Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2018 | May 04, 2018 | Sep. 30, 2017 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Prestige Brands Holdings, Inc. | ||
Entity Central Index Key | 1,295,947 | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 53,073,534 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 2,651 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues | |||
Net sales | $ 1,040,792 | $ 881,113 | $ 803,088 |
Other revenues | 387 | 947 | 3,159 |
Total revenues | 1,041,179 | 882,060 | 806,247 |
Cost of Sales | |||
Cost of sales excluding depreciation | 459,676 | 381,333 | 339,036 |
Cost of sales depreciation | 4,998 | 441 | 0 |
Cost of sales | 464,674 | 381,774 | 339,036 |
Gross profit | 576,505 | 500,286 | 467,211 |
Operating Expenses | |||
Advertising and promotion | 147,286 | 128,359 | 110,802 |
General and administrative | 85,001 | 89,143 | 72,418 |
Depreciation and amortization | 28,428 | 25,351 | 23,676 |
Loss on divestitures | 0 | 51,820 | 0 |
Tradename impairment | 99,924 | 0 | 0 |
Total operating expenses | 360,639 | 294,673 | 206,896 |
Operating income | 215,866 | 205,613 | 260,315 |
Other (income) expense | |||
Interest income | (388) | (203) | (162) |
Interest expense | 106,267 | 93,546 | 85,322 |
Loss on extinguishment of debt | 2,901 | 1,420 | 17,970 |
Total other (income) expense | 108,780 | 94,763 | 103,130 |
Income before income taxes | 107,086 | 110,850 | 157,185 |
(Benefit) provision for income taxes | (232,484) | 41,455 | 57,278 |
Net income | $ 339,570 | $ 69,395 | $ 99,907 |
Earnings per share: | |||
Basic (in USD per share) | $ 6.40 | $ 1.31 | $ 1.89 |
Diluted (in USD per share) | $ 6.34 | $ 1.30 | $ 1.88 |
Weighted average shares outstanding: | |||
Basic (in shares) | 53,099 | 52,976 | 52,754 |
Diluted (in shares) | 53,526 | 53,362 | 53,143 |
Comprehensive income (loss), net of tax: | |||
Currency translation adjustments | $ 5,702 | $ (2,575) | $ (113) |
Unrecognized net gain (loss) on pension plans | 1,335 | (252) | 0 |
Total other comprehensive income (loss) | 7,037 | (2,827) | (113) |
Comprehensive (loss) income | $ 346,607 | $ 66,568 | $ 99,794 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 32,548 | $ 41,855 |
Accounts receivable, net of allowance of $12,734 and $13,010, respectively | 140,881 | 136,742 |
Inventories | 118,547 | 115,609 |
Deferred income tax assets | 26 | 0 |
Prepaid expenses and other current assets | 11,475 | 40,228 |
Total current assets | 303,477 | 334,434 |
Property, plant and equipment, net | 52,552 | 50,595 |
Goodwill | 620,098 | 615,252 |
Intangible assets, net | 2,780,916 | 2,903,613 |
Other long-term assets | 3,569 | 7,454 |
Total Assets | 3,760,612 | 3,911,348 |
Current liabilities | ||
Accounts payable | 61,390 | 70,218 |
Accrued interest payable | 9,708 | 8,130 |
Other accrued liabilities | 52,101 | 83,661 |
Total current liabilities | 123,199 | 162,009 |
Long-term debt | ||
Principal amount | 2,013,000 | 2,222,000 |
Less unamortized debt costs | (20,048) | (28,268) |
Long-term debt, net | 1,992,952 | 2,193,732 |
Deferred income tax liabilities | 442,518 | 715,086 |
Other long-term liabilities | 23,333 | 17,972 |
Total Liabilities | 2,582,002 | 3,088,799 |
Commitments and Contingencies – Note 17 | ||
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 – 53,396 shares and 53,287 shares at March 31, 2018 and 2017, respectively | 534 | 533 |
Additional paid-in capital | 468,783 | 458,255 |
Treasury stock, at cost – 353 shares at March 31, 2018 and 332 shares at March 31, 2017 | (7,669) | (6,594) |
Accumulated other comprehensive loss, net of tax | (19,315) | (26,352) |
Retained earnings | 736,277 | 396,707 |
Total Stockholders’ Equity | 1,178,610 | 822,549 |
Total Liabilities and Stockholders’ Equity | $ 3,760,612 | $ 3,911,348 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 12,734 | $ 13,010 |
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) | 53,396,000 | 53,287,000 |
Treasury stock (in shares) | 353,000 | 332,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive (Loss) Income | Retained Earnings (Accumulated Deficit) |
Balances at Mar. 31, 2015 | $ 627,624 | $ 525 | $ 426,584 | $ (3,478) | $ (23,412) | $ 227,405 |
Common stock (in shares) at Mar. 31, 2015 | 52,562,000 | |||||
Treasury stock (in shares) at Mar. 31, 2015 | 266,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation | 9,954 | 9,954 | ||||
Exercise of stock options | $ 6,688 | $ 3 | 6,685 | |||
Exercise of stock options (in shares) | 348,000 | 348,000 | ||||
Issuance of shares related to restricted stock | $ 1 | $ 2 | (1) | |||
Issuance of shares related to restricted stock (in shares) | 156,000 | |||||
Treasury share repurchases | (1,685) | $ (1,685) | ||||
Treasury share repurchases (in shares) | 40,000 | |||||
Excess tax benefits from share-based awards | 1,960 | 1,960 | ||||
Comprehensive (loss) income | 99,794 | (113) | 99,907 | |||
Balances at Mar. 31, 2016 | 744,336 | $ 530 | 445,182 | $ (5,163) | (23,525) | 327,312 |
Common stock (in shares) at Mar. 31, 2016 | 53,066,000 | |||||
Treasury stock (in shares) at Mar. 31, 2016 | 306,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation | 8,148 | 8,148 | ||||
Exercise of stock options | $ 4,028 | $ 2 | 4,026 | |||
Exercise of stock options (in shares) | 126,800 | 127,000 | ||||
Issuance of shares related to restricted stock | $ 0 | $ 1 | (1) | |||
Issuance of shares related to restricted stock (in shares) | 94,000 | |||||
Treasury share repurchases | (1,431) | $ (1,431) | ||||
Treasury share repurchases (in shares) | 26,000 | |||||
Excess tax benefits from share-based awards | 900 | 900 | ||||
Comprehensive (loss) income | 66,568 | (2,827) | 69,395 | |||
Balances at Mar. 31, 2017 | $ 822,549 | $ 533 | 458,255 | $ (6,594) | (26,352) | 396,707 |
Common stock (in shares) at Mar. 31, 2017 | 53,287,000 | |||||
Treasury stock (in shares) at Mar. 31, 2017 | 332,000 | 332,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation | $ 8,909 | 8,909 | ||||
Exercise of stock options | $ 1,620 | $ 0 | 1,620 | |||
Exercise of stock options (in shares) | 55,700 | 56,000 | ||||
Issuance of shares related to restricted stock | $ 0 | $ 1 | (1) | |||
Issuance of shares related to restricted stock (in shares) | 53,000 | |||||
Treasury share repurchases | (1,075) | $ (1,075) | ||||
Treasury share repurchases (in shares) | 21,000 | |||||
Comprehensive (loss) income | 346,607 | 7,037 | 339,570 | |||
Balances at Mar. 31, 2018 | $ 1,178,610 | $ 534 | $ 468,783 | $ (7,669) | $ (19,315) | $ 736,277 |
Common stock (in shares) at Mar. 31, 2018 | 53,396,000 | |||||
Treasury stock (in shares) at Mar. 31, 2018 | 353,000 | 353,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Operating Activities | |||
Net income | $ 339,570 | $ 69,395 | $ 99,907 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 33,426 | 25,792 | 23,676 |
Loss on divestitures | 0 | 51,820 | 0 |
Loss (gain) on sale or disposal of property and equipment | 1,568 | 573 | (35) |
Deferred income taxes | (269,086) | (5,778) | 46,152 |
Long term income taxes payable | 0 | 581 | (332) |
Amortization of debt origination costs | 6,742 | 8,633 | 8,994 |
Excess tax benefits from share-based awards | 0 | 900 | 1,960 |
Stock-based compensation costs | 8,909 | 8,148 | 9,954 |
Loss on extinguishment of debt | 2,901 | 1,420 | 17,970 |
Premium payment on 2012 Senior Notes | 0 | 0 | (10,158) |
Impairment loss | 99,924 | 0 | 0 |
Lease termination costs | 214 | 524 | 0 |
Other non-cash items | 1,704 | 0 | 0 |
Changes in operating assets and liabilities, net of effects from acquisitions: | |||
Accounts receivable | (5,043) | (18,938) | 1,824 |
Inventories | (2,482) | (10,262) | (3,005) |
Prepaid expenses and other assets | 33,721 | (1,996) | (7,921) |
Accounts payable | (10,028) | 21,447 | (11,348) |
Accrued liabilities | (31,495) | 2,413 | (1,328) |
Pension and deferred compensation contribution | (435) | (6,000) | 0 |
Net cash provided by operating activities | 210,110 | 148,672 | 176,310 |
Investing Activities | |||
Purchases of property, plant and equipment | (12,532) | (2,977) | (3,568) |
Proceeds from divestitures | 0 | 110,717 | 0 |
Proceeds from the sale of property, plant and equipment | 0 | 85 | 344 |
Proceeds from working capital arbitration settlement | 0 | 1,419 | 7,237 |
Acquisition of DenTek, less cash acquired | 0 | 0 | (226,984) |
Acquisition of C.B. Fleet, less cash acquired | 0 | (803,839) | 0 |
Acquisition of Fleet escrow receipt | 970 | 0 | 0 |
Net cash used in investing activities | (11,562) | (694,595) | (222,971) |
Financing Activities | |||
Proceeds from issuance of 2016 Senior Notes | 250,000 | 0 | 350,000 |
Repayment of 2012 Senior Notes | 0 | 0 | (250,000) |
Borrowings under Bridge term loans | 0 | 0 | 80,000 |
Repayments under Bridge term loans | 0 | 0 | (80,000) |
Proceeds from issuance of Term Loan | 0 | 1,427,000 | 0 |
Term Loan repayments | (444,000) | (862,500) | (60,000) |
Borrowings under revolving credit agreement | 30,000 | 110,000 | 115,000 |
Repayments under revolving credit agreement | (45,000) | (105,000) | (96,100) |
Payments of debt origination costs | (500) | (11,140) | (11,828) |
Proceeds from exercise of stock options | 1,620 | 4,028 | 6,689 |
Proceeds from restricted stock exercises | 0 | 0 | 544 |
Fair value of shares surrendered as payment of tax withholding | (1,075) | (1,431) | (2,229) |
Net cash (used in) provided by financing activities | (208,955) | 560,957 | 52,076 |
Effects of exchange rate changes on cash and cash equivalents | 1,100 | (409) | 497 |
(Decrease) increase in cash and cash equivalents | (9,307) | 14,625 | 5,912 |
Cash and cash equivalents - beginning of year | 41,855 | 27,230 | 21,318 |
Cash and cash equivalents - end of year | 32,548 | 41,855 | 27,230 |
Interest paid | 98,572 | 85,209 | 79,132 |
Income taxes paid | $ 24,440 | $ 47,999 | $ 15,352 |
Business and Basis of Presentat
Business and Basis of Presentation | 12 Months Ended |
Mar. 31, 2018 | |
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 10 to these Consolidated Financial Statements. Basis of Presentation Our Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All significant intercompany transactions and balances have been eliminated in consolidation. Our fiscal year ends on March 31st of each year. References in these Consolidated Financial Statements or notes to a year (e.g., “2018”) mean our fiscal year ended on March 31st of that year. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on our knowledge of current events and actions that we may undertake in the future, actual results could differ from those estimates. As discussed below, our most significant estimates include those made in connection with the valuation of intangible assets, stock-based compensation, fair value of debt, sales returns and allowances, trade promotional allowances and inventory obsolescence, and the recognition of income taxes using an estimated annual effective tax rate. 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. Cash and Cash Equivalents We consider all short-term deposits and investments with original maturities of three months or less to be cash equivalents. At March 31, 2018 , approximately 23% of our cash is held by a bank in Sydney, Australia. Substantially all of our remaining cash is held by a large regional bank with headquarters in California. We do not believe that, as a result of this concentration, we are subject to any unusual financial risk beyond the normal risk associated with commercial banking relationships. The Federal Deposit Insurance Corporation (“FDIC”) and Securities Investor Protection Corporation (“SIPC”) insures our domestic balances, up to $250,000 and $500,000, with a $250,000 limit for cash, respectively. Substantially all of the Company's cash balances at March 31, 2018 are uninsured. We had non-cash financing activities in 2018 of $0.6 million relating to the March 2018 debt refinancing (see Note 10 for further details). Accounts Receivable We extend non-interest-bearing trade credit to our customers in the ordinary course of business. We maintain an allowance for doubtful accounts receivable based upon historical collection experience and expected collectability of the accounts receivable. In an effort to reduce credit risk, we (i) have established credit limits for all of our customer relationships, (ii) perform ongoing credit evaluations of customers’ financial condition, (iii) monitor the payment history and aging of customers’ receivables, and (iv) monitor open orders against an individual customer’s outstanding receivable balance. Inventories Inventories are stated at the lower of cost or net realizable value, where cost is determined by using the first-in, first-out method. We reduce inventories for the diminution of value resulting from product obsolescence, damage or other issues affecting marketability, equal to the difference between the cost of the inventory and its estimated net realizable value. Factors utilized in the determination of estimated net realizable value include (i) current sales data and historical return rates, (ii) estimates of future demand, (iii) competitive pricing pressures, (iv) new product introductions, (v) product expiration dates, and (vi) component and packaging obsolescence. Property, Plant and Equipment Property, plant and equipment are stated at cost and are depreciated using the straight-line method based on the following estimated useful lives: Years Building 15 - 40 Machinery 3 - 15 Computer equipment and software 3 - 5 Furniture and fixtures 7 - 10 Leasehold improvements * *Leasehold improvements are amortized over the lesser of the lease term or the estimated useful life of the related asset. Expenditures for maintenance and repairs are charged to expense as incurred. When an asset is sold or otherwise disposed of, we remove the cost and associated accumulated depreciation from the respective accounts and recognize the resulting gain or loss in the Consolidated Statements of Income and Comprehensive Income. Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. An impairment loss is recognized if the carrying amount of the asset exceeds its fair value. Goodwill The excess of the purchase price over the fair market value of assets acquired and liabilities assumed in business combinations is classified as goodwill. Goodwill is not amortized, although the carrying value is tested for impairment at least annually in the fourth fiscal quarter of each year, or more frequently if events or changes in circumstances indicate that the asset may be impaired. Goodwill is tested for impairment at the product group level, which is one level below the operating segment level. Intangible Assets Intangible assets, which are comprised primarily of tradenames, are stated at cost less accumulated amortization. For intangible assets with finite lives, amortization is computed using the straight-line method over estimated useful lives, typically ranging from 10 to 30 years. Indefinite-lived intangible assets are tested for impairment at least annually in the fourth fiscal quarter of each year, or more frequently if events or changes in circumstances indicate that the asset may be impaired. Intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may exceed their fair values and may not be recoverable. An impairment loss is recognized if the carrying amount of the asset exceeds its fair value. Debt Origination Costs We have incurred debt origination costs in connection with the issuance of long-term debt. These costs are amortized over the term of the related debt, using the effective interest method for our bonds and our term loan facility and the straight-line method for our revolving credit facility. Costs associated with our revolving credit facility are reported as a long-term asset and costs related to our senior notes and the term loan facility are recorded as a reduction of debt. Revenue Recognition Revenues are recognized when the following criteria are met: (i) persuasive evidence of an arrangement exists; (ii) the selling price is fixed or determinable; (iii) the product has been shipped and the customer takes ownership and assumes the risk of loss, and (iv) collection of the resulting receivable is reasonably assured. We have determined that these criteria are met and the transfer of the risk of loss generally occurs when product is received by the customer and, accordingly, we recognize revenue at that time. Provisions are made for estimated discounts related to customer payment terms and estimated product returns at the time of sale based on our historical experience. As is customary in the consumer products industry, we participate in the promotional programs of our customers to enhance the sale of our products. The cost of these promotional programs varies based on the actual number of units sold during a finite period of time. These promotional programs consist of direct-to-consumer incentives, such as coupons and temporary price reductions, as well as incentives to our customers, such as allowances for new distribution, including slotting fees, and cooperative advertising. Estimates of the costs of these promotional programs are based on (i) historical sales experience, (ii) the current promotional offering, (iii) forecasted data, (iv) current market conditions, and (v) communication with customer purchasing/marketing personnel. We recognize the cost of such sales incentives by recording an estimate of such cost as a reduction of revenue, at the later of (a) the date the related revenue is recognized, or (b) the date when a particular sales incentive is offered. At the completion of the promotional program, the estimated amounts are adjusted to actual results. Due to the nature of the consumer products industry, we are required to estimate future product returns. Accordingly, we record an estimate of product returns concurrent with recording sales, which is made after analyzing (i) historical return rates, (ii) current economic trends, (iii) changes in customer demand, (iv) product acceptance, (v) seasonality of our product offerings, and (vi) the impact of changes in product formulation, packaging and advertising. Cost of Sales Cost of sales includes costs related to the manufacture of our products, including raw materials, direct labor and indirect plant costs (including but not limited to depreciation), warehousing costs, inbound and outbound shipping costs, and handling and storage costs. Warehousing, shipping and handling and storage costs were $64.7 million for 2018 , $46.2 million for 2017 and $39.2 million for 2016 . 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. Stock-based Compensation We recognize stock-based compensation expense by measuring the cost of services to be rendered based on the grant-date fair value of the equity award. Compensation expense is recognized over the period a grantee is required to provide service in exchange for the award, generally referred to as the requisite service period. Pension Expense Certain employees of C.B. Fleet Company, Inc. (" Fleet ") are covered by defined benefit pension plans. The Company’s policy is to contribute at least the minimum amount required under The Employee Retirement Income Security Act of 1974 ("ERISA"). The Company may elect to make additional contributions. Benefits are based on years of service and levels of compensation. On December 16, 2014, the decision was made to freeze the benefits under the Company's U.S. qualified defined benefit pension plan with an effective date of March 1, 2015. The funded status of our pension plans is dependent upon many factors, including returns on invested assets and the level of certain market interest rates. We review pension assumptions regularly and we may from time to time make voluntary contributions to our pension plans that exceed the amounts required by statute. Changes in interest rates and the market value of the securities held by the plans could materially change, positively or negatively, the funded status of the plans and affect the level of pension expense and required contributions in fiscal 2019 and beyond. 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 of $267.0 million related to the value of our deferred tax liabilities and a gain of $3.2 million related to the lower blended tax rate on our current year earnings, resulting in a net gain of $270.2 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 $1.9 million during 2018 . Deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts expected to be realized. The Income Taxes topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740 prescribes a recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The guidance only allows the recognition of those tax benefits that have a greater than 50% likelihood of being sustained upon examination by the various taxing authorities. As a result, we have applied such guidance in determining our tax uncertainties. We are subject to taxation in the United States and various state and foreign jurisdictions. We classify penalties and interest related to unrecognized tax benefits as income tax expense in the Consolidated Statements of Income and Comprehensive Income. Earnings Per Share Basic earnings per share is computed based on income available to common stockholders and the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed based on income available to common stockholders and 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 ("RSUs"). Potential common shares, composed of the incremental common shares issuable upon the exercise of outstanding stock options and unvested RSUs, are included in the diluted earnings per share calculation to the extent that they are dilutive. In loss periods, the assumed exercise of in-the-money stock options and RSUs has an antidilutive 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: Year Ended March 31, (In thousands, except per share data) 2018 2017 2016 Numerator Net income $ 339,570 $ 69,395 $ 99,907 Denominator Denominator for basic earnings per share - weighted average shares outstanding 53,099 52,976 52,754 Dilutive effect of unvested restricted stock units and options issued to employees and directors 427 386 389 Denominator for diluted earnings per share 53,526 53,362 53,143 Earnings per Common Share: Basic net earnings per share $ 6.40 $ 1.31 $ 1.89 Diluted net earnings per share $ 6.34 $ 1.30 $ 1.88 For 2018 , 2017 , and 2016 there were 0.4 million , 0.2 million , and less than 0.1 million shares, respectively, attributable to outstanding stock-based awards that were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. Recently Adopted Accounting Pronouncements In March 2018, the FASB issued ASU 2018-05, Income Taxes (Topic 740) . The amendments in this update reflect the income tax accounting implications of the Tax Act. See "Income Taxes" above for a discussion of the Tax Act that was signed into law on December 22, 2017, and the impact it has had and may have on our business and financial results. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . The amendments in this update allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act. See "Income Taxes" above for a discussion of the Tax Act that was signed into law on December 22, 2017, and the impact it has had and may have on our business and financial results. The amendments in this update are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. We have early adopted ASU 2018-02 and the adoption did not have a material impact on our consolidated financial statements. In March 2016, the 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 consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory . The amendments in this update more closely align the measurement of inventory in GAAP with the measurement of inventory in International Financial Reporting Standards, under which an entity should measure inventory at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. For public business entities, the amendments 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 consolidated financial statements. Recently Issued Accounting Pronouncements In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which changes the presentation of net periodic benefit cost related to employer sponsored defined benefit plans and other postretirement benefits. Service cost should be included in the same income statement line item as other compensation costs arising from services rendered during the period, while other components of net periodic benefit pension cost should be presented separately outside of operating income. Additionally, only service costs may be capitalized in assets. Entities should apply the guidance on the presentation of the components of net periodic benefit cost in the income statement retrospectively. The guidance limiting the capitalization of net periodic benefit cost in assets to the service cost component should be applied prospectively. The standard is effective for annual reporting periods beginning after December 15, 2017. The adoption of this standard will require us to move certain pension costs out of operating income. 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 consolidated 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 will adopt this standard as of the beginning of our fiscal 2019, and we do not expect a material impact to our consolidated 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. We will adopt this standard as of the beginning of our fiscal 2019, and we do not expect a material impact to our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases. The amendments in this update include a new FASB ASC Topic 842, which supersedes Topic 840. The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted for all entities as of the beginning of interim or annual reporting periods. We are evaluating the impact of adopting this guidance on our consolidated financial statements. In 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. Along with amendments issued in 2015 and 2016, the new guidance will eliminate industry-specific revenue recognition guidance under current GAAP and replace it with a principle-based approach for determining revenue. The core principle of the new guidance is that an entity should recognize revenue for the transfer of goods and services equal to an amount it expects to be entitled to receive for those goods and services. The new standard will also require additional disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. The new guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively by recognizing the cumulative effect of initially applying the guidance to all contracts existing at the date of initial application (the modified retrospective method). The ASU, as amended, is effective for annual reporting periods beginning after December 15, 2017. Our implementation approach included performing a detailed study of the various types of agreements that we have with our customers and assessed conformance of our current accounting practices with the new standard. We will adopt the guidance effective on April 1, 2018 using the modified retrospective method. We are finalizing the accounting policies under the new guidance and determined it may impact the timing of revenue recognition for product sales and the timing of revenue reductions associated with certain customer promotional programs we participate in. |
