Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2017 | Jan. 26, 2018 | |
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-Q | |
Document Period End Date | Dec. 31, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 53,038,866 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | ||||
Net sales | $ 270,522 | $ 216,732 | $ 784,939 | $ 640,519 |
Other revenues | 93 | 31 | 275 | 871 |
Total revenues | 270,615 | 216,763 | 785,214 | 641,390 |
Cost of Sales | ||||
Cost of sales excluding depreciation | 121,730 | 92,216 | 346,067 | 271,287 |
Cost of sales depreciation | 1,211 | 0 | 3,899 | 0 |
Cost of sales | 122,941 | 92,216 | 349,966 | 271,287 |
Gross profit | 147,674 | 124,547 | 435,248 | 370,103 |
Operating Expenses | ||||
Advertising and promotion | 35,835 | 30,682 | 111,967 | 86,909 |
General and administrative | 21,207 | 22,131 | 63,110 | 60,383 |
Depreciation and amortization | 7,129 | 5,852 | 21,482 | 18,700 |
(Gain) loss on divestitures | 0 | (3,405) | 0 | 51,552 |
Total operating expenses | 64,171 | 55,260 | 196,559 | 217,544 |
Operating income | 83,503 | 69,287 | 238,689 | 152,559 |
Other (income) expense | ||||
Interest income | (119) | (46) | (273) | (149) |
Interest expense | 25,983 | 18,600 | 79,314 | 60,660 |
Total other expense | 25,864 | 18,554 | 79,041 | 60,511 |
Income before income taxes | 57,639 | 50,733 | 159,648 | 92,048 |
(Benefit) provision for income taxes | (257,154) | 19,092 | (219,609) | 33,743 |
Net income | $ 314,793 | $ 31,641 | $ 379,257 | $ 58,305 |
Earnings per share: | ||||
Basic (in USD per share) | $ 5.93 | $ 0.60 | $ 7.14 | $ 1.10 |
Diluted (in USD per share) | $ 5.88 | $ 0.59 | $ 7.08 | $ 1.09 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 53,129 | 52,999 | 53,089 | 52,960 |
Diluted (in shares) | 53,543 | 53,359 | 53,531 | 53,339 |
Comprehensive income (loss), net of tax: | ||||
Currency translation adjustments | $ 4,492 | $ (8,736) | $ 8,327 | $ (11,857) |
Unrecognized net gain on pension plans | 0 | 0 | 1 | 0 |
Total other comprehensive income (loss) | 4,492 | (8,736) | 8,328 | (11,857) |
Comprehensive income | $ 319,285 | $ 22,905 | $ 387,585 | $ 46,448 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 45,376 | $ 41,855 |
Accounts receivable, net of allowance of $20,603 and $13,010, respectively | 150,417 | 136,742 |
Inventories | 114,894 | 115,609 |
Prepaid expenses and other current assets | 21,441 | 40,228 |
Total current assets | 332,128 | 334,434 |
Property, plant and equipment, net | 51,059 | 50,595 |
Goodwill | 620,333 | 615,252 |
Intangible assets, net | 2,887,997 | 2,903,613 |
Other long-term assets | 6,405 | 7,454 |
Total Assets | 3,897,922 | 3,911,348 |
Current liabilities | ||
Accounts payable | 59,345 | 70,218 |
Accrued interest payable | 8,701 | 8,130 |
Other accrued liabilities | 83,458 | 83,661 |
Total current liabilities | 151,504 | 162,009 |
Long-term debt | ||
Principal amount | 2,077,000 | 2,222,000 |
Less unamortized debt costs | (23,731) | (28,268) |
Long-term debt, net | 2,053,269 | 2,193,732 |
Deferred income tax liabilities | 454,153 | 715,086 |
Other long-term liabilities | 21,559 | 17,972 |
Total Liabilities | 2,680,485 | 3,088,799 |
Commitments and Contingencies — Note 16 | ||
Stockholders' Equity | ||
Preferred stock - $0.01 par value; Authorized - 5,000 shares; Issued and outstanding - None | 0 | 0 |
Common stock - $0.01 par value; Authorized - 250,000 shares; Issued - 53,392 shares at December 31, 2017 and 53,287 shares at March 31, 2017 | 534 | 533 |
Additional paid-in capital | 466,632 | 458,255 |
Treasury stock, at cost - 353 shares at December 31, 2017 and 332 shares at March 31, 2017 | (7,669) | (6,594) |
Accumulated other comprehensive loss, net of tax | (18,024) | (26,352) |
Retained earnings | 775,964 | 396,707 |
Total Stockholders' Equity | 1,217,437 | 822,549 |
Total Liabilities and Stockholders' Equity | $ 3,897,922 | $ 3,911,348 |
Condensed Consolidated Balance4
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable, current | $ 20,603 | $ 13,010 |
Stockholders' Equity: | ||
Preferred stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 53,392,000 | 53,287,000 |
Treasury stock (in shares) | 353,000 | 332,000 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Activities | ||
Net income | $ 379,257 | $ 58,305 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 25,381 | 18,700 |
Loss on divestitures | 0 | 51,552 |
Loss on disposals of property and equipment | 1,510 | 255 |
Deferred income taxes | (256,850) | (12,530) |
Amortization of debt origination costs | 4,746 | 6,129 |
Excess tax benefits from share-based awards | 470 | 800 |
Stock-based compensation costs | 6,912 | 6,260 |
Write-off of indemnification asset | 704 | 0 |
Lease termination costs | 214 | 0 |
Changes in operating assets and liabilities, net of effects from acquisitions: | ||
Accounts receivable | (14,073) | (12,374) |
Inventories | 1,167 | (16,589) |
Prepaid expenses and other current assets | 18,935 | 11,149 |
Accounts payable | (11,036) | 7,168 |
Accrued liabilities | (1,033) | 22,323 |
Pension and deferred compensation contribution | (329) | 0 |
Noncurrent assets and liabilities | (303) | 0 |
Net cash provided by operating activities | 155,672 | 141,148 |
Investing Activities | ||
Purchases of property, plant and equipment | (9,656) | (1,935) |
Proceeds from the sales of property, plant and equipment | 0 | 85 |
Proceeds from divestitures | 0 | 110,717 |
Net cash (used in) provided by investing activities | (8,686) | 110,286 |
Financing Activities | ||
Term loan repayments | (125,000) | (130,500) |
Borrowings under revolving credit agreement | 20,000 | 20,000 |
Repayments under revolving credit agreement | (40,000) | (105,000) |
Payments of debt origination costs | 0 | (9) |
Proceeds from exercise of stock options | 1,466 | 3,444 |
Fair value of shares surrendered as payment of tax withholding | (1,075) | (1,431) |
Net cash used in financing activities | (144,609) | (213,496) |
Effects of exchange rate changes on cash and cash equivalents | 1,144 | (1,879) |
Increase in cash and cash equivalents | 3,521 | 36,059 |
Cash and cash equivalents - beginning of period | 41,855 | 27,230 |
Cash and cash equivalents - end of period | 45,376 | 63,289 |
Interest paid | 73,779 | 54,615 |
Income taxes paid | 16,861 | 25,127 |
C.B. Fleet Company, Inc. | ||
Investing Activities | ||
Acquisition of Fleet escrow payment | 970 | 0 |
DenTek Oral Care, Inc. | ||
Investing Activities | ||
Acquisition of Fleet escrow payment | $ 0 | $ 1,419 |
Business and Basis of Presentat
Business and Basis of Presentation | 9 Months Ended |
Dec. 31, 2017 | |
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 development, manufacturing, marketing, sales and distribution of over-the-counter (“OTC”) healthcare and household cleaning products to mass merchandisers and drug, food, dollar, convenience and club 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 8. Basis of Presentation The unaudited Condensed Consolidated Financial Statements presented herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. All significant intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, these Condensed Consolidated Financial Statements include all adjustments, consisting of normal recurring adjustments, that are considered necessary for a fair statement of our consolidated financial position, results of operations and cash flows for the interim periods presented. Our fiscal year ends on March 31 st of each year. References in these Condensed Consolidated Financial Statements or related notes to a year (e.g., “2018”) mean our fiscal year ending or ended on March 31 st of that year. Operating results for the three and nine months ended December 31, 2017 are not necessarily indicative of results that may be expected for the fiscal year ending March 31, 2018 . These unaudited Condensed Consolidated Financial Statements and related notes should be read in conjunction with our audited Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2017 . 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. Reclassification In accordance with Accounting Standards Update (“ASU”) 2016-09, Compensation - Stock Compensation (Topic 718) , we have reclassified cash flows on our Condensed Consolidated Statements of Cash Flows related to excess tax benefits from a financing activity to an operating activity for all periods presented. The impact of the reclassification on our Financial Statements was not material. Revenue Recognition Revenues are recognized when the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the selling price is fixed or determinable, (iii) the product has been shipped and the customer takes ownership and assumes the risk of loss, and (iv) collection of the resulting receivable is reasonably assured. We have determined that these criteria are met and the transfer of the risk of loss generally occurs when the product is received by the customer, and, accordingly, we recognize revenue at that time. Provisions are made for estimated discounts related to customer payment terms and estimated product returns at the time of sale based on our historical experience. As is customary in the consumer products industry, we participate in the promotional programs of our customers to enhance the sale of our products. The cost of these promotional programs varies based on the actual number of units sold during a finite period of time. These promotional programs consist of direct-to-consumer incentives, such as coupons and temporary price reductions, as well as incentives to our customers, such as allowances for new distribution, including slotting fees, and cooperative advertising. Estimates of the costs of these promotional programs are based on (i) historical sales experience, (ii) the current promotional offering, (iii) forecasted data, (iv) current market conditions, and (v) communication with customer purchasing/marketing personnel. We recognize the cost of such sales incentives by recording an estimate of such cost as a reduction of revenue, at the later of (a) the date the related revenue is recognized, or (b) the date when a particular sales incentive is offered. At the completion of a promotional program, the estimated amounts are adjusted to actual results. Due to the nature of the consumer products industry, we are required to estimate future product returns. Accordingly, we record an estimate of product returns concurrent with recording sales, which is made after analyzing (i) historical return rates, (ii) current economic trends, (iii) changes in customer demand, (iv) product acceptance, (v) seasonality of our product offerings, and (vi) the impact of changes in product formulation, packaging and advertising. Cost of Sales Cost of sales includes product costs, warehousing costs, inbound and outbound shipping costs, and handling and storage costs. Advertising and Promotion Costs Advertising and promotion costs are expensed as incurred. Allowances for distribution costs associated with products, including slotting fees, are recognized as a reduction of sales. Under these slotting fee distribution arrangements, the retailers allow our products to be placed on the stores' shelves in exchange for such fees. Recently Adopted Accounting Pronouncements In March 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): 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 were effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. We adopted ASU 2016-09 effective April 1, 2017, and the adoption did not have a material impact on our 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 were effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Our adoption of ASU 2015-11, effective April 1, 2017, did not have a material impact on our Financial Statements. Recently Issued Accounting Pronouncements In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350) . The amendments in this update simplify the test for goodwill impairment by eliminating Step 2 from the impairment test, which required the entity to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities following the procedure that would be required in determining fair value of assets acquired and liabilities assumed in a business combination. The amendments in this update are effective for public companies for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. We are evaluating the impact of adopting this guidance on our Financial Statements and whether to early adopt this ASU. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805); Clarifying the Definition of a Business. The amendments in this update clarify the definition of a business to help companies evaluate whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The amendments in this update are effective for public companies for annual periods beginning after December 15, 2017, including interim periods within those periods. We are evaluating the impact of adopting this guidance on our Financial Statements. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments . The amendments in this update provide clarification and guidance on eight cash flow classification issues. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The adoption of ASU 2016-15 is not expected to have a material impact on our Financial Statements. In February 2016, the FASB issued ASU 2016-02, Leases. The amendments in this update include a new FASB Accounting Standards Codification ("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 Financial Statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers - Topic 606 , including new FASB ASC 606, which supersedes the revenue recognition requirements in FASB ASC 605. The new guidance will eliminate industry-specific revenue recognition guidance under current GAAP and replace it with a principle-based approach for determining revenue recognition. This ASU 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. This ASU will also require additional disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. 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. With the issuance of ASU 2016-08 in March 2016, the FASB clarified the implementation guidance on principals versus agent considerations in FASB ASC 606. In April 2016, the FASB issued ASU 2016-10, which clarified implementation guidance on identifying performance obligations and licensing in FASB ASC 606. Certain narrow aspects of the guidance in FASB ASC 606 were amended with the issuances of ASU 2016-12 in May 2016 and ASU 2016-20 in December 2016. We expect to adopt this guidance when effective using the modified retrospective transition method. Our implementation approach included performing a detailed study of the various types of agreements that we have with our customers and assessing conformance of our current accounting practices with the new standard. We have completed our assessment and contract review under the new guidance and are in the final stages of determining the impact of the new guidance. Currently, it is not expected that the adoption of this new guidance will have a material impact on our Financial Statements, revenue recognition process, or our internal controls. We continue to monitor additional amendments, clarifications and interpretations issued by the FASB that may affect our current conclusions. |
