Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2016 | May. 02, 2016 | Sep. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Prestige Brands Holdings, Inc. | ||
Entity Central Index Key | 1,295,947 | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 52,759,363 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 2,377.1 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Revenues | |||||||||||
Net sales | $ 803,088 | $ 710,070 | $ 592,454 | ||||||||
Other revenues | 3,159 | 4,553 | 4,927 | ||||||||
Total revenues | $ 207,855 | $ 200,195 | $ 206,065 | $ 192,132 | $ 190,046 | $ 197,606 | $ 181,269 | $ 145,702 | 806,247 | 714,623 | 597,381 |
Cost of Sales | |||||||||||
Cost of sales (exclusive of depreciation shown below) | 89,604 | 83,411 | 86,125 | 79,896 | 79,976 | 85,861 | 78,727 | 63,836 | 339,036 | 308,400 | 261,830 |
Gross profit | 118,251 | 116,784 | 119,940 | 112,236 | 110,070 | 111,745 | 102,542 | 81,866 | 467,211 | 406,223 | 335,551 |
Operating Expenses | |||||||||||
Advertising and promotion | 26,552 | 29,935 | 27,893 | 26,422 | 25,367 | 30,144 | 25,044 | 19,096 | 110,802 | 99,651 | 84,968 |
General and administrative | 20,232 | 18,135 | 16,462 | 17,589 | 17,685 | 19,454 | 27,128 | 17,006 | 72,418 | 81,273 | 48,481 |
Depreciation and amortization | 6,198 | 6,071 | 5,687 | 5,720 | 5,773 | 5,154 | 3,852 | 2,961 | 23,676 | 17,740 | 13,486 |
Total operating expenses | 52,982 | 54,141 | 50,042 | 49,731 | 48,825 | 54,752 | 56,024 | 39,063 | 206,896 | 198,664 | 146,935 |
Operating income | 65,269 | 62,643 | 69,898 | 62,505 | 61,245 | 56,993 | 46,518 | 42,803 | 260,315 | 207,559 | 188,616 |
Other (income) expense | |||||||||||
Interest income | (162) | (92) | (60) | ||||||||
Interest expense | 85,322 | 81,326 | 68,642 | ||||||||
Gain on sale of asset | 0 | (1,133) | 0 | 0 | 0 | (1,133) | 0 | ||||
Loss on extinguishment of debt | 17,519 | 0 | 0 | 451 | 17,970 | 0 | 18,286 | ||||
Total other expense | 103,130 | 80,101 | 86,868 | ||||||||
Income before income taxes | 24,603 | 43,181 | 49,231 | 40,170 | 37,449 | 33,534 | 28,325 | 28,150 | 157,185 | 127,458 | 101,748 |
Provision for income taxes | 10,667 | 15,186 | 17,428 | 13,997 | 13,677 | 12,241 | 11,862 | 11,418 | 57,278 | 49,198 | 29,133 |
Net income | $ 13,936 | $ 27,995 | $ 31,803 | $ 26,173 | $ 23,772 | $ 21,293 | $ 16,463 | $ 16,732 | $ 99,907 | $ 78,260 | $ 72,615 |
Earnings per share: | |||||||||||
Basic (in USD per share) | $ 0.26 | $ 0.53 | $ 0.60 | $ 0.50 | $ 0.45 | $ 0.41 | $ 0.32 | $ 0.32 | $ 1.89 | $ 1.50 | $ 1.41 |
Diluted (in USD per share) | $ 0.26 | $ 0.53 | $ 0.60 | $ 0.49 | $ 0.45 | $ 0.40 | $ 0.31 | $ 0.32 | $ 1.88 | $ 1.49 | $ 1.39 |
Weighted average shares outstanding: | |||||||||||
Basic (in shares) | 52,833 | 52,824 | 52,803 | 52,548 | 52,356 | 52,278 | 52,088 | 51,956 | 52,754 | 52,170 | 51,641 |
Diluted (in shares) | 53,252 | 53,203 | 53,151 | 52,958 | 52,821 | 52,730 | 52,594 | 52,533 | 53,143 | 52,670 | 52,349 |
Comprehensive income, net of tax: | |||||||||||
Currency translation adjustments | $ 6,449 | $ 4,922 | $ (11,079) | $ (405) | $ (7,268) | $ (8,779) | $ (10,830) | $ 2,726 | $ (113) | $ (24,151) | $ 843 |
Total other comprehensive income (loss) | 6,449 | 4,922 | (11,079) | (405) | (7,268) | (8,779) | (10,830) | 2,726 | (113) | (24,151) | 843 |
Comprehensive income | $ 20,385 | $ 32,917 | $ 20,724 | $ 25,768 | $ 16,504 | $ 12,514 | $ 5,633 | $ 19,458 | $ 99,794 | $ 54,109 | $ 73,458 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 27,230 | $ 21,318 |
Accounts receivable, net | 95,247 | 87,858 |
Inventories | 91,263 | 74,000 |
Deferred income tax assets | 10,108 | 8,097 |
Prepaid expenses and other current assets | 25,165 | 10,434 |
Total current assets | 249,013 | 201,707 |
Property and equipment, net | 15,540 | 13,744 |
Goodwill | 360,191 | 290,651 |
Intangible assets, net | 2,322,723 | 2,134,700 |
Other long-term assets | 1,324 | 1,165 |
Total Assets | 2,948,791 | 2,641,967 |
Current liabilities | ||
Accounts payable | 38,296 | 46,115 |
Accrued interest payable | 8,664 | 11,974 |
Other accrued liabilities | 59,724 | 40,948 |
Total current liabilities | 106,684 | 99,037 |
Long-term debt | ||
Principal amount | 1,652,500 | 1,593,600 |
Less unamortized debt costs | 27,191 | 32,327 |
Long-term debt, net | 1,625,309 | 1,561,273 |
Deferred income tax liabilities | 469,622 | 351,569 |
Other long-term liabilities | 2,840 | 2,464 |
Total Liabilities | $ 2,204,455 | $ 2,014,343 |
Commitments and Contingencies | ||
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 – 53,066 shares and 52,562 shares at March 31, 2015 and 2014, respectively | 530 | 525 |
Additional paid-in capital | 445,182 | 426,584 |
Treasury stock, at cost – 306 shares at March 31, 2016 and 266 shares at March 31, 2015 | (5,163) | (3,478) |
Accumulated other comprehensive income (loss), net of tax | (23,525) | (23,412) |
Retained earnings | 327,312 | 227,405 |
Total Stockholders’ Equity | 744,336 | 627,624 |
Total Liabilities and Stockholders’ Equity | $ 2,948,791 | $ 2,641,967 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2016 | Mar. 31, 2015 |
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 | 53,066,000 | 52,562,000 |
Treasury stock, shares | 306,000 | 266,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity and Comprehensive Income - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive (Loss) Income | Preferred Share Rights | Retained Earnings (Accumulated Deficit) |
Balances at Mar. 31, 2013 | $ 477,943 | $ 513 | $ 401,691 | $ (687) | $ (104) | $ 283 | $ 76,247 |
Common stock, shares at Mar. 31, 2013 | 51,311,000 | ||||||
Treasury stock, shares at Mar. 31, 2013 | 181,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock-based compensation | 5,146 | 5,146 | |||||
Exercise of stock options | $ 5,907 | $ 6 | 5,901 | ||||
Exercise of stock options, shares | 605,000 | 605,000 | |||||
Preferred share rights | $ 0 | (283) | 283 | ||||
Issuance of shares related to restricted stock | $ 1 | (1) | |||||
Issuance of shares related to restricted stock, shares | 105,000 | ||||||
Treasury share repurchases | (744) | $ (744) | |||||
Treasury share repurchases, shares | 25,000 | ||||||
Excess tax benefits from share-based awards | 1,650 | 1,650 | |||||
Components of comprehensive income: | |||||||
Net income | 72,615 | 72,615 | |||||
Translation adjustments | 843 | 843 | |||||
Comprehensive income | 73,458 | ||||||
Balances at Mar. 31, 2014 | 563,360 | $ 520 | 414,387 | $ (1,431) | 739 | 0 | 149,145 |
Common stock, shares at Mar. 31, 2014 | 52,021,000 | ||||||
Treasury stock, shares at Mar. 31, 2014 | 206,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock-based compensation | 6,918 | 6,918 | |||||
Exercise of stock options | $ 3,954 | $ 4 | 3,950 | ||||
Exercise of stock options, shares | 386,300 | 387,000 | |||||
Issuance of shares related to restricted stock | $ 0 | $ 1 | (1) | ||||
Issuance of shares related to restricted stock, shares | 154,000 | ||||||
Treasury share repurchases | (2,047) | $ (2,047) | |||||
Treasury share repurchases, shares | 60,000 | ||||||
Excess tax benefits from share-based awards | 1,330 | 1,330 | |||||
Components of comprehensive income: | |||||||
Net income | 78,260 | 78,260 | |||||
Translation adjustments | (24,151) | (24,151) | |||||
Comprehensive income | 54,109 | ||||||
Balances at Mar. 31, 2015 | $ 627,624 | $ 525 | 426,584 | $ (3,478) | (23,412) | 0 | 227,405 |
Common stock, shares at Mar. 31, 2015 | 52,562,000 | ||||||
Treasury stock, shares at Mar. 31, 2015 | 266,000 | 266,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock-based compensation | $ 9,954 | 9,954 | |||||
Exercise of stock options | $ 6,688 | $ 3 | 6,685 | ||||
Exercise of stock options, shares | 348,000 | 348,000 | |||||
Issuance of shares related to restricted stock | $ 1 | $ 2 | (1) | ||||
Issuance of shares related to restricted stock, shares | 156,000 | ||||||
Treasury share repurchases | (1,685) | $ (1,685) | |||||
Treasury share repurchases, shares | 40,000 | ||||||
Excess tax benefits from share-based awards | 1,960 | 1,960 | |||||
Components of comprehensive income: | |||||||
Net income | 99,907 | 99,907 | |||||
Translation adjustments | (113) | (113) | |||||
Comprehensive income | 99,794 | ||||||
Balances at Mar. 31, 2016 | $ 744,336 | $ 530 | $ 445,182 | $ (5,163) | $ (23,525) | $ 0 | $ 327,312 |
Common stock, shares at Mar. 31, 2016 | 53,066,000 | ||||||
Treasury stock, shares at Mar. 31, 2016 | 306,000 | 306,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Operating Activities | |||
Net income | $ 99,907 | $ 78,260 | $ 72,615 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 23,676 | 17,740 | 13,486 |
Gain on sale of asset | 0 | (1,133) | 0 |
Deferred income taxes | 46,152 | 28,922 | 19,012 |
Long term income taxes payable | (332) | 2,294 | 0 |
Amortization of debt origination costs | 8,994 | 8,821 | 10,512 |
Stock-based compensation costs | 9,954 | 6,918 | 5,146 |
Loss on extinguishment of debt | 17,970 | 0 | 18,286 |
Premium payment on Senior Notes | (15,527) | ||
Lease termination costs | 0 | 785 | 0 |
(Gain) loss on sale or disposal of property and equipment | (35) | 321 | (3) |
Changes in operating assets and liabilities, net of effects from acquisitions | |||
Accounts receivable | 1,824 | 1,608 | 9,735 |
Inventories | (3,005) | 15,360 | (2,850) |
Prepaid expenses and other current assets | (7,921) | 4,664 | (2,130) |
Accounts payable | (11,348) | (17,637) | (4,641) |
Accrued liabilities | (1,328) | 9,332 | (12,059) |
Net cash provided by operating activities | 174,350 | 156,255 | 111,582 |
Investing Activities | |||
Purchases of property and equipment | (3,568) | (6,101) | (2,764) |
Proceeds from the sale of property and equipment | 344 | 0 | 3 |
Proceeds from sale of business | 0 | 18,500 | 0 |
Proceeds from sale of asset | 0 | 10,000 | 0 |
Proceeds from Insight Pharmaceuticals working capital arbitration settlement | 7,237 | 0 | 0 |
Net cash used in investing activities | (222,971) | (805,258) | (57,976) |
Financing Activities | |||
Borrowings under Bridge term loans | 80,000 | 0 | 0 |
Repayments under Bridge term loans | (80,000) | 0 | 0 |
Term loan borrowings | 0 | 720,000 | 0 |
Term loan repayments | (60,000) | (130,000) | (157,500) |
Borrowings under revolving credit agreement | 115,000 | 124,600 | 50,000 |
Repayments under revolving credit agreement | (96,100) | (58,500) | (83,000) |
Payments of debt origination costs | (11,828) | (16,072) | (7,466) |
Proceeds from exercise of stock options | 6,689 | 3,954 | 5,907 |
Proceeds from restricted stock exercises | 544 | 57 | 0 |
Excess tax benefits from share-based awards | 1,960 | 1,330 | 1,650 |
Fair value of shares surrendered as payment of tax withholding | (2,229) | (2,104) | (744) |
Net cash (used in) provided by financing activities | 54,036 | 643,265 | (41,153) |
Effects of exchange rate changes on cash and cash equivalents | 497 | (1,275) | 208 |
Increase (decrease) in cash and cash equivalents | 5,912 | (7,013) | 12,661 |
Cash and cash equivalents - beginning of year | 21,318 | 28,331 | 15,670 |
Cash and cash equivalents - end of year | 27,230 | 21,318 | 28,331 |
Interest paid | 79,132 | 70,155 | 62,357 |
Income taxes paid | 15,352 | 11,939 | 11,020 |
DenTek Oral Care, Inc. | |||
Investing Activities | |||
Acquisitions, less cash acquired | (226,984) | 0 | 0 |
Insight Pharmaceuticals | |||
Investing Activities | |||
Proceeds from Insight Pharmaceuticals working capital arbitration settlement | 7,237 | ||
Acquisitions, less cash acquired | 0 | (749,666) | 0 |
Hydralyte | |||
Investing Activities | |||
Acquisitions, less cash acquired | 0 | (77,991) | 0 |
Care Pharma | |||
Investing Activities | |||
Acquisitions, less cash acquired | 0 | 0 | (55,215) |
2012 Senior Notes | |||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Premium payment on Senior Notes | (10,158) | 0 | 0 |
Financing Activities | |||
Repayment of Senior Notes | (250,000) | 0 | 0 |
2010 Senior Notes | |||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Premium payment on Senior Notes | 0 | 0 | (15,527) |
Financing Activities | |||
Repayment of Senior Notes | 0 | 0 | (250,000) |
2016 Senior Notes | |||
Financing Activities | |||
Proceeds from issuance of Senior Notes | 350,000 | 0 | 0 |
2013 Senior Notes | |||
Financing Activities | |||
Proceeds from issuance of Senior Notes | $ 0 | $ 0 | $ 400,000 |
Business and Basis of Presentat
Business and Basis of Presentation | 12 Months Ended |
Mar. 31, 2016 | |
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 Our Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All significant intercompany transactions and balances have been eliminated in consolidation. Our fiscal year ends on March 31st of each year. References in these Consolidated Financial Statements or notes to a year (e.g., “2016”) mean our fiscal year ended on March 31st of that year. 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 from those 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 and 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 March 31, 2016 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, where cost is determined by using the first-in, first-out method. We reduce inventories for the 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 lease term 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 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 product group 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, typically ranging from 10 to 30 years. 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. Intangible assets with finite lives 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. Debt Origination Costs We have incurred debt origination costs in connection with the issuance of long-term debt. Certain of these costs were recorded as deferred financing costs within long-term assets and others were recorded as a reduction to our long-term debt. These costs are amortized over the term of the related debt, using the effective interest method for our term loan facility and the straight-line method for our revolving credit facility. Effective April 1, 2015, in accordance with new accounting standards discussed below, we began reporting the costs related to our senior notes and the term loan facility as a reduction of debt. We continue to report the costs associated with our revolving credit facility as a long-term asset. Revenue Recognition We recognize revenue 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 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 the 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. Warehousing, shipping and handling and storage costs were $39.2 million for 2016, $37.7 million for 2015 and $32.0 million for 2014. 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 to be recognized over the period an employee 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”) 740 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 and unvested restricted stock units, are included in the earnings per share calculation to the extent that they are dilutive. Recently Issued Accounting Standards In April 2016, the FASB issued Accounting Standards Update ("ASU") 2016-10, Revenue from Contracts with Customers . The amendments in this update clarify the implementation guidance on identifying performance obligations and licensing in FASB ASC 606. The effective date and transition requirements for the amendments in this update are the same as the effective date and transition requirements of ASU 2014-09 described below. We are evaluating the impact of adopting this guidance on our Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . The amendments in this update involve several aspects of accounting for share-based payment transactions, including income tax consequences, classification of awards, and classification on the statement of cash flows. For public business entities, the amendments in this update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. We are evaluating the impact of adopting this guidance on our Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers . The amendments in this update clarify the implementation guidance on principals versus agent considerations in FASB ASC 606. The effective date and transition requirements for the amendments in this update are the same as the effective date and transition requirements of ASU 2014-09 described below. We are evaluating the impact of adopting this guidance on our Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016-02, Leases. The amendments in this update include a new FASB ASC Topic 842, which supersedes Topic 840. The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted for all entities as of the beginning of interim or annual reporting periods. We are evaluating the impact of adopting this guidance on our Consolidated Financial Statements. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities . For public business entities, the amendments in this update include the elimination of the requirement to disclose the method(s) and significant assumptions used to estimate fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, the requirement to use the exit price notion when measuring fair value of financial instruments for disclosure purposes, the requirement to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, the requirement for separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or accompanying notes to the financial statements, and the amendments clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption of the amendments in this update is not permitted, except that early application by public business entities to financial statements of fiscal years or interim periods that have not yet been issued or, by all other entities, that have not yet been made available for issuance are permitted as of the beginning of the fiscal year of adoption for the following amendment: An entity should present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk if the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. An entity should apply the amendments to this update by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The adoption of ASU 2016-01 is not expected to have a material impact on our Consolidated Financial Statements. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes . The amendments in this update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in this update may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. For public business entities, the amendments in this update are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early application is permitted for all entities as of the beginning of interim or annual reporting periods. We are evaluating the impact of adopting this guidance on our Consolidated Financial Statements. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments . The amendments in this update require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. To simplify the accounting for adjustments made to provisional amounts recognized in a business combination, the amendments in this update eliminate the requirement to retrospectively account for those adjustments. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The adoption of ASU 2015-16 is not expected to have a material impact on our Consolidated Financial Statements. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory . The amendments in this update more closely align the measurement of inventory in GAAP with the measurement of inventory in International Financial Reporting Standards, under which an entity should measure inventory at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The adoption of ASU 2015-11 is not expected to have a material impact on our Consolidated Financial Statements. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs . The amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. As permitted by the guidance, we have early adopted these provisions, as of the beginning of our first quarter of 2016. Given the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, in August 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements , stating that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement . As a result, we reclassified $27.4 million of deferred financing costs as of March 31, 2015 from other long-term assets, and such costs are now presented as a direct deduction from the long-term debt liability. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis . Update 2015-02 amended the process that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The amendments in this update are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. The adoption of ASU 2015-02 is not expected to have a material impact on our Consolidated Financial Statements. In January 2015, the FASB issued ASU 2015-01, Income Statement - Extraordinary and Unusual Items . The amendments in this update eliminate the concept of extraordinary items in Subtopic 225-20, which required entities to consider whether an underlying event or transaction is extraordinary. However, the amendments retain the presentation and disclosure guidance for items that are unusual in nature or occur infrequently. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The adoption of ASU 2015-01 is not expected to have a material impact on our Consolidated Financial Statements. In August 2014, the FASB issued 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 ending 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. In August 2015, the FASB issued ASU 2015-14, which deferred the effective date of ASU 2014-09 from annual and interim periods beginning after December 15, 2016 to annual and interim periods beginning after December 15, 2017. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. We are evaluating the impact of adopting this guidance on our Consolidated Financial Statements. 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 did not have a material impact on our Consolidated Financial Statements. |
Acquisitions
Acquisitions | 12 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Acquisition of DenTek On February 5, 2016, the Company completed the acquisition of DenTek Holdings, Inc. ("DenTek"), a privately-held marketer and distributor of specialty oral care products. The closing was finalized pursuant to the terms of the merger agreement, announced November 23, 2015, under which Prestige agreed to acquire DenTek from its stockholders, including TSG Consumer Partners, for a purchase price of $228.3 million . The acquisition expands Prestige's portfolio of brands, strengthens its existing oral care platform and increases its geographic reach in parts of Europe. The Company financed the transaction with a combination of available cash on hand, available cash from its Asset Based Loan ("ABL") revolver, and financing of an additional unsecured bridge loan. The DenTek brands are primarily included in the Company's North American and International OTC Healthcare segments. The DenTek 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 February 5, 2016 acquisition date. (In thousands) February 5, 2016 Cash acquired $ 1,359 Accounts receivable 9,187 Inventories 14,304 Deferred income taxes 3,303 Prepaids and other current assets 6,728 Property, plant and equipment, net 3,555 Goodwill 76,529 Intangible assets, net 206,700 Total assets acquired 321,665 Accounts payable 3,261 Accrued expenses 16,488 Deferred income tax liabilities - long term 73,573 Total liabilities assumed 93,322 Total purchase price $ 228,343 Based on this preliminary analysis, we allocated $179.8 million to non-amortizable intangible assets and $26.9 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 18.5 years. The weighted average remaining life for amortizable intangible assets at March 31, 2016 was 18.4 years. We also recorded goodwill of $76.5 million based on the amount by which the purchase price exceeded the fair value of the net assets acquired. Goodwill is not deductible for income tax purposes. The pro forma effect of this acquisition on revenues and earnings was not material. However, revenues recorded during the period ended March 31, 2016 were $10.7 million since the date of the acquisition. Acquisition of Insight Pharmaceuticals On September 3, 2014, the Company completed the acquisition of Insight Pharmaceuticals Corporation ("Insight"), a marketer and distributor of feminine care and other OTC healthcare products, for $745.9 million in cash after receiving a return of approximately $7.2 million from escrow related to an arbitrator's ruling. 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 extended 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 North American brand in OTC yeast infection treatment. The acquisition also added 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, the Company sold one of the competing brands that it acquired from Insight on the same day as the Insight closing. Insight is primarily included in the Company's North American OTC Healthcare segment. 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. During the quarter ended June 30, 2015, we adjusted the fair values of the assets acquired and liabilities assumed by increasing goodwill for certain immaterial items that came to our attention subsequent to the date of acquisition. Additionally, during the quarter ended December 31, 2015, we reduced goodwill, as we received $7.2 million as a result of a finalized arbitration ruling relating to the disputed working capital calculation, as determined under GAAP, as of the date of the Insight acquisition, which is clearly and directly related to the purchase price. The following table summarizes our allocation of the assets acquired and liabilities assumed as of the September 3, 2014 acquisition date, after giving effect of the adjustments noted above. (In thousands) September 3, 2014 Cash acquired $ 3,507 Accounts receivable 26,012 Inventories 23,456 Deferred income tax assets - current 1,032 Prepaids and other current assets 1,341 Property, plant and equipment 2,308 Goodwill 96,323 Intangible assets 724,374 Total assets acquired 878,353 Accounts payable 16,079 Accrued expenses 8,539 Deferred income tax liabilities - long term 107,799 Total liabilities assumed 132,417 Total purchase price $ 745,936 Based on this analysis, we allocated $599.6 million to indefinite-lived 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 March 31, 2016 was 14.6 years. We also recorded goodwill of $96.3 million based on the amount by which the purchase price exceeded the fair value of the net assets acquired after of the adjustments described above. 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. 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. Year Ended March 31, 2015 2014 (In thousands, except per share data) (Unaudited) Revenues $ 783,217 $ 767,897 Net income $ 86,844 $ 82,762 Earnings per share: Basic $ 1.66 $ 1.60 Diluted $ 1.65 $ 1.58 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 hand 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) April 30, 2014 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. 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 carries a line of brands for children including Little Allergies , Little Eyes , and Little Coughs . The brands acquired are complementary to our OTC Healthcare portfolio. This acquisition was accounted for in accordance with the Business Combinations topic of the FASB ASC 805, which requires that the total cost of an acquisition be allocated to the tangible and intangible assets acquired and liabilities assumed based upon their respective fair values at the date of acquisition. We prepared 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) July 1, 2013 Cash acquired $ 1,546 Accounts receivable 1,658 Inventories 2,465 Deferred income tax assets 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 March 31, 2016 was 12.5 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 | 12 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts Receivable Accounts receivable consist of the following: March 31, (In thousands) 2016 2015 Components of Accounts Receivable Trade accounts receivable $ 105,592 $ 95,411 Other receivables 1,261 2,353 106,853 97,764 Less allowances for discounts, returns and uncollectible accounts (11,606 ) (9,906 ) Accounts receivable, net $ 95,247 $ 87,858 |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following: March 31, (In thousands) 2016 2015 Components of Inventories Packaging and raw materials $ 7,563 $ 7,588 Finished goods 83,700 66,412 Inventories $ 91,263 $ 74,000 Inventories are carried and depicted above at the lower of cost or market, which includes a reduction in inventory values of $4.8 million and $4.1 million at March 31, 2016 and 2015, respectively, related to obsolete and slow-moving inventory. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consist of the following: March 31, (In thousands) 2016 2015 Components of Property and Equipment Machinery $ 7,734 $ 4,743 Computer equipment 12,793 11,339 Furniture and fixtures 2,445 2,484 Leasehold improvements 7,389 7,134 30,361 25,700 Accumulated depreciation (14,821 ) (11,956 ) Property and equipment, net $ 15,540 $ 13,744 We recorded depreciation expense of $5.2 million , $3.8 million , and $3.2 million for 2016, 2015, and 2014, respectively. |
Goodwill
Goodwill | 12 Months Ended |
Mar. 31, 2016 | |
Goodwill [Abstract] | |
Goodwill | Goodwill The following table summarizes the changes in the carrying value of goodwill by operating segment for each of 2014, 2015, and 2016: (In thousands) North American OTC Healthcare International OTC Healthcare Household Cleaning Consolidated Balance – March 31, 2013 Goodwill $ 290,327 $ — $ 72,549 $ 362,876 Accumulated impairment losses (130,170 ) — (65,160 ) (195,330 ) Balance – March 31, 2013 160,157 — 7,389 167,546 2014 additions — 23,122 — 23,122 Effects of foreign currency exchange rates — 243 — 243 Balance – March 31, 2014 Goodwill 290,327 23,365 72,549 386,241 Accumulated impairment losses (130,170 ) — (65,160 ) (195,330 ) Balance – March 31, 2014 160,157 23,365 7,389 190,911 2015 additions 103,254 1,224 — 104,478 2015 reductions — — (589 ) (589 ) Effects of foreign currency exchange rates — (4,149 ) — (4,149 ) Balance – March 31, 2015 Goodwill 393,581 20,440 71,960 485,981 Accumulated impairment losses (130,170 ) — (65,160 ) (195,330 ) Balance - March 31, 2015 263,411 20,440 6,800 290,651 2016 additions 74,441 2,393 — 76,834 2016 reductions (7,237 ) — — (7,237 ) Effects of foreign currency exchange rates — (57 ) — (57 ) Balance – March 31, 2016 Goodwill 460,785 22,776 71,960 555,521 Accumulated impairment losses (130,170 ) — (65,160 ) (195,330 ) Balance - March 31, 2016 $ 330,615 $ 22,776 $ 6,800 $ 360,191 As discussed in Note 2, on July 1, 2013, we completed the acquisition of Care Pharma. In connection with this acquisition, we recorded goodwill of $23.1 million based on the amount by which the purchase price exceeded the fair value of the net assets acquired. As discussed in Note 2, we completed two acquisitions during the year ended March 31, 2015. On September 3, 2014, we completed the acquisition of Insight and recorded goodwill of $96.3 million , reflecting the amount by which the purchase price exceeded the preliminary estimate of fair value of net assets acquired, after giving affect to the following adjustments. During the quarter ended June 30, 2015, we increased goodwill by $0.3 million for certain immaterial items. During the quarter ending December 31, 2015, we decreased goodwill by $7.2 million , as we received that amount from escrow pursuant to an arbitrator's ruling in December 31, 2015 related to a disputed working capital calculation, as determined under GAAP, associated with the Insight acquisition, which is clearly and directly related to the purchase price. 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. As further discussed in Note 7, in December 2014, we completed a transaction to sell rights to use of the Comet brand in certain Eastern European countries to a third-party licensee. As a result, we recorded a gain on the sale of $1.3 million and reduced the carrying value of our intangible assets and goodwill. As discussed in Note 2, on February 5, 2016, we completed the acquisition of DenTek. In connection with this acquisition, we recorded goodwill of $76.5 million based on the amount by which the purchase price exceeded the fair value of 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. At February 29, 2016 and February 28, 2015, in conjunction with the annual test for goodwill impairment, there were no indicators of impairment under the analysis. Accordingly, no impairment charge was recorded in 2016 or 2015. We identify our reporting units in accordance with the FASB ASC Subtopic 280. The carrying value and fair value for intangible assets and goodwill for a reporting unit are calculated based on key assumptions and valuation methodologies previously discussed. The discounted cash flow methodology is a widely-accepted valuation technique utilized by market participants in the transaction evaluation process and has been applied consistently. We also considered our market capitalization at February 29, 2016, February 28, 2015 and 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. The aggregate fair value of our reporting units exceeded the carrying value by 76.4% with no reporting unit's fair value exceeding the carrying value by less than 10% . |
Intangible Assets
Intangible Assets | 12 Months Ended |