Acquisitions
Acquisitions | 12 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions The following acquisitions were 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. Acquisition of Fleet On January 26, 2017, the Company completed the acquisition of 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 under the 2012 Term Loan. As a result of the merger, we acquired 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. 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, 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 Based on this analysis, we allocated $648.7 million to non-amortizable intangible assets and $98.9 million to amortizable intangible assets. 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, 2015, 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. Year Ended March 31, 2017 2016 (In thousands, except per share data) (Unaudited) Revenues $ 1,049,473 $ 1,004,698 Net income $ 73,750 $ 92,712 Earnings per share: Basic EPS $ 1.39 $ 1.76 Diluted EPS $ 1.38 $ 1.74 Acquisition of DenTek On February 5, 2016, the Company completed the acquisition of DenTek Holdings, Inc. (" DenTek "), a privately-held marketer and distributor of specialty oral care products. The closing was finalized pursuant to the terms of the merger agreement, announced November 23, 2015, under which the Company agreed to acquire DenTek from its stockholders for a purchase price of $226.9 million . The acquisition expanded the Company's portfolio of brands, strengthened its existing oral care platform and increased its geographic reach in parts of Europe. The Company financed the transaction with a combination of available cash on hand, available cash from its asset based loan revolver, and financing of an additional unsecured bridge loan. The DenTek brands are included in the Company's North American and International OTC Healthcare segments. |
Divestitures and Sale of Licens
Divestitures and Sale of License Rights | 12 Months Ended |
Mar. 31, 2018 | |
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 year ended March 31, 2017, we recorded a pre-tax loss on sale of $56.2 million . The proceeds were used to repay debt and related income taxes due on the dispositions. Concurrent with the completion of the sale of these brands, we 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 sale 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 tradenames by $9.0 million . Furthermore, the licensee was no longer required to make additional royalty payments to us, and as a result, our royalty income was reduced accordingly. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts Receivable Accounts receivable consist of the following: March 31, (In thousands) 2018 2017 Components of Accounts Receivable Trade accounts receivable $ 152,832 $ 148,339 Other receivables 783 1,413 153,615 149,752 Less allowances for discounts, returns and uncollectible accounts (12,734 ) (13,010 ) Accounts receivable, net $ 140,881 $ 136,742 |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following: March 31, (In thousands) 2018 2017 Components of Inventories Packaging and raw materials $ 13,112 $ 9,984 Work in process 157 369 Finished goods 105,278 105,256 Inventories $ 118,547 $ 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 $4.2 million and $6.6 million at March 31, 2018 and 2017 , respectively, related to obsolete and slow-moving inventory. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment, net consist of the following: March 31, (In thousands) 2018 2017 Components of Property, Plant and Equipment Land $ 550 $ 550 Building 13,746 13,156 Machinery 38,599 31,456 Computer equipment 18,116 15,440 Furniture and fixtures 2,924 2,720 Leasehold improvements 8,804 7,497 82,739 70,819 Accumulated depreciation (30,187 ) (20,224 ) Property, plant and equipment, net $ 52,552 $ 50,595 We recorded depreciation expense of $10.1 million , $6.0 million , and $5.2 million for 2018 , 2017 , and 2016 , respectively. |
Goodwill
Goodwill | 12 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The following table summarizes the changes in the carrying value of goodwill by operating segment for each of 2016 , 2017 , and 2018 : (In thousands) North American OTC Healthcare International OTC Healthcare Household Cleaning Consolidated Balance – March 31, 2016 $ 330,615 $ 22,776 $ 6,800 $ 360,191 2017 additions 258,438 10,139 — 268,577 2017 reductions (12,600 ) — (555 ) (13,155 ) Effects of foreign currency exchange rates — (361 ) — (361 ) Balance – March 31, 2017 576,453 32,554 6,245 615,252 2018 adjustments (a) 4,481 — — 4,481 Effects of foreign currency exchange rates — 365 — 365 Balance – March 31, 2018 $ 580,934 $ 32,919 $ 6,245 $ 620,098 (a) Amount relates to a measurement period adjustment recorded during 2018 , associated with our Fleet acquisition. As further discussed in Note 8, in December 2014, we completed a transaction to sell rights to use of the Comet brand in certain Eastern European countries to a third-party licensee. As a result, we recorded a gain on the sale of $1.3 million and reduced the carrying value of our intangible assets and goodwill. In August 2016, we sold the remaining rights to the use of the Comet brand in certain geographic areas and reduced goodwill by $0.6 million as a result. As discussed in Note 2, on February 5, 2016, we completed the acquisition of DenTek . In connection with this acquisition, we recorded goodwill of $73.7 million based on the amount by which the purchase price exceeded the fair value of net assets acquired. In December 2016, we received $1.4 million as a result of an arbitration associated with the DenTek acquisition. As a result, we reduced goodwill by $2.8 million , including other post-closing adjustments of $1.4 million . 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. On July 7, 2016, we completed the sale of Pediacare®, New Skin® and Fiber Choice® (see Note 3 above for further details) for $40.0 million plus the cost of inventory and reduced goodwill by $2.9 million as a result. In addition, as discussed in Note 3, in connection with this sale, the buyer exercised its option to purchase the Dermoplast® brand. The sale of Dermoplast® was completed on December 30, 2016 and, as a result, we reduced goodwill by $5.5 million . On December 28, 2016, we completed the sale of the e.p.t® brand and, as a result, we reduced goodwill by $1.4 million . Under accounting guidelines, goodwill is not amortized, but must be tested for impairment annually, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below the carrying amount. At February 28, 2018 and February 29, 2017 , in conjunction with the annual test for goodwill impairment, there were no indicators of impairment under the analysis. Accordingly, no impairment charge was recorded in 2018 or 2017 . We identify our reporting units in accordance with the FASB ASC Subtopic 280. The carrying value and fair value for intangible assets and goodwill for a reporting unit are calculated based on key assumptions and valuation methodologies previously discussed. The discounted cash flow methodology is a widely-accepted valuation technique utilized by market participants in the transaction evaluation process and has been applied consistently. We also considered our market capitalization at February 28, 2018 and February 29, 2017 , as compared to the aggregate fair values of our reporting units, to assess the reasonableness of our estimates pursuant to the discounted cash flow methodology. The estimates and assumptions made in assessing the fair value of our reporting units and the valuation of the underlying assets and liabilities are inherently subject to significant uncertainties. Consequently, changing rates of interest and inflation, declining sales or margins, increases in competition, changing consumer preferences, technical advances, or reductions in advertising and promotion may require an impairment charge to be recorded in the future. As a result of our analysis at February 28, 2018, all reporting units tested had a fair value that exceeded their carrying value by at least 19% . |
Intangible Assets
Intangible Assets | 12 Months Ended |
Mar. 31, 2018 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets | Intangible Assets A reconciliation of the activity affecting intangible assets, net for each of 2018 and 2017 is as follows: Year Ended March 31, 2018 (In thousands) Indefinite Finite Lived Totals Gross Amount Balance – March 31, 2017 $ 2,589,155 $ 441,801 $ 3,030,956 Tradename impairment (99,300 ) (624 ) (99,924 ) Effects of foreign currency exchange rates 448 137 585 Balance – March 31, 2018 $ 2,490,303 $ 441,314 $ 2,931,617 Accumulated Amortization Balance – March 31, 2017 $ — $ 127,343 $ 127,343 Additions — 23,349 23,349 Effects of foreign currency exchange rates — 9 9 Balance – March 31, 2018 $ — $ 150,701 $ 150,701 Intangible assets, net – March 31, 2018 $ 2,490,303 $ 290,613 $ 2,780,916 Intangible Assets, net by Reportable Segment: North American OTC Healthcare $ 2,375,736 $ 265,356 $ 2,641,092 International OTC Healthcare 84,006 6,068 90,074 Household Cleaning 30,561 19,189 49,750 Intangible assets, net – March 31, 2018 $ 2,490,303 $ 290,613 $ 2,780,916 Year Ended March 31, 2017 (In thousands) Indefinite Finite Lived Totals Gross Amount Balance – March 31, 2016 $ 2,020,046 $ 417,880 $ 2,437,926 Additions 648,700 98,900 747,600 Reclassifications (2,064 ) 2,064 — Reductions (77,248 ) (76,903 ) (154,151 ) Effects of foreign currency exchange rates (279 ) (140 ) (419 ) Balance – March 31, 2017 $ 2,589,155 $ 441,801 $ 3,030,956 Accumulated Amortization Balance – March 31, 2016 $ — $ 115,203 $ 115,203 Additions — 19,753 19,753 Reductions — (7,610 ) (7,610 ) Effects of foreign currency exchange rates — (3 ) (3 ) Balance – March 31, 2017 $ — $ 127,343 $ 127,343 Intangible assets, net – March 31, 2017 $ 2,589,155 $ 314,458 $ 2,903,613 Intangible Assets, net by Reportable Segment: North American OTC Healthcare $ 2,404,336 $ 287,056 $ 2,691,392 International OTC Healthcare 83,558 6,468 90,026 Household Cleaning 101,261 20,934 122,195 Intangible assets, net – March 31, 2017 $ 2,589,155 $ 314,458 $ 2,903,613 As discussed in Note 2, on February 5, 2016, we completed the acquisition of DenTek . In connection with this acquisition, we allocated $206.7 million to intangible assets based on our analysis. 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. On July 7, 2016, we completed the sale of the Pediacare®, New Skin® and Fiber Choice® (see Note 3 above for further details) brands for $40.0 million plus the cost of inventory and received $40.1 million , and reduced our indefinite and finite-lived tradenames by $37.2 million and $54.0 million , respectively. During the year ended March 31, 2017, we recorded a pre-tax loss of $56.2 million on the sale of these brands. In addition, as discussed in Note 3, in connection with this sale, the buyer exercised its option to purchase the Dermoplast® brand. The sale of Dermoplast® was completed on December 30, 2016, and we received $48.4 million . As a result, we reduced intangible assets by $31.0 million . 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 tradenames by $9.0 million . Furthermore, the licensee is no longer required to make additional royalty payments to us, and as a result, our royalty income was reduced accordingly. In December 2016, we also completed the sale of the e.p.t brand and, as a result, we reduced intangible assets by $14.8 million . 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. During the fourth quarter of each fiscal year, we perform our annual impairment analysis. We utilized the excess earnings method to estimate the fair value of our individual indefinite-lived intangible assets. The discount rate utilized in the analyses, as well as future cash flows, may be influenced by such factors as changes in interest rates and rates of inflation. Additionally, should the related fair values of intangible assets be adversely affected as a result of declining sales or margins caused by competition, changing consumer preferences, technological advances or reductions in advertising and promotional expenses, we may be required to record impairment charges in the future. As a result of our analysis at February 28, 2018, two of our indefinite-lived intangible assets, Beano and Comet, did not exceed the carrying values and as such, impairment charges of $28.6 million and $70.7 million , respectively, were recorded in 2018 relating to these two tradenames, bringing Beano ’s indefinite-lived tradename carrying value to $49.8 million and Comet ’s indefinite-lived tradename carrying value to $30.6 million . In addition, we recorded an impairment charge on our Massengill finite-lived intangible tradename of $0.6 million bringing its carrying value to zero. The impairment charges were the result of our reassessment of the long-term sales projections for these brands during our annual planning cycle. In addition, we performed a sensitivity analysis of our weighted average cost of capital and we determined that a 50 basis point increase in the weighted average cost of capital would have resulted in an additional impairment of Beano and Comet totaling $4.2 million . Additionally, a 50 basis point decrease in the terminal growth rate used for each of the Beano and Comet tradenames would have resulted in an additional impairment of $2.3 million . Beano and Massengill are part of our North American OTC Healthcare segment and Comet is part of our Household Cleaning segment . The weighted average remaining life for finite-lived intangible assets at March 31, 2018 was approximately 12.5 years , and the amortization expense for the year ended March 31, 2018 was $ 23.3 million. At March 31, 2018 , finite-lived intangible assets are expected to be amortized over their estimated useful life, which ranges from a period of 10 to 30 years , and the estimated amortization expense for each of the five succeeding years and periods thereafter is as follows (in thousands): (In thousands) Year Ending March 31, Amount 2019 23,234 2020 23,234 2021 22,812 2022 22,389 2023 22,389 Thereafter 176,555 $ 290,613 |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Mar. 31, 2018 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities consist of the following: March 31, (In thousands) 2018 2017 Accrued marketing costs $ 21,473 $ 29,384 Accrued compensation costs 10,591 15,535 Accrued broker commissions 1,487 1,782 Income taxes payable 1,901 3,840 Accrued professional fees 2,244 2,412 Accrued production costs 7,392 4,580 Income tax related payable — 19,000 Other accrued liabilities 7,013 7,128 $ 52,101 $ 83,661 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt 2012 Term Loan and 2012 ABL Revolver: On January 31, 2012, the Borrower entered into a senior secured credit facility, which consists of (i) a $660.0 million term loan facility (the “2012 Term Loan”) with a 7 -year maturity and (ii) a $50.0 million asset-based revolving credit facility (the “2012 ABL Revolver”) with a 5 -year maturity. In subsequent years, we have utilized portions of our accordion feature to increase the amount of our borrowing capacity under the 2012 ABL Revolver by $85.0 million to $135.0 million and reduced our borrowing rate on the 2012 ABL Revolver by 0.25% (discussed below). The 2012 Term Loan was issued with an original issue discount of 1.5% of the principal amount thereof, resulting in net proceeds to the Borrower of $650.1 million . The 2012 Term Loan is unconditionally guaranteed by Prestige Brands Holdings, Inc. and certain of its domestic 100% owned subsidiaries, other than the Borrower. Each of these guarantees is joint and several. There are no significant restrictions on the ability of any of the guarantors to obtain funds from their subsidiaries or to make payments to the Borrower or the Company. On February 21, 2013, we entered into Amendment No. 1 ("Term Loan Amendment No. 1") to the 2012 Term Loan. Term Loan Amendment No. 1 provided for the refinancing of all of the Borrower's existing Term B Loans with new Term B-1 Loans (the "Term B-1 Loans"). The interest rate on the Term B-1 Loans under Term Loan Amendment No. 1 was based, at our option, on a LIBOR rate plus a margin of 2.75% per annum, with a LIBOR floor of 1.00% , or an alternate base rate, with a floor of 2.00% , plus a margin. In addition, Term Loan Amendment No. 1 provided the Borrower with certain additional capacity to prepay subordinated debt, the 2012 Senior Notes and certain other unsecured indebtedness permitted to be incurred under the credit agreement governing the 2012 Term Loan and 2012 ABL Revolver. On September 3, 2014, we entered into Amendment No. 2 ("Term Loan Amendment No. 2") to the 2012 Term Loan. Term Loan Amendment No. 2 provided for (i) the creation of a new class of Term B-2 Loans under the 2012 Term Loan (the "Term B-2 Loans") in an aggregate principal amount of $720.0 million , (ii) increased flexibility under the credit agreement governing the 2012 Term Loan and 2012 ABL Revolver, including additional investment, restricted payment and debt incurrence flexibility and financial maintenance covenant relief, and (iii) an interest rate on (x) the Term B-1 Loans that was based, at our option, on a LIBOR rate plus a margin of 3.125% per annum, with a LIBOR floor of 1.00% , or an alternate base rate, with a floor of 2.00% , plus a margin, and (y) the Term B-2 Loans that was based, at our option, on a LIBOR rate plus a margin of 3.50% per annum, with a LIBOR floor of 1.00% , or an alternate base rate, with a floor of 2.00% , plus a margin (with a margin step-down to 3.25% per annum, based upon achievement of a specified secured net leverage ratio). Also on September 3, 2014, we entered into Amendment No. 3 ("ABL Amendment No. 3") to the 2012 ABL Revolver. ABL Amendment No. 3 provided for (i) a $40.0 million increase in revolving commitments under the 2012 ABL Revolver and (ii) increased flexibility under the credit agreement governing the 2012 Term Loan and 2012 ABL Revolver, including additional investment, restricted payment and debt incurrence flexibility. Borrowings under the 2012 ABL Revolver, as amended, bear interest at a rate per annum equal to an applicable margin, plus, at our option, either (i) a base rate determined by reference to the highest of (a) the Federal Funds rate plus 0.50% , (b) the prime rate of Citibank, N.A., and (c) the LIBOR rate determined by reference to the cost of funds for U.S. dollar deposits for an interest period of one month, adjusted for certain additional costs, plus 1.00% or (ii) a LIBOR rate determined by reference to the costs of funds for U.S. dollar deposits for the interest period relevant to such borrowing, adjusted for certain additional costs. The applicable margin for borrowings under the 2012 ABL Revolver may be increased to 2.00% or 2.25% for LIBOR borrowings and 1.00% or 1.25% for base-rate borrowings, depending on average excess availability under the 2012 ABL Revolver during the prior fiscal quarter. In addition to paying interest on outstanding principal under the 2012 ABL Revolver, we are required to pay a commitment fee to the lenders under the 2012 ABL Revolver in respect of the unutilized commitments thereunder. The initial commitment fee rate is 0.50% per annum. The commitment fee rate will be reduced to 0.375% per annum at any time when the average daily unused commitments for the prior quarter is less than a percentage of total commitments by an amount set forth in the credit agreement covering the 2012 ABL Revolver. We may voluntarily repay outstanding loans under the 2012 ABL Revolver at any time without a premium or penalty. On May 8, 2015, we entered into Amendment No. 3 ("Term Loan Amendment No. 3") to the 2012 Term Loan. Term Loan Amendment No. 3 provided for (i) the creation of a new class of Term B-3 Loans under the 2012 Term Loan (the "Term B-3 Loans") in an aggregate principal amount of $852.5 million , which combined the outstanding balances of the Term B-1 Loans of $207.5 million and the Term B-2 Loans of $645.0 million , and (ii) increased flexibility under the credit agreement governing the 2012 Term Loan and 2012 ABL Revolver, including additional investment, restricted payment, and debt incurrence flexibility and financial maintenance covenant relief. The maturity date of the Term B-3 Loans remained the same as the Term B-2 Loans' original maturity date of September 3, 2021. On June 9, 2015, we entered into Amendment No. 4 (“ABL Amendment No. 4”) to the 2012 ABL Revolver. ABL Amendment No. 4 provided for (i) a $35.0 million increase in the accordion feature under the 2012 ABL Revolver and (ii) increased flexibility under the credit agreement governing the 2012 Term Loan and the 2012 ABL Revolver, including additional investment, restricted payment, and debt incurrence flexibility and financial maintenance covenant relief and (iii) extended the maturity date of the 2012 ABL Revolver to June 9, 2020, which is five years from the effective date of ABL Amendment No. 4. In connection with the DenTek acquisition on February 5, 2016, we entered into Amendment No. 5 (“ABL Amendment No. 5”) to the 2012 ABL Revolver. ABL Amendment No. 5 temporarily suspended certain financial and related reporting covenants in the 2012 ABL Revolver until the earliest of (i) the date that was 60 calendar days following February 4, 2016, (ii) the date upon which certain of DenTek’s assets were included in the Company’s borrowing base under the 2012 ABL Revolver and (iii) the date upon which the Company received net proceeds from an offering of debt securities. In connection with the Fleet acquisition, on January 26, 2017, we entered into Amendment No. 4 ("Term Loan Amendment No. 4") to the 2012 Term Loan. Term Loan Amendment No. 4 provided for (i) the refinancing of all of our outstanding term loans and the creation of a new class of Term B-4 Loans under the 2012 Term Loan (the "Term B-4 Loans") in an aggregate principal amount of $1,427.0 million and (ii) increased flexibility under the credit agreement governing the 2012 Term Loan and the 2012 ABL Revolver, including additional investment, restricted payment, and debt incurrence flexibility and financial maintenance covenant relief. In addition, Citibank, N.A. was succeeded by Barclays Bank PLC as administrative agent under the 2012 Term Loan. Also on January 26, 2017, we entered into Amendment No. 6 ("ABL Amendment No. 6") to the 2012 ABL Revolver. ABL Amendment No. 6 provides for (i) a $40.0 million increase in revolving commitments under the 2012 ABL Revolver, (ii) an extension of the maturity date of revolving commitments to January 26, 2022, and (iii) increased flexibility under the credit agreement governing the 2012 Term Loan and the 2012 ABL Revolver, including additional investment, restricted payment and debt incurrence flexibility consistent with Term Loan Amendment No. 4. We may voluntarily repay outstanding loans under the 2012 ABL Revolver at any time without a premium or penalty. On March 21, 2018, we entered into Amendment No. 5 (“Term Loan Amendment No. 5”) to the 2012 Term Loan. Term Loan Amendment No. 5 ("Term B-5 Loans") provided for the repricing of the Term B-4 Loans under the Credit Agreement to an interest rate that is based, at our option, on a LIBOR rate plus a margin of 2.00% per annum, with a LIBOR floor of 0.00% , or an alternative base rate plus a margin of 1.00% per annum with a floor of 1.00% . For the year ended March 31, 2018 , the average interest rate on the 2012 Term Loan was 4.5% . For the year ended March 31, 2018 , the average interest rate on the amounts borrowed under the 2012 ABL Revolver was 2.7% . 2013 Senior Notes: On December 17, 2013, the Borrower issued $400.0 million of senior unsecured notes, with an interest rate of 5.375% and a maturity date of December 15, 2021 (the "2013 Senior Notes"). The Borrower may redeem some or all of the 2013 Senior Notes at redemption prices set forth in the indenture governing the 2013 Senior Notes. The 2013 Senior Notes are guaranteed by Prestige Brands Holdings, Inc. and certain of its 100% domestic owned subsidiaries, other than the Borrower. Each of these guarantees is joint and several. There are no significant restrictions on the ability of any of the guarantors to obtain funds from their subsidiaries or to make payments to the Borrower or the Company. 