Goodwill and Intangible Assets | United States | ' | ' | ' | ' |
Geographic Areas, Revenues from External Customers [Abstract] | ' | ' | ' | ' |
Concentration risk, percentage | ' | ' | 95.00% | ' |
Geographic Concentration Risk | Goodwill and Intangible Assets | Australia | ' | ' | ' | ' |
Geographic Areas, Revenues from External Customers [Abstract] | ' | ' | ' | ' |
Concentration risk, percentage | ' | ' | 5.00% | ' |
North American OTC Healthcare | ' | ' | ' | ' |
Segment Reporting Information, Profit (Loss): | ' | ' | ' | ' |
Net sales | 137,428 | 132,125 | 247,685 | 251,061 |
Other revenues | 150 | 150 | 327 | 300 |
Total revenues | 137,578 | 132,275 | 248,012 | 251,361 |
Cost of sales | 52,185 | 50,987 | 94,526 | 94,533 |
Gross profit | 85,393 | 81,288 | 153,486 | 156,828 |
Advertising and promotion | 21,442 | 22,547 | 37,794 | 40,097 |
Contribution margin | 63,951 | 58,741 | 115,692 | 116,731 |
International OTC Healthcare | ' | ' | ' | ' |
Segment Reporting Information, Profit (Loss): | ' | ' | ' | ' |
Net sales | 17,331 | 9,008 | 31,022 | 12,422 |
Other revenues | 23 | 7 | 58 | 14 |
Total revenues | 17,354 | 9,015 | 31,080 | 12,436 |
Cost of sales | 6,595 | 4,338 | 11,679 | 5,803 |
Gross profit | 10,759 | 4,677 | 19,401 | 6,633 |
Advertising and promotion | 3,035 | 1,446 | 5,375 | 1,710 |
Contribution margin | 7,724 | 3,231 | 14,026 | 4,923 |
Household Cleaning | ' | ' | ' | ' |
Segment Reporting Information, Profit (Loss): | ' | ' | ' | ' |
Net sales | 25,246 | 24,374 | 45,839 | 43,666 |
Other revenues | 1,091 | 1,281 | 2,040 | 1,994 |
Total revenues | 26,337 | 25,655 | 47,879 | 45,660 |
Cost of sales | 19,947 | 18,398 | 36,358 | 32,875 |
Gross profit | 6,390 | 7,257 | 11,521 | 12,785 |
Advertising and promotion | 567 | 554 | 971 | 1,421 |
Contribution margin | 5,823 | 6,703 | 10,550 | 11,364 |
Operating Segments | ' | ' | ' | ' |
Segment Reporting Information, Profit (Loss): | ' | ' | ' | ' |
Net sales | 180,715 | 166,326 | 325,973 | 307,968 |
Operating Segments | North American OTC Healthcare | ' | ' | ' | ' |
Segment Reporting Information, Profit (Loss): | ' | ' | ' | ' |
Net sales | 138,138 | 132,944 | 249,112 | 251,880 |
Operating Segments | International OTC Healthcare | ' | ' | ' | ' |
Segment Reporting Information, Profit (Loss): | ' | ' | ' | ' |
Net sales | 17,331 | 9,008 | 31,022 | 12,422 |
Operating Segments | Household Cleaning | ' | ' | ' | ' |
Segment Reporting Information, Profit (Loss): | ' | ' | ' | ' |
Net sales | 25,246 | 24,374 | 45,839 | 43,666 |
Intersegment Eliminations | ' | ' | ' | ' |
Segment Reporting Information, Profit (Loss): | ' | ' | ' | ' |
Net sales | -710 | -819 | -1,427 | -819 |
Intersegment Eliminations | North American OTC Healthcare | ' | ' | ' | ' |
Segment Reporting Information, Profit (Loss): | ' | ' | ' | ' |
Net sales | -710 | -819 | -1,427 | -819 |
Intersegment Eliminations | International OTC Healthcare | ' | ' | ' | ' |
Segment Reporting Information, Profit (Loss): | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Household Cleaning | ' | ' | ' | ' |
Segment Reporting Information, Profit (Loss): | ' | ' | ' | ' |
Net sales | $0 | $0 | $0 | $0 |
Business_Segments_Revenue_by_P
Business Segments (Revenue by Product) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | $181,269 | $166,945 | $326,971 | $309,457 |
Analgesics | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 29,864 | 30,041 | 55,560 | 58,206 |
Cough & Cold | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 30,231 | 33,718 | 55,073 | 55,199 |
Women's Health | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 9,777 | 1,134 | 10,663 | 1,621 |
Gastrointestinal | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 26,494 | 21,996 | 49,630 | 43,765 |
Eye & Ear Care | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 25,433 | 21,003 | 50,800 | 43,595 |
Dermatologicals | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 18,146 | 18,321 | 30,949 | 33,043 |
Oral Care | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 13,061 | 13,158 | 23,310 | 24,291 |
Other OTC | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 1,926 | 1,919 | 3,107 | 4,077 |
Household Cleaning | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 26,337 | 25,655 | 47,879 | 45,660 |
North American OTC Healthcare | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 137,578 | 132,275 | 248,012 | 251,361 |
North American OTC Healthcare | Analgesics | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 29,072 | 29,343 | 54,103 | 57,479 |
North American OTC Healthcare | Cough & Cold | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 24,771 | 28,695 | 44,814 | 49,193 |
North American OTC Healthcare | Women's Health | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 9,119 | 501 | 9,487 | 988 |
North American OTC Healthcare | Gastrointestinal | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 20,896 | 21,695 | 41,534 | 43,453 |
North American OTC Healthcare | Eye & Ear Care | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 21,405 | 19,378 | 42,130 | 39,710 |