Mar. 31, 2016 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets | Intangible Assets A reconciliation of the activity affecting intangible assets for each of 2014, 2015, and 2016 is as follows: Year Ended March 31, 2014 (In thousands) Indefinite Finite Lived Non Totals Gross Amount Balance – March 31, 2013 $ 1,243,718 $ 203,066 $ 158 $ 1,446,942 Additions 29,845 1,657 — 31,502 Reductions — — (158 ) (158 ) Effects of foreign currency exchange rates 315 17 — 332 Balance – March 31, 2014 $ 1,273,878 $ 204,740 $ — $ 1,478,618 Accumulated Amortization Balance – March 31, 2013 $ — $ 73,544 $ 158 $ 73,702 Additions — 10,256 — 10,256 Reductions — — (158 ) (158 ) Effects of foreign currency exchange rates — 1 — 1 Balance – March 31, 2014 — 83,801 — 83,801 Intangibles, net – March 31, 2014 $ 1,273,878 $ 120,939 $ — $ 1,394,817 Intangible Assets, net by Reportable Segment: North American OTC Healthcare $ 1,123,897 $ 93,242 $ — $ 1,217,139 International OTC Healthcare 30,161 1,530 — 31,691 Household Cleaning 119,820 26,167 — 145,987 Intangible assets, net – March 31, 2014 $ 1,273,878 $ 120,939 $ — $ 1,394,817 Year Ended March 31, 2015 (In thousands) Indefinite Finite Lived Non Totals Gross Amount Balance – March 31, 2014 $ 1,273,878 $ 204,740 $ — $ 1,478,618 Additions 673,180 124,774 — 797,954 Reclassifications (46,506 ) 46,506 — — Reductions (9,548 ) (17,674 ) — (27,222 ) Effects of foreign currency exchange rates (17,600 ) (280 ) — (17,880 ) Balance – March 31, 2015 $ 1,873,404 $ 358,066 $ — $ 2,231,470 Accumulated Amortization Balance – March 31, 2014 $ — $ 83,801 $ — $ 83,801 Additions — 12,995 — 12,995 Effects of foreign currency exchange rates — (26 ) — (26 ) Balance – March 31, 2015 $ — $ 96,770 $ — $ 96,770 Intangibles, net – March 31, 2015 $ 1,873,404 $ 261,296 $ — $ 2,134,700 Intangible Assets, net by Reportable Segment: North American OTC Healthcare $ 1,676,991 $ 235,642 $ — $ 1,912,633 International OTC Healthcare 86,141 1,231 — 87,372 Household Cleaning 110,272 24,423 — 134,695 Intangible assets, net – March 31, 2015 $ 1,873,404 $ 261,296 $ — $ 2,134,700 Year Ended March 31, 2016 (In thousands) Indefinite Finite Lived Non Totals Gross Amount Balance – March 31, 2015 $ 1,873,404 $ 358,066 $ — $ 2,231,470 Additions 179,800 26,900 — 206,700 Reclassifications (32,918 ) 32,918 — — Reductions — — — — Effects of foreign currency exchange rates (240 ) (4 ) — (244 ) Balance – March 31, 2016 $ 2,020,046 $ 417,880 $ — $ 2,437,926 Accumulated Amortization Balance – March 31, 2015 $ — $ 96,770 $ — $ 96,770 Additions — 18,430 — 18,430 Effects of foreign currency exchange rates — 3 — 3 Balance – March 31, 2016 $ — $ 115,203 $ — $ 115,203 Intangibles, net – March 31, 2016 $ 2,020,046 $ 302,677 $ — $ 2,322,723 Intangible Assets, net by Reportable Segment: North American OTC Healthcare $ 1,823,873 $ 277,762 $ — $ 2,101,635 International OTC Healthcare 85,901 2,237 — 88,138 Household Cleaning 110,272 22,678 — 132,950 Intangible assets, net – March 31, 2016 $ 2,020,046 $ 302,677 $ — $ 2,322,723 As discussed in Note 2, on July 1, 2013, we completed the acquisition of Care Pharma. In connection with this acquisition, we allocated $31.5 million to intangible assets based on our analysis. As discussed in Note 2, we completed two acquisitions during the year ended March 31, 2015. On September 3, 2014, we completed the acquisition of Insight and allocated $724.4 million to intangible assets based on our 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 had allocated $17.7 million to intangible assets. As discussed in Note 2, on February 5, 2016, we completed the acquisition of DenTek. In connection with this acquisition, we allocated $206.7 million to intangible assets based on our analysis. Under accounting guidelines, indefinite-lived assets are not amortized, but must be tested for impairment annually, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the asset below the carrying amount. Additionally, at each reporting period, an evaluation must be made to determine whether events and circumstances continue to support an indefinite useful life. Intangible assets with finite lives are amortized over their respective estimated useful lives and 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. We utilized the discounted cash flow method to estimate the fair value of our reporting units as part of the goodwill impairment test and the excess earnings method to estimate the fair value of our individual indefinite-lived intangible assets. The discount rate utilized in the analyses, as well as future cash flows, may be influenced by such factors as changes in interest rates and rates of inflation. Additionally, should the related fair values of goodwill and intangible assets be adversely affected as a result of declining sales or margins caused by competition, changing consumer preferences, technological advances or reductions in advertising and promotional expenses, we may be required to record impairment charges in the future. In addition, we considered our market capitalization at February 29, 2016, which was the date of our annual review, 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. As a result of our analysis, we determined that the fair values exceeded the carrying values and as such, no impairment charge was recorded in 2016. Based on our analysis, the aggregate fair value of our reporting units exceeded the carrying value by 76.4% , with no reporting unit's fair value exceeding the carrying value by less than 10% . The aggregate fair value of the indefinite-lived intangible assets exceeded the carrying value by 55.8% . Three of the individual indefinite-lived trade names exceeded their carrying values by less than 10% . The fair value of Beano, New Skin and Debrox, exceed their carrying values of $78.4 million , $37.2 million and $76.3 million , by 9.0% , 8.2% and 5.1% , respectively. Given the competitive landscape, including private label, Beano has experienced declines in revenues in recent periods. However, we continue to believe that the fair value exceeds the carrying value of Beano. The significant assumptions supporting the fair value of Beano include a discount rate of 9.5% , and returning to revenue growth, coupled with advertising and promotion investments that are in line with historical performance. A decrease in the annual cash flow of approximately 21.6% compared to the projected cash flow utilized in our analysis, or an increase in the discount rate of approximately 82 basis points could result in the carrying value of our trade name exceeding its fair value, which would result in an impairment charge. The significant assumptions supporting the fair value of New Skin and Debrox include a discount rate of 9.5% , coupled with modest revenue growth, and advertising and promotion investments that are in line with historical performance. Revenue declines in each of the brands or changes in assumptions utilized in our quantitative indefinite lived asset impairment analysis may result in the fair value no longer exceeding their respective carrying values. For example, a decrease in the annual cash flow of approximately 19.6% and 12.6% for New Skin and Debrox , respectively, compared to the projected cash flow utilized in our analysis, or an increase in the discount rate of approximately 73 and 45 basis points, respectively, could result in the carrying value of our trade name exceeding its fair value, which would result in an impairment charge. We will continue to review our results against forecasts and assess our assumptions to ensure they continue to be appropriate. Based on recent declines in the business and a strategic review of our brands during the fourth quarter ended March 31, 2016 and our annual impairment review, we have reassessed the useful life of the Ecotrin brand as of February 29, 2016 and determined it to be 20 years . As such, we have reclassified $32.9 million from an indefinite-lived to a finite lived intangible asset. At the time of this change in useful life, the fair value exceeded its carrying value. Although we experienced revenue declines in Pediacare and in certain other brands in the past, we continue to believe that the fair value of our brands exceed their carrying values. However, sustained or significant future declines in revenue, profitability, lost distribution, other adverse changes in expected operating results, and / or unfavorable changes in economic factors used to estimate fair value of certain brands could indicate that the fair value no longer exceeds the carrying in which case a non-cash impairment charge may be recorded in future periods. The weighted average remaining life for finite-lived intangible assets at March 31, 2016 was approximately 14.4 years, and the amortization expense for the year ended March 31, 2016 was $ 18.4 million. At March 31, 2016, finite-lived intangible assets are expected to be amortized over their estimated useful life, which ranges from a period of 10 to 30 years , and the estimated amortization expense for each of the five succeeding years and periods thereafter is as follows (in thousands): Year Ending March 31, 2017 21,236 2018 21,072 2019 21,072 2020 21,072 2021 20,650 Thereafter 197,575 $ 302,677 Sale of asset Historically, we received royalty income from the licensing of the name of certain of our brands in geographic areas or markets in which we do not directly compete. We have had a royalty agreement for our Comet brand for several years, which included an option on behalf of the licensee to purchase the rights in certain geographic areas and markets in perpetuity. In December 2014, we amended the agreement to allow the licensee to buy out a portion of the agreement early, but retaining the remaining stream of royalty payments. In December 2014, in connection with this amendment, we sold rights to use of the Comet brand in certain Eastern European countries to a third-party licensee and received $10.0 million as a partial early buyout. As a result, we recorded a gain on sale of $1.3 million , and reduced the carrying value of our intangible assets and goodwill. The licensee will continue to make quarterly payments at least through June 30, 2016 of approximately $1.0 million . The licensee has the option to purchase (which we expect the licensee will elect to exercise such option) the remaining territories and markets, as defined in the agreement, at any time after July 1, 2016. |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Mar. 31, 2016 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities consist of the following: March 31, (In thousands) 2016 2015 Accrued marketing costs $ 26,373 $ 16,903 Accrued compensation costs 9,574 8,840 Accrued broker commissions 1,497 1,134 Income taxes payable 3,675 2,642 Accrued professional fees 1,787 2,769 Deferred rent 836 1,021 Accrued production costs 3,324 5,610 Accrued lease termination costs 448 669 Income tax related payable 6,354 — Other accrued liabilities 5,856 1,360 $ 59,724 $ 40,948 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Mar. 31, 2016 | |
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 could 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 were guaranteed by Prestige Brands Holdings, Inc. and certain of its domestic 100% owned subsidiaries, other than the Borrower. Each of these guarantees were joint and several. There were 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 were being amortized over the term of the 2012 Senior Notes. As of March 31, 2016, there were no outstanding balances as the Company used the net proceeds from the 2016 Senior Notes issuance (discussed below) to repay all of the balances associated with 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 7 -year maturity and (ii) a $50.0 million asset-based revolving credit facility (the “2012 ABL Revolver”) with a 5 -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% (discussed below). 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, we 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 Loans"). 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, with a floor of 2.00% , plus a margin. The new Term B-1 Loans would have matured 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, we 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 Loans") 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 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 was based, at our 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, with a floor of 2.00% , plus a margin, and (y) the Term B-2 Loans that was based, at our 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, with a floor of 2.00% , plus a margin (with a margin step-down to 3.25% per annum, based upon achievement of a specified secured net leverage ratio). Also, on September 3, 2014, the Borrower entered into ABL Amendment No. 3. ABL Amendment No. 3 provides 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 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., and (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. On May 8, 2015, we entered into Amendment No. 3 (the "Term Loan Amendment No. 3") to the 2012 Term Loan. Term Loan Amendment No. 3 provides for (i) the creation of a new class of Term B-3 Loans under the 2012 Term Loan (the "Term B-3 Loans") in an aggregate principal amount of $852.5 million , which combined the outstanding balances of the Term B-1 Loans of $207.5 million and the Term B-2 Loans of $645.0 million , (ii) increased flexibility under the credit agreement governing the 2012 Term Loan, including additional investment, restricted payment, and debt incurrence flexibility and financial maintenance covenant relief, and (iii) an interest rate on the Term B-3 Loans that is based, at the Borrower’s option, on a LIBOR rate plus a margin of 2.75% per annum, with a LIBOR floor of 0.75% , or an alternate base rate, with a floor of 1.75% , plus a margin. The maturity date of the Term B-3 Loans remains the same as the Term B-2 Loans' original maturity date of September 3, 2021. The 2012 Term Loan, as amended, bears interest at a rate per annum equal to an applicable margin plus, at our option, either (i) a base rate determined by reference to the highest of (a) the Federal Funds rate plus 0.50% , (b) the prime rate of Citibank, N.A., (c) the LIBOR rate determined by reference to the cost of funds for U.S. dollar deposits for an interest period of one month, adjusted for certain additional costs, plus 1.00% and (d) a floor of 1.75% 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 0.75% . For the year ended March 31, 2016 , the average interest rate on the 2012 Term Loan was 4.4% . Under the 2012 Term Loan, the Borrower was 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 the Borrower has previously made significant optional payments that exceeded all of our required quarterly payments, the Borrower will not be required to make another payment until the maturity date of March 31, 2019. On June 9, 2015, we entered into Amendment No. 4 (“ABL Amendment No. 4”) to the 2012 ABL Revolver. ABL Amendment No. 4 provides for (i) a $35.0 million increase in the accordion feature under the 2012 ABL Revolver and (ii) increased flexibility under the credit agreement governing the 2012 ABL Revolver, including additional investment, restricted payment, and debt incurrence flexibility and financial maintenance covenant relief and (iii) extended the maturity date of the 2012 ABL Revolver to June 9, 2020, which is five years from the effective date. We may voluntarily repay outstanding loans under the 2012 ABL Revolver at any time without a premium or penalty. For the year ended March 31, 2016, the average interest rate on the amounts borrowed under the 2012 ABL Revolver was 2.1% . In connection with the Bridge Credit Agreement (discussed below) and DenTek acquisition on February 5, 2016, we entered into Amendment No. 5 (the “ABL Amendment No. 5”) to the 2012 ABL Revolver. ABL Amendment No. 5 temporarily suspends certain financial and related reporting covenants in the 2012 ABL Revolver until the earliest of (i) the date that is 60 calendar days following February 4, 2016, (ii) the date upon which certain of DenTek’s assets are included in the Company’s borrowing base under the 2012 ABL Revolver and (iii) the date upon which the Company receives net proceeds from an offering of debt securities. 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. 2016 Bridge Term Loans: On February 4, 2016, Prestige Brands Holdings, Inc. and the Borrower, entered into a bridge credit agreement. The Bridge Credit Agreement provides for term loans in an aggregate principal amount of $80.0 million (the “Bridge Term Loans”), at an applicable interest rate margin equal to (i) for the period beginning on the closing date and ending on the 179th day following the closing date, 4.75% for Eurocurrency rate loans and 3.75% for base rate loans, (ii) for the period from and including the 180th day following the closing date and ending on the 269th day following the closing date, 5.00% for Eurocurrency rate loans and 4.00% for base rate loans, and (iii) for the period from and after the 270th day following the closing date, 5.25% for Eurocurrency rate loans and 4.25% for base rate loans. The Bridge Term Loans would have matured on February 2, 2017. The proceeds were used to partially fund the acquisition of DenTek. However, as of March 31, 2016, there were no outstanding balances as the Company used the net proceeds from the 2016 Senior Notes issuance (discussed below) to repay all of these Bridge Term Loans on February 19, 2016. In connection with the repayment of the Bridge Loan on February 19, 2016, we expensed $1.9 million of unamortized debt issuance costs which were classified as interest expense. 2016 Senior Notes: On February 19, 2016, the Borrower completed the sale of $350.0 million aggregate principal amount of 6.375% senior notes due 2024 (the “2016 Senior Notes”), pursuant to a purchase agreement, dated February 16, 2016, among the Borrower, the guarantors party thereto (the “Guarantors”) and the initial purchasers party thereto. The 2016 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 2016 Senior Notes offering, we incurred $5.5 million of costs, which were capitalized as deferred financing costs and are being amortized over the term of the 2016 Senior Notes. The proceeds were used to redeem the 2012 Senior Notes and repay the Bridge Term Loans that were utilized to partially fund the acquisition of DenTek. The 2016 Senior Notes were issued pursuant to an indenture, dated February 19, 2016 (the “Indenture”). The Indenture provides, among other things, that interest will be payable on the 2016 Senior Notes on March 1 and September 1 of each year, beginning on September 1, 2016, until their maturity date of March 1, 2024. The 2016 Senior Notes are senior unsecured obligations of the Borrower. Redemptions and Restrictions: On February 19, 2016, the Company used the net proceeds from the 2016 Senior Notes issuance to redeem all of the 2012 Senior Notes at a redemption price equal to 104.063% , plus accrued and unpaid interest, and repay all of the Bridge Term Loans. At any time prior to December 15, 2016, have the option to 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 have have the option to 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 have to the option to 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 Borrower has the option to redeem all or a portion of the 2016 Senior Notes at any time on or after March 1, 2019 at the redemption prices set forth in the Indenture, plus accrued and unpaid interest, if any. The Borrower may also redeem all or any portion of the 2016 Senior Notes at any time prior to March 1, 2019, at a price equal to 100% of the aggregate principal amount thereof, plus a make-whole premium and accrued and unpaid interest, if any. In addition, before March 1, 2019, the Borrower may redeem up to 40% of the aggregate principal amount of the 2016 Senior Notes with the net proceeds of certain equity offerings at the redemption price set forth in the Indenture, provided that certain conditions are met. Subject to certain limitations, in the event of a change of control (as defined in the Indenture), the Borrower will be required to make an offer to purchase the 2016 Senior Notes at a price equal to 101% of the aggregate principal amount of the notes repurchased, plus accrued and unpaid interest, if any, to the date of repurchase. The indentures governing the 2013 Senior Notes and the 2016 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 2013 Senior Notes and the 2016 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 2013 Senior Notes and the 2016 Senior Notes. At March 31, 2016, we were in compliance with the covenants under our long-term indebtedness. Effective April 1, 2015, the Company elected to change its method of presentation relating to debt issuance costs in accordance with ASU 2015-03. Prior to 2016, the Company's policy was to present these costs in other-long term assets on the balance sheet, net of accumulated amortization. Beginning in 2016, the Company has presented these fees as a direct deduction to the related long-term debt. As a result, we reclassified $27.4 million of deferred financing costs as of March 31, 2015 from other long-term assets, and such costs are now presented as a direct deduction from the long-term debt liability. At March 31, 2016, we had an aggregate of $1.3 million of unamortized debt costs related to the 2012 ABL Revolver, and $27.2 million of unamortized debt costs, the total of which is comprised of $5.4 million related to the 2013 Senior Notes, $5.4 million related to the 2016 Senior Notes, and $16.4 million related to the 2012 Term Loan. At March 31, 2015 we had an aggregate of $1.2 million of unamortized debt costs related to the 2012 ABL Revolver, and $32.3 million of unamortized debts costs, the total of which is comprised of $8.7 million related to the 2012 Senior Notes, $6.2 million related to the 2013 Senior Notes, and $17.4 million related to the 2012 Term Loan. At March 31, 2016, we had $85.0 million outstanding on the 2012 ABL Revolver and a borrowing capacity of $37.9 million . Long-term debt consists of the following, as of the dates indicated: (In thousands, except percentages) March 31, March 31, 2016 Senior Notes bearing interest at 6.375%, with interest payable on March 1 and September 1 of each year. The 2016 Senior Notes mature on March 1, 2024. 350,000 — 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 2012 Term B-3 Loans bearing interest at the Borrower's option at either a base rate with a floor of 1.75% plus applicable margin or LIBOR with a floor of 0.75% plus applicable margin, due on September 3, 2021. 817,500 877,500 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 June 9, 2020. 85,000 66,100 Total long-term debt (including current portion) 1,652,500 1,593,600 Current portion of long-term debt — — Long-term debt 1,652,500 1,593,600 Less: unamortized debt costs (27,191 ) (32,327 ) Long-term debt, net $ 1,625,309 $ 1,561,273 As of March 31, 2016, aggregate future principal payments required in accordance with the terms of the 2012 Term Loan, 2012 ABL Revolver and the indentures governing the 2016 Senior Notes and the 2013 Senior Notes are as follows: (In thousands) Year Ending March 31, Amount 2017 $ — 2018 — 2019 — 2020 5,494 2021 93,525 Thereafter 1,553,481 $ 1,652,500 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Mar. 31, 2016 | |
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 820 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 2016 Senior Notes, the 2013 Senior Notes, the 2012 Senior Notes, the Term B-3 loans, and the 2012 ABL Revolver are measured in Level 2 of the above hierarchy (see summary below detailing the carrying amounts and estimated fair values of these borrowings at March 31, 2016 and 2015). March 31, 2016 March 31, 2015 (In thousands) Carrying Value Fair Value Carrying Value Fair Value 2016 Senior Notes $ 350,000 $ 363,125 $ — $ — 2013 Senior Notes 400,000 408,000 400,000 405,000 2012 Senior Notes — — 250,000 268,100 Term B-3 Loans 817,500 818,522 877,500 880,500 2012 ABL Revolver 85,000 85,000 66,100 65,700 At March 31, 2016 and 2015, we did not have any assets or liabilities measured in Level 1 or 3. During 2016, 2015 and 2014, there were no transfers of assets or liabilities between Levels 1, 2 and 3. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity The Company is authorized to issue 250.0 million shares of common stock, $0.01 par value per share, and 5.0 million shares of preferred stock, $0.01 par value per share. The Board of Directors may direct the issuance of the undesignated preferred stock in one or more series and determine preferences, privileges and restrictions thereof. Each share of common stock has the right to one vote on all matters submitted to a vote of stockholders. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the Board of Directors, subject to prior rights of holders of all classes of stock outstanding having priority rights as to dividends. No dividends have been declared or paid on the Company's common stock through March 31, 2016. Pursuant to the provisions of various employee restricted stock awards, we repurchased 40,316 shares and 59,933 shares of restricted common stock from our employees during the years ended March 31, 2016 and 2015, respectively. The repurchases during the years ended March 31, 2016 and 2015 were at an average price of $41.80 and $34.16 , respectively. All of the repurchased shares have been recorded as treasury stock. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Mar. 31, 2016 | |
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, and restricted stock units. The following table sets forth the computation of basic and diluted earnings per share: Year Ended March 31, (In thousands, except per share data) 2016 2015 2014 Numerator Net income $ 99,907 $ 78,260 $ 72,615 Denominator Denominator for basic earnings per share- weighted average shares outstanding 52,754 52,170 51,641 Dilutive effect of unvested restricted stock units and options issued to employees and directors 389 500 708 Denominator for diluted earnings per share 53,143 52,670 52,349 Earnings per Common Share: Basic net earnings per share $ 1.89 $ 1.50 $ 1.41 Diluted net earnings per share $ 1.88 $ 1.49 $ 1.39 For 2016, 2015, and 2014 there were less than 0.1 million , 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. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Mar. 31, 2016 | |
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 grants of up to a maximum of 5.0 million shares of restricted stock, stock options, restricted stock units and other equity-based awards. In June 2014, the Board of Directors approved, and in July 2014, the stockholders ratified, an increase of an additional 1.8 million shares of our common stock for issuance under the Plan, increased the maximum number of shares subject to stock options that may be awarded to any one participant under the Plan during any 12-month period from 1.0 million to 2.5 million shares and extended the term of the Plan by ten years, to February 2025. 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 2016, pre-tax share-based compensation costs charged against income and the related income tax benefit recognized were $10.0 million and $3.5 million , respectively. During 2015, pre-tax share-based compensation costs charged against income and the related income tax benefit recognized were $6.9 million and $1.9 million , respectively. During 2014, pre-tax share-based compensation costs charged against income and the related income tax benefit recognized were $5.1 million and $1.5 million , respectively. On April 22, 2015, we announced that Matthew M. Mannelly, our President and Chief Executive Officer and member of the Board of Directors, would retire effective June 1, 2015. In conjunction with his retirement, the Board of Directors accelerated the vesting of his previously unvested restricted stock units and stock options, and we recorded additional compensation expense of approximately $0.8 million associated with this acceleration. Effective June 1, 2015, the Board of Directors appointed Ron M. Lombardi, our then current Chief Financial Officer, to succeed Mr. Mannelly as President and Chief Executive Officer and as a member of the Board of Directors. In connection with his appointment, Mr. Lombardi was granted 57,924 restricted stock units on April 22, 2015. On October 28, 2015, we announced that David S. Marberger has been appointed as Chief Financial Officer of the Company, effective November 10, 2015. In connection with Mr. Marberger’s appointment as Chief Financial Officer, on October 28, 2015, the Company entered into an employment agreement with Mr. Marberger, which sets forth the terms of his compensation as approved by the Compensation Committee of the Board of Directors. In accordance with the terms of his employment agreement, on October 28, 2015, the Company granted to Mr. Marberger 6,612 shares of restricted stock units and stock options to acquire 8,079 shares of our common stock under the Plan. The restricted stock units vest in their entirety on the three -year anniversary of the date of grant. Upon vesting, the units will be settled in shares of our common stock. 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 $50.42 per share, which is equal to the closing price of our common stock on the date of grant. On May 11, 2015, the Compensation Committee of our Board of Directors (the "Compensation Committee") granted 185,904 restricted stock units and stock options to acquire 186,302 shares of our common stock to certain executive officers and employees under the Plan. Of those grants, 163,404 restricted stock units vest in their entirety on the three -year anniversary of the date of grant and 22,500 restricted stock units vest 33.3% per year over three years. Upon vesting, the units will be settled in shares of our common stock. The stock options 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 $41.44 per share, which is equal to the closing price of our common stock on the date of grant. On July 1, 2015, the Compensation Committee granted 2,841 restricted stock units, which vest on the three -year anniversary of the date of grant, and stock options to acquire 13,861 shares of our common stock to certain employees under the Plan. The stock options 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 $46.58 per share, which is equal to the closing price of our common stock on the date of grant. 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 of 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. 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. Each of our six independent members of the Board of Directors received a grant of 2,075 restricted stock units on August 4, 2015 under the Plan. Additionally, on May 11, 2015, the Compensation Committee granted 362 restricted stock units to a newly appointed Board member. The restricted stock units vest on the one year anniversary of the date of grant and will be settled by delivery to the director of one share of common stock of the Company for each vested restricted stock unit promptly following the earliest of the director's (i) death, (ii) disability or (iii) the six -month anniversary of the date on which the director's Board membership ceases for reasons other than death or disability. The fair value of the restricted stock units is determined using the closing price of our common stock on the day of the grant. The weighted-average grant-date fair value during 2016, 2015, and 2014 was $42.41 , $33.33 and $30.19 , respectively. A summary of the Company’s restricted shares granted under the Plan is presented below: Restricted Shares Shares (in thousands) Weighted-Average Grant-Date Fair Value Vested and Nonvested at March 31, 2013 421.3 $ 11.01 Granted 126.6 30.19 Vested and issued (104.8 ) 9.98 Forfeited (5.6 ) 15.11 Vested and nonvested at March 31, 2014 437.5 16.76 Vested at March 31, 2014 69.6 9.34 Granted 106.9 33.33 Vested and issued (154.4 ) 13.37 Forfeited (27.7 ) 21.45 Vested and nonvested at March 31, 2015 362.3 22.74 Vested at March 31, 2015 76.6 11.62 Granted 266.1 42.41 Vested and issued (155.6 ) 18.31 Forfeited (5.0 ) 39.61 Vested and nonvested at March 31, 2016 467.8 35.22 Vested at March 31, 2016 69.8 14.76 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 in the event of a change in control, as defined in the Plan. 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 of employment, subject to the terms of 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 our historical experience, 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 options. The weighted-average grant-date fair values of the options granted during 2016, 2015, and 2014 were $17.24 , $15.95 , and $13.94 , respectively. Year Ended March 31, 2016 2015 2014 Expected volatility 40.2 % 47.3 % 48.0 % Expected dividends — — — Expected term in years 6.0 6.0 6.0 Risk-free rate 1.7 % 2.2 % 1.3 % A summary of option activity under the Plan is as follows: Options Shares (in thousands) Weighted-Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) Outstanding at March 31, 2013 1,386.4 $ 10.43 Granted 227.7 29.94 Exercised (605.0 ) 9.76 Forfeited or expired (14.2 ) 14.56 Outstanding at March 31, 2014 994.9 15.24 Granted 317.9 33.54 Exercised (386.3 ) 10.24 Forfeited or expired (55.3 ) 26.77 Outstanding at March 31, 2015 871.2 23.40 Granted 208.2 42.13 Exercised (348.0 ) 19.22 Forfeited or expired (3.7 ) 35.72 Outstanding at March 31, 2016 727.7 30.70 7.6 $ 16,512 Exercisable at March 31, 2016 308.4 21.75 6.5 9,756 The aggregate intrinsic value of options exercised during 2016, 2015 and 2014 was $8.6 million , $9.3 million and $14.0 million , respectively. At March 31, 2016, there were $10.1 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 years. The total fair value of options and restricted shares vested during 2016, 2015, and 2014 was $7.0 million , $4.7 million and $3.4 million , respectively. Cash received from the exercise of stock options was $6.7 million during 2016, and we realized $2.1 million in tax benefits for the tax deductions resulting from option exercises in 2016. Cash received from the exercise of stock options was $4.0 million during 2015, and we realized $2.2 million in tax benefits for the tax deductions resulting from option exercises in 2015. Cash received from the exercise of stock options was $5.9 million during 2014, and we realized $1.7 million in tax benefits for the tax deductions from option exercises in 2014. At March 31, 2016, there were 2.6 million shares available for issuance under the Plan. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Loss The table below presents accumulated other comprehensive loss (“AOCI”), which affects 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 March 31, 2016 and 2015: March 31, March 31, (In thousands) 2016 2015 Components of Accumulated Other Comprehensive Loss Cumulative translation adjustment $ (23,525 ) $ (23,412 ) Accumulated other comprehensive loss, net of tax $ (23,525 ) $ (23,412 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income before income taxes consists of the following: Year Ended March 31, 2016 2015 2014 (In thousands) United States $ 142,253 $ 122,588 $ 98,786 Foreign 14,932 4,870 2,962 $ 157,185 $ 127,458 $ 101,748 The provision for income taxes consists of the following: Year Ended March 31, (In thousands) 2016 2015 2014 Current Federal $ 6,080 $ 13,066 $ 7,801 State 1,171 760 625 Foreign 3,905 3,228 1,675 Deferred Federal 44,787 31,012 27,045 State 1,678 1,162 (7,879 ) Foreign (343 ) (30 ) (134 ) Total provision for income taxes $ 57,278 $ 49,198 $ 29,133 The principal components of our deferred tax balances are as follows: March 31, (In thousands) 2016 2015 Deferred Tax Assets Allowance for doubtful accounts and sales returns $ 5,083 $ 4,106 Inventory capitalization 1,838 1,550 Inventory reserves 1,367 1,495 Net operating loss carryforwards 12,350 23,800 State income taxes 10,293 7,557 Accrued liabilities 2,162 619 Stock compensation 4,411 3,517 Other 300 834 Total deferred tax assets 37,804 43,478 Deferred Tax Liabilities Property and equipment (833 ) (1,143 ) Intangible assets (496,485 ) (385,807 ) Total deferred tax liabilities (497,318 ) (386,950 ) Net deferred tax liability $ (459,514 ) $ (343,472 ) At March 31, 2016, a 100% owned subsidiary of the Company had a net operating loss carryforward of approximately $32.0 million ( $11.2 million , tax effected), which may be used to offset future taxable income of the consolidated group and begins to expire in 2025. The Company expects to fully utilize the loss carryover before it expires. The net operating loss carryforward is subject to an annual limitation as to usage under Internal Revenue Code Section 382 of approximately $33.0 million . A reconciliation of the effective tax rate compared to the statutory U.S. Federal tax rate is as follows: Year Ended March 31, 2016 2015 2014 (In thousands) % % % Income tax provision at statutory rate $ 55,015 35.0 $ 44,610 35.0 $ 35,612 35.0 Foreign tax benefit (2,894 ) (1.8 ) (2,019 ) (1.6 ) (918 ) (0.9 ) State income taxes, net of federal income tax benefit 3,284 2.0 2,865 2.3 2,004 2.0 Decrease in net deferred tax liability resulting from a change in the effective state tax rate — — — — (8,892 ) (8.7 ) Goodwill adjustment for sale of asset — — 206 0.2 — — Nondeductible transaction costs 1,071 0.7 2,936 2.3 — — Nondeductible compensation 758 0.5 566 0.4 1,011 1.0 Other 44 — 34 — 316 0.3 Total provision for income taxes $ 57,278 36.4 $ 49,198 38.6 $ 29,133 28.7 Uncertain tax liability activity is as follows: 2016 2015 2014 (In thousands) Balance – beginning of year $ 3,420 $ 1,236 $ 1,016 Additions based on tax positions related to the current year 664 2,229 360 Reductions based on lapse of statute of limitations — (45 ) (140 ) Balance – end of year $ 4,084 $ 3,420 $ 1,236 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 2014, 2015 or 2016. The amount of unrecognized tax benefits at March 31, 2016, 2015, and 2014 was $4.1 million , $3.4 million , and $1.2 million , respectively, which would reduce the effective tax rate by 2.6% , 2.7% , and 1.2% , respectively, if recognized. We do not anticipate any events or circumstances that would cause a significant change to these uncertainties during 2017. We are subject to taxation in the United States and various state and foreign jurisdictions, and we are generally open to examination from the year ended March 31, 2013 forward. The Company does not provide for United States income taxes on the undistributed earnings of foreign subsidiaries, which are intended to be indefinitely reinvested in operations outside of the United States. As of March 31, 2016, the cumulative amount of earnings upon which United States income taxes have not been provided is approximately $27.8 million . As of March 31, 2016, the amount of unrecognized deferred tax liability related to these earnings is estimated to be $2.2 million . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies We are involved from time to time in routine legal matters and other claims incidental to our business. We review outstanding claims and proceedings internally and with external counsel as necessary to assess probability and amount of 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, including New York, Wyoming, and other locations, which expire at various dates through fiscal 2021. These amounts have been included in the table below. The following summarizes future minimum lease payments for our operating leases (a) : (In thousands) Facilities Equipment Total Year Ending March 31, 2017 $ 1,923 $ 77 $ 2,000 2018 1,934 — 1,934 2019 1,926 — 1,926 2020 1,757 — 1,757 2021 817 — 817 $ 8,357 $ 77 $ 8,434 (a) Minimum lease payments have not been reduced by minimum sublease rentals of $1.2 million due in the future under noncancelable subleases. The following schedule shows the composition of total minimum lease payments that have been reduced by minimum sublease rentals: Year ending March 31, (In thousands) 2016 2015 Minimum lease payments $ 8,434 $ 9,957 Less: Sublease rentals (1,165 ) (1,401 ) $ 7,269 $ 8,556 Rent expense was $1.8 million , $1.6 million , and $1.5 million for 2016, 2015, and 2014, 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, 2017 1,044 2018 1,013 2019 982 2020 560 2021 — Thereafter — $ 3,599 |