2016 Senior Notes: On February 19, 2016, the Borrower completed the sale of $350.0 million aggregate principal amount of 6.375% senior notes due March 1, 2024 (the “Initial Notes”), pursuant to a purchase agreement, dated February 16, 2016, among the Borrower, the guarantors party thereto (the “Guarantors”) and the initial purchasers party thereto. The 2016 Senior Notes are guaranteed by Prestige Brands Holdings, Inc. and certain of its domestic 100% owned subsidiaries, other than the Borrower. Each of these guarantees is joint and several. There are no significant restrictions on the ability of any of the Guarantors to obtain funds from their subsidiaries or to make payments to the Borrower or the Company. The 2016 Senior Notes were issued pursuant to an indenture, dated February 19, 2016 (the “Indenture”). The Indenture provides, among other things, that interest will be payable on the 2016 Senior Notes on March 1 and September 1 of each year, beginning on September 1, 2016, until their maturity date of March 1, 2024. The 2016 Senior Notes are senior unsecured obligations of the Borrower. On March 21, 2018, we completed the sale of $250.0 million aggregate principal amount of 6.375% senior notes due 2024 (the “Additional Notes”), at an issue price of 101.0% , pursuant to a purchase agreement, dated March 16, 2018, among Prestige Brands, the guarantors party thereto and the initial purchasers party thereto. The Additional Notes are senior unsecured obligations of Prestige Brands and are guaranteed by each of Prestige Brands’ domestic subsidiaries that guarantee its obligations under the 2012 Term Loan. We used the proceeds from the issuance of the Additional Notes to repay a portion of our outstanding obligations under the 2012 Term Loan and to pay related fees and expenses. The Additional Notes will be treated as a single series with the $350.0 million aggregate principle amount of Initial Notes (the Initial Notes and, together with the Additional Notes, the “2016 Senior Notes”). Redemptions and Restrictions: On or after December 15, 2016, we have had the option to redeem some or all of the 2013 Senior Notes at redemption prices set forth in the indenture governing the 2013 Senior Notes. In addition, at any time prior to December 15, 2016, we had the option to redeem up to 35% of the aggregate principal amount of the 2013 Senior Notes at a redemption price equal to 105.375% of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date, with the net cash proceeds of certain equity offerings, provided that certain conditions were met. Subject to certain limitations, in the event of a change of control (as defined in the indenture governing the 2013 Senior Notes), the Borrower will be required to make an offer to purchase the 2013 Senior Notes at a price equal to 101% of the aggregate principal amount of the 2013 Senior Notes repurchased, plus accrued and unpaid interest, if any, to the date of repurchase. We have the option to redeem all or a portion of the 2016 Senior Notes at any time on or after March 1, 2019 at the redemption prices set forth in the Indenture, plus accrued and unpaid interest, if any. We may also redeem all or any portion of the 2016 Senior Notes at any time prior to March 1, 2019, at a price equal to 100% of the aggregate principal amount of notes redeemed, plus a "make-whole premium" calculated as set forth in the Indenture and accrued and unpaid interest, if any. In addition, before March 1, 2019, we may redeem up to 40% of the aggregate principal amount of the 2016 Senior Notes with the net proceeds of certain equity offerings, at the redemption price set forth in the Indenture, provided that certain conditions are met. Subject to certain limitations, in the event of a change of control (as defined in the Indenture), we will be required to make an offer to purchase the 2016 Senior Notes at a price equal to 101% of the aggregate principal amount of the notes repurchased, plus accrued and unpaid interest, if any, to the date of repurchase. The indentures governing the 2013 Senior Notes and the 2016 Senior Notes contain provisions that restrict us from undertaking specified corporate actions, such as asset dispositions, acquisitions, dividend payments, repurchases of common shares outstanding, changes of control, incurrences of indebtedness, issuance of equity, creation of liens, making of loans and transactions with affiliates. Additionally, the credit agreement governing the 2012 Term Loan and the 2012 ABL Revolver and the indentures governing the 2013 Senior Notes and the 2016 Senior Notes contain cross-default provisions, whereby a default pursuant to the terms and conditions of certain indebtedness will cause a default on the remaining indebtedness under the credit agreement governing the 2012 Term Loan and the 2012 ABL Revolver and the indentures governing the 2013 Senior Notes and the 2016 Senior Notes. At March 31, 2018 , we were in compliance with the covenants under our long-term indebtedness. At March 31, 2018 , we had an aggregate of $1.1 million of unamortized debt costs related to the 2012 ABL Revolver included in other long-term assets, and $20.0 million of unamortized debt costs included in long-term debt costs, the total of which is comprised of $3.7 million related to the 2013 Senior Notes, $5.0 million related to the 2016 Senior Notes, and $11.3 million related to the 2012 Term Loan. At March 31, 2017 we had an aggregate of $1.3 million of unamortized debt costs related to the 2012 ABL Revolver included in other long-term assets, and $28.3 million of unamortized debt costs included in long-term debt costs, the total of which is comprised of $4.6 million related to the 2013 Senior Notes, $4.9 million related to the 2016 Senior Notes, and $18.8 million related to the 2012 Term Loan. At March 31, 2018 , we had $75.0 million outstanding on the 2012 ABL Revolver and a borrowing capacity of $96.6 million . Long-term debt consists of the following, as of the dates indicated: (In thousands, except percentages) March 31, March 31, 2016 Senior Notes bearing interest at 6.375%, with interest payable on March 1 and September 1 of each year. The 2016 Senior Notes mature on March 1, 2024. $ 600,000 $ 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-5 Loans bearing interest at the Borrower's option at either LIBOR plus a margin of 2.00%, with a LIBOR floor of 0.00%, or an alternate base rate plus a margin of 1.00% with a floor of 1.00% due on January 26, 2024. 938,000 1,382,000 2012 ABL Revolver bearing interest at the Borrower's option at either a base rate plus applicable margin or LIBOR plus applicable margin. Any unpaid balance is due on January 26, 2022. 75,000 90,000 Total long-term debt (including current portion) 2,013,000 2,222,000 Current portion of long-term debt — — Long-term debt 2,013,000 2,222,000 Less: unamortized debt costs (20,048 ) (28,268 ) Long-term debt, net $ 1,992,952 $ 2,193,732 As of March 31, 2018 , aggregate future principal payments required in accordance with the terms of the 2012 Term Loan, 2012 ABL Revolver and the indentures governing the 2016 Senior Notes and the 2013 Senior Notes are as follows: (In thousands) Year Ending March 31, Amount 2019 $ — 2020 — 2021 — 2022 477,000 2023 9,750 Thereafter 1,526,250 $ 2,013,000 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements For certain of our financial instruments, including cash, accounts receivable, accounts payable and other current liabilities, the carrying amounts approximate their respective fair values due to the relatively short maturity of these amounts. The Fair Value Measurements and Disclosures topic of the FASB ASC 820 requires fair value to be determined based on the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market assuming an orderly transaction between market participants. The Fair Value Measurements and Disclosures topic established market (observable inputs) as the preferred source of fair value, to be followed by the Company's assumptions of fair value based on hypothetical transactions (unobservable inputs) in the absence of observable market inputs. Based upon the above, the following fair value hierarchy was created: Level 1 - Quoted market prices for identical instruments in active markets; Level 2 - Quoted prices for similar instruments in active markets, as well as quoted prices for identical or similar instruments in markets that are not considered active; and Level 3 - Unobservable inputs developed by the Company using estimates and assumptions reflective of those that would be utilized by a market participant. The market values have been determined based on market values for similar instruments adjusted for certain factors. As such, the 2016 Senior Notes, the 2013 Senior Notes, the Term B-5 Loans, and the 2012 ABL Revolver are measured in Level 2 of the above hierarchy (see summary below detailing the carrying amounts and estimated fair values of these borrowings at March 31, 2018 and 2017 ). March 31, 2018 March 31, 2017 (In thousands) Carrying Value Fair Value Carrying Value Fair Value 2016 Senior Notes $ 600,000 $ 610,500 $ 350,000 $ 367,500 2013 Senior Notes 400,000 402,000 400,000 409,000 2012 Term B-5 Loans 938,000 939,173 1,382,000 1,395,820 2012 ABL Revolver 75,000 75,000 90,000 90,000 At March 31, 2018 and 2017 , we did not have any assets or liabilities measured in Level 1 or 3. During 2018 , 2017 and 2016 , there were no transfers of assets or liabilities between Levels 1, 2 and 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 | 12 Months Ended |
Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity The Company is authorized to issue 250.0 million shares of common stock, $0.01 par value per share, and 5.0 million shares of preferred stock, $0.01 par value per share. The Board of Directors may direct the issuance of the undesignated preferred stock in one or more series and determine preferences, privileges and restrictions thereof. Each share of common stock has the right to one vote on all matters submitted to a vote of stockholders. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the Board of Directors, subject to prior rights of holders of all classes of stock outstanding having priority rights as to dividends. No dividends have been declared or paid on the Company's common stock through March 31, 2018 . Pursuant to the provisions of various employee restricted stock awards, we repurchased 20,549 shares and 25,768 shares of restricted common stock from our employees during the years ended March 31, 2018 and 2017 , respectively. The repurchases during the years ended March 31, 2018 and 2017 were at an average price of $52.33 and $55.51 , respectively. All of the repurchased shares have been recorded as treasury stock. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Mar. 31, 2018 | |
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, the 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 2018 , pre-tax share-based compensation costs charged against income and the related income tax benefit recognized were $8.9 million and $1.8 million , respectively. During 2017 , pre-tax share-based compensation costs charged against income and the related income tax benefit recognized were $8.1 million and $2.6 million , respectively. During 2016 , pre-tax share-based compensation costs charged against income and the related income tax benefit recognized were $10.0 million and $3.5 million , respectively. At March 31, 2018 , there were $8.2 million of unrecognized compensation costs related to nonvested share-based compensation arrangements under the Plan, based on management’s estimate of the shares that will ultimately vest. We expect to recognize such costs over a weighted-average period of 0.8 years. The total fair value of options and restricted shares vested during 2018 , 2017 , and 2016 was $6.8 million , $6.0 million and $7.0 million , respectively. Cash received from the exercise of stock options was $1.6 million during 2018 , and we realized $1.1 million in tax benefits for the tax deductions resulting from RSU issuances and option exercises in 2018 . Cash received from the exercise of stock options was $4.0 million during 2017 , and we realized $2.0 million in tax benefits for the tax deductions resulting from RSU issuances and option exercises in 2017 . Cash received from the exercise of stock options was $6.7 million during 2016 , and we realized $3.6 million in tax benefits for the tax deductions from RSU issuances and option exercises in 2016 . At March 31, 2018 , 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. 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 Restricted stock units 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) 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. A summary of the Company’s RSUs granted under the Plan is presented below: RSUs Shares (in thousands) Weighted-Average Grant-Date Fair Value Vested and nonvested at March 31, 2015 362.3 $ 22.74 Granted 266.1 42.41 Vested and issued (155.6 ) 18.31 Forfeited (5.0 ) 39.61 Vested and nonvested at March 31, 2016 467.8 35.22 Vested at March 31, 2016 69.8 14.76 Granted 68.4 55.44 Vested and issued (94.7 ) 28.51 Forfeited (91.4 ) 41.71 Vested and nonvested at March 31, 2017 350.1 39.29 Vested at March 31, 2017 63.4 20.12 Granted 105.8 55.61 Vested and issued (53.3 ) 34.30 Forfeited (9.1 ) 48.76 Vested and nonvested at March 31, 2018 393.5 44.13 Vested at March 31, 2018 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 2018 , 2017 , and 2016 were $21.20 , $21.75 , and $17.24 , respectively. Year Ended March 31, 2018 2017 2016 Expected volatility 35.2 % 37.8 % 40.2 % Expected dividends — — — Expected term in years 6.0 6.0 6.0 Risk-free rate 2.2 % 1.7 % 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 Aggregate Intrinsic Value (in thousands) Outstanding at March 31, 2015 871.2 $ 23.40 Granted 208.2 42.13 Exercised (348.0 ) 19.22 Forfeited or expired (3.7 ) 35.72 Outstanding at March 31, 2016 727.7 30.70 Granted 264.3 55.86 Exercised (126.8 ) 31.75 Forfeited or expired (92.9 ) 42.66 Outstanding at March 31, 2017 772.3 37.70 Granted 182.8 56.11 Exercised (55.7 ) 29.08 Forfeited or expired (26.2 ) 48.19 Outstanding at March 31, 2018 873.2 41.79 7.0 $ 2,985 Exercisable at March 31, 2018 495.0 32.41 5.8 $ 2,985 The aggregate intrinsic value of options exercised during 2018 , 2017 and 2016 was $1.2 million , $3.2 million and $8.6 million , respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [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 March 31, 2018 and 2017 : March 31, March 31, (In thousands) 2018 2017 Components of Accumulated Other Comprehensive Loss Cumulative translation adjustment $ (20,398 ) $ (26,100 ) Unrecognized net gain (loss) on pension plans 1,083 (252 ) Accumulated other comprehensive loss, net of tax $ (19,315 ) $ (26,352 ) As of March 31, 2018 and 2017 , no amounts were reclassified from accumulated other comprehensive income into earnings. |
Employee Retirement Plans
Employee Retirement Plans | 12 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Retirement Plans | Employee Retirement Plans We have a defined contribution plan in which all U.S. full-time employees (excluding those employees of the recently acquired Fleet business discussed below) are eligible to participate. The participants may contribute from 1% to 70% of their compensation, as defined in the plan. We match 100% of the first 3% , plus 50% of the next 3% of each participant's base compensation with full vesting immediately. We may also make additional contributions to the plan as determined by the Board of Directors. The total expense for the defined contribution plan was less than $0.1 million for 2018 . In conjunction with the acquisition of Fleet (see Note 2), we assumed a number of additional employee retirement plans including a defined contribution plan and two defined benefit plans. All U.S. full-time employees of Fleet are eligible to participate in Fleet's defined contribution plan. The participants may contribute from 2% to 50% of their compensation, as defined in the plan. We match 100% of the first 6% of each participant's base compensation with full vesting upon entering the plan. The Company's contribution is reduced by the amount of forfeitures that occur during the year. We may also make additional contributions to the plan as determined by the Board of Directors. The total expense for the defined contribution plan was $0.8 million for 2018 . Certain employees of Fleet are covered by defined benefit pension plans. The Company’s policy is to contribute at least the minimum amount required under ERISA. The Company may elect to make additional contributions. Benefits are based on years of service and levels of compensation. On December 16, 2014, the decision was made to freeze the benefits under the Company's U.S. qualified defined benefit pension plan with an effective date of March 1, 2015. Benefit Obligations and Plan Assets The following table summarizes the changes in the U.S. pension plan obligations and plan assets from the date of acquisition to the end of our fiscal year, and includes a statement of the plans' funded status as of March 31, 2018 and 2017 : Period Ended (In thousands) March 31, 2018 March 31, 2017 Change in benefit obligation: Projected benefit obligation at beginning of period $ 61,714 $ 61,187 Interest cost 2,529 456 Actuarial loss 800 791 Benefits paid (3,161 ) (720 ) Projected benefit obligations at end of year $ 61,882 $ 61,714 Change in plan assets: Fair value of plan assets at beginning of period $ 47,772 $ 41,560 Actual return on plan assets 5,505 854 Employer contribution 392 6,078 Benefits paid (3,161 ) (720 ) Fair value of plan assets at end of year $ 50,508 $ 47,772 Funded status at end of year $ (11,374 ) $ (13,942 ) Amounts recognized in the balance sheet at the end of the period consist of the following: Period Ended (In thousands) March 31, 2018 March 31, 2017 Current liability $ 461 463 Long-term liability 10,913 13,479 Total $ 11,374 $ 13,942 The primary components of Net Periodic Benefits consist of the following: Period Ended (In thousands) March 31, 2018 March 31, 2017 Interest cost $ 2,529 $ 456 Expected return on assets (2,901 ) (462 ) Net periodic benefit cost (income) $ (372 ) $ (6 ) The accumulated benefit obligation, which represents benefits earned to the measurement date, was $61.9 million at March 31, 2018 , and $61.7 million at March 31, 2017 and we had a net periodic benefit (income) of less than $1.0 million for 2018 and 2017 . The pension benefit amounts stated above include one pension plan that is an unfunded plan. The projected benefit obligation and accumulated benefit obligation for this unfunded plan were $5.9 million as of March 31, 2018 and $6.0 million as of March 31, 2017 . The following table includes amounts that are expected to be contributed to the plans by the Company. It reflects benefit payments that are made from the plans' assets as well as those made directly from the Company's assets and includes the participants' share of the cost, which is funded by participant contributions. The amounts in the table are actuarially determined and reflect the Company's best estimate given its current knowledge; actual amounts could be materially different. (In thousands) Pension Benefits Employer contributions: 2019 (expectation) to participant benefits $ 1,461 Expected benefit payments year ending March 31, 2019 $ 3,314 2020 3,386 2021 3,463 2022 3,588 2023 3,674 2024-2028 19,157 During 2018 , we made no contribution to the qualified plan. During 2017 , we funded $6.0 million to the plan, which was invested as described in the plan assets below. The Company's primary investment objective for its qualified pension plan assets is to provide a source of retirement income for the plans' participants and beneficiaries. The asset allocation for the Company's funded retirement plan as of March 31, 2018 and 2017 , and the target allocation by asset category are as follows: Percentage of Plan Assets Asset Category Target Allocation March 31, 2018 March 31, 2017 Domestic large cap equities 21 % 21 % 41 % Domestic small/mid cap equities 6 6 7 International equities 18 18 16 Balanced/asset allocation — — 2 Fixed income and cash 55 55 34 Total 100 % 100 % 100 % The plan assets are invested in a diversified portfolio consisting primarily of domestic fixed income and publicly traded equity securities held within group trust funds at March 31, 2018 and pooled separate mutual funds at March 31, 2017 . These assets are fair valued using NAV. The following tables show the unrecognized actuarial loss (gain) included in accumulated other comprehensive income at March 31, 2018 and 2017 , as well as the prior service cost credit and actuarial loss expected to be reclassified from accumulated other comprehensive income (loss) to retirement expense during 2019 : (In thousands) Balances in accumulated other comprehensive loss as of March 31, 2017: Unrecognized actuarial loss $ 399 Unrecognized prior service credit — Balances in accumulated other comprehensive (income) as of March 31, 2018: Unrecognized actuarial (gain) $ (1,407 ) Unrecognized prior service credit — Amounts expected to be reclassified from accumulated other comprehensive income (loss) during 2019: Unrecognized actuarial (loss) $ — Unrecognized prior service credit — Assumptions used in determining the actuarial present value of the benefit obligation as of March 31, 2018 and 2017 were as follows: Period Ended March 31, 2018 March 31, 2017 Key assumptions: Discount rate 3.93% to 4.07% 3.92% to 4.21% Expected return on plan assets, net of administrative fees 6.25% 6.25% Rate of compensation increase — — The determination of the expected long-term rate of return was derived from an optimized portfolio using an asset allocation software program. The risk and return assumptions, along with the correlations between the asset classes, were entered into the program. Based on these assumptions and historical experience, the portfolio is expected to achieve a long-term rate of return of 6.25% . The investment managers engaged to manage the portfolio are expected to outperform their expected benchmarks on a relative basis over a full market cycle. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2018 | |
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 of $267.0 million related to the value of our deferred tax liabilities and a gain of $3.2 million related to the lower blended tax rate on our current year earnings, resulting in a net gain of $270.2 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 $1.9 million during 2018 . 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. We currently anticipate finalizing and recording any resulting adjustments by the end of the measurement period. Income before income taxes consists of the following: Year Ended March 31, (In thousands) 2018 2017 2016 United States $ 84,435 $ 93,582 $ 142,253 Foreign 22,651 17,268 14,932 $ 107,086 $ 110,850 $ 157,185 The provision for income taxes consists of the following: Year Ended March 31, (In thousands) 2018 2017 2016 Current Federal $ 31,327 $ 40,183 $ 6,080 State 2,686 2,808 1,171 Foreign 5,588 4,242 3,905 Deferred Federal (270,796 ) (5,421 ) 44,787 State (1,240 ) (163 ) 1,678 Foreign (49 ) (194 ) (343 ) Total (benefit) provision for income taxes $ (232,484 ) $ 41,455 $ 57,278 The principal components of our deferred tax balances are as follows: March 31, (In thousands) 2018 2017 Deferred Tax Assets Allowance for doubtful accounts and sales returns $ 2,806 $ 5,280 Inventory capitalization 1,176 1,881 Inventory reserves 540 1,880 Net operating loss carryforwards 609 609 State income taxes 10,154 17,727 Accrued liabilities 2,210 2,174 Accrued compensation 4,992 9,574 Stock compensation 5,038 5,790 Other 4,975 7,925 Total deferred tax assets $ 32,500 $ 52,840 Deferred Tax Liabilities Property, plant and equipment $ (6,032 ) $ (9,157 ) Intangible assets (467,388 ) (754,322 ) Total deferred tax liabilities $ (473,420 ) $ (763,479 ) Net deferred tax liability before valuation allowance $ (440,920 ) $ (710,639 ) Valuation allowance (609 ) (3,437 ) Net deferred tax liability $ (441,529 ) $ (714,076 ) The net deferred tax liability shown above is net of $1.0 million of long-term deferred tax assets as of March 31, 2018 and $1.0 million of long-term deferred tax assets as of March 31, 2017 . At March 31, 2018 and 2017 , we have a valuation allowance of $0.6 million and $3.4 million , respectively, related to certain deferred tax assets acquired from Fleet that we have concluded are not more likely than not to be realized. The decrease in the valuation allowance related to the reclassification of $2.8 million into our uncertain tax liability. A reconciliation of the effective tax rate compared to the statutory U.S. Federal tax rate is as follows: Year Ended March 31, 2018 2017 2016 (In thousands) % % % Income tax provision at statutory rate $ 37,480 35.0 $ 38,798 35.0 $ 55,015 35.0 Foreign tax benefit (2,084 ) (1.9 ) (2,322 ) (2.1 ) (2,894 ) (1.8 ) State income taxes, net of federal income tax benefit 1,414 1.3 1,820 1.7 3,284 2.0 Impact of tax legislation (268,244 ) (250.5 ) — — — — Goodwill adjustment for sale of asset — — 3,208 2.9 — — Nondeductible transaction costs — — 686 0.6 1,071 0.7 Nondeductible compensation — — 342 0.3 758 0.5 Other (1,050 ) (1.0 ) (1,077 ) (1.0 ) 44 — Total (benefit) provision for income taxes $ (232,484 ) (217.1 ) $ 41,455 37.4 $ 57,278 36.4 Uncertain tax liability activity is as follows: 2018 2017 2016 (In thousands) Balance – beginning of year $ 3,651 $ 4,084 $ 3,420 Additions based on tax positions related to the current year 7,286 583 664 Reductions based on lapse of statute of limitations (110 ) (1,016 ) — Balance – end of year $ 10,827 $ 3,651 $ 4,084 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 2016 , 2017 or 2018 . The amount of unrecognized tax benefits at March 31, 2018 , 2017 , and 2016 was $10.8 million , $3.7 million , and $4.1 million , respectively, which would reduce the effective tax rate by 10.1% , 3.3% , and 2.6% , respectively, if recognized. We do not anticipate any events or circumstances that would cause a significant change to these uncertainties during the ensuing year. We are subject to taxation in the United States and various state and foreign jurisdictions, and we are generally open to examination from the year ended March 31, 2015 forward. Pursuant to The Tax Act, we recognized a tax liability on any unrepatriated foreign earnings generated through December 31, 2017. Any future foreign earnings may be eligible for the dividends received deduction. As a result, the Company no longer maintains an assertion that any of its foreign earnings are indefinitely reinvested. Consequently, the Company has recorded the U.S. and local country tax effects of repatriating any unremitted foreign earnings. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies We are involved from time to time in routine legal matters and other claims incidental to our business. We review outstanding claims and proceedings internally and with external counsel as necessary to assess probability and amount of potential loss. These assessments are re-evaluated at each reporting period and as new information becomes available to determine whether a reserve should be established or if any existing reserve should be adjusted. The actual cost of resolving a claim or proceeding ultimately may be substantially different than the amount of the recorded reserve. In addition, because it is not permissible under GAAP to establish a litigation reserve until the loss is both probable and estimable, in some cases there may be insufficient time to establish a reserve prior to the actual incurrence of the loss (upon verdict and judgment at trial, for example, or in the case of a quickly negotiated settlement). We believe the resolution of routine legal matters and other claims incidental to our business, taking our reserves into account, will not have a material adverse effect on our business, financial condition, or results of operations. Lease Commitments We have operating leases for office facilities and equipment, including New York and other locations, which expire at various dates through fiscal 2028. These amounts have been included in the table below. The following summarizes future minimum lease payments for our operating leases (a) : (In thousands) Facilities Equipment Total Year Ending March 31, 2019 $ 2,928 $ 333 $ 3,261 2020 2,685 138 2,823 2021 2,505 31 2,536 2022 2,163 24 2,187 2023 1,683 10 1,693 Thereafter 8,487 — 8,487 $ 20,451 $ 536 $ 20,987 (a) Minimum lease payments have not been reduced by minimum sublease rentals of $1.0 million due in the future under non- cancellable subleases. The following schedule shows the composition of total minimum lease payments that have been reduced by minimum sublease rentals: Year ending March 31, (In thousands) 2018 2017 Minimum lease payments $ 20,987 $ 10,982 Less: Sublease rentals (1,018 ) (690 ) $ 19,969 $ 10,292 Rent expense was $1.9 million , $2.0 million , and $1.8 million for 2018 , 2017 , and 2016 , respectively. 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 2019 $ 9,473 2020 9,839 2021 9,280 2022 9,280 2023 1,578 Thereafter — $ 39,450 |