Acquisitions
Acquisitions | 9 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Acquisition of Fleet On January 26, 2017, the Company completed the acquisition of C.B. Fleet Company, Inc. (" Fleet ") pursuant to the Agreement and Plan of Merger, dated as of December 22, 2016, for $823.7 million plus cash on hand at closing and subject to certain adjustments related to net working capital. The purchase price was funded by available cash on hand, additional borrowings under our asset-based revolving credit facility, and a new $740.0 million senior secured incremental term loan. As a result of the merger, we acquired multiple women's health, gastrointestinal and dermatological care OTC brands, including Summer’s Eve , Fleet , and Boudreaux's Butt Paste , as well as a “mix and fill” manufacturing facility in Lynchburg, Virginia. The financial results from the Fleet acquisition are included in the Company's North American and International OTC Healthcare segments. The acquisition was accounted for in accordance with 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 January 26, 2017 acquisition date. (In thousands) January 26, 2017 Cash $ 19,884 Accounts receivable 25,293 Inventories 20,812 Prepaid expenses and other current assets 17,024 Property, plant and equipment 38,661 Goodwill 273,058 Intangible assets 747,600 Other long-term assets 1,137 Total assets acquired 1,143,469 Accounts payable 10,412 Accrued expenses 22,895 Deferred income taxes - long term 261,555 Other long term liabilities 24,884 Total liabilities assumed 319,746 Total purchase price $ 823,723 Based on this preliminary analysis, we allocated $648.7 million to non-amortizable intangible assets and $98.9 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 18.7 years . We recorded goodwill of $273.1 million based on the amount by which the purchase price exceeded the fair value of the net assets acquired. The goodwill is a result of acquiring and retaining workforces and expected synergies from integrating Fleet's operations into the Company's. Goodwill is not deductible for income tax purposes. The following table provides our unaudited pro forma revenues, net income and net income per basic and diluted common share had the results of Fleet's operations been included in our operations commencing on April 1, 2016, based on available information related to Fleet'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 Fleet acquisition been consummated at the beginning of the period for which the pro forma information is presented, or of future results. Three Months Ended Nine Months Ended December 31, 2016 December 31, 2016 (In thousands, except per share data) (Unaudited) Revenues $ 273,137 $ 799,880 Net income $ 30,398 $ 56,826 Earnings per share: Basic EPS $ 0.57 $ 1.07 Diluted EPS $ 0.57 $ 1.07 |
Divestitures and Sale of Licens
Divestitures and Sale of License Rights | 9 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures and Sale of License Rights | Divestitures and Sale of License Rights Divestitures On July 7, 2016, we completed the sale of the Pediacare, New Skin and Fiber Choice brands for $40.0 million plus the cost of inventory. During the nine months ended December 31, 2016 , we recorded a pre-tax loss on sale of $56.2 million . Concurrent with the completion of the sale of these brands, we entered into a transitional services agreement with the buyer, whereby we agreed to provide the buyer with various services, including marketing, operations, finance and other services, from the date of the acquisition through January 7, 2017. We also entered into an option agreement with the buyer to purchase Dermoplast at a specified earnings multiple, as defined in the option agreement. The buyer paid a $1.25 million deposit for this option in September 2016 and later notified us of its election to exercise the option. In December 2016, we completed the sales of the Dermoplast brand, and in a separate transaction, the e.p.t brand, for an aggregate amount of $59.6 million . As a result, we recorded a pre-tax net gain on these divestitures of $3.9 million . Sale of license rights Historically, we received royalty income from the licensing of the names of certain of our brands in geographic areas or markets in which we do not directly compete. We have had royalty agreements for our Comet brand for several years, which included options on behalf of the licensee to purchase license rights in certain geographic areas and markets in perpetuity. In December 2014, we amended these agreements, and we sold rights to use of the Comet brand in certain Eastern European countries to a third-party licensee in exchange for $10.0 million as a partial early buyout of the license. The amended agreement provided that we would continue to receive royalty payments of $1.0 million per quarter for the remaining geographic areas and also granted the licensee an option to acquire the license rights in the remaining geographic areas any time after June 30, 2016. In July 2016, the licensee elected to exercise its option. In August 2016, we received $11.0 million for the purchase of the remaining license rights and, as a result, we recorded a pre-tax gain of $1.2 million and reduced our indefinite-lived trademarks by $9.0 million . Furthermore, the licensee was no longer required to make additional royalty payments to us, and as a result, our future royalty income was reduced accordingly. |
Inventories
Inventories | 9 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following: (In thousands) December 31, 2017 March 31, 2017 Components of Inventories Packaging and raw materials $ 10,459 $ 9,984 Work in process 246 369 Finished goods 104,189 105,256 Inventories $ 114,894 $ 115,609 Inventories are carried and depicted above at the lower of cost or net realizable value, which includes a reduction in inventory values of $4.1 million and $6.6 million at December 31, 2017 and March 31, 2017 , respectively, related to obsolete and slow-moving inventory. |
Goodwill
Goodwill | 9 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill A reconciliation of the activity affecting goodwill by operating segment is as follows: (In thousands) North American OTC Healthcare International OTC Healthcare Household Cleaning Consolidated Balance — March 31, 2017 $ 576,453 $ 32,554 $ 6,245 $ 615,252 Adjustments (a) 4,481 — — 4,481 Effects of foreign currency exchange rates — 600 — 600 Balance — December 31, 2017 $ 580,934 $ 33,154 $ 6,245 $ 620,333 (a) Amount relates to a measurement period adjustment recorded during the three months ended September 30, 2017, associated with our Fleet acquisition. As discussed in Note 2, on January 26, 2017, we completed the acquisition of Fleet . In connection with this acquisition, we recorded goodwill of $273.1 million based on the amount by which the purchase price exceeded the fair value of the net assets acquired. Under accounting guidelines, goodwill is not amortized, but must be tested for impairment annually, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below the carrying amount. On an annual basis during the fourth quarter of each fiscal year, or more frequently if conditions indicate that the carrying value of the asset may not be recoverable, management performs a review of the values assigned to goodwill and tests for impairment. At February 28, 2017 , during our annual test for goodwill impairment, there were no indicators of impairment under the analysis. Accordingly, no impairment charge was recorded in fiscal 2017 . We utilize the discounted cash flow method to estimate the fair value of our reporting units as part of the goodwill impairment test. We also considered our market capitalization at February 28, 2017 , 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. 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, increasing competition, changing consumer preferences, technical advances, or reductions in advertising and promotion may require an impairment charge to be recorded in the future. As of December 31, 2017 , no events have occurred that would indicate potential impairment of goodwill. |
Intangible Assets, net
Intangible Assets, net | 9 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, net | Intangible Assets, net A reconciliation of the activity affecting intangible assets, net is as follows: (In thousands) Indefinite Lived Trademarks Finite Lived Totals Gross Carrying Amounts Balance — March 31, 2017 $ 2,589,155 $ 441,801 $ 3,030,956 Effects of foreign currency exchange rates 1,771 151 1,922 Balance — December 31, 2017 2,590,926 441,952 3,032,878 Accumulated Amortization Balance — March 31, 2017 — 127,343 127,343 Additions — 17,521 17,521 Effects of foreign currency exchange rates — 17 17 Balance — December 31, 2017 — 144,881 144,881 Intangible assets, net — December 31, 2017 $ 2,590,926 $ 297,071 $ 2,887,997 As discussed in Note 2, on January 26, 2017, we completed the acquisition of Fleet . In connection with this acquisition, we allocated $747.6 million to intangible assets based on our analysis. Amortization expense was $5.8 million and $17.5 million for the three and nine months ended December 31, 2017, respectively, and $4.5 million and $14.4 million for the three and nine months ended December 31, 2016, respectively. Based on our amortizable intangible assets as of December 31, 2017, amortization expense is expected to be approximately $5.8 million for the remainder of fiscal 2018, $23.4 million in fiscal 2019, $23.4 million in fiscal 2020, $22.9 million in fiscal 2021, $22.5 million in fiscal 2022 and $22.5 million in fiscal 2023. Under accounting guidelines, indefinite-lived assets are not amortized, but must be tested for impairment annually, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the asset below the carrying amount. Additionally, at each reporting period, an evaluation must be made to determine whether events and circumstances continue to support an indefinite useful life. Intangible assets with finite lives are amortized over their respective estimated useful lives and are also tested for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable and exceeds its fair value. On an annual basis during the fourth fiscal quarter, or more frequently if conditions indicate that the carrying value of the asset may not be recoverable, management performs a review of both the values and, if applicable, useful lives assigned to intangible assets and tests for impairment. We utilize the excess earnings method to estimate the fair value of our individual indefinite-lived intangible assets. We also considered our market capitalization at February 28, 2017 , which was the date of our annual impairment review. 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, increasing competition, changing consumer preferences, technical advances, or reductions in advertising and promotion may require an impairment charge to be recorded in the future. As of December 31, 2017 , no events have occurred that would indicate potential impairment of intangible assets. |
Other Accrued Liabilities
Other Accrued Liabilities | 9 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities consist of the following: (In thousands) December 31, 2017 March 31, 2017 Accrued marketing costs $ 29,501 $ 29,384 Accrued compensation costs 8,781 15,535 Accrued broker commissions 1,303 1,782 Income taxes payable 9,186 3,840 Accrued professional fees 2,403 2,412 Accrued production costs 10,212 4,580 Income tax related payable 14,859 19,000 Other accrued liabilities 7,213 7,128 $ 83,458 $ 83,661 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt At December 31, 2017 , we had $70.0 million outstanding on the asset-based revolving credit facility entered into January 31, 2012, as amended (the "2012 ABL Revolver") and an additional borrowing capacity of $95.9 million . Long-term debt consists of the following, as of the dates indicated: (In thousands, except percentages) December 31, 2017 March 31, 2017 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 $ 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 Term B-4 Loans bearing interest at our option at either LIBOR plus a margin of 2.75%, with a LIBOR floor of 0.75%, or a base rate plus a margin (with a margin step-down to 2.50%) due on January 26, 2024. 1,257,000 1,382,000 2012 ABL Revolver bearing interest at our option at either a base rate plus applicable margin or LIBOR plus applicable margin. Any unpaid balance is due on January 26, 2022. 70,000 90,000 Total long-term debt (including current portion) 2,077,000 2,222,000 Current portion of long-term debt — — Long-term debt 2,077,000 2,222,000 Less: unamortized debt costs (23,731 ) (28,268 ) Long-term debt, net $ 2,053,269 $ 2,193,732 As of December 31, 2017 , aggregate future principal payments required in accordance with the terms of the 2012 Term B-4 Loans, 2012 ABL Revolver and the indentures governing the 6.375% senior unsecured notes due 2024 (the "2016 Senior Notes") and the 5.375% senior unsecured notes due 2021 (the "2013 Senior Notes") are as follows: (In thousands) Year Ending March 31, Amount 2018 (remaining three months ending March 31, 2018) $ — 2019 — 2020 — 2021 — 2022 470,000 Thereafter 1,607,000 $ 2,077,000 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Dec. 31, 2017 | |