Concentrations of Risk
Concentrations of Risk | 12 Months Ended |
Mar. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Risk | Concentrations of Risk Our revenues are concentrated in the areas of OTC Healthcare and Household Cleaning products. We sell our products to mass merchandisers, food and drug stores, and dollar and club stores. During 2016, 2015, and 2014, approximately 41.9% , 38.2% , and 38.3% , respectively, of our gross 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. During 2016, 2015, and 2014, Walmart accounted for approximately 20.2% , 18.1% , and 19.5% , respectively, of our gross revenues. Our next largest customer accounted for approximately 9.6% of our gross revenues during 2016. At March 31, 2016, approximately 24.7% and 10.4% of accounts receivable were owed by Walmart and Walgreens, respectively. We manage product distribution in the continental United States through a third-party distribution center in St. Louis, Missouri. A serious disruption, such as a flood or fire, to the main distribution center could damage our inventories and could materially impair our ability to distribute our products to customers in a timely manner or at a reasonable cost. We could incur significantly higher costs and experience longer lead times associated with the distribution of our products to our customers during the time that it takes us to reopen or replace our distribution center. As a result, any such disruption could have a material adverse effect on our business, sales and profitability. At March 31, 2016, we had relationships with 119 third-party manufacturers. Of those, we had long-term contracts with 55 manufacturers that produced items that accounted for approximately 79.9% of our gross sales for 2016, compared to 44 manufacturers with long-term contracts that accounted for approximately 82.9% of gross sales in 2015. The fact that we do not have long-term contracts with certain manufacturers means that 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 and results from operations. Although we are in the process of negotiating long-term contracts with certain key manufacturers, we may not be able to reach agreement which could have a material adverse effect on our business. |
Business Segments
Business Segments | 12 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments Segment information has been prepared in accordance with the Segment Reporting topic of FASB ASC 280. Our current reportable segments consist of (i) North American OTC Healthcare, (ii) International OTC Healthcare and (iii) Household Cleaning. 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 operating and reportable segments. Year Ended March 31, 2016 (In thousands) North American OTC International OTC Household Cleaning Consolidated Gross segment revenues* $ 660,518 $ 57,670 $ 87,561 $ 805,749 Elimination of intersegment revenues (2,661 ) — — (2,661 ) Third-party segment revenues 657,857 57,670 87,561 803,088 Other revenues* 14 43 3,102 3,159 Total segment revenues 657,871 57,713 90,663 806,247 Cost of sales 250,018 21,676 67,342 339,036 Gross profit 407,853 36,037 23,321 467,211 Advertising and promotion 97,393 11,114 2,295 110,802 Contribution margin $ 310,460 $ 24,923 $ 21,026 356,409 Other operating expenses 96,094 Operating income 260,315 Other expense 103,130 Income before income taxes 157,185 Provision for income taxes 57,278 Net income $ 99,907 Year Ended March 31, 2015 (In thousands) North American OTC International OTC Household Consolidated Gross segment revenues* $ 569,643 $ 57,729 $ 86,085 $ 713,457 Elimination of intersegment revenues (3,387 ) — — (3,387 ) Third-party segment revenues 566,256 57,729 86,085 710,070 Other revenues 637 64 3,852 4,553 Total segment revenues 566,893 57,793 89,937 714,623 Cost of sales 216,781 22,820 68,799 308,400 Gross profit 350,112 34,973 21,138 406,223 Advertising and promotion 86,897 10,922 1,832 99,651 Contribution margin $ 263,215 $ 24,051 $ 19,306 306,572 Other operating expenses 99,013 Operating income 207,559 Other expense 80,101 Income before income taxes 127,458 Provision for income taxes 49,198 Net income $ 78,260 Year Ended March 31, 2014 (In thousands) North American OTC International OTC Household Consolidated Gross segment revenues* $ 485,323 $ 26,687 $ 83,629 $ 595,639 Elimination of intersegment revenues (3,185 ) — — (3,185 ) Third-party segment revenues 482,138 26,687 83,629 592,454 Other revenues 749 42 4,136 4,927 Total segment revenues 482,887 26,729 87,765 597,381 Cost of sales 184,796 12,646 64,388 261,830 Gross profit 298,091 14,083 23,377 335,551 Advertising and promotion 77,083 5,264 2,621 84,968 Contribution margin $ 221,008 $ 8,819 $ 20,756 250,583 Other operating expenses 61,967 Operating income 188,616 Other expense 86,868 Income before income taxes 101,748 Provision for income taxes 29,133 Net income $ 72,615 *Certain immaterial amounts relating to intersegment revenues and other revenues were reclassified between the International OTC Healthcare segment and the North American OTC Healthcare segment. There were no changes to the consolidated financial statements for any periods presented. The tables below summarize information about our segment revenues from similar product groups. Year Ended March 31, 2016 (In thousands) North American OTC International OTC Household Consolidated Analgesics $ 117,337 $ 2,128 $ — $ 119,465 Cough & Cold 100,148 16,422 — 116,570 Women's Health 132,184 2,982 — 135,166 Gastrointestinal 74,568 20,019 — 94,587 Eye & Ear Care 95,515 11,983 — 107,498 Dermatologicals 82,941 2,133 — 85,074 Oral Care 49,099 2,026 — 51,125 Other OTC 6,079 20 — 6,099 Household Cleaning — — 90,663 90,663 Total segment revenues $ 657,871 $ 57,713 $ 90,663 $ 806,247 Year Ended March 31, 2015 (In thousands) North American OTC International OTC Household Consolidated Analgesics $ 111,954 $ 2,597 $ — $ 114,551 Cough & Cold 103,686 18,080 — 121,766 Women's Health 71,506 2,261 — 73,767 Gastrointestinal 77,596 19,372 — 96,968 Eye & Ear Care 85,236 12,689 — 97,925 Dermatologicals 64,806 2,289 — 67,095 Oral Care 45,916 483 — 46,399 Other OTC 6,193 22 — 6,215 Household Cleaning — — 89,937 89,937 Total segment revenues $ 566,893 $ 57,793 $ 89,937 $ 714,623 Year Ended March 31, 2014 (In thousands) North American OTC International OTC Household Consolidated Analgesics $ 108,101 $ 1,883 $ — $ 109,984 Cough & Cold 100,060 13,365 — 113,425 Women's Health 1,960 1,835 — 3,795 Gastrointestinal 81,469 838 — 82,307 Eye & Ear Care 78,753 6,738 — 85,491 Dermatologicals 56,436 1,655 — 58,091 Oral Care 47,900 413 — 48,313 Other OTC 8,208 2 — 8,210 Household Cleaning — — 87,765 87,765 Total segment revenues $ 482,887 $ 26,729 $ 87,765 $ 597,381 During fiscal 2016, 2015, and 2014, approximately 87.4% , 85.2% , and 86.9% , 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 total segment revenues in any of the periods presented. During fiscal 2016, 2015, and 2014, our Canada sales accounted for approximately 5.2% , 5.9% , and 7.7% , respectively, of our total segment revenues. During fiscal 2016, 2015 and 2014, our Australia sales accounted for approximately 5.6% , 6.9% and 3.0% , respectively, of our total segment revenues. At March 31, 2016 and 2015, approximately 95.9% and 95.6% , respectively, of our consolidated goodwill and intangible assets were located in the United States and approximately 4.1% and 4.4% , respectively,were located in Australia. These consolidated goodwill and intangible assets have been allocated to the reportable segments as follows: March 31, 2016 (In thousands) North American OTC International OTC Household Consolidated Goodwill $ 330,615 $ 22,776 $ 6,800 $ 360,191 Intangible assets Indefinite-lived 1,823,873 85,901 110,272 2,020,046 Finite-lived 277,762 2,237 22,678 302,677 Intangible assets, net 2,101,635 88,138 132,950 2,322,723 Total $ 2,432,250 $ 110,914 $ 139,750 $ 2,682,914 March 31, 2015 (In thousands) North American OTC International OTC Household Consolidated Goodwill $ 263,411 $ 20,440 $ 6,800 $ 290,651 Intangible assets Indefinite-lived 1,676,991 86,141 110,272 1,873,404 Finite-lived 235,642 1,231 24,423 261,296 Intangible assets, net 1,912,633 87,372 134,695 2,134,700 Total $ 2,176,044 $ 107,812 $ 141,495 $ 2,425,351 |
Unaudited Quarterly Financial I
Unaudited Quarterly Financial Information | 12 Months Ended |
Mar. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Financial Information | Unaudited Quarterly Financial Information Unaudited quarterly financial information for 2016 and 2015 is as follows: Year Ended March 31, 2016 Quarterly Period Ended (In thousands, except for per share data) June 30, 2015 September 30, 2015 December 31, 2015 March 31, 2016 Total revenues $ 192,132 $ 206,065 $ 200,195 $ 207,855 Cost of sales (exclusive of depreciation shown below) 79,896 86,125 83,411 89,604 Gross profit 112,236 119,940 116,784 118,251 Operating expenses Advertising and promotion 26,422 27,893 29,935 26,552 General and administrative 17,589 16,462 18,135 20,232 Depreciation and amortization 5,720 5,687 6,071 6,198 49,731 50,042 54,141 52,982 Operating income 62,505 69,898 62,643 65,269 Net interest expense 21,884 20,667 19,462 23,147 Loss on extinguishment of debt 451 — — 17,519 Income before income taxes 40,170 49,231 43,181 24,603 Provision for income taxes 13,997 17,428 15,186 10,667 Net income $ 26,173 $ 31,803 $ 27,995 $ 13,936 Earnings per share: Basic $ 0.50 $ 0.60 $ 0.53 $ 0.26 Diluted $ 0.49 $ 0.60 $ 0.53 $ 0.26 Weighted average shares outstanding: Basic 52,548 52,803 52,824 52,833 Diluted 52,958 53,151 53,203 53,252 Comprehensive income, net of tax: Currency translation adjustments (405 ) (11,079 ) 4,922 6,449 Total other comprehensive income (loss) (405 ) (11,079 ) 4,922 6,449 Comprehensive income $ 25,768 $ 20,724 $ 32,917 $ 20,385 Year Ended March 31, 2015 Quarterly Period Ended (In thousands, except for per share data) June 30, 2014 September 30, 2014 December 31, 2014 March 31, 2015 Total revenues $ 145,702 $ 181,269 $ 197,606 $ 190,046 Cost of sales (exclusive of depreciation shown below) 63,836 78,727 85,861 79,976 Gross profit 81,866 102,542 111,745 110,070 Operating expenses Advertising and promotion 19,096 25,044 30,144 25,367 General and administrative 17,006 27,128 19,454 17,685 Depreciation and amortization 2,961 3,852 5,154 5,773 39,063 56,024 54,752 48,825 Operating income 42,803 46,518 56,993 61,245 Net interest expense 14,653 18,193 24,592 23,796 Gain on settlement — — (1,133 ) — Income before income taxes 28,150 28,325 33,534 37,449 Provision for income taxes 11,418 11,862 12,241 13,677 Net income $ 16,732 $ 16,463 $ 21,293 $ 23,772 Earnings per share: Basic $ 0.32 $ 0.32 $ 0.41 $ 0.45 Diluted $ 0.32 $ 0.31 $ 0.40 $ 0.45 Weighted average shares outstanding: Basic 51,956 52,088 52,278 52,356 Diluted 52,533 52,594 52,730 52,821 Comprehensive income, net of tax: Currency translation adjustments 2,726 (10,830 ) (8,779 ) (7,268 ) Total other comprehensive income (loss) 2,726 (10,830 ) (8,779 ) (7,268 ) Comprehensive income $ 19,458 $ 5,633 $ 12,514 $ 16,504 |
Condensed Consolidating Financi
Condensed Consolidating Financial Statements | 12 Months Ended |
Mar. 31, 2016 | |
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 2016 Senior Notes and the 2013 Senior Notes, including the obligation to pay principal and interest with respect to the 2016 Senior Notes and the 2013 Senior Notes. The 100% owned subsidiaries of the Company that have guaranteed the 2016 Senior Notes and the 2013 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, Blacksmith Brands, Inc., Insight Pharmaceuticals Corporation, Insight Pharmaceuticals, LLC, Practical Health Products, Inc., and DenTek Holdings, 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 2016 Senior Notes and the 2013 Senior Notes. Although holders of the 2016 Senior Notes and the 2013 Senior Notes will be direct creditors of the guarantors of the 2016 Senior Notes and the 2013 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 2016 Senior Notes or the 2013 Senior Notes, and such subsidiaries will not be obligated with respect to the 2016 Senior Notes or the 2013 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 2016 Senior Notes and the 2013 Senior Notes. Presented below are supplemental Condensed Consolidating Balance Sheets as of March 31, 2016 and 2015 and Condensed Consolidating Income and Comprehensive Income Statements and Condensed Consolidating Statements of Cash Flows for each year in the three year period ended March 31, 2016. 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 footnote should be read in conjunction with the Consolidated Financial Statements presented and other notes related thereto contained in this Annual Report on Form 10-K for the fiscal year ended March 31, 2016. Condensed Consolidating Statement of Income and Comprehensive Income Year Ended March 31, 2016 (In thousands) Prestige Brands Holdings, Inc. Prestige Brands, Inc., the issuer Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues Net sales $ — $ 111,747 $ 643,330 $ 50,672 $ (2,661 ) $ 803,088 Other revenues — 347 3,116 1,776 (2,080 ) 3,159 Total revenues — 112,094 646,446 52,448 (4,741 ) 806,247 Cost of Sales Cost of sales (exclusive of depreciation shown below) — 45,763 280,169 18,459 (5,355 ) 339,036 Gross profit — 66,331 366,277 33,989 614 467,211 Operating Expenses Advertising and promotion — 9,465 90,353 10,984 — 110,802 General and administrative 5,737 9,098 51,198 6,385 — 72,418 Depreciation and amortization 4,050 594 18,617 415 — 23,676 Total operating expenses 9,787 19,157 160,168 17,784 — 206,896 Operating income (loss) (9,787 ) 47,174 206,109 16,205 614 260,315 Other (income) expense Interest income (48,342 ) (85,882 ) (5,087 ) (531 ) 139,680 (162 ) Interest expense 34,553 84,822 100,540 5,087 (139,680 ) 85,322 Loss on extinguishment of debt — 17,970 — — — 17,970 Equity in (income) loss of subsidiaries (98,803 ) (70,953 ) (8,564 ) — 178,320 — Total other (income) expense (112,592 ) (54,043 ) 86,889 4,556 178,320 103,130 Income (loss) before income taxes 102,805 101,217 119,220 11,649 (177,706 ) 157,185 Provision for income taxes 2,898 11,016 40,279 3,085 — 57,278 Net income (loss) $ 99,907 $ 90,201 $ 78,941 $ 8,564 $ (177,706 ) $ 99,907 Comprehensive income, net of tax: Currency translation adjustments (113 ) (113 ) (113 ) (113 ) 339 (113 ) Total other comprehensive income (loss) (113 ) (113 ) (113 ) (113 ) 339 (113 ) Comprehensive income (loss) $ 99,794 $ 90,088 $ 78,828 $ 8,451 $ (177,367 ) $ 99,794 Condensed Consolidating Statement of Income and Comprehensive Income Year Ended March 31, 2015 (In thousands) Prestige Brands Holdings, Inc. Prestige Brands, Inc., the issuer Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues Net sales $ — $ 106,439 $ 555,388 $ 51,630 $ (3,387 ) $ 710,070 Other revenues — 385 4,452 1,497 (1,781 ) 4,553 Total revenues — 106,824 559,840 53,127 (5,168 ) 714,623 Cost of Sales Cost of sales (exclusive of depreciation shown below) — 39,637 254,670 19,127 (5,034 ) 308,400 Gross profit — 67,187 305,170 34,000 (134 ) 406,223 Operating Expenses Advertising and promotion — 8,828 79,944 10,879 — 99,651 General and administrative 4,571 9,090 55,209 12,403 — 81,273 Depreciation and amortization 3,381 592 12,752 1,015 — 17,740 Total operating expenses 7,952 18,510 147,905 24,297 — 198,664 Operating income (loss) (7,952 ) 48,677 157,265 9,703 (134 ) 207,559 Other (income) expense Interest income (48,543 ) (73,755 ) (5,373 ) (456 ) 128,035 (92 ) Interest expense 34,198 81,326 88,464 5,373 (128,035 ) 81,326 Gain on sale of asset — — (1,133 ) — — (1,133 ) Equity in (income) loss of subsidiaries (76,383 ) (51,573 ) (2,013 ) — 129,969 — Total other expense (income) (90,728 ) (44,002 ) 79,945 4,917 129,969 80,101 Income (loss) before income taxes 82,776 92,679 77,320 4,786 (130,103 ) 127,458 Provision for income taxes 4,516 14,798 27,111 2,773 — 49,198 Net income (loss) $ 78,260 $ 77,881 $ 50,209 $ 2,013 $ (130,103 ) $ 78,260 Comprehensive income, net of tax: Currency translation adjustments (24,151 ) (24,151 ) (24,151 ) (24,151 ) 72,453 (24,151 ) Total other comprehensive income (loss) (24,151 ) (24,151 ) (24,151 ) (24,151 ) 72,453 (24,151 ) Comprehensive income (loss) $ 54,109 $ 53,730 $ 26,058 $ (22,138 ) $ (57,650 ) $ 54,109 Condensed Consolidating Statement of Income and Comprehensive Income Year Ended March 31, 2014 (In thousands) Prestige Brands Holdings, Inc. Prestige Brands, Inc., the issuer Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues Net sales $ — $ 97,509 $ 474,338 $ 23,286 $ (2,679 ) $ 592,454 Other revenues — 295 4,886 1,639 (1,893 ) 4,927 Total revenues — 97,804 479,224 24,925 (4,572 ) 597,381 Cost of Sales Cost of sales (exclusive of depreciation shown below) — 37,272 218,692 9,428 (3,562 ) 261,830 Gross profit — 60,532 260,532 15,497 (1,010 ) 335,551 Operating Expenses Advertising and promotion — 10,223 69,583 5,162 — 84,968 General and administrative 3,140 8,026 34,469 2,846 — 48,481 Depreciation and amortization 2,994 577 9,715 200 — 13,486 Total operating expenses 6,134 18,826 113,767 8,208 — 146,935 Operating Income (loss) (6,134 ) 41,706 146,765 7,289 (1,010 ) 188,616 Other (income) expense Interest income (48,730 ) (57,446 ) (2,327 ) (382 ) 108,825 (60 ) Interest expense 34,436 68,642 72,064 2,325 (108,825 ) 68,642 Loss on extinguishment of debt — 18,286 — — — 18,286 Equity in (income) loss of subsidiaries (66,739 ) (53,836 ) (4,052 ) — 124,627 — Total other expense (income) (81,033 ) (24,354 ) 65,685 1,943 124,627 86,868 Income (loss) before income taxes 74,899 66,060 81,080 5,346 (125,637 ) 101,748 Provision for income taxes 2,284 3,500 22,055 1,294 — 29,133 Net income (loss) $ 72,615 $ 62,560 $ 59,025 $ 4,052 $ (125,637 ) $ 72,615 Comprehensive income, net of tax: Currency translation adjustments 843 843 843 843 (2,529 ) 843 Total other comprehensive income (loss) 843 843 843 843 (2,529 ) 843 Comprehensive income (loss) $ 73,458 $ 63,403 $ 59,868 $ 4,895 $ (128,166 ) $ 73,458 Condensed Consolidating Balance Sheet March 31, 2016 (In thousands) Prestige Brands Holdings, Inc. Prestige Brands, Inc., the issuer Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets Cash and cash equivalents $ 4,440 $ — $ 2,899 $ 19,891 $ — $ 27,230 Accounts receivable, net — 12,025 74,446 8,776 — 95,247 Inventories — 9,411 72,296 10,088 (532 ) 91,263 Deferred income tax assets 316 681 8,293 818 — 10,108 Prepaid expenses and other current assets 15,311 257 8,379 1,218 — 25,165 Total current assets 20,067 22,374 166,313 40,791 (532 ) 249,013 Property and equipment, net 9,166 210 5,528 636 — 15,540 Goodwill — 66,007 271,409 22,775 — 360,191 Intangible assets, net — 191,789 2,042,640 88,294 — 2,322,723 Other long-term assets — 1,324 — — — 1,324 Intercompany receivables 1,457,011 2,703,192 1,083,488 10,738 (5,254,429 ) — Investment in subsidiary 1,641,477 1,527,718 81,545 (3,250,740 ) — Total Assets $ 3,127,721 $ 4,512,614 $ 3,650,923 $ 163,234 $ (8,505,701 ) $ 2,948,791 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 2,914 $ 7,643 $ 24,437 $ 3,302 $ — $ 38,296 Accrued interest payable — 8,664 — — — 8,664 Other accrued liabilities 12,285 1,714 38,734 6,991 — 59,724 Total current liabilities 15,199 18,021 63,171 10,293 — 106,684 Long-term debt Principal amount — 1,652,500 — — — 1,652,500 Less unamortized debt costs — (27,191 ) — — — (27,191 ) Long-term debt, net — 1,625,309 — — — 1,625,309 Deferred income tax liabilities — 60,317 408,893 412 — 469,622 Other long-term liabilities — — 2,682 158 — 2,840 Intercompany payables 2,368,186 1,241,084 1,570,265 74,894 (5,254,429 ) — Total Liabilities 2,383,385 2,944,731 2,045,011 85,757 (5,254,429 ) 2,204,455 Stockholders' Equity Common stock 530 — — — — 530 Additional paid-in capital 445,182 1,280,947 1,359,921 78,774 (2,719,642 ) 445,182 Treasury stock, at cost (5,163 ) — — — — (5,163 ) Accumulated other comprehensive income (loss), net of tax (23,525 ) (23,525 ) (23,525 ) (23,525 ) 70,575 (23,525 ) Retained earnings (accumulated deficit) 327,312 310,461 269,516 22,228 (602,205 ) 327,312 Total Stockholders' Equity 744,336 1,567,883 1,605,912 77,477 (3,251,272 ) 744,336 Total Liabilities and Stockholders' Equity $ 3,127,721 $ 4,512,614 $ 3,650,923 $ 163,234 $ (8,505,701 ) $ 2,948,791 Condensed Consolidating Balance Sheet March 31, 2015 (In thousands) Prestige Brands Holdings, Inc. Prestige Brands, Inc., the issuer Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets Cash and cash equivalents $ 11,387 $ — $ — $ 9,931 $ — $ 21,318 Accounts receivable, net — 14,539 66,523 6,796 — 87,858 Inventories — 8,667 60,297 6,182 (1,146 ) 74,000 Deferred income tax assets 452 674 6,497 474 — 8,097 Prepaid expenses and other current assets 5,731 141 3,804 758 — 10,434 Total current assets 17,570 24,021 137,121 24,141 (1,146 ) 201,707 Property and equipment, net 10,726 175 2,207 636 — 13,744 Goodwill — 66,007 204,205 20,439 — 290,651 Intangible assets, net — 192,325 1,854,798 87,577 — 2,134,700 Other long-term assets — 1,165 — — — 1,165 Intercompany receivables 1,210,017 2,607,054 668,169 8,764 (4,494,004 ) — Investment in subsidiary 1,545,575 1,228,535 65,564 — (2,839,674 ) — Total Assets $ 2,783,888 $ 4,119,282 $ 2,932,064 $ 141,557 $ (7,334,824 ) $ 2,641,967 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 1,959 $ 6,829 $ 32,898 $ 4,429 $ — $ 46,115 Accrued interest payable — 11,974 — — — 11,974 Other accrued liabilities 10,378 1,153 25,795 3,622 — 40,948 Total current liabilities 12,337 19,956 58,693 8,051 — 99,037 Long-term debt Principal amount — 1,593,600 — — — 1,593,600 Less unamortized debt costs — (32,327 ) — — — (32,327 ) Long-term debt, net — 1,561,273 — — — 1,561,273 Deferred income tax liabilities — 59,038 292,504 27 — 351,569 Other long-term liabilities — — 2,293 171 — 2,464 Intercompany payables 2,143,927 1,001,219 1,279,833 69,025 (4,494,004 ) — Total Liabilities 2,156,264 2,641,486 1,633,323 77,274 (4,494,004 ) 2,014,343 Stockholders' Equity Common Stock 525 — — — — 525 Additional paid-in capital 426,584 1,280,948 1,131,578 74,031 (2,486,557 ) 426,584 Treasury stock, at cost (3,478 ) — — — — (3,478 ) Accumulated other comprehensive income (loss), net of tax (23,412 ) (23,412 ) (23,412 ) (23,412 ) 70,236 (23,412 ) Retained earnings (accumulated deficit) 227,405 220,260 190,575 13,664 (424,499 ) 227,405 Total Stockholders' Equity 627,624 1,477,796 1,298,741 64,283 (2,840,820 ) 627,624 Total Liabilities and Stockholders’ Equity $ 2,783,888 $ 4,119,282 $ 2,932,064 $ 141,557 $ (7,334,824 ) $ 2,641,967 Condensed Consolidating Statement of Cash Flows Year Ended March 31, 2016 (In thousands) Prestige Brands Holdings, Inc. Prestige Brands, Inc., the issuer Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Eliminations Consolidated Operating Activities Net income (loss) $ 99,907 $ 90,201 $ 78,941 $ 8,564 $ (177,706 ) $ 99,907 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 4,050 594 18,617 415 — 23,676 Deferred income taxes 136 1,272 45,070 (326 ) — 46,152 Long term income taxes payable — — (332 ) — — (332 ) Amortization of debt origination costs — 8,994 — — — 8,994 Stock-based compensation costs 9,794 — — 160 — 9,954 Loss on extinguishment of debt — 17,970 — — — 17,970 Premium payment on 2012 Senior Notes — (10,158 ) — — — (10,158 ) (Gain) loss on sale or disposal of property and equipment — — 1 (36 ) — (35 ) Equity in income of subsidiaries (98,803 ) (70,953 ) (8,564 ) — 178,320 — Changes in operating assets and liabilities, net of effects from acquisitions: Accounts receivable — 2,514 (388 ) (302 ) — 1,824 Inventories — (744 ) 213 (1,860 ) (614 ) (3,005 ) Prepaid expenses and other current assets (9,580 ) (116 ) 1,977 (202 ) — (7,921 ) Accounts payable 929 814 (11,284 ) (1,807 ) — (11,348 ) Accrued liabilities 1,907 (2,749 ) (1,943 ) 1,457 — (1,328 ) Net cash provided by operating activities 8,340 37,639 122,308 6,063 — 174,350 Investing Activities Purchases of property and equipment (2,460 ) (93 ) (521 ) (494 ) — (3,568 ) Proceeds from the sale of property and equipment — — — 344 — 344 Proceeds from Insight Pharmaceuticals working capital arbitration settlement — — 7,237 — — 7,237 Acquisition of DenTek, less cash acquired — — (226,984 ) — — (226,984 ) Intercompany activity, net — (228,343 ) 228,343 — — — Net cash (used in) provided by investing activities (2,460 ) (228,436 ) 8,075 (150 ) — (222,971 ) Financing Activities Proceeds from issuance of 2016 Senior Notes — 350,000 — — — 350,000 Repayment of 2012 Senior Notes — (250,000 ) — — — (250,000 ) Borrowings under Bridge term loans — 80,000 — — — 80,000 Repayments under Bridge term loans — (80,000 ) — — — (80,000 ) Term loan repayments — (60,000 ) — — — (60,000 ) Borrowings under revolving credit agreement — 115,000 — — — 115,000 Repayments under revolving credit agreement — (96,100 ) — — — (96,100 ) Payments of debt origination costs — (11,828 ) — — — (11,828 ) Proceeds from exercise of stock options 6,689 — — — — 6,689 Proceeds from restricted stock exercises 544 — — — — 544 Excess tax benefits from share-based awards 1,960 — — — — 1,960 Fair value of shares surrendered as payment of tax withholding (2,229 ) — — — — (2,229 ) Intercompany activity, net (19,791 ) 143,725 (127,484 ) 3,550 — — Net cash provided by (used in) financing activities (12,827 ) 190,797 (127,484 ) 3,550 — 54,036 Effects of exchange rate changes on cash and cash equivalents — — — 497 — 497 Increase (decrease) in cash and cash equivalents (6,947 ) — 2,899 9,960 — 5,912 Cash and cash equivalents - beginning of year 11,387 — — 9,931 — 21,318 Cash and cash equivalents - end of year $ 4,440 $ — $ 2,899 $ 19,891 $ — $ 27,230 Condensed Consolidating Statement of Cash Flows Year Ended March 31, 2015 (In thousands) Prestige Brands Holdings, Inc. Prestige Brands, Inc., the issuer Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Eliminations Consolidated Operating Activities Net income (loss) $ 78,260 $ 77,881 $ 50,209 $ 2,013 $ (130,103 ) $ 78,260 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 3,381 592 12,752 1,015 — 17,740 Gain on sale of asset — — (1,133 ) — — (1,133 ) Deferred income taxes (192 ) 2,462 26,795 (143 ) — 28,922 Long-term income taxes payable — — 2,294 — — 2,294 Amortization of debt origination costs — 8,821 — — — 8,821 Stock-based compensation costs 6,918 — — — — 6,918 Lease termination costs — — 785 — — 785 Loss on sale or disposal of equipment — — — 321 — 321 Equity in income of subsidiaries (76,383 ) (51,573 ) (2,013 ) — 129,969 — Changes in operating assets and liabilities, net of effects from acquisitions: Accounts receivable 473 (294 ) 5,146 (3,717 ) — 1,608 Inventories — 5,690 8,981 555 134 15,360 Prepaid expenses and other current assets 2,273 (28 ) 2,631 (212 ) — 4,664 Accounts payable (2,457 ) (829 ) (16,734 ) 2,383 — (17,637 ) Accrued liabilities 2,650 1,384 3,560 1,738 — 9,332 Net cash provided by operating activities 14,923 44,106 93,273 3,953 — 156,255 Investing Activities Purchases of property and equipment (5,029 ) (119 ) (739 ) (214 ) — (6,101 ) Proceeds from sale of business — — 18,500 — — 18,500 Proceeds from sale of asset — — 10,000 — — 10,000 Acquisition of Insight Pharmaceuticals, less cash acquired — — (749,666 ) — — (749,666 ) Acquisition of the Hydralyte brand — — — (77,991 ) — (77,991 ) Intercompany activity, net — (809,157 ) 731,166 77,991 — — Net cash (used in) provided by investing activities (5,029 ) (809,276 ) 9,261 (214 ) — (805,258 ) Financing Activities Term loan borrowings — 720,000 — — — 720,000 Term loan repayments — (130,000 ) — — — (130,000 ) Borrowings under revolving credit agreement — 124,600 — — — 124,600 Repayments under revolving credit agreement — (58,500 ) — — — (58,500 ) Payments of debt origination costs — (16,072 ) — — — (16,072 ) Proceeds from exercise of stock options 3,954 — — — — 3,954 Proceeds from restricted stock exercises 57 — — — — 57 Excess tax benefits from share-based awards 1,330 — — — — 1,330 Fair value of shares surrendered as payment of tax withholding (2,104 ) — — — — (2,104 ) Intercompany activity, net (26,388 ) 125,142 (102,534 ) 3,780 — — Net cash provided by (used in) financing activities (23,151 ) 765,170 (102,534 ) 3,780 — 643,265 Effect of exchange rate changes on cash and cash equivalents — — — (1,275 ) — (1,275 ) (Decrease) Increase in cash and cash equivalents (13,257 ) — — 6,244 — (7,013 ) Cash and cash equivalents - beginning of year 24,644 — — 3,687 — 28,331 Cash and cash equivalents - end of year $ 11,387 $ — $ — $ 9,931 $ — $ 21,318 Condensed Consolidating Statement of Cash Flows Year Ended March 31, 2014 (In thousands) Prestige Brands Holdings, Inc. Prestige Brands, Inc., the issuer Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Eliminations Consolidated Operating Activities Net income (loss) $ 72,615 $ 62,560 $ 59,025 $ 4,052 $ (125,637 ) $ 72,615 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 2,994 577 9,715 200 — 13,486 Deferred income taxes (42 ) 1,466 17,765 (177 ) — 19,012 Amortization of debt origination costs — 10,512 — — — 10,512 Stock-based compensation costs 5,146 — — — — 5,146 Loss on extinguishment of debt — 18,286 — — — 18,286 Premium payment on 2010 Senior Notes — (15,527 ) — — — (15,527 ) Gain on disposal of equipment — — (3 ) — — (3 ) Equity in income of subsidiaries (66,739 ) (53,836 ) (4,052 ) — 124,627 — Changes in operating assets and liabilities, net of effects from acquisitions: Accounts receivable (452 ) (370 ) 12,460 (1,903 ) — 9,735 Inventories — (3,193 ) 2,165 (2,832 ) 1,010 (2,850 ) Prepaid expenses and other current assets (3,062 ) (20 ) 711 241 — (2,130 ) Accounts payable 1,815 (2,942 ) (4,142 ) 628 — (4,641 ) Accrued liabilities (4,966 ) (3,835 ) (2,664 ) (594 ) — (12,059 ) Net cash provided by (used in) operating activities 7,309 13,678 90,980 (385 ) — 111,582 Investing Activities Purchases of property and equipment (2,351 ) (119 ) (108 ) (186 ) — (2,764 ) 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 investing activities (2,351 ) (55,334 ) (105 ) (186 ) — (57,976 ) Financing Activities Proceeds from issuance of 2013 Senior Notes — 400,000 — — — 400,000 Repayment of 2010 Senior Notes — (250,000 ) — — — (250,000 ) Term loan repayments — (157,500 ) — — — (157,500 ) Borrowings under revolving credit agreement — 50,000 — — — 50,000 Repayment under revolving credit agreement — (83,000 ) — — — (83,000 ) Payments of debt origination costs — (7,466 ) — — — (7,466 ) Proceeds from exercise of stock options 5,907 — — — — 5,907 Excess tax benefits from share-based awards 1,650 — — — — 1,650 Fair value of shares surrendered as payment of tax withholding (744 ) — — — — (744 ) Intercompany activity, net (1,847 ) 89,622 (90,875 ) 3,100 — — Net cash (used in) provided by financing activities 4,966 41,656 (90,875 ) 3,100 — (41,153 ) Effect of exchange rate changes on cash and cash equivalents — — — 208 — 208 Increase in cash and cash equivalents 9,924 — — 2,737 — 12,661 Cash and cash equivalents - beginning of year 14,720 — — 950 — 15,670 Cash and cash equivalents - end of year $ 24,644 $ — $ — $ 3,687 $ — $ 28,331 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Share based compensation: On May 9, 2016, the Compensation Committee of our Board of Directors granted 51,266 shares of restricted common stock units and stock options to acquire 236,116 shares of our common stock to certain executive officers and employees under the Plan. All of the shares of restricted common stock units vest in their entirety on the three -year anniversary of the date of grant. Upon vesting, the units will be settled in shares of our common stock. 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 $57.18 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 restricted common stock units and the unvested stock options. Vested stock options will remain exercisable by the employee after termination, subject to the terms of the Plan. |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II Valuation and Qualifying Accounts | VALUATION AND QUALIFYING ACCOUNTS (In thousands) Balance at Beginning of Year Amounts Charged to Expense Deductions Other Balance at End of Year Year Ended March 31, 2016 Reserves for sales returns and allowance $ 6,716 $ 41,217 $ (40,085 ) $ 975 (a) $ 8,823 Reserves for trade promotions 9,932 62,331 (62,409 ) 2,787 (a) 12,641 Reserves for consumer coupon redemptions 1,672 6,235 (5,637 ) 2,053 (a) 4,323 Allowance for doubtful accounts 1,277 (276 ) (186 ) — 815 Year Ended March 31, 2015 Reserves for sales returns and allowance 7,395 34,598 (35,277 ) — 6,716 Reserves for trade promotions 6,101 60,499 (56,668 ) — 9,932 Reserves for consumer coupon redemptions 1,742 5,089 (5,159 ) — 1,672 Allowance for doubtful accounts 1,035 340 (98 ) — 1,277 Year Ended March 31, 2014 Reserves for sales returns and allowance 6,446 38,314 (37,365 ) — 7,395 Reserves for trade promotions 8,523 39,967 (42,389 ) — 6,101 Reserves for consumer coupon redemptions 4,249 2,755 (5,262 ) — 1,742 Allowance for doubtful accounts 863 134 (6 ) 44 1,035 (a) Reflects the applicable amounts acquired from the purchase of DenTek on February 5, 2016. |