Concentrations of Risk
Concentrations of Risk | 12 Months Ended |
Mar. 31, 2018 | |
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 2018 , 2017 , and 2016 , approximately 41.2% , 40.0% , and 41.9% , respectively, of our gross revenues were derived from our five top selling brands. One customer, Walmart, accounted for more than 10% of our gross revenues for each of the periods presented. During 2018 , 2017 , and 2016 , Walmart accounted for approximately 23.8% , 21.1% , and 20.2% , respectively, of our gross revenues. At March 31, 2018 , approximately 26.1% of our accounts receivable were owed by Walmart. 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 March 31, 2018 , we had relationships with 116 third-party manufacturers. Of those, we had long-term contracts with 46 manufacturers that produced items that accounted for approximately 73.6% of our gross sales for 2018 , compared to 47 manufacturers with long-term contracts that accounted for approximately 78.4% of gross sales in 2017 . The fact that we do not have long-term contracts with certain manufacturers means that they could cease manufacturing our products at any time and for any reason or initiate arbitrary and costly price increases, which could have a material adverse effect on our business and results from operations. Although we are in the process of negotiating long-term contracts with certain key manufacturers, we may not be able to reach a timely agreement, which could have a material adverse effect on our business and results of operations. |
Business Segments
Business Segments | 12 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments Segment information has been prepared in accordance with the Segment Reporting topic of FASB ASC 280. Our current reportable segments consist of (i) North American OTC Healthcare, (ii) International OTC Healthcare and (iii) Household Cleaning. We evaluate the performance of our operating segments and allocate resources to these segments based primarily on contribution margin, which we define as gross profit less advertising and promotional expenses. The tables below summarize information about our operating and reportable segments. Year Ended March 31, 2018 (In thousands) North American OTC International OTC Household Cleaning Consolidated Total segment revenues* $ 868,874 $ 91,658 $ 80,647 $ 1,041,179 Cost of sales 357,298 40,244 67,132 464,674 Gross profit 511,576 51,414 13,515 576,505 Advertising and promotion 129,058 16,267 1,961 147,286 Contribution margin $ 382,518 $ 35,147 $ 11,554 429,219 Other operating expenses** 213,353 Operating income 215,866 Other expense 108,780 Income before income taxes 107,086 Benefit for income taxes (232,484 ) Net income $ 339,570 *Intersegment revenues of $7.7 million were eliminated from the North American OTC Healthcare segment. **Other operating expenses for the year ended March 31, 2018 includes a tradename impairment charge of $99.9 million . Year Ended March 31, 2017 (In thousands) North American OTC International OTC Household Consolidated Total segment revenues* $ 720,824 $ 73,304 $ 87,932 $ 882,060 Cost of sales 282,750 30,789 68,235 381,774 Gross profit 438,074 42,515 19,697 500,286 Advertising and promotion 112,465 13,434 2,460 128,359 Contribution margin $ 325,609 $ 29,081 $ 17,237 371,927 Other operating expenses** 166,314 Operating income 205,613 Other expense 94,763 Income before income taxes 110,850 Provision for income taxes 41,455 Net income $ 69,395 * Intersegment revenues of $4.2 million were eliminated from the North American OTC Healthcare segment. **Other operating expenses for the year ended March 31, 2017 includes a pre-tax net loss of $51.8 million related to divestitures. These divestitures include Pediacare®, New Skin®, Fiber Choice®, e.p.t®, 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 are included in the Household Cleaning segment. Year Ended March 31, 2016 (In thousands) North American OTC International OTC Household Consolidated Total segment revenues* $ 657,871 $ 57,713 $ 90,663 $ 806,247 Cost of sales 250,018 21,676 67,342 339,036 Gross profit 407,853 36,037 23,321 467,211 Advertising and promotion 97,393 11,114 2,295 110,802 Contribution margin $ 310,460 $ 24,923 $ 21,026 356,409 Other operating expenses 96,094 Operating income 260,315 Other expense 103,130 Income before income taxes 157,185 Provision for income taxes 57,278 Net income $ 99,907 *Intersegment revenues of $2.7 million were eliminated from the North America OTC Healthcare segment. The tables below summarize information about our segment revenues from similar product groups. Year Ended March 31, 2018 (In thousands) North American OTC International OTC Household Consolidated Analgesics $ 118,610 $ 807 $ — $ 119,417 Cough & Cold 93,537 18,310 — 111,847 Women's Health 247,244 12,140 — 259,384 Gastrointestinal 117,627 34,609 — 152,236 Eye & Ear Care 92,308 11,744 — 104,052 Dermatologicals 94,775 2,113 — 96,888 Oral Care 99,072 11,930 — 111,002 Other OTC 5,701 5 — 5,706 Household Cleaning — — 80,647 80,647 Total segment revenues $ 868,874 $ 91,658 $ 80,647 $ 1,041,179 Year Ended March 31, 2017 (In thousands) North American OTC International OTC Household Consolidated Analgesics $ 120,253 $ 1,922 $ — $ 122,175 Cough & Cold 90,795 17,990 — 108,785 Women's Health 147,071 3,811 — 150,882 Gastrointestinal 76,500 24,812 — 101,312 Eye & Ear Care 97,618 12,075 — 109,693 Dermatologicals 85,194 2,159 — 87,353 Oral Care 97,586 10,513 — 108,099 Other OTC 5,807 22 — 5,829 Household Cleaning — — 87,932 87,932 Total segment revenues $ 720,824 $ 73,304 $ 87,932 $ 882,060 Year Ended March 31, 2016 (In thousands) North American OTC International OTC Household Consolidated Analgesics $ 117,337 $ 2,128 $ — $ 119,465 Cough & Cold 100,148 16,422 — 116,570 Women's Health 132,184 2,982 — 135,166 Gastrointestinal 74,568 20,019 — 94,587 Eye & Ear Care 95,515 11,983 — 107,498 Dermatologicals 82,941 2,133 — 85,074 Oral Care 49,099 2,026 — 51,125 Other OTC 6,079 20 — 6,099 Household Cleaning — — 90,663 90,663 Total segment revenues $ 657,871 $ 57,713 $ 90,663 $ 806,247 Our total segment revenues by geographic area are as follows: Year Ended March 31, 2018 2017 2016 United States $ 903,511 $ 769,732 $ 704,360 Rest of world 137,668 112,328 101,887 Total $ 1,041,179 $ 882,060 $ 806,247 Our consolidated goodwill and intangible assets have been allocated to the reportable segments as follows: March 31, 2018 (In thousands) North American OTC International OTC Household Consolidated Goodwill $ 580,934 $ 32,919 $ 6,245 $ 620,098 Intangible assets Indefinite-lived 2,375,736 84,006 30,561 2,490,303 Finite-lived 265,356 6,068 19,189 290,613 Intangible assets, net 2,641,092 90,074 49,750 2,780,916 Total $ 3,222,026 $ 122,993 $ 55,995 $ 3,401,014 March 31, 2017 (In thousands) North American OTC International OTC Household Consolidated 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 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 Our goodwill and intangible assets by geographic area are as follows: Year Ended March 31, 2018 2017 United States $ 3,278,021 $ 3,396,285 Rest of world 122,993 122,580 Total $ 3,401,014 $ 3,518,865 |
Unaudited Quarterly Financial I
Unaudited Quarterly Financial Information | 12 Months Ended |
Mar. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Financial Information | Unaudited Quarterly Financial Information Unaudited quarterly financial information for 2018 and 2017 is as follows: Year Ended March 31, 2018 Quarterly Period Ended (In thousands, except for per share data) June 30, September 30, December 31, March 31, Total revenues $ 256,573 $ 258,026 $ 270,615 $ 255,965 Cost of sales 113,097 113,928 122,941 114,708 Gross profit 143,476 144,098 147,674 141,257 Operating expenses Advertising and promotion 36,944 39,188 35,835 35,319 General and administrative 20,336 21,567 21,207 21,891 Depreciation and amortization 7,167 7,186 7,129 6,946 Tradename impairment — — — 99,924 Total operating expenses 64,447 67,941 64,171 164,080 Operating income 79,029 76,157 83,503 (22,823 ) Net interest expense 26,341 26,836 25,864 26,838 Loss on extinguishment of debt — — — 2,901 Income (loss) before income taxes 52,688 49,321 57,639 (52,562 ) Provision (benefit) for income taxes 18,929 18,616 (257,154 ) (12,875 ) Net income (loss) $ 33,759 $ 30,705 $ 314,793 $ (39,687 ) Earnings (loss) per share: Basic $ 0.64 $ 0.58 $ 5.93 $ (0.75 ) Diluted $ 0.63 $ 0.57 $ 5.88 $ (0.75 ) Weighted average shares outstanding: Basic 53,038 53,098 53,129 53,131 Diluted 53,509 53,539 53,543 53,131 Comprehensive income (loss), net of tax: Currency translation adjustments 1,119 2,716 4,492 (2,625 ) Unrecognized net gain on pension plans 1 — — 1,334 Total other comprehensive income (loss) 1,120 2,716 4,492 (1,291 ) Comprehensive income (loss) $ 34,879 $ 33,421 $ 319,285 $ (40,978 ) Year Ended March 31, 2017 Quarterly Period Ended (In thousands, except for per share data) June 30, September 30, December 31, March 31, Total revenues $ 209,575 $ 215,052 $ 216,763 $ 240,670 Cost of sales 87,984 91,087 92,216 110,487 Gross profit 121,591 123,965 124,547 130,183 Operating expenses Advertising and promotion 27,635 28,592 30,682 41,450 General and administrative 19,457 18,795 22,131 28,760 Depreciation and amortization 6,832 6,016 5,852 6,651 Loss (gain) on divestitures 55,453 (496 ) (3,405 ) 268 Total operating expenses 109,377 52,907 55,260 77,129 Operating income 12,214 71,058 69,287 53,054 Net interest expense 21,127 20,830 18,554 32,832 Loss on extinguishment of debt — — — 1,420 (Loss) income before income taxes (8,913 ) 50,228 50,733 18,802 (Benefit) provision for income taxes (3,382 ) 18,033 19,092 7,712 Net (loss) income $ (5,531 ) $ 32,195 $ 31,641 $ 11,090 (Loss) earnings per share: Basic $ (0.10 ) $ 0.61 $ 0.60 $ 0.21 Diluted $ (0.10 ) $ 0.60 $ 0.59 $ 0.21 Weighted average shares outstanding: Basic 52,881 52,993 52,999 53,009 Diluted 52,881 53,345 53,359 53,419 Comprehensive (loss) income, net of tax: Currency translation adjustments (5,824 ) 2,703 (8,736 ) 9,282 Unrecognized net loss on pension plans — — — (252 ) Total other comprehensive (loss) income (5,824 ) 2,703 (8,736 ) 9,030 Comprehensive (loss) income $ (11,355 ) $ 34,898 $ 22,905 $ 20,120 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Share Repurchase Program The Company’s Board of Directors authorized the repurchase of up to $50.0 million of the Company’s issued and outstanding common stock. Under the authorization, the Company may purchase common stock through May, 2019 utilizing one or more open market transactions, transactions structured through investment banking institutions, in privately-negotiated transactions or otherwise, by direct purchases of common stock or a combination of the foregoing in compliance with the applicable rules and regulations of the Securities and Exchange Commission. The timing of the purchases and the amount of stock repurchased is subject to the Company's discretion and will depend on market and business conditions, applicable legal and credit requirements and other corporate considerations including the Company’s historical strategy of pursuing accretive acquisitions and deleveraging. Share Based Compensation On May 7, 2018, the Compensation and Talent Management Committee of our Board of Directors granted 103,406 performance units, 100,399 RSUs and stock options to acquire 294,484 shares of our common stock to certain executive officers and employees under the Plan. Performance units are earned based on achievement of the performance objectives set by the Compensation and Talent Management Committee and, if earned, vest in their entirety on the three -year anniversary of the date of grant. RSUs vest either 33.3% per year over three years or in their entirety on the three -year anniversary of the date of grant. Upon vesting, both performance units and RSUs will be settled in shares of our common stock. The stock options will vest 33.3% per year over three years and are exercisable for up to ten years from the date of grant. These stock options were granted at an exercise price of $29.46 per share, which is equal to the closing price for our common stock on the date of the grant. Except in cases of death, disability or retirement, termination of employment prior to vesting will result in forfeiture of the unvested performance units, RSUs and the stock options. Vested stock options will remain exercisable by the employee after termination, subject to the terms of the Plan. |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2018 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II Valuation and Qualifying Accounts | VALUATION AND QUALIFYING ACCOUNTS (In thousands) Balance at Beginning of Year Amounts Charged to Expense Deductions Other Balance at End of Year Year Ended March 31, 2018 Reserves for sales returns and allowance $ 9,429 $ 62,953 $ (63,569 ) $ — $ 8,813 Reserves for trade promotions 15,193 78,669 (82,427 ) — 11,435 Reserves for consumer coupon redemptions 4,614 7,283 (9,252 ) — 2,645 Allowance for doubtful accounts 1,352 187 (336 ) — 1,203 Deferred tax valuation allowance 3,437 — — (2,828 ) (a) 609 Year Ended March 31, 2017 Reserves for sales returns and allowance 8,823 41,173 (41,417 ) 850 (b) 9,429 Reserves for trade promotions 12,641 69,475 (69,713 ) 2,790 (b) 15,193 Reserves for consumer coupon redemptions 4,323 7,616 (7,745 ) 420 (b) 4,614 Allowance for doubtful accounts 815 177 360 — 1,352 Deferred tax valuation allowance — — — 3,437 (b) 3,437 Year Ended March 31, 2016 Reserves for sales returns and allowance 6,716 41,217 (40,085 ) 975 (c) 8,823 Reserves for trade promotions 9,932 62,331 (62,409 ) 2,787 (c) 12,641 Reserves for consumer coupon redemptions 1,672 6,235 (5,637 ) 2,053 (c) 4,323 Allowance for doubtful accounts 1,277 (276 ) (186 ) — 815 (a) Reclassified into a FIN 48 liability. (b) Reflects the applicable amounts acquired from the purchase of Fleet on January 26, 2017. (c) Reflects the applicable amounts acquired from the purchase of DenTek on February 5, 2016. |
Business and Basis of Present29
Business and Basis of Presentation (Policies) | 12 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Our Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All significant intercompany transactions and balances have been eliminated in consolidation. Our fiscal year ends on March 31st of each year. References in these Consolidated Financial Statements or notes to a year (e.g., “2018”) mean our fiscal year ended on March 31st of that year. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on our knowledge of current events and actions that we may undertake in the future, actual results could differ from those estimates. As discussed below, our most significant estimates include those made in connection with the valuation of intangible assets, stock-based compensation, fair value of debt, sales returns and allowances, trade promotional allowances and inventory obsolescence, and the recognition of income taxes using an estimated annual effective tax rate. |
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. The impact of the reclassification on our Financial Statements was not material. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all short-term deposits and investments with original maturities of three months or less to be cash equivalents. At March 31, 2018 , approximately 23% of our cash is held by a bank in Sydney, Australia. Substantially all of our remaining cash is held by a large regional bank with headquarters in California. We do not believe that, as a result of this concentration, we are subject to any unusual financial risk beyond the normal risk associated with commercial banking relationships. The Federal Deposit Insurance Corporation (“FDIC”) and Securities Investor Protection Corporation (“SIPC”) insures our domestic balances, up to $250,000 and $500,000, with a $250,000 limit for cash, respectively. |
Accounts Receivable | Accounts Receivable We extend non-interest-bearing trade credit to our customers in the ordinary course of business. We maintain an allowance for doubtful accounts receivable based upon historical collection experience and expected collectability of the accounts receivable. In an effort to reduce credit risk, we (i) have established credit limits for all of our customer relationships, (ii) perform ongoing credit evaluations of customers’ financial condition, (iii) monitor the payment history and aging of customers’ receivables, and (iv) monitor open orders against an individual customer’s outstanding receivable balance. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value, where cost is determined by using the first-in, first-out method. We reduce inventories for the diminution of value resulting from product obsolescence, damage or other issues affecting marketability, equal to the difference between the cost of the inventory and its estimated net realizable value. Factors utilized in the determination of estimated net realizable value include (i) current sales data and historical return rates, (ii) estimates of future demand, (iii) competitive pricing pressures, (iv) new product introductions, (v) product expiration dates, and (vi) component and packaging obsolescence. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost and are depreciated using the straight-line method based on the following estimated useful lives: Years Building 15 - 40 Machinery 3 - 15 Computer equipment and software 3 - 5 Furniture and fixtures 7 - 10 Leasehold improvements * *Leasehold improvements are amortized over the lesser of the lease term or the estimated useful life of the related asset. Expenditures for maintenance and repairs are charged to expense as incurred. When an asset is sold or otherwise disposed of, we remove the cost and associated accumulated depreciation from the respective accounts and recognize the resulting gain or loss in the Consolidated Statements of Income and Comprehensive Income. Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. An impairment loss is recognized if the carrying amount of the asset exceeds its fair value. |
Goodwill | Goodwill The excess of the purchase price over the fair market value of assets acquired and liabilities assumed in business combinations is classified as goodwill. Goodwill is not amortized, although the carrying value is tested for impairment at least annually in the fourth fiscal quarter of each year, or more frequently if events or changes in circumstances indicate that the asset may be impaired. Goodwill is tested for impairment at the product group level, which is one level below the operating segment level. |
Intangible Assets | Intangible Assets Intangible assets, which are comprised primarily of tradenames, are stated at cost less accumulated amortization. For intangible assets with finite lives, amortization is computed using the straight-line method over estimated useful lives, typically ranging from 10 to 30 years. Indefinite-lived intangible assets are tested for impairment at least annually in the fourth fiscal quarter of each year, or more frequently if events or changes in circumstances indicate that the asset may be impaired. Intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may exceed their fair values and may not be recoverable. An impairment loss is recognized if the carrying amount of the asset exceeds its fair value. |
Deferred Origination Costs | Debt Origination Costs We have incurred debt origination costs in connection with the issuance of long-term debt. These costs are amortized over the term of the related debt, using the effective interest method for our bonds and our term loan facility and the straight-line method for our revolving credit facility. Costs associated with our revolving credit facility are reported as a long-term asset and costs related to our senior notes and the term loan facility are recorded as a reduction of debt. |
Revenue Recognition | Revenue Recognition Revenues are recognized when the following criteria are met: (i) persuasive evidence of an arrangement exists; (ii) the selling price is fixed or determinable; (iii) the product has been shipped and the customer takes ownership and assumes the risk of loss, and (iv) collection of the resulting receivable is reasonably assured. We have determined that these criteria are met and the transfer of the risk of loss generally occurs when product is received by the customer and, accordingly, we recognize revenue at that time. Provisions are made for estimated discounts related to customer payment terms and estimated product returns at the time of sale based on our historical experience. As is customary in the consumer products industry, we participate in the promotional programs of our customers to enhance the sale of our products. The cost of these promotional programs varies based on the actual number of units sold during a finite period of time. These promotional programs consist of direct-to-consumer incentives, such as coupons and temporary price reductions, as well as incentives to our customers, such as allowances for new distribution, including slotting fees, and cooperative advertising. Estimates of the costs of these promotional programs are based on (i) historical sales experience, (ii) the current promotional offering, (iii) forecasted data, (iv) current market conditions, and (v) communication with customer purchasing/marketing personnel. We recognize the cost of such sales incentives by recording an estimate of such cost as a reduction of revenue, at the later of (a) the date the related revenue is recognized, or (b) the date when a particular sales incentive is offered. At the completion of the promotional program, the estimated amounts are adjusted to actual results. Due to the nature of the consumer products industry, we are required to estimate future product returns. Accordingly, we record an estimate of product returns concurrent with recording sales, which is made after analyzing (i) historical return rates, (ii) current economic trends, (iii) changes in customer demand, (iv) product acceptance, (v) seasonality of our product offerings, and (vi) the impact of changes in product formulation, packaging and advertising. |
Cost of Sales | Cost of Sales Cost of sales includes costs related to the manufacture of our products, including raw materials, direct labor and indirect plant costs (including but not limited to depreciation), 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. |
Stock-based Compensation | Stock-based Compensation We recognize stock-based compensation expense by measuring the cost of services to be rendered based on the grant-date fair value of the equity award. Compensation expense is recognized over the period a grantee is required to provide service in exchange for the award, generally referred to as the requisite service period. |
Pension Expense | Pension Expense Certain employees of C.B. Fleet Company, Inc. (" Fleet ") are covered by defined benefit pension plans. The Company’s policy is to contribute at least the minimum amount required under The Employee Retirement Income Security Act of 1974 ("ERISA"). The Company may elect to make additional contributions. Benefits are based on years of service and levels of compensation. On December 16, 2014, the decision was made to freeze the benefits under the Company's U.S. qualified defined benefit pension plan with an effective date of March 1, 2015. The funded status of our pension plans is dependent upon many factors, including returns on invested assets and the level of certain market interest rates. We review pension assumptions regularly and we may from time to time make voluntary contributions to our pension plans that exceed the amounts required by statute. Changes in interest rates and the market value of the securities held by the plans could materially change, positively or negatively, the funded status of the plans and affect the level of pension expense and required contributions in fiscal 2019 and beyond. |