North American OTC Healthcare | Dermatologicals | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 17,459 | 17,716 | 29,720 | 32,347 |
North American OTC Healthcare | Oral Care | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 12,934 | 13,028 | 23,121 | 24,114 |
North American OTC Healthcare | Other OTC | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 1,922 | 1,919 | 3,103 | 4,077 |
North American OTC Healthcare | Household Cleaning | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 |
International OTC Healthcare | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 17,354 | 9,015 | 31,080 | 12,436 |
International OTC Healthcare | Analgesics | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 792 | 698 | 1,457 | 727 |
International OTC Healthcare | Cough & Cold | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 5,460 | 5,023 | 10,259 | 6,006 |
International OTC Healthcare | Women's Health | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 658 | 633 | 1,176 | 633 |
International OTC Healthcare | Gastrointestinal | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 5,598 | 301 | 8,096 | 312 |
International OTC Healthcare | Eye & Ear Care | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 4,028 | 1,625 | 8,670 | 3,885 |
International OTC Healthcare | Dermatologicals | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 687 | 605 | 1,229 | 696 |
International OTC Healthcare | Oral Care | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 127 | 130 | 189 | 177 |
International OTC Healthcare | Other OTC | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 4 | 0 | 4 | 0 |
International OTC Healthcare | Household Cleaning | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 |
Household Cleaning | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 26,337 | 25,655 | 47,879 | 45,660 |
Household Cleaning | Analgesics | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 |
Household Cleaning | Cough & Cold | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 |
Household Cleaning | Women's Health | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 0 | 0 | ' | 0 |
Household Cleaning | Gastrointestinal | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 |
Household Cleaning | Eye & Ear Care | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 |
Household Cleaning | Dermatologicals | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 |
Household Cleaning | Oral Care | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 |
Household Cleaning | Other OTC | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 |
Household Cleaning | Household Cleaning | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenues | $26,337 | $25,655 | $47,879 | $45,660 |
Business_Segments_Assets_by_Se
Business Segments (Assets by Segment) (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Goodwill | $293,993 | $190,911 |
Indefinite-lived intangibles | 1,941,058 | ' |
Finite-lived intangibles | 222,889 | ' |
Intangible assets, net (excluding goodwill) | 2,163,947 | 1,394,817 |
Intangible assets, net (including goodwill) | 2,457,940 | ' |
North American OTC Healthcare | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Goodwill | 263,411 | 160,157 |
Indefinite-lived intangibles | 1,723,498 | ' |
Finite-lived intangibles | 196,145 | ' |
Intangible assets, net (excluding goodwill) | 1,919,643 | ' |
Intangible assets, net (including goodwill) | 2,183,054 | ' |
International OTC Healthcare | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Goodwill | 23,193 | 23,365 |
Indefinite-lived intangibles | 97,740 | ' |
Finite-lived intangibles | 1,449 | ' |
Intangible assets, net (excluding goodwill) | 99,189 | ' |
Intangible assets, net (including goodwill) | 122,382 | ' |
Household Cleaning | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Goodwill | 7,389 | 7,389 |
Indefinite-lived intangibles | 119,820 | ' |
Finite-lived intangibles | 25,295 | ' |
Intangible assets, net (excluding goodwill) | 145,115 | ' |
Intangible assets, net (including goodwill) | $152,504 | ' |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Statements Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Prestige Brands, Inc., the issuer or the borrower | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Corrections adjustment for equity in income of subsidiaries | ($48.10) | $48.10 |
Corrections adjustment for cumulative adjustment | ' | 1 |
Prestige Brands Holdings, Inc. | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Corrections adjustment for equity in income of subsidiaries | 0.6 | 0.6 |
Eliminations | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Corrections adjustment for equity in income of subsidiaries | 47.5 | 47.5 |
Combined Subsidiary Guarantors | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Corrections adjustment for cumulative adjustment | ' | $1 |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Statements (Condensed Consolidating Statements of Income and Comprehensive Income) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues | ' | ' | ' | ' |
Net sales | $180,005 | $165,507 | $324,546 | $307,149 |