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. FASB ASC 820, Fair Value Measurements , 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. ASC 820 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 Term B-4 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 December 31, 2017 and March 31, 2017 ). December 31, 2017 March 31, 2017 (In thousands) Carrying Value Fair Value Carrying Value Fair Value 2016 Senior Notes $ 350,000 $ 363,125 $ 350,000 $ 367,500 2013 Senior Notes 400,000 406,500 400,000 409,000 2012 Term B-4 Loans 1,257,000 1,266,428 1,382,000 1,395,820 2012 ABL Revolver 70,000 70,000 90,000 90,000 At December 31, 2017 and March 31, 2017 , we did not have any assets or liabilities measured in Level 1 or 3. In accordance with ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) , investments that are measured at fair value using net asset value ("NAV") per share as a practical expedient have not been classified in the fair value hierarchy. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity The Company is authorized to issue 250.0 million shares of common stock, $0.01 par value per share, and 5.0 million shares of preferred stock, $0.01 par value per share. The Board of Directors may direct the issuance of the undesignated preferred stock in one or more series and determine preferences, privileges and restrictions thereof. Each share of common stock has the right to one vote on all matters submitted to a vote of stockholders. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the Board of Directors, subject to prior rights of holders of all classes of outstanding stock having priority rights as to dividends. No dividends have been declared or paid on the Company's common stock through December 31, 2017 . During the three months ended December 31, 2017 and 2016 , we repurchased 0 shares and 780 shares, respectively, of restricted common stock from our employees pursuant to the provisions of various employee restricted stock awards. The repurchases for the three months ended December 31, 2016 were at an average price of $45.83 . During the nine months ended December 31, 2017 and 2016 , we repurchased 20,549 shares and 25,768 shares, respectively, of restricted common stock from our employees pursuant to the provisions of various employee restricted stock awards. The repurchases for the nine months ended December 31, 2017 and 2016 were at an average price of $52.33 and $55.51 , respectively. All of the repurchased shares have been recorded as treasury stock. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Accumulated Other Comprehensive 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 December 31, 2017 and March 31, 2017 : (In thousands) December 31, 2017 March 31, 2017 Components of Accumulated Other Comprehensive Loss Cumulative translation adjustment $ (17,773 ) $ (26,100 ) Unrecognized net loss on pension plans (251 ) (252 ) Accumulated other comprehensive loss, net of tax $ (18,024 ) $ (26,352 ) As of December 31, 2017 and March 31, 2017 , no amounts were reclassified from accumulated other comprehensive income into earnings. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Dec. 31, 2017 | |
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. In loss periods, the assumed exercise of in-the-money stock options and restricted stock units has an anti-dilutive effect, and therefore these instruments are excluded from the computation of diluted earnings per share. The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended December 31, Nine Months Ended December 31, (In thousands, except per share data) 2017 2016 2017 2016 Numerator Net income $ 314,793 $ 31,641 $ 379,257 $ 58,305 Denominator Denominator for basic earnings per share — weighted average shares outstanding 53,129 52,999 53,089 52,960 Dilutive effect of unvested restricted stock units and options issued to employees and directors 414 360 442 379 Denominator for diluted earnings per share 53,543 53,359 53,531 53,339 Earnings per Common Share: Basic net earnings per share $ 5.93 $ 0.60 $ 7.14 $ 1.10 Diluted net earnings per share $ 5.88 $ 0.59 $ 7.08 $ 1.09 For the three months ended December 31, 2017 and 2016 , there were 0.5 million and 0.2 million shares, respectively, attributable to outstanding stock-based awards that were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For the nine months ended December 31, 2017 and 2016 , there were 0.4 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 | 9 Months Ended |
Dec. 31, 2017 | |
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 ("RSUs") and other equity-based awards. In June 2014, the Board of Directors approved, and in July 2014, our stockholders ratified, an increase of an additional 1.8 million shares of our common stock for issuance under the Plan, an increase of the maximum number of shares subject to stock options that may be awarded to any one participant under the Plan during any fiscal 12-month period from 1.0 million to 2.5 million shares, and an extension of 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 the three and nine months ended December 31, 2017 , pre-tax share-based compensation costs charged against income were $2.2 million and $6.9 million , respectively, and the related income tax recognized was an expense of $0.1 million and a benefit of $1.4 million , respectively. During the three and nine months ended December 31, 2016 , pre-tax share-based compensation costs charged against income were $2.4 million and $6.3 million , respectively, and the related income tax benefit recognized was $1.3 million and $2.5 million , respectively. At December 31, 2017 , there were $8.5 million of unrecognized compensation costs related to unvested share-based compensation arrangements under the Plan, based on management's estimate of the shares that will ultimately vest. We expect to recognize such costs over a weighted-average period of 1.0 year. The total fair value of options and RSUs vested during the nine months ended December 31, 2017 and 2016 was $6.8 million and $6.0 million , respectively. For the nine months ended December 31, 2017 and 2016 , we received cash from the exercise of stock options of $1.5 million and $3.4 million , respectively. For the nine months ended December 31, 2017 and 2016 , we realized $1.1 million and $1.8 million , respectively, in tax benefits from the tax deductions resulting from RSU issuances and stock option exercises. At December 31, 2017 , there were 2.2 million shares available for issuance under the Plan. On May 8, 2017, the Compensation and Talent Management Committee of our Board of Directors granted 35,593 performance units, 54,773 RSUs and stock options to acquire 182,823 shares of our common stock to certain executive officers and employees under the Plan. The stock options were granted at an exercise price of $56.11 per share, which was equal to the closing price for our common stock on the date of the grant. Pursuant to the Plan, each of the independent members of the Board of Directors received a grant of 2,564 RSUs on August 1, 2017. The RSUs are fully vested upon receipt of the award and will be settled by delivery to the director of one share of common stock of the Company for each vested RSU 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. Restricted Stock Units RSUs granted to employees under the Plan generally vest in three years, primarily upon the attainment of certain time vesting thresholds, and, in the case of performance share units, 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 RSUs provide for accelerated vesting if there is a change of control, as defined in the Plan. The RSUs granted to employees generally vest either ratably over three years or in their entirety on the three -year anniversary of the date of the grant. Upon vesting, the units will be settled in shares of our common stock. Termination of employment prior to vesting will result in forfeiture of the RSUs, unless otherwise accelerated by the Compensation and Talent Management Committee or, in the case of RSUs granted in May 2017, subject to pro-rata vesting in the event of death, disability or retirement. The RSUs granted to directors vest immediately upon grant, and will be settled by delivery to the director of one share of common stock of the Company for each vested RSU 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 RSUs is determined using the closing price of our common stock on the date of the grant. The weighted-average grant-date fair value of RSUs granted during the nine months ended December 31, 2017 and 2016 was $55.61 and $55.44 , respectively. A summary of the Company's RSUs granted under the Plan is presented below: RSUs Shares (in thousands) Weighted- Average Grant-Date Fair Value Nine Months Ended December 31, 2016 Vested and nonvested at March 31, 2016 467.8 $ 35.22 Granted 68.4 55.44 Vested and issued (94.7 ) 28.51 Forfeited (91.4 ) 41.71 Vested and nonvested at December 31, 2016 350.1 39.29 Vested at December 31, 2016 63.4 20.12 Nine Months Ended December 31, 2017 Vested and nonvested at March 31, 2017 350.1 $ 39.29 Granted 105.8 55.61 Vested and issued (53.3 ) 34.30 Forfeited (8.8 ) 48.49 Vested and nonvested at December 31, 2017 393.8 44.14 Vested at December 31, 2017 90.5 29.88 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. Except in the case of death, disability or retirement, 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 in the Plan. The fair value of each option award is estimated on the date of grant using the Black-Scholes Option Pricing Model that uses the assumptions noted in the table below. Expected volatilities are based on the historical volatility of our common stock and other factors, including the historical volatilities of comparable companies. We use appropriate historical data, as well as current data, to estimate option exercise and employee termination behaviors. Employees that are expected to exhibit similar exercise or termination behaviors are grouped together for the purposes of valuation. The expected terms of the options granted are derived from 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 the nine months ended December 31, 2017 and 2016 were $21.20 and $21.75 , respectively. Nine Months Ended December 31, 2017 2016 Expected volatility 35.2 % 37.8 % Expected dividends $ — $ — Expected term in years 6.0 6.0 Risk-free rate 2.2 % 1.7 % A summary of option activity under the Plan is as follows: Options Shares (in thousands) Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Nine Months Ended December 31, 2016 Outstanding at March 31, 2016 727.7 $ 30.70 Granted 264.3 55.86 Exercised (107.9 ) 31.91 Forfeited or expired (92.2 ) 42.62 Outstanding at December 31, 2016 791.9 37.54 7.4 $ 12,543 Exercisable at December 31, 2016 387.0 25.70 6.3 $ 10,217 Nine Months Ended December 31, 2017 Outstanding at March 31, 2017 772.3 $ 37.70 Granted 182.8 56.11 Exercised (51.0 ) 28.76 Forfeited or expired (22.1 ) 48.15 Outstanding at December 31, 2017 882.0 41.77 7.2 $ 7,019 Exercisable at December 31, 2017 502.9 32.50 6.1 $ 6,884 The aggregate intrinsic value of options exercised in the nine months ended December 31, 2017 was $1.2 million . |
Income Taxes
Income Taxes | 9 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act ("Tax Act"). The Tax Act represents significant U.S. federal tax reform legislation that includes a permanent reduction to the U.S. federal corporate income tax rate. The permanent reduction to the federal corporate income tax rate resulted in a one-time gain related to the value of our deferred tax liabilities resulting in a net gain of $281.2 million . Additionally, the tax reform legislation subjects certain of our cumulative foreign earnings and profits to U.S. income taxes through a deemed repatriation which resulted in a charge of $3.0 million during the three months ended December 31, 2017 . The changes included in the Tax Act are broad and complex. The final transition impacts of the Tax Act may differ from the above estimate, possibly materially, due to, among other things, changes in interpretations of the Tax Act, any legislative action to address questions that arise because of the Tax Act, any changes in accounting standards for income taxes or related interpretations in response to the Tax Act, or any updates or changes to estimates the Company has utilized to calculate the transition impacts, including impacts from changes to current year earnings estimates and foreign exchange rates of foreign subsidiaries. The U.S. Securities and Exchange Commission has issued rules that would allow for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts. Income taxes are recorded in our quarterly financial statements based on our estimated annual effective income tax rate, subject to adjustments for discrete events, should they occur. The effective rates used in the calculation of income taxes were (446.1)% and 37.6% for the three months ended December 31, 2017 and 2016 , respectively. The effective rates used in the calculation of income taxes were (137.6)% and 36.7% for the nine months ended December 31, 2017 and 2016 , respectively. The decrease in the effective tax rate for the three and nine months ended December 31, 2017 was primarily due to the effects of the Tax Act discussed above. The balance in our uncertain tax liability was $7.7 million at December 31, 2017 and $3.7 million March 31, 2017 . The increase in our uncertain tax liability was primarily related to a measurement period adjustment associated with our Fleet acquisition. We recognize interest and penalties related to uncertain tax positions as a component of income tax expense. We did not incur any material interest or penalties related to income taxes in any of the periods presented. |
Employee Retirement Plans