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 of $267.0 million related to the value of our deferred tax liabilities and a gain of $3.2 million related to the lower blended tax rate on our current year earnings, resulting in a net gain of $270.2 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 $1.9 million during 2018 . Deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts expected to be realized. The Income Taxes topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740 prescribes a recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The guidance only allows the recognition of those tax benefits that have a greater than 50% likelihood of being sustained upon examination by the various taxing authorities. As a result, we have applied such guidance in determining our tax uncertainties. We are subject to taxation in the United States and various state and foreign jurisdictions. We classify penalties and interest related to unrecognized tax benefits as income tax expense in the Consolidated Statements of Income and Comprehensive Income. |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed based on income available to common stockholders and the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed based on income available to common stockholders and 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 ("RSUs"). Potential common shares, composed of the incremental common shares issuable upon the exercise of outstanding stock options and unvested RSUs, are included in the diluted earnings per share calculation to the extent that they are dilutive. In loss periods, the assumed exercise of in-the-money stock options and RSUs has an antidilutive effect, and therefore these instruments are excluded from the computation of diluted earnings per share. |
Recently Issued Accounting Standards | Recently Adopted Accounting Pronouncements In March 2018, the FASB issued ASU 2018-05, Income Taxes (Topic 740) . The amendments in this update reflect the income tax accounting implications of the Tax Act. See "Income Taxes" above for a discussion of the Tax Act that was signed into law on December 22, 2017, and the impact it has had and may have on our business and financial results. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . The amendments in this update allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act. See "Income Taxes" above for a discussion of the Tax Act that was signed into law on December 22, 2017, and the impact it has had and may have on our business and financial results. The amendments in this update are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. We have early adopted ASU 2018-02 and the adoption did not have a material impact on our consolidated financial statements. In March 2016, the 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 consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory . The amendments in this update more closely align the measurement of inventory in GAAP with the measurement of inventory in International Financial Reporting Standards, under which an entity should measure inventory at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. For public business entities, the amendments 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 consolidated financial statements. Recently Issued Accounting Pronouncements In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which changes the presentation of net periodic benefit cost related to employer sponsored defined benefit plans and other postretirement benefits. Service cost should be included in the same income statement line item as other compensation costs arising from services rendered during the period, while other components of net periodic benefit pension cost should be presented separately outside of operating income. Additionally, only service costs may be capitalized in assets. Entities should apply the guidance on the presentation of the components of net periodic benefit cost in the income statement retrospectively. The guidance limiting the capitalization of net periodic benefit cost in assets to the service cost component should be applied prospectively. The standard is effective for annual reporting periods beginning after December 15, 2017. The adoption of this standard will require us to move certain pension costs out of operating income. 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 consolidated 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 will adopt this standard as of the beginning of our fiscal 2019, and we do not expect a material impact to our consolidated 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. We will adopt this standard as of the beginning of our fiscal 2019, and we do not expect a material impact to our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases. The amendments in this update include a new FASB ASC Topic 842, which supersedes Topic 840. The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted for all entities as of the beginning of interim or annual reporting periods. We are evaluating the impact of adopting this guidance on our consolidated financial statements. In 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. Along with amendments issued in 2015 and 2016, the new guidance will eliminate industry-specific revenue recognition guidance under current GAAP and replace it with a principle-based approach for determining revenue. The core principle of the new guidance is that an entity should recognize revenue for the transfer of goods and services equal to an amount it expects to be entitled to receive for those goods and services. The new standard will also require additional disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. The new guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively by recognizing the cumulative effect of initially applying the guidance to all contracts existing at the date of initial application (the modified retrospective method). The ASU, as amended, is effective for annual reporting periods beginning after December 15, 2017. Our implementation approach included performing a detailed study of the various types of agreements that we have with our customers and assessed conformance of our current accounting practices with the new standard. We will adopt the guidance effective on April 1, 2018 using the modified retrospective method. We are finalizing the accounting policies under the new guidance and determined it may impact the timing of revenue recognition for product sales and the timing of revenue reductions associated with certain customer promotional programs we participate in. |
Business and Basis of Present30
Business and Basis of Presentation (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment are stated at cost and are depreciated using the straight-line method based on the following estimated useful lives: Years Building 15 - 40 Machinery 3 - 15 Computer equipment and software 3 - 5 Furniture and fixtures 7 - 10 Leasehold improvements * *Leasehold improvements are amortized over the lesser of the lease term or the estimated useful life of the related asset. Property, plant and equipment, net consist of the following: March 31, (In thousands) 2018 2017 Components of Property, Plant and Equipment Land $ 550 $ 550 Building 13,746 13,156 Machinery 38,599 31,456 Computer equipment 18,116 15,440 Furniture and fixtures 2,924 2,720 Leasehold improvements 8,804 7,497 82,739 70,819 Accumulated depreciation (30,187 ) (20,224 ) Property, plant and equipment, net $ 52,552 $ 50,595 |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share: Year Ended March 31, (In thousands, except per share data) 2018 2017 2016 Numerator Net income $ 339,570 $ 69,395 $ 99,907 Denominator Denominator for basic earnings per share - weighted average shares outstanding 53,099 52,976 52,754 Dilutive effect of unvested restricted stock units and options issued to employees and directors 427 386 389 Denominator for diluted earnings per share 53,526 53,362 53,143 Earnings per Common Share: Basic net earnings per share $ 6.40 $ 1.31 $ 1.89 Diluted net earnings per share $ 6.34 $ 1.30 $ 1.88 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Purchase Price Allocation | 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, 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 |
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, 2015, 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. Year Ended March 31, 2017 2016 (In thousands, except per share data) (Unaudited) Revenues $ 1,049,473 $ 1,004,698 Net income $ 73,750 $ 92,712 Earnings per share: Basic EPS $ 1.39 $ 1.76 Diluted EPS $ 1.38 $ 1.74 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts receivable consist of the following: March 31, (In thousands) 2018 2017 Components of Accounts Receivable Trade accounts receivable $ 152,832 $ 148,339 Other receivables 783 1,413 153,615 149,752 Less allowances for discounts, returns and uncollectible accounts (12,734 ) (13,010 ) Accounts receivable, net $ 140,881 $ 136,742 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consist of the following: March 31, (In thousands) 2018 2017 Components of Inventories Packaging and raw materials $ 13,112 $ 9,984 Work in process 157 369 Finished goods 105,278 105,256 Inventories $ 118,547 $ 115,609 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment are stated at cost and are depreciated using the straight-line method based on the following estimated useful lives: Years Building 15 - 40 Machinery 3 - 15 Computer equipment and software 3 - 5 Furniture and fixtures 7 - 10 Leasehold improvements * *Leasehold improvements are amortized over the lesser of the lease term or the estimated useful life of the related asset. Property, plant and equipment, net consist of the following: March 31, (In thousands) 2018 2017 Components of Property, Plant and Equipment Land $ 550 $ 550 Building 13,746 13,156 Machinery 38,599 31,456 Computer equipment 18,116 15,440 Furniture and fixtures 2,924 2,720 Leasehold improvements 8,804 7,497 82,739 70,819 Accumulated depreciation (30,187 ) (20,224 ) Property, plant and equipment, net $ 52,552 $ 50,595 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Goodwill | The following table summarizes the changes in the carrying value of goodwill by operating segment for each of 2016 , 2017 , and 2018 : (In thousands) North American OTC Healthcare International OTC Healthcare Household Cleaning Consolidated Balance – March 31, 2016 $ 330,615 $ 22,776 $ 6,800 $ 360,191 2017 additions 258,438 10,139 — 268,577 2017 reductions (12,600 ) — (555 ) (13,155 ) Effects of foreign currency exchange rates — (361 ) — (361 ) Balance – March 31, 2017 576,453 32,554 6,245 615,252 2018 adjustments (a) 4,481 — — 4,481 Effects of foreign currency exchange rates — 365 — 365 Balance – March 31, 2018 $ 580,934 $ 32,919 $ 6,245 $ 620,098 (a) Amount relates to a measurement period adjustment recorded during 2018 , associated with our Fleet acquisition. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Reconciliation of the Activity Affecting Intangible Assets | A reconciliation of the activity affecting intangible assets, net for each of 2018 and 2017 is as follows: Year Ended March 31, 2018 (In thousands) Indefinite Finite Lived Totals Gross Amount Balance – March 31, 2017 $ 2,589,155 $ 441,801 $ 3,030,956 Tradename impairment (99,300 ) (624 ) (99,924 ) Effects of foreign currency exchange rates 448 137 585 Balance – March 31, 2018 $ 2,490,303 $ 441,314 $ 2,931,617 Accumulated Amortization Balance – March 31, 2017 $ — $ 127,343 $ 127,343 Additions — 23,349 23,349 Effects of foreign currency exchange rates — 9 9 Balance – March 31, 2018 $ — $ 150,701 $ 150,701 Intangible assets, net – March 31, 2018 $ 2,490,303 $ 290,613 $ 2,780,916 Intangible Assets, net by Reportable Segment: North American OTC Healthcare $ 2,375,736 $ 265,356 $ 2,641,092 International OTC Healthcare 84,006 6,068 90,074 Household Cleaning 30,561 19,189 49,750 Intangible assets, net – March 31, 2018 $ 2,490,303 $ 290,613 $ 2,780,916 Year Ended March 31, 2017 (In thousands) Indefinite Finite Lived Totals Gross Amount Balance – March 31, 2016 $ 2,020,046 $ 417,880 $ 2,437,926 Additions 648,700 98,900 747,600 Reclassifications (2,064 ) 2,064 — Reductions (77,248 ) (76,903 ) (154,151 ) Effects of foreign currency exchange rates (279 ) (140 ) (419 ) Balance – March 31, 2017 $ 2,589,155 $ 441,801 $ 3,030,956 Accumulated Amortization Balance – March 31, 2016 $ — $ 115,203 $ 115,203 Additions — 19,753 19,753 Reductions — (7,610 ) (7,610 ) Effects of foreign currency exchange rates — (3 ) (3 ) Balance – March 31, 2017 $ — $ 127,343 $ 127,343 Intangible assets, net – March 31, 2017 $ 2,589,155 $ 314,458 $ 2,903,613 Intangible Assets, net by Reportable Segment: North American OTC Healthcare $ 2,404,336 $ 287,056 $ 2,691,392 International OTC Healthcare 83,558 6,468 90,026 Household Cleaning 101,261 20,934 122,195 Intangible assets, net – March 31, 2017 $ 2,589,155 $ 314,458 $ 2,903,613 |
Schedule of Expected Amortization Expense | At March 31, 2018 , finite-lived intangible assets are expected to be amortized over their estimated useful life, which ranges from a period of 10 to 30 years , and the estimated amortization expense for each of the five succeeding years and periods thereafter is as follows (in thousands): (In thousands) Year Ending March 31, Amount 2019 23,234 2020 23,234 2021 22,812 2022 22,389 2023 22,389 Thereafter 176,555 $ 290,613 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | Other accrued liabilities consist of the following: March 31, (In thousands) 2018 2017 Accrued marketing costs $ 21,473 $ 29,384 Accrued compensation costs 10,591 15,535 Accrued broker commissions 1,487 1,782 Income taxes payable 1,901 3,840 Accrued professional fees 2,244 2,412 Accrued production costs 7,392 4,580 Income tax related payable — 19,000 Other accrued liabilities 7,013 7,128 $ 52,101 $ 83,661 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt consists of the following, as of the dates indicated: (In thousands, except percentages) March 31, March 31, 2016 Senior Notes bearing interest at 6.375%, with interest payable on March 1 and September 1 of each year. The 2016 Senior Notes mature on March 1, 2024. $ 600,000 $ 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-5 Loans bearing interest at the Borrower's option at either LIBOR plus a margin of 2.00%, with a LIBOR floor of 0.00%, or an alternate base rate plus a margin of 1.00% with a floor of 1.00% due on January 26, 2024. 938,000 1,382,000 2012 ABL Revolver bearing interest at the Borrower's option at either a base rate plus applicable margin or LIBOR plus applicable margin. Any unpaid balance is due on January 26, 2022. 75,000 90,000 Total long-term debt (including current portion) 2,013,000 2,222,000 Current portion of long-term debt — — Long-term debt 2,013,000 2,222,000 Less: unamortized debt costs (20,048 ) (28,268 ) Long-term debt, net $ 1,992,952 $ 2,193,732 |
Schedule of Future Principal Payments | As of March 31, 2018 , aggregate future principal payments required in accordance with the terms of the 2012 Term Loan, 2012 ABL Revolver and the indentures governing the 2016 Senior Notes and the 2013 Senior Notes are as follows: (In thousands) Year Ending March 31, Amount 2019 $ — 2020 — 2021 — 2022 477,000 2023 9,750 Thereafter 1,526,250 $ 2,013,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The market values have been determined based on market values for similar instruments adjusted for certain factors. As such, the 2016 Senior Notes, the 2013 Senior Notes, the Term B-5 Loans, and the 2012 ABL Revolver are measured in Level 2 of the above hierarchy (see summary below detailing the carrying amounts and estimated fair values of these borrowings at March 31, 2018 and 2017 ). March 31, 2018 March 31, 2017 (In thousands) Carrying Value Fair Value Carrying Value Fair Value 2016 Senior Notes $ 600,000 $ 610,500 $ 350,000 $ 367,500 2013 Senior Notes 400,000 402,000 400,000 409,000 2012 Term B-5 Loans 938,000 939,173 1,382,000 1,395,820 2012 ABL Revolver 75,000 75,000 90,000 90,000 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
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 Vested and nonvested at March 31, 2015 362.3 $ 22.74 Granted 266.1 42.41 Vested and issued (155.6 ) 18.31 Forfeited (5.0 ) 39.61 Vested and nonvested at March 31, 2016 467.8 35.22 Vested at March 31, 2016 69.8 14.76 Granted 68.4 55.44 Vested and issued (94.7 ) 28.51 Forfeited (91.4 ) 41.71 Vested and nonvested at March 31, 2017 350.1 39.29 Vested at March 31, 2017 63.4 20.12 Granted 105.8 55.61 Vested and issued (53.3 ) 34.30 Forfeited (9.1 ) 48.76 Vested and nonvested at March 31, 2018 393.5 44.13 Vested at March 31, 2018 90.5 29.88 |
Stock Options, Valuation Assumptions | The weighted-average grant-date fair values of the options granted during 2018 , 2017 , and 2016 were $21.20 , $21.75 , and $17.24 , respectively. Year Ended March 31, 2018 2017 2016 Expected volatility 35.2 % 37.8 % 40.2 % Expected dividends — — — Expected term in years 6.0 6.0 6.0 Risk-free rate 2.2 % 1.7 % 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 Aggregate Intrinsic Value (in thousands) Outstanding at March 31, 2015 871.2 $ 23.40 Granted 208.2 42.13 Exercised (348.0 ) 19.22 Forfeited or expired (3.7 ) 35.72 Outstanding at March 31, 2016 727.7 30.70 Granted 264.3 55.86 Exercised (126.8 ) 31.75 Forfeited or expired (92.9 ) 42.66 Outstanding at March 31, 2017 772.3 37.70 Granted 182.8 56.11 Exercised (55.7 ) 29.08 Forfeited or expired (26.2 ) 48.19 Outstanding at March 31, 2018 873.2 41.79 7.0 $ 2,985 Exercisable at March 31, 2018 495.0 32.41 5.8 $ 2,985 |
Accumulated Other Comprehensi41
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | AOCI consisted of the following at March 31, 2018 and 2017 : March 31, March 31, (In thousands) 2018 2017 Components of Accumulated Other Comprehensive Loss Cumulative translation adjustment $ (20,398 ) $ (26,100 ) Unrecognized net gain (loss) on pension plans 1,083 (252 ) Accumulated other comprehensive loss, net of tax $ (19,315 ) $ (26,352 ) |
Employee Retirement Plans (Tabl
Employee Retirement Plans (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Benefit Obligation and Plan Assets | The following table summarizes the changes in the U.S. pension plan obligations and plan assets from the date of acquisition to the end of our fiscal year, and includes a statement of the plans' funded status as of March 31, 2018 and 2017 : Period Ended (In thousands) March 31, 2018 March 31, 2017 Change in benefit obligation: Projected benefit obligation at beginning of period $ 61,714 $ 61,187 Interest cost 2,529 456 Actuarial loss 800 791 Benefits paid (3,161 ) (720 ) Projected benefit obligations at end of year $ 61,882 $ 61,714 Change in plan assets: Fair value of plan assets at beginning of period $ 47,772 $ 41,560 Actual return on plan assets 5,505 854 Employer contribution 392 6,078 Benefits paid (3,161 ) (720 ) Fair value of plan assets at end of year $ 50,508 $ 47,772 Funded status at end of year $ (11,374 ) $ (13,942 ) |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the balance sheet at the end of the period consist of the following: Period Ended (In thousands) March 31, 2018 March 31, 2017 Current liability $ 461 463 Long-term liability 10,913 13,479 Total $ 11,374 $ 13,942 |
Schedule of Primary Components of Net Periodic Benefits | The primary components of Net Periodic Benefits consist of the following: Period Ended (In thousands) March 31, 2018 March 31, 2017 Interest cost $ 2,529 $ 456 Expected return on assets (2,901 ) (462 ) Net periodic benefit cost (income) $ (372 ) $ (6 ) |
Schedule of Expected to be Contributed | The following table includes amounts that are expected to be contributed to the plans by the Company. It reflects benefit payments that are made from the plans' assets as well as those made directly from the Company's assets and includes the participants' share of the cost, which is funded by participant contributions. The amounts in the table are actuarially determined and reflect the Company's best estimate given its current knowledge; actual amounts could be materially different. (In thousands) Pension Benefits Employer contributions: 2019 (expectation) to participant benefits $ 1,461 Expected benefit payments year ending March 31, 2019 $ 3,314 2020 3,386 2021 3,463 2022 3,588 2023 3,674 2024-2028 19,157 |
Schedule of Allocation of Plan Assets | The asset allocation for the Company's funded retirement plan as of March 31, 2018 and 2017 , and the target allocation by asset category are as follows: Percentage of Plan Assets Asset Category Target Allocation March 31, 2018 March 31, 2017 Domestic large cap equities 21 % 21 % 41 % Domestic small/mid cap equities 6 6 7 International equities 18 18 16 Balanced/asset allocation — — 2 Fixed income and cash 55 55 34 Total 100 % 100 % 100 % |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) | The following tables show the unrecognized actuarial loss (gain) included in accumulated other comprehensive income at March 31, 2018 and 2017 , as well as the prior service cost credit and actuarial loss expected to be reclassified from accumulated other comprehensive income (loss) to retirement expense during 2019 : (In thousands) Balances in accumulated other comprehensive loss as of March 31, 2017: Unrecognized actuarial loss $ 399 Unrecognized prior service credit — Balances in accumulated other comprehensive (income) as of March 31, 2018: Unrecognized actuarial (gain) $ (1,407 ) Unrecognized prior service credit — Amounts expected to be reclassified from accumulated other comprehensive income (loss) during 2019: Unrecognized actuarial (loss) $ — Unrecognized prior service credit — |
Schedule of Assumptions Used | Assumptions used in determining the actuarial present value of the benefit obligation as of March 31, 2018 and 2017 were as follows: Period Ended March 31, 2018 March 31, 2017 Key assumptions: Discount rate 3.93% to 4.07% 3.92% to 4.21% Expected return on plan assets, net of administrative fees 6.25% 6.25% Rate of compensation increase — — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income from Continuing Operations Before Income Taxes, Domestic and Foreign | Income before income taxes consists of the following: Year Ended March 31, (In thousands) 2018 2017 2016 United States $ 84,435 $ 93,582 $ 142,253 Foreign 22,651 17,268 14,932 $ 107,086 $ 110,850 $ 157,185 |
Components of Provision for Income Taxes | The provision for income taxes consists of the following: Year Ended March 31, (In thousands) 2018 2017 2016 Current Federal $ 31,327 $ 40,183 $ 6,080 State 2,686 2,808 1,171 Foreign 5,588 4,242 3,905 Deferred Federal (270,796 ) (5,421 ) 44,787 State (1,240 ) (163 ) 1,678 Foreign (49 ) (194 ) (343 ) Total (benefit) provision for income taxes $ (232,484 ) $ 41,455 $ 57,278 |
Components of Deferred Tax Balances | The principal components of our deferred tax balances are as follows: March 31, (In thousands) 2018 2017 Deferred Tax Assets Allowance for doubtful accounts and sales returns $ 2,806 $ 5,280 Inventory capitalization 1,176 1,881 Inventory reserves 540 1,880 Net operating loss carryforwards 609 609 State income taxes 10,154 17,727 Accrued liabilities 2,210 2,174 Accrued compensation 4,992 9,574 Stock compensation 5,038 5,790 Other 4,975 7,925 Total deferred tax assets $ 32,500 $ 52,840 Deferred Tax Liabilities Property, plant and equipment $ (6,032 ) $ (9,157 ) Intangible assets (467,388 ) (754,322 ) Total deferred tax liabilities $ (473,420 ) $ (763,479 ) Net deferred tax liability before valuation allowance $ (440,920 ) $ (710,639 ) Valuation allowance (609 ) (3,437 ) Net deferred tax liability $ (441,529 ) $ (714,076 ) |
Reconciliation of Effective Tax Rate | A reconciliation of the effective tax rate compared to the statutory U.S. Federal tax rate is as follows: Year Ended March 31, 2018 2017 2016 (In thousands) % % % Income tax provision at statutory rate $ 37,480 35.0 $ 38,798 35.0 $ 55,015 35.0 Foreign tax benefit (2,084 ) (1.9 ) (2,322 ) (2.1 ) (2,894 ) (1.8 ) State income taxes, net of federal income tax benefit 1,414 1.3 1,820 1.7 3,284 2.0 Impact of tax legislation (268,244 ) (250.5 ) — — — — Goodwill adjustment for sale of asset — — 3,208 2.9 — — Nondeductible transaction costs — — 686 0.6 1,071 0.7 Nondeductible compensation — — 342 0.3 758 0.5 Other (1,050 ) (1.0 ) (1,077 ) (1.0 ) 44 — Total (benefit) provision for income taxes $ (232,484 ) (217.1 ) $ 41,455 37.4 $ 57,278 36.4 |
Uncertain Tax Liability Activity | Uncertain tax liability activity is as follows: 2018 2017 2016 (In thousands) Balance – beginning of year $ 3,651 $ 4,084 $ 3,420 Additions based on tax positions related to the current year 7,286 583 664 Reductions based on lapse of statute of limitations (110 ) (1,016 ) — Balance – end of year $ 10,827 $ 3,651 $ 4,084 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The following summarizes future minimum lease payments for our operating leases (a) : (In thousands) Facilities Equipment Total Year Ending March 31, 2019 $ 2,928 $ 333 $ 3,261 2020 2,685 138 2,823 2021 2,505 31 2,536 2022 2,163 24 2,187 2023 1,683 10 1,693 Thereafter 8,487 — 8,487 $ 20,451 $ 536 $ 20,987 (a) Minimum lease payments have not been reduced by minimum sublease rentals of $1.0 million due in the future under non- cancellable subleases. The following schedule shows the composition of total minimum lease payments that have been reduced by minimum sublease rentals: Year ending March 31, (In thousands) 2018 2017 Minimum lease payments $ 20,987 $ 10,982 Less: Sublease rentals (1,018 ) (690 ) $ 19,969 $ 10,292 |