Other revenues | 1,264 | 1,438 | 2,425 | 2,308 |
Total revenues | 181,269 | 166,945 | 326,971 | 309,457 |
Cost of Sales | ' | ' | ' | ' |
Cost of sales (exclusive of depreciation shown below) | 78,727 | 73,723 | 142,563 | 133,211 |
Gross profit | 102,542 | 93,222 | 184,408 | 176,246 |
Operating Expenses | ' | ' | ' | ' |
Advertising and promotion | 25,044 | 24,547 | 44,140 | 43,228 |
General and administrative | 27,128 | 11,619 | 44,134 | 23,253 |
Depreciation and amortization | 3,852 | 3,294 | 6,813 | 6,562 |
Total operating expenses | 56,024 | 39,460 | 95,087 | 73,043 |
Operating income | 46,518 | 53,762 | 89,321 | 103,203 |
Other (income) expense | ' | ' | ' | ' |
Interest income | -15 | -25 | -47 | -28 |
Interest expense | 18,208 | 16,464 | 32,893 | 32,372 |
Equity in (income) loss of subsidiaries | 0 | 0 | 0 | 0 |
Total other (income) expense | 18,193 | 16,439 | 32,846 | 32,344 |
Income before income taxes | 28,325 | 37,323 | 56,475 | 70,859 |
Provision for income taxes | 11,862 | 4,531 | 23,280 | 17,375 |
Net income | 16,463 | 32,792 | 33,195 | 53,484 |
Comprehensive income, net of tax: | ' | ' | ' | ' |
Currency translation adjustments | -10,830 | 1,122 | -8,104 | 1,123 |
Total other comprehensive (loss) income | -10,830 | 1,122 | -8,104 | 1,123 |
Comprehensive income | 5,633 | 33,914 | 25,091 | 54,607 |
Prestige Brands Holdings, Inc. | ' | ' | ' | ' |
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 | 1,109 | 891 | 2,254 | 2,390 |
Depreciation and amortization | 870 | 517 | 1,512 | 1,034 |
Total operating expenses | 1,979 | 1,408 | 3,766 | 3,424 |
Operating income | -1,979 | -1,408 | -3,766 | -3,424 |
Other (income) expense | ' | ' | ' | ' |
Interest income | -12,245 | -12,778 | -24,378 | -24,991 |
Interest expense | 8,629 | 8,687 | 17,177 | 17,294 |
Equity in (income) loss of subsidiaries | -17,577 | -30,344 | -33,256 | -50,199 |
Total other (income) expense | -21,193 | -34,435 | -40,457 | -57,896 |
Income before income taxes | 19,214 | 33,027 | 36,691 | 54,472 |
Provision for income taxes | 2,751 | 235 | 3,496 | 988 |
Net income | 16,463 | 32,792 | 33,195 | 53,484 |
Comprehensive income, net of tax: | ' | ' | ' | ' |
Currency translation adjustments | -10,830 | 1,122 | -8,104 | 1,123 |
Total other comprehensive (loss) income | -10,830 | 1,122 | -8,104 | 1,123 |
Comprehensive income | 5,633 | 33,914 | 25,091 | 54,607 |
Prestige Brands, Inc., the issuer or the borrower | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Net sales | 27,167 | 25,237 | 52,577 | 49,386 |
Other revenues | 95 | 67 | 225 | 135 |
Total revenues | 27,262 | 25,304 | 52,802 | 49,521 |
Cost of Sales | ' | ' | ' | ' |
Cost of sales (exclusive of depreciation shown below) | 10,426 | 9,338 | 19,874 | 18,796 |
Gross profit | 16,836 | 15,966 | 32,928 | 30,725 |
Operating Expenses | ' | ' | ' | ' |
Advertising and promotion | 2,699 | 3,594 | 5,388 | 6,924 |
General and administrative | 3,441 | 1,481 | 5,914 | 3,124 |
Depreciation and amortization | 145 | 143 | 290 | 285 |
Total operating expenses | 6,285 | 5,218 | 11,592 | 10,333 |
Operating income | 10,551 | 10,748 | 21,336 | 20,392 |
Other (income) expense | ' | ' | ' | ' |
Interest income | -16,719 | -14,005 | -30,944 | -28,328 |
Interest expense | 18,208 | 16,464 | 32,893 | 32,372 |
Equity in (income) loss of subsidiaries | -9,825 | -20,599 | -20,723 | -35,152 |
Total other (income) expense | -8,336 | -18,140 | -18,774 | -31,108 |
Income before income taxes | 18,887 | 28,888 | 40,110 | 51,500 |
Provision for income taxes | 3,262 | 1,064 | 6,979 | 4,151 |
Net income | 15,625 | 27,824 | 33,131 | 47,349 |
Comprehensive income, net of tax: | ' | ' | ' | ' |
Currency translation adjustments | -10,830 | 1,122 | -8,104 | 1,123 |
Total other comprehensive (loss) income | -10,830 | 1,122 | -8,104 | 1,123 |
Comprehensive income | 4,795 | 28,946 | 25,027 | 48,472 |
Combined Subsidiary Guarantors | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Net sales | 138,336 | 132,821 | 247,234 | 249,091 |
Other revenues | 1,241 | 1,431 | 2,340 | 2,294 |
Total revenues | 139,577 | 134,252 | 249,574 | 251,385 |
Cost of Sales | ' | ' | ' | ' |
Cost of sales (exclusive of depreciation shown below) | 64,812 | 61,513 | 115,327 | 111,502 |
Gross profit | 74,765 | 72,739 | 134,247 | 139,883 |
Operating Expenses | ' | ' | ' | ' |
Advertising and promotion | 19,311 | 19,556 | 33,377 | 34,700 |
General and administrative | 20,329 | 8,358 | 29,319 | 16,815 |
Depreciation and amortization | 2,729 | 2,589 | 4,818 | 5,184 |
Total operating expenses | 42,369 | 30,503 | 67,514 | 56,699 |
Operating income | 32,396 | 42,236 | 66,733 | 83,184 |
Other (income) expense | ' | ' | ' | ' |
Interest income | -1,760 | -710 | -2,522 | -710 |
Interest expense | 20,333 | 18,093 | 38,138 | 36,021 |
Equity in (income) loss of subsidiaries | -1,870 | -1,189 | -911 | -1,868 |
Total other (income) expense | 16,703 | 16,194 | 34,705 | 33,443 |
Income before income taxes | 15,693 | 26,042 | 32,028 | 49,741 |
Provision for income taxes | 4,976 | 2,922 | 11,202 | 11,738 |
Net income | 10,717 | 23,120 | 20,826 | 38,003 |
Comprehensive income, net of tax: | ' | ' | ' | ' |