Employee Retirement Plans | 9 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Retirement Plans | Employee Retirement Plans The primary components of Net Periodic Benefits consist of the following: (In thousands) Three Months Ended December 31, 2017 Nine Months Ended December 31, 2017 Interest cost $ 631 $ 1,894 Expected return on assets (725 ) (2,176 ) Net periodic benefit cost (income) $ (94 ) $ (282 ) During the nine months ended December 31, 2017 , the Company contributed $0.3 million to our non-qualified defined benefit plan and made no contributions to the qualified defined benefit plan. During the remainder of fiscal 2018 , we expect to contribute an additional $0.1 million to the non-qualified plan and make no contributions to the qualified plan. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies We are involved from time to time in legal matters and other claims incidental to our business. We review outstanding claims and proceedings internally and with external counsel as necessary to assess the probability and amount of a potential loss. These assessments are re-evaluated at each reporting period and as new information becomes available to determine whether a reserve should be established or if any existing reserve should be adjusted. The actual cost of resolving a claim or proceeding ultimately may be substantially different than the amount of the recorded reserve. In addition, because it is not permissible under GAAP to establish a litigation reserve until the loss is both probable and estimable, in some cases there may be insufficient time to establish a reserve prior to the actual incurrence of the loss (upon verdict and judgment at trial, for example, or in the case of a quickly negotiated settlement). We believe the resolution of routine legal matters and other claims incidental to our business, taking our reserves into account, will not have a material adverse effect on our business, financial condition, or results of operations. Purchase Commitments We have supply agreements for the manufacture of some of our products. The following table shows the minimum amounts that we are committed to pay under these agreements: (In thousands) Year Ending March 31, Amount 2018 (Remaining three months ending March 31, 2018) $ 1,417 2019 9,082 2020 9,859 2021 9,300 2022 9,300 Thereafter 2,300 $ 41,258 |
Concentrations of Risk
Concentrations of Risk | 9 Months Ended |
Dec. 31, 2017 | |
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 and drug, food, dollar, convenience and club stores. During the three and nine months ended December 31, 2017 , approximately 39.9% and 41.2% , respectively, of our total revenues were derived from our five top selling brands. During the three and nine months ended December 31, 2016 , approximately 40.4% and 41.4% , respectively, of our total revenues were derived from our five top selling brands. Two customers, Walmart and Walgreens, accounted for more than 10% of our gross revenues in one or both of the periods presented. Walmart accounted for approximately 21.4% and 24.0% , respectively, of our gross revenues for the three and nine months ended December 31, 2017 . Walgreens accounted for approximately 9.2% and 9.0% , respectively, of gross revenues for the three and nine months ended December 31, 2017 . Walmart accounted for approximately 20.4% and 20.7% , respectively, of our gross revenues for the three and nine months ended December 31, 2016 . Walgreens accounted for approximately 10.0% and 10.3% , respectively, of gross revenues for the three and nine months ended December 31, 2016 . At December 31, 2017 , approximately 24.1% and 9.3% 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 an earthquake, tornado, flood or fire, to the main distribution center could damage our inventories and could materially impair our ability to distribute our products to customers in a timely manner or at a reasonable cost. We could incur significantly higher costs and experience longer lead times associated with the distribution of our products to our customers during the time that it takes us to reopen or replace our distribution center. As a result, any such disruption could have a material adverse effect on our business, sales and profitability. At December 31, 2017 , we had relationships with 114 third-party manufacturers. Of those, we had long-term contracts with 46 manufacturers that produced items that accounted for approximately 74.2% of gross sales for the nine months ended December 31, 2017 . At December 31, 2016 , we had relationships with 112 third-party manufacturers. Of those, we had long-term contracts with 48 manufacturers that produced items that accounted for approximately 78.5% of gross sales for the nine months ended December 31, 2016 . 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 of operations. Although we are in the process of negotiating long-term contracts with certain key manufacturers, we may not be able to reach a timely agreement, which could have a material adverse effect on our business and results of operations. |
Business Segments
Business Segments | 9 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments Segment information has been prepared in accordance with the Segment Reporting topic of the FASB ASC 280. Our current 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 reportable segments. Three Months Ended December 31, 2017 (In thousands) North American OTC International OTC Household Consolidated Total segment revenues* $ 225,695 $ 25,717 $ 19,203 $ 270,615 Cost of sales 95,164 10,511 17,266 122,941 Gross profit 130,531 15,206 1,937 147,674 Advertising and promotion 30,794 4,544 497 35,835 Contribution margin $ 99,737 $ 10,662 $ 1,440 111,839 Other operating expenses 28,336 Operating income 83,503 Other expense 25,864 Income before income taxes 57,639 Benefit for income taxes (257,154 ) Net income $ 314,793 * Intersegment revenues of $1.9 million were eliminated from the North America OTC Healthcare segment. Nine Months Ended December 31, 2017 (In thousands) North American OTC International OTC Household Cleaning Consolidated Total segment revenues* $ 656,812 $ 67,572 $ 60,830 $ 785,214 Cost of sales 268,849 29,757 51,360 349,966 Gross profit 387,963 37,815 9,470 435,248 Advertising and promotion 98,666 11,827 1,474 111,967 Contribution margin $ 289,297 $ 25,988 $ 7,996 323,281 Other operating expenses 84,592 Operating income 238,689 Other expense 79,041 Income before income taxes 159,648 Benefit for income taxes (219,609 ) Net income $ 379,257 * Intersegment revenues of $5.6 million were eliminated from the North American OTC Healthcare segment. Three Months Ended December 31, 2016 (In thousands) North American OTC International OTC Household Consolidated Total segment revenues* $ 177,273 $ 18,459 $ 21,031 $ 216,763 Cost of sales 68,378 7,678 16,160 92,216 Gross profit 108,895 10,781 4,871 124,547 Advertising and promotion 26,800 3,502 380 30,682 Contribution margin $ 82,095 $ 7,279 $ 4,491 93,865 Other operating expenses** 24,578 Operating income 69,287 Other expense 18,554 Income before income taxes 50,733 Provision for income taxes 19,092 Net income $ 31,641 * Intersegment revenues of $0.8 million were eliminated from the North American OTC Healthcare segment. **Other operating expenses for the three months ended December 31, 2016 includes a pre-tax net gain on divestitures of $3.4 million related primarily to e.p.t and Dermoplast . The assets and corresponding contribution margin associated with the pre-tax net gain on these divestitures are included within the North American OTC Healthcare segment. Nine Months Ended December 31, 2016 (In thousands) North American OTC International OTC Household Cleaning Consolidated Total segment revenues* $ 521,800 $ 53,067 $ 66,523 $ 641,390 Cost of sales 198,014 21,722 51,551 271,287 Gross profit 323,786 31,345 14,972 370,103 Advertising and promotion 76,651 8,870 1,388 86,909 Contribution margin $ 247,135 $ 22,475 $ 13,584 283,194 Other operating expenses** 130,635 Operating income 152,559 Other expense 60,511 Income before income taxes 92,048 Provision for income taxes 33,743 Net income $ 58,305 * Intersegment revenues of $2.2 million were eliminated from the North American OTC Healthcare segment. **Other operating expenses for the nine months ended December 31, 2016 includes a pre-tax net loss of $51.6 million related to divestitures. These divestitures include Pediacare , New Skin, Fiber Choice, e.p.t and Dermoplast and license rights in certain geographic areas pertaining to Comet . The assets and corresponding contribution margin associated with the pre-tax net loss on divestitures related to Pediacare , New Skin, Fiber Choice, e.p.t and Dermoplast are included within the North American OTC Healthcare segment, while the pre-tax gain on sale of license rights related to Comet is included in the Household Cleaning segment. The tables below summarize information about our segment revenues from similar product groups. Three Months Ended December 31, 2017 (In thousands) North American OTC International OTC Household Consolidated Analgesics $ 31,293 $ 160 $ — $ 31,453 Cough & Cold 28,761 4,331 — 33,092 Women's Health 63,107 2,940 — 66,047 Gastrointestinal 29,392 11,251 — 40,643 Eye & Ear Care 21,631 3,205 — 24,836 Dermatologicals 22,736 562 — 23,298 Oral Care 27,144 3,267 — 30,411 Other OTC 1,631 1 — 1,632 Household Cleaning — — 19,203 19,203 Total segment revenues $ 225,695 $ 25,717 $ 19,203 $ 270,615 Nine Months Ended December 31, 2017 (In thousands) North American OTC International OTC Household Consolidated Analgesics $ 89,931 $ 709 $ — $ 90,640 Cough & Cold 67,738 13,603 — 81,341 Women's Health 187,688 8,440 — 196,128 Gastrointestinal 88,145 25,123 — 113,268 Eye & Ear Care 69,437 8,850 — 78,287 Dermatologicals 72,688 1,587 — 74,275 Oral Care 77,026 9,256 — 86,282 Other OTC 4,159 4 — 4,163 Household Cleaning — — 60,830 60,830 Total segment revenues $ 656,812 $ 67,572 $ 60,830 $ 785,214 Three Months Ended December 31, 2016 (In thousands) North American OTC International OTC Household Consolidated Analgesics $ 32,439 $ 444 $ — $ 32,883 Cough & Cold 29,803 4,166 — 33,969 Women's Health 30,896 580 — 31,476 Gastrointestinal 15,109 6,701 — 21,810 Eye & Ear Care 23,571 2,997 — 26,568 Dermatologicals 19,948 479 — 20,427 Oral Care 24,129 3,083 — 27,212 Other OTC 1,378 9 — 1,387 Household Cleaning — — 21,031 21,031 Total segment revenues $ 177,273 $ 18,459 $ 21,031 $ 216,763 Nine Months Ended December 31, 2016 (In thousands) North American OTC International OTC Household Consolidated Analgesics $ 90,558 $ 1,515 $ — $ 92,073 Cough & Cold 68,876 13,718 — 82,594 Women's Health 97,051 2,151 — 99,202 Gastrointestinal 50,495 17,045 — 67,540 Eye & Ear Care 72,512 8,782 — 81,294 Dermatologicals 65,598 1,717 — 67,315 Oral Care 72,308 8,120 — 80,428 Other OTC 4,402 19 — 4,421 Household Cleaning — — 66,523 66,523 Total segment revenues $ 521,800 $ 53,067 $ 66,523 $ 641,390 During the three months ended December 31, 2017 and 2016 , approximately 85.9% and 86.7% , respectively, of our total segment revenues were from customers in the United States. During the nine months ended December 31, 2017 and 2016 , approximately 87.0% and 86.7% , respectively, of our total segment revenues were from customers in the United States. Other than the United States, no individual geographical area accounted for more than 10% of net sales in any of the periods presented. During the three months ended December 31, 2017 , our Canada and Australia sales accounted for approximately 4.5% and 5.5% , respectively, of our total segment revenues, while during the three months ended December 31, 2016 , our Canada and Australia sales accounted for approximately 4.7% and 5.3% , respectively, of our total segment revenues. During the nine months ended December 31, 2017 , our Canada and Australia sales accounted for approximately 4.3% and 4.7% , respectively, of our total segment revenues, while during the nine months ended December 31, 2016 , our Canada and Australia sales accounted for approximately 4.9% and 5.4% , respectively, of our total segment revenues. At December 31, 2017 and March 31, 2017 , approximately 96.4% of our consolidated goodwill and intangible assets were located in the United States and approximately 3.6% were located in Australia, the United Kingdom and Singapore. These consolidated goodwill and intangible assets have been allocated to the reportable segments as follows: December 31, 2017 North American OTC International OTC Household Consolidated (In thousands) Goodwill $ 580,934 $ 33,154 $ 6,245 $ 620,333 Intangible assets Indefinite-lived 2,404,336 85,329 101,261 2,590,926 Finite-lived, net 271,240 6,206 19,625 297,071 Intangible assets, net 2,675,576 91,535 120,886 2,887,997 Total $ 3,256,510 $ 124,689 $ 127,131 $ 3,508,330 March 31, 2017 North American OTC International OTC Household Consolidated (In thousands) Goodwill $ 576,453 $ 32,554 $ 6,245 $ 615,252 Intangible assets Indefinite-lived 2,404,336 83,558 101,261 2,589,155 Finite-lived, net 287,056 6,468 20,934 314,458 Intangible assets, net 2,691,392 90,026 122,195 2,903,613 Total $ 3,267,845 $ 122,580 $ 128,440 $ 3,518,865 |
Business and Basis of Present24
Business and Basis of Presentation (Policies) | 9 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited Condensed Consolidated Financial Statements presented herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. All significant intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, these Condensed Consolidated Financial Statements include all adjustments, consisting of normal recurring adjustments, that are considered necessary for a fair statement of our consolidated financial position, results of operations and cash flows for the interim periods presented. Our fiscal year ends on March 31 st of each year. References in these Condensed Consolidated Financial Statements or related notes to a year (e.g., “2018”) mean our fiscal year ending or ended on March 31 st of that year. Operating results for the three and nine months ended December 31, 2017 are not necessarily indicative of results that may be expected for the fiscal year ending March 31, 2018 . These unaudited Condensed Consolidated Financial Statements and related notes should be read in conjunction with our audited Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2017 . |
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. |
Reclassification | Reclassification In accordance with Accounting Standards Update (“ASU”) 2016-09, Compensation - Stock Compensation (Topic 718) , we have reclassified cash flows on our Condensed Consolidated Statements of Cash Flows related to excess tax benefits from a financing activity to an operating activity for all periods presented. |