Business and Basis of Present29
Business and Basis of Presentation (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Our Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All significant intercompany transactions and balances have been eliminated in consolidation. Our fiscal year ends on March 31st of each year. References in these Consolidated Financial Statements or notes to a year (e.g., “2016”) mean our fiscal year ended on March 31st of that year. |
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 from those 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 and 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. 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. |
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, where cost is determined by using the first-in, first-out method. We reduce inventories for the 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 lease term 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 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 product group 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, typically ranging from 10 to 30 years. 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. Intangible assets with finite lives 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. |
Deferred Financing Costs | Debt Origination Costs We have incurred debt origination costs in connection with the issuance of long-term debt. Certain of these costs were recorded as deferred financing costs within long-term assets and others were recorded as a reduction to our long-term debt. These costs are amortized over the term of the related debt, using the effective interest method for our term loan facility and the straight-line method for our revolving credit facility. Effective April 1, 2015, in accordance with new accounting standards discussed below, we began reporting the costs related to our senior notes and the term loan facility as a reduction of debt. We continue to report the costs associated with our revolving credit facility as a long-term asset. |
Revenue Recognition | Revenue Recognition We recognize revenue 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 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 the 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 to be recognized over the period an employee 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”) 740 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 and unvested restricted stock units, are included in the earnings per share calculation to the extent that they are dilutive. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In April 2016, the FASB issued Accounting Standards Update ("ASU") 2016-10, Revenue from Contracts with Customers . The amendments in this update clarify the implementation guidance on identifying performance obligations and licensing in FASB ASC 606. The effective date and transition requirements for the amendments in this update are the same as the effective date and transition requirements of ASU 2014-09 described below. We are evaluating the impact of adopting this guidance on our Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . The amendments in this update involve several aspects of accounting for share-based payment transactions, including income tax consequences, classification of awards, and classification on the statement of cash flows. For public business entities, the amendments in this update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. We are evaluating the impact of adopting this guidance on our Consolidated Financial Statements. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers . The amendments in this update clarify the implementation guidance on principals versus agent considerations in FASB ASC 606. The effective date and transition requirements for the amendments in this update are the same as the effective date and transition requirements of ASU 2014-09 described below. We are evaluating the impact of adopting this guidance on our Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016-02, Leases. The amendments in this update include a new FASB ASC Topic 842, which supersedes Topic 840. The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted for all entities as of the beginning of interim or annual reporting periods. We are evaluating the impact of adopting this guidance on our Consolidated Financial Statements. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities . For public business entities, the amendments in this update include the elimination of the requirement to disclose the method(s) and significant assumptions used to estimate fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, the requirement to use the exit price notion when measuring fair value of financial instruments for disclosure purposes, the requirement to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, the requirement for separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or accompanying notes to the financial statements, and the amendments clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption of the amendments in this update is not permitted, except that early application by public business entities to financial statements of fiscal years or interim periods that have not yet been issued or, by all other entities, that have not yet been made available for issuance are permitted as of the beginning of the fiscal year of adoption for the following amendment: An entity should present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk if the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. An entity should apply the amendments to this update by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The adoption of ASU 2016-01 is not expected to have a material impact on our Consolidated Financial Statements. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes . The amendments in this update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in this update may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. For public business entities, the amendments in this update are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early application is permitted for all entities as of the beginning of interim or annual reporting periods. We are evaluating the impact of adopting this guidance on our Consolidated Financial Statements. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments . The amendments in this update require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. To simplify the accounting for adjustments made to provisional amounts recognized in a business combination, the amendments in this update eliminate the requirement to retrospectively account for those adjustments. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The adoption of ASU 2015-16 is not expected to have a material impact on our Consolidated Financial Statements. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory . The amendments in this update more closely align the measurement of inventory in GAAP with the measurement of inventory in International Financial Reporting Standards, under which an entity should measure inventory at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The adoption of ASU 2015-11 is not expected to have a material impact on our Consolidated Financial Statements. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs . The amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. As permitted by the guidance, we have early adopted these provisions, as of the beginning of our first quarter of 2016. Given the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, in August 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements , stating that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement . As a result, we reclassified $27.4 million of deferred financing costs as of March 31, 2015 from other long-term assets, and such costs are now presented as a direct deduction from the long-term debt liability. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis . Update 2015-02 amended the process that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The amendments in this update are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. The adoption of ASU 2015-02 is not expected to have a material impact on our Consolidated Financial Statements. In January 2015, the FASB issued ASU 2015-01, Income Statement - Extraordinary and Unusual Items . The amendments in this update eliminate the concept of extraordinary items in Subtopic 225-20, which required entities to consider whether an underlying event or transaction is extraordinary. However, the amendments retain the presentation and disclosure guidance for items that are unusual in nature or occur infrequently. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The adoption of ASU 2015-01 is not expected to have a material impact on our Consolidated Financial Statements. In August 2014, the FASB issued 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 ending 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. In August 2015, the FASB issued ASU 2015-14, which deferred the effective date of ASU 2014-09 from annual and interim periods beginning after December 15, 2016 to annual and interim periods beginning after December 15, 2017. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. We are evaluating the impact of adopting this guidance on our Consolidated Financial Statements. 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 did not have a material impact on our Consolidated Financial Statements. |
Business and Basis of Present30
Business and Basis of Presentation (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
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 lease term or the estimated useful life of the related asset. Property and equipment consist of the following: March 31, (In thousands) 2016 2015 Components of Property and Equipment Machinery $ 7,734 $ 4,743 Computer equipment 12,793 11,339 Furniture and fixtures 2,445 2,484 Leasehold improvements 7,389 7,134 30,361 25,700 Accumulated depreciation (14,821 ) (11,956 ) Property and equipment, net $ 15,540 $ 13,744 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
DenTek Oral Care, Inc. | |
Business Acquisition [Line Items] | |
Purchase Price Allocation | The following table summarizes our preliminary allocation of the assets acquired and liabilities assumed as of the February 5, 2016 acquisition date. (In thousands) February 5, 2016 Cash acquired $ 1,359 Accounts receivable 9,187 Inventories 14,304 Deferred income taxes 3,303 Prepaids and other current assets 6,728 Property, plant and equipment, net 3,555 Goodwill 76,529 Intangible assets, net 206,700 Total assets acquired 321,665 Accounts payable 3,261 Accrued expenses 16,488 Deferred income tax liabilities - long term 73,573 Total liabilities assumed 93,322 Total purchase price $ 228,343 |
Insight Pharmaceuticals Corporation | |
Business Acquisition [Line Items] | |
Purchase Price Allocation | The following table summarizes our allocation of the assets acquired and liabilities assumed as of the September 3, 2014 acquisition date, after giving effect of the adjustments noted above. (In thousands) September 3, 2014 Cash acquired $ 3,507 Accounts receivable 26,012 Inventories 23,456 Deferred income tax assets - current 1,032 Prepaids and other current assets 1,341 Property, plant and equipment 2,308 Goodwill 96,323 Intangible assets 724,374 Total assets acquired 878,353 Accounts payable 16,079 Accrued expenses 8,539 Deferred income tax liabilities - long term 107,799 Total liabilities assumed 132,417 Total purchase price $ 745,936 |
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. Year Ended March 31, 2015 2014 (In thousands, except per share data) (Unaudited) Revenues $ 783,217 $ 767,897 Net income $ 86,844 $ 82,762 Earnings per share: Basic $ 1.66 $ 1.60 Diluted $ 1.65 $ 1.58 |
Hydralyte | |
Business Acquisition [Line Items] | |
Purchase Price Allocation | The following table summarizes our allocation of the assets acquired and liabilities assumed as of the April 30, 2014 acquisition date. (In thousands) April 30, 2014 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] | |
Purchase Price Allocation | The following table summarizes our allocation of the assets acquired and liabilities assumed as of the July 1, 2013 acquisition date. (In thousands) July 1, 2013 Cash acquired $ 1,546 Accounts receivable 1,658 Inventories 2,465 Deferred income tax assets 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) | 12 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts receivable consist of the following: March 31, (In thousands) 2016 2015 Components of Accounts Receivable Trade accounts receivable $ 105,592 $ 95,411 Other receivables 1,261 2,353 106,853 97,764 Less allowances for discounts, returns and uncollectible accounts (11,606 ) (9,906 ) Accounts receivable, net $ 95,247 $ 87,858 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consist of the following: March 31, (In thousands) 2016 2015 Components of Inventories Packaging and raw materials $ 7,563 $ 7,588 Finished goods 83,700 66,412 Inventories $ 91,263 $ 74,000 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [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 lease term or the estimated useful life of the related asset. Property and equipment consist of the following: March 31, (In thousands) 2016 2015 Components of Property and Equipment Machinery $ 7,734 $ 4,743 Computer equipment 12,793 11,339 Furniture and fixtures 2,445 2,484 Leasehold improvements 7,389 7,134 30,361 25,700 Accumulated depreciation (14,821 ) (11,956 ) Property and equipment, net $ 15,540 $ 13,744 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Goodwill [Abstract] | |
Summary of Changes in Goodwill | The following table summarizes the changes in the carrying value of goodwill by operating segment for each of 2014, 2015, and 2016: (In thousands) North American OTC Healthcare International OTC Healthcare Household Cleaning Consolidated Balance – March 31, 2013 Goodwill $ 290,327 $ — $ 72,549 $ 362,876 Accumulated impairment losses (130,170 ) — (65,160 ) (195,330 ) Balance – March 31, 2013 160,157 — 7,389 167,546 2014 additions — 23,122 — 23,122 Effects of foreign currency exchange rates — 243 — 243 Balance – March 31, 2014 Goodwill 290,327 23,365 72,549 386,241 Accumulated impairment losses (130,170 ) — (65,160 ) (195,330 ) Balance – March 31, 2014 160,157 23,365 7,389 190,911 2015 additions 103,254 1,224 — 104,478 2015 reductions — — (589 ) (589 ) Effects of foreign currency exchange rates — (4,149 ) — (4,149 ) Balance – March 31, 2015 Goodwill 393,581 20,440 71,960 485,981 Accumulated impairment losses (130,170 ) — (65,160 ) (195,330 ) Balance - March 31, 2015 263,411 20,440 6,800 290,651 2016 additions 74,441 2,393 — 76,834 2016 reductions (7,237 ) — — (7,237 ) Effects of foreign currency exchange rates — (57 ) — (57 ) Balance – March 31, 2016 Goodwill 460,785 22,776 71,960 555,521 Accumulated impairment losses (130,170 ) — (65,160 ) (195,330 ) Balance - March 31, 2016 $ 330,615 $ 22,776 $ 6,800 $ 360,191 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Reconciliation of the Activity Affecting Intangible Assets | A reconciliation of the activity affecting intangible assets for each of 2014, 2015, and 2016 is as follows: Year Ended March 31, 2014 (In thousands) Indefinite Finite Lived Non Totals Gross Amount Balance – March 31, 2013 $ 1,243,718 $ 203,066 $ 158 $ 1,446,942 Additions 29,845 1,657 — 31,502 Reductions — — (158 ) (158 ) Effects of foreign currency exchange rates 315 17 — 332 Balance – March 31, 2014 $ 1,273,878 $ 204,740 $ — $ 1,478,618 Accumulated Amortization Balance – March 31, 2013 $ — $ 73,544 $ 158 $ 73,702 Additions — 10,256 — 10,256 Reductions — — (158 ) (158 ) Effects of foreign currency exchange rates — 1 — 1 Balance – March 31, 2014 — 83,801 — 83,801 Intangibles, net – March 31, 2014 $ 1,273,878 $ 120,939 $ — $ 1,394,817 Intangible Assets, net by Reportable Segment: North American OTC Healthcare $ 1,123,897 $ 93,242 $ — $ 1,217,139 International OTC Healthcare 30,161 1,530 — 31,691 Household Cleaning 119,820 26,167 — 145,987 Intangible assets, net – March 31, 2014 $ 1,273,878 $ 120,939 $ — $ 1,394,817 Year Ended March 31, 2015 (In thousands) Indefinite Finite Lived Non Totals Gross Amount Balance – March 31, 2014 $ 1,273,878 $ 204,740 $ — $ 1,478,618 Additions 673,180 124,774 — 797,954 Reclassifications (46,506 ) 46,506 — — Reductions (9,548 ) (17,674 ) — (27,222 ) Effects of foreign currency exchange rates (17,600 ) (280 ) — (17,880 ) Balance – March 31, 2015 $ 1,873,404 $ 358,066 $ — $ 2,231,470 Accumulated Amortization Balance – March 31, 2014 $ — $ 83,801 $ — $ 83,801 Additions — 12,995 — 12,995 Effects of foreign currency exchange rates — (26 ) — (26 ) Balance – March 31, 2015 $ — $ 96,770 $ — $ 96,770 Intangibles, net – March 31, 2015 $ 1,873,404 $ 261,296 $ — $ 2,134,700 Intangible Assets, net by Reportable Segment: North American OTC Healthcare $ 1,676,991 $ 235,642 $ — $ 1,912,633 International OTC Healthcare 86,141 1,231 — 87,372 Household Cleaning 110,272 24,423 — 134,695 Intangible assets, net – March 31, 2015 $ 1,873,404 $ 261,296 $ — $ 2,134,700 Year Ended March 31, 2016 (In thousands) Indefinite Finite Lived Non Totals Gross Amount Balance – March 31, 2015 $ 1,873,404 $ 358,066 $ — $ 2,231,470 Additions 179,800 26,900 — 206,700 Reclassifications (32,918 ) 32,918 — — Reductions — — — — Effects of foreign currency exchange rates (240 ) (4 ) — (244 ) Balance – March 31, 2016 $ 2,020,046 $ 417,880 $ — $ 2,437,926 Accumulated Amortization Balance – March 31, 2015 $ — $ 96,770 $ — $ 96,770 Additions — 18,430 — 18,430 Effects of foreign currency exchange rates — 3 — 3 Balance – March 31, 2016 $ — $ 115,203 $ — $ 115,203 Intangibles, net – March 31, 2016 $ 2,020,046 $ 302,677 $ — $ 2,322,723 Intangible Assets, net by Reportable Segment: North American OTC Healthcare $ 1,823,873 $ 277,762 $ — $ 2,101,635 International OTC Healthcare 85,901 2,237 — 88,138 Household Cleaning 110,272 22,678 — 132,950 Intangible assets, net – March 31, 2016 $ 2,020,046 $ 302,677 $ — $ 2,322,723 |
Schedule of Expected Amortization Expense | At March 31, 2016, finite-lived intangible assets are expected to be amortized over their estimated useful life, which ranges from a period of 10 to 30 years , and the estimated amortization expense for each of the five succeeding years and periods thereafter is as follows (in thousands): Year Ending March 31, 2017 21,236 2018 21,072 2019 21,072 2020 21,072 2021 20,650 Thereafter 197,575 $ 302,677 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | Other accrued liabilities consist of the following: March 31, (In thousands) 2016 2015 Accrued marketing costs $ 26,373 $ 16,903 Accrued compensation costs 9,574 8,840 Accrued broker commissions 1,497 1,134 Income taxes payable 3,675 2,642 Accrued professional fees 1,787 2,769 Deferred rent 836 1,021 Accrued production costs 3,324 5,610 Accrued lease termination costs 448 669 Income tax related payable 6,354 — Other accrued liabilities 5,856 1,360 $ 59,724 $ 40,948 |
Long-Term Debt Long-Term Debt (
Long-Term Debt Long-Term Debt (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt consists of the following, as of the dates indicated: (In thousands, except percentages) March 31, March 31, 2016 Senior Notes bearing interest at 6.375%, with interest payable on March 1 and September 1 of each year. The 2016 Senior Notes mature on March 1, 2024. 350,000 — 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 2012 Term B-3 Loans bearing interest at the Borrower's option at either a base rate with a floor of 1.75% plus applicable margin or LIBOR with a floor of 0.75% plus applicable margin, due on September 3, 2021. 817,500 877,500 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 June 9, 2020. 85,000 66,100 Total long-term debt (including current portion) 1,652,500 1,593,600 Current portion of long-term debt — — Long-term debt 1,652,500 1,593,600 Less: unamortized debt costs (27,191 ) (32,327 ) Long-term debt, net $ 1,625,309 $ 1,561,273 |
Schedule of Future Principal Payments | As of March 31, 2016, aggregate future principal payments required in accordance with the terms of the 2012 Term Loan, 2012 ABL Revolver and the indentures governing the 2016 Senior Notes and the 2013 Senior Notes are as follows: (In thousands) Year Ending March 31, Amount 2017 $ — 2018 — 2019 — 2020 5,494 2021 93,525 Thereafter 1,553,481 $ 1,652,500 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The market values have been determined based on market values for similar instruments adjusted for certain factors. As such, the 2016 Senior Notes, the 2013 Senior Notes, the 2012 Senior Notes, the Term B-3 loans, and the 2012 ABL Revolver are measured in Level 2 of the above hierarchy (see summary below detailing the carrying amounts and estimated fair values of these borrowings at March 31, 2016 and 2015). March 31, 2016 March 31, 2015 (In thousands) Carrying Value Fair Value Carrying Value Fair Value 2016 Senior Notes $ 350,000 $ 363,125 $ — $ — 2013 Senior Notes 400,000 408,000 400,000 405,000 2012 Senior Notes — — 250,000 268,100 Term B-3 Loans 817,500 818,522 877,500 880,500 2012 ABL Revolver 85,000 85,000 66,100 65,700 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
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: Year Ended March 31, (In thousands, except per share data) 2016 2015 2014 Numerator Net income $ 99,907 $ 78,260 $ 72,615 Denominator Denominator for basic earnings per share- weighted average shares outstanding 52,754 52,170 51,641 Dilutive effect of unvested restricted stock units and options issued to employees and directors 389 500 708 Denominator for diluted earnings per share 53,143 52,670 52,349 Earnings per Common Share: Basic net earnings per share $ 1.89 $ 1.50 $ 1.41 Diluted net earnings per share $ 1.88 $ 1.49 $ 1.39 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
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: Restricted Shares Shares (in thousands) Weighted-Average Grant-Date Fair Value Vested and Nonvested at March 31, 2013 421.3 $ 11.01 Granted 126.6 30.19 Vested and issued (104.8 ) 9.98 Forfeited (5.6 ) 15.11 Vested and nonvested at March 31, 2014 437.5 16.76 Vested at March 31, 2014 69.6 9.34 Granted 106.9 33.33 Vested and issued (154.4 ) 13.37 Forfeited (27.7 ) 21.45 Vested and nonvested at March 31, 2015 362.3 22.74 Vested at March 31, 2015 76.6 11.62 Granted 266.1 42.41 Vested and issued (155.6 ) 18.31 Forfeited (5.0 ) 39.61 Vested and nonvested at March 31, 2016 467.8 35.22 Vested at March 31, 2016 69.8 14.76 |
Stock Options, Valuation Assumptions | The weighted-average grant-date fair values of the options granted during 2016, 2015, and 2014 were $17.24 , $15.95 , and $13.94 , respectively. Year Ended March 31, 2016 2015 2014 Expected volatility 40.2 % 47.3 % 48.0 % Expected dividends — — — Expected term in years 6.0 6.0 6.0 Risk-free rate 1.7 % 2.2 % 1.3 % |
Stock Option Activity | A summary of option activity under the Plan is as follows: Options Shares (in thousands) Weighted-Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) Outstanding at March 31, 2013 1,386.4 $ 10.43 Granted 227.7 29.94 Exercised (605.0 ) 9.76 Forfeited or expired (14.2 ) 14.56 Outstanding at March 31, 2014 994.9 15.24 Granted 317.9 33.54 Exercised (386.3 ) 10.24 Forfeited or expired (55.3 ) 26.77 Outstanding at March 31, 2015 871.2 23.40 Granted 208.2 42.13 Exercised (348.0 ) 19.22 Forfeited or expired (3.7 ) 35.72 Outstanding at March 31, 2016 727.7 30.70 7.6 $ 16,512 Exercisable at March 31, 2016 308.4 21.75 6.5 9,756 |
Accumulated Other Comprehensi42
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | AOCI consisted of the following at March 31, 2016 and 2015: March 31, March 31, (In thousands) 2016 2015 Components of Accumulated Other Comprehensive Loss Cumulative translation adjustment $ (23,525 ) $ (23,412 ) Accumulated other comprehensive loss, net of tax $ (23,525 ) $ (23,412 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income from Continuing Operations Before Income Taxes, Domestic and Foreign | Income before income taxes consists of the following: Year Ended March 31, 2016 2015 2014 (In thousands) United States $ 142,253 $ 122,588 $ 98,786 Foreign 14,932 4,870 2,962 $ 157,185 $ 127,458 $ 101,748 |
Components of Provision for Income Taxes | The provision for income taxes consists of the following: Year Ended March 31, (In thousands) 2016 2015 2014 Current Federal $ 6,080 $ 13,066 $ 7,801 State 1,171 760 625 Foreign 3,905 3,228 1,675 Deferred Federal 44,787 31,012 27,045 State 1,678 1,162 (7,879 ) Foreign (343 ) (30 ) (134 ) Total provision for income taxes $ 57,278 $ 49,198 $ 29,133 |
Components of Deferred Tax Balances | The principal components of our deferred tax balances are as follows: March 31, (In thousands) 2016 2015 Deferred Tax Assets Allowance for doubtful accounts and sales returns $ 5,083 $ 4,106 Inventory capitalization 1,838 1,550 Inventory reserves 1,367 1,495 Net operating loss carryforwards 12,350 23,800 State income taxes 10,293 7,557 Accrued liabilities 2,162 619 Stock compensation 4,411 3,517 Other 300 834 Total deferred tax assets 37,804 43,478 Deferred Tax Liabilities Property and equipment (833 ) (1,143 ) Intangible assets (496,485 ) (385,807 ) Total deferred tax liabilities (497,318 ) (386,950 ) Net deferred tax liability $ (459,514 ) $ (343,472 ) |
Reconciliation of Effective Tax Rate | A reconciliation of the effective tax rate compared to the statutory U.S. Federal tax rate is as follows: Year Ended March 31, 2016 2015 2014 (In thousands) % % % Income tax provision at statutory rate $ 55,015 35.0 $ 44,610 35.0 $ 35,612 35.0 Foreign tax benefit (2,894 ) (1.8 ) (2,019 ) (1.6 ) (918 ) (0.9 ) State income taxes, net of federal income tax benefit 3,284 2.0 2,865 2.3 2,004 2.0 Decrease in net deferred tax liability resulting from a change in the effective state tax rate — — — — (8,892 ) (8.7 ) Goodwill adjustment for sale of asset — — 206 0.2 — — Nondeductible transaction costs 1,071 0.7 2,936 2.3 — — Nondeductible compensation 758 0.5 566 0.4 1,011 1.0 Other 44 — 34 — 316 0.3 Total provision for income taxes $ 57,278 36.4 $ 49,198 38.6 $ 29,133 28.7 |
Uncertain Tax Liability Activity | Uncertain tax liability activity is as follows: 2016 2015 2014 (In thousands) Balance – beginning of year $ 3,420 $ 1,236 $ 1,016 Additions based on tax positions related to the current year 664 2,229 360 Reductions based on lapse of statute of limitations — (45 ) (140 ) Balance – end of year $ 4,084 $ 3,420 $ 1,236 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
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 (a) : (In thousands) Facilities Equipment Total Year Ending March 31, 2017 $ 1,923 $ 77 $ 2,000 2018 1,934 — 1,934 2019 1,926 — 1,926 2020 1,757 — 1,757 2021 817 — 817 $ 8,357 $ 77 $ 8,434 (a) Minimum lease payments have not been reduced by minimum sublease rentals of $1.2 million due in the future under noncancelable subleases. The following schedule shows the composition of total minimum lease payments that have been reduced by minimum sublease rentals: Year ending March 31, (In thousands) 2016 2015 Minimum lease payments $ 8,434 $ 9,957 Less: Sublease rentals (1,165 ) (1,401 ) $ 7,269 $ 8,556 |
Unrecorded Unconditional Purchase Obligations | (In thousands) Year Ending March 31, 2017 1,044 2018 1,013 2019 982 2020 560 2021 — Thereafter — $ 3,599 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Information about our Operating and Reportable Segments | The tables below summarize information about our operating and reportable segments. Year Ended March 31, 2016 (In thousands) North American OTC International OTC Household Cleaning Consolidated Gross segment revenues* $ 660,518 $ 57,670 $ 87,561 $ 805,749 Elimination of intersegment revenues (2,661 ) — — (2,661 ) Third-party segment revenues 657,857 57,670 87,561 803,088 Other revenues* 14 43 3,102 3,159 Total segment revenues 657,871 57,713 90,663 806,247 Cost of sales 250,018 21,676 67,342 339,036 Gross profit 407,853 36,037 23,321 467,211 Advertising and promotion 97,393 11,114 2,295 110,802 Contribution margin $ 310,460 $ 24,923 $ 21,026 356,409 Other operating expenses 96,094 Operating income 260,315 Other expense 103,130 Income before income taxes 157,185 Provision for income taxes 57,278 Net income $ 99,907 Year Ended March 31, 2015 (In thousands) North American OTC International OTC Household Consolidated Gross segment revenues* $ 569,643 $ 57,729 $ 86,085 $ 713,457 Elimination of intersegment revenues (3,387 ) — — (3,387 ) Third-party segment revenues 566,256 57,729 86,085 710,070 Other revenues 637 64 3,852 4,553 Total segment revenues 566,893 57,793 89,937 714,623 Cost of sales 216,781 22,820 68,799 308,400 Gross profit 350,112 34,973 21,138 406,223 Advertising and promotion 86,897 10,922 1,832 99,651 Contribution margin $ 263,215 $ 24,051 $ 19,306 306,572 Other operating expenses 99,013 Operating income 207,559 Other expense 80,101 Income before income taxes 127,458 Provision for income taxes 49,198 Net income $ 78,260 Year Ended March 31, 2014 (In thousands) North American OTC International OTC Household Consolidated Gross segment revenues* $ 485,323 $ 26,687 $ 83,629 $ 595,639 Elimination of intersegment revenues (3,185 ) — — (3,185 ) Third-party segment revenues 482,138 26,687 83,629 592,454 Other revenues 749 42 4,136 4,927 Total segment revenues 482,887 26,729 87,765 597,381 Cost of sales 184,796 12,646 64,388 261,830 Gross profit 298,091 14,083 23,377 335,551 Advertising and promotion 77,083 5,264 2,621 84,968 Contribution margin $ 221,008 $ 8,819 $ 20,756 250,583 Other operating expenses 61,967 Operating income 188,616 Other expense 86,868 Income before income taxes 101,748 Provision for income taxes 29,133 Net income $ 72,615 *Certain immaterial amounts relating to intersegment revenues and other revenues were reclassified between the International OTC Healthcare segment and the North American OTC Healthcare segment. There were no changes to the consolidated financial statements for any periods presented. |
Information about our Revenues from Similar Product Groups | The tables below summarize information about our segment revenues from similar product groups. Year Ended March 31, 2016 (In thousands) North American OTC International OTC Household Consolidated Analgesics $ 117,337 $ 2,128 $ — $ 119,465 Cough & Cold 100,148 16,422 — 116,570 Women's Health 132,184 2,982 — 135,166 Gastrointestinal 74,568 20,019 — 94,587 Eye & Ear Care 95,515 11,983 — 107,498 Dermatologicals 82,941 2,133 — 85,074 Oral Care 49,099 2,026 — 51,125 Other OTC 6,079 20 — 6,099 Household Cleaning — — 90,663 90,663 Total segment revenues $ 657,871 $ 57,713 $ 90,663 $ 806,247 Year Ended March 31, 2015 (In thousands) North American OTC International OTC Household Consolidated Analgesics $ 111,954 $ 2,597 $ — $ 114,551 Cough & Cold 103,686 18,080 — 121,766 Women's Health 71,506 2,261 — 73,767 Gastrointestinal 77,596 19,372 — 96,968 Eye & Ear Care 85,236 12,689 — 97,925 Dermatologicals 64,806 2,289 — 67,095 Oral Care 45,916 483 — 46,399 Other OTC 6,193 22 — 6,215 Household Cleaning — — 89,937 89,937 Total segment revenues $ 566,893 $ 57,793 $ 89,937 $ 714,623 Year Ended March 31, 2014 (In thousands) North American OTC International OTC Household Consolidated Analgesics $ 108,101 $ 1,883 $ — $ 109,984 Cough & Cold 100,060 13,365 — 113,425 Women's Health 1,960 1,835 — 3,795 Gastrointestinal 81,469 838 — 82,307 Eye & Ear Care 78,753 6,738 — 85,491 Dermatologicals 56,436 1,655 — 58,091 Oral Care 47,900 413 — 48,313 Other OTC 8,208 2 — 8,210 Household Cleaning — — 87,765 87,765 Total segment revenues $ 482,887 $ 26,729 $ 87,765 $ 597,381 |
Allocation of Long-Term Assets to Segments | These consolidated goodwill and intangible assets have been allocated to the reportable segments as follows: March 31, 2016 (In thousands) North American OTC International OTC Household Consolidated Goodwill $ 330,615 $ 22,776 $ 6,800 $ 360,191 Intangible assets Indefinite-lived 1,823,873 85,901 110,272 2,020,046 Finite-lived 277,762 2,237 22,678 302,677 Intangible assets, net 2,101,635 88,138 132,950 2,322,723 Total $ 2,432,250 $ 110,914 $ 139,750 $ 2,682,914 |
Unaudited Quarterly Financial46