Currency translation adjustments | -10,830 | 1,122 | -8,104 | 1,123 |
Total other comprehensive (loss) income | -10,830 | 1,122 | -8,104 | 1,123 |
Comprehensive income | -113 | 24,242 | 12,722 | 39,126 |
Combined Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Net sales | 15,212 | 7,449 | 26,163 | 8,672 |
Other revenues | 436 | 668 | 838 | 1,102 |
Total revenues | 15,648 | 8,117 | 27,001 | 9,774 |
Cost of Sales | ' | ' | ' | ' |
Cost of sales (exclusive of depreciation shown below) | 5,767 | 3,600 | 9,790 | 4,136 |
Gross profit | 9,881 | 4,517 | 17,211 | 5,638 |
Operating Expenses | ' | ' | ' | ' |
Advertising and promotion | 3,034 | 1,397 | 5,375 | 1,604 |
General and administrative | 2,249 | 889 | 6,647 | 924 |
Depreciation and amortization | 108 | 45 | 193 | 59 |
Total operating expenses | 5,391 | 2,331 | 12,215 | 2,587 |
Operating income | 4,490 | 2,186 | 4,996 | 3,051 |
Other (income) expense | ' | ' | ' | ' |
Interest income | -11 | -22 | -40 | -24 |
Interest expense | 1,758 | 710 | 2,522 | 710 |
Equity in (income) loss of subsidiaries | 0 | 0 | 0 | 0 |
Total other (income) expense | 1,747 | 688 | 2,482 | 686 |
Income before income taxes | 2,743 | 1,498 | 2,514 | 2,365 |
Provision for income taxes | 873 | 310 | 1,603 | 498 |
Net income | 1,870 | 1,188 | 911 | 1,867 |
Comprehensive income, net of tax: | ' | ' | ' | ' |
Currency translation adjustments | -10,830 | 1,122 | -8,104 | 1,123 |
Total other comprehensive (loss) income | -10,830 | 1,122 | -8,104 | 1,123 |
Comprehensive income | -8,960 | 2,310 | -7,193 | 2,990 |
Eliminations | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Net sales | -710 | 0 | -1,428 | 0 |
Other revenues | -508 | -728 | -978 | -1,223 |
Total revenues | -1,218 | -728 | -2,406 | -1,223 |
Cost of Sales | ' | ' | ' | ' |
Cost of sales (exclusive of depreciation shown below) | -2,278 | -728 | -2,428 | -1,223 |
Gross profit | 1,060 | 0 | 22 | 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 | 1,060 | 0 | 22 | 0 |
Other (income) expense | ' | ' | ' | ' |
Interest income | 30,720 | 27,490 | 57,837 | 54,025 |
Interest expense | -30,720 | -27,490 | -57,837 | -54,025 |
Equity in (income) loss of subsidiaries | 29,272 | 52,132 | 54,890 | 87,219 |
Total other (income) expense | 29,272 | 52,132 | 54,890 | 87,219 |
Income before income taxes | -28,212 | -52,132 | -54,868 | -87,219 |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net income | -28,212 | -52,132 | -54,868 | -87,219 |
Comprehensive income, net of tax: | ' | ' | ' | ' |
Currency translation adjustments | 32,490 | -3,366 | 24,312 | -3,369 |
Total other comprehensive (loss) income | 32,490 | -3,366 | 24,312 | -3,369 |
Comprehensive income | $4,278 | ($55,498) | ($30,556) | ($90,588) |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Statements (Condensed Consolidating Balance Sheet) (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Ownership percentage | 100.00% | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | $21,748 | $28,331 | $26,833 | $15,670 |
Accounts receivable, net | 98,644 | 65,050 | ' | ' |
Inventories | 82,875 | 65,586 | ' | ' |
Deferred income tax assets | 9,171 | 6,544 | ' | ' |
Prepaid expenses and other current assets | 9,935 | 11,674 | ' | ' |
Total current assets | 222,373 | 177,185 | ' | ' |
Property and equipment, net | 12,420 | 9,597 | ' | ' |
Goodwill | 293,993 | 190,911 | ' | ' |
Intangible assets, net | 2,163,947 | 1,394,817 | ' | ' |
Other long-term assets | 32,937 | 23,153 | ' | ' |
Intercompany receivables | 0 | 0 | ' | ' |
Investment in subsidiary | 0 | 0 | ' | ' |
Total Assets | 2,725,670 | 1,795,663 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current portion of long term debt | 7,200 | 0 | ' | ' |
Accounts payable | 58,538 | 48,286 | ' | ' |
Accrued interest payable | 12,086 | 9,626 | ' | ' |
Other accrued liabilities | 34,086 | 26,446 | ' | ' |
Total current liabilities | 111,910 | 84,358 | ' | ' |
Long-term debt | ' | ' | ' | ' |
Principal amount | 1,691,400 | 937,500 | ' | ' |
Less unamortized discount | -6,289 | -3,086 | ' | ' |
Long-term debt, net of unamortized discount | 1,685,111 | 934,414 | ' | ' |
Deferred income tax liabilities | 334,297 | 213,204 | ' | ' |
Other long-term liabilities | 313 | 327 | ' | ' |
Intercompany payables | 0 | 0 | ' | ' |
Total Liabilities | 2,131,631 | 1,232,303 | ' | ' |
Stockholders' Equity | ' | ' | ' | ' |
Preferred share rights | 0 | ' | ' | ' |
Common stock | 524 | 520 | ' | ' |
Additional paid-in capital | 421,574 | 414,387 | ' | ' |
Treasury stock, at cost | -3,034 | -1,431 | ' | ' |
Accumulated other comprehensive (loss) income, net of tax | -7,365 | 739 | ' | ' |
Retained earnings (accumulated deficit) | 182,340 | 149,145 | ' | ' |
Total Stockholders' Equity | 594,039 | 563,360 | ' | ' |
Total Liabilities and Stockholders' Equity | 2,725,670 | 1,795,663 | ' | ' |
Prestige Brands Holdings, Inc. | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 10,465 | 24,644 | 23,667 | 14,720 |
Accounts receivable, net | 7 | 473 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Deferred income tax assets | 1,139 | 260 | ' | ' |