Revenue Recognition | Revenue Recognition Revenues are recognized when the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the selling price is fixed or determinable, (iii) the product has been shipped and the customer takes ownership and assumes the risk of loss, and (iv) collection of the resulting receivable is reasonably assured. We have determined that these criteria are met and the transfer of the risk of loss generally occurs when the product is received by the customer, and, accordingly, we recognize revenue at that time. Provisions are made for estimated discounts related to customer payment terms and estimated product returns at the time of sale based on our historical experience. As is customary in the consumer products industry, we participate in the promotional programs of our customers to enhance the sale of our products. The cost of these promotional programs varies based on the actual number of units sold during a finite period of time. These promotional programs consist of direct-to-consumer incentives, such as coupons and temporary price reductions, as well as incentives to our customers, such as allowances for new distribution, including slotting fees, and cooperative advertising. Estimates of the costs of these promotional programs are based on (i) historical sales experience, (ii) the current promotional offering, (iii) forecasted data, (iv) current market conditions, and (v) communication with customer purchasing/marketing personnel. We recognize the cost of such sales incentives by recording an estimate of such cost as a reduction of revenue, at the later of (a) the date the related revenue is recognized, or (b) the date when a particular sales incentive is offered. At the completion of a promotional program, the estimated amounts are adjusted to actual results. Due to the nature of the consumer products industry, we are required to estimate future product returns. Accordingly, we record an estimate of product returns concurrent with recording sales, which is made after analyzing (i) historical return rates, (ii) current economic trends, (iii) changes in customer demand, (iv) product acceptance, (v) seasonality of our product offerings, and (vi) the impact of changes in product formulation, packaging and advertising. |
Cost of Sales | Cost of Sales Cost of sales includes product costs, warehousing costs, inbound and outbound shipping costs, and handling and storage costs. |
Advertising and Promotion Costs | Advertising and Promotion Costs Advertising and promotion costs are expensed as incurred. Allowances for distribution costs associated with products, including slotting fees, are recognized as a reduction of sales. Under these slotting fee distribution arrangements, the retailers allow our products to be placed on the stores' shelves in exchange for such fees. |
Recently Issued Accounting Standards | Recently Adopted Accounting Pronouncements In March 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): 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 were effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. We adopted ASU 2016-09 effective April 1, 2017, and the adoption did not have a material impact on our 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 were effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Our adoption of ASU 2015-11, effective April 1, 2017, did not have a material impact on our Financial Statements. Recently Issued Accounting Pronouncements In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350) . The amendments in this update simplify the test for goodwill impairment by eliminating Step 2 from the impairment test, which required the entity to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities following the procedure that would be required in determining fair value of assets acquired and liabilities assumed in a business combination. The amendments in this update are effective for public companies for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. We are evaluating the impact of adopting this guidance on our Financial Statements and whether to early adopt this ASU. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805); Clarifying the Definition of a Business. The amendments in this update clarify the definition of a business to help companies evaluate whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The amendments in this update are effective for public companies for annual periods beginning after December 15, 2017, including interim periods within those periods. We are evaluating the impact of adopting this guidance on our Financial Statements. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments . The amendments in this update provide clarification and guidance on eight cash flow classification issues. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The adoption of ASU 2016-15 is not expected to have a material impact on our Financial Statements. In February 2016, the FASB issued ASU 2016-02, Leases. The amendments in this update include a new FASB Accounting Standards Codification ("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 Financial Statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers - Topic 606 , including new FASB ASC 606, which supersedes the revenue recognition requirements in FASB ASC 605. The new guidance will eliminate industry-specific revenue recognition guidance under current GAAP and replace it with a principle-based approach for determining revenue recognition. This ASU 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. This ASU will also require additional disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. 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. With the issuance of ASU 2016-08 in March 2016, the FASB clarified the implementation guidance on principals versus agent considerations in FASB ASC 606. In April 2016, the FASB issued ASU 2016-10, which clarified implementation guidance on identifying performance obligations and licensing in FASB ASC 606. Certain narrow aspects of the guidance in FASB ASC 606 were amended with the issuances of ASU 2016-12 in May 2016 and ASU 2016-20 in December 2016. We expect to adopt this guidance when effective using the modified retrospective transition method. Our implementation approach included performing a detailed study of the various types of agreements that we have with our customers and assessing conformance of our current accounting practices with the new standard. We have completed our assessment and contract review under the new guidance and are in the final stages of determining the impact of the new guidance. Currently, it is not expected that the adoption of this new guidance will have a material impact on our Financial Statements, revenue recognition process, or our internal controls. We continue to monitor additional amendments, clarifications and interpretations issued by the FASB that may affect our current conclusions. |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Allocation of Assets Acquired and Liabilities Assumed | The following table summarizes our allocation of the assets acquired and liabilities assumed as of the January 26, 2017 acquisition date. (In thousands) January 26, 2017 Cash $ 19,884 Accounts receivable 25,293 Inventories 20,812 Prepaid expenses and other current assets 17,024 Property, plant and equipment 38,661 Goodwill 273,058 Intangible assets 747,600 Other long-term assets 1,137 Total assets acquired 1,143,469 Accounts payable 10,412 Accrued expenses 22,895 Deferred income taxes - long term 261,555 Other long term liabilities 24,884 Total liabilities assumed 319,746 Total purchase price $ 823,723 |
Schedule of Pro Forma Information | The following table provides our unaudited pro forma revenues, net income and net income per basic and diluted common share had the results of Fleet's operations been included in our operations commencing on April 1, 2016, based on available information related to Fleet'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 Fleet acquisition been consummated at the beginning of the period for which the pro forma information is presented, or of future results. Three Months Ended Nine Months Ended December 31, 2016 December 31, 2016 (In thousands, except per share data) (Unaudited) Revenues $ 273,137 $ 799,880 Net income $ 30,398 $ 56,826 Earnings per share: Basic EPS $ 0.57 $ 1.07 Diluted EPS $ 0.57 $ 1.07 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consist of the following: (In thousands) December 31, 2017 March 31, 2017 Components of Inventories Packaging and raw materials $ 10,459 $ 9,984 Work in process 246 369 Finished goods 104,189 105,256 Inventories $ 114,894 $ 115,609 |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Reconciliation of the Activity Affecting Goodwill | A reconciliation of the activity affecting goodwill by operating segment is as follows: (In thousands) North American OTC Healthcare International OTC Healthcare Household Cleaning Consolidated Balance — March 31, 2017 $ 576,453 $ 32,554 $ 6,245 $ 615,252 Adjustments (a) 4,481 — — 4,481 Effects of foreign currency exchange rates — 600 — 600 Balance — December 31, 2017 $ 580,934 $ 33,154 $ 6,245 $ 620,333 (a) Amount relates to a measurement period adjustment recorded during the three months ended September 30, 2017, associated with our Fleet acquisition |
Intangible Assets, net (Tables)
Intangible Assets, net (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Reconciliation of the Activity Affecting Finite Lived Intangible Assets | A reconciliation of the activity affecting intangible assets, net is as follows: (In thousands) Indefinite Lived Trademarks Finite Lived Totals Gross Carrying Amounts Balance — March 31, 2017 $ 2,589,155 $ 441,801 $ 3,030,956 Effects of foreign currency exchange rates 1,771 151 1,922 Balance — December 31, 2017 2,590,926 441,952 3,032,878 Accumulated Amortization Balance — March 31, 2017 — 127,343 127,343 Additions — 17,521 17,521 Effects of foreign currency exchange rates — 17 17 Balance — December 31, 2017 — 144,881 144,881 Intangible assets, net — December 31, 2017 $ 2,590,926 $ 297,071 $ 2,887,997 |
Reconciliation of the Activity Affecting Indefinite Lived Intangible Assets | A reconciliation of the activity affecting intangible assets, net is as follows: (In thousands) Indefinite Lived Trademarks Finite Lived Totals Gross Carrying Amounts Balance — March 31, 2017 $ 2,589,155 $ 441,801 $ 3,030,956 Effects of foreign currency exchange rates 1,771 151 1,922 Balance — December 31, 2017 2,590,926 441,952 3,032,878 Accumulated Amortization Balance — March 31, 2017 — 127,343 127,343 Additions — 17,521 17,521 Effects of foreign currency exchange rates — 17 17 Balance — December 31, 2017 — 144,881 144,881 Intangible assets, net — December 31, 2017 $ 2,590,926 $ 297,071 $ 2,887,997 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | Other accrued liabilities consist of the following: (In thousands) December 31, 2017 March 31, 2017 Accrued marketing costs $ 29,501 $ 29,384 Accrued compensation costs 8,781 15,535 Accrued broker commissions 1,303 1,782 Income taxes payable 9,186 3,840 Accrued professional fees 2,403 2,412 Accrued production costs 10,212 4,580 Income tax related payable 14,859 19,000 Other accrued liabilities 7,213 7,128 $ 83,458 $ 83,661 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt consists of the following, as of the dates indicated: (In thousands, except percentages) December 31, 2017 March 31, 2017 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 $ 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 Term B-4 Loans bearing interest at our option at either LIBOR plus a margin of 2.75%, with a LIBOR floor of 0.75%, or a base rate plus a margin (with a margin step-down to 2.50%) due on January 26, 2024. 1,257,000 1,382,000 2012 ABL Revolver bearing interest at our option at either a base rate plus applicable margin or LIBOR plus applicable margin. Any unpaid balance is due on January 26, 2022. 70,000 90,000 Total long-term debt (including current portion) 2,077,000 2,222,000 Current portion of long-term debt — — Long-term debt 2,077,000 2,222,000 Less: unamortized debt costs (23,731 ) (28,268 ) Long-term debt, net $ 2,053,269 $ 2,193,732 |
Aggregate Future Principal Payments | As of December 31, 2017 , aggregate future principal payments required in accordance with the terms of the 2012 Term B-4 Loans, 2012 ABL Revolver and the indentures governing the 6.375% senior unsecured notes due 2024 (the "2016 Senior Notes") and the 5.375% senior unsecured notes due 2021 (the "2013 Senior Notes") are as follows: (In thousands) Year Ending March 31, Amount 2018 (remaining three months ending March 31, 2018) $ — 2019 — 2020 — 2021 — 2022 470,000 Thereafter 1,607,000 $ 2,077,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of Carry Amounts and Fair Value Measurements | As such, the 2016 Senior Notes, the 2013 Senior Notes, the 2012 Term B-4 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 December 31, 2017 and March 31, 2017 ). December 31, 2017 March 31, 2017 (In thousands) Carrying Value Fair Value Carrying Value Fair Value 2016 Senior Notes $ 350,000 $ 363,125 $ 350,000 $ 367,500 2013 Senior Notes 400,000 406,500 400,000 409,000 2012 Term B-4 Loans 1,257,000 1,266,428 1,382,000 1,395,820 2012 ABL Revolver 70,000 70,000 90,000 90,000 |
Accumulated Other Comprehensi32
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Schedule of 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 December 31, 2017 and March 31, 2017 : (In thousands) December 31, 2017 March 31, 2017 Components of Accumulated Other Comprehensive Loss Cumulative translation adjustment $ (17,773 ) $ (26,100 ) Unrecognized net loss on pension plans (251 ) (252 ) Accumulated other comprehensive loss, net of tax $ (18,024 ) $ (26,352 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended December 31, Nine Months Ended December 31, (In thousands, except per share data) 2017 2016 2017 2016 Numerator Net income $ 314,793 $ 31,641 $ 379,257 $ 58,305 Denominator Denominator for basic earnings per share — weighted average shares outstanding 53,129 52,999 53,089 52,960 Dilutive effect of unvested restricted stock units and options issued to employees and directors 414 360 442 379 Denominator for diluted earnings per share 53,543 53,359 53,531 53,339 Earnings per Common Share: Basic net earnings per share $ 5.93 $ 0.60 $ 7.14 $ 1.10 Diluted net earnings per share $ 5.88 $ 0.59 $ 7.08 $ 1.09 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Restricted Shares | A summary of the Company's RSUs granted under the Plan is presented below: RSUs Shares (in thousands) Weighted- Average Grant-Date Fair Value Nine Months Ended December 31, 2016 Vested and nonvested at March 31, 2016 467.8 $ 35.22 Granted 68.4 55.44 Vested and issued (94.7 ) 28.51 Forfeited (91.4 ) 41.71 Vested and nonvested at December 31, 2016 350.1 39.29 Vested at December 31, 2016 63.4 20.12 Nine Months Ended December 31, 2017 Vested and nonvested at March 31, 2017 350.1 $ 39.29 Granted 105.8 55.61 Vested and issued (53.3 ) 34.30 Forfeited (8.8 ) 48.49 Vested and nonvested at December 31, 2017 393.8 44.14 Vested at December 31, 2017 90.5 29.88 |