Unaudited Quarterly Financial Information (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Unaudited quarterly financial information for 2016 and 2015 is as follows: Year Ended March 31, 2016 Quarterly Period Ended (In thousands, except for per share data) June 30, 2015 September 30, 2015 December 31, 2015 March 31, 2016 Total revenues $ 192,132 $ 206,065 $ 200,195 $ 207,855 Cost of sales (exclusive of depreciation shown below) 79,896 86,125 83,411 89,604 Gross profit 112,236 119,940 116,784 118,251 Operating expenses Advertising and promotion 26,422 27,893 29,935 26,552 General and administrative 17,589 16,462 18,135 20,232 Depreciation and amortization 5,720 5,687 6,071 6,198 49,731 50,042 54,141 52,982 Operating income 62,505 69,898 62,643 65,269 Net interest expense 21,884 20,667 19,462 23,147 Loss on extinguishment of debt 451 — — 17,519 Income before income taxes 40,170 49,231 43,181 24,603 Provision for income taxes 13,997 17,428 15,186 10,667 Net income $ 26,173 $ 31,803 $ 27,995 $ 13,936 Earnings per share: Basic $ 0.50 $ 0.60 $ 0.53 $ 0.26 Diluted $ 0.49 $ 0.60 $ 0.53 $ 0.26 Weighted average shares outstanding: Basic 52,548 52,803 52,824 52,833 Diluted 52,958 53,151 53,203 53,252 Comprehensive income, net of tax: Currency translation adjustments (405 ) (11,079 ) 4,922 6,449 Total other comprehensive income (loss) (405 ) (11,079 ) 4,922 6,449 Comprehensive income $ 25,768 $ 20,724 $ 32,917 $ 20,385 Year Ended March 31, 2015 Quarterly Period Ended (In thousands, except for per share data) June 30, 2014 September 30, 2014 December 31, 2014 March 31, 2015 Total revenues $ 145,702 $ 181,269 $ 197,606 $ 190,046 Cost of sales (exclusive of depreciation shown below) 63,836 78,727 85,861 79,976 Gross profit 81,866 102,542 111,745 110,070 Operating expenses Advertising and promotion 19,096 25,044 30,144 25,367 General and administrative 17,006 27,128 19,454 17,685 Depreciation and amortization 2,961 3,852 5,154 5,773 39,063 56,024 54,752 48,825 Operating income 42,803 46,518 56,993 61,245 Net interest expense 14,653 18,193 24,592 23,796 Gain on settlement — — (1,133 ) — Income before income taxes 28,150 28,325 33,534 37,449 Provision for income taxes 11,418 11,862 12,241 13,677 Net income $ 16,732 $ 16,463 $ 21,293 $ 23,772 Earnings per share: Basic $ 0.32 $ 0.32 $ 0.41 $ 0.45 Diluted $ 0.32 $ 0.31 $ 0.40 $ 0.45 Weighted average shares outstanding: Basic 51,956 52,088 52,278 52,356 Diluted 52,533 52,594 52,730 52,821 Comprehensive income, net of tax: Currency translation adjustments 2,726 (10,830 ) (8,779 ) (7,268 ) Total other comprehensive income (loss) 2,726 (10,830 ) (8,779 ) (7,268 ) Comprehensive income $ 19,458 $ 5,633 $ 12,514 $ 16,504 |
Condensed Consolidating Finan47
Condensed Consolidating Financial Statements (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Statements of Income and Comprehensive Income | Condensed Consolidating Statement of Income and Comprehensive Income Year Ended March 31, 2016 (In thousands) Prestige Brands Holdings, Inc. Prestige Brands, Inc., the issuer Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues Net sales $ — $ 111,747 $ 643,330 $ 50,672 $ (2,661 ) $ 803,088 Other revenues — 347 3,116 1,776 (2,080 ) 3,159 Total revenues — 112,094 646,446 52,448 (4,741 ) 806,247 Cost of Sales Cost of sales (exclusive of depreciation shown below) — 45,763 280,169 18,459 (5,355 ) 339,036 Gross profit — 66,331 366,277 33,989 614 467,211 Operating Expenses Advertising and promotion — 9,465 90,353 10,984 — 110,802 General and administrative 5,737 9,098 51,198 6,385 — 72,418 Depreciation and amortization 4,050 594 18,617 415 — 23,676 Total operating expenses 9,787 19,157 160,168 17,784 — 206,896 Operating income (loss) (9,787 ) 47,174 206,109 16,205 614 260,315 Other (income) expense Interest income (48,342 ) (85,882 ) (5,087 ) (531 ) 139,680 (162 ) Interest expense 34,553 84,822 100,540 5,087 (139,680 ) 85,322 Loss on extinguishment of debt — 17,970 — — — 17,970 Equity in (income) loss of subsidiaries (98,803 ) (70,953 ) (8,564 ) — 178,320 — Total other (income) expense (112,592 ) (54,043 ) 86,889 4,556 178,320 103,130 Income (loss) before income taxes 102,805 101,217 119,220 11,649 (177,706 ) 157,185 Provision for income taxes 2,898 11,016 40,279 3,085 — 57,278 Net income (loss) $ 99,907 $ 90,201 $ 78,941 $ 8,564 $ (177,706 ) $ 99,907 Comprehensive income, net of tax: Currency translation adjustments (113 ) (113 ) (113 ) (113 ) 339 (113 ) Total other comprehensive income (loss) (113 ) (113 ) (113 ) (113 ) 339 (113 ) Comprehensive income (loss) $ 99,794 $ 90,088 $ 78,828 $ 8,451 $ (177,367 ) $ 99,794 Condensed Consolidating Statement of Income and Comprehensive Income Year Ended March 31, 2015 (In thousands) Prestige Brands Holdings, Inc. Prestige Brands, Inc., the issuer Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues Net sales $ — $ 106,439 $ 555,388 $ 51,630 $ (3,387 ) $ 710,070 Other revenues — 385 4,452 1,497 (1,781 ) 4,553 Total revenues — 106,824 559,840 53,127 (5,168 ) 714,623 Cost of Sales Cost of sales (exclusive of depreciation shown below) — 39,637 254,670 19,127 (5,034 ) 308,400 Gross profit — 67,187 305,170 34,000 (134 ) 406,223 Operating Expenses Advertising and promotion — 8,828 79,944 10,879 — 99,651 General and administrative 4,571 9,090 55,209 12,403 — 81,273 Depreciation and amortization 3,381 592 12,752 1,015 — 17,740 Total operating expenses 7,952 18,510 147,905 24,297 — 198,664 Operating income (loss) (7,952 ) 48,677 157,265 9,703 (134 ) 207,559 Other (income) expense Interest income (48,543 ) (73,755 ) (5,373 ) (456 ) 128,035 (92 ) Interest expense 34,198 81,326 88,464 5,373 (128,035 ) 81,326 Gain on sale of asset — — (1,133 ) — — (1,133 ) Equity in (income) loss of subsidiaries (76,383 ) (51,573 ) (2,013 ) — 129,969 — Total other expense (income) (90,728 ) (44,002 ) 79,945 4,917 129,969 80,101 Income (loss) before income taxes 82,776 92,679 77,320 4,786 (130,103 ) 127,458 Provision for income taxes 4,516 14,798 27,111 2,773 — 49,198 Net income (loss) $ 78,260 $ 77,881 $ 50,209 $ 2,013 $ (130,103 ) $ 78,260 Comprehensive income, net of tax: Currency translation adjustments (24,151 ) (24,151 ) (24,151 ) (24,151 ) 72,453 (24,151 ) Total other comprehensive income (loss) (24,151 ) (24,151 ) (24,151 ) (24,151 ) 72,453 (24,151 ) Comprehensive income (loss) $ 54,109 $ 53,730 $ 26,058 $ (22,138 ) $ (57,650 ) $ 54,109 Condensed Consolidating Statement of Income and Comprehensive Income Year Ended March 31, 2014 (In thousands) Prestige Brands Holdings, Inc. Prestige Brands, Inc., the issuer Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues Net sales $ — $ 97,509 $ 474,338 $ 23,286 $ (2,679 ) $ 592,454 Other revenues — 295 4,886 1,639 (1,893 ) 4,927 Total revenues — 97,804 479,224 24,925 (4,572 ) 597,381 Cost of Sales Cost of sales (exclusive of depreciation shown below) — 37,272 218,692 9,428 (3,562 ) 261,830 Gross profit — 60,532 260,532 15,497 (1,010 ) 335,551 Operating Expenses Advertising and promotion — 10,223 69,583 5,162 — 84,968 General and administrative 3,140 8,026 34,469 2,846 — 48,481 Depreciation and amortization 2,994 577 9,715 200 — 13,486 Total operating expenses 6,134 18,826 113,767 8,208 — 146,935 Operating Income (loss) (6,134 ) 41,706 146,765 7,289 (1,010 ) 188,616 Other (income) expense Interest income (48,730 ) (57,446 ) (2,327 ) (382 ) 108,825 (60 ) Interest expense 34,436 68,642 72,064 2,325 (108,825 ) 68,642 Loss on extinguishment of debt — 18,286 — — — 18,286 Equity in (income) loss of subsidiaries (66,739 ) (53,836 ) (4,052 ) — 124,627 — Total other expense (income) (81,033 ) (24,354 ) 65,685 1,943 124,627 86,868 Income (loss) before income taxes 74,899 66,060 81,080 5,346 (125,637 ) 101,748 Provision for income taxes 2,284 3,500 22,055 1,294 — 29,133 Net income (loss) $ 72,615 $ 62,560 $ 59,025 $ 4,052 $ (125,637 ) $ 72,615 Comprehensive income, net of tax: Currency translation adjustments 843 843 843 843 (2,529 ) 843 Total other comprehensive income (loss) 843 843 843 843 (2,529 ) 843 Comprehensive income (loss) $ 73,458 $ 63,403 $ 59,868 $ 4,895 $ (128,166 ) $ 73,458 |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet March 31, 2016 (In thousands) Prestige Brands Holdings, Inc. Prestige Brands, Inc., the issuer Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets Cash and cash equivalents $ 4,440 $ — $ 2,899 $ 19,891 $ — $ 27,230 Accounts receivable, net — 12,025 74,446 8,776 — 95,247 Inventories — 9,411 72,296 10,088 (532 ) 91,263 Deferred income tax assets 316 681 8,293 818 — 10,108 Prepaid expenses and other current assets 15,311 257 8,379 1,218 — 25,165 Total current assets 20,067 22,374 166,313 40,791 (532 ) 249,013 Property and equipment, net 9,166 210 5,528 636 — 15,540 Goodwill — 66,007 271,409 22,775 — 360,191 Intangible assets, net — 191,789 2,042,640 88,294 — 2,322,723 Other long-term assets — 1,324 — — — 1,324 Intercompany receivables 1,457,011 2,703,192 1,083,488 10,738 (5,254,429 ) — Investment in subsidiary 1,641,477 1,527,718 81,545 (3,250,740 ) — Total Assets $ 3,127,721 $ 4,512,614 $ 3,650,923 $ 163,234 $ (8,505,701 ) $ 2,948,791 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 2,914 $ 7,643 $ 24,437 $ 3,302 $ — $ 38,296 Accrued interest payable — 8,664 — — — 8,664 Other accrued liabilities 12,285 1,714 38,734 6,991 — 59,724 Total current liabilities 15,199 18,021 63,171 10,293 — 106,684 Long-term debt Principal amount — 1,652,500 — — — 1,652,500 Less unamortized debt costs — (27,191 ) — — — (27,191 ) Long-term debt, net — 1,625,309 — — — 1,625,309 Deferred income tax liabilities — 60,317 408,893 412 — 469,622 Other long-term liabilities — — 2,682 158 — 2,840 Intercompany payables 2,368,186 1,241,084 1,570,265 74,894 (5,254,429 ) — Total Liabilities 2,383,385 2,944,731 2,045,011 85,757 (5,254,429 ) 2,204,455 Stockholders' Equity Common stock 530 — — — — 530 Additional paid-in capital 445,182 1,280,947 1,359,921 78,774 (2,719,642 ) 445,182 Treasury stock, at cost (5,163 ) — — — — (5,163 ) Accumulated other comprehensive income (loss), net of tax (23,525 ) (23,525 ) (23,525 ) (23,525 ) 70,575 (23,525 ) Retained earnings (accumulated deficit) 327,312 310,461 269,516 22,228 (602,205 ) 327,312 Total Stockholders' Equity 744,336 1,567,883 1,605,912 77,477 (3,251,272 ) 744,336 Total Liabilities and Stockholders' Equity $ 3,127,721 $ 4,512,614 $ 3,650,923 $ 163,234 $ (8,505,701 ) $ 2,948,791 Condensed Consolidating Balance Sheet March 31, 2015 (In thousands) Prestige Brands Holdings, Inc. Prestige Brands, Inc., the issuer Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets Cash and cash equivalents $ 11,387 $ — $ — $ 9,931 $ — $ 21,318 Accounts receivable, net — 14,539 66,523 6,796 — 87,858 Inventories — 8,667 60,297 6,182 (1,146 ) 74,000 Deferred income tax assets 452 674 6,497 474 — 8,097 Prepaid expenses and other current assets 5,731 141 3,804 758 — 10,434 Total current assets 17,570 24,021 137,121 24,141 (1,146 ) 201,707 Property and equipment, net 10,726 175 2,207 636 — 13,744 Goodwill — 66,007 204,205 20,439 — 290,651 Intangible assets, net — 192,325 1,854,798 87,577 — 2,134,700 Other long-term assets — 1,165 — — — 1,165 Intercompany receivables 1,210,017 2,607,054 668,169 8,764 (4,494,004 ) — Investment in subsidiary 1,545,575 1,228,535 65,564 — (2,839,674 ) — Total Assets $ 2,783,888 $ 4,119,282 $ 2,932,064 $ 141,557 $ (7,334,824 ) $ 2,641,967 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 1,959 $ 6,829 $ 32,898 $ 4,429 $ — $ 46,115 Accrued interest payable — 11,974 — — — 11,974 Other accrued liabilities 10,378 1,153 25,795 3,622 — 40,948 Total current liabilities 12,337 19,956 58,693 8,051 — 99,037 Long-term debt Principal amount — 1,593,600 — — — 1,593,600 Less unamortized debt costs — (32,327 ) — — — (32,327 ) Long-term debt, net — 1,561,273 — — — 1,561,273 Deferred income tax liabilities — 59,038 292,504 27 — 351,569 Other long-term liabilities — — 2,293 171 — 2,464 Intercompany payables 2,143,927 1,001,219 1,279,833 69,025 (4,494,004 ) — Total Liabilities 2,156,264 2,641,486 1,633,323 77,274 (4,494,004 ) 2,014,343 Stockholders' Equity Common Stock 525 — — — — 525 Additional paid-in capital 426,584 1,280,948 1,131,578 74,031 (2,486,557 ) 426,584 Treasury stock, at cost (3,478 ) — — — — (3,478 ) Accumulated other comprehensive income (loss), net of tax (23,412 ) (23,412 ) (23,412 ) (23,412 ) 70,236 (23,412 ) Retained earnings (accumulated deficit) 227,405 220,260 190,575 13,664 (424,499 ) 227,405 Total Stockholders' Equity 627,624 1,477,796 1,298,741 64,283 (2,840,820 ) 627,624 Total Liabilities and Stockholders’ Equity $ 2,783,888 $ 4,119,282 $ 2,932,064 $ 141,557 $ (7,334,824 ) $ 2,641,967 |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows Year Ended March 31, 2016 (In thousands) Prestige Brands Holdings, Inc. Prestige Brands, Inc., the issuer Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Eliminations Consolidated Operating Activities Net income (loss) $ 99,907 $ 90,201 $ 78,941 $ 8,564 $ (177,706 ) $ 99,907 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 4,050 594 18,617 415 — 23,676 Deferred income taxes 136 1,272 45,070 (326 ) — 46,152 Long term income taxes payable — — (332 ) — — (332 ) Amortization of debt origination costs — 8,994 — — — 8,994 Stock-based compensation costs 9,794 — — 160 — 9,954 Loss on extinguishment of debt — 17,970 — — — 17,970 Premium payment on 2012 Senior Notes — (10,158 ) — — — (10,158 ) (Gain) loss on sale or disposal of property and equipment — — 1 (36 ) — (35 ) Equity in income of subsidiaries (98,803 ) (70,953 ) (8,564 ) — 178,320 — Changes in operating assets and liabilities, net of effects from acquisitions: Accounts receivable — 2,514 (388 ) (302 ) — 1,824 Inventories — (744 ) 213 (1,860 ) (614 ) (3,005 ) Prepaid expenses and other current assets (9,580 ) (116 ) 1,977 (202 ) — (7,921 ) Accounts payable 929 814 (11,284 ) (1,807 ) — (11,348 ) Accrued liabilities 1,907 (2,749 ) (1,943 ) 1,457 — (1,328 ) Net cash provided by operating activities 8,340 37,639 122,308 6,063 — 174,350 Investing Activities Purchases of property and equipment (2,460 ) (93 ) (521 ) (494 ) — (3,568 ) Proceeds from the sale of property and equipment — — — 344 — 344 Proceeds from Insight Pharmaceuticals working capital arbitration settlement — — 7,237 — — 7,237 Acquisition of DenTek, less cash acquired — — (226,984 ) — — (226,984 ) Intercompany activity, net — (228,343 ) 228,343 — — — Net cash (used in) provided by investing activities (2,460 ) (228,436 ) 8,075 (150 ) — (222,971 ) Financing Activities Proceeds from issuance of 2016 Senior Notes — 350,000 — — — 350,000 Repayment of 2012 Senior Notes — (250,000 ) — — — (250,000 ) Borrowings under Bridge term loans — 80,000 — — — 80,000 Repayments under Bridge term loans — (80,000 ) — — — (80,000 ) Term loan repayments — (60,000 ) — — — (60,000 ) Borrowings under revolving credit agreement — 115,000 — — — 115,000 Repayments under revolving credit agreement — (96,100 ) — — — (96,100 ) Payments of debt origination costs — (11,828 ) — — — (11,828 ) Proceeds from exercise of stock options 6,689 — — — — 6,689 Proceeds from restricted stock exercises 544 — — — — 544 Excess tax benefits from share-based awards 1,960 — — — — 1,960 Fair value of shares surrendered as payment of tax withholding (2,229 ) — — — — (2,229 ) Intercompany activity, net (19,791 ) 143,725 (127,484 ) 3,550 — — Net cash provided by (used in) financing activities (12,827 ) 190,797 (127,484 ) 3,550 — 54,036 Effects of exchange rate changes on cash and cash equivalents — — — 497 — 497 Increase (decrease) in cash and cash equivalents (6,947 ) — 2,899 9,960 — 5,912 Cash and cash equivalents - beginning of year 11,387 — — 9,931 — 21,318 Cash and cash equivalents - end of year $ 4,440 $ — $ 2,899 $ 19,891 $ — $ 27,230 Condensed Consolidating Statement of Cash Flows Year Ended March 31, 2015 (In thousands) Prestige Brands Holdings, Inc. Prestige Brands, Inc., the issuer Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Eliminations Consolidated Operating Activities Net income (loss) $ 78,260 $ 77,881 $ 50,209 $ 2,013 $ (130,103 ) $ 78,260 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 3,381 592 12,752 1,015 — 17,740 Gain on sale of asset — — (1,133 ) — — (1,133 ) Deferred income taxes (192 ) 2,462 26,795 (143 ) — 28,922 Long-term income taxes payable — — 2,294 — — 2,294 Amortization of debt origination costs — 8,821 — — — 8,821 Stock-based compensation costs 6,918 — — — — 6,918 Lease termination costs — — 785 — — 785 Loss on sale or disposal of equipment — — — 321 — 321 Equity in income of subsidiaries (76,383 ) (51,573 ) (2,013 ) — 129,969 — Changes in operating assets and liabilities, net of effects from acquisitions: Accounts receivable 473 (294 ) 5,146 (3,717 ) — 1,608 Inventories — 5,690 8,981 555 134 15,360 Prepaid expenses and other current assets 2,273 (28 ) 2,631 (212 ) — 4,664 Accounts payable (2,457 ) (829 ) (16,734 ) 2,383 — (17,637 ) Accrued liabilities 2,650 1,384 3,560 1,738 — 9,332 Net cash provided by operating activities 14,923 44,106 93,273 3,953 — 156,255 Investing Activities Purchases of property and equipment (5,029 ) (119 ) (739 ) (214 ) — (6,101 ) Proceeds from sale of business — — 18,500 — — 18,500 Proceeds from sale of asset — — 10,000 — — 10,000 Acquisition of Insight Pharmaceuticals, less cash acquired — — (749,666 ) — — (749,666 ) Acquisition of the Hydralyte brand — — — (77,991 ) — (77,991 ) Intercompany activity, net — (809,157 ) 731,166 77,991 — — Net cash (used in) provided by investing activities (5,029 ) (809,276 ) 9,261 (214 ) — (805,258 ) Financing Activities Term loan borrowings — 720,000 — — — 720,000 Term loan repayments — (130,000 ) — — — (130,000 ) Borrowings under revolving credit agreement — 124,600 — — — 124,600 Repayments under revolving credit agreement — (58,500 ) — — — (58,500 ) Payments of debt origination costs — (16,072 ) — — — (16,072 ) Proceeds from exercise of stock options 3,954 — — — — 3,954 Proceeds from restricted stock exercises 57 — — — — 57 Excess tax benefits from share-based awards 1,330 — — — — 1,330 Fair value of shares surrendered as payment of tax withholding (2,104 ) — — — — (2,104 ) Intercompany activity, net (26,388 ) 125,142 (102,534 ) 3,780 — — Net cash provided by (used in) financing activities (23,151 ) 765,170 (102,534 ) 3,780 — 643,265 Effect of exchange rate changes on cash and cash equivalents — — — (1,275 ) — (1,275 ) (Decrease) Increase in cash and cash equivalents (13,257 ) — — 6,244 — (7,013 ) Cash and cash equivalents - beginning of year 24,644 — — 3,687 — 28,331 Cash and cash equivalents - end of year $ 11,387 $ — $ — $ 9,931 $ — $ 21,318 Condensed Consolidating Statement of Cash Flows Year Ended March 31, 2014 (In thousands) Prestige Brands Holdings, Inc. Prestige Brands, Inc., the issuer Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Eliminations Consolidated Operating Activities Net income (loss) $ 72,615 $ 62,560 $ 59,025 $ 4,052 $ (125,637 ) $ 72,615 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 2,994 577 9,715 200 — 13,486 Deferred income taxes (42 ) 1,466 17,765 (177 ) — 19,012 Amortization of debt origination costs — 10,512 — — — 10,512 Stock-based compensation costs 5,146 — — — — 5,146 Loss on extinguishment of debt — 18,286 — — — 18,286 Premium payment on 2010 Senior Notes — (15,527 ) — — — (15,527 ) Gain on disposal of equipment — — (3 ) — — (3 ) Equity in income of subsidiaries (66,739 ) (53,836 ) (4,052 ) — 124,627 — Changes in operating assets and liabilities, net of effects from acquisitions: Accounts receivable (452 ) (370 ) 12,460 (1,903 ) — 9,735 Inventories — (3,193 ) 2,165 (2,832 ) 1,010 (2,850 ) Prepaid expenses and other current assets (3,062 ) (20 ) 711 241 — (2,130 ) Accounts payable 1,815 (2,942 ) (4,142 ) 628 — (4,641 ) Accrued liabilities (4,966 ) (3,835 ) (2,664 ) (594 ) — (12,059 ) Net cash provided by (used in) operating activities 7,309 13,678 90,980 (385 ) — 111,582 Investing Activities Purchases of property and equipment (2,351 ) (119 ) (108 ) (186 ) — (2,764 ) 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 investing activities (2,351 ) (55,334 ) (105 ) (186 ) — (57,976 ) Financing Activities Proceeds from issuance of 2013 Senior Notes — 400,000 — — — 400,000 Repayment of 2010 Senior Notes — (250,000 ) — — — (250,000 ) Term loan repayments — (157,500 ) — — — (157,500 ) Borrowings under revolving credit agreement — 50,000 — — — 50,000 Repayment under revolving credit agreement — (83,000 ) — — — (83,000 ) Payments of debt origination costs — (7,466 ) — — — (7,466 ) Proceeds from exercise of stock options 5,907 — — — — 5,907 Excess tax benefits from share-based awards 1,650 — — — — 1,650 Fair value of shares surrendered as payment of tax withholding (744 ) — — — — (744 ) Intercompany activity, net (1,847 ) 89,622 (90,875 ) 3,100 — — Net cash (used in) provided by financing activities 4,966 41,656 (90,875 ) 3,100 — (41,153 ) Effect of exchange rate changes on cash and cash equivalents — — — 208 — 208 Increase in cash and cash equivalents 9,924 — — 2,737 — 12,661 Cash and cash equivalents - beginning of year 14,720 — — 950 — 15,670 Cash and cash equivalents - end of year $ 24,644 $ — $ — $ 3,687 $ — $ 28,331 |
Business and Basis of Present48
Business and Basis of Presentation (Details) | 12 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Cash equivalents, original maturities, eligibility, period | 3 months |
Business and Basis of Present49
Business and Basis of Presentation (Property and Equipment) (Details) | 12 Months Ended |
Mar. 31, 2016 | |
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 |
Business and Basis of Present50
Business and Basis of Presentation (Intangible Assets) (Details) | 12 Months Ended |
Mar. 31, 2016 | |
Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, useful lives | 10 years |
Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, useful lives | 30 years |
Business and Basis of Present51
Business and Basis of Presentation (Cost of Sales) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Warehousing, shipping and handling, and storage costs | $ 39.2 | $ 37.7 | $ 32 |
Business and Basis of Present52
Business and Basis of Presentation (Recently Issued Accounting Standards) (Details) - New Accounting Pronouncement, Early Adoption, Effect $ in Millions | Mar. 31, 2015USD ($) |
Other Long-term Assets | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Deferred finance costs, net | $ (27.4) |
Long-term Debt | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Deferred finance costs, net | $ 27.4 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | Feb. 05, 2016USD ($) | Sep. 03, 2014USD ($)brand | Jul. 01, 2013USD ($) | Mar. 31, 2016USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | Apr. 30, 2014USD ($) | Mar. 31, 2013USD ($) |
Business Acquisition [Line Items] | ||||||||||
Finite-lived intangible assets, weighted average remaining period | 14 years 4 months 24 days | |||||||||
Additions to goodwill | $ 76,834 | $ 104,478 | $ 23,122 | |||||||
Goodwill | $ 360,191 | $ 360,191 | $ 290,651 | $ 190,911 | $ 167,546 | |||||
DenTek Oral Care, Inc. | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Purchase price | $ 228,300 | |||||||||
Indefinite-lived intangible assets | 179,800 | |||||||||
Finite-lived intangible assets | $ 26,900 | |||||||||
Purchased amortizable intangible assets, weighted average useful life | 18 years 6 months 12 days | |||||||||
Finite-lived intangible assets, weighted average remaining period | 18 years 5 months 12 days | |||||||||
Additions to goodwill | $ 76,500 | |||||||||
Pro forma, revenue since acquisition date, actual | $ 10,700 | |||||||||
Goodwill | 76,529 | |||||||||
Intangible assets, net | $ 206,700 | |||||||||
Insight Pharmaceuticals Corporation | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Indefinite-lived intangible assets | $ 599,600 | |||||||||
Finite-lived intangible assets | $ 124,800 | |||||||||
Purchased amortizable intangible assets, weighted average useful life | 16 years 2 months 12 days | |||||||||
Finite-lived intangible assets, weighted average remaining period | 14 years 7 months | |||||||||
Purchase price, gross | $ 745,900 | |||||||||
Goodwill, post-closing inventory and apportionment adjustment | $ 7,200 | $ (300) | ||||||||
Number of brands acquired | brand | 27 | |||||||||
Number of brands sold | brand | 1 | |||||||||
Goodwill | $ 96,323 | |||||||||
Assets sold on acquisition date, not included in consideration transferred | 18,500 | |||||||||
Intangible assets, net | 724,374 | |||||||||
Insight Pharmaceuticals Corporation | Intangible assets | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Assets sold on acquisition date, not included in consideration transferred | 17,700 | |||||||||
Insight Pharmaceuticals Corporation | Inventory | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Assets sold on acquisition date, not included in consideration transferred | 600 | |||||||||
Insight Pharmaceuticals Corporation | Property, plant and equipment | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Assets sold on acquisition date, not included in consideration transferred | $ 200 | |||||||||
Hydralyte | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | $ 1,224 | |||||||||
Intangible assets, net | $ 73,580 | |||||||||
Care Pharma | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Indefinite-lived intangible assets | $ 29,800 | |||||||||
Finite-lived intangible assets | $ 1,700 | |||||||||
Purchased amortizable intangible assets, weighted average useful life | 15 years 1 month 6 days | |||||||||
Finite-lived intangible assets, weighted average remaining period | 12 years 5 months 18 days | |||||||||
Goodwill | $ 23,122 | |||||||||
Intangible assets, net | $ 31,502 |
Acquisitions (Allocations) (Det
Acquisitions (Allocations) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Feb. 05, 2016 | Mar. 31, 2015 | Sep. 03, 2014 | Apr. 30, 2014 | Mar. 31, 2014 | Jul. 01, 2013 | Mar. 31, 2013 |
Purchase Price | ||||||||
Goodwill | $ 360,191 | $ 290,651 | $ 190,911 | $ 167,546 | ||||
DenTek Oral Care, Inc. | ||||||||
Purchase Price | ||||||||
Cash acquired | $ 1,359 | |||||||
Accounts receivable | 9,187 | |||||||
Inventories | 14,304 | |||||||
Deferred income tax assets | 3,303 | |||||||
Prepaids and other current assets | 6,728 | |||||||
Property, plant and equipment | 3,555 | |||||||
Goodwill | 76,529 | |||||||
Intangible assets | 206,700 | |||||||
Total assets acquired | 321,665 | |||||||
Accounts payable | 3,261 | |||||||
Accrued expenses | 16,488 | |||||||
Deferred income tax liabilities - long term | 73,573 | |||||||
Total liabilities assumed | 93,322 | |||||||
Net assets acquired | $ 228,343 | |||||||
Insight Pharmaceuticals Corporation | ||||||||
Purchase Price | ||||||||
Cash acquired | $ 3,507 | |||||||
Accounts receivable | 26,012 | |||||||
Inventories | 23,456 | |||||||
Deferred income tax assets | 1,032 | |||||||
Prepaids and other current assets | 1,341 | |||||||
Property, plant and equipment | 2,308 | |||||||
Goodwill | 96,323 | |||||||
Intangible assets | 724,374 | |||||||
Total assets acquired | 878,353 | |||||||
Accounts payable | 16,079 | |||||||
Accrued expenses | 8,539 | |||||||
Deferred income tax liabilities - long term | 107,799 | |||||||
Total liabilities assumed | 132,417 | |||||||
Net assets acquired | $ 745,936 | |||||||
Hydralyte | ||||||||
Purchase Price | ||||||||
Inventories | $ 1,970 | |||||||
Property, plant and equipment | 1,267 | |||||||
Goodwill | 1,224 | |||||||
Intangible assets | 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 | ||||||||
Purchase Price | ||||||||
Cash acquired | $ 1,546 | |||||||
Accounts receivable | 1,658 | |||||||
Inventories | 2,465 | |||||||
Deferred income tax assets | 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 |
Acquisitions (Pro Forma) (Detai
Acquisitions (Pro Forma) (Details) - Insight Pharmaceuticals Corporation - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Pro Forma Information | ||
Revenues | $ 783,217 | $ 767,897 |
Net income | $ 86,844 | $ 82,762 |
Earnings per share: | ||
Basic (USD per share) | $ 1.66 | $ 1.60 |
Diluted (USD per share) | $ 1.65 | $ 1.58 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | $ 106,853 | $ 97,764 |
Less allowances for discounts, returns and uncollectible accounts | (11,606) | (9,906) |
Accounts receivable, net | 95,247 | 87,858 |
Trade accounts receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | 105,592 | 95,411 |
Other receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | $ 1,261 | $ 2,353 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Packaging and raw materials | $ 7,563 | $ 7,588 |
Finished goods | 83,700 | 66,412 |
Inventories | 91,263 | 74,000 |
Inventory valuation reserves related to obsolete and slow-moving inventory | $ 4,800 | $ 4,100 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Components of Property and Equipment | |||
Property and equipment, gross | $ 30,361 | $ 25,700 | |
Accumulated depreciation | (14,821) | (11,956) | |
Property and equipment, net | 15,540 | 13,744 | |
Depreciation expense | 5,200 | 3,800 | $ 3,200 |
Machinery | |||
Components of Property and Equipment | |||
Property and equipment, gross | 7,734 | 4,743 | |
Computer equipment | |||
Components of Property and Equipment | |||
Property and equipment, gross | 12,793 | 11,339 | |
Furniture and fixtures | |||
Components of Property and Equipment | |||
Property and equipment, gross | 2,445 | 2,484 | |
Leasehold improvements | |||
Components of Property and Equipment | |||
Property and equipment, gross | $ 7,389 | $ 7,134 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Goodwill [Roll Forward] | ||||
Goodwill, gross, beginning | $ 485,981 | $ 386,241 | $ 362,876 | |
Accumulated impairment losses | (195,330) | (195,330) | (195,330) | $ (195,330) |
Goodwill, net, beginning | 290,651 | 190,911 | 167,546 | |
Additions | 76,834 | 104,478 | 23,122 | |
Reductions | (7,237) | (589) | ||
Effects of foreign currency exchange rates | (57) | (4,149) | (243) | |
Goodwill, gross, ending | 555,521 | 485,981 | 386,241 | |
Goodwill, net, ending | 360,191 | 290,651 | 190,911 | |
North American OTC Healthcare | ||||
Goodwill [Roll Forward] | ||||
Goodwill, gross, beginning | 393,581 | 290,327 | 290,327 | |
Accumulated impairment losses | (130,170) | (130,170) | (130,170) | (130,170) |
Goodwill, net, beginning | 263,411 | 160,157 | 160,157 | |
Additions | 74,441 | 103,254 | 0 | |
Reductions | (7,237) | 0 | ||
Effects of foreign currency exchange rates | 0 | 0 | 0 | |
Goodwill, gross, ending | 460,785 | 393,581 | 290,327 | |
Goodwill, net, ending | 330,615 | 263,411 | 160,157 | |
International OTC Healthcare | ||||
Goodwill [Roll Forward] | ||||
Goodwill, gross, beginning | 20,440 | 23,365 | 0 | |
Accumulated impairment losses | 0 | 0 | 0 | 0 |
Goodwill, net, beginning | 20,440 | 23,365 | 0 | |
Additions | 2,393 | 1,224 | 23,122 | |
Reductions | 0 | 0 | ||
Effects of foreign currency exchange rates | (57) | (4,149) | (243) | |
Goodwill, gross, ending | 22,776 | 20,440 | 23,365 | |
Goodwill, net, ending | 22,776 | 20,440 | 23,365 | |
Household Cleaning | ||||
Goodwill [Roll Forward] | ||||
Goodwill, gross, beginning | 71,960 | 72,549 | 72,549 | |
Accumulated impairment losses | (65,160) | (65,160) | (65,160) | $ (65,160) |
Goodwill, net, beginning | 6,800 | 7,389 | 7,389 | |
Additions | 0 | 0 | 0 | |
Reductions | 0 | (589) | ||
Effects of foreign currency exchange rates | 0 | 0 | 0 | |
Goodwill, gross, ending | 71,960 | 71,960 | 72,549 | |
Goodwill, net, ending | $ 6,800 | $ 6,800 | $ 7,389 |
Goodwill (Narrative) (Details)
Goodwill (Narrative) (Details) | Sep. 03, 2014USD ($) | Dec. 31, 2014USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2016USD ($)acquisitionunit | Mar. 31, 2015USD ($)acquisition | Mar. 31, 2014USD ($) | Feb. 05, 2016USD ($) | Apr. 30, 2014USD ($) | Jul. 01, 2013USD ($) | Mar. 31, 2013USD ($) |
Goodwill [Line Items] | ||||||||||||||
Goodwill | $ 290,651,000 | $ 360,191,000 | $ 290,651,000 | $ 190,911,000 | $ 167,546,000 | |||||||||
Number of business acquisitions | acquisition | 2 | 2 | ||||||||||||
Gain on sale of asset | $ 0 | $ 1,133,000 | $ 0 | $ 0 | $ 0 | $ 1,133,000 | $ 0 | |||||||
Goodwill impairment charge | $ 0 | $ 0 | ||||||||||||
Reporting unit, fair value in excess of carrying amount (percent) | 76.40% | |||||||||||||
Number of reporting units with fair value exceeding carrying value by less than 10% | unit | 0 | |||||||||||||
Comet Brand | ||||||||||||||
Goodwill [Line Items] | ||||||||||||||
Gain on sale of asset | $ 1,300,000 | |||||||||||||
Care Pharma | ||||||||||||||
Goodwill [Line Items] | ||||||||||||||
Goodwill | $ 23,122,000 | |||||||||||||
Insight Pharmaceuticals Corporation | ||||||||||||||
Goodwill [Line Items] | ||||||||||||||
Goodwill | $ 96,323,000 | |||||||||||||
Goodwill, post-closing inventory and apportionment adjustment | $ (7,200,000) | $ 300,000 | ||||||||||||
Hydralyte | ||||||||||||||
Goodwill [Line Items] | ||||||||||||||
Goodwill | $ 1,224,000 | |||||||||||||
DenTek Oral Care, Inc. | ||||||||||||||
Goodwill [Line Items] | ||||||||||||||
Goodwill | $ 76,529,000 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Indefinite-Lived Intangible Assets [Abstract] | |||
Indefinite-lived intangibles, beginning | $ 1,873,404 | ||
Indefinite-lived intangibles, ending | 2,020,046 | $ 1,873,404 | |
Finite-lived Intangible Assets, Accumulated Amortization [Abstract] | |||
Finite-lived intangibles, accumulated amortization, beginning | 96,770 | 83,801 | $ 73,702 |
Finite-lived intangibles, accumulated amortization, additions | 18,430 | 12,995 | 10,256 |
Finite-lived intangibles, accumulated amortization, reductions | (158) | ||
Finite-lived intangibles, accumulated amortization, effects of foreign currency exchange rates | 3 | (26) | 1 |
Finite-lived intangibles, accumulated amortization, ending | 115,203 | 96,770 | 83,801 |
Intangible Assets, Gross [Abstract] | |||
Intangible assets, gross, beginning | 2,231,470 | 1,478,618 | 1,446,942 |
Intangible assets, additions | 206,700 | 797,954 | 31,502 |
Intangible assets, reclassifications | 0 | 0 | |
Intangible assets, reductions | 0 | (27,222) | (158) |
Intangible assets, effects of foreign currency exchange rates | (244) | (17,880) | 332 |
Intangible assets, gross, ending | 2,437,926 | 2,231,470 | 1,478,618 |
Finite-lived intangible assets | 302,677 | 261,296 | |
Intangible assets, net | 2,322,723 | 2,134,700 | 1,394,817 |
North American OTC Healthcare | |||
Indefinite-Lived Intangible Assets [Abstract] | |||
Indefinite-lived intangibles, beginning | 1,676,991 | ||
Indefinite-lived intangibles, ending | 1,823,873 | 1,676,991 | |
Intangible Assets, Gross [Abstract] | |||
Finite-lived intangible assets | 277,762 | 235,642 | |
Intangible assets, net | 2,101,635 | 1,912,633 | 1,217,139 |
International OTC Healthcare | |||
Indefinite-Lived Intangible Assets [Abstract] | |||
Indefinite-lived intangibles, beginning | 86,141 | ||
Indefinite-lived intangibles, ending | 85,901 | 86,141 | |
Intangible Assets, Gross [Abstract] | |||
Finite-lived intangible assets | 2,237 | 1,231 | |
Intangible assets, net | 88,138 | 87,372 | 31,691 |
Household Cleaning | |||
Indefinite-Lived Intangible Assets [Abstract] | |||
Indefinite-lived intangibles, beginning | 110,272 | ||
Indefinite-lived intangibles, ending | 110,272 | 110,272 | |
Intangible Assets, Gross [Abstract] | |||
Finite-lived intangible assets | 22,678 | 24,423 | |
Intangible assets, net | 132,950 | 134,695 | 145,987 |
Finite Lived Trademarks and Customer Relationships | |||
Finite-Lived Intangible Assets, Gross [Abstract] | |||
Finite-lived intangibles, gross, beginning | 358,066 | 204,740 | 203,066 |
Finite-lived intangibles, additions | 26,900 | 124,774 | 1,657 |
Finite-lived intangibles, reclassifications | 32,918 | 46,506 | |
Finite-lived intangibles, reductions, gross | 0 | (17,674) | 0 |
Finite-lived intangibles, effects of foreign currency exchange rates | (4) | (280) | 17 |
Finite-lived intangibles, gross, ending | 417,880 | 358,066 | 204,740 |
Finite-lived Intangible Assets, Accumulated Amortization [Abstract] | |||
Finite-lived intangibles, accumulated amortization, beginning | 96,770 | 83,801 | 73,544 |
Finite-lived intangibles, accumulated amortization, additions | 18,430 | 12,995 | 10,256 |
Finite-lived intangibles, accumulated amortization, reductions | 0 | ||
Finite-lived intangibles, accumulated amortization, effects of foreign currency exchange rates | 3 | (26) | 1 |
Finite-lived intangibles, accumulated amortization, ending | 115,203 | 96,770 | 83,801 |