Prepaid expenses and other current assets | 2,841 | 8,004 | ' | ' |
Total current assets | 14,452 | 33,381 | ' | ' |
Property and equipment, net | 8,580 | 8,966 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Other long-term assets | 0 | 0 | ' | ' |
Intercompany receivables | 1,203,499 | 655,146 | ' | ' |
Investment in subsidiary | 1,519,129 | 1,497,357 | ' | ' |
Total Assets | 2,745,660 | 2,194,850 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current portion of long term debt | 0 | ' | ' | ' |
Accounts payable | 2,084 | 4,416 | ' | ' |
Accrued interest payable | 0 | 0 | ' | ' |
Other accrued liabilities | 6,407 | 7,728 | ' | ' |
Total current liabilities | 8,491 | 12,144 | ' | ' |
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 | ' | ' |
Other long-term liabilities | 0 | 0 | ' | ' |
Intercompany payables | 2,143,130 | 1,619,346 | ' | ' |
Total Liabilities | 2,151,621 | 1,631,490 | ' | ' |
Stockholders' Equity | ' | ' | ' | ' |
Preferred share rights | 0 | ' | ' | ' |
Common stock | 524 | 520 | ' | ' |
Additional paid-in capital | 421,574 | 414,387 | ' | ' |
Treasury stock, at cost | -3,034 | -1,431 | ' | ' |
Accumulated other comprehensive (loss) income, net of tax | -7,365 | 739 | ' | ' |
Retained earnings (accumulated deficit) | 182,340 | 149,145 | ' | ' |
Total Stockholders' Equity | 594,039 | 563,360 | ' | ' |
Total Liabilities and Stockholders' Equity | 2,745,660 | 2,194,850 | ' | ' |
Prestige Brands, Inc., the issuer or the borrower | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 14,352 | 14,245 | ' | ' |
Inventories | 9,666 | 14,357 | ' | ' |
Deferred income tax assets | 823 | 925 | ' | ' |
Prepaid expenses and other current assets | 354 | 113 | ' | ' |
Total current assets | 25,195 | 29,640 | ' | ' |
Property and equipment, net | 90 | 112 | ' | ' |
Goodwill | 66,007 | 66,007 | ' | ' |
Intangible assets, net | 192,593 | 192,861 | ' | ' |
Other long-term assets | 32,937 | 23,153 | ' | ' |
Intercompany receivables | 2,688,676 | 1,824,482 | ' | ' |
Investment in subsidiary | 1,213,732 | 749,947 | ' | ' |
Total Assets | 4,219,230 | 2,886,202 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current portion of long term debt | 7,200 | ' | ' | ' |
Accounts payable | 9,508 | 7,658 | ' | ' |
Accrued interest payable | 12,086 | 9,626 | ' | ' |
Other accrued liabilities | 2,970 | 2,117 | ' | ' |
Total current liabilities | 31,764 | 19,401 | ' | ' |
Long-term debt | ' | ' | ' | ' |
Principal amount | 1,691,400 | 937,500 | ' | ' |
Less unamortized discount | -6,289 | -3,086 | ' | ' |
Long-term debt, net of unamortized discount | 1,685,111 | 934,414 | ' | ' |
Deferred income tax liabilities | 58,076 | 56,827 | ' | ' |
Other long-term liabilities | 0 | 0 | ' | ' |
Intercompany payables | 995,186 | 451,497 | ' | ' |
Total Liabilities | 2,770,137 | 1,462,139 | ' | ' |
Stockholders' Equity | ' | ' | ' | ' |
Preferred share rights | 0 | ' | ' | ' |
Common stock | 0 | 0 | ' | ' |
Additional paid-in capital | 1,280,948 | 1,280,945 | ' | ' |
Treasury stock, at cost | 0 | 0 | ' | ' |
Accumulated other comprehensive (loss) income, net of tax | -7,365 | 739 | ' | ' |
Retained earnings (accumulated deficit) | 175,510 | 142,379 | ' | ' |
Total Stockholders' Equity | 1,449,093 | 1,424,063 | ' | ' |
Total Liabilities and Stockholders' Equity | 4,219,230 | 2,886,202 | ' | ' |
Combined Subsidiary Guarantors | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 5,034 | 0 | 0 | 0 |
Accounts receivable, net | 76,165 | 45,885 | ' | ' |
Inventories | 67,420 | 46,309 | ' | ' |
Deferred income tax assets | 6,743 | 4,914 | ' | ' |
Prepaid expenses and other current assets | 6,023 | 2,898 | ' | ' |
Total current assets | 161,385 | 100,006 | ' | ' |
Property and equipment, net | 2,297 | 226 | ' | ' |
Goodwill | 204,794 | 101,540 | ' | ' |
Intangible assets, net | 1,871,933 | 1,169,943 | ' | ' |
Other long-term assets | 0 | 0 | ' | ' |
Intercompany receivables | 599,886 | 656,759 | ' | ' |
Investment in subsidiary | 79,877 | 34,562 | ' | ' |
Total Assets | 2,920,172 | 2,063,036 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current portion of long term debt | 0 | ' | ' | ' |
Accounts payable | 42,634 | 33,553 | ' | ' |
Accrued interest payable | 0 | 0 | ' | ' |
Other accrued liabilities | 20,746 | 13,443 | ' | ' |
Total current liabilities | 63,380 | 46,996 | ' | ' |
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 | 276,180 | 156,327 | ' | ' |
Other long-term liabilities | 0 | 0 | ' | ' |
Intercompany payables | 1,295,207 | 1,037,105 | ' | ' |
Total Liabilities | 1,634,767 | 1,240,428 | ' | ' |
Stockholders' Equity | ' | ' | ' | ' |
Preferred share rights | 0 | ' | ' | ' |
Common stock | 0 | 0 | ' | ' |
Additional paid-in capital | 1,131,578 | 681,503 | ' | ' |
Treasury stock, at cost | 0 | 0 | ' | ' |
Accumulated other comprehensive (loss) income, net of tax | -7,365 | 739 | ' | ' |
Retained earnings (accumulated deficit) | 161,192 | 140,366 | ' | ' |
Total Stockholders' Equity | 1,285,405 | 822,608 | ' | ' |
Total Liabilities and Stockholders' Equity | 2,920,172 | 2,063,036 | ' | ' |