Fair Value of Options Granted | The weighted-average grant-date fair values of the options granted during the nine months ended December 31, 2017 and 2016 were $21.20 and $21.75 , respectively. Nine Months Ended December 31, 2017 2016 Expected volatility 35.2 % 37.8 % Expected dividends $ — $ — Expected term in years 6.0 6.0 Risk-free rate 2.2 % 1.7 % |
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 (years) Aggregate Intrinsic Value (in thousands) Nine Months Ended December 31, 2016 Outstanding at March 31, 2016 727.7 $ 30.70 Granted 264.3 55.86 Exercised (107.9 ) 31.91 Forfeited or expired (92.2 ) 42.62 Outstanding at December 31, 2016 791.9 37.54 7.4 $ 12,543 Exercisable at December 31, 2016 387.0 25.70 6.3 $ 10,217 Nine Months Ended December 31, 2017 Outstanding at March 31, 2017 772.3 $ 37.70 Granted 182.8 56.11 Exercised (51.0 ) 28.76 Forfeited or expired (22.1 ) 48.15 Outstanding at December 31, 2017 882.0 41.77 7.2 $ 7,019 Exercisable at December 31, 2017 502.9 32.50 6.1 $ 6,884 |
Employee Retirement Plans (Tabl
Employee Retirement Plans (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Primary Components of Net Periodic Benefits | The primary components of Net Periodic Benefits consist of the following: (In thousands) Three Months Ended December 31, 2017 Nine Months Ended December 31, 2017 Interest cost $ 631 $ 1,894 Expected return on assets (725 ) (2,176 ) Net periodic benefit cost (income) $ (94 ) $ (282 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase Commitments Minimum Amounts Set Forth | We have supply agreements for the manufacture of some of our products. The following table shows the minimum amounts that we are committed to pay under these agreements: (In thousands) Year Ending March 31, Amount 2018 (Remaining three months ending March 31, 2018) $ 1,417 2019 9,082 2020 9,859 2021 9,300 2022 9,300 Thereafter 2,300 $ 41,258 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Information about our Operating and Reportable Segments | The tables below summarize information about our reportable segments. Three Months Ended December 31, 2017 (In thousands) North American OTC International OTC Household Consolidated Total segment revenues* $ 225,695 $ 25,717 $ 19,203 $ 270,615 Cost of sales 95,164 10,511 17,266 122,941 Gross profit 130,531 15,206 1,937 147,674 Advertising and promotion 30,794 4,544 497 35,835 Contribution margin $ 99,737 $ 10,662 $ 1,440 111,839 Other operating expenses 28,336 Operating income 83,503 Other expense 25,864 Income before income taxes 57,639 Benefit for income taxes (257,154 ) Net income $ 314,793 * Intersegment revenues of $1.9 million were eliminated from the North America OTC Healthcare segment. Nine Months Ended December 31, 2017 (In thousands) North American OTC International OTC Household Cleaning Consolidated Total segment revenues* $ 656,812 $ 67,572 $ 60,830 $ 785,214 Cost of sales 268,849 29,757 51,360 349,966 Gross profit 387,963 37,815 9,470 435,248 Advertising and promotion 98,666 11,827 1,474 111,967 Contribution margin $ 289,297 $ 25,988 $ 7,996 323,281 Other operating expenses 84,592 Operating income 238,689 Other expense 79,041 Income before income taxes 159,648 Benefit for income taxes (219,609 ) Net income $ 379,257 * Intersegment revenues of $5.6 million were eliminated from the North American OTC Healthcare segment. Three Months Ended December 31, 2016 (In thousands) North American OTC International OTC Household Consolidated Total segment revenues* $ 177,273 $ 18,459 $ 21,031 $ 216,763 Cost of sales 68,378 7,678 16,160 92,216 Gross profit 108,895 10,781 4,871 124,547 Advertising and promotion 26,800 3,502 380 30,682 Contribution margin $ 82,095 $ 7,279 $ 4,491 93,865 Other operating expenses** 24,578 Operating income 69,287 Other expense 18,554 Income before income taxes 50,733 Provision for income taxes 19,092 Net income $ 31,641 * Intersegment revenues of $0.8 million were eliminated from the North American OTC Healthcare segment. **Other operating expenses for the three months ended December 31, 2016 includes a pre-tax net gain on divestitures of $3.4 million related primarily to e.p.t and Dermoplast . The assets and corresponding contribution margin associated with the pre-tax net gain on these divestitures are included within the North American OTC Healthcare segment. Nine Months Ended December 31, 2016 (In thousands) North American OTC International OTC Household Cleaning Consolidated Total segment revenues* $ 521,800 $ 53,067 $ 66,523 $ 641,390 Cost of sales 198,014 21,722 51,551 271,287 Gross profit 323,786 31,345 14,972 370,103 Advertising and promotion 76,651 8,870 1,388 86,909 Contribution margin $ 247,135 $ 22,475 $ 13,584 283,194 Other operating expenses** 130,635 Operating income 152,559 Other expense 60,511 Income before income taxes 92,048 Provision for income taxes 33,743 Net income $ 58,305 * Intersegment revenues of $2.2 million were eliminated from the North American OTC Healthcare segment. **Other operating expenses for the nine months ended December 31, 2016 includes a pre-tax net loss of $51.6 million related to divestitures. These divestitures include Pediacare , New Skin, Fiber Choice, e.p.t and Dermoplast and license rights in certain geographic areas pertaining to Comet . The assets and corresponding contribution margin associated with the pre-tax net loss on divestitures related to Pediacare , New Skin, Fiber Choice, e.p.t and Dermoplast are included within the North American OTC Healthcare segment, while the pre-tax gain on sale of license rights related to Comet is included in the Household Cleaning segment. |
Information about our Revenues from Similar Product Groups | The tables below summarize information about our segment revenues from similar product groups. Three Months Ended December 31, 2017 (In thousands) North American OTC International OTC Household Consolidated Analgesics $ 31,293 $ 160 $ — $ 31,453 Cough & Cold 28,761 4,331 — 33,092 Women's Health 63,107 2,940 — 66,047 Gastrointestinal 29,392 11,251 — 40,643 Eye & Ear Care 21,631 3,205 — 24,836 Dermatologicals 22,736 562 — 23,298 Oral Care 27,144 3,267 — 30,411 Other OTC 1,631 1 — 1,632 Household Cleaning — — 19,203 19,203 Total segment revenues $ 225,695 $ 25,717 $ 19,203 $ 270,615 Nine Months Ended December 31, 2017 (In thousands) North American OTC International OTC Household Consolidated Analgesics $ 89,931 $ 709 $ — $ 90,640 Cough & Cold 67,738 13,603 — 81,341 Women's Health 187,688 8,440 — 196,128 Gastrointestinal 88,145 25,123 — 113,268 Eye & Ear Care 69,437 8,850 — 78,287 Dermatologicals 72,688 1,587 — 74,275 Oral Care 77,026 9,256 — 86,282 Other OTC 4,159 4 — 4,163 Household Cleaning — — 60,830 60,830 Total segment revenues $ 656,812 $ 67,572 $ 60,830 $ 785,214 Three Months Ended December 31, 2016 (In thousands) North American OTC International OTC Household Consolidated Analgesics $ 32,439 $ 444 $ — $ 32,883 Cough & Cold 29,803 4,166 — 33,969 Women's Health 30,896 580 — 31,476 Gastrointestinal 15,109 6,701 — 21,810 Eye & Ear Care 23,571 2,997 — 26,568 Dermatologicals 19,948 479 — 20,427 Oral Care 24,129 3,083 — 27,212 Other OTC 1,378 9 — 1,387 Household Cleaning — — 21,031 21,031 Total segment revenues $ 177,273 $ 18,459 $ 21,031 $ 216,763 Nine Months Ended December 31, 2016 (In thousands) North American OTC International OTC Household Consolidated Analgesics $ 90,558 $ 1,515 $ — $ 92,073 Cough & Cold 68,876 13,718 — 82,594 Women's Health 97,051 2,151 — 99,202 Gastrointestinal 50,495 17,045 — 67,540 Eye & Ear Care 72,512 8,782 — 81,294 Dermatologicals 65,598 1,717 — 67,315 Oral Care 72,308 8,120 — 80,428 Other OTC 4,402 19 — 4,421 Household Cleaning — — 66,523 66,523 Total segment revenues $ 521,800 $ 53,067 $ 66,523 $ 641,390 |
Allocation of Long-Term Assets to Segments | These consolidated goodwill and intangible assets have been allocated to the reportable segments as follows: December 31, 2017 North American OTC International OTC Household Consolidated (In thousands) Goodwill $ 580,934 $ 33,154 $ 6,245 $ 620,333 Intangible assets Indefinite-lived 2,404,336 85,329 101,261 2,590,926 Finite-lived, net 271,240 6,206 19,625 297,071 Intangible assets, net 2,675,576 91,535 120,886 2,887,997 Total $ 3,256,510 $ 124,689 $ 127,131 $ 3,508,330 March 31, 2017 North American OTC International OTC Household Consolidated (In thousands) Goodwill $ 576,453 $ 32,554 $ 6,245 $ 615,252 Intangible assets Indefinite-lived 2,404,336 83,558 101,261 2,589,155 Finite-lived, net 287,056 6,468 20,934 314,458 Intangible assets, net 2,691,392 90,026 122,195 2,903,613 Total $ 3,267,845 $ 122,580 $ 128,440 $ 3,518,865 |
Business and Basis of Present38
Business and Basis of Presentation (Narrative) (Details) | Dec. 31, 2017 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Ownership percentage, subsidiaries | 100.00% |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) | Jan. 26, 2017 | Dec. 31, 2017 | Mar. 31, 2017 |
Business Acquisition [Line Items] | |||
Goodwill | $ 620,333,000 | $ 615,252,000 | |
C.B. Fleet Company, Inc. | |||
Business Acquisition [Line Items] | |||
Purchase price | $ 823,700,000 | ||
Non-amortizable intangible assets | 648,700,000 | ||
Amortizable intangible assets | $ 98,900,000 | ||
Purchased amortizable intangible assets, weighted average useful life | 18 years 8 months 12 days | ||
Goodwill | $ 273,058,000 | ||
Term Loans | C.B. Fleet Company, Inc. | |||
Business Acquisition [Line Items] | |||
Debt instrument, face amount | $ 740,000,000 |
Acquisitions (Allocation of Ass
Acquisitions (Allocation of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 | Jan. 26, 2017 |
Purchase Price | |||
Goodwill | $ 620,333 | $ 615,252 | |
C.B. Fleet Company, Inc. | |||
Purchase Price | |||
Cash acquired | $ 19,884 | ||
Accounts receivable | 25,293 | ||
Inventories | 20,812 | ||
Prepaids and other current assets | 17,024 | ||
Property, plant and equipment, net | 38,661 | ||
Goodwill | 273,058 | ||
Intangible assets, net | 747,600 | ||
Other long-term assets | 1,137 | ||
Total assets acquired | 1,143,469 | ||
Accounts payable | 10,412 | ||
Accrued expenses | 22,895 | ||
Deferred income taxes - long term | 261,555 | ||
Other long term liabilities | 24,884 | ||
Total liabilities assumed | 319,746 | ||
Total purchase price | $ 823,723 |
Acquisitions (Pro Forma) (Detai
Acquisitions (Pro Forma) (Details) - C.B. Fleet Company, Inc. - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended |
Dec. 31, 2016 | Dec. 31, 2016 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Revenues | $ 273,137 | $ 799,880 |
Net income | $ 30,398 | $ 56,826 |
Earnings per share: | ||
Basic EPS (in USD per share) | $ 0.57 | $ 1.07 |
Diluted EPS (in USD per share) | $ 0.57 | $ 1.07 |
Divestitures and Sale of Lice42
Divestitures and Sale of License Rights (Narrative) (Details) - USD ($) $ in Thousands | Jul. 07, 2016 | Dec. 31, 2016 | Sep. 30, 2016 | Aug. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 |
Long Lived Assets Held-for-sale [Line Items] | |||||||||
Pre-tax gain (loss) on sales | $ 0 | $ 3,405 | $ 0 | $ (51,552) | |||||
Disposal group, held-for-sale, not discontinued operations | Pediacare, New Skin and Fiber Choice | Cough and Cold, Dermatologicals, and Gastrointestinal Products Group | North American OTC Healthcare | |||||||||
Long Lived Assets Held-for-sale [Line Items] | |||||||||
Proceeds from sale of business | $ 40,000 | ||||||||
Pre-tax gain (loss) on sales | $ (56,200) | ||||||||
Disposal group, held-for-sale, not discontinued operations | E.P.T. and Dermoplast | Cough and Cold, Dermatologicals, and Gastrointestinal Products Group | North American OTC Healthcare | |||||||||
Long Lived Assets Held-for-sale [Line Items] | |||||||||
Proceeds from sale of business | $ 59,600 | ||||||||
Pre-tax gain (loss) on sales | $ 3,900 | $ 3,400 | |||||||
Disposal group, held-for-sale, not discontinued operations | Dermoplast | Cough and Cold, Dermatologicals, and Gastrointestinal Products Group | North American OTC Healthcare | |||||||||
Long Lived Assets Held-for-sale [Line Items] | |||||||||
Deposit for agreement to purchase | $ 1,250 | ||||||||
Comet Brand | |||||||||
Long Lived Assets Held-for-sale [Line Items] | |||||||||
Proceeds from early buy-out of intangible assets | $ 10,000 | ||||||||
Royalty revenue | $ 1,000 | ||||||||
Proceeds from sale of intangible assets | $ 11,000 | ||||||||
Gain sale of intangible assets | 1,200 | ||||||||
Intangible assets reduction | $ 9,000 |
Inventories (Components of Inv
Inventories (Components of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Packaging and raw materials | $ 10,459 | $ 9,984 |
Work in process | 246 | 369 |
Finished goods | 104,189 | 105,256 |
Inventories | 114,894 | 115,609 |
Inventory valuation reserves related to obsolete and slow-moving inventory | $ 4,100 | $ 6,600 |
Goodwill (Schedule of Segment G
Goodwill (Schedule of Segment Goodwill) (Details) $ in Thousands | 9 Months Ended |
Dec. 31, 2017USD ($) | |
Goodwill [Roll Forward] | |
Balance — March 31, 2017 | $ 615,252 |
Adjustments (a) | 4,481 |
Effects of foreign currency exchange rates | 600 |
Balance — December 31, 2017 | 620,333 |
North American OTC Healthcare | |
Goodwill [Roll Forward] | |
Balance — March 31, 2017 | 576,453 |
Adjustments (a) | 4,481 |
Effects of foreign currency exchange rates | 0 |
Balance — December 31, 2017 | 580,934 |
International OTC Healthcare | |
Goodwill [Roll Forward] | |
Balance — March 31, 2017 | 32,554 |
Adjustments (a) | 0 |
Effects of foreign currency exchange rates | 600 |
Balance — December 31, 2017 | 33,154 |
Household Cleaning | |
Goodwill [Roll Forward] | |
Balance — March 31, 2017 | 6,245 |
Adjustments (a) | 0 |
Effects of foreign currency exchange rates | 0 |
Balance — December 31, 2017 | $ 6,245 |
Goodwill (Narrative) (Details)
Goodwill (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2017 | Jan. 26, 2017 | |
Goodwill [Line Items] | |||
Goodwill | $ 615,252,000 | $ 620,333,000 | |
Goodwill impairment | $ 0 | ||
C.B. Fleet Company, Inc. | |||
Goodwill [Line Items] | |||
Goodwill | $ 273,058,000 |
Intangible Assets, net (Schedul
Intangible Assets, net (Schedule of Reconciliation of Activity Affecting Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |
Indefinite-Lived Intangible Assets [Abstract] | |||||
Indefinite Lived Trademarks, beginning balance | $ 2,589,155 | ||||
Indefinite Lived Trademarks, ending balance | $ 2,590,926 | 2,590,926 | |||