Unrecorded Unconditional Purchase Obligations | The following table shows the minimum amounts that we are committed to pay under these agreements: (In thousands) Year Ending March 31, Amount 2019 $ 9,473 2020 9,839 2021 9,280 2022 9,280 2023 1,578 Thereafter — $ 39,450 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Information about our Operating and Reportable Segments | The tables below summarize information about our operating and reportable segments. Year Ended March 31, 2018 (In thousands) North American OTC International OTC Household Cleaning Consolidated Total segment revenues* $ 868,874 $ 91,658 $ 80,647 $ 1,041,179 Cost of sales 357,298 40,244 67,132 464,674 Gross profit 511,576 51,414 13,515 576,505 Advertising and promotion 129,058 16,267 1,961 147,286 Contribution margin $ 382,518 $ 35,147 $ 11,554 429,219 Other operating expenses** 213,353 Operating income 215,866 Other expense 108,780 Income before income taxes 107,086 Benefit for income taxes (232,484 ) Net income $ 339,570 *Intersegment revenues of $7.7 million were eliminated from the North American OTC Healthcare segment. **Other operating expenses for the year ended March 31, 2018 includes a tradename impairment charge of $99.9 million . Year Ended March 31, 2017 (In thousands) North American OTC International OTC Household Consolidated Total segment revenues* $ 720,824 $ 73,304 $ 87,932 $ 882,060 Cost of sales 282,750 30,789 68,235 381,774 Gross profit 438,074 42,515 19,697 500,286 Advertising and promotion 112,465 13,434 2,460 128,359 Contribution margin $ 325,609 $ 29,081 $ 17,237 371,927 Other operating expenses** 166,314 Operating income 205,613 Other expense 94,763 Income before income taxes 110,850 Provision for income taxes 41,455 Net income $ 69,395 * Intersegment revenues of $4.2 million were eliminated from the North American OTC Healthcare segment. **Other operating expenses for the year ended March 31, 2017 includes a pre-tax net loss of $51.8 million related to divestitures. These divestitures include Pediacare®, New Skin®, Fiber Choice®, e.p.t®, 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 are included in the Household Cleaning segment. Year Ended March 31, 2016 (In thousands) North American OTC International OTC Household Consolidated Total segment revenues* $ 657,871 $ 57,713 $ 90,663 $ 806,247 Cost of sales 250,018 21,676 67,342 339,036 Gross profit 407,853 36,037 23,321 467,211 Advertising and promotion 97,393 11,114 2,295 110,802 Contribution margin $ 310,460 $ 24,923 $ 21,026 356,409 Other operating expenses 96,094 Operating income 260,315 Other expense 103,130 Income before income taxes 157,185 Provision for income taxes 57,278 Net income $ 99,907 *Intersegment revenues of $2.7 million were eliminated from the North America OTC Healthcare segment. |
Information about our Revenues from Similar Product Groups | The tables below summarize information about our segment revenues from similar product groups. Year Ended March 31, 2018 (In thousands) North American OTC International OTC Household Consolidated Analgesics $ 118,610 $ 807 $ — $ 119,417 Cough & Cold 93,537 18,310 — 111,847 Women's Health 247,244 12,140 — 259,384 Gastrointestinal 117,627 34,609 — 152,236 Eye & Ear Care 92,308 11,744 — 104,052 Dermatologicals 94,775 2,113 — 96,888 Oral Care 99,072 11,930 — 111,002 Other OTC 5,701 5 — 5,706 Household Cleaning — — 80,647 80,647 Total segment revenues $ 868,874 $ 91,658 $ 80,647 $ 1,041,179 Year Ended March 31, 2017 (In thousands) North American OTC International OTC Household Consolidated Analgesics $ 120,253 $ 1,922 $ — $ 122,175 Cough & Cold 90,795 17,990 — 108,785 Women's Health 147,071 3,811 — 150,882 Gastrointestinal 76,500 24,812 — 101,312 Eye & Ear Care 97,618 12,075 — 109,693 Dermatologicals 85,194 2,159 — 87,353 Oral Care 97,586 10,513 — 108,099 Other OTC 5,807 22 — 5,829 Household Cleaning — — 87,932 87,932 Total segment revenues $ 720,824 $ 73,304 $ 87,932 $ 882,060 Year Ended March 31, 2016 (In thousands) North American OTC International OTC Household Consolidated Analgesics $ 117,337 $ 2,128 $ — $ 119,465 Cough & Cold 100,148 16,422 — 116,570 Women's Health 132,184 2,982 — 135,166 Gastrointestinal 74,568 20,019 — 94,587 Eye & Ear Care 95,515 11,983 — 107,498 Dermatologicals 82,941 2,133 — 85,074 Oral Care 49,099 2,026 — 51,125 Other OTC 6,079 20 — 6,099 Household Cleaning — — 90,663 90,663 Total segment revenues $ 657,871 $ 57,713 $ 90,663 $ 806,247 |
Segment Revenue by Geographic Area | Our total segment revenues by geographic area are as follows: Year Ended March 31, 2018 2017 2016 United States $ 903,511 $ 769,732 $ 704,360 Rest of world 137,668 112,328 101,887 Total $ 1,041,179 $ 882,060 $ 806,247 |
Allocation of Long-Term Assets to Segments | Our consolidated goodwill and intangible assets have been allocated to the reportable segments as follows: March 31, 2018 (In thousands) North American OTC International OTC Household Consolidated Goodwill $ 580,934 $ 32,919 $ 6,245 $ 620,098 Intangible assets Indefinite-lived 2,375,736 84,006 30,561 2,490,303 Finite-lived 265,356 6,068 19,189 290,613 Intangible assets, net 2,641,092 90,074 49,750 2,780,916 Total $ 3,222,026 $ 122,993 $ 55,995 $ 3,401,014 March 31, 2017 (In thousands) North American OTC International OTC Household Consolidated 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 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 |
Goodwill and Intangible Assets by Geographic Areas | Our goodwill and intangible assets by geographic area are as follows: Year Ended March 31, 2018 2017 United States $ 3,278,021 $ 3,396,285 Rest of world 122,993 122,580 Total $ 3,401,014 $ 3,518,865 |
Unaudited Quarterly Financial46
Unaudited Quarterly Financial Information (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Unaudited quarterly financial information for 2018 and 2017 is as follows: Year Ended March 31, 2018 Quarterly Period Ended (In thousands, except for per share data) June 30, September 30, December 31, March 31, Total revenues $ 256,573 $ 258,026 $ 270,615 $ 255,965 Cost of sales 113,097 113,928 122,941 114,708 Gross profit 143,476 144,098 147,674 141,257 Operating expenses Advertising and promotion 36,944 39,188 35,835 35,319 General and administrative 20,336 21,567 21,207 21,891 Depreciation and amortization 7,167 7,186 7,129 6,946 Tradename impairment — — — 99,924 Total operating expenses 64,447 67,941 64,171 164,080 Operating income 79,029 76,157 83,503 (22,823 ) Net interest expense 26,341 26,836 25,864 26,838 Loss on extinguishment of debt — — — 2,901 Income (loss) before income taxes 52,688 49,321 57,639 (52,562 ) Provision (benefit) for income taxes 18,929 18,616 (257,154 ) (12,875 ) Net income (loss) $ 33,759 $ 30,705 $ 314,793 $ (39,687 ) Earnings (loss) per share: Basic $ 0.64 $ 0.58 $ 5.93 $ (0.75 ) Diluted $ 0.63 $ 0.57 $ 5.88 $ (0.75 ) Weighted average shares outstanding: Basic 53,038 53,098 53,129 53,131 Diluted 53,509 53,539 53,543 53,131 Comprehensive income (loss), net of tax: Currency translation adjustments 1,119 2,716 4,492 (2,625 ) Unrecognized net gain on pension plans 1 — — 1,334 Total other comprehensive income (loss) 1,120 2,716 4,492 (1,291 ) Comprehensive income (loss) $ 34,879 $ 33,421 $ 319,285 $ (40,978 ) Year Ended March 31, 2017 Quarterly Period Ended (In thousands, except for per share data) June 30, September 30, December 31, March 31, Total revenues $ 209,575 $ 215,052 $ 216,763 $ 240,670 Cost of sales 87,984 91,087 92,216 110,487 Gross profit 121,591 123,965 124,547 130,183 Operating expenses Advertising and promotion 27,635 28,592 30,682 41,450 General and administrative 19,457 18,795 22,131 28,760 Depreciation and amortization 6,832 6,016 5,852 6,651 Loss (gain) on divestitures 55,453 (496 ) (3,405 ) 268 Total operating expenses 109,377 52,907 55,260 77,129 Operating income 12,214 71,058 69,287 53,054 Net interest expense 21,127 20,830 18,554 32,832 Loss on extinguishment of debt — — — 1,420 (Loss) income before income taxes (8,913 ) 50,228 50,733 18,802 (Benefit) provision for income taxes (3,382 ) 18,033 19,092 7,712 Net (loss) income $ (5,531 ) $ 32,195 $ 31,641 $ 11,090 (Loss) earnings per share: Basic $ (0.10 ) $ 0.61 $ 0.60 $ 0.21 Diluted $ (0.10 ) $ 0.60 $ 0.59 $ 0.21 Weighted average shares outstanding: Basic 52,881 52,993 52,999 53,009 Diluted 52,881 53,345 53,359 53,419 Comprehensive (loss) income, net of tax: Currency translation adjustments (5,824 ) 2,703 (8,736 ) 9,282 Unrecognized net loss on pension plans — — — (252 ) Total other comprehensive (loss) income (5,824 ) 2,703 (8,736 ) 9,030 Comprehensive (loss) income $ (11,355 ) $ 34,898 $ 22,905 $ 20,120 |
Business and Basis of Present47
Business and Basis of Presentation (Cash and Cash Equivalents) (Details) $ in Millions | 12 Months Ended |
Mar. 31, 2018USD ($) | |
Cash and Cash Equivalents [Line Items] | |
Non-cash financing activities | $ 0.6 |
Sydney, Australia | |
Cash and Cash Equivalents [Line Items] | |
Percentage of deposits held in one location (as percent) | 23.00% |
Business and Basis of Present48
Business and Basis of Presentation (Property, Plant and Equipment) (Details) | 12 Months Ended |
Mar. 31, 2018 | |
Building | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful lives | 15 years |
Building | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful lives | 40 years |
Machinery | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful lives | 3 years |
Machinery | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful lives | 15 years |
Computer Equipment and Software | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful lives | 3 years |
Computer Equipment and Software | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful lives | 5 years |
Furniture and fixtures | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful lives | 7 years |
Furniture and fixtures | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful lives | 10 years |
Business and Basis of Present49
Business and Basis of Presentation (Intangible Assets) (Details) | 12 Months Ended |
Mar. 31, 2018 | |
Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, useful lives | 10 years |
Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, useful lives | 30 years |
Business and Basis of Present50
Business and Basis of Presentation (Cost of Sales) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Warehousing, shipping and handling, and storage costs | $ 64.7 | $ 46.2 | $ 39.2 |
Business and Basis of Present51
Business and Basis of Presentation (Income Taxes) (Details) $ in Millions | 12 Months Ended |
Mar. 31, 2018USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Net gain related to deferred tax liability | $ 267 |
Net gain related to the lower blended tax rate | 3.2 |
Net gain | 270.2 |
Repatriation charge | $ 1.9 |
Business and Basis of Present52
Business and Basis of Presentation (Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Numerator | |||||||||||
Net income | $ (39,687) | $ 314,793 | $ 30,705 | $ 33,759 | $ 11,090 | $ 31,641 | $ 32,195 | $ (5,531) | $ 339,570 | $ 69,395 | $ 99,907 |
Denominator | |||||||||||
Denominator for basic earnings per share - weighted average shares (in shares) | 53,131 | 53,129 | 53,098 | 53,038 | 53,009 | 52,999 | 52,993 | 52,881 | 53,099 | 52,976 | 52,754 |
Dilutive effect of unvested restricted common stock and options issued to employees and directors (in shares) | 427 | 386 | 389 | ||||||||
Denominator for diluted earnings per share (in shares) | 53,131 | 53,543 | 53,539 | 53,509 | 53,419 | 53,359 | 53,345 | 52,881 | 53,526 | 53,362 | 53,143 |
Earnings per Common Share: | |||||||||||
Basic net earnings per share (in USD per share) | $ (0.75) | $ 5.93 | $ 0.58 | $ 0.64 | $ 0.21 | $ 0.60 | $ 0.61 | $ (0.10) | $ 6.40 | $ 1.31 | $ 1.89 |
Diluted net earnings per share (in USD per share) | $ (0.75) | $ 5.88 | $ 0.57 | $ 0.63 | $ 0.21 | $ 0.59 | $ 0.60 | $ (0.10) | $ 6.34 | $ 1.30 | $ 1.88 |
Antidilutive securities excluded from computation of earnings per share (in shares) | 400 | 200 | 100 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) | Jan. 26, 2017 | Feb. 05, 2016 | Dec. 31, 2016 | Mar. 31, 2018 |
Business Acquisition [Line Items] | ||||
Goodwill, post-closing inventory and apportionment adjustment | $ (4,481,000) | |||
C.B. Fleet Company, Inc. | ||||
Business Acquisition [Line Items] | ||||
Purchase price | $ 823,700,000 | |||
Indefinite-lived intangible assets | 648,700,000 | |||
Finite-lived intangible assets | 98,900,000 | |||
Goodwill, post-closing inventory and apportionment adjustment | 273,100,000 | |||
C.B. Fleet Company, Inc. | Term Loans | ||||
Business Acquisition [Line Items] | ||||
Debt instrument, face amount | $ 740,000,000 | |||
DenTek Oral Care, Inc. | ||||
Business Acquisition [Line Items] | ||||
Purchase price | $ 226,900,000 | |||
Goodwill, post-closing inventory and apportionment adjustment | $ (2,800,000) |
Acquisitions (Allocations) (Det
Acquisitions (Allocations) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | Jan. 26, 2017 | Mar. 31, 2016 |
Purchase Price | ||||
Goodwill | $ 620,098 | $ 615,252 | $ 360,191 | |
C.B. Fleet Company, Inc. | ||||
Purchase Price | ||||
Cash | $ 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 | |||
Net assets acquired | $ 823,723 |
Acquisitions (Pro Forma) (Detai
Acquisitions (Pro Forma) (Details) - C.B. Fleet Company, Inc. - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Pro Forma Information | ||
Revenues | $ 1,049,473 | $ 1,004,698 |
Net income | $ 73,750 | $ 92,712 |
Earnings per share: | ||
Basic (in USD per share) | $ 1.39 | $ 1.76 |
Diluted (in USD per share) | $ 1.38 | $ 1.74 |
Divestitures and Sale of Lice56
Divestitures and Sale of License Rights (Narrative) (Details) - USD ($) $ in Thousands | Dec. 30, 2016 | Jul. 07, 2016 | Dec. 31, 2016 | Sep. 30, 2016 | Aug. 31, 2016 | Dec. 31, 2014 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Loss on divestitures | $ 268 | $ (3,405) | $ (496) | $ 55,453 | $ 0 | $ 51,820 | $ 0 | ||||||
Comet Brand | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Proceeds from Early Buyout | $ 10,000 | ||||||||||||
Royalty revenue | 1,000 | ||||||||||||
Proceeds from sale of license rights | $ 11,000 | $ 10,000 | |||||||||||
Gain on sale of asset | 1,200 | ||||||||||||
Indefinite-lived intangibles, reductions | $ 9,000 | ||||||||||||
Disposal group, disposed of by sale, not discontinued operations | Pediacare, New Skin and Fiber Choice | Cough and Cold, Dermatologicals, and Gastrointestinal products group | North American OTC Healthcare | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Consideration, excluding costs of inventory | $ 40,000 | ||||||||||||
Loss on divestitures | $ 56,200 | ||||||||||||
Indefinite-lived intangibles, reductions | $ 37,200 | ||||||||||||
Disposal group, disposed of by sale, not discontinued operations | Dermoplast | Cough and Cold, Dermatologicals, and Gastrointestinal products group | North American OTC Healthcare | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Deposit for agreement to purchase | $ 1,250 | ||||||||||||
Indefinite-lived intangibles, reductions | $ 31,000 | ||||||||||||
Disposal group, disposed of by sale, not discontinued operations | E.P.T. and Dermoplast | Cough and Cold, Dermatologicals, and Gastrointestinal products group | North American OTC Healthcare | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Total purchase price received | $ 59,600 | $ 59,600 | |||||||||||
Pre-tax net gain on divestitures | $ 3,900 |
Accounts Receivable (Schedule o
Accounts Receivable (Schedule of Accounts Receivable) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | $ 153,615 | $ 149,752 |
Less allowances for discounts, returns and uncollectible accounts | (12,734) | (13,010) |
Accounts receivable, net | 140,881 | 136,742 |
Trade accounts receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | 152,832 | 148,339 |
Other receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | $ 783 | $ 1,413 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Packaging and raw materials | $ 13,112 | $ 9,984 |
Work in process | 157 | 369 |
Finished goods | 105,278 | 105,256 |
Inventories | 118,547 | 115,609 |
Inventory valuation reserves related to obsolete and slow-moving inventory | $ 4,200 | $ 6,600 |
Property, Plant and Equipment59
Property, Plant and Equipment (Schedule of Property, Plant and Equipment, Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Components of Property, Plant and Equipment | |||
Property, plant and equipment, gross | $ 82,739 | $ 70,819 | |
Accumulated depreciation | (30,187) | (20,224) | |
Property, plant and equipment, net | 52,552 | 50,595 | |
Depreciation expense | 10,100 | 6,000 | $ 5,200 |
Land | |||
Components of Property, Plant and Equipment | |||
Property, plant and equipment, gross | 550 | 550 | |
Building | |||
Components of Property, Plant and Equipment | |||
Property, plant and equipment, gross | 13,746 | 13,156 | |
Machinery | |||
Components of Property, Plant and Equipment | |||
Property, plant and equipment, gross | 38,599 | 31,456 | |
Computer equipment | |||
Components of Property, Plant and Equipment | |||
Property, plant and equipment, gross | 18,116 | 15,440 | |
Furniture and fixtures | |||
Components of Property, Plant and Equipment | |||
Property, plant and equipment, gross | 2,924 | 2,720 | |
Leasehold improvements | |||
Components of Property, Plant and Equipment | |||
Property, plant and equipment, gross | $ 8,804 | $ 7,497 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Goodwill [Roll Forward] | ||
Goodwill, net, beginning | $ 615,252 | $ 360,191 |
Additions | 268,577 | |
Reductions | (13,155) | |
Adjustments | 4,481 | |
Effects of foreign currency exchange rates | 365 | (361) |
Goodwill, net, ending | 620,098 | 615,252 |
North American OTC Healthcare | ||
Goodwill [Roll Forward] | ||
Goodwill, net, beginning | 576,453 | 330,615 |
Additions | 258,438 | |
Reductions | (12,600) | |
Adjustments | 4,481 | |
Effects of foreign currency exchange rates | 0 | 0 |
Goodwill, net, ending | 580,934 | 576,453 |
International OTC Healthcare | ||
Goodwill [Roll Forward] | ||
Goodwill, net, beginning | 32,554 | 22,776 |
Additions | 10,139 | |
Reductions | 0 | |
Adjustments | 0 | |
Effects of foreign currency exchange rates | 365 | (361) |
Goodwill, net, ending | 32,919 | 32,554 |
Household Cleaning | ||
Goodwill [Roll Forward] | ||
Goodwill, net, beginning | 6,245 | 6,800 |
Additions | 0 | |
Reductions | (555) | |
Adjustments | 0 | |
Effects of foreign currency exchange rates | 0 | 0 |
Goodwill, net, ending | $ 6,245 | $ 6,245 |
Goodwill (Narrative) (Details)
Goodwill (Narrative) (Details) - USD ($) | Jan. 26, 2017 | Dec. 30, 2016 | Dec. 28, 2016 | Jul. 07, 2016 | Dec. 31, 2016 | Aug. 31, 2016 | Dec. 31, 2014 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Feb. 28, 2018 | Feb. 05, 2016 |
Goodwill [Line Items] | ||||||||||||
Goodwill | $ 620,098,000 | $ 615,252,000 | $ 360,191,000 | |||||||||
Proceeds from acquisition | 970,000 | 0 | 0 | |||||||||
Goodwill, post-closing inventory and apportionment adjustment | (4,481,000) | |||||||||||
Goodwill impairment charge | 0 | 0 | ||||||||||
Reporting unit, fair value in excess of carrying amount (percent) | 19.00% | |||||||||||
North American OTC Healthcare | ||||||||||||
Goodwill [Line Items] | ||||||||||||
Goodwill | 580,934,000 | $ 576,453,000 | $ 330,615,000 | |||||||||
Goodwill, post-closing inventory and apportionment adjustment | $ (4,481,000) | |||||||||||
Cough and Cold, Dermatologicals, and Gastrointestinal products group | Disposal group, disposed of by sale, not discontinued operations | Pediacare, New Skin and Fiber Choice | North American OTC Healthcare | ||||||||||||
Goodwill [Line Items] | ||||||||||||
Goodwill, written off related to sale of business unit | $ 2,900,000 | |||||||||||
Consideration, excluding costs of inventory | $ 40,000,000 | |||||||||||
Cough and Cold, Dermatologicals, and Gastrointestinal products group | Disposal group, disposed of by sale, not discontinued operations | Dermoplast | North American OTC Healthcare | ||||||||||||
Goodwill [Line Items] | ||||||||||||
Goodwill, written off related to sale of business unit | $ 5,500,000 | |||||||||||
Cough and Cold, Dermatologicals, and Gastrointestinal products group | Disposal group, disposed of by sale, not discontinued operations | E.P.T. | North American OTC Healthcare | ||||||||||||
Goodwill [Line Items] | ||||||||||||
Goodwill, written off related to sale of business unit | $ 1,400,000 | |||||||||||
DenTek Oral Care, Inc. | ||||||||||||
Goodwill [Line Items] | ||||||||||||
Goodwill | $ 73,700,000 | |||||||||||
Proceeds from acquisition | $ 1,400,000 | |||||||||||
Goodwill, post-closing inventory and apportionment adjustment | (2,800,000) | |||||||||||
Goodwill, purchase accounting adjustments and other post closing adjustments | $ 1,400,000 | |||||||||||
C.B. Fleet Company, Inc. | ||||||||||||
Goodwill [Line Items] | ||||||||||||
Goodwill | $ 273,058,000 | |||||||||||
Goodwill, post-closing inventory and apportionment adjustment | $ 273,100,000 | |||||||||||
Comet Brand | ||||||||||||
Goodwill [Line Items] | ||||||||||||
Gain on sale of asset | $ 1,300,000 | |||||||||||
Goodwill, written off related to sale of business unit | $ 600,000 |
Intangible Assets (Reconciliati
Intangible Assets (Reconciliation of Activity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Indefinite-Lived Intangible Assets [Abstract] | |||||||
Indefinite-lived intangibles, beginning | $ 2,589,155 | $ 2,589,155 | |||||
Indefinite-lived intangibles, ending | $ 2,490,303 | 2,490,303 | $ 2,589,155 | ||||
Finite-Lived Intangible Assets, Gross [Abstract] | |||||||
Finite-lived intangibles, tradename impairment | (99,924) | $ 0 | $ 0 | 0 | (99,924) | 0 | $ 0 |
Finite-lived Intangible Assets, Accumulated Amortization [Abstract] | |||||||
Finite-lived intangibles, accumulated amortization, beginning | 127,343 | 127,343 | 115,203 | ||||
Finite-lived intangibles, accumulated amortization, additions | 23,300 | 19,753 | |||||
Finite-lived intangible assets, accumulated amortization, reductions | (7,610) | ||||||
Finite-lived intangibles, accumulated amortization, effects of foreign currency exchange rates | (3) | ||||||
Finite-lived intangibles, accumulated amortization, ending | 127,343 | 115,203 | |||||
Intangible Assets, Gross [Abstract] | |||||||
Intangible assets, gross, beginning | 3,030,956 | 3,030,956 | 2,437,926 | ||||
Intangible assets, additions | 747,600 | ||||||
Intangible assets, tradename impairment | (99,924) | ||||||
Intangible assets, reclassifications | 0 | ||||||
Intangible assets, reductions | (154,151) | ||||||
Intangible assets, effects of foreign currency exchange rates | 585 | (419) | |||||
Intangible assets, gross, ending | 2,931,617 | 2,931,617 | 3,030,956 | 2,437,926 | |||
Finite-lived intangible assets | 290,613 | 290,613 | 314,458 | ||||
Intangible assets, net (excluding goodwill) | 2,780,916 | 2,780,916 | 2,903,613 | ||||
North American OTC Healthcare | |||||||
Intangible Assets, Gross [Abstract] | |||||||
Intangible assets, net (excluding goodwill) | 2,641,092 | 2,641,092 | 2,691,392 | ||||
International OTC Healthcare | |||||||
Intangible Assets, Gross [Abstract] | |||||||
Intangible assets, net (excluding goodwill) | 90,074 | 90,074 | 90,026 | ||||
Household Cleaning | |||||||
Intangible Assets, Gross [Abstract] | |||||||
Intangible assets, net (excluding goodwill) | 49,750 | 49,750 | 122,195 | ||||
Finite Lived Tradenames and Customer Relationships | |||||||
Finite-Lived Intangible Assets, Gross [Abstract] | |||||||
Finite-lived intangibles, gross, beginning | 441,801 | 441,801 | 417,880 | ||||
Finite-lived intangibles, additions | 98,900 | ||||||
Finite-lived intangibles, tradename impairment | (624) | ||||||
Finite-lived intangibles, reclassified | 2,064 | ||||||
Finite-lived intangibles, reductions | (76,903) | ||||||
Finite-lived intangibles, effects of foreign currency exchange rates | 137 | (140) | |||||
Finite-lived intangibles, gross, ending | 441,314 | 441,314 | 441,801 | 417,880 | |||
Finite-lived Intangible Assets, Accumulated Amortization [Abstract] | |||||||
Finite-lived intangibles, accumulated amortization, beginning | 127,343 | 127,343 | 115,203 | ||||
Finite-lived intangibles, accumulated amortization, additions | 23,349 | 19,753 | |||||
Finite-lived intangible assets, accumulated amortization, reductions | (7,610) | ||||||
Finite-lived intangibles, accumulated amortization, effects of foreign currency exchange rates | 9 | (3) | |||||
Finite-lived intangibles, accumulated amortization, ending | 150,701 | 150,701 | 127,343 | 115,203 | |||
Intangible Assets, Gross [Abstract] | |||||||
Finite-lived intangible assets | 290,613 | 290,613 | 314,458 | ||||
Finite Lived Tradenames and Customer Relationships | North American OTC Healthcare | |||||||
Intangible Assets, Gross [Abstract] | |||||||
Finite-lived intangible assets | 265,356 | 265,356 | 287,056 | ||||
Finite Lived Tradenames and Customer Relationships | International OTC Healthcare | |||||||
Intangible Assets, Gross [Abstract] | |||||||
Finite-lived intangible assets | 6,068 | 6,068 | 6,468 | ||||
Finite Lived Tradenames and Customer Relationships | Household Cleaning | |||||||
Intangible Assets, Gross [Abstract] | |||||||
Finite-lived intangible assets | 19,189 | 19,189 | 20,934 | ||||
Indefinite Lived Tradenames | |||||||
Indefinite-Lived Intangible Assets [Abstract] | |||||||
Indefinite-lived intangibles, beginning | 2,589,155 | 2,589,155 | 2,020,046 | ||||
Indefinite-lived intangibles, additions | 648,700 | ||||||
Indefinite-lived intangibles, reclassifications | (2,064) | ||||||
Indefinite-lived intangibles, tradename impairment | (99,300) | ||||||
Indefinite-lived intangibles, reductions | (77,248) | ||||||
Indefinite-lived intangibles, effects of foreign currency exchange rates | 448 | (279) | |||||
Indefinite-lived intangibles, ending | 2,490,303 | 2,490,303 | 2,589,155 | $ 2,020,046 | |||
Indefinite Lived Tradenames | North American OTC Healthcare | |||||||
Indefinite-Lived Intangible Assets [Abstract] | |||||||
Indefinite-lived intangibles, beginning | 2,404,336 | 2,404,336 | |||||
Indefinite-lived intangibles, ending | 2,375,736 | 2,375,736 | 2,404,336 | ||||
Indefinite Lived Tradenames | International OTC Healthcare | |||||||
Indefinite-Lived Intangible Assets [Abstract] | |||||||
Indefinite-lived intangibles, beginning | 83,558 | 83,558 | |||||
Indefinite-lived intangibles, ending | 84,006 | 84,006 | 83,558 | ||||
Indefinite Lived Tradenames | Household Cleaning | |||||||
Indefinite-Lived Intangible Assets [Abstract] | |||||||
Indefinite-lived intangibles, beginning | $ 101,261 | 101,261 | |||||