Combined Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 6,249 | 3,687 | 3,166 | 950 |
Accounts receivable, net | 8,120 | 4,447 | ' | ' |
Inventories | 6,777 | 5,930 | ' | ' |
Deferred income tax assets | 466 | 445 | ' | ' |
Prepaid expenses and other current assets | 717 | 659 | ' | ' |
Total current assets | 22,329 | 15,168 | ' | ' |
Property and equipment, net | 1,453 | 293 | ' | ' |
Goodwill | 23,192 | 23,364 | ' | ' |
Intangible assets, net | 99,421 | 32,013 | ' | ' |
Other long-term assets | 0 | 0 | ' | ' |
Intercompany receivables | 10,045 | 13,595 | ' | ' |
Investment in subsidiary | 0 | 0 | ' | ' |
Total Assets | 156,440 | 84,433 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current portion of long term debt | 0 | ' | ' | ' |
Accounts payable | 4,312 | 2,659 | ' | ' |
Accrued interest payable | 0 | 0 | ' | ' |
Other accrued liabilities | 3,963 | 3,158 | ' | ' |
Total current liabilities | 8,275 | 5,817 | ' | ' |
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 | 41 | 50 | ' | ' |
Other long-term liabilities | 313 | 327 | ' | ' |
Intercompany payables | 68,583 | 42,034 | ' | ' |
Total Liabilities | 77,212 | 48,228 | ' | ' |
Stockholders' Equity | ' | ' | ' | ' |
Preferred share rights | 0 | ' | ' | ' |
Common stock | 0 | 0 | ' | ' |
Additional paid-in capital | 74,031 | 23,815 | ' | ' |
Treasury stock, at cost | 0 | 0 | ' | ' |
Accumulated other comprehensive (loss) income, net of tax | -7,365 | 739 | ' | ' |
Retained earnings (accumulated deficit) | 12,562 | 11,651 | ' | ' |
Total Stockholders' Equity | 79,228 | 36,205 | ' | ' |
Total Liabilities and Stockholders' Equity | 156,440 | 84,433 | ' | ' |
Eliminations | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | ' |
Inventories | -988 | -1,010 | ' | ' |
Deferred income tax assets | 0 | 0 | ' | ' |
Prepaid expenses and other current assets | 0 | 0 | ' | ' |
Total current assets | -988 | -1,010 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Intangible assets, net | 0 | 0 | ' | ' |
Other long-term assets | 0 | 0 | ' | ' |
Intercompany receivables | -4,502,106 | -3,149,982 | ' | ' |
Investment in subsidiary | -2,812,738 | -2,281,866 | ' | ' |
Total Assets | -7,315,832 | -5,432,858 | ' | ' |
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 | ' | ' |
Other long-term liabilities | 0 | 0 | ' | ' |
Intercompany payables | -4,502,106 | -3,149,982 | ' | ' |
Total Liabilities | -4,502,106 | -3,149,982 | ' | ' |
Stockholders' Equity | ' | ' | ' | ' |
Preferred share rights | 0 | ' | ' | ' |
Common stock | 0 | 0 | ' | ' |
Additional paid-in capital | -2,486,557 | -1,986,263 | ' | ' |
Treasury stock, at cost | 0 | 0 | ' | ' |
Accumulated other comprehensive (loss) income, net of tax | 22,095 | -2,217 | ' | ' |
Retained earnings (accumulated deficit) | -349,264 | -294,396 | ' | ' |
Total Stockholders' Equity | -2,813,726 | -2,282,876 | ' | ' |
Total Liabilities and Stockholders' Equity | ($7,315,832) | ($5,432,858) | ' | ' |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Statements (Condensed Consolidating Statement of Cash Flows) (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating Activities | ' | ' |
Net income (loss) | $33,195 | $53,484 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 6,815 | 6,562 |
Deferred income taxes | 11,496 | 4,355 |
Amortization of deferred financing costs | 2,398 | 1,975 |
Stock-based compensation costs | 3,403 | 2,487 |
Amortization of debt discount | 687 | 798 |
Gain (loss) on sale of assets | 56 | -3 |
Equity in income of subsidiaries | 0 | 0 |
Changes in operating assets and liabilities, net of effects from acquisitions | ' | ' |
Accounts receivable | -8,363 | -5,712 |
Inventories | 7,264 | 821 |
Prepaid expenses and other current assets | 3,114 | 2,619 |
Accounts payable | -5,647 | -1,125 |
Accrued liabilities | 2,640 | -10,663 |
Net cash provided by operating activities | 57,058 | 55,598 |
Investing Activities | ' | ' |
Purchases of property and equipment | -1,380 | -2,319 |
Proceeds from sale of property and equipment | 0 | 3 |
Proceeds from the sale of business | 18,500 | 0 |
Acquisition of Insight Pharmaceuticals, less cash acquired | -749,666 | 0 |
Acquisition of Hydralyte | -77,991 | 0 |
Acquisition of Care Pharmaceuticals, less cash acquired | 0 | -55,215 |
Intercompany activity, net | 0 | 0 |
Net cash provided by (used in) investing activities | -810,537 | -57,531 |
Financing Activities | ' | ' |
Term loan borrowings | 720,000 | 0 |
Term loan repayments | -25,000 | -7,500 |
Repayments under revolving credit agreement | -58,500 | -35,500 |
Borrowings under revolving credit agreement | 124,600 | 50,000 |
Payment of deferred financing costs | -16,072 | -275 |
Proceeds from exercise of stock options | 2,757 | 5,143 |
Proceeds from restricted stock exercises | 57 | 0 |
Excess tax benefits from share-based awards | 1,030 | 1,350 |
Fair value of shares surrendered as payment of tax withholding | -1,660 | -278 |
Intercompany activity, net | 0 | 0 |
Net cash provided by (used in) financing activities | 747,212 | 12,940 |
Effects of exchange rate changes on cash and cash equivalents | -316 | 156 |