Intangible Assets, Gross [Abstract] | |||
Finite-lived intangible assets | 302,677 | 261,296 | 120,939 |
Finite Lived Trademarks and Customer Relationships | North American OTC Healthcare | |||
Intangible Assets, Gross [Abstract] | |||
Finite-lived intangible assets | 277,762 | 235,642 | 93,242 |
Finite Lived Trademarks and Customer Relationships | International OTC Healthcare | |||
Intangible Assets, Gross [Abstract] | |||
Finite-lived intangible assets | 2,237 | 1,231 | 1,530 |
Finite Lived Trademarks and Customer Relationships | Household Cleaning | |||
Intangible Assets, Gross [Abstract] | |||
Finite-lived intangible assets | 22,678 | 24,423 | 26,167 |
Noncompete Agreements | |||
Finite-Lived Intangible Assets, Gross [Abstract] | |||
Finite-lived intangibles, gross, beginning | 0 | 0 | 158 |
Finite-lived intangibles, additions | 0 | 0 | 0 |
Finite-lived intangibles, reclassifications | 0 | 0 | |
Finite-lived intangibles, reductions, gross | 0 | 0 | (158) |
Finite-lived intangibles, effects of foreign currency exchange rates | 0 | 0 | 0 |
Finite-lived intangibles, gross, ending | 0 | 0 | 0 |
Finite-lived Intangible Assets, Accumulated Amortization [Abstract] | |||
Finite-lived intangibles, accumulated amortization, beginning | 0 | 0 | 158 |
Finite-lived intangibles, accumulated amortization, additions | 0 | 0 | 0 |
Finite-lived intangibles, accumulated amortization, reductions | (158) | ||
Finite-lived intangibles, accumulated amortization, effects of foreign currency exchange rates | 0 | 0 | 0 |
Finite-lived intangibles, accumulated amortization, ending | 0 | 0 | 0 |
Intangible Assets, Gross [Abstract] | |||
Finite-lived intangible assets | 0 | 0 | 0 |
Noncompete Agreements | North American OTC Healthcare | |||
Intangible Assets, Gross [Abstract] | |||
Finite-lived intangible assets | 0 | 0 | |
Noncompete Agreements | International OTC Healthcare | |||
Intangible Assets, Gross [Abstract] | |||
Finite-lived intangible assets | 0 | 0 | |
Noncompete Agreements | Household Cleaning | |||
Intangible Assets, Gross [Abstract] | |||
Finite-lived intangible assets | 0 | 0 | |
Indefinite Lived Trademarks | |||
Indefinite-Lived Intangible Assets [Abstract] | |||
Indefinite-lived intangibles, beginning | 1,873,404 | 1,273,878 | 1,243,718 |
Indefinite-lived intangibles, additions | 179,800 | 673,180 | 29,845 |
Indefinite-lived intangibles, reclassifications | (32,918) | (46,506) | |
Indefinite-lived intangibles, reductions | 0 | (9,548) | 0 |
Indefinite-lived intangibles, effects of foreign currency exchange rates | (240) | (17,600) | 315 |
Indefinite-lived intangibles, ending | 2,020,046 | 1,873,404 | 1,273,878 |
Indefinite Lived Trademarks | North American OTC Healthcare | |||
Indefinite-Lived Intangible Assets [Abstract] | |||
Indefinite-lived intangibles, beginning | 1,676,991 | 1,123,897 | |
Indefinite-lived intangibles, ending | 1,823,873 | 1,676,991 | 1,123,897 |
Indefinite Lived Trademarks | International OTC Healthcare | |||
Indefinite-Lived Intangible Assets [Abstract] | |||
Indefinite-lived intangibles, beginning | 86,141 | 30,161 | |
Indefinite-lived intangibles, ending | 85,901 | 86,141 | 30,161 |
Indefinite Lived Trademarks | Household Cleaning | |||
Indefinite-Lived Intangible Assets [Abstract] | |||
Indefinite-lived intangibles, beginning | 110,272 | 119,820 | |
Indefinite-lived intangibles, ending | $ 110,272 | $ 110,272 | $ 119,820 |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) | Jun. 30, 2016USD ($) | Feb. 29, 2016USD ($) | Feb. 05, 2016USD ($) | Sep. 03, 2014USD ($)brand | Jul. 01, 2013USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2016USD ($)acquisitionunitbrand | Mar. 31, 2015USD ($)acquisition | Mar. 31, 2014USD ($) | Apr. 30, 2014USD ($) |
Schedule of Intangible Assets [Line Items] | |||||||||||||||||
Intangible assets acquired during period | $ 206,700,000 | $ 797,954,000 | $ 31,502,000 | ||||||||||||||
Number of business acquisitions | acquisition | 2 | 2 | |||||||||||||||
Impairment of intangible assets | $ 0 | ||||||||||||||||
Reporting unit, fair value in excess of carrying amount (percent) | 76.40% | ||||||||||||||||
Number of reporting units with fair value exceeding carrying value by less than 10% | unit | 0 | ||||||||||||||||
Number of indefinite-lived trade names exceeding carrying value by less than 10% | brand | 3 | ||||||||||||||||
Finite-lived intangible assets, weighted average remaining period | 14 years 4 months 24 days | ||||||||||||||||
Amortization of intangible assets | $ 18,430,000 | $ 12,995,000 | 10,256,000 | ||||||||||||||
Proceeds from sale of asset | 10,000,000 | ||||||||||||||||
Gain on sale of asset | $ 0 | $ 1,133,000 | $ 0 | $ 0 | $ 0 | 1,133,000 | $ 0 | ||||||||||
Minimum | |||||||||||||||||
Schedule of Intangible Assets [Line Items] | |||||||||||||||||
Intangible assets, useful lives | 10 years | ||||||||||||||||
Maximum | |||||||||||||||||
Schedule of Intangible Assets [Line Items] | |||||||||||||||||
Intangible assets, useful lives | 30 years | ||||||||||||||||
Ecotrin brand | |||||||||||||||||
Schedule of Intangible Assets [Line Items] | |||||||||||||||||
Intangible assets, useful lives | 20 years | ||||||||||||||||
Indefinite-lived intangibles, reclassifications | $ 32,900,000 | ||||||||||||||||
Comet Brand | |||||||||||||||||
Schedule of Intangible Assets [Line Items] | |||||||||||||||||
Proceeds from sale of asset | $ 10,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | ||||||||||||
Gain on sale of asset | $ 1,300,000 | ||||||||||||||||
Care Pharma | |||||||||||||||||
Schedule of Intangible Assets [Line Items] | |||||||||||||||||
Intangible assets acquired during period | $ 31,500,000 | ||||||||||||||||
Intangible assets acquired | $ 31,502,000 | ||||||||||||||||
Finite-lived intangible assets, weighted average remaining period | 12 years 5 months 18 days | ||||||||||||||||
Insight Pharmaceuticals Corporation | |||||||||||||||||
Schedule of Intangible Assets [Line Items] | |||||||||||||||||
Intangible assets acquired | $ 724,374,000 | ||||||||||||||||
Number of brands sold | brand | 1 | ||||||||||||||||
Finite-lived intangible assets, weighted average remaining period | 14 years 7 months | ||||||||||||||||
Insight Pharmaceuticals Corporation | One Brand Acquired from Insight Subsequently Sold | |||||||||||||||||
Schedule of Intangible Assets [Line Items] | |||||||||||||||||
Intangible assets acquired | $ 17,700,000 | ||||||||||||||||
Hydralyte | |||||||||||||||||
Schedule of Intangible Assets [Line Items] | |||||||||||||||||
Intangible assets acquired | $ 73,580,000 | ||||||||||||||||
DenTek Oral Care, Inc. | |||||||||||||||||
Schedule of Intangible Assets [Line Items] | |||||||||||||||||
Intangible assets acquired | $ 206,700,000 | ||||||||||||||||
Finite-lived intangible assets, weighted average remaining period | 18 years 5 months 12 days | ||||||||||||||||
Indefinite Lived Trademarks | |||||||||||||||||
Schedule of Intangible Assets [Line Items] | |||||||||||||||||
Reporting unit, fair value in excess of carrying amount (percent) | 55.80% | ||||||||||||||||
Indefinite-lived intangibles, reclassifications | $ 32,918,000 | $ 46,506,000 | |||||||||||||||
Beano Brand | |||||||||||||||||
Schedule of Intangible Assets [Line Items] | |||||||||||||||||
Reporting unit, fair value in excess of carrying amount (percent) | 9.00% | ||||||||||||||||
Indefinite-lived intangible assets | $ 78,400,000 | ||||||||||||||||
Fair value input, discount rate | 9.50% | ||||||||||||||||
Decrease in annual cash flows, percent | (21.60%) | ||||||||||||||||
Increase in discount rate | 82.00% | ||||||||||||||||
New Skin and Debrox Brands | |||||||||||||||||
Schedule of Intangible Assets [Line Items] | |||||||||||||||||
Fair value input, discount rate | 9.50% | ||||||||||||||||
New Skin | |||||||||||||||||
Schedule of Intangible Assets [Line Items] | |||||||||||||||||
Reporting unit, fair value in excess of carrying amount (percent) | 8.20% | ||||||||||||||||
Indefinite-lived intangible assets | $ 37,200,000 | ||||||||||||||||
Decrease in annual cash flows, percent | 19.60% | ||||||||||||||||
Increase in discount rate | 73.00% | ||||||||||||||||
Debrox | |||||||||||||||||
Schedule of Intangible Assets [Line Items] | |||||||||||||||||
Reporting unit, fair value in excess of carrying amount (percent) | 5.10% | ||||||||||||||||
Indefinite-lived intangible assets | $ 76,300,000 | ||||||||||||||||
Decrease in annual cash flows, percent | 12.60% | ||||||||||||||||
Increase in discount rate | 45.00% | ||||||||||||||||
Scenario, Forecast | Comet Brand | |||||||||||||||||
Schedule of Intangible Assets [Line Items] | |||||||||||||||||
Proceeds from sale of asset | $ 1,000,000 |
Intangible Assets (Expected Amo
Intangible Assets (Expected Amortization Expense) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
2,017 | $ 21,236 | |
2,018 | 21,072 | |
2,019 | 21,072 | |
2,020 | 21,072 | |
2,021 | 20,650 | |
Thereafter | 197,575 | |
Intangible assets, net | $ 302,677 | $ 261,296 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Payables and Accruals [Abstract] | ||
Accrued marketing costs | $ 26,373 | $ 16,903 |
Accrued compensation costs | 9,574 | 8,840 |
Accrued broker commissions | 1,497 | 1,134 |
Income taxes payable | 3,675 | 2,642 |
Accrued professional fees | 1,787 | 2,769 |
Deferred rent | 836 | 1,021 |
Accrued production costs | 3,324 | 5,610 |
Accrued lease termination costs | 448 | 669 |
Business Combination, Separately Recognized Transactions, Liabilities Recognized | 6,354 | 0 |
Other accrued liabilities | 5,856 | 1,360 |
Total other accrued liabilities | $ 59,724 | $ 40,948 |
Long-Term Debt (Narrative 2012
Long-Term Debt (Narrative 2012 Senior Notes) (Details) - 2012 Senior Notes - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 | Jan. 31, 2013 | Jan. 31, 2012 |
Debt Instrument [Line Items] | ||||
Debt issuance costs capitalized | $ 12,600,000 | |||
Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 250,000,000 | |||
Debt instrument, stated interest rate | 8.125% | 8.125% | ||
Long-term debt | $ 0 |
Long-Term Debt (Narrative 20166
Long-Term Debt (Narrative 2012 Term Loan and 2012 ABL Revolver) (Details) - USD ($) | Jun. 09, 2015 | May. 08, 2015 | Sep. 03, 2014 | Feb. 21, 2013 | Jan. 31, 2012 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 |
Debt Instrument [Line Items] | ||||||||||||||
Loss on extinguishment of debt | $ 17,519,000 | $ 0 | $ 0 | $ 451,000 | $ 17,970,000 | $ 0 | $ 18,286,000 | |||||||
2012 Term Loan and ABL Revolver | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt issuance costs capitalized | $ 20,600,000 | |||||||||||||
Term Loans | 2012 Term Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, face amount | $ 660,000,000 | |||||||||||||
Debt instrument, term | 7 years | |||||||||||||
Debt instrument, discount, percentage | 1.50% | |||||||||||||
Proceeds from issuance of long-term debt | $ 650,100,000 | |||||||||||||
Term Loans | 2012 Term Loan, Amendment No. 1 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Loss on extinguishment of debt | $ 1,400,000 | |||||||||||||
Term Loans | 2012 Term Loan, Amendment No. 2 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, reference rate floor | 1.00% | |||||||||||||
Term Loans | 2012 Term Loan, Amendment No. 3 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, average interest rate | 4.40% | |||||||||||||
Quarterly payment, percent of original principal amount | 0.25% | |||||||||||||
2012 Term B-1 Loan | 2012 Term Loan, Amendment No. 3 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, face amount | $ 207,500,000 | |||||||||||||
2012 Term B-2 Loan | 2012 Term Loan, Amendment No. 2 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, face amount | $ 720,000,000 | |||||||||||||
2012 Term B-2 Loan | 2012 Term Loan, Amendment No. 3 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, face amount | 645,000,000 | |||||||||||||
2012 Term B-3 Loan | 2012 Term Loan, Amendment No. 3 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, face amount | $ 852,500,000 | |||||||||||||
Revolving Credit Facility | 2012 ABL Revolver | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, term | 5 years | |||||||||||||
Line of credit facility, maximum borrowing capacity | $ 50,000,000 | 135,000,000 | $ 135,000,000 | |||||||||||
Revolving credit facility, increase in borrowing capacity | $ 85,000,000 | $ 85,000,000 | ||||||||||||
Debt instrument, interest rate, decrease | 0.25% | |||||||||||||
Line of credit facility, commitment fee percentage | 0.50% | |||||||||||||
Line of credit facility, conditional commitment fee percentage | 0.375% | |||||||||||||
Revolver increase in accordion feature | $ 35,000,000 | |||||||||||||
Weighted average interest rate | 2.10% | 2.10% | ||||||||||||
Revolving Credit Facility | 2012 ABL Revolver, Amendment No. 3 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Revolving credit facility, increase in borrowing capacity | $ 40 | |||||||||||||
LIBOR | Term Loans | 2012 Term Loan, Amendment No. 1 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, basis spread on variable rate (percent) | 2.75% | |||||||||||||
Debt instrument, reference rate floor | 1.00% | |||||||||||||
LIBOR | Term Loans | 2012 Term Loan, Amendment No. 2 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, basis spread on variable rate (percent) | 3.125% | |||||||||||||
LIBOR | Term Loans | 2012 Term Loan, Amendment No. 3 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, basis spread on variable rate, fixed component | 1.00% | |||||||||||||
LIBOR | 2012 Term B-2 Loan | 2012 Term Loan, Amendment No. 2 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, basis spread on variable rate (percent) | 3.50% | |||||||||||||
Debt instrument, reference rate floor | 1.00% | |||||||||||||
LIBOR | 2012 Term B-3 Loan | 2012 Term Loan, Amendment No. 3 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, basis spread on variable rate (percent) | 2.75% | |||||||||||||
LIBOR | Revolving Credit Facility | 2012 ABL Revolver | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, basis spread on variable rate, fixed component | 1.00% | |||||||||||||
Debt instrument, variable rate | 1.75% | |||||||||||||
LIBOR | Minimum | Term Loans | 2012 Term Loan, Amendment No. 3 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, basis spread on variable rate (percent) | 0.75% | 0.75% | 0.75% | |||||||||||
LIBOR | Minimum | 2012 Term B-3 Loan | 2012 Term Loan, Amendment No. 3 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, stated interest rate | 0.75% | |||||||||||||
LIBOR | Minimum | Revolving Credit Facility | 2012 ABL Revolver | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, conditional variable rate | 2.00% | |||||||||||||
LIBOR | Maximum | Revolving Credit Facility | 2012 ABL Revolver | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, conditional variable rate | 2.25% | |||||||||||||
Base Rate | Term Loans | 2012 Term Loan, Amendment No. 1 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, reference rate floor | 2.00% | |||||||||||||
Base Rate | Term Loans | 2012 Term Loan, Amendment No. 2 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, reference rate floor | 2.00% | |||||||||||||
Base Rate | Term Loans | 2012 Term Loan, Amendment No. 3 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, basis spread on variable rate, fixed component | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% | |||||||||
Base Rate | 2012 Term B-2 Loan | 2012 Term Loan, Amendment No. 2 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, reference rate floor | 2.00% | |||||||||||||
Interest rate, contingent margin step-down per annum (percent) | 3.25% | |||||||||||||
Base Rate | Revolving Credit Facility | 2012 ABL Revolver | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, variable rate | 0.75% | |||||||||||||
Base Rate | Minimum | 2012 Term B-3 Loan | 2012 Term Loan, Amendment No. 3 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, stated interest rate | 1.75% | |||||||||||||
Base Rate | Minimum | Revolving Credit Facility | 2012 ABL Revolver | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, conditional variable rate | 1.00% | |||||||||||||
Base Rate | Maximum | Revolving Credit Facility | 2012 ABL Revolver | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, conditional variable rate | 1.25% | |||||||||||||
Federal Funds Rate | Term Loans | 2012 Term Loan, Amendment No. 3 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, basis spread on variable rate, fixed component | 0.50% | |||||||||||||
Federal Funds Rate | Revolving Credit Facility | 2012 ABL Revolver | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, basis spread on variable rate, fixed component | 0.50% |
Long-Term Debt (Narrative 2013
Long-Term Debt (Narrative 2013 Senior Notes) (Details) - Senior Notes - 2013 Senior Notes - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 17, 2013 |
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 400,000,000 | ||
Debt instrument, stated interest rate | 5.375% | 5.375% | 5.375% |
Debt issuance costs capitalized | $ 7,200,000 |
Long-Term Debt (Narrative 2016
Long-Term Debt (Narrative 2016 Bridge Term Loans) (Details) - 2016 Bridge Term Loan - USD ($) $ in Millions | Feb. 19, 2016 | Feb. 02, 2017 | Aug. 05, 2016 | Mar. 31, 2016 | Feb. 04, 2016 |
Eurodollar | |||||
Short-term Debt [Line Items] | |||||
Debt instrument, variable rate | 4.75% | ||||
Eurodollar | Scenario, Forecast | |||||
Short-term Debt [Line Items] | |||||
Debt instrument, variable rate | 5.25% | 5.00% | |||
Bridge Loan | |||||
Short-term Debt [Line Items] | |||||
Debt instrument, face amount | $ 80 | ||||
Bridge credit agreement | $ 0 | ||||
Debt issuance costs expensed | $ 1.9 | ||||
Minimum | Base Rate | |||||
Short-term Debt [Line Items] | |||||
Debt instrument, stated interest rate | 3.75% | ||||
Minimum | Base Rate | Scenario, Forecast | |||||
Short-term Debt [Line Items] | |||||
Debt instrument, stated interest rate | 4.25% | 4.00% |
Long-Term Debt (Narrative 20169
Long-Term Debt (Narrative 2016 Senior Notes) (Details) - Senior Notes - 2016 Senior Notes - USD ($) $ in Millions | Mar. 31, 2016 | Feb. 19, 2016 |
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 350 | |
Debt instrument, stated interest rate | 6.375% | 6.375% |
Debt issuance costs capitalized | $ 5.5 |
Long-Term Debt (Narrative Redem
Long-Term Debt (Narrative Redemptions and Restrictions) (Details) - USD ($) $ in Thousands | Feb. 19, 2016 | Mar. 31, 2016 | Mar. 31, 2015 |
Debt Instrument [Line Items] | |||
Less unamortized debt costs | $ 27,191 | $ 32,327 | |
Senior Notes | 2016 Senior Notes | |||
Debt Instrument [Line Items] | |||
Less unamortized debt costs | $ 5,400 | ||
Senior Notes | 2013 Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, redemption price, percentage of principal amount | 101.00% | ||
Less unamortized debt costs | $ 5,400 | 6,200 | |
Senior Notes | 2012 Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, redemption price, percentage of principal amount | 104.063% | ||
Less unamortized debt costs | 8,700 | ||
Term Loans | 2012 Term Loan | |||
Debt Instrument [Line Items] | |||
Less unamortized debt costs | 16,400 | 17,400 | |
Revolving Credit Facility | 2012 ABL Revolver | |||
Debt Instrument [Line Items] | |||
Less unamortized debt costs | 1,300 | 1,200 | |
Repayments of long-term debt | 85,000 | ||
Revolving credit facility, remaining borrowing capacity | $ 37,900 | ||
Long-term Debt | New Accounting Pronouncement, Early Adoption, Effect | |||
Debt Instrument [Line Items] | |||
Deferred finance costs, net | 27,400 | ||
Other Long-term Assets | New Accounting Pronouncement, Early Adoption, Effect | |||
Debt Instrument [Line Items] | |||
Deferred finance costs, net | $ (27,400) | ||
Prior to December 15, 2016 | Senior Notes | 2013 Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, redemption price, percentage of principal amount | 100.00% | ||
Debt instrument, redemption price, percentage of principal amount, using proceeds of equity offerings | 105.375% | ||
Debt Instrument, Redemption, Period Two | Senior Notes | 2016 Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, redemption price, percentage of principal amount | 100.00% | ||
Maximum | Prior to December 15, 2016 | Senior Notes | 2013 Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, percentage of principal amount which can be redeemed | 35.00% | ||
Maximum | Debt Instrument, Redemption, Period Two | Senior Notes | 2016 Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, percentage of principal amount which can be redeemed | 40.00% | ||
Indirect Guarantee of Indebtedness [Member] | Senior Notes | 2016 Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, redemption price, percentage of principal amount | 101.00% |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | Sep. 03, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Feb. 19, 2016 | Dec. 17, 2013 | Jan. 31, 2013 |
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 1,652,500 | $ 1,593,600 | ||||
Current portion of long-term debt | 0 | 0 | ||||
Long-term debt, gross, excluding current maturities | 1,652,500 | 1,593,600 | ||||
Less: unamortized debt costs | (27,191) | (32,327) | ||||
Long-term debt, net | $ 1,625,309 | 1,561,273 | ||||
Senior Notes | 2016 Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, stated interest rate | 6.375% | 6.375% | ||||
Long-term debt, gross | $ 350,000 | $ 0 | ||||
Less: unamortized debt costs | $ (5,400) | |||||
Senior Notes | 2013 Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, stated interest rate | 5.375% | 5.375% | 5.375% | |||
Long-term debt, gross | $ 400,000 | $ 400,000 | ||||
Less: unamortized debt costs | (5,400) | $ (6,200) | ||||
Senior Notes | 2012 Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, stated interest rate | 8.125% | 8.125% | ||||
Long-term debt, gross | 0 | $ 250,000 | ||||
Less: unamortized debt costs | (8,700) | |||||
Term Loans | 2012 Term B-1 Loan | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | 817,500 | 877,500 | ||||
Revolving Credit Facility | 2012 ABL Revolver | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 85,000 | $ 66,100 | ||||
Base Rate | Term Loans | 2012 Term Loan, Amendment No. 3 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate, fixed component | 1.75% | 1.75% | 1.75% | |||
LIBOR | Term Loans | 2012 Term Loan, Amendment No. 3 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate, fixed component | 1.00% | |||||
Minimum | LIBOR | Term Loans | 2012 Term Loan, Amendment No. 3 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate (percent) | 0.75% | 0.75% | 0.75% |
Long-Term Debt (Maturities of L
Long-Term Debt (Maturities of Long-term Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Debt Disclosure [Abstract] | ||
2,017 | $ 0 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 5,494 | |
2,021 | 93,525 | |
Thereafter | 1,553,481 | |
Aggregate future principal payments | $ 1,652,500 | $ 1,593,600 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Senior Notes | 2016 Senior Notes | Carrying value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans payable, fair value disclosure | $ 350,000,000 | $ 0 |
Senior Notes | 2016 Senior Notes | Fair value | Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans payable, fair value disclosure | 363,125,000 | 0 |
Senior Notes | 2013 Senior Notes | Carrying value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans payable, fair value disclosure | 400,000,000 | 400,000,000 |
Senior Notes | 2013 Senior Notes | Fair value | Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans payable, fair value disclosure | 408,000,000 | 405,000,000 |
Senior Notes | 2012 Senior Notes | Carrying value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans payable, fair value disclosure | 0 | 250,000,000 |
Senior Notes | 2012 Senior Notes | Fair value | Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans payable, fair value disclosure | 0 | 268,100,000 |
Term Loans | 2012 Term Loan | Carrying value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans payable, fair value disclosure | 817,500,000 | 877,500,000 |
Term Loans | 2012 Term Loan | Fair value | Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans payable, fair value disclosure | 818,522,000 | 880,500,000 |
Revolving Credit Facility | 2012 ABL Revolver | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Line of credit, fair value disclosure | 85,000,000 | 66,100,000 |
Revolving Credit Facility | 2012 ABL Revolver | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Line of credit, fair value disclosure | $ 85,000,000 | $ 65,700,000 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) | 12 Months Ended | |
Mar. 31, 2016USD ($)vote / shares$ / sharesshares | Mar. 31, 2015$ / sharesshares | |
Class of Stock [Line Items] | ||
Common stock, shares authorized | shares | 250,000,000 | 250,000,000 |
Common stock, par value (in USD per share) | $ / shares | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | shares | 5,000,000 | 5,000,000 |
Preferred stock, par value (in USD per share) | $ / shares | $ 0.01 | $ 0.01 |
Voting rights, number of votes per common share owned | vote / shares | 1 | |
Dividends declared on common stock | $ | $ 0 | |
Dividends paid on common stock | $ | $ 0 | |
Restricted Shares | ||
Class of Stock [Line Items] | ||
Restricted stock repurchased during period, shares | shares | 40,316 | 59,933 |
Restricted stock acquired, average cost per share | $ / shares | $ 41.80 | $ 34.16 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Numerator | |||||||||||
Net income | $ 13,936 | $ 27,995 | $ 31,803 | $ 26,173 | $ 23,772 | $ 21,293 | $ 16,463 | $ 16,732 | $ 99,907 | $ 78,260 | $ 72,615 |
Denominator | |||||||||||
Denominator for basic earnings per share- weighted average shares (in shares) | 52,833 | 52,824 | 52,803 | 52,548 | 52,356 | 52,278 | 52,088 | 51,956 | 52,754 | 52,170 | 51,641 |
Dilutive effect of unvested restricted common stock (including restricted stock units) and options issued to employees and directors (in shares) | 389 | 500 | 708 | ||||||||
Denominator for diluted earnings per share (in shares) | 53,252 | 53,203 | 53,151 | 52,958 | 52,821 | 52,730 | 52,594 | 52,533 | 53,143 | 52,670 | 52,349 |
Earnings per Common Share: | |||||||||||
Basic net earnings per share (in USD per share) | $ 0.26 | $ 0.53 | $ 0.60 | $ 0.50 | $ 0.45 | $ 0.41 | $ 0.32 | $ 0.32 | $ 1.89 | $ 1.50 | $ 1.41 |
Diluted net earnings per share (in USD per share) | $ 0.26 | $ 0.53 | $ 0.60 | $ 0.49 | $ 0.45 | $ 0.40 | $ 0.31 | $ 0.32 | $ 1.88 | $ 1.49 | $ 1.39 |
Earnings Per Share (Antidilutiv
Earnings Per Share (Antidilutive Securities) (Details) - shares | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Outstanding Stock Awards | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, shares | 100,000 | 300,000 | 200,000 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Thousands | Oct. 28, 2015$ / sharesshares | Aug. 04, 2015shares | Jul. 01, 2015$ / sharesshares | Jun. 01, 2015USD ($) | May. 11, 2015$ / sharesshares | Apr. 22, 2015shares | May. 31, 2014shares | Jun. 30, 2014shares | Mar. 31, 2016USD ($)$ / sharesshares | Mar. 31, 2015USD ($)$ / sharesshares | Mar. 31, 2014USD ($)$ / sharesshares | Aug. 04, 2014director |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based compensation costs charged against income | $ | $ 9,954 | $ 6,918 | $ 5,146 | |||||||||
Tax benefit recognized from share-based compensation expense | $ | $ 3,500 | $ 1,900 | $ 1,500 | |||||||||
Restricted Shares | ||||||||||||
Options granted, shares | 208,200 | 317,900 | 227,700 | |||||||||
Options granted, weighted-average exercise price (in USD per share) | $ / shares | $ 42.13 | $ 33.54 | $ 29.94 | |||||||||
Number of directors, board of directors | director | 6 | |||||||||||
Options | ||||||||||||
Options exercised, intrinsic value | $ | $ 8,600 | $ 9,300 | $ 14,000 | |||||||||
Share-based compensation expense, not yet recognized | $ | $ 10,100 | |||||||||||
Share-based compensation expense, not yet recognized, period for recognition | 12 months 12 days | |||||||||||
Fair value of awards vested during period | $ | $ 7,000 | 4,700 | 3,400 | |||||||||
Proceeds from exercise of stock awards | $ | 6,689 | 3,954 | 5,907 | |||||||||
Income tax benefit realized from exercise of stock awards | $ | $ 2,100 | $ 2,200 | $ 1,700 | |||||||||
President and Chief Executive Officer | ||||||||||||
Restricted Shares | ||||||||||||
Accelerated stock-based compensation cost | $ | $ 800 | |||||||||||
Restricted common stock units granted in period, shares | 57,924 | |||||||||||
Restricted Stock Units (RSUs) | ||||||||||||
Restricted Shares | ||||||||||||
Restricted common stock units granted in period, shares | 2,075 | 2,841 | 185,904 | |||||||||
Award vesting period | 1 year | 3 years | ||||||||||
Period following director's term In which stock awards may be settled | 6 months | |||||||||||
Granted, weighted-average grant-date fair value (in USD per share) | $ / shares | $ 42.41 | $ 33.33 | $ 30.19 | |||||||||
Restricted Stock Units (RSUs) | Tranche 1 | ||||||||||||
Restricted Shares | ||||||||||||
Restricted common stock units granted in period, shares | 163,404 | |||||||||||
Award vesting period | 3 years | |||||||||||
Restricted Stock Units (RSUs) | Tranche 2 | ||||||||||||
Restricted Shares | ||||||||||||
Restricted common stock units granted in period, shares | 22,500 | |||||||||||
Award vesting period | 3 years | |||||||||||
Award vesting rights, percentage | 33.30% | |||||||||||
Restricted Stock Units (RSUs) | Chief Financial Officer | ||||||||||||
Restricted Shares | ||||||||||||
Restricted common stock units granted in period, shares | 6,612 | |||||||||||
Award vesting period | 3 years | |||||||||||
Restricted Stock Units (RSUs) | Employee | ||||||||||||
Restricted Shares | ||||||||||||
Award vesting period | 3 years | |||||||||||
Restricted Stock Units (RSUs) | Director | ||||||||||||
Restricted Shares | ||||||||||||
Restricted common stock units granted in period, shares | 362 | |||||||||||
Award vesting period | 1 year | |||||||||||
Award settlement period | 6 months | |||||||||||
Restricted stock units, number of securities into which each RSU may be converted | 1 | |||||||||||
Stock Options | ||||||||||||
Restricted Shares | ||||||||||||
Restricted common stock units granted in period, shares | 13,861 | |||||||||||
Options granted, shares | 186,302 | |||||||||||
Award vesting period | 3 years | 3 years | ||||||||||
Award vesting rights, percentage | 33.30% | 33.30% | ||||||||||
Expiration period | 10 years | |||||||||||
Options granted, weighted-average exercise price (in USD per share) | $ / shares | $ 46.58 | $ 41.44 | ||||||||||
Granted, weighted-average grant-date fair value (in USD per share) | $ / shares | $ 17.24 | $ 15.95 | $ 13.94 | |||||||||
Stock Options | Chief Financial Officer | ||||||||||||
Restricted Shares | ||||||||||||
Options granted, shares | 8,079 | |||||||||||
Award vesting period | 3 years | |||||||||||
Award vesting rights, percentage | 33.30% | |||||||||||
Expiration period | 10 years | |||||||||||
Options granted, weighted-average exercise price (in USD per share) | $ / shares | $ 50.42 | |||||||||||
Stock Options | Minimum | ||||||||||||
Restricted Shares | ||||||||||||
Award vesting period | 3 years | |||||||||||
Stock Options | Maximum | ||||||||||||
Restricted Shares | ||||||||||||
Award vesting period | 10 years | 5 years | ||||||||||
Options | ||||||||||||
Award exercisability period, from date of grant (not greater than) | 10 years | |||||||||||
Restricted Shares | ||||||||||||
Restricted Shares | ||||||||||||
Restricted common stock units granted in period, shares | 266,100 | 106,900 | 126,600 | |||||||||
Granted, weighted-average grant-date fair value (in USD per share) | $ / shares | $ 42.41 | $ 33.33 | $ 30.19 | |||||||||
Restricted Shares | Minimum | ||||||||||||
Restricted Shares | ||||||||||||
Award vesting period | 3 years | |||||||||||
Restricted Shares | Maximum | ||||||||||||
Restricted Shares | ||||||||||||
Award vesting period | 5 years | |||||||||||
2005 Long-term Equity Incentive Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares authorized for grant | 5,000,000 | |||||||||||
Number of additional shares authorized under plan | 1,800,000 | |||||||||||
Maximum number of shares awarded, per employee, annual | 1,000,000 | 2,500,000 | ||||||||||
Increase to plan term | 10 years | |||||||||||
Options | ||||||||||||
Number of shares available for issuance under plan | 2,600,000 |
Share-Based Compensation (Restr
Share-Based Compensation (Restricted Shares Activity) (Details) - Restricted Shares - $ / shares | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Shares | |||
Outstanding, beginning of period (in shares) | 362,300 | 437,500 | 421,300 |
Granted (in shares) | 266,100 | 106,900 | 126,600 |
Vested and issued (in shares) | (155,600) | (154,400) | (104,800) |
Forfeited (in shares) | (5,000) | (27,700) | (5,600) |
Outstanding, end of period (in shares) | 467,800 | 362,300 | 437,500 |
Vested, end of period (in shares) | 69,800 | 76,600 | 69,600 |
Weighted-Average Grant-Date Fair Value | |||
Outstanding, beginning of period, weighted-average grant-date fair value (in USD per share) | $ 22.74 | $ 16.76 | $ 11.01 |
Granted, weighted-average grant-date fair value (in USD per share) | 42.41 | 33.33 | 30.19 |
Vested, weighted-average grant-date fair value (in USD per share) | 18.31 | 13.37 | 9.98 |
Forfeited, weighted-average grant-date fair value (in USD per share) | 39.61 | 21.45 | 15.11 |
Outstanding, end of period, weighted-average grant-date fair value (in USD per share) | 35.22 | 22.74 | 16.76 |
Vested, end of period, weighted-average grant-date fair value (in USD per share) | $ 14.76 | $ 11.62 | $ 9.34 |
Share-Based Compensation (Stock
Share-Based Compensation (Stock Option Valuation Assumptions) (Details) - Stock Options - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 40.20% | 47.30% | 48.00% |
Expected dividends | $ 0 | $ 0 | $ 0 |
Expected term in years | 6 years | 6 years | 6 years |
Risk-free rate | 1.70% | 2.20% | 1.30% |
Share-Based Compensation (Sto80
Share-Based Compensation (Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Shares | |||
Outstanding, beginning of period (in shares) | 871,200 | 994,900 | 1,386,400 |
Granted (in shares) | 208,200 | 317,900 | 227,700 |
Exercised (in shares) | (348,000) | (386,300) | (605,000) |
Forfeited or expired (in shares) | (3,700) | (55,300) | (14,200) |
Outstanding, end of period (in shares) | 727,700 | 871,200 | 994,900 |
Exercisable, end of period (in shares) | 308,400 | ||
Weighted-Average Exercise Price | |||
Outstanding, beginning of period, weighted-average exercise price (in USD per share) | $ 23.40 | $ 15.24 | $ 10.43 |
Options, grant date fair value (in USD per share) | 42.13 | 33.54 | 29.94 |
Exercised, weighted-average exercise price (in USD per share) | 19.22 | 10.24 | 9.76 |
Forfeited or expired, weighted-average exercise price (in USD per share) | 35.72 | 26.77 | 14.56 |
Outstanding, end of period, weighted-average exercise price (in USD per share) | 30.70 | $ 23.40 | $ 15.24 |
Exercisable, end of period, weighted-average exercise price (in USD per share) | $ 21.75 | ||
Options | |||