Indefinite-lived intangibles, ending | $ 30,561 | $ 30,561 | $ 101,261 |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) $ in Thousands | Dec. 30, 2016USD ($) | Jul. 07, 2016USD ($) | Dec. 31, 2016USD ($) | Aug. 31, 2016USD ($) | Dec. 31, 2014USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Feb. 28, 2018USD ($)trade_name | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Jan. 26, 2017USD ($) | Feb. 05, 2016USD ($) |
Schedule of Intangible Assets [Line Items] | |||||||||||||||||||
Proceeds from divestitures | $ 0 | $ 110,717 | $ 0 | ||||||||||||||||
Loss on divestitures | $ 268 | $ (3,405) | $ (496) | $ 55,453 | 0 | 51,820 | 0 | ||||||||||||
Number of indefinite-lived trade names exceeding carrying value by less than 10% | trade_name | 2 | ||||||||||||||||||
Impairment of finite-lived assets | $ 99,924 | $ 0 | $ 0 | $ 0 | $ 99,924 | 0 | $ 0 | ||||||||||||
Finite-lived intangible assets, weighted average remaining period | 12 years 5 months 24 days | ||||||||||||||||||
Amortization of intangible assets | $ 23,300 | 19,753 | |||||||||||||||||
Minimum | |||||||||||||||||||
Schedule of Intangible Assets [Line Items] | |||||||||||||||||||
Intangible assets, useful lives | 10 years | ||||||||||||||||||
Maximum | |||||||||||||||||||
Schedule of Intangible Assets [Line Items] | |||||||||||||||||||
Intangible assets, useful lives | 30 years | ||||||||||||||||||
Cost of capital | |||||||||||||||||||
Schedule of Intangible Assets [Line Items] | |||||||||||||||||||
Increase (decrease) in fair value measurement input | 0.0050 | ||||||||||||||||||
Impact of change in measurement input on indefinite-lived asset impairment | $ 4,200 | ||||||||||||||||||
Massengill brand | |||||||||||||||||||
Schedule of Intangible Assets [Line Items] | |||||||||||||||||||
Impairment of finite-lived assets | $ 600 | ||||||||||||||||||
Tradenames | |||||||||||||||||||
Schedule of Intangible Assets [Line Items] | |||||||||||||||||||
Indefinite-lived intangibles, reductions | $ 9,000 | ||||||||||||||||||
Tradenames | Terminal growth rate | |||||||||||||||||||
Schedule of Intangible Assets [Line Items] | |||||||||||||||||||
Increase (decrease) in fair value measurement input | (0.0050) | ||||||||||||||||||
Impact of change in measurement input on indefinite-lived asset impairment | $ 2,300 | ||||||||||||||||||
Beano Brand | |||||||||||||||||||
Schedule of Intangible Assets [Line Items] | |||||||||||||||||||
Impairment of indefinite-lived assets | 28,600 | ||||||||||||||||||
Tradenames | 49,800 | ||||||||||||||||||
Comet Brand | |||||||||||||||||||
Schedule of Intangible Assets [Line Items] | |||||||||||||||||||
Indefinite-lived intangibles, reductions | 9,000 | ||||||||||||||||||
Proceeds from the sale of property and equipment | 11,000 | $ 10,000 | |||||||||||||||||
Agreement election amount per quarter | $ 1,000 | ||||||||||||||||||
Gain on sale of asset | $ 1,200 | ||||||||||||||||||
Impairment of indefinite-lived assets | $ 70,700 | ||||||||||||||||||
Tradenames | $ 30,600 | ||||||||||||||||||
Disposal group, disposed of by sale, not discontinued operations | Pediacare, New Skin and Fiber Choice | North American OTC Healthcare | Cough and Cold, Dermatologicals, and Gastrointestinal products group | |||||||||||||||||||
Schedule of Intangible Assets [Line Items] | |||||||||||||||||||
Consideration, excluding costs of inventory | $ 40,000 | ||||||||||||||||||
Proceeds from divestitures | 40,100 | ||||||||||||||||||
Indefinite-lived intangibles, reductions | 37,200 | ||||||||||||||||||
Finite-lived intangible assets, written off | $ 54,000 | ||||||||||||||||||
Loss on divestitures | $ 56,200 | ||||||||||||||||||
Disposal group, disposed of by sale, not discontinued operations | Dermoplast | North American OTC Healthcare | Cough and Cold, Dermatologicals, and Gastrointestinal products group | |||||||||||||||||||
Schedule of Intangible Assets [Line Items] | |||||||||||||||||||
Proceeds from divestitures | $ 48,400 | ||||||||||||||||||
Indefinite-lived intangibles, reductions | $ 31,000 | ||||||||||||||||||
Disposal group, disposed of by sale, not discontinued operations | E.P.T. | North American OTC Healthcare | Cough and Cold, Dermatologicals, and Gastrointestinal products group | |||||||||||||||||||
Schedule of Intangible Assets [Line Items] | |||||||||||||||||||
Indefinite-lived intangibles, reductions | $ 14,800 | ||||||||||||||||||
DenTek Oral Care, Inc. | |||||||||||||||||||
Schedule of Intangible Assets [Line Items] | |||||||||||||||||||
Intangible assets acquired | $ 206,700 | ||||||||||||||||||
C.B. Fleet Company, Inc. | |||||||||||||||||||
Schedule of Intangible Assets [Line Items] | |||||||||||||||||||
Intangible assets acquired | $ 747,600 |
Intangible Assets (Expected Amo
Intangible Assets (Expected Amortization Expense) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
2,019 | $ 23,234 | |
2,020 | 23,234 | |
2,021 | 22,812 | |
2,022 | 22,389 | |
2,023 | 22,389 | |
Thereafter | 176,555 | |
Intangible assets, net | $ 290,613 | $ 314,458 |
Other Accrued Liabilities (Sche
Other Accrued Liabilities (Schedule of Other Accrued Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Payables and Accruals [Abstract] | ||
Accrued marketing costs | $ 21,473 | $ 29,384 |
Accrued compensation costs | 10,591 | 15,535 |
Accrued broker commissions | 1,487 | 1,782 |
Income taxes payable | 1,901 | 3,840 |
Accrued professional fees | 2,244 | 2,412 |
Accrued production costs | 7,392 | 4,580 |
Income tax related payable | 0 | 19,000 |
Other accrued liabilities | 7,013 | 7,128 |
Total other accrued liabilities | $ 52,101 | $ 83,661 |
Long-Term Debt (Narrative 2012
Long-Term Debt (Narrative 2012 Term Loan and 2012 ABL Revolver) (Details) - USD ($) | Mar. 21, 2018 | Feb. 04, 2016 | Jun. 09, 2015 | Sep. 03, 2014 | Feb. 21, 2013 | Jan. 31, 2012 | Mar. 31, 2018 | Mar. 31, 2015 | Jan. 26, 2017 | May 08, 2015 |
2012 ABL Revolver | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, term | 5 years | |||||||||
Line of credit facility, maximum borrowing capacity | $ 50,000,000 | $ 135,000,000 | ||||||||
Revolving credit facility, increase in borrowing capacity | $ 85,000,000 | |||||||||
Debt instrument, interest rate, decrease (as percent) | 0.25% | |||||||||
Line of credit facility, commitment fee (as percent) | 0.50% | |||||||||
Line of credit facility, conditional commitment fee (as percent) | 0.375% | |||||||||
Revolver increase in accordion feature | $ 35,000,000 | |||||||||
Debt instrument, average interest rate (as percent) | 2.70% | |||||||||
2012 ABL Revolver | Revolving Credit Facility | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate, fixed component (as percent) | 1.00% | |||||||||
2012 ABL Revolver | Revolving Credit Facility | LIBOR | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, conditional variable rate (as percent) | 2.00% | |||||||||
2012 ABL Revolver | Revolving Credit Facility | LIBOR | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, conditional variable rate (as percent) | 2.25% | |||||||||
2012 ABL Revolver | Revolving Credit Facility | Base Rate | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, conditional variable rate (as percent) | 1.00% | |||||||||
2012 ABL Revolver | Revolving Credit Facility | Base Rate | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, conditional variable rate (as percent) | 1.25% | |||||||||
2012 ABL Revolver | Revolving Credit Facility | Federal Funds Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate, fixed component (as percent) | 0.50% | |||||||||
ABL Revolver Amendment 4 | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, term | 5 years | |||||||||
2012 ABL Revolver, Amendment No. 3 | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Revolving credit facility, increase in borrowing capacity | $ 40,000,000 | |||||||||
ABL Amendment No. 5 | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, temporary suspension of financial reporting covenant, period | 60 days | |||||||||
2012 ABL Revolver, Amendment No. 6 | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Revolving credit facility, increase in borrowing capacity | $ 40,000,000 | |||||||||
Term Loans | 2012 Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 660,000,000 | |||||||||
Debt instrument, term | 7 years | |||||||||
Debt instrument, discount (as percent) | 1.50% | |||||||||
Proceeds from issuance of long-term debt | $ 650,100,000 | |||||||||
Term Loans | 2012 Term Loan, Amendment No. 1 | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate (as percent) | 2.75% | |||||||||
Debt instrument, reference rate floor (as percent) | 1.00% | |||||||||
Term Loans | 2012 Term Loan, Amendment No. 1 | Base Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, reference rate floor (as percent) | 2.00% | |||||||||
Term Loans | 2012 Term Loan, Amendment No. 2 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, reference rate floor (as percent) | 1.00% | |||||||||
Term Loans | 2012 Term Loan, Amendment No. 2 | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate (as percent) | 3.125% | |||||||||
Term Loans | 2012 Term Loan, Amendment No. 2 | Base Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, reference rate floor (as percent) | 2.00% | |||||||||
Term Loans | 2012 Senior Notes | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate (as percent) | 2.00% | |||||||||
Term Loans | 2012 Senior Notes | Base Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate (as percent) | 1.00% | |||||||||
Term Loans | Term B-5 Loans | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate (as percent) | 2.00% | |||||||||
Debt instrument, reference rate floor (as percent) | 0.00% | |||||||||
Term Loans | Term B-5 Loans | Base Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate (as percent) | 1.00% | |||||||||
Debt instrument, reference rate floor (as percent) | 1.00% | |||||||||
2012 Term B-3 Loan | 2012 Term Loan, Amendment No. 3 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 852,500,000 | |||||||||
2012 Term B-1 Loan | 2012 Term Loan, Amendment No. 3 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | 207,500,000 | |||||||||
2012 Term B-2 Loan | 2012 Term Loan, Amendment No. 2 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 720,000,000 | |||||||||
2012 Term B-2 Loan | 2012 Term Loan, Amendment No. 2 | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate (as percent) | 3.50% | |||||||||
Debt instrument, reference rate floor (as percent) | 1.00% | |||||||||
2012 Term B-2 Loan | 2012 Term Loan, Amendment No. 2 | Base Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, reference rate floor (as percent) | 2.00% | |||||||||
Interest rate, contingent margin step-down per annum (as percent) | 3.25% | |||||||||
2012 Term B-2 Loan | 2012 Term Loan, Amendment No. 3 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 645,000,000 | |||||||||
2012 Term B-4 Loans | 2012 Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 1,427,000,000 | |||||||||
Debt instrument, average interest rate (as percent) | 4.50% |
Long-Term Debt (Narrative 2013
Long-Term Debt (Narrative 2013 Senior Notes) (Details) - Senior Notes - 2013 Senior Notes - USD ($) | Mar. 31, 2018 | Dec. 17, 2013 |
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 400,000,000 | |
Debt instrument, stated interest rate (as percent) | 5.375% | 5.375% |
Long-Term Debt (Narrative 2016
Long-Term Debt (Narrative 2016 Senior Notes) (Details) - Senior Notes - 2016 Senior Notes - USD ($) | Mar. 21, 2018 | Mar. 31, 2018 | Feb. 19, 2016 |
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 250,000,000 | $ 350,000,000 | |
Debt instrument, stated interest rate (as percent) | 6.375% | 6.375% | 6.375% |
Issuance price (as percent) | 101.00% |
Long-Term Debt (Narrative Redem
Long-Term Debt (Narrative Redemptions and Restrictions) (Details) - USD ($) $ in Thousands | Feb. 19, 2016 | Mar. 31, 2018 | Mar. 31, 2017 |
Debt Instrument [Line Items] | |||
Unamortized debt costs | $ 20,048 | $ 28,268 | |
Revolving Credit Facility | 2012 ABL Revolver | |||
Debt Instrument [Line Items] | |||
Unamortized debt costs | 1,100 | 1,300 | |
Repayments of long-term debt | 75,000 | ||
Revolving credit facility, remaining borrowing capacity | $ 96,600 | ||
Senior Notes | 2013 Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, redemption price, percentage of principal amount (as percent) | 101.00% | ||
Unamortized debt costs | $ 5,000 | 4,600 | |
Senior Notes | 2016 Senior Notes | |||
Debt Instrument [Line Items] | |||
Unamortized debt costs | $ 3,700 | 4,900 | |
Senior Notes | Indirect guarantee of indebtedness | 2016 Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, redemption price, percentage of principal amount (as percent) | 101.00% | ||
Senior Notes | Prior to December 15, 2016 | 2013 Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, percentage of principal amount which can be redeemed (as percent) | 35.00% | ||
Debt instrument, redemption price, percentage of principal amount, using proceeds of equity offerings (as percent) | 105.375% | ||
Senior Notes | Prior to March 1, 2019 | 2016 Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, percentage of principal amount which can be redeemed (as percent) | 40.00% | ||
Debt instrument, redemption price, percentage of principal amount (as percent) | 100.00% | ||
Term Loans | 2012 Term Loan | |||
Debt Instrument [Line Items] | |||
Unamortized debt costs | $ 11,300 | $ 18,800 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2018 | Mar. 21, 2018 | Mar. 31, 2017 | Feb. 19, 2016 | Dec. 17, 2013 | |
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 2,013,000 | $ 2,222,000 | |||
Current portion of long-term debt | 0 | 0 | |||
Long-term debt, gross, excluding current maturities | 2,013,000 | 2,222,000 | |||
Less unamortized debt costs | (20,048) | (28,268) | |||
Long-term debt, net | 1,992,952 | 2,193,732 | |||
2016 Senior Notes | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 600,000 | 350,000 | |||
Less unamortized debt costs | $ (3,700) | (4,900) | |||
Debt instrument, stated interest rate (as percent) | 6.375% | 6.375% | 6.375% | ||
2013 Senior Notes | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 400,000 | 400,000 | |||
Less unamortized debt costs | $ (5,000) | (4,600) | |||
Debt instrument, stated interest rate (as percent) | 5.375% | 5.375% | |||
2012 Senior Notes | Term Loans | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 938,000 | 1,382,000 | |||
2012 Senior Notes | Term Loans | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate (as percent) | 2.00% | ||||
Debt instrument, variable rate, minimum | 0.00% | ||||
2012 Senior Notes | Term Loans | Base Rate | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate (as percent) | 1.00% | ||||
Debt instrument, variable rate, minimum | 1.00% | ||||
2012 ABL Revolver | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 75,000 | 90,000 | |||
Less unamortized debt costs | $ (1,100) | $ (1,300) |
Long-Term Debt (Maturities of L
Long-Term Debt (Maturities of Long-term Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Debt Disclosure [Abstract] | ||
2,019 | $ 0 | |
2,020 | 0 | |
2,021 | 0 | |
2,022 | 477,000 | |
2,023 | 9,750 | |
Thereafter | 1,526,250 | |
Long-term debt, gross | $ 2,013,000 | $ 2,222,000 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary of Carrying Amounts and Estimated Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Senior Notes | 2016 Senior Notes | Carrying value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans payable, fair value disclosure | $ 600,000 | $ 350,000 |
Senior Notes | 2016 Senior Notes | Fair value | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans payable, fair value disclosure | 610,500 | 367,500 |
Senior Notes | 2013 Senior Notes | Carrying value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans payable, fair value disclosure | 400,000 | 400,000 |
Senior Notes | 2013 Senior Notes | Fair value | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans payable, fair value disclosure | 402,000 | 409,000 |
Term Loans | 2012 Term B-5 Loans | Carrying value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans payable, fair value disclosure | 938,000 | 1,382,000 |
Term Loans | 2012 Term B-5 Loans | Fair value | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans payable, fair value disclosure | 939,173 | 1,395,820 |
Revolving Credit Facility | 2012 ABL Revolver | Carrying value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Line of credit, fair value disclosure | 75,000 | 90,000 |
Revolving Credit Facility | 2012 ABL Revolver | Fair value | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Line of credit, fair value disclosure | $ 75,000 | $ 90,000 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) | 12 Months Ended | |
Mar. 31, 2018USD ($)vote / shares$ / sharesshares | Mar. 31, 2017$ / sharesshares | |
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | shares | 250,000,000 | 250,000,000 |
Common stock, par value (in USD per share) | $ / shares | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | shares | 5,000,000 | 5,000,000 |
Preferred stock, par value (in USD per share) | $ / shares | $ 0.01 | $ 0.01 |
Voting rights, number of votes per common share owned | vote / shares | 1 | |
Dividends declared on common stock | $ | $ 0 | |
Restricted Shares | ||
Class of Stock [Line Items] | ||
Restricted stock repurchased during period (in shares) | shares | 20,549 | 25,768 |
Restricted stock acquired, average cost per share (in USD per share) | $ / shares | $ 52.33 | $ 55.51 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 01, 2017 | May 08, 2017 | May 31, 2014 | Jun. 30, 2014 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Increase to plan term | 10 years | ||||||
Stock-based compensation costs | $ 8,909 | $ 8,148 | $ 9,954 | ||||
Tax benefit recognized from share-based compensation expense | 1,800 | 2,600 | 3,500 | ||||
Share-based compensation expense, not yet recognized | $ 8,200 | ||||||
Share-based compensation expense, not yet recognized, period for recognition | 9 months 18 days | ||||||
Total fair value of shares vested | $ 6,800 | 6,000 | 7,000 | ||||
Proceeds from exercise of stock options | 1,620 | 4,028 | 6,689 | ||||
Income tax benefit realized from exercise of stock awards | $ 1,100 | $ 2,000 | $ 3,600 | ||||
Number of shares available for issuance under plan (in shares) | 2,200,000 | ||||||
Options granted (in shares) | 182,800 | 264,300 | 208,200 | ||||
Options exercised, intrinsic value | $ 1,200 | $ 3,200 | $ 8,600 | ||||
Performance Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock units granted in period (in shares) | 35,593 | ||||||
Restricted Stock Units (RSUs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock units granted in period (in shares) | 2,564 | 54,773 | 105,800 | 68,400 | 266,100 | ||
Options granted (in shares) | 1 | ||||||
Award vesting period | 3 years | ||||||
Period following director's term In which stock awards may be settled | 6 months | ||||||
Granted, weighted-average grant-date fair value (in USD per share) | $ 55.61 | $ 55.44 | $ 42.41 | ||||
Restricted Stock Units (RSUs) | Employee | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 3 years | ||||||
Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Options granted (in shares) | 1 | 182,823 | |||||
Period following director's term In which stock awards may be settled | 6 months | ||||||
Award exercisability period, from date of grant (not greater than) | 10 years | ||||||
Granted, weighted-average grant-date fair value (in USD per share) | $ 21.20 | $ 21.75 | $ 17.24 | ||||
Stock Options | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 3 years | ||||||
Stock Options | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 5 years | ||||||
2005 Long-term Equity Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized for grant (in shares) | 5,000,000 | ||||||
Number of additional shares authorized under plan (in shares) | 1,800,000 | ||||||
Maximum number of shares awarded, per employee, annual (in shares) | 1,000,000 | 2,500,000 |
Share-Based Compensation (Restr
Share-Based Compensation (Restricted Shares Activity) (Details) - Restricted Stock Units (RSUs) - $ / shares | Aug. 01, 2017 | May 08, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Shares | |||||
Outstanding, beginning of period (in shares) | 350,100 | 467,800 | 362,300 | ||
Granted (in shares) | 2,564 | 54,773 | 105,800 | 68,400 | 266,100 |
Vested and issued (in shares) | (53,300) | (94,700) | (155,600) | ||
Forfeited (in shares) | (9,100) | (91,400) | (5,000) | ||
Outstanding, end of period (in shares) | 393,500 | 350,100 | 467,800 | ||
Vested, end of period (in shares) | 90,500 | 63,400 | 69,800 | ||
Weighted-Average Grant-Date Fair Value | |||||
Outstanding, beginning of period, weighted-average grant-date fair value (in USD per share) | $ 39.29 | $ 35.22 | $ 22.74 | ||
Granted, weighted-average grant-date fair value (in USD per share) | 55.61 | 55.44 | 42.41 | ||
Vested and issued, weighted-average grant-date fair value (in USD per share) | 34.30 | 28.51 | 18.31 | ||
Forfeited, weighted-average grant-date fair value (in USD per share) | 48.76 | 41.71 | 39.61 | ||
Outstanding, end of period, weighted-average grant-date fair value (in USD per share) | 44.13 | 39.29 | 35.22 | ||
Vested, end of period, weighted-average grant-date fair value (in USD per share) | $ 29.88 | $ 20.12 | $ 14.76 |
Share-Based Compensation (Stock
Share-Based Compensation (Stock Option Valuation Assumptions) (Details) - Stock Options - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 35.20% | 37.80% | 40.20% |
Expected dividends | $ 0 | $ 0 | $ 0 |
Expected term in years | 6 years | 6 years | 6 years |
Risk-free rate | 2.20% | 1.70% | 1.70% |
Share-Based Compensation (Sto77
Share-Based Compensation (Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Shares | |||
Outstanding, beginning of period (in shares) | 772,300 | 727,700 | 871,200 |
Granted (in shares) | 182,800 | 264,300 | 208,200 |
Exercised (in shares) | (55,700) | (126,800) | (348,000) |
Forfeited or expired (in shares) | (26,200) | (92,900) | (3,700) |
Outstanding, end of period (in shares) | 873,200 | 772,300 | 727,700 |
Exercisable, end of period (in shares) | 495,000 | ||
Weighted-Average Exercise Price | |||
Outstanding, beginning of period, weighted-average exercise price (in USD per share) | $ 37.70 | $ 30.70 | $ 23.40 |
Options, grant date fair value (in USD per share) | 56.11 | 55.86 | 42.13 |
Exercised, weighted-average exercise price (in USD per share) | 29.08 | 31.75 | 19.22 |
Forfeited or expired, weighted-average exercise price (in USD per share) | 48.19 | 42.66 | 35.72 |
Outstanding, end of period, weighted-average exercise price (in USD per share) | 41.79 | $ 37.70 | $ 30.70 |
Exercisable, end of period, weighted-average exercise price (in USD per share) | $ 32.41 | ||
Options | |||
Outstanding, end of period, weighted-average remaining contractual term | 7 years | ||
Exercisable, end of period, weighted-average remaining contractual term | 5 years 9 months 18 days | ||
Outstanding, end of period, aggregate intrinsic value | $ 2,985 | ||
Exercisable, end of period, aggregate intrinsic value | $ 2,985 |
Accumulated Other Comprehensi78
Accumulated Other Comprehensive Loss (Components of AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Components of Accumulated Other Comprehensive Loss | $ 1,178,610 | $ 822,549 | $ 744,336 | $ 627,624 |
Reclassification from AOCI | 0 | 0 | ||
Accumulated other comprehensive loss, net of tax | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Components of Accumulated Other Comprehensive Loss | (19,315) | (26,352) | $ (23,525) | $ (23,412) |
Cumulative translation adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Components of Accumulated Other Comprehensive Loss | (20,398) | (26,100) | ||
Unrecognized net gain (loss) on pension plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Components of Accumulated Other Comprehensive Loss | $ 1,083 | $ (252) |
Employee Retirement Plans (Narr
Employee Retirement Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined contribution plan, minimum annual contributions per participating employee (as percent) | 1.00% | ||
Defined contribution plan, maximum annual contributions per employee (as percent) | 70.00% | ||
Defined contribution plan, cost recognized | $ 100,000 | ||
Defined benefit obligation | 61,882,000 | $ 61,714,000 | $ 61,187,000 |
Net periodic benefit cost (income) (less than $1.0 million) | (372,000) | (6,000) | |
Funded (unfunded) status at end of year | $ (11,374,000) | $ (13,942,000) | |
Expected return on plan assets, net of administrative fees (as percent) | 6.25% | 6.25% | |
Qualified plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Funded (unfunded) status at end of year | $ 0 | $ 6,000,000 | |
Unfunded plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined benefit obligation | $ 5,900,000 | $ 6,000,000 | |
Fleet Employees Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined contribution plan, minimum annual contributions per participating employee (as percent) | 2.00% | ||
Defined contribution plan, maximum annual contributions per employee (as percent) | 50.00% | ||
Defined contribution plan, employer matching contribution, percent of match (as percent) | 100.00% | ||
Defined contribution plan, employer matching contribution, percent of employees pay (as percent) | 6.00% | ||
Defined contribution plan, cost recognized | $ 800,000 | ||
Contribution Tranche One | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined contribution plan, employer matching contribution, percent of match (as percent) | 100.00% | ||
Defined contribution plan, employer matching contribution, percent of employees pay (as percent) | 3.00% | ||
Contribution Tranche Two | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined contribution plan, employer matching contribution, percent of match (as percent) | 50.00% | ||
Defined contribution plan, employer matching contribution, percent of employees pay (as percent) | 3.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Net gain | $ 267,000 | |||
Net gain related to the lower blended tax rate | 3,200 | |||
Net gain | 270,200 | |||
Repatriation charge | 1,900 | |||
Long-term deferred tax assets | 1,000 | $ 1,000 | ||
Valuation allowance | 609 | 3,437 | ||
Decrease in valuation allowance | 2,800 | |||
Unrecognized tax benefits | $ 10,827 | $ 3,651 | $ 4,084 | $ 3,420 |