(Decrease) Increase in cash and cash equivalents | -6,583 | 11,163 |
Cash and cash equivalents - beginning of period | 28,331 | 15,670 |
Cash and cash equivalents - end of period | 21,748 | 26,833 |
Prestige Brands Holdings, Inc. | ' | ' |
Operating Activities | ' | ' |
Net income (loss) | 33,195 | 53,484 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 1,512 | 1,034 |
Deferred income taxes | -879 | -14 |
Amortization of deferred financing costs | ' | 0 |
Stock-based compensation costs | 3,403 | 2,487 |
Amortization of debt discount | ' | 0 |
Gain (loss) on sale of assets | ' | 0 |
Equity in income of subsidiaries | -33,256 | -50,199 |
Changes in operating assets and liabilities, net of effects from acquisitions | ' | ' |
Accounts receivable | 466 | -112 |
Inventories | 0 | 0 |
Prepaid expenses and other current assets | 5,163 | 2,656 |
Accounts payable | -2,332 | -517 |
Accrued liabilities | -1,321 | -6,218 |
Net cash provided by operating activities | 5,951 | 2,601 |
Investing Activities | ' | ' |
Purchases of property and equipment | -1,127 | -2,216 |
Proceeds from sale of property and equipment | ' | 0 |
Proceeds from the sale of business | 0 | ' |
Acquisition of Insight Pharmaceuticals, less cash acquired | 0 | ' |
Acquisition of Hydralyte | 0 | ' |
Acquisition of Care Pharmaceuticals, less cash acquired | ' | 0 |
Intercompany activity, net | ' | 0 |
Net cash provided by (used in) investing activities | -1,127 | -2,216 |
Financing Activities | ' | ' |
Term loan borrowings | ' | ' |
Term loan repayments | 0 | 0 |
Repayments under revolving credit agreement | 0 | 0 |
Borrowings under revolving credit agreement | 0 | 0 |
Payment of deferred financing costs | 0 | 0 |
Proceeds from exercise of stock options | 2,757 | 5,143 |
Proceeds from restricted stock exercises | 57 | ' |
Excess tax benefits from share-based awards | 1,030 | 1,350 |
Fair value of shares surrendered as payment of tax withholding | -1,660 | -278 |
Intercompany activity, net | -21,187 | 2,347 |
Net cash provided by (used in) financing activities | -19,003 | 8,562 |
Effects of exchange rate changes on cash and cash equivalents | 0 | 0 |
(Decrease) Increase in cash and cash equivalents | -14,179 | 8,947 |
Cash and cash equivalents - beginning of period | 24,644 | 14,720 |
Cash and cash equivalents - end of period | 10,465 | 23,667 |
Prestige Brands, Inc., the issuer or the borrower | ' | ' |
Operating Activities | ' | ' |
Net income (loss) | 33,131 | 47,349 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 290 | 285 |
Deferred income taxes | 1,351 | -642 |
Amortization of deferred financing costs | 2,398 | 1,975 |
Stock-based compensation costs | ' | 0 |
Amortization of debt discount | 687 | 798 |
Gain (loss) on sale of assets | ' | 0 |
Equity in income of subsidiaries | -20,723 | -35,152 |
Changes in operating assets and liabilities, net of effects from acquisitions | ' | ' |
Accounts receivable | -107 | 996 |
Inventories | 4,691 | -1,975 |
Prepaid expenses and other current assets | -241 | -147 |
Accounts payable | 1,850 | -1,296 |
Accrued liabilities | 3,313 | 177 |
Net cash provided by operating activities | 26,640 | 12,368 |
Investing Activities | ' | ' |
Purchases of property and equipment | ' | 0 |
Proceeds from sale of property and equipment | ' | 0 |
Proceeds from the sale of business | 0 | ' |
Acquisition of Insight Pharmaceuticals, less cash acquired | 0 | ' |
Acquisition of Hydralyte | 0 | ' |
Acquisition of Care Pharmaceuticals, less cash acquired | ' | 0 |
Intercompany activity, net | -809,157 | -55,215 |
Net cash provided by (used in) investing activities | -809,157 | -55,215 |
Financing Activities | ' | ' |
Term loan borrowings | 720,000 | ' |
Term loan repayments | -25,000 | -7,500 |
Repayments under revolving credit agreement | -58,500 | -35,500 |
Borrowings under revolving credit agreement | 124,600 | 50,000 |
Payment of deferred financing costs | -16,072 | -275 |
Proceeds from exercise of stock options | 0 | 0 |
Proceeds from restricted stock exercises | 0 | ' |
Excess tax benefits from share-based awards | 0 | 0 |
Fair value of shares surrendered as payment of tax withholding | 0 | 0 |
Intercompany activity, net | 37,489 | 36,122 |
Net cash provided by (used in) financing activities | 782,517 | 42,847 |
Effects of exchange rate changes on cash and cash equivalents | 0 | 0 |
(Decrease) Increase 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) | 20,826 | 38,003 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 4,818 | 5,184 |
Deferred income taxes | 11,084 | 5,011 |
Amortization of deferred financing costs | ' | 0 |
Stock-based compensation costs | ' | 0 |
Amortization of debt discount | ' | 0 |
Gain (loss) on sale of assets | 0 | -3 |
Equity in income of subsidiaries | -911 | -1,868 |
Changes in operating assets and liabilities, net of effects from acquisitions | ' | ' |
Accounts receivable | -4,496 | -5,323 |
Inventories | 1,857 | 3,073 |
Prepaid expenses and other current assets | -1,718 | -787 |
Accounts payable | -6,997 | -1,473 |
Accrued liabilities | -701 | -3,011 |
Net cash provided by operating activities | 23,762 | 38,806 |