Finite-lived Intangible Assets, Accumulated Amortization [Abstract] | |||||
Finite Lived Trademarks and Customer Relationships, accumulated amortization, beginning balance | 127,343 | ||||
Accumulated amortization, additions | 5,800 | $ 4,500 | 17,521 | $ 14,400 | |
Accumulated amortization, effects of foreign exchange rates | 17 | ||||
Finite Lived Trademarks and Customer Relationships, accumulated amortization, ending balance | 144,881 | 144,881 | |||
Intangible Assets, Gross [Abstract] | |||||
Totals, gross, beginning balance | 3,030,956 | ||||
Totals, effects of foreign currency exchange rate | 1,922 | ||||
Totals, gross, ending balance | 3,032,878 | 3,030,956 | $ 3,030,956 | ||
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Finite-lived, net | 297,071 | 314,458 | |||
Intangible Assets, Net [Abstract] | |||||
Intangible assets, net | 2,887,997 | $ 2,903,613 | |||
Finite Lived Trademarks and Customer Relationships | |||||
Finite-Lived Intangible Assets, Gross [Abstract] | |||||
Finite Lived Trademarks and Customer Relationships, beginning balance | 441,801 | ||||
Finite Lived Trademarks and Customer Relationships, effects of foreign currency exchange rate | 151 | ||||
Finite Lived Trademarks and Customer Relationships, ending balance | 441,952 | 441,952 | |||
Finite-lived Intangible Assets, Accumulated Amortization [Abstract] | |||||
Finite Lived Trademarks and Customer Relationships, accumulated amortization, beginning balance | 127,343 | ||||
Accumulated amortization, additions | 17,521 | ||||
Accumulated amortization, effects of foreign exchange rates | 17 | ||||
Finite Lived Trademarks and Customer Relationships, accumulated amortization, ending balance | 144,881 | 144,881 | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Finite-lived, net | 297,071 | ||||
Indefinite Lived Trademarks | |||||
Indefinite-Lived Intangible Assets [Abstract] | |||||
Indefinite Lived Trademarks, beginning balance | 2,589,155 | ||||
Indefinite Lived Trademarks, effects of foreign currency exchange rate | 1,771 | ||||
Indefinite Lived Trademarks, ending balance | $ 2,590,926 | $ 2,590,926 |
Intangible Assets, net (Narrati
Intangible Assets, net (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 26, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense | $ 5,800 | $ 4,500 | $ 17,521 | $ 14,400 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||||
Remainder of the year | 5,800 | 5,800 | |||
2,019 | 23,400 | 23,400 | |||
2,020 | 23,400 | 23,400 | |||
2,021 | 22,900 | 22,900 | |||
2,022 | 22,500 | 22,500 | |||
2,023 | $ 22,500 | $ 22,500 | |||
C.B. Fleet Company, Inc. | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, net | $ 747,600 |
Other Accrued Liabilities (Summ
Other Accrued Liabilities (Summary of Accrued Liabilities and Accounts Payable) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
Payables and Accruals [Abstract] | ||
Accrued marketing costs | $ 29,501 | $ 29,384 |
Accrued compensation costs | 8,781 | 15,535 |
Accrued broker commissions | 1,303 | 1,782 |
Income taxes payable | 9,186 | 3,840 |
Accrued professional fees | 2,403 | 2,412 |
Accrued production costs | 10,212 | 4,580 |
Income tax related payable | 14,859 | 19,000 |
Other accrued liabilities | 7,213 | 7,128 |
Total other accrued liabilities | $ 83,458 | $ 83,661 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | Dec. 31, 2017USD ($) |
2012 ABL Revolver | Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Line of credit facility, amount outstanding | $ 70,000,000 |
Line of credit facility, additional borrowing capacity | $ 95,900,000 |
Senior Notes | 2016 Senior Notes | |
Debt Instrument [Line Items] | |
Debt instrument, stated interest rate (percent) | 6.375% |
Senior Notes | 2013 Senior Notes | |
Debt Instrument [Line Items] | |
Debt instrument, stated interest rate (percent) | 5.375% |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2017 | Mar. 31, 2017 | |
Debt Instrument [Line Items] | ||
Total long-term debt (including current portion) | $ 2,077,000 | $ 2,222,000 |
Current portion of long-term debt | 0 | 0 |
Long-term debt | 2,077,000 | 2,222,000 |
Less unamortized debt costs | (23,731) | (28,268) |
Long-term debt, net | 2,053,269 | 2,193,732 |
2012 ABL Revolver | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Total long-term debt (including current portion) | $ 70,000 | 90,000 |
Senior Notes | 2016 Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate (percent) | 6.375% | |
Total long-term debt (including current portion) | $ 350,000 | 350,000 |
Senior Notes | 2013 Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate (percent) | 5.375% | |
Total long-term debt (including current portion) | $ 400,000 | 400,000 |
Term B-4 Loans | 2012 Senior Notes | ||
Debt Instrument [Line Items] | ||
Total long-term debt (including current portion) | $ 1,257,000 | $ 1,382,000 |
Term B-4 Loans | 2012 Senior Notes | LIBOR | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate (percent) | 2.75% | |
Debt instrument, variable rate, minimum | 0.75% | |
Term B-4 Loans | 2012 Senior Notes | Base Rate | ||
Debt Instrument [Line Items] | ||
Debt instrument, margin step-down | 2.50% |
Long-Term Debt (Maturities of L
Long-Term Debt (Maturities of Long-term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
Aggregate Future Principal Payments | ||
2018 (remaining three months ending March 31, 2018) | $ 0 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
2,022 | 470,000 | |
Thereafter | 1,607,000 | |
Total long-term debt (including current portion) | $ 2,077,000 | $ 2,222,000 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary of Carrying Amounts and Estimated Fair Values) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
Senior Notes | 2016 Senior Notes | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, senior notes and term loans | $ 350,000 | $ 350,000 |
Senior Notes | 2013 Senior Notes | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, senior notes and term loans | 400,000 | 400,000 |
Term Loans | Term B-4 Loans | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, senior notes and term loans | 1,257,000 | 1,382,000 |
Revolving Credit Facility | 2012 ABL Revolver | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
2012 ABL Revolver | 70,000 | 90,000 |
Fair Value, Measurements, Recurring | Senior Notes | 2016 Senior Notes | Fair Value | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, senior notes and term loans | 363,125 | 367,500 |
Fair Value, Measurements, Recurring | Senior Notes | 2013 Senior Notes | Fair Value | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, senior notes and term loans | 406,500 | 409,000 |
Fair Value, Measurements, Recurring | Term Loans | Term B-4 Loans | Fair Value | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, senior notes and term loans | 1,266,428 | 1,395,820 |
Fair Value, Measurements, Recurring | Revolving Credit Facility | 2012 ABL Revolver | Fair Value | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
2012 ABL Revolver | $ 70,000 | $ 90,000 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2017vote$ / sharesshares | Dec. 31, 2016$ / sharesshares | Dec. 31, 2017USD ($)vote$ / sharesshares | Dec. 31, 2016$ / sharesshares | Mar. 31, 2017$ / sharesshares | |
Class of Stock [Line Items] | |||||
Common stock, shares authorized (in shares) | shares | 250,000,000 | 250,000,000 | 250,000,000 | ||
Common stock, par value (in USD per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||
Preferred stock, shares authorized (in shares) | shares | 5,000,000 | 5,000,000 | 5,000,000 | ||
Preferred stock, par value (in USD per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||
Voting rights, number of votes per common share owned | vote | 1 | 1 | |||
Dividends declared on common stock | $ | $ 0 | ||||
Restricted Shares | |||||
Class of Stock [Line Items] | |||||
Restricted stock repurchased during period (in shares) | shares | 0 | 780 | 20,549 | 25,768 | |
Restricted stock acquired, average cost per share (in USD per share) | $ / shares | $ 45.83 | $ 52.33 | $ 55.51 |
Accumulated Other Comprehensi54
Accumulated Other Comprehensive Loss (Components of AOCI) (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Components of accumulated other comprehensive loss | $ 1,217,437,000 | $ 822,549,000 |
Reclassification from accumulated other comprehensive loss into earnings | 0 | 0 |
Cumulative translation adjustment | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Components of accumulated other comprehensive loss | (17,773,000) | (26,100,000) |
Unrecognized net loss on pension plans | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Components of accumulated other comprehensive loss | (251,000) | (252,000) |
Accumulated other comprehensive loss, net of tax | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Components of accumulated other comprehensive loss | $ (18,024,000) | $ (26,352,000) |
Earnings Per Share (Computation
Earnings Per Share (Computation of Basis and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator | ||||
Net income | $ 314,793 | $ 31,641 | $ 379,257 | $ 58,305 |
Denominator | ||||
Denominator for basic earnings per share — weighted average shares outstanding (in shares) | 53,129 | 52,999 | 53,089 | 52,960 |
Dilutive effect of unvested restricted stock units and options issued to employees and directors (in shares) | 414 | 360 | 442 | 379 |
Denominator for diluted earnings per share (in shares) | 53,543 | 53,359 | 53,531 | 53,339 |
Earnings per Common Share: | ||||
Basic net earnings per share (in USD per share) | $ 5.93 | $ 0.60 | $ 7.14 | $ 1.10 |
Diluted net earnings per share (in USD per share) | $ 5.88 | $ 0.59 | $ 7.08 | $ 1.09 |
Earnings Per Share (Antidilutiv
Earnings Per Share (Antidilutive Securities) (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Outstanding Stock Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0.5 | 0.2 | 0.4 | 0.2 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Thousands | Aug. 01, 2017shares | May 08, 2017$ / sharesshares | May 31, 2014shares | Jun. 30, 2014shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($)shares$ / shares | Dec. 31, 2016USD ($)$ / sharesshares |
Share-based Compensation, Aggregate Disclosures: | ||||||||
Maximum number of shares per participant, 12 month period (in shares) | 1,000,000 | 2,500,000 | ||||||
Extension of plan term | 10 years | |||||||
Share-based compensation costs charged against income | $ | $ 2,200 | $ 2,400 | $ 6,900 | $ 6,300 | ||||
Tax benefit recognized from share-based compensation expense | $ | (100) | $ 1,300 | 1,400 | 2,500 | ||||
Unrecognized compensation costs related to nonvested awards | $ | $ 8,500 | $ 8,500 | ||||||
Unrecognized compensation costs related to nonvested awards, weighted average period for recognition | 12 months | |||||||
Total fair value of vested shares | $ | $ 6,800 | 6,000 | ||||||
Proceeds from exercise of stock options | $ | 1,466 | 3,444 | ||||||
Tax benefit realized from exercise of stock options | $ | $ 1,100 | $ 1,800 | ||||||
Shares available for issuance under the Plan (in shares) | 2,200,000 | 2,200,000 | ||||||
Stock options granted (in shares) | 182,800 | 264,300 | ||||||
Options, Additional Disclosures: | ||||||||
Options granted, weighted-average grant-date fair value (in USD per share) | $ / shares | $ 21.20 | $ 21.75 | ||||||
Options exercised, aggregate intrinsic value | $ | $ 1,200 | |||||||
Performance Shares | ||||||||
Share-based Compensation, Aggregate Disclosures: | ||||||||
Granted in period to each independent director (in shares) | 35,593 | |||||||
Restricted Stock Units (RSUs) | ||||||||
Share-based Compensation, Aggregate Disclosures: | ||||||||
Granted in period to each independent director (in shares) | 2,564 | 54,773 | 105,800 | 68,400 | ||||
Restricted Shares | ||||||||
Granted, weighted-average grant-date fair value (in USD per share) | $ / shares | $ 55.61 | $ 55.44 | ||||||
Stock Options | ||||||||
Share-based Compensation, Aggregate Disclosures: | ||||||||
Stock options granted (in shares) | 1 | 182,823 | ||||||
Stock options granted, exercise price (in USD per share) | $ / shares | $ 56.11 | |||||||
Stock Options | Minimum | ||||||||
Restricted Shares | ||||||||
Award vesting period | 3 years | |||||||
Stock Options | Maximum | ||||||||
Restricted Shares | ||||||||
Award vesting period | 5 years | |||||||
Options, Additional Disclosures: | ||||||||
Award exercisability period, from date of grant | 10 years | |||||||
Employee | Restricted Stock Units (RSUs) | ||||||||
Restricted Shares | ||||||||
Award vesting period | 3 years | |||||||
Employee | Restricted Stock Units (RSUs) | Maximum | ||||||||
Restricted Shares | ||||||||
Award vesting period | 3 years | |||||||
Director | Restricted Stock Units (RSUs) | ||||||||
Restricted Shares | ||||||||
Number of common shares into which each RSU may be converted (in shares) | 1 | |||||||
Period following director's term in which RSUs may be settled | 6 months | |||||||
Long-term Equity Incentive Plan, 2005 | ||||||||
Share-based Compensation, Aggregate Disclosures: | ||||||||
Number of shares authorized for grant under 2005 Long-Term Equity Incentive Plan (in shares) | 5,000,000 | |||||||
Number of additional shares authorized (in shares) | 1,800,000 |
Share-Based Compensation (Restr
Share-Based Compensation (Restricted Stock Units Activity) (Details) - Restricted Stock Units (RSUs) - $ / shares | Aug. 01, 2017 | May 08, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
Shares | ||||
Outstanding, beginning of period (in shares) | 350,100 | 467,800 | ||
Granted (in shares) | 2,564 | 54,773 | 105,800 | 68,400 |
Vested and issued (in shares) | (53,300) | (94,700) | ||
Forfeited (in shares) | (8,800) | (91,400) | ||
Outstanding, end of period (in shares) | 393,800 | 350,100 | ||
Vested, end of period (in shares) | 90,500 | 63,400 | ||
Weighted- Average Grant-Date Fair Value | ||||
Outstanding, beginning of period, weighted-average grant-date fair value (in USD per share) | $ 39.29 | $ 35.22 | ||
Granted, weighted-average grant-date fair value (in USD per share) | 55.61 | 55.44 | ||
Vested and issued, weighted-average grant-date fair value (in USD per share) | 34.30 | 28.51 | ||
Forfeited, weighted-average grant-date fair value (in USD per share) | 48.49 | 41.71 | ||
Outstanding, end of period, weighted-average grant-date fair value (in USD per share) | 44.14 | 39.29 | ||
Vested, end of period, weighted-average grant-date fair value (in USD per share) | $ 29.88 | $ 20.12 |