Effective income tax rate, change in enacted tax rate | 10.10% | 3.30% | 2.60% |
Employee Retirement Plans (Peri
Employee Retirement Plans (Periodic Service Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Change in benefit obligation: | ||
Projected benefit obligation at beginning of period | $ 61,714 | $ 61,187 |
Interest cost | 2,529 | 456 |
Actuarial loss | 800 | 791 |
Benefits paid | (3,161) | (720) |
Projected benefit obligations at end of year | 61,882 | 61,714 |
Change in plan assets: | ||
Fair value of plan assets at beginning of period | 47,772 | 41,560 |
Actual return on plan assets | 5,505 | 854 |
Employer contribution | 392 | 6,078 |
Benefits paid | (3,161) | (720) |
Fair value of plan assets at end of year | 50,508 | 47,772 |
Funded status at end of year | $ (11,374) | $ (13,942) |
Income Taxes (Income Before Con
Income Taxes (Income Before Continuing Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Income from Continuing Operations before Income Taxes: | |||||||||||
United States | $ 84,435 | $ 93,582 | $ 142,253 | ||||||||
Foreign | 22,651 | 17,268 | 14,932 | ||||||||
Income before income taxes | $ (52,562) | $ 57,639 | $ 49,321 | $ 52,688 | $ 18,802 | $ 50,733 | $ 50,228 | $ (8,913) | $ 107,086 | $ 110,850 | $ 157,185 |
Employee Retirement Plans (Amou
Employee Retirement Plans (Amounts Recognized in the Balance Sheet) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Current liability | $ 461 | $ 463 |
Long-term liability | 10,913 | 13,479 |
Total | $ 11,374 | $ 13,942 |
Income Taxes (Components of Pro
Income Taxes (Components of Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Current | |||||||||||
Federal | $ 31,327 | $ 40,183 | $ 6,080 | ||||||||
State | 2,686 | 2,808 | 1,171 | ||||||||
Foreign | 5,588 | 4,242 | 3,905 | ||||||||
Deferred | |||||||||||
Federal | (270,796) | (5,421) | 44,787 | ||||||||
State | (1,240) | (163) | 1,678 | ||||||||
Foreign | (49) | (194) | (343) | ||||||||
Total (benefit) provision for income taxes | $ (12,875) | $ (257,154) | $ 18,616 | $ 18,929 | $ 7,712 | $ 19,092 | $ 18,033 | $ (3,382) | $ (232,484) | $ 41,455 | $ 57,278 |
Employee Retirement Plans (Expe
Employee Retirement Plans (Expected Return on Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Interest cost | $ 2,529 | $ 456 |
Expected return on assets | (2,901) | (462) |
Net periodic benefit cost (income) | $ (372) | $ (6) |
Income Taxes (Components of Def
Income Taxes (Components of Deferred Tax Balances) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Deferred Tax Assets | ||
Allowance for doubtful accounts and sales returns | $ 2,806 | $ 5,280 |
Inventory capitalization | 1,176 | 1,881 |
Inventory reserves | 540 | 1,880 |
Net operating loss carryforwards | 609 | 609 |
State income taxes | 10,154 | 17,727 |
Accrued liabilities | 2,210 | 2,174 |
Accrued compensation | 4,992 | 9,574 |
Stock compensation | 5,038 | 5,790 |
Other | 4,975 | 7,925 |
Total deferred tax assets | 32,500 | 52,840 |
Deferred Tax Liabilities | ||
Property, plant and equipment | (6,032) | (9,157) |
Intangible assets | (467,388) | (754,322) |
Total deferred tax liabilities | (473,420) | (763,479) |
Net deferred tax liability before valuation allowance | (440,920) | (710,639) |
Valuation allowance | (609) | (3,437) |
Net deferred tax liability | $ (441,529) | $ (714,076) |
Employee Retirement Plans (Ex87
Employee Retirement Plans (Expected Benefit Payments) (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
2019 (expectation) to participant benefits | $ 1,461 |
2,019 | 3,314 |
2,020 | 3,386 |
2,021 | 3,463 |
2,022 | 3,588 |
2,023 | 3,674 |
2024-2028 | $ 19,157 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Effective Tax Rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Income tax provision at statutory rate | $ 37,480 | $ 38,798 | $ 55,015 |
Income tax provision at statutory rate (as percent) | 35.00% | 35.00% | 35.00% |
Foreign tax benefit | $ (2,084) | $ (2,322) | $ (2,894) |
Foreign tax benefit provision (as percent) | (1.90%) | (2.10%) | (1.80%) |
State income taxes, net of federal income tax benefit | $ 1,414 | $ 1,820 | $ 3,284 |
State income taxes, net of federal income tax benefit (as percent) | 1.30% | 1.70% | 2.00% |
Impact of tax legislation | $ (268,244) | $ 0 | $ 0 |
Impact of tax (as percent) | (250.50%) | 0.00% | 0.00% |
Goodwill adjustment for sale of asset | $ 0 | $ 3,208 | $ 0 |
Goodwill adjustment for sale of asset (as percent) | 0.00% | 2.90% | 0.00% |
Nondeductible transaction costs | $ 0 | $ 686 | $ 1,071 |
Nondeductible transaction costs (as percent) | 0.00% | 0.60% | 0.70% |
Nondeductible compensation | $ 0 | $ 342 | $ 758 |
Nondeductible compensation (as percent) | 0.00% | 0.30% | 0.50% |
Other | $ (1,050) | $ (1,077) | $ 44 |
Other (as percent) | (1.00%) | (1.00%) | 0.00% |
Total (benefit) provision for income taxes | $ (232,484) | $ 41,455 | $ 57,278 |
Total provision for income taxes (as percent) | (217.10%) | 37.40% | 36.40% |
Employee Retirement Plans (Cate
Employee Retirement Plans (Category of Plan Assets) (Details) | Mar. 31, 2018 | Mar. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 100.00% | |
Percentage of Plan Assets | 100.00% | 100.00% |
Domestic large cap equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 21.00% | |
Percentage of Plan Assets | 21.00% | 41.00% |
Domestic small/mid cap equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 6.00% | |
Percentage of Plan Assets | 6.00% | 7.00% |
International equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 18.00% | |
Percentage of Plan Assets | 18.00% | 16.00% |
Balanced/asset allocation | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0.00% | |
Percentage of Plan Assets | 0.00% | 2.00% |
Fixed income and cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 55.00% | |
Percentage of Plan Assets | 55.00% | 34.00% |
Income Taxes (Uncertain Tax Lia
Income Taxes (Uncertain Tax Liability Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance – beginning of year | $ 3,651 | $ 4,084 | $ 3,420 |
Additions based on tax positions related to the current year | 7,286 | 583 | 664 |
Reductions based on lapse of statute of limitations | (110) | (1,016) | 0 |
Balance – end of year | $ 10,827 | $ 3,651 | $ 4,084 |
Employee Retirement Plans (Accu
Employee Retirement Plans (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||
Unrecognized actuarial loss | $ (1,407) | $ 399 | $ (1,407) | $ 399 | ||||||||
Unrecognized prior service credit | 0 | 0 | 0 | 0 | ||||||||
Net income | $ (39,687) | $ 314,793 | $ 30,705 | $ 33,759 | $ 11,090 | $ 31,641 | $ 32,195 | $ (5,531) | $ 339,570 | $ 69,395 | $ 99,907 | |
Scenario, Forecast | Unrecognized actuarial (loss) | Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||
Net income | $ 0 | |||||||||||
Scenario, Forecast | Unrecognized prior service credit | Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||
Net income | $ 0 |
Employee Retirement Plans (Weig
Employee Retirement Plans (Weighted Average Assumptions) (Details) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Expected return on plan assets, net of administrative fees | 6.25% | 6.25% |
Rate of compensation increase | 0.00% | 0.00% |
Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.93% | 3.92% |
Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.07% | 4.21% |
Commitments and Contingencies93
Commitments and Contingencies (Future Minimum Rental Payments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Operating Leased Assets [Line Items] | |||
2,019 | $ 3,261 | ||
2,020 | 2,823 | ||
2,021 | 2,536 | ||
2,022 | 2,187 | ||
2,023 | 1,693 | ||
Thereafter | 8,487 | ||
Total future minimum payments due | 20,987 | $ 10,982 | |
Less: Sublease rentals | (1,018) | (690) | |
Minimum lease payments, net of sublease rentals | 19,969 | 10,292 | |
Operating leases, rent expense | 1,900 | $ 2,000 | $ 1,800 |
Facilities | |||
Operating Leased Assets [Line Items] | |||
2,019 | 2,928 | ||
2,020 | 2,685 | ||
2,021 | 2,505 | ||
2,022 | 2,163 | ||
2,023 | 1,683 | ||
Thereafter | 8,487 | ||
Total future minimum payments due | 20,451 | ||
Equipment | |||
Operating Leased Assets [Line Items] | |||
2,019 | 333 | ||
2,020 | 138 | ||
2,021 | 31 | ||
2,022 | 24 | ||
2,023 | 10 | ||
Thereafter | 0 | ||
Total future minimum payments due | $ 536 |
Commitments and Contingencies94
Commitments and Contingencies (Long-term Supply Agreement) (Details) - Third-party Manufacturing $ in Thousands | Mar. 31, 2018USD ($) |
Long-term Purchase Commitment [Line Items] | |
2,019 | $ 9,473 |
2,020 | 9,839 |
2,021 | 9,280 |
2,022 | 9,280 |
2,023 | 1,578 |
Thereafter | 0 |
Total purchase commitment | $ 39,450 |
Concentrations of Risk (Narrati
Concentrations of Risk (Narrative) (Details) - manufacturer | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Concentration Risk [Line Items] | |||
Number of third-party manufacturers | 116 | ||
Sales | Product concentration risk | Top 5 customers | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 41.20% | 40.00% | 41.90% |
Sales | Customer concentration risk | Walmart | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 23.80% | 21.10% | 20.20% |
Sales | Supplier concentration risk | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 73.60% | 78.40% | |
Number of third-party manufacturers with long-term contracts | 46 | 47 | |
Accounts receivable | Customer concentration risk | Walmart | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 26.10% |
Business Segments (Information
Business Segments (Information on Operating and Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information, Profit (Loss): | |||||||||||
Total revenues | $ 255,965 | $ 270,615 | $ 258,026 | $ 256,573 | $ 240,670 | $ 216,763 | $ 215,052 | $ 209,575 | $ 1,041,179 | $ 882,060 | $ 806,247 |
Tradename impairment | 99,924 | 0 | 0 | 0 | 99,924 | 0 | 0 | ||||
Cost of sales | 114,708 | 122,941 | 113,928 | 113,097 | 110,487 | 92,216 | 91,087 | 87,984 | 464,674 | 381,774 | 339,036 |
Gross profit | 141,257 | 147,674 | 144,098 | 143,476 | 130,183 | 124,547 | 123,965 | 121,591 | 576,505 | 500,286 | 467,211 |
Advertising and promotion | 35,319 | 35,835 | 39,188 | 36,944 | 41,450 | 30,682 | 28,592 | 27,635 | 147,286 | 128,359 | 110,802 |
Contribution margin | 429,219 | 371,927 | 356,409 | ||||||||
Other operating expenses | 213,353 | 166,314 | 96,094 | ||||||||
Operating income | (22,823) | 83,503 | 76,157 | 79,029 | 53,054 | 69,287 | 71,058 | 12,214 | 215,866 | 205,613 | 260,315 |
Other expense | 108,780 | 94,763 | 103,130 | ||||||||
Income before income taxes | (52,562) | 57,639 | 49,321 | 52,688 | 18,802 | 50,733 | 50,228 | (8,913) | 107,086 | 110,850 | 157,185 |
(Benefit) provision for income taxes | (12,875) | (257,154) | 18,616 | 18,929 | 7,712 | 19,092 | 18,033 | (3,382) | (232,484) | 41,455 | 57,278 |
Net income | $ (39,687) | $ 314,793 | $ 30,705 | $ 33,759 | 11,090 | 31,641 | 32,195 | (5,531) | 339,570 | 69,395 | 99,907 |
Loss on divestitures and sales of property and equipment | $ 268 | $ (3,405) | $ (496) | $ 55,453 | 0 | 51,820 | 0 | ||||
Intangible assets, tradename impairment | 99,924 | ||||||||||
Disposal held for sale | Pediacare, New Skin, Fiber Choice, EPT, Dermoplast, and Comet | |||||||||||
Segment Reporting Information, Profit (Loss): | |||||||||||
Loss on divestitures and sales of property and equipment | 51,800 | ||||||||||
North American OTC Healthcare | |||||||||||
Segment Reporting Information, Profit (Loss): | |||||||||||
Total revenues | 868,874 | 720,824 | 657,871 | ||||||||
Cost of sales | 357,298 | 282,750 | 250,018 | ||||||||
Gross profit | 511,576 | 438,074 | 407,853 | ||||||||
Advertising and promotion | 129,058 | 112,465 | 97,393 | ||||||||
Contribution margin | 382,518 | 325,609 | 310,460 | ||||||||
North American OTC Healthcare | Intersegment Eliminations | |||||||||||
Segment Reporting Information, Profit (Loss): | |||||||||||
Total revenues | (7,700) | (4,200) | (2,700) | ||||||||
International OTC Healthcare | |||||||||||
Segment Reporting Information, Profit (Loss): | |||||||||||
Total revenues | 91,658 | 73,304 | 57,713 | ||||||||
Cost of sales | 40,244 | 30,789 | 21,676 | ||||||||
Gross profit | 51,414 | 42,515 | 36,037 | ||||||||
Advertising and promotion | 16,267 | 13,434 | 11,114 | ||||||||
Contribution margin | 35,147 | 29,081 | 24,923 | ||||||||
Household Cleaning | |||||||||||
Segment Reporting Information, Profit (Loss): | |||||||||||
Total revenues | 80,647 | 87,932 | 90,663 | ||||||||
Cost of sales | 67,132 | 68,235 | 67,342 | ||||||||
Gross profit | 13,515 | 19,697 | 23,321 | ||||||||
Advertising and promotion | 1,961 | 2,460 | 2,295 | ||||||||
Contribution margin | $ 11,554 | $ 17,237 | $ 21,026 |
Business Segments (Revenue by P
Business Segments (Revenue by Product) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | $ 255,965 | $ 270,615 | $ 258,026 | $ 256,573 | $ 240,670 | $ 216,763 | $ 215,052 | $ 209,575 | $ 1,041,179 | $ 882,060 | $ 806,247 |
Analgesics | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 119,417 | 122,175 | 119,465 | ||||||||
Cough & Cold | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 111,847 | 108,785 | 116,570 | ||||||||
Women's Health | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 259,384 | 150,882 | 135,166 | ||||||||
Gastrointestinal | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 152,236 | 101,312 | 94,587 | ||||||||
Eye & Ear Care | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 104,052 | 109,693 | 107,498 | ||||||||
Dermatologicals | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 96,888 | 87,353 | 85,074 | ||||||||
Oral Care | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 111,002 | 108,099 | 51,125 | ||||||||
Other OTC | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 5,706 | 5,829 | 6,099 | ||||||||
Household Cleaning | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 80,647 | 87,932 | 90,663 | ||||||||
North American OTC Healthcare | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 868,874 | 720,824 | 657,871 | ||||||||
North American OTC Healthcare | Analgesics | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 118,610 | 120,253 | 117,337 | ||||||||
North American OTC Healthcare | Cough & Cold | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 93,537 | 90,795 | 100,148 | ||||||||
North American OTC Healthcare | Women's Health | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 247,244 | 147,071 | 132,184 | ||||||||
North American OTC Healthcare | Gastrointestinal | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 117,627 | 76,500 | 74,568 | ||||||||
North American OTC Healthcare | Eye & Ear Care | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 92,308 | 97,618 | 95,515 | ||||||||
North American OTC Healthcare | Dermatologicals | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 94,775 | 85,194 | 82,941 | ||||||||
North American OTC Healthcare | Oral Care | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 99,072 | 97,586 | 49,099 | ||||||||
North American OTC Healthcare | Other OTC | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 5,701 | 5,807 | 6,079 | ||||||||
International OTC Healthcare | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 91,658 | 73,304 | 57,713 | ||||||||
International OTC Healthcare | Analgesics | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 807 | 1,922 | 2,128 | ||||||||
International OTC Healthcare | Cough & Cold | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 18,310 | 17,990 | 16,422 | ||||||||
International OTC Healthcare | Women's Health | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 12,140 | 3,811 | 2,982 | ||||||||
International OTC Healthcare | Gastrointestinal | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 34,609 | 24,812 | 20,019 | ||||||||
International OTC Healthcare | Eye & Ear Care | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 11,744 | 12,075 | 11,983 | ||||||||
International OTC Healthcare | Dermatologicals | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 2,113 | 2,159 | 2,133 | ||||||||
International OTC Healthcare | Oral Care | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 11,930 | 10,513 | 2,026 | ||||||||
International OTC Healthcare | Other OTC | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 5 | 22 | 20 | ||||||||
Household Cleaning | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 80,647 | 87,932 | 90,663 | ||||||||
Household Cleaning | Analgesics | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Household Cleaning | Cough & Cold | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Household Cleaning | Women's Health | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Household Cleaning | Gastrointestinal | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Household Cleaning | Eye & Ear Care | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Household Cleaning | Dermatologicals | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Household Cleaning | Oral Care | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Household Cleaning | Other OTC | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Household Cleaning | Household Cleaning | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenues | $ 80,647 | $ 87,932 | $ 90,663 |
Business Segments (Revenue by G
Business Segments (Revenue by Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | $ 255,965 | $ 270,615 | $ 258,026 | $ 256,573 | $ 240,670 | $ 216,763 | $ 215,052 | $ 209,575 | $ 1,041,179 | $ 882,060 | $ 806,247 |
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 903,511 | 769,732 | 704,360 | ||||||||
Rest of world | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | $ 137,668 | $ 112,328 | $ 101,887 |
Business Segments (Assets by Se
Business Segments (Assets by Segment) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Goodwill | $ 620,098 | $ 615,252 | $ 360,191 |
Indefinite-lived intangible assets | 2,490,303 | 2,589,155 | |
Finite-lived intangible assets | 290,613 | 314,458 | |
Intangible assets, net (excluding goodwill) | 2,780,916 | 2,903,613 | |
Intangible assets, net (including goodwill) | 3,401,014 | 3,518,865 | |
North American OTC Healthcare | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Goodwill | 580,934 | 576,453 | 330,615 |
Intangible assets, net (excluding goodwill) | 2,641,092 | 2,691,392 | |
Intangible assets, net (including goodwill) | 3,222,026 | 3,267,845 | |
International OTC Healthcare | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Goodwill | 32,919 | 32,554 | 22,776 |
Intangible assets, net (excluding goodwill) | 90,074 | 90,026 | |
Intangible assets, net (including goodwill) | 122,993 | 122,580 | |
Household Cleaning | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Goodwill | 6,245 | 6,245 | $ 6,800 |
Intangible assets, net (excluding goodwill) | 49,750 | 122,195 | |
Intangible assets, net (including goodwill) | $ 55,995 | $ 128,440 |
Business Segments (Goodwill and
Business Segments (Goodwill and Intangible Assets by Geographic Area) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Schedule of Goodwill and Intangible Assets by Geographic Areas [Line Items] | ||
Intangible assets, net (including goodwill) | $ 3,401,014 | $ 3,518,865 |
United States | ||
Schedule of Goodwill and Intangible Assets by Geographic Areas [Line Items] | ||
Intangible assets, net (including goodwill) | 3,278,021 | 3,396,285 |
Rest of world | ||
Schedule of Goodwill and Intangible Assets by Geographic Areas [Line Items] | ||
Intangible assets, net (including goodwill) | $ 122,993 | $ 122,580 |
Unaudited Quarterly Financia101
Unaudited Quarterly Financial Information (Schedule of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 255,965 | $ 270,615 | $ 258,026 | $ 256,573 | $ 240,670 | $ 216,763 | $ 215,052 | $ 209,575 | $ 1,041,179 | $ 882,060 | $ 806,247 |
Cost of sales | 114,708 | 122,941 | 113,928 | 113,097 | 110,487 | 92,216 | 91,087 | 87,984 | 464,674 | 381,774 | 339,036 |
Gross profit | 141,257 | 147,674 | 144,098 | 143,476 | 130,183 | 124,547 | 123,965 | 121,591 | 576,505 | 500,286 | 467,211 |
Operating Expenses | |||||||||||
Advertising and promotion | 35,319 | 35,835 | 39,188 | 36,944 | 41,450 | 30,682 | 28,592 | 27,635 | 147,286 | 128,359 | 110,802 |
General and administrative | 21,891 | 21,207 | 21,567 | 20,336 | 28,760 | 22,131 | 18,795 | 19,457 | 85,001 | 89,143 | 72,418 |
Depreciation and amortization | 6,946 | 7,129 | 7,186 | 7,167 | 6,651 | 5,852 | 6,016 | 6,832 | 28,428 | 25,351 | 23,676 |
Loss on divestitures | 268 | (3,405) | (496) | 55,453 | 0 | 51,820 | 0 | ||||
Tradename impairment | 99,924 | 0 | 0 | 0 | 99,924 | 0 | 0 | ||||
Total operating expenses | 164,080 | 64,171 | 67,941 | 64,447 | 77,129 | 55,260 | 52,907 | 109,377 | 360,639 | 294,673 | 206,896 |
Operating income | (22,823) | 83,503 | 76,157 | 79,029 | 53,054 | 69,287 | 71,058 | 12,214 | 215,866 | 205,613 | 260,315 |
Net interest expense | 26,838 | 25,864 | 26,836 | 26,341 | 32,832 | 18,554 | 20,830 | 21,127 | |||
Loss on extinguishment of debt | 2,901 | 0 | 0 | 0 | 1,420 | 0 | 0 | 0 | 2,901 | 1,420 | 17,970 |
Income before income taxes | (52,562) | 57,639 | 49,321 | 52,688 | 18,802 | 50,733 | 50,228 | (8,913) | 107,086 | 110,850 | 157,185 |
Provision (benefit) for income taxes | (12,875) | (257,154) | 18,616 | 18,929 | 7,712 | 19,092 | 18,033 | (3,382) | (232,484) | 41,455 | 57,278 |
Net income | $ (39,687) | $ 314,793 | $ 30,705 | $ 33,759 | $ 11,090 | $ 31,641 | $ 32,195 | $ (5,531) | $ 339,570 | $ 69,395 | $ 99,907 |
Earnings (loss) per share: | |||||||||||
Basic (in USD per share) | $ (0.75) | $ 5.93 | $ 0.58 | $ 0.64 | $ 0.21 | $ 0.60 | $ 0.61 | $ (0.10) | $ 6.40 | $ 1.31 | $ 1.89 |
Diluted (in USD per share) | $ (0.75) | $ 5.88 | $ 0.57 | $ 0.63 | $ 0.21 | $ 0.59 | $ 0.60 | $ (0.10) | $ 6.34 | $ 1.30 | $ 1.88 |
Weighted average shares outstanding: | |||||||||||
Basic (in shares) | 53,131 | 53,129 | 53,098 | 53,038 | 53,009 | 52,999 | 52,993 | 52,881 | 53,099 | 52,976 | 52,754 |
Diluted (in shares) | 53,131 | 53,543 | 53,539 | 53,509 | 53,419 | 53,359 | 53,345 | 52,881 | 53,526 | 53,362 | 53,143 |
Comprehensive income (loss), net of tax: | |||||||||||
Currency translation adjustments | $ (2,625) | $ 4,492 | $ 2,716 | $ 1,119 | $ 9,282 | $ (8,736) | $ 2,703 | $ (5,824) | $ 5,702 | $ (2,575) | $ (113) |
Unrecognized net gain (loss) on pension plans | 1,334 | 0 | 0 | 1 | (252) | 0 | 0 | 0 | (1,335) | 252 | 0 |
Total other comprehensive income (loss) | (1,291) | 4,492 | 2,716 | 1,120 | 9,030 | (8,736) | 2,703 | (5,824) | 7,037 | (2,827) | (113) |
Comprehensive (loss) income | $ (40,978) | $ 319,285 | $ 33,421 | $ 34,879 | $ 20,120 | $ 22,905 | $ 34,898 | $ (11,355) | $ 346,607 | $ 66,568 | $ 99,794 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - USD ($) | May 07, 2018 | Aug. 01, 2017 | May 08, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | May 10, 2018 |
Subsequent Event [Line Items] | |||||||
Options, grant date fair value (in USD per share) | $ 56.11 | $ 55.86 | $ 42.13 | ||||
Options granted (in shares) | 182,800 | 264,300 | 208,200 | ||||
Performance Units | |||||||
Subsequent Event [Line Items] | |||||||
Common stock units granted in period (in shares) | 35,593 | ||||||
Restricted Stock Units (RSUs) | |||||||
Subsequent Event [Line Items] | |||||||
Common stock units granted in period (in shares) | 2,564 | 54,773 | 105,800 | 68,400 | 266,100 | ||
Options granted (in shares) | 1 | ||||||
Award vesting period | 3 years | ||||||
Stock Options | |||||||
Subsequent Event [Line Items] | |||||||
Options granted (in shares) | 1 | 182,823 | |||||
Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Shares authorized for repurchase | $ 50,000,000 | ||||||
Options, grant date fair value (in USD per share) | $ 29.46 | ||||||
Subsequent Event | Performance Units | |||||||
Subsequent Event [Line Items] | |||||||
Common stock units granted in period (in shares) | 103,406 | ||||||
Award vesting period | 3 years | ||||||
Subsequent Event | Restricted Stock Units (RSUs) | |||||||
Subsequent Event [Line Items] | |||||||
Vesting rights (as percent) | 33.30% | ||||||
Common stock units granted in period (in shares) | 100,399 | ||||||
Award vesting period | 3 years | ||||||
Subsequent Event | Stock Options | |||||||
Subsequent Event [Line Items] | |||||||
Expiration period | 10 years | ||||||
Vesting rights (as percent) | 33.30% | ||||||
Options granted (in shares) | 294,484 | ||||||
Award vesting period | 3 years |
Schedule II Valuation and Qu103
Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Reserves for sales returns and allowance | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation allowances and reserves, balance at beginning of year | $ 9,429 | $ 8,823 | $ 6,716 |
Amounts charged to expense | 62,953 | 41,173 | 41,217 |
Deductions | (63,569) | (41,417) | (40,085) |
Other | 0 | 850 | 975 |
Valuation allowances and reserves, balance at end of year | 8,813 | 9,429 | 8,823 |
Reserves for trade promotions | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation allowances and reserves, balance at beginning of year | 15,193 | 12,641 | 9,932 |
Amounts charged to expense | 78,669 | 69,475 | 62,331 |
Deductions | (82,427) | (69,713) | (62,409) |
Other | 0 | 2,790 | 2,787 |
Valuation allowances and reserves, balance at end of year | 11,435 | 15,193 | 12,641 |
Reserves for consumer coupon redemptions | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation allowances and reserves, balance at beginning of year | 4,614 | 4,323 | 1,672 |
Amounts charged to expense | 7,283 | 7,616 | 6,235 |
Deductions | (9,252) | (7,745) | (5,637) |
Other | 0 | 420 | 2,053 |
Valuation allowances and reserves, balance at end of year | 2,645 | 4,614 | 4,323 |
Allowance for doubtful accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation allowances and reserves, balance at beginning of year | 1,352 | 815 | 1,277 |
Amounts charged to expense | 187 | 177 | (276) |
Deductions | (336) | 360 | (186) |
Other | 0 | 0 | 0 |
Valuation allowances and reserves, balance at end of year | 1,203 | 1,352 | 815 |
Deferred tax valuation allowance | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation allowances and reserves, balance at beginning of year | 3,437 | 0 | |
Amounts charged to expense | 0 | 0 | |
Deductions | 0 | 0 | |
Other | (2,828) | 3,437 | |
Valuation allowances and reserves, balance at end of year | $ 609 | $ 3,437 | $ 0 |