Outstanding, end of period, weighted-average remaining contractual term | 7 years 7 months 6 days | ||
Exercisable, end of period, weighted-average remaining contractual term | 6 years 6 months | ||
Outstanding, end of period, aggregate intrinsic value | $ 16,512 | ||
Exercisable, end of period, aggregate intrinsic value | $ 9,756 |
Accumulated Other Comprehensi81
Accumulated Other Comprehensive Income (Loss) (Components of AOCI) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Components of Accumulated Other Comprehensive Loss | $ 744,336 | $ 627,624 | $ 563,360 | $ 477,943 |
Cumulative Translation Adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Components of Accumulated Other Comprehensive Loss | (23,525) | (23,412) | ||
Accumulated Other Comprehensive (Loss) Income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Components of Accumulated Other Comprehensive Loss | $ (23,525) | $ (23,412) | $ 739 | $ (104) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | $ 32,000 | |||
Net operating loss carryforwards, tax effected | 12,350 | $ 23,800 | ||
Operating loss carryforwards, limitation on use, annual amount | 33,000 | |||
Unrecognized tax benefits | $ 4,084 | $ 3,420 | $ 1,236 | $ 1,016 |
Effective income tax rate, change in enacted tax rate | 2.60% | 2.70% | 1.20% | |
Earnings U.S income taxes not provided by | $ 27,800 | |||
Uncertain tax liability | 2,200 | |||
Subsidiaries | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards, tax effected | $ 11,200 |
Income Taxes (Income Before Con
Income Taxes (Income Before Continuing Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Income from Continuing Operations before Income Taxes: | |||||||||||
United States | $ 142,253 | $ 122,588 | $ 98,786 | ||||||||
Foreign | 14,932 | 4,870 | 2,962 | ||||||||
Income before income taxes | $ 24,603 | $ 43,181 | $ 49,231 | $ 40,170 | $ 37,449 | $ 33,534 | $ 28,325 | $ 28,150 | $ 157,185 | $ 127,458 | $ 101,748 |
Income Taxes (Components of Pro
Income Taxes (Components of Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Current | |||||||||||
Federal | $ 6,080 | $ 13,066 | $ 7,801 | ||||||||
State | 1,171 | 760 | 625 | ||||||||
Foreign | 3,905 | 3,228 | 1,675 | ||||||||
Deferred | |||||||||||
Federal | 44,787 | 31,012 | 27,045 | ||||||||
State | 1,678 | 1,162 | (7,879) | ||||||||
Foreign | (343) | (30) | (134) | ||||||||
Total provision for income taxes | $ 10,667 | $ 15,186 | $ 17,428 | $ 13,997 | $ 13,677 | $ 12,241 | $ 11,862 | $ 11,418 | $ 57,278 | $ 49,198 | $ 29,133 |
Income Taxes (Components of Def
Income Taxes (Components of Deferred Tax Balances) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Deferred Tax Assets | ||
Allowance for doubtful accounts and sales returns | $ 5,083 | $ 4,106 |
Inventory capitalization | 1,838 | 1,550 |
Inventory reserves | 1,367 | 1,495 |
Net operating loss carryforwards | 12,350 | 23,800 |
State income taxes | 10,293 | 7,557 |
Accrued liabilities | 2,162 | 619 |
Stock compensation | 4,411 | 3,517 |
Other | 300 | 834 |
Total deferred tax assets | 37,804 | 43,478 |
Deferred Tax Liabilities | ||
Property and equipment | (833) | (1,143) |
Intangible assets | (496,485) | (385,807) |
Total deferred tax liabilities | (497,318) | (386,950) |
Net deferred tax liability | $ (459,514) | $ (343,472) |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Effective Tax Rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Income tax provision at statutory rate | $ 55,015 | $ 44,610 | $ 35,612 |
Income tax provision at statutory rate, percentage | 35.00% | 35.00% | 35.00% |
Foreign tax benefit | $ (2,894) | $ (2,019) | $ (918) |
Foreign tax benefit provision, percentage | (1.80%) | (1.60%) | (0.90%) |
State income taxes, net of federal income tax benefit | $ 3,284 | $ 2,865 | $ 2,004 |
State income taxes, net of federal income tax benefit, percentage | 2.00% | 2.30% | 2.00% |
Decrease in net deferred tax liability resulting from a change in the effective state tax rate | $ 0 | $ 0 | $ (8,892) |
Decrease in net deferred tax liability resulting from a change in the effective state tax rate, percentage | 0.00% | 0.00% | (8.70%) |
Goodwill adjustment for sale of asset | $ 0 | $ 206 | $ 0 |
Goodwill adjustment for sale of asset, percentage | 0.00% | 0.20% | 0.00% |
Nondeductible transaction costs | $ 1,071 | $ 2,936 | $ 0 |
Transaction costs, percentage | 0.70% | 2.30% | 0.00% |
Nondeductible compensation | $ 758 | $ 566 | $ 1,011 |
Nondeductible compensation, percentage | 0.50% | 0.40% | 1.00% |
Other | $ 44 | $ 34 | $ 316 |
Other, percentage | 0.00% | 0.00% | 0.30% |
Total provision for income taxes | $ 57,278 | $ 49,198 | $ 29,133 |
Total provision for income taxes, percentage | 36.40% | 38.60% | 28.70% |
Income Taxes (Uncertain Tax Lia
Income Taxes (Uncertain Tax Liability Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance – beginning of year | $ 3,420 | $ 1,236 | $ 1,016 |
Additions based on tax positions related to the current year | 664 | 2,229 | 360 |
Reductions based on lapse of statute of limitations | 0 | (45) | (140) |
Balance – end of year | $ 4,084 | $ 3,420 | $ 1,236 |
Commitments and Contingencies88
Commitments and Contingencies (Future Minimum Rental Payments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Operating Leased Assets [Line Items] | |||
2,017 | $ 2,000 | ||
2,018 | 1,934 | ||
2,019 | 1,926 | ||
2,020 | 1,757 | ||
2,021 | 817 | ||
Total future minimum payments due | 8,434 | $ 9,957 | |
Less: Sublease rentals | (1,165) | (1,401) | |
Minimum lease payments, net of sublease rentals | 7,269 | 8,556 | |
Operating leases, rent expense | 1,800 | $ 1,600 | $ 1,500 |
Office Facilities | |||
Operating Leased Assets [Line Items] | |||
2,017 | 1,923 | ||
2,018 | 1,934 | ||
2,019 | 1,926 | ||
2,020 | 1,757 | ||
2,021 | 817 | ||
Total future minimum payments due | 8,357 | ||
Equipment | |||
Operating Leased Assets [Line Items] | |||
2,017 | 77 | ||
2,018 | 0 | ||
2,019 | 0 | ||
2,020 | 0 | ||
2,021 | 0 | ||
Total future minimum payments due | $ 77 |
Commitments and Contingencies89
Commitments and Contingencies (Long-term Supply Agreement) (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2016USD ($) | |
Long-term Purchase Commitment [Line Items] | |
2,017 | $ 1,044 |
2,018 | 1,013 |
2,019 | 982 |
2,020 | 560 |
2,021 | 0 |
Thereafter | 0 |
Total purchase commitment | $ 3,599 |
Third-party Manufacturing | |
Long-term Purchase Commitment [Line Items] | |
Supply agreement, term | 10 years |
Concentrations of Risk (Details
Concentrations of Risk (Details) | 12 Months Ended | ||
Mar. 31, 2016brandmanufacturercustomer | Mar. 31, 2015manufacturercustomer | Mar. 31, 2014customer | |
Concentration Risk [Line Items] | |||
Number of third-party manufacturers | manufacturer | 119 | ||
Sales | Product Concentration Risk | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 41.90% | 38.20% | 38.30% |
Number of highest selling brands comprising group against which concentration risk is measured | brand | 5 | ||
Sales | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Number of customers exceeding concentration risk benchmark | customer | 1 | 1 | |
Sales | Customer Concentration Risk | Walmart | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 20.20% | 18.10% | 19.50% |
Number of customers exceeding concentration risk benchmark | customer | 1 | ||
Sales | Customer Concentration Risk | Next largest customer | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 9.60% | ||
Sales | Supplier Concentration Risk | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 79.90% | 82.90% | |
Number of third-party manufacturers with long-term contracts | manufacturer | 55 | 44 | |
Accounts Receivable | Customer Concentration Risk | Walmart | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 24.70% | ||
Accounts Receivable | Customer Concentration Risk | Walgreens | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10.40% |
Business Segments (Information
Business Segments (Information on Operating and Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Segment Reporting Information, Profit (Loss): | |||||||||||
Revenues | $ 803,088 | $ 710,070 | $ 592,454 | ||||||||
Other revenues | 3,159 | 4,553 | 4,927 | ||||||||
Total revenues | $ 207,855 | $ 200,195 | $ 206,065 | $ 192,132 | $ 190,046 | $ 197,606 | $ 181,269 | $ 145,702 | 806,247 | 714,623 | 597,381 |
Cost of sales | 89,604 | 83,411 | 86,125 | 79,896 | 79,976 | 85,861 | 78,727 | 63,836 | 339,036 | 308,400 | 261,830 |
Gross profit | 118,251 | 116,784 | 119,940 | 112,236 | 110,070 | 111,745 | 102,542 | 81,866 | 467,211 | 406,223 | 335,551 |
Advertising and promotion | 26,552 | 29,935 | 27,893 | 26,422 | 25,367 | 30,144 | 25,044 | 19,096 | 110,802 | 99,651 | 84,968 |
Contribution margin | 356,409 | 306,572 | 250,583 | ||||||||
Other operating expenses | 96,094 | 99,013 | 61,967 | ||||||||
Operating income | 65,269 | 62,643 | 69,898 | 62,505 | 61,245 | 56,993 | 46,518 | 42,803 | 260,315 | 207,559 | 188,616 |
Other expense | 103,130 | 80,101 | 86,868 | ||||||||
Income before income taxes | 24,603 | 43,181 | 49,231 | 40,170 | 37,449 | 33,534 | 28,325 | 28,150 | 157,185 | 127,458 | 101,748 |
Provision for income taxes | 10,667 | 15,186 | 17,428 | 13,997 | 13,677 | 12,241 | 11,862 | 11,418 | 57,278 | 49,198 | 29,133 |
Net income | $ 13,936 | $ 27,995 | $ 31,803 | $ 26,173 | $ 23,772 | $ 21,293 | $ 16,463 | $ 16,732 | 99,907 | 78,260 | 72,615 |
North American OTC Healthcare | |||||||||||
Segment Reporting Information, Profit (Loss): | |||||||||||
Revenues | 657,857 | 566,256 | 482,138 | ||||||||
Other revenues | 14 | 637 | 749 | ||||||||
Total revenues | 657,871 | 566,893 | 482,887 | ||||||||
Cost of sales | 250,018 | 216,781 | 184,796 | ||||||||
Gross profit | 407,853 | 350,112 | 298,091 | ||||||||
Advertising and promotion | 97,393 | 86,897 | 77,083 | ||||||||
Contribution margin | 310,460 | 263,215 | 221,008 | ||||||||
International OTC Healthcare | |||||||||||
Segment Reporting Information, Profit (Loss): | |||||||||||
Revenues | 57,670 | 57,729 | 26,687 | ||||||||
Other revenues | 43 | 64 | 42 | ||||||||
Total revenues | 57,713 | 57,793 | 26,729 | ||||||||
Cost of sales | 21,676 | 22,820 | 12,646 | ||||||||
Gross profit | 36,037 | 34,973 | 14,083 | ||||||||
Advertising and promotion | 11,114 | 10,922 | 5,264 | ||||||||
Contribution margin | 24,923 | 24,051 | 8,819 | ||||||||
Household Cleaning | |||||||||||
Segment Reporting Information, Profit (Loss): | |||||||||||
Revenues | 87,561 | 86,085 | 83,629 | ||||||||
Other revenues | 3,102 | 3,852 | 4,136 | ||||||||
Total revenues | 90,663 | 89,937 | 87,765 | ||||||||
Cost of sales | 67,342 | 68,799 | 64,388 | ||||||||
Gross profit | 23,321 | 21,138 | 23,377 | ||||||||
Advertising and promotion | 2,295 | 1,832 | 2,621 | ||||||||
Contribution margin | 21,026 | 19,306 | 20,756 | ||||||||
Operating Segments | |||||||||||
Segment Reporting Information, Profit (Loss): | |||||||||||
Revenues | 805,749 | 713,457 | 595,639 | ||||||||
Operating Segments | North American OTC Healthcare | |||||||||||
Segment Reporting Information, Profit (Loss): | |||||||||||
Revenues | 660,518 | 569,643 | 485,323 | ||||||||
Operating Segments | International OTC Healthcare | |||||||||||
Segment Reporting Information, Profit (Loss): | |||||||||||
Revenues | 57,670 | 57,729 | 26,687 | ||||||||
Operating Segments | Household Cleaning | |||||||||||
Segment Reporting Information, Profit (Loss): | |||||||||||
Revenues | 87,561 | 86,085 | 83,629 | ||||||||
Intersegment Eliminations | |||||||||||
Segment Reporting Information, Profit (Loss): | |||||||||||
Revenues | (2,661) | (3,387) | (3,185) | ||||||||
Intersegment Eliminations | North American OTC Healthcare | |||||||||||
Segment Reporting Information, Profit (Loss): | |||||||||||
Revenues | (2,661) | (3,387) | (3,185) | ||||||||
Intersegment Eliminations | International OTC Healthcare | |||||||||||
Segment Reporting Information, Profit (Loss): | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Intersegment Eliminations | Household Cleaning | |||||||||||
Segment Reporting Information, Profit (Loss): | |||||||||||
Revenues | $ 0 | $ 0 | $ 0 |
Business Segments (Revenue by P
Business Segments (Revenue by Product) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | $ 207,855 | $ 200,195 | $ 206,065 | $ 192,132 | $ 190,046 | $ 197,606 | $ 181,269 | $ 145,702 | $ 806,247 | $ 714,623 | $ 597,381 |
Analgesics | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 119,465 | 114,551 | 109,984 | ||||||||
Cough & Cold | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 116,570 | 121,766 | 113,425 | ||||||||
Women's Health | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 135,166 | 73,767 | 3,795 | ||||||||
Gastrointestinal | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 94,587 | 96,968 | 82,307 | ||||||||
Eye & Ear Care | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 107,498 | 97,925 | 85,491 | ||||||||
Dermatologicals | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 85,074 | 67,095 | 58,091 | ||||||||
Oral Care | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 51,125 | 46,399 | 48,313 | ||||||||
Other OTC | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 6,099 | 6,215 | 8,210 | ||||||||
Household Cleaning | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 90,663 | 89,937 | 87,765 | ||||||||
North American OTC Healthcare | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 657,871 | 566,893 | 482,887 | ||||||||
North American OTC Healthcare | Analgesics | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 117,337 | 111,954 | 108,101 | ||||||||
North American OTC Healthcare | Cough & Cold | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 100,148 | 103,686 | 100,060 | ||||||||
North American OTC Healthcare | Women's Health | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 132,184 | 71,506 | 1,960 | ||||||||
North American OTC Healthcare | Gastrointestinal | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 74,568 | 77,596 | 81,469 | ||||||||
North American OTC Healthcare | Eye & Ear Care | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 95,515 | 85,236 | 78,753 | ||||||||
North American OTC Healthcare | Dermatologicals | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 82,941 | 64,806 | 56,436 | ||||||||
North American OTC Healthcare | Oral Care | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 49,099 | 45,916 | 47,900 | ||||||||
North American OTC Healthcare | Other OTC | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 6,079 | 6,193 | 8,208 | ||||||||
North American OTC Healthcare | Household Cleaning | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
International OTC Healthcare | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 57,713 | 57,793 | 26,729 | ||||||||
International OTC Healthcare | Analgesics | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 2,128 | 2,597 | 1,883 | ||||||||
International OTC Healthcare | Cough & Cold | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 16,422 | 18,080 | 13,365 | ||||||||
International OTC Healthcare | Women's Health | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 2,982 | 2,261 | 1,835 | ||||||||
International OTC Healthcare | Gastrointestinal | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 20,019 | 19,372 | 838 | ||||||||
International OTC Healthcare | Eye & Ear Care | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 11,983 | 12,689 | 6,738 | ||||||||
International OTC Healthcare | Dermatologicals | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 2,133 | 2,289 | 1,655 | ||||||||
International OTC Healthcare | Oral Care | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 2,026 | 483 | 413 | ||||||||
International OTC Healthcare | Other OTC | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 20 | 22 | 2 | ||||||||
International OTC Healthcare | Household Cleaning | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Household Cleaning | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 90,663 | 89,937 | 87,765 | ||||||||
Household Cleaning | Analgesics | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Household Cleaning | Cough & Cold | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Household Cleaning | Women's Health | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Household Cleaning | Gastrointestinal | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Household Cleaning | Eye & Ear Care | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Household Cleaning | Dermatologicals | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Household Cleaning | Oral Care | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Household Cleaning | Other OTC | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Household Cleaning | Household Cleaning | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | $ 90,663 | $ 89,937 | $ 87,765 |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) - Geographic Concentration Risk | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Sales | UNITED STATES | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 87.40% | 85.20% | 86.90% |
Sales | CANADA | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 5.20% | 5.90% | 7.70% |
Sales | AUSTRALIA | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 5.60% | 6.90% | 3.00% |
Goodwill and Intangible Assets | UNITED STATES | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 95.90% | 95.60% | |
Goodwill and Intangible Assets | AUSTRALIA | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 4.10% | 4.40% |
Business Segments (Assets by Se
Business Segments (Assets by Segment) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Goodwill | $ 360,191 | $ 290,651 | $ 190,911 | $ 167,546 |
Indefinite-lived intangible assets | 2,020,046 | 1,873,404 | ||
Finite-lived intangible assets | 302,677 | 261,296 | ||
Intangible assets, net (excluding goodwill) | 2,322,723 | 2,134,700 | 1,394,817 | |
Intangible assets, net (including goodwill) | 2,682,914 | 2,425,351 | ||
North American OTC Healthcare | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Goodwill | 330,615 | 263,411 | 160,157 | 160,157 |
Indefinite-lived intangible assets | 1,823,873 | 1,676,991 | ||
Finite-lived intangible assets | 277,762 | 235,642 | ||
Intangible assets, net (excluding goodwill) | 2,101,635 | 1,912,633 | 1,217,139 | |
Intangible assets, net (including goodwill) | 2,432,250 | 2,176,044 | ||
International OTC Healthcare | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Goodwill | 22,776 | 20,440 | 23,365 | 0 |
Indefinite-lived intangible assets | 85,901 | 86,141 | ||
Finite-lived intangible assets | 2,237 | 1,231 | ||
Intangible assets, net (excluding goodwill) | 88,138 | 87,372 | 31,691 | |
Intangible assets, net (including goodwill) | 110,914 | 107,812 | ||
Household Cleaning | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Goodwill | 6,800 | 6,800 | 7,389 | $ 7,389 |
Indefinite-lived intangible assets | 110,272 | 110,272 | ||
Finite-lived intangible assets | 22,678 | 24,423 | ||
Intangible assets, net (excluding goodwill) | 132,950 | 134,695 | $ 145,987 | |
Intangible assets, net (including goodwill) | $ 139,750 | $ 141,495 |
Unaudited Quarterly Financial95
Unaudited Quarterly Financial Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 207,855 | $ 200,195 | $ 206,065 | $ 192,132 | $ 190,046 | $ 197,606 | $ 181,269 | $ 145,702 | $ 806,247 | $ 714,623 | $ 597,381 |
Cost of sales (exclusive of depreciation shown below) | 89,604 | 83,411 | 86,125 | 79,896 | 79,976 | 85,861 | 78,727 | 63,836 | 339,036 | 308,400 | 261,830 |
Gross profit | 118,251 | 116,784 | 119,940 | 112,236 | 110,070 | 111,745 | 102,542 | 81,866 | 467,211 | 406,223 | 335,551 |
Operating Expenses | |||||||||||
Advertising and promotion | 26,552 | 29,935 | 27,893 | 26,422 | 25,367 | 30,144 | 25,044 | 19,096 | 110,802 | 99,651 | 84,968 |
General and administrative | 20,232 | 18,135 | 16,462 | 17,589 | 17,685 | 19,454 | 27,128 | 17,006 | 72,418 | 81,273 | 48,481 |
Depreciation and amortization | 6,198 | 6,071 | 5,687 | 5,720 | 5,773 | 5,154 | 3,852 | 2,961 | 23,676 | 17,740 | 13,486 |
Total operating expenses | 52,982 | 54,141 | 50,042 | 49,731 | 48,825 | 54,752 | 56,024 | 39,063 | 206,896 | 198,664 | 146,935 |
Operating income | 65,269 | 62,643 | 69,898 | 62,505 | 61,245 | 56,993 | 46,518 | 42,803 | 260,315 | 207,559 | 188,616 |
Net interest expense | 23,147 | 19,462 | 20,667 | 21,884 | 23,796 | 24,592 | 18,193 | 14,653 | |||
Gain on sale of asset | 0 | (1,133) | 0 | 0 | 0 | (1,133) | 0 | ||||
Loss on extinguishment of debt | 17,519 | 0 | 0 | 451 | 17,970 | 0 | 18,286 | ||||
Income before income taxes | 24,603 | 43,181 | 49,231 | 40,170 | 37,449 | 33,534 | 28,325 | 28,150 | 157,185 | 127,458 | 101,748 |
Provision for income taxes | 10,667 | 15,186 | 17,428 | 13,997 | 13,677 | 12,241 | 11,862 | 11,418 | 57,278 | 49,198 | 29,133 |
Net income | $ 13,936 | $ 27,995 | $ 31,803 | $ 26,173 | $ 23,772 | $ 21,293 | $ 16,463 | $ 16,732 | $ 99,907 | $ 78,260 | $ 72,615 |
Earnings per share: | |||||||||||
Basic (in USD per share) | $ 0.26 | $ 0.53 | $ 0.60 | $ 0.50 | $ 0.45 | $ 0.41 | $ 0.32 | $ 0.32 | $ 1.89 | $ 1.50 | $ 1.41 |
Diluted (in USD per share) | $ 0.26 | $ 0.53 | $ 0.60 | $ 0.49 | $ 0.45 | $ 0.40 | $ 0.31 | $ 0.32 | $ 1.88 | $ 1.49 | $ 1.39 |
Weighted average shares outstanding: | |||||||||||
Basic (in shares) | 52,833 | 52,824 | 52,803 | 52,548 | 52,356 | 52,278 | 52,088 | 51,956 | 52,754 | 52,170 | 51,641 |
Diluted (in shares) | 53,252 | 53,203 | 53,151 | 52,958 | 52,821 | 52,730 | 52,594 | 52,533 | 53,143 | 52,670 | 52,349 |
Comprehensive income, net of tax: | |||||||||||
Currency translation adjustments | $ 6,449 | $ 4,922 | $ (11,079) | $ (405) | $ (7,268) | $ (8,779) | $ (10,830) | $ 2,726 | $ (113) | $ (24,151) | $ 843 |
Total other comprehensive income (loss) | 6,449 | 4,922 | (11,079) | (405) | (7,268) | (8,779) | (10,830) | 2,726 | (113) | (24,151) | 843 |
Comprehensive income | $ 20,385 | $ 32,917 | $ 20,724 | $ 25,768 | $ 16,504 | $ 12,514 | $ 5,633 | $ 19,458 | $ 99,794 | $ 54,109 | $ 73,458 |
Condensed Consolidating Finan96
Condensed Consolidating Financial Statements (Condensed Consolidating Statements of Income and Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Revenues | |||||||||||
Net sales | $ 803,088 | $ 710,070 | $ 592,454 | ||||||||
Other revenues | 3,159 | 4,553 | 4,927 | ||||||||
Total revenues | $ 207,855 | $ 200,195 | $ 206,065 | $ 192,132 | $ 190,046 | $ 197,606 | $ 181,269 | $ 145,702 | 806,247 | 714,623 | 597,381 |
Cost of Sales | |||||||||||
Cost of sales (exclusive of depreciation shown below) | 89,604 | 83,411 | 86,125 | 79,896 | 79,976 | 85,861 | 78,727 | 63,836 | 339,036 | 308,400 | 261,830 |
Gross profit | 118,251 | 116,784 | 119,940 | 112,236 | 110,070 | 111,745 | 102,542 | 81,866 | 467,211 | 406,223 | 335,551 |
Operating Expenses | |||||||||||
Advertising and promotion | 26,552 | 29,935 | 27,893 | 26,422 | 25,367 | 30,144 | 25,044 | 19,096 | 110,802 | 99,651 | 84,968 |
General and administrative | 20,232 | 18,135 | 16,462 | 17,589 | 17,685 | 19,454 | 27,128 | 17,006 | 72,418 | 81,273 | 48,481 |
Depreciation and amortization | 6,198 | 6,071 | 5,687 | 5,720 | 5,773 | 5,154 | 3,852 | 2,961 | 23,676 | 17,740 | 13,486 |
Total operating expenses | 52,982 | 54,141 | 50,042 | 49,731 | 48,825 | 54,752 | 56,024 | 39,063 | 206,896 | 198,664 | 146,935 |
Operating income | 65,269 | 62,643 | 69,898 | 62,505 | 61,245 | 56,993 | 46,518 | 42,803 | 260,315 | 207,559 | 188,616 |
Other (income) expense | |||||||||||
Interest income | (162) | (92) | (60) | ||||||||
Interest expense | 85,322 | 81,326 | 68,642 | ||||||||
Gain on sale of asset | 0 | 1,133 | 0 | 0 | 0 | 1,133 | 0 | ||||
Loss on extinguishment of debt | 17,519 | 0 | 0 | 451 | 17,970 | 0 | 18,286 | ||||
Equity in (income) loss of subsidiaries | 0 | 0 | 0 | ||||||||
Total other (income) expense | 103,130 | 80,101 | 86,868 | ||||||||
Income before income taxes | 24,603 | 43,181 | 49,231 | 40,170 | 37,449 | 33,534 | 28,325 | 28,150 | 157,185 | 127,458 | 101,748 |
Provision for income taxes | 10,667 | 15,186 | 17,428 | 13,997 | 13,677 | 12,241 | 11,862 | 11,418 | 57,278 | 49,198 | 29,133 |
Net income (loss) | 13,936 | 27,995 | 31,803 | 26,173 | 23,772 | 21,293 | 16,463 | 16,732 | 99,907 | 78,260 | 72,615 |
Comprehensive income, net of tax: | |||||||||||
Currency translation adjustments | 6,449 | 4,922 | (11,079) | (405) | (7,268) | (8,779) | (10,830) | 2,726 | (113) | (24,151) | 843 |
Total other comprehensive income (loss) | 6,449 | 4,922 | (11,079) | (405) | (7,268) | (8,779) | (10,830) | 2,726 | (113) | (24,151) | 843 |
Comprehensive income | $ 20,385 | $ 32,917 | $ 20,724 | $ 25,768 | $ 16,504 | $ 12,514 | $ 5,633 | $ 19,458 | 99,794 | 54,109 | 73,458 |
Prestige Brands Holdings, Inc. | |||||||||||
Revenues | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Other revenues | 0 | 0 | 0 | ||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Cost of Sales | |||||||||||
Cost of sales (exclusive of depreciation shown below) | 0 | 0 | 0 | ||||||||
Gross profit | 0 | 0 | 0 | ||||||||
Operating Expenses | |||||||||||
Advertising and promotion | 0 | 0 | 0 | ||||||||
General and administrative | 5,737 | 4,571 | 3,140 | ||||||||
Depreciation and amortization | 4,050 | 3,381 | 2,994 | ||||||||
Total operating expenses | 9,787 | 7,952 | 6,134 | ||||||||
Operating income | (9,787) | (7,952) | (6,134) | ||||||||
Other (income) expense | |||||||||||
Interest income | (48,342) | (48,543) | (48,730) | ||||||||
Interest expense | 34,553 | 34,198 | 34,436 | ||||||||
Gain on sale of asset | 0 | ||||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Equity in (income) loss of subsidiaries | (98,803) | (76,383) | (66,739) | ||||||||
Total other (income) expense | (112,592) | (90,728) | (81,033) | ||||||||
Income before income taxes | 102,805 | 82,776 | 74,899 | ||||||||
Provision for income taxes | 2,898 | 4,516 | 2,284 | ||||||||
Net income (loss) | 99,907 | 78,260 | 72,615 | ||||||||
Comprehensive income, net of tax: | |||||||||||
Currency translation adjustments | (113) | (24,151) | 843 | ||||||||
Total other comprehensive income (loss) | (113) | (24,151) | 843 | ||||||||
Comprehensive income | 99,794 | 54,109 | 73,458 | ||||||||
Prestige Brands, Inc., the issuer | |||||||||||
Revenues | |||||||||||
Net sales | 111,747 | 106,439 | 97,509 | ||||||||
Other revenues | 347 | 385 | 295 | ||||||||
Total revenues | 112,094 | 106,824 | 97,804 | ||||||||
Cost of Sales | |||||||||||
Cost of sales (exclusive of depreciation shown below) | 45,763 | 39,637 | 37,272 | ||||||||
Gross profit | 66,331 | 67,187 | 60,532 | ||||||||
Operating Expenses | |||||||||||
Advertising and promotion | 9,465 | 8,828 | 10,223 | ||||||||
General and administrative | 9,098 | 9,090 | 8,026 | ||||||||
Depreciation and amortization | 594 | 592 | 577 | ||||||||
Total operating expenses | 19,157 | 18,510 | 18,826 | ||||||||
Operating income | 47,174 | 48,677 | 41,706 | ||||||||
Other (income) expense | |||||||||||
Interest income | (85,882) | (73,755) | (57,446) | ||||||||
Interest expense | 84,822 | 81,326 | 68,642 | ||||||||
Gain on sale of asset | 0 | ||||||||||
Loss on extinguishment of debt | 17,970 | 18,286 | |||||||||
Equity in (income) loss of subsidiaries | (70,953) | (51,573) | (53,836) | ||||||||
Total other (income) expense | (54,043) | (44,002) | (24,354) | ||||||||
Income before income taxes | 101,217 | 92,679 | 66,060 | ||||||||
Provision for income taxes | 11,016 | 14,798 | 3,500 | ||||||||
Net income (loss) | 90,201 | 77,881 | 62,560 | ||||||||
Comprehensive income, net of tax: | |||||||||||
Currency translation adjustments | (113) | (24,151) | 843 | ||||||||
Total other comprehensive income (loss) | (113) | (24,151) | 843 | ||||||||
Comprehensive income | 90,088 | 53,730 | 63,403 | ||||||||
Combined Subsidiary Guarantors | |||||||||||
Revenues | |||||||||||
Net sales | 643,330 | 555,388 | 474,338 | ||||||||
Other revenues | 3,116 | 4,452 | 4,886 | ||||||||
Total revenues | 646,446 | 559,840 | 479,224 | ||||||||
Cost of Sales | |||||||||||
Cost of sales (exclusive of depreciation shown below) | 280,169 | 254,670 | 218,692 | ||||||||
Gross profit | 366,277 | 305,170 | 260,532 | ||||||||
Operating Expenses | |||||||||||
Advertising and promotion | 90,353 | 79,944 | 69,583 | ||||||||
General and administrative | 51,198 | 55,209 | 34,469 | ||||||||
Depreciation and amortization | 18,617 | 12,752 | 9,715 | ||||||||
Total operating expenses | 160,168 | 147,905 | 113,767 | ||||||||
Operating income | 206,109 | 157,265 | 146,765 | ||||||||
Other (income) expense | |||||||||||
Interest income | (5,087) | (5,373) | (2,327) | ||||||||
Interest expense | 100,540 | 88,464 | 72,064 | ||||||||
Gain on sale of asset | 1,133 | ||||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Equity in (income) loss of subsidiaries | (8,564) | (2,013) | (4,052) | ||||||||
Total other (income) expense | 86,889 | 79,945 | 65,685 | ||||||||
Income before income taxes | 119,220 | 77,320 | 81,080 | ||||||||
Provision for income taxes | 40,279 | 27,111 | 22,055 | ||||||||
Net income (loss) | 78,941 | 50,209 | 59,025 | ||||||||
Comprehensive income, net of tax: | |||||||||||
Currency translation adjustments | (113) | (24,151) | 843 | ||||||||
Total other comprehensive income (loss) | (113) | (24,151) | 843 | ||||||||
Comprehensive income | 78,828 | 26,058 | 59,868 | ||||||||
Combined Non-Guarantor Subsidiaries | |||||||||||
Revenues | |||||||||||
Net sales | 50,672 | 51,630 | 23,286 | ||||||||
Other revenues | 1,776 | 1,497 | 1,639 | ||||||||
Total revenues | 52,448 | 53,127 | 24,925 | ||||||||
Cost of Sales | |||||||||||
Cost of sales (exclusive of depreciation shown below) | 18,459 | 19,127 | 9,428 | ||||||||
Gross profit | 33,989 | 34,000 | 15,497 | ||||||||
Operating Expenses | |||||||||||
Advertising and promotion | 10,984 | 10,879 | 5,162 | ||||||||
General and administrative | 6,385 | 12,403 | 2,846 | ||||||||
Depreciation and amortization | 415 | 1,015 | 200 | ||||||||
Total operating expenses | 17,784 | 24,297 | 8,208 | ||||||||
Operating income | 16,205 | 9,703 | 7,289 | ||||||||
Other (income) expense | |||||||||||
Interest income | (531) | (456) | (382) | ||||||||
Interest expense | 5,087 | 5,373 | 2,325 | ||||||||
Gain on sale of asset | 0 | ||||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Equity in (income) loss of subsidiaries | 0 | 0 | 0 | ||||||||
Total other (income) expense | 4,556 | 4,917 | 1,943 | ||||||||
Income before income taxes | 11,649 | 4,786 | 5,346 | ||||||||
Provision for income taxes | 3,085 | 2,773 | 1,294 | ||||||||
Net income (loss) | 8,564 | 2,013 | 4,052 | ||||||||
Comprehensive income, net of tax: | |||||||||||
Currency translation adjustments | (113) | (24,151) | 843 | ||||||||
Total other comprehensive income (loss) | (113) | (24,151) | 843 | ||||||||
Comprehensive income | 8,451 | (22,138) | 4,895 | ||||||||
Eliminations | |||||||||||
Revenues | |||||||||||
Net sales | (2,661) | (3,387) | (2,679) | ||||||||
Other revenues | (2,080) | (1,781) | (1,893) | ||||||||
Total revenues | (4,741) | (5,168) | (4,572) | ||||||||
Cost of Sales | |||||||||||
Cost of sales (exclusive of depreciation shown below) | (5,355) | (5,034) | (3,562) | ||||||||
Gross profit | 614 | (134) | (1,010) | ||||||||
Operating Expenses | |||||||||||
Advertising and promotion | 0 | 0 | 0 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Total operating expenses | 0 | 0 | 0 | ||||||||
Operating income | 614 | (134) | (1,010) | ||||||||
Other (income) expense | |||||||||||
Interest income | 139,680 | 128,035 | 108,825 | ||||||||
Interest expense | (139,680) | (128,035) | (108,825) | ||||||||
Gain on sale of asset | 0 | ||||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Equity in (income) loss of subsidiaries | 178,320 | 129,969 | 124,627 | ||||||||
Total other (income) expense | 178,320 | 129,969 | 124,627 | ||||||||
Income before income taxes | (177,706) | (130,103) | (125,637) | ||||||||
Provision for income taxes | 0 | 0 | 0 | ||||||||
Net income (loss) | (177,706) | (130,103) | (125,637) | ||||||||
Comprehensive income, net of tax: | |||||||||||
Currency translation adjustments | 339 | 72,453 | (2,529) | ||||||||
Total other comprehensive income (loss) | 339 | 72,453 | (2,529) | ||||||||
Comprehensive income | $ (177,367) | $ (57,650) | $ (128,166) |
Condensed Consolidating Finan97
Condensed Consolidating Financial Statements (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Current assets | ||||
Cash and cash equivalents | $ 27,230 | $ 21,318 | $ 28,331 | $ 15,670 |
Accounts receivable, net | 95,247 | 87,858 | ||
Inventories | 91,263 | 74,000 | ||
Deferred income tax assets | 10,108 | 8,097 | ||
Prepaid expenses and other current assets | 25,165 | 10,434 | ||
Total current assets | 249,013 | 201,707 | ||
Property and equipment, net | 15,540 | 13,744 | ||
Goodwill | 360,191 | 290,651 | 190,911 | 167,546 |
Intangible assets, net | 2,322,723 | 2,134,700 | 1,394,817 | |
Other long-term assets | 1,324 | 1,165 | ||
Intercompany receivables | 0 | 0 | ||
Investment in subsidiary | 0 | 0 | ||
Total Assets | 2,948,791 | 2,641,967 | ||
Current liabilities | ||||
Accounts payable | 38,296 | 46,115 | ||
Accrued interest payable | 8,664 | 11,974 | ||
Other accrued liabilities | 59,724 | 40,948 | ||
Total current liabilities | 106,684 | 99,037 | ||
Long-term debt | ||||
Principal amount | 1,652,500 | 1,593,600 | ||
Less unamortized debt costs | (27,191) | (32,327) | ||
Long-term debt, net | 1,625,309 | 1,561,273 | ||
Deferred income tax liabilities | 469,622 | 351,569 | ||
Other long-term liabilities | 2,840 | 2,464 | ||
Intercompany payables | 0 | 0 | ||
Total Liabilities | 2,204,455 | 2,014,343 | ||
Stockholders’ Equity | ||||
Common stock | 530 | 525 | ||
Additional paid-in capital | 445,182 | 426,584 | ||
Treasury stock, at cost | (5,163) | (3,478) | ||
Accumulated other comprehensive income (loss), net of tax | (23,525) | (23,412) | ||
Retained earnings (accumulated deficit) | 327,312 | 227,405 | ||
Total Stockholders’ Equity | 744,336 | 627,624 | 563,360 | 477,943 |
Total Liabilities and Stockholders’ Equity | 2,948,791 | 2,641,967 | ||
Prestige Brands Holdings, Inc. | ||||
Current assets | ||||
Cash and cash equivalents | 4,440 | 11,387 | 24,644 | 14,720 |
Accounts receivable, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Deferred income tax assets | 316 | 452 | ||
Prepaid expenses and other current assets | 15,311 | 5,731 | ||
Total current assets | 20,067 | 17,570 | ||
Property and equipment, net | 9,166 | 10,726 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Other long-term assets | 0 | 0 | ||
Intercompany receivables | 1,457,011 | 1,210,017 | ||
Investment in subsidiary | 1,641,477 | 1,545,575 | ||
Total Assets | 3,127,721 | 2,783,888 | ||
Current liabilities | ||||
Accounts payable | 2,914 | 1,959 | ||
Accrued interest payable | 0 | 0 | ||
Other accrued liabilities | 12,285 | 10,378 | ||
Total current liabilities | 15,199 | 12,337 | ||
Long-term debt | ||||
Principal amount | 0 | 0 | ||
Less unamortized debt costs | 0 | 0 | ||
Long-term debt, net | 0 | 0 | ||
Deferred income tax liabilities | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Intercompany payables | 2,368,186 | 2,143,927 | ||
Total Liabilities | 2,383,385 | 2,156,264 | ||