Investing Activities | ' | ' |
Purchases of property and equipment | -87 | 0 |
Proceeds from sale of property and equipment | ' | 3 |
Proceeds from the sale of business | 18,500 | ' |
Acquisition of Insight Pharmaceuticals, less cash acquired | -749,666 | ' |
Acquisition of Hydralyte | 0 | ' |
Acquisition of Care Pharmaceuticals, less cash acquired | ' | 0 |
Intercompany activity, net | 731,166 | 0 |
Net cash provided by (used in) investing activities | -87 | 3 |
Financing Activities | ' | ' |
Term loan borrowings | ' | ' |
Term loan repayments | 0 | 0 |
Repayments under revolving credit agreement | 0 | 0 |
Borrowings under revolving credit agreement | 0 | 0 |
Payment of deferred financing costs | 0 | 0 |
Proceeds from exercise of stock options | 0 | 0 |
Proceeds from restricted stock exercises | 0 | ' |
Excess tax benefits from share-based awards | 0 | 0 |
Fair value of shares surrendered as payment of tax withholding | 0 | 0 |
Intercompany activity, net | -18,641 | -38,809 |
Net cash provided by (used in) financing activities | -18,641 | -38,809 |
Effects of exchange rate changes on cash and cash equivalents | 0 | 0 |
(Decrease) Increase in cash and cash equivalents | 5,034 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 |
Cash and cash equivalents - end of period | 5,034 | 0 |
Combined Non-Guarantor Subsidiaries | ' | ' |
Operating Activities | ' | ' |
Net income (loss) | 911 | 1,867 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 195 | 59 |
Deferred income taxes | -60 | 0 |
Amortization of deferred financing costs | ' | 0 |
Stock-based compensation costs | ' | 0 |
Amortization of debt discount | ' | 0 |
Gain (loss) on sale of assets | 56 | 0 |
Equity in income of subsidiaries | 0 | 0 |
Changes in operating assets and liabilities, net of effects from acquisitions | ' | ' |
Accounts receivable | -4,226 | -1,273 |
Inventories | 738 | -277 |
Prepaid expenses and other current assets | -90 | 493 |
Accounts payable | 1,832 | 2,161 |
Accrued liabilities | 1,349 | -1,207 |
Net cash provided by operating activities | 705 | 1,823 |
Investing Activities | ' | ' |
Purchases of property and equipment | -166 | -103 |
Proceeds from sale of property and equipment | ' | 0 |
Proceeds from the sale of business | 0 | ' |
Acquisition of Insight Pharmaceuticals, less cash acquired | ' | ' |
Acquisition of Hydralyte | -77,991 | ' |
Acquisition of Care Pharmaceuticals, less cash acquired | ' | -55,215 |
Intercompany activity, net | 77,991 | 55,215 |
Net cash provided by (used in) investing activities | -166 | -103 |
Financing Activities | ' | ' |
Term loan borrowings | ' | ' |
Term loan repayments | 0 | 0 |
Repayments under revolving credit agreement | 0 | 0 |
Borrowings under revolving credit agreement | 0 | 0 |
Payment of deferred financing costs | 0 | 0 |
Proceeds from exercise of stock options | 0 | 0 |
Proceeds from restricted stock exercises | 0 | ' |
Excess tax benefits from share-based awards | 0 | 0 |
Fair value of shares surrendered as payment of tax withholding | 0 | 0 |
Intercompany activity, net | 2,339 | 340 |
Net cash provided by (used in) financing activities | 2,339 | 340 |
Effects of exchange rate changes on cash and cash equivalents | -316 | 156 |
(Decrease) Increase in cash and cash equivalents | 2,562 | 2,216 |
Cash and cash equivalents - beginning of period | 3,687 | 950 |
Cash and cash equivalents - end of period | 6,249 | 3,166 |
Eliminations | ' | ' |
Operating Activities | ' | ' |
Net income (loss) | -54,868 | -87,219 |
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 |
Stock-based compensation costs | ' | 0 |
Amortization of debt discount | ' | 0 |
Gain (loss) on sale of assets | ' | 0 |
Equity in income of subsidiaries | 54,890 | 87,219 |
Changes in operating assets and liabilities, net of effects from acquisitions | ' | ' |
Accounts receivable | 0 | 0 |
Inventories | -22 | 0 |
Prepaid expenses and other current assets | 0 | 404 |
Accounts payable | 0 | 0 |
Accrued liabilities | 0 | -404 |
Net cash provided by operating activities | 0 | 0 |
Investing Activities | ' | ' |
Purchases of property and equipment | ' | 0 |
Proceeds from sale of property and equipment | ' | 0 |
Proceeds from the sale of business | 0 | ' |
Acquisition of Insight Pharmaceuticals, less cash acquired | 0 | ' |
Acquisition of Hydralyte | 0 | ' |
Acquisition of Care Pharmaceuticals, less cash acquired | ' | 0 |
Intercompany activity, net | ' | 0 |
Net cash provided by (used in) investing activities | 0 | 0 |
Financing Activities | ' | ' |
Term loan borrowings | ' | ' |
Term loan repayments | 0 | 0 |
Repayments under revolving credit agreement | 0 | 0 |
Borrowings under revolving credit agreement | 0 | 0 |
Payment of deferred financing costs | 0 | 0 |
Proceeds from exercise of stock options | 0 | 0 |
Proceeds from restricted stock exercises | 0 | ' |
Excess tax benefits from share-based awards | 0 | 0 |
Fair value of shares surrendered as payment of tax withholding | 0 | 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 |
(Decrease) Increase 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 |