Share-Based Compensation (Stock
Share-Based Compensation (Stock Option Valuation Assumptions) (Details) - Stock Options - USD ($) | 9 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 35.20% | 37.80% |
Expected dividends | $ 0 | $ 0 |
Expected term in years | 6 years | 6 years |
Risk-free rate | 2.20% | 1.70% |
Share-Based Compensation (Sto60
Share-Based Compensation (Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Shares | ||
Outstanding, beginning of period (in shares) | 772,300 | 727,700 |
Granted (in shares) | 182,800 | 264,300 |
Exercised (in shares) | (51,000) | (107,900) |
Forfeited or expired (in shares) | (22,100) | (92,200) |
Outstanding, end of period (in shares) | 882,000 | 791,900 |
Exercisable, end of period (in shares) | 502,900 | 387,000 |
Weighted- Average Exercise Price | ||
Outstanding, beginning of period, weighted-average exercise price (in USD per share) | $ 37.70 | $ 30.70 |
Granted, weighted-average exercise price (in USD per share) | 56.11 | 55.86 |
Exercised, weighted-average exercise price (in USD per share) | 28.76 | 31.91 |
Forfeited or expired, weighted-average exercise price (in USD per share) | 48.15 | 42.62 |
Outstanding, end of period, weighted-average exercise price (in USD per share) | 41.77 | 37.54 |
Exercisable, end of period, weighted-average exercise price (in USD per share) | $ 32.50 | $ 25.70 |
Options, Additional Disclosures: | ||
Outstanding, end of period, weighted-average remaining contractual term | 7 years 2 months 12 days | 7 years 4 months 24 days |
Exercisable, end of period, weighted-average remaining contractual term | 6 years 1 month 6 days | 6 years 3 months 18 days |
Outstanding, end of period, aggregate intrinsic value | $ 7,019 | $ 12,543 |
Exercisable, end of period, aggregate intrinsic value | $ 6,884 | $ 10,217 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||||
Tax cuts and jobs act of 2017, incomplete accounting, provisional income tax benefit from rate change | $ 281.2 | |||||
Tax cuts and jobs act of 2017, incomplete accounting, transition tax for foreign earnings, provisional income tax expense | $ 3 | |||||
Effective income tax rate (percent) | (446.10%) | 37.60% | (137.60%) | 36.70% | ||
Uncertain tax liability | $ 7.7 | $ 7.7 | $ 7.7 | $ 3.7 |
Employee Retirement Plans (Expe
Employee Retirement Plans (Expected Return on Plan Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Dec. 31, 2017 | Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Interest cost | $ 631 | $ 1,894 |
Expected return on assets | (725) | (2,176) |
Net periodic benefit cost (income) | $ (94) | $ (282) |
Employee Retirement Plans (Narr
Employee Retirement Plans (Narrative) (Details) | 9 Months Ended |
Dec. 31, 2017USD ($) | |
Non-qualified Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Employer contributions | $ 300,000 |
Expected employer contributions, 2018 fiscal year | 100,000 |
Qualified Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Employer contributions | 0 |
Expected employer contributions, 2018 fiscal year | $ 0 |
Commitments and Contingencies64
Commitments and Contingencies (Long-term Supply Agreement) (Details) - Third-party Manufacturing $ in Thousands | Dec. 31, 2017USD ($) |
Minimum Amounts Committed to Pay Under Supply Agreements | |
2018 (Remaining three months ending March 31, 2018) | $ 1,417 |
2,019 | 9,082 |
2,020 | 9,859 |
2,021 | 9,300 |
2,022 | 9,300 |
Thereafter | 2,300 |
Total purchase commitment | $ 41,258 |
Concentrations of Risk (Narrati
Concentrations of Risk (Narrative) (Details) - manufacturer | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Concentration Risk [Line Items] | ||||
Number of third-party manufacturers | 114 | 112 | 114 | 112 |
Sales | Product Concentration Risk | Top 5 Customers | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 39.90% | 40.40% | 41.20% | 41.40% |
Sales | Customer Concentration Risk | Walmart | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 21.40% | 20.40% | 24.00% | 20.70% |
Sales | Customer Concentration Risk | Walgreens | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 9.20% | 10.00% | 9.00% | 10.30% |
Sales | Supplier Concentration Risk | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 74.20% | 78.50% | ||
Number of third-party manufacturers with long-term contracts | 46 | 48 | ||
Accounts Receivable | Customer Concentration Risk | Walmart | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 24.10% | |||
Accounts Receivable | Customer Concentration Risk | Walgreens | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 9.30% |
Business Segments (Information
Business Segments (Information on Operating and Reportable Segments) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information, Profit (Loss): | |||||
Total revenues | $ 270,615 | $ 216,763 | $ 785,214 | $ 641,390 | |
Cost of sales | 122,941 | 92,216 | 349,966 | 271,287 | |
Gross profit | 147,674 | 124,547 | 435,248 | 370,103 | |
Advertising and promotion | 35,835 | 30,682 | 111,967 | 86,909 | |
Contribution margin | 111,839 | 93,865 | 323,281 | 283,194 | |
Other operating expenses | 28,336 | 24,578 | 84,592 | 130,635 | |
Operating income | 83,503 | 69,287 | 238,689 | 152,559 | |
Other expense | 25,864 | 18,554 | 79,041 | 60,511 | |
Income before income taxes | 57,639 | 50,733 | 159,648 | 92,048 | |
(Benefit) provision for income taxes | (257,154) | 19,092 | (219,609) | 33,743 | |
Net income | 314,793 | 31,641 | 379,257 | 58,305 | |
Pre-tax gain (loss) on sales | 0 | 3,405 | 0 | (51,552) | |
North American OTC Healthcare | |||||
Segment Reporting Information, Profit (Loss): | |||||
Total revenues | 225,695 | 177,273 | 656,812 | 521,800 | |
Cost of sales | 95,164 | 68,378 | 268,849 | 198,014 | |
Gross profit | 130,531 | 108,895 | 387,963 | 323,786 | |
Advertising and promotion | 30,794 | 26,800 | 98,666 | 76,651 | |
Contribution margin | 99,737 | 82,095 | 289,297 | 247,135 | |
International OTC Healthcare | |||||
Segment Reporting Information, Profit (Loss): | |||||
Total revenues | 25,717 | 18,459 | 67,572 | 53,067 | |
Cost of sales | 10,511 | 7,678 | 29,757 | 21,722 | |
Gross profit | 15,206 | 10,781 | 37,815 | 31,345 | |
Advertising and promotion | 4,544 | 3,502 | 11,827 | 8,870 | |
Contribution margin | 10,662 | 7,279 | 25,988 | 22,475 | |
Household Cleaning | |||||
Segment Reporting Information, Profit (Loss): | |||||
Total revenues | 19,203 | 21,031 | 60,830 | 66,523 | |
Cost of sales | 17,266 | 16,160 | 51,360 | 51,551 | |
Gross profit | 1,937 | 4,871 | 9,470 | 14,972 | |
Advertising and promotion | 497 | 380 | 1,474 | 1,388 | |
Contribution margin | 1,440 | 4,491 | 7,996 | 13,584 | |
Intersegment Eliminations | North American OTC Healthcare | |||||
Segment Reporting Information, Profit (Loss): | |||||
Total revenues | $ (1,900) | (800) | $ (5,600) | (2,200) | |
Disposal group, held-for-sale, not discontinued operations | Pediacare, New Skin, Fiber Choice, EPT, Dermoplast, and Comet | |||||
Segment Reporting Information, Profit (Loss): | |||||
Pre-tax gain (loss) on sales | $ (51,600) | ||||
Disposal group, held-for-sale, not discontinued operations | E.P.T. and Dermoplast | Cough and Cold, Dermatologicals, and Gastrointestinal Products Group | North American OTC Healthcare | |||||
Segment Reporting Information, Profit (Loss): | |||||
Pre-tax gain (loss) on sales | $ 3,900 | $ 3,400 |
Business Segments (Revenue by P
Business Segments (Revenue by Product) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | $ 270,615 | $ 216,763 | $ 785,214 | $ 641,390 |
Analgesics | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 31,453 | 32,883 | 90,640 | 92,073 |
Cough & Cold | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 33,092 | 33,969 | 81,341 | 82,594 |
Women's Health | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 66,047 | 31,476 | 196,128 | 99,202 |
Gastrointestinal | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 40,643 | 21,810 | 113,268 | 67,540 |
Eye & Ear Care | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 24,836 | 26,568 | 78,287 | 81,294 |
Dermatologicals | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 23,298 | 20,427 | 74,275 | 67,315 |
Oral Care | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 30,411 | 27,212 | 86,282 | 80,428 |
Other OTC | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 1,632 | 1,387 | 4,163 | 4,421 |
Household Cleaning | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 19,203 | 21,031 | 60,830 | 66,523 |
North American OTC Healthcare | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 225,695 | 177,273 | 656,812 | 521,800 |
North American OTC Healthcare | Analgesics | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 31,293 | 32,439 | 89,931 | 90,558 |
North American OTC Healthcare | Cough & Cold | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 28,761 | 29,803 | 67,738 | 68,876 |
North American OTC Healthcare | Women's Health | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 63,107 | 30,896 | 187,688 | 97,051 |
North American OTC Healthcare | Gastrointestinal | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 29,392 | 15,109 | 88,145 | 50,495 |
North American OTC Healthcare | Eye & Ear Care | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 21,631 | 23,571 | 69,437 | 72,512 |
North American OTC Healthcare | Dermatologicals | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 22,736 | 19,948 | 72,688 | 65,598 |
North American OTC Healthcare | Oral Care | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 27,144 | 24,129 | 77,026 | 72,308 |
North American OTC Healthcare | Other OTC | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 1,631 | 1,378 | 4,159 | 4,402 |
International OTC Healthcare | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 25,717 | 18,459 | 67,572 | 53,067 |
International OTC Healthcare | Analgesics | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 160 | 444 | 709 | 1,515 |
International OTC Healthcare | Cough & Cold | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 4,331 | 4,166 | 13,603 | 13,718 |
International OTC Healthcare | Women's Health | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 2,940 | 580 | 8,440 | 2,151 |
International OTC Healthcare | Gastrointestinal | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 11,251 | 6,701 | 25,123 | 17,045 |
International OTC Healthcare | Eye & Ear Care | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 3,205 | 2,997 | 8,850 | 8,782 |
International OTC Healthcare | Dermatologicals | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 562 | 479 | 1,587 | 1,717 |
International OTC Healthcare | Oral Care | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 3,267 | 3,083 | 9,256 | 8,120 |
International OTC Healthcare | Other OTC | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 1 | 9 | 4 | 19 |
Household Cleaning | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 19,203 | 21,031 | 60,830 | 66,523 |
Household Cleaning | Analgesics | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 0 | 0 | 0 | 0 |
Household Cleaning | Cough & Cold | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 0 | 0 | 0 | 0 |
Household Cleaning | Women's Health | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 0 | 0 | 0 | 0 |
Household Cleaning | Gastrointestinal | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 0 | 0 | 0 | 0 |
Household Cleaning | Eye & Ear Care | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 0 | 0 | 0 | 0 |
Household Cleaning | Dermatologicals | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 0 | 0 | 0 | 0 |
Household Cleaning | Oral Care | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 0 | 0 | 0 | 0 |
Household Cleaning | Other OTC | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | 0 | 0 | 0 | 0 |
Household Cleaning | Household Cleaning | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total segment revenues | $ 19,203 | $ 21,031 | $ 60,830 | $ 66,523 |
Business Segments (Assets by Se
Business Segments (Assets by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |
Segment Reporting, Asset Reconciling Item [Line Items] | |||||
Goodwill | $ 620,333 | $ 620,333 | $ 615,252 | ||
Indefinite-lived | 2,590,926 | 2,590,926 | 2,589,155 | ||
Finite-lived, net | 297,071 | 297,071 | 314,458 | ||
Intangible assets, net | 2,887,997 | 2,887,997 | 2,903,613 | ||
Intangible assets, net (including goodwill) | 3,508,330 | 3,508,330 | 3,518,865 | ||
North American OTC Healthcare | |||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||
Goodwill | 580,934 | 580,934 | 576,453 | ||
Indefinite-lived | 2,404,336 | 2,404,336 | 2,404,336 | ||
Finite-lived, net | 271,240 | 271,240 | 287,056 | ||
Intangible assets, net | 2,675,576 | 2,675,576 | 2,691,392 | ||
Intangible assets, net (including goodwill) | 3,256,510 | 3,256,510 | 3,267,845 | ||
International OTC Healthcare | |||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||
Goodwill | 33,154 | 33,154 | 32,554 | ||
Indefinite-lived | 85,329 | 85,329 | 83,558 | ||
Finite-lived, net | 6,206 | 6,206 | 6,468 | ||
Intangible assets, net | 91,535 | 91,535 | 90,026 | ||
Intangible assets, net (including goodwill) | 124,689 | 124,689 | 122,580 | ||
Household Cleaning | |||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||
Goodwill | 6,245 | 6,245 | 6,245 | ||
Indefinite-lived | 101,261 | 101,261 | 101,261 | ||
Finite-lived, net | 19,625 | 19,625 | 20,934 | ||
Intangible assets, net | 120,886 | 120,886 | 122,195 | ||
Intangible assets, net (including goodwill) | $ 127,131 | $ 127,131 | $ 128,440 | ||
Sales | UNITED STATES | Geographic concentration risk | |||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||
Concentration risk, percentage | 85.90% | 86.70% | 87.00% | 86.70% | |
Sales | CANADA | Geographic concentration risk | |||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||
Concentration risk, percentage | 4.50% | 4.70% | 4.30% | 4.90% | |
Sales | AUSTRALIA | Geographic concentration risk | |||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||
Concentration risk, percentage | 5.50% | 5.30% | 4.70% | 5.40% | |
Goodwill and Intangible Assets | UNITED STATES | Geographic concentration risk | |||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||
Concentration risk, percentage | 96.40% | 96.40% | |||
Goodwill and Intangible Assets | Australia, the United Kingdom and Singapore | Geographic concentration risk | |||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||
Concentration risk, percentage | 3.60% | 3.60% |