Stockholders’ Equity | ||||
Common stock | 530 | 525 | ||
Additional paid-in capital | 445,182 | 426,584 | ||
Treasury stock, at cost | (5,163) | (3,478) | ||
Accumulated other comprehensive income (loss), net of tax | (23,525) | (23,412) | ||
Retained earnings (accumulated deficit) | 327,312 | 227,405 | ||
Total Stockholders’ Equity | 744,336 | 627,624 | ||
Total Liabilities and Stockholders’ Equity | 3,127,721 | 2,783,888 | ||
Prestige Brands, Inc., the issuer | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 12,025 | 14,539 | ||
Inventories | 9,411 | 8,667 | ||
Deferred income tax assets | 681 | 674 | ||
Prepaid expenses and other current assets | 257 | 141 | ||
Total current assets | 22,374 | 24,021 | ||
Property and equipment, net | 210 | 175 | ||
Goodwill | 66,007 | 66,007 | ||
Intangible assets, net | 191,789 | 192,325 | ||
Other long-term assets | 1,324 | 1,165 | ||
Intercompany receivables | 2,703,192 | 2,607,054 | ||
Investment in subsidiary | 1,527,718 | 1,228,535 | ||
Total Assets | 4,512,614 | 4,119,282 | ||
Current liabilities | ||||
Accounts payable | 7,643 | 6,829 | ||
Accrued interest payable | 8,664 | 11,974 | ||
Other accrued liabilities | 1,714 | 1,153 | ||
Total current liabilities | 18,021 | 19,956 | ||
Long-term debt | ||||
Principal amount | 1,652,500 | 1,593,600 | ||
Less unamortized debt costs | (27,191) | (32,327) | ||
Long-term debt, net | 1,625,309 | 1,561,273 | ||
Deferred income tax liabilities | 60,317 | 59,038 | ||
Other long-term liabilities | 0 | 0 | ||
Intercompany payables | 1,241,084 | 1,001,219 | ||
Total Liabilities | 2,944,731 | 2,641,486 | ||
Stockholders’ Equity | ||||
Common stock | 0 | 0 | ||
Additional paid-in capital | 1,280,947 | 1,280,948 | ||
Treasury stock, at cost | 0 | 0 | ||
Accumulated other comprehensive income (loss), net of tax | (23,525) | (23,412) | ||
Retained earnings (accumulated deficit) | 310,461 | 220,260 | ||
Total Stockholders’ Equity | 1,567,883 | 1,477,796 | ||
Total Liabilities and Stockholders’ Equity | 4,512,614 | 4,119,282 | ||
Combined Subsidiary Guarantors | ||||
Current assets | ||||
Cash and cash equivalents | 2,899 | 0 | 0 | 0 |
Accounts receivable, net | 74,446 | 66,523 | ||
Inventories | 72,296 | 60,297 | ||
Deferred income tax assets | 8,293 | 6,497 | ||
Prepaid expenses and other current assets | 8,379 | 3,804 | ||
Total current assets | 166,313 | 137,121 | ||
Property and equipment, net | 5,528 | 2,207 | ||
Goodwill | 271,409 | 204,205 | ||
Intangible assets, net | 2,042,640 | 1,854,798 | ||
Other long-term assets | 0 | 0 | ||
Intercompany receivables | 1,083,488 | 668,169 | ||
Investment in subsidiary | 81,545 | 65,564 | ||
Total Assets | 3,650,923 | 2,932,064 | ||
Current liabilities | ||||
Accounts payable | 24,437 | 32,898 | ||
Accrued interest payable | 0 | 0 | ||
Other accrued liabilities | 38,734 | 25,795 | ||
Total current liabilities | 63,171 | 58,693 | ||
Long-term debt | ||||
Principal amount | 0 | 0 | ||
Less unamortized debt costs | 0 | 0 | ||
Long-term debt, net | 0 | 0 | ||
Deferred income tax liabilities | 408,893 | 292,504 | ||
Other long-term liabilities | 2,682 | 2,293 | ||
Intercompany payables | 1,570,265 | 1,279,833 | ||
Total Liabilities | 2,045,011 | 1,633,323 | ||
Stockholders’ Equity | ||||
Common stock | 0 | 0 | ||
Additional paid-in capital | 1,359,921 | 1,131,578 | ||
Treasury stock, at cost | 0 | 0 | ||
Accumulated other comprehensive income (loss), net of tax | (23,525) | (23,412) | ||
Retained earnings (accumulated deficit) | 269,516 | 190,575 | ||
Total Stockholders’ Equity | 1,605,912 | 1,298,741 | ||
Total Liabilities and Stockholders’ Equity | 3,650,923 | 2,932,064 | ||
Combined Non-Guarantor Subsidiaries | ||||
Current assets | ||||
Cash and cash equivalents | 19,891 | 9,931 | 3,687 | 950 |
Accounts receivable, net | 8,776 | 6,796 | ||
Inventories | 10,088 | 6,182 | ||
Deferred income tax assets | 818 | 474 | ||
Prepaid expenses and other current assets | 1,218 | 758 | ||
Total current assets | 40,791 | 24,141 | ||
Property and equipment, net | 636 | 636 | ||
Goodwill | 22,775 | 20,439 | ||
Intangible assets, net | 88,294 | 87,577 | ||
Other long-term assets | 0 | 0 | ||
Intercompany receivables | $ 10,738 | 8,764 | ||
Investment in subsidiary | 0 | |||
Total Assets | $ 163,234 | 141,557 | ||
Current liabilities | ||||
Accounts payable | 3,302 | 4,429 | ||
Accrued interest payable | 0 | 0 | ||
Other accrued liabilities | 6,991 | 3,622 | ||
Total current liabilities | 10,293 | 8,051 | ||
Long-term debt | ||||
Principal amount | 0 | 0 | ||
Less unamortized debt costs | 0 | 0 | ||
Long-term debt, net | 0 | 0 | ||
Deferred income tax liabilities | 412 | 27 | ||
Other long-term liabilities | 158 | 171 | ||
Intercompany payables | 74,894 | 69,025 | ||
Total Liabilities | 85,757 | 77,274 | ||
Stockholders’ Equity | ||||
Common stock | 0 | 0 | ||
Additional paid-in capital | 78,774 | 74,031 | ||
Treasury stock, at cost | 0 | 0 | ||
Accumulated other comprehensive income (loss), net of tax | (23,525) | (23,412) | ||
Retained earnings (accumulated deficit) | 22,228 | 13,664 | ||
Total Stockholders’ Equity | 77,477 | 64,283 | ||
Total Liabilities and Stockholders’ Equity | 163,234 | 141,557 | ||
Eliminations | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Accounts receivable, net | 0 | 0 | ||
Inventories | (532) | (1,146) | ||
Deferred income tax assets | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | (532) | (1,146) | ||
Property and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Other long-term assets | 0 | 0 | ||
Intercompany receivables | (5,254,429) | (4,494,004) | ||
Investment in subsidiary | (3,250,740) | (2,839,674) | ||
Total Assets | (8,505,701) | (7,334,824) | ||
Current liabilities | ||||
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 debt costs | 0 | 0 | ||
Long-term debt, net | 0 | 0 | ||
Deferred income tax liabilities | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Intercompany payables | (5,254,429) | (4,494,004) | ||
Total Liabilities | (5,254,429) | (4,494,004) | ||
Stockholders’ Equity | ||||
Common stock | 0 | 0 | ||
Additional paid-in capital | (2,719,642) | (2,486,557) | ||
Treasury stock, at cost | 0 | 0 | ||
Accumulated other comprehensive income (loss), net of tax | 70,575 | 70,236 | ||
Retained earnings (accumulated deficit) | (602,205) | (424,499) | ||
Total Stockholders’ Equity | (3,251,272) | (2,840,820) | ||
Total Liabilities and Stockholders’ Equity | $ (8,505,701) | $ (7,334,824) |
Condensed Consolidating Finan98
Condensed Consolidating Financial Statements (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Operating Activities | |||||||||||
Net income (loss) | $ 13,936 | $ 27,995 | $ 31,803 | $ 26,173 | $ 23,772 | $ 21,293 | $ 16,463 | $ 16,732 | $ 99,907 | $ 78,260 | $ 72,615 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | 23,676 | 17,740 | 13,486 | ||||||||
Gain on sale of asset | 0 | $ (1,133) | $ 0 | 0 | 0 | (1,133) | 0 | ||||
Deferred income taxes | 46,152 | 28,922 | 19,012 | ||||||||
Long term income taxes payable | (332) | 2,294 | 0 | ||||||||
Amortization of debt origination costs | 8,994 | 8,821 | 10,512 | ||||||||
Stock-based compensation costs | 9,954 | 6,918 | 5,146 | ||||||||
Lease termination costs | 0 | 785 | 0 | ||||||||
Loss on extinguishment of debt | 17,970 | 0 | 18,286 | ||||||||
Premium payment on Senior Notes | (15,527) | ||||||||||
(Gain) loss on sale or disposal of property and equipment | (35) | 321 | (3) | ||||||||
Equity in income of subsidiaries | 0 | 0 | 0 | ||||||||
Changes in operating assets and liabilities, net of effects from acquisitions: | |||||||||||
Accounts receivable | 1,824 | 1,608 | 9,735 | ||||||||
Inventories | (3,005) | 15,360 | (2,850) | ||||||||
Prepaid expenses and other current assets | (7,921) | 4,664 | (2,130) | ||||||||
Accounts payable | (11,348) | (17,637) | (4,641) | ||||||||
Accrued liabilities | (1,328) | 9,332 | (12,059) | ||||||||
Net cash provided by operating activities | 174,350 | 156,255 | 111,582 | ||||||||
Investing Activities | |||||||||||
Purchases of property and equipment | (3,568) | (6,101) | (2,764) | ||||||||
Proceeds from the sale of property and equipment | 344 | 0 | 3 | ||||||||
Proceeds from sale of business | 0 | 18,500 | 0 | ||||||||
Proceeds from sale of asset | 10,000 | ||||||||||
Proceeds from Insight Pharmaceuticals working capital arbitration settlement | 7,237 | 0 | 0 | ||||||||
Intercompany activity, net | 0 | 0 | 0 | ||||||||
Net cash used in investing activities | (222,971) | (805,258) | (57,976) | ||||||||
Financing Activities | |||||||||||
Borrowings under Bridge term loans | 80,000 | 0 | 0 | ||||||||
Repayments under Bridge term loans | (80,000) | 0 | 0 | ||||||||
Term loan borrowings | 0 | 720,000 | 0 | ||||||||
Term loan repayments | (60,000) | (130,000) | (157,500) | ||||||||
Borrowings under revolving credit agreement | 115,000 | 124,600 | 50,000 | ||||||||
Repayments under revolving credit agreement | (96,100) | (58,500) | (83,000) | ||||||||
Payments of debt origination costs | (11,828) | (16,072) | (7,466) | ||||||||
Proceeds from exercise of stock options | 6,689 | 3,954 | 5,907 | ||||||||
Proceeds from restricted stock exercises | 544 | 57 | 0 | ||||||||
Excess tax benefits from share-based awards | 1,960 | 1,330 | 1,650 | ||||||||
Fair value of shares surrendered as payment of tax withholding | (2,229) | (2,104) | (744) | ||||||||
Intercompany activity, net | 0 | 0 | 0 | ||||||||
Net cash (used in) provided by financing activities | 54,036 | 643,265 | (41,153) | ||||||||
Effects of exchange rate changes on cash and cash equivalents | 497 | (1,275) | 208 | ||||||||
Increase (decrease) in cash and cash equivalents | 5,912 | (7,013) | 12,661 | ||||||||
Cash and cash equivalents - beginning of year | 21,318 | 28,331 | 21,318 | 28,331 | 15,670 | ||||||
Cash and cash equivalents - end of year | 27,230 | 21,318 | 27,230 | 21,318 | 28,331 | ||||||
Prestige Brands Holdings, Inc. | |||||||||||
Operating Activities | |||||||||||
Net income (loss) | 99,907 | 78,260 | 72,615 | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | 4,050 | 3,381 | 2,994 | ||||||||
Gain on sale of asset | 0 | ||||||||||
Deferred income taxes | 136 | (192) | (42) | ||||||||
Long term income taxes payable | 0 | 0 | |||||||||
Amortization of debt origination costs | 0 | 0 | 0 | ||||||||
Stock-based compensation costs | 9,794 | 6,918 | 5,146 | ||||||||
Lease termination costs | 0 | ||||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Premium payment on Senior Notes | 0 | ||||||||||
(Gain) loss on sale or disposal of property and equipment | 0 | 0 | 0 | ||||||||
Equity in income of subsidiaries | (98,803) | (76,383) | (66,739) | ||||||||
Changes in operating assets and liabilities, net of effects from acquisitions: | |||||||||||
Accounts receivable | 0 | 473 | (452) | ||||||||
Inventories | 0 | 0 | 0 | ||||||||
Prepaid expenses and other current assets | (9,580) | 2,273 | (3,062) | ||||||||
Accounts payable | 929 | (2,457) | 1,815 | ||||||||
Accrued liabilities | 1,907 | 2,650 | (4,966) | ||||||||
Net cash provided by operating activities | 8,340 | 14,923 | 7,309 | ||||||||
Investing Activities | |||||||||||
Purchases of property and equipment | (2,460) | (5,029) | (2,351) | ||||||||
Proceeds from the sale of property and equipment | 0 | 0 | |||||||||
Proceeds from sale of business | 0 | ||||||||||
Proceeds from sale of asset | 0 | ||||||||||
Intercompany activity, net | 0 | 0 | 0 | ||||||||
Net cash used in investing activities | (2,460) | (5,029) | (2,351) | ||||||||
Financing Activities | |||||||||||
Borrowings under Bridge term loans | 0 | ||||||||||
Repayments under Bridge term loans | 0 | ||||||||||
Term loan borrowings | 0 | ||||||||||
Term loan repayments | 0 | 0 | 0 | ||||||||
Borrowings under revolving credit agreement | 0 | 0 | 0 | ||||||||
Repayments under revolving credit agreement | 0 | 0 | 0 | ||||||||
Payments of debt origination costs | 0 | 0 | 0 | ||||||||
Proceeds from exercise of stock options | 6,689 | 3,954 | 5,907 | ||||||||
Proceeds from restricted stock exercises | 544 | 57 | |||||||||
Excess tax benefits from share-based awards | 1,960 | 1,330 | 1,650 | ||||||||
Fair value of shares surrendered as payment of tax withholding | (2,229) | (2,104) | (744) | ||||||||
Intercompany activity, net | (19,791) | (26,388) | (1,847) | ||||||||
Net cash (used in) provided by financing activities | (12,827) | (23,151) | 4,966 | ||||||||
Effects of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | ||||||||
Increase (decrease) in cash and cash equivalents | (6,947) | (13,257) | 9,924 | ||||||||
Cash and cash equivalents - beginning of year | 11,387 | 24,644 | 11,387 | 24,644 | 14,720 | ||||||
Cash and cash equivalents - end of year | 4,440 | 11,387 | 4,440 | 11,387 | 24,644 | ||||||
Prestige Brands, Inc., the issuer | |||||||||||
Operating Activities | |||||||||||
Net income (loss) | 90,201 | 77,881 | 62,560 | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | 594 | 592 | 577 | ||||||||
Gain on sale of asset | 0 | ||||||||||
Deferred income taxes | 1,272 | 2,462 | 1,466 | ||||||||
Long term income taxes payable | 0 | 0 | |||||||||
Amortization of debt origination costs | 8,994 | 8,821 | 10,512 | ||||||||
Stock-based compensation costs | 0 | 0 | 0 | ||||||||
Lease termination costs | 0 | ||||||||||
Loss on extinguishment of debt | 17,970 | 18,286 | |||||||||
Premium payment on Senior Notes | (15,527) | ||||||||||
(Gain) loss on sale or disposal of property and equipment | 0 | 0 | 0 | ||||||||
Equity in income of subsidiaries | (70,953) | (51,573) | (53,836) | ||||||||
Changes in operating assets and liabilities, net of effects from acquisitions: | |||||||||||
Accounts receivable | 2,514 | (294) | (370) | ||||||||
Inventories | (744) | 5,690 | (3,193) | ||||||||
Prepaid expenses and other current assets | (116) | (28) | (20) | ||||||||
Accounts payable | 814 | (829) | (2,942) | ||||||||
Accrued liabilities | (2,749) | 1,384 | (3,835) | ||||||||
Net cash provided by operating activities | 37,639 | 44,106 | 13,678 | ||||||||
Investing Activities | |||||||||||
Purchases of property and equipment | (93) | (119) | (119) | ||||||||
Proceeds from the sale of property and equipment | 0 | 0 | |||||||||
Proceeds from sale of business | 0 | ||||||||||
Proceeds from sale of asset | 0 | ||||||||||
Intercompany activity, net | (228,343) | (809,157) | (55,215) | ||||||||
Net cash used in investing activities | (228,436) | (809,276) | (55,334) | ||||||||
Financing Activities | |||||||||||
Borrowings under Bridge term loans | 80,000 | ||||||||||
Repayments under Bridge term loans | (80,000) | ||||||||||
Term loan borrowings | 720,000 | ||||||||||
Term loan repayments | (60,000) | (130,000) | (157,500) | ||||||||
Borrowings under revolving credit agreement | 115,000 | 124,600 | 50,000 | ||||||||
Repayments under revolving credit agreement | (96,100) | (58,500) | (83,000) | ||||||||
Payments of debt origination costs | (11,828) | (16,072) | (7,466) | ||||||||
Proceeds from exercise of stock options | 0 | 0 | 0 | ||||||||
Proceeds from restricted stock exercises | 0 | 0 | |||||||||
Excess tax benefits from share-based awards | 0 | 0 | 0 | ||||||||
Fair value of shares surrendered as payment of tax withholding | 0 | 0 | 0 | ||||||||
Intercompany activity, net | 143,725 | 125,142 | 89,622 | ||||||||
Net cash (used in) provided by financing activities | 190,797 | 765,170 | 41,656 | ||||||||
Effects of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | ||||||||
Increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | ||||||||
Cash and cash equivalents - beginning of year | 0 | 0 | 0 | 0 | 0 | ||||||
Cash and cash equivalents - end of year | 0 | 0 | 0 | 0 | 0 | ||||||
Combined Subsidiary Guarantors | |||||||||||
Operating Activities | |||||||||||
Net income (loss) | 78,941 | 50,209 | 59,025 | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | 18,617 | 12,752 | 9,715 | ||||||||
Gain on sale of asset | (1,133) | ||||||||||
Deferred income taxes | 45,070 | 26,795 | 17,765 | ||||||||
Long term income taxes payable | (332) | 2,294 | |||||||||
Amortization of debt origination costs | 0 | 0 | 0 | ||||||||
Stock-based compensation costs | 0 | 0 | 0 | ||||||||
Lease termination costs | 785 | ||||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Premium payment on Senior Notes | 0 | ||||||||||
(Gain) loss on sale or disposal of property and equipment | 1 | 0 | (3) | ||||||||
Equity in income of subsidiaries | (8,564) | (2,013) | (4,052) | ||||||||
Changes in operating assets and liabilities, net of effects from acquisitions: | |||||||||||
Accounts receivable | (388) | 5,146 | 12,460 | ||||||||
Inventories | 213 | 8,981 | 2,165 | ||||||||
Prepaid expenses and other current assets | 1,977 | 2,631 | 711 | ||||||||
Accounts payable | (11,284) | (16,734) | (4,142) | ||||||||
Accrued liabilities | (1,943) | 3,560 | (2,664) | ||||||||
Net cash provided by operating activities | 122,308 | 93,273 | 90,980 | ||||||||
Investing Activities | |||||||||||
Purchases of property and equipment | (521) | (739) | (108) | ||||||||
Proceeds from the sale of property and equipment | 0 | 3 | |||||||||
Proceeds from sale of business | 18,500 | ||||||||||
Proceeds from sale of asset | 10,000 | ||||||||||
Intercompany activity, net | 228,343 | 731,166 | 0 | ||||||||
Net cash used in investing activities | 8,075 | 9,261 | (105) | ||||||||
Financing Activities | |||||||||||
Borrowings under Bridge term loans | 0 | ||||||||||
Repayments under Bridge term loans | 0 | ||||||||||
Term loan borrowings | 0 | ||||||||||
Term loan repayments | 0 | 0 | 0 | ||||||||
Borrowings under revolving credit agreement | 0 | 0 | 0 | ||||||||
Repayments under revolving credit agreement | 0 | 0 | 0 | ||||||||
Payments of debt origination costs | 0 | 0 | 0 | ||||||||
Proceeds from exercise of stock options | 0 | 0 | 0 | ||||||||
Proceeds from restricted stock exercises | 0 | 0 | |||||||||
Excess tax benefits from share-based awards | 0 | 0 | 0 | ||||||||
Fair value of shares surrendered as payment of tax withholding | 0 | 0 | 0 | ||||||||
Intercompany activity, net | (127,484) | (102,534) | (90,875) | ||||||||
Net cash (used in) provided by financing activities | (127,484) | (102,534) | (90,875) | ||||||||
Effects of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | ||||||||
Increase (decrease) in cash and cash equivalents | 2,899 | 0 | 0 | ||||||||
Cash and cash equivalents - beginning of year | 0 | 0 | 0 | 0 | 0 | ||||||
Cash and cash equivalents - end of year | 2,899 | 0 | 2,899 | 0 | 0 | ||||||
Combined Non-Guarantor Subsidiaries | |||||||||||
Operating Activities | |||||||||||
Net income (loss) | 8,564 | 2,013 | 4,052 | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | 415 | 1,015 | 200 | ||||||||
Gain on sale of asset | 0 | ||||||||||
Deferred income taxes | (326) | (143) | (177) | ||||||||
Long term income taxes payable | 0 | 0 | |||||||||
Amortization of debt origination costs | 0 | 0 | 0 | ||||||||
Stock-based compensation costs | 160 | 0 | 0 | ||||||||
Lease termination costs | 0 | ||||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Premium payment on Senior Notes | 0 | ||||||||||
(Gain) loss on sale or disposal of property and equipment | (36) | 321 | 0 | ||||||||
Equity in income of subsidiaries | 0 | 0 | 0 | ||||||||
Changes in operating assets and liabilities, net of effects from acquisitions: | |||||||||||
Accounts receivable | (302) | (3,717) | (1,903) | ||||||||
Inventories | (1,860) | 555 | (2,832) | ||||||||
Prepaid expenses and other current assets | (202) | (212) | 241 | ||||||||
Accounts payable | (1,807) | 2,383 | 628 | ||||||||
Accrued liabilities | 1,457 | 1,738 | (594) | ||||||||
Net cash provided by operating activities | 6,063 | 3,953 | (385) | ||||||||
Investing Activities | |||||||||||
Purchases of property and equipment | (494) | (214) | (186) | ||||||||
Proceeds from the sale of property and equipment | 344 | 0 | |||||||||
Proceeds from sale of business | 0 | ||||||||||
Proceeds from sale of asset | 0 | ||||||||||
Intercompany activity, net | 0 | 77,991 | 55,215 | ||||||||
Net cash used in investing activities | (150) | (214) | (186) | ||||||||
Financing Activities | |||||||||||
Borrowings under Bridge term loans | 0 | ||||||||||
Repayments under Bridge term loans | 0 | ||||||||||
Term loan borrowings | 0 | ||||||||||
Term loan repayments | 0 | 0 | 0 | ||||||||
Borrowings under revolving credit agreement | 0 | 0 | 0 | ||||||||
Repayments under revolving credit agreement | 0 | 0 | 0 | ||||||||
Payments of debt origination costs | 0 | 0 | 0 | ||||||||
Proceeds from exercise of stock options | 0 | 0 | 0 | ||||||||
Proceeds from restricted stock exercises | 0 | 0 | |||||||||
Excess tax benefits from share-based awards | 0 | 0 | 0 | ||||||||
Fair value of shares surrendered as payment of tax withholding | 0 | 0 | 0 | ||||||||
Intercompany activity, net | 3,550 | 3,780 | 3,100 | ||||||||
Net cash (used in) provided by financing activities | 3,550 | 3,780 | 3,100 | ||||||||
Effects of exchange rate changes on cash and cash equivalents | 497 | (1,275) | 208 | ||||||||
Increase (decrease) in cash and cash equivalents | 9,960 | 6,244 | 2,737 | ||||||||
Cash and cash equivalents - beginning of year | 9,931 | 3,687 | 9,931 | 3,687 | 950 | ||||||
Cash and cash equivalents - end of year | 19,891 | 9,931 | 19,891 | 9,931 | 3,687 | ||||||
Eliminations | |||||||||||
Operating Activities | |||||||||||
Net income (loss) | (177,706) | (130,103) | (125,637) | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Gain on sale of asset | 0 | ||||||||||
Deferred income taxes | 0 | 0 | 0 | ||||||||
Long term income taxes payable | 0 | 0 | |||||||||
Amortization of debt origination costs | 0 | 0 | 0 | ||||||||
Stock-based compensation costs | 0 | 0 | 0 | ||||||||
Lease termination costs | 0 | ||||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Premium payment on Senior Notes | 0 | ||||||||||
(Gain) loss on sale or disposal of property and equipment | 0 | 0 | 0 | ||||||||
Equity in income of subsidiaries | 178,320 | 129,969 | 124,627 | ||||||||
Changes in operating assets and liabilities, net of effects from acquisitions: | |||||||||||
Accounts receivable | 0 | 0 | 0 | ||||||||
Inventories | (614) | 134 | 1,010 | ||||||||
Prepaid expenses and other current assets | 0 | 0 | 0 | ||||||||
Accounts payable | 0 | 0 | 0 | ||||||||
Accrued liabilities | 0 | 0 | 0 | ||||||||
Net cash provided by operating activities | 0 | 0 | 0 | ||||||||
Investing Activities | |||||||||||
Purchases of property and equipment | 0 | 0 | 0 | ||||||||
Proceeds from the sale of property and equipment | 0 | 0 | |||||||||
Proceeds from sale of business | 0 | ||||||||||
Proceeds from sale of asset | 0 | ||||||||||
Intercompany activity, net | 0 | 0 | 0 | ||||||||
Net cash used in investing activities | 0 | 0 | 0 | ||||||||
Financing Activities | |||||||||||
Borrowings under Bridge term loans | 0 | ||||||||||
Repayments under Bridge term loans | 0 | ||||||||||
Term loan borrowings | 0 | ||||||||||
Term loan repayments | 0 | 0 | 0 | ||||||||
Borrowings under revolving credit agreement | 0 | 0 | 0 | ||||||||
Repayments under revolving credit agreement | 0 | 0 | 0 | ||||||||
Payments of debt origination costs | 0 | 0 | 0 | ||||||||
Proceeds from exercise of stock options | 0 | 0 | 0 | ||||||||
Proceeds from restricted stock exercises | 0 | 0 | |||||||||
Excess tax benefits from share-based awards | 0 | 0 | 0 | ||||||||
Fair value of shares surrendered as payment of tax withholding | 0 | 0 | 0 | ||||||||
Intercompany activity, net | 0 | 0 | 0 | ||||||||
Net cash (used in) provided by financing activities | 0 | 0 | 0 | ||||||||
Effects of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | ||||||||
Increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | ||||||||
Cash and cash equivalents - beginning of year | $ 0 | $ 0 | 0 | 0 | 0 | ||||||
Cash and cash equivalents - end of year | $ 0 | $ 0 | 0 | 0 | 0 | ||||||
Care Pharma | |||||||||||
Investing Activities | |||||||||||
Acquisitions, less cash acquired | 0 | 0 | (55,215) | ||||||||
Care Pharma | Prestige Brands Holdings, Inc. | |||||||||||
Investing Activities | |||||||||||
Acquisitions, less cash acquired | 0 | ||||||||||
Care Pharma | Prestige Brands, Inc., the issuer | |||||||||||
Investing Activities | |||||||||||
Acquisitions, less cash acquired | 0 | ||||||||||
Care Pharma | Combined Subsidiary Guarantors | |||||||||||
Investing Activities | |||||||||||
Acquisitions, less cash acquired | 0 | ||||||||||
Care Pharma | Combined Non-Guarantor Subsidiaries | |||||||||||
Investing Activities | |||||||||||
Acquisitions, less cash acquired | (55,215) | ||||||||||
Care Pharma | Eliminations | |||||||||||
Investing Activities | |||||||||||
Acquisitions, less cash acquired | 0 | ||||||||||
Insight Pharmaceuticals | |||||||||||
Investing Activities | |||||||||||
Proceeds from Insight Pharmaceuticals working capital arbitration settlement | 7,237 | ||||||||||
Acquisitions, less cash acquired | 0 | (749,666) | 0 | ||||||||
Insight Pharmaceuticals | Prestige Brands Holdings, Inc. | |||||||||||
Investing Activities | |||||||||||
Proceeds from Insight Pharmaceuticals working capital arbitration settlement | 0 | ||||||||||
Acquisitions, less cash acquired | 0 | ||||||||||
Insight Pharmaceuticals | Prestige Brands, Inc., the issuer | |||||||||||
Investing Activities | |||||||||||
Proceeds from Insight Pharmaceuticals working capital arbitration settlement | 0 | ||||||||||
Acquisitions, less cash acquired | 0 | ||||||||||
Insight Pharmaceuticals | Combined Subsidiary Guarantors | |||||||||||
Investing Activities | |||||||||||
Proceeds from Insight Pharmaceuticals working capital arbitration settlement | 7,237 | ||||||||||
Acquisitions, less cash acquired | (749,666) | ||||||||||
Insight Pharmaceuticals | Combined Non-Guarantor Subsidiaries | |||||||||||
Investing Activities | |||||||||||
Proceeds from Insight Pharmaceuticals working capital arbitration settlement | 0 | ||||||||||
Acquisitions, less cash acquired | 0 | ||||||||||
Insight Pharmaceuticals | Eliminations | |||||||||||
Investing Activities | |||||||||||
Proceeds from Insight Pharmaceuticals working capital arbitration settlement | 0 | ||||||||||
Acquisitions, less cash acquired | 0 | ||||||||||
Hydralyte | |||||||||||
Investing Activities | |||||||||||
Acquisitions, less cash acquired | 0 | (77,991) | 0 | ||||||||
Hydralyte | Prestige Brands Holdings, Inc. | |||||||||||
Investing Activities | |||||||||||
Acquisitions, less cash acquired | 0 | ||||||||||
Hydralyte | Prestige Brands, Inc., the issuer | |||||||||||
Investing Activities | |||||||||||
Acquisitions, less cash acquired | 0 | ||||||||||
Hydralyte | Combined Subsidiary Guarantors | |||||||||||
Investing Activities | |||||||||||
Acquisitions, less cash acquired | 0 | ||||||||||
Hydralyte | Combined Non-Guarantor Subsidiaries | |||||||||||
Investing Activities | |||||||||||
Acquisitions, less cash acquired | (77,991) | ||||||||||
Hydralyte | Eliminations | |||||||||||
Investing Activities | |||||||||||
Acquisitions, less cash acquired | 0 | ||||||||||
DenTek Oral Care, Inc. | |||||||||||
Investing Activities | |||||||||||
Acquisitions, less cash acquired | (226,984) | 0 | 0 | ||||||||
DenTek Oral Care, Inc. | Prestige Brands Holdings, Inc. | |||||||||||
Investing Activities | |||||||||||
Acquisitions, less cash acquired | 0 | ||||||||||
DenTek Oral Care, Inc. | Prestige Brands, Inc., the issuer | |||||||||||
Investing Activities | |||||||||||
Acquisitions, less cash acquired | 0 | ||||||||||
DenTek Oral Care, Inc. | Combined Subsidiary Guarantors | |||||||||||
Investing Activities | |||||||||||
Acquisitions, less cash acquired | (226,984) | ||||||||||
DenTek Oral Care, Inc. | Combined Non-Guarantor Subsidiaries | |||||||||||
Investing Activities | |||||||||||
Acquisitions, less cash acquired | 0 | ||||||||||
DenTek Oral Care, Inc. | Eliminations | |||||||||||
Investing Activities | |||||||||||
Acquisitions, less cash acquired | 0 | ||||||||||
2013 Senior Notes | |||||||||||
Financing Activities | |||||||||||
Proceeds from issuance of Senior Notes | 0 | 0 | 400,000 | ||||||||
2013 Senior Notes | Prestige Brands Holdings, Inc. | |||||||||||
Financing Activities | |||||||||||
Proceeds from issuance of Senior Notes | 0 | ||||||||||
2013 Senior Notes | Prestige Brands, Inc., the issuer | |||||||||||
Financing Activities | |||||||||||
Proceeds from issuance of Senior Notes | 400,000 | ||||||||||
2013 Senior Notes | Combined Subsidiary Guarantors | |||||||||||
Financing Activities | |||||||||||
Proceeds from issuance of Senior Notes | 0 | ||||||||||
2013 Senior Notes | Combined Non-Guarantor Subsidiaries | |||||||||||
Financing Activities | |||||||||||
Proceeds from issuance of Senior Notes | 0 | ||||||||||
2013 Senior Notes | Eliminations | |||||||||||
Financing Activities | |||||||||||
Proceeds from issuance of Senior Notes | 0 | ||||||||||
2016 Senior Notes | |||||||||||
Financing Activities | |||||||||||
Proceeds from issuance of Senior Notes | 350,000 | 0 | 0 | ||||||||
2016 Senior Notes | Prestige Brands Holdings, Inc. | |||||||||||
Financing Activities | |||||||||||
Proceeds from issuance of Senior Notes | 0 | ||||||||||
2016 Senior Notes | Prestige Brands, Inc., the issuer | |||||||||||
Financing Activities | |||||||||||
Proceeds from issuance of Senior Notes | 350,000 | ||||||||||
2016 Senior Notes | Combined Subsidiary Guarantors | |||||||||||
Financing Activities | |||||||||||
Proceeds from issuance of Senior Notes | 0 | ||||||||||
2016 Senior Notes | Combined Non-Guarantor Subsidiaries | |||||||||||
Financing Activities | |||||||||||
Proceeds from issuance of Senior Notes | 0 | ||||||||||
2016 Senior Notes | Eliminations | |||||||||||
Financing Activities | |||||||||||
Proceeds from issuance of Senior Notes | 0 | ||||||||||
2012 Senior Notes | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Premium payment on Senior Notes | (10,158) | 0 | 0 | ||||||||
Financing Activities | |||||||||||
Repayment of Senior Notes | (250,000) | 0 | 0 | ||||||||
2012 Senior Notes | Prestige Brands Holdings, Inc. | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Premium payment on Senior Notes | 0 | ||||||||||
Financing Activities | |||||||||||
Repayment of Senior Notes | 0 | ||||||||||
2012 Senior Notes | Prestige Brands, Inc., the issuer | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Premium payment on Senior Notes | (10,158) | ||||||||||
Financing Activities | |||||||||||
Repayment of Senior Notes | (250,000) | ||||||||||
2012 Senior Notes | Combined Subsidiary Guarantors | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Premium payment on Senior Notes | 0 | ||||||||||
Financing Activities | |||||||||||
Repayment of Senior Notes | 0 | ||||||||||
2012 Senior Notes | Combined Non-Guarantor Subsidiaries | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Premium payment on Senior Notes | 0 | ||||||||||
Financing Activities | |||||||||||
Repayment of Senior Notes | 0 | ||||||||||
2012 Senior Notes | Eliminations | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Premium payment on Senior Notes | 0 | ||||||||||
Financing Activities | |||||||||||
Repayment of Senior Notes | 0 | ||||||||||
2010 Senior Notes | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Premium payment on Senior Notes | 0 | 0 | (15,527) | ||||||||
Financing Activities | |||||||||||
Repayment of Senior Notes | $ 0 | $ 0 | (250,000) | ||||||||
2010 Senior Notes | Prestige Brands Holdings, Inc. | |||||||||||
Financing Activities | |||||||||||
Repayment of Senior Notes | 0 | ||||||||||
2010 Senior Notes | Prestige Brands, Inc., the issuer | |||||||||||
Financing Activities | |||||||||||
Repayment of Senior Notes | (250,000) | ||||||||||
2010 Senior Notes | Combined Subsidiary Guarantors | |||||||||||
Financing Activities | |||||||||||
Repayment of Senior Notes | 0 | ||||||||||
2010 Senior Notes | Combined Non-Guarantor Subsidiaries | |||||||||||
Financing Activities | |||||||||||
Repayment of Senior Notes | 0 | ||||||||||
2010 Senior Notes | Eliminations | |||||||||||
Financing Activities | |||||||||||
Repayment of Senior Notes | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | May. 09, 2016 | Aug. 04, 2015 | Jul. 01, 2015 | May. 11, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 |
Subsequent Event [Line Items] | |||||||
Options granted, shares | 208,200 | 317,900 | 227,700 | ||||
Options granted, weighted-average exercise price (in USD per share) | $ 42.13 | $ 33.54 | $ 29.94 | ||||
Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Options granted, shares | 236,116 | ||||||
Restricted Stock Units (RSUs) | |||||||
Subsequent Event [Line Items] | |||||||
Restricted common stock units granted in period, shares | 2,075 | 2,841 | 185,904 | ||||
Award vesting period | 1 year | 3 years | |||||
Restricted Stock Units (RSUs) | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Restricted common stock units granted in period, shares | 51,266 | ||||||
Award vesting period | 3 years | ||||||
Stock Options | |||||||
Subsequent Event [Line Items] | |||||||
Restricted common stock units granted in period, shares | 13,861 | ||||||
Options granted, shares | 186,302 | ||||||
Award vesting period | 3 years | 3 years | |||||
Award vesting rights, percentage | 33.30% | 33.30% | |||||
Expiration period | 10 years | ||||||
Options granted, weighted-average exercise price (in USD per share) | $ 46.58 | $ 41.44 | |||||
Stock Options | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Award vesting period | 3 years | ||||||
Award vesting rights, percentage | 33.30% | ||||||
Expiration period | 10 years | ||||||
Options granted, weighted-average exercise price (in USD per share) | $ 57.18 |
Schedule II Valuation and Qu100
Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Reserves for Sales Returns and Allowances | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation allowances and reserves, balance at beginning of year | $ 6,716 | $ 7,395 | $ 6,446 |
Amounts charged to expense | 41,217 | 34,598 | 38,314 |
Deductions | (40,085) | (35,277) | (37,365) |
Other | 975 | 0 | 0 |
Valuation allowances and reserves, balance at end of year | 8,823 | 6,716 | 7,395 |
Reserves for Trade Promotions | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation allowances and reserves, balance at beginning of year | 9,932 | 6,101 | 8,523 |
Amounts charged to expense | 62,331 | 60,499 | 39,967 |
Deductions | (62,409) | (56,668) | (42,389) |
Other | 2,787 | 0 | 0 |
Valuation allowances and reserves, balance at end of year | 12,641 | 9,932 | 6,101 |
Reserves for Consumer Coupon Redemptions | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation allowances and reserves, balance at beginning of year | 1,672 | 1,742 | 4,249 |
Amounts charged to expense | 6,235 | 5,089 | 2,755 |
Deductions | (5,637) | (5,159) | (5,262) |
Other | 2,053 | 0 | 0 |
Valuation allowances and reserves, balance at end of year | 4,323 | 1,672 | 1,742 |
Allowance for Doubtful Accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation allowances and reserves, balance at beginning of year | 1,277 | 1,035 | 863 |
Amounts charged to expense | (276) | 340 | 134 |
Deductions | (186) | (98) | (6) |
Other | 0 | 0 | 44 |
Valuation allowances and reserves, balance at end of year | $ 815 | $ 1,277 | $ 1,035 |