Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2018 | Jul. 27, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Prestige Brands Holdings, Inc. | |
Entity Central Index Key | 1,295,947 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 51,733,565 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues | ||
Total revenues | $ 253,980 | $ 256,573 |
Cost of Sales | ||
Cost of sales excluding depreciation | 112,069 | 111,757 |
Cost of sales depreciation | 1,288 | 1,340 |
Cost of sales | 113,357 | 113,097 |
Gross profit | 140,623 | 143,476 |
Operating Expenses | ||
Advertising and promotion | 37,111 | 36,944 |
General and administrative | 23,941 | 20,410 |
Depreciation and amortization | 7,084 | 7,167 |
Total operating expenses | 68,136 | 64,521 |
Operating income | 72,487 | 78,955 |
Other (income) expense | ||
Interest income | (100) | (69) |
Interest expense | 26,040 | 26,410 |
Other expense (income), net | 87 | (74) |
Total other expense | 26,027 | 26,267 |
Income before income taxes | 46,460 | 52,688 |
Provision for income taxes | 11,994 | 18,929 |
Net income | $ 34,466 | $ 33,759 |
Earnings per share: | ||
Basic (in USD per share) | $ 0.65 | $ 0.64 |
Diluted (in USD per share) | $ 0.65 | $ 0.63 |
Weighted average shares outstanding: | ||
Basic (in shares) | 52,640 | 53,038 |
Diluted (in shares) | 52,942 | 53,509 |
Comprehensive income, net of tax: | ||
Currency translation adjustments | $ (2,974) | $ 1,119 |
Unrecognized net gain on pension plans | 0 | 1 |
Total other comprehensive (loss) income | (2,974) | 1,120 |
Comprehensive income | 31,492 | 34,879 |
Net sales | ||
Revenues | ||
Total revenues | 253,954 | 256,487 |
Other revenues | ||
Revenues | ||
Total revenues | $ 26 | $ 86 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 34,269 | $ 32,548 |
Accounts receivable, net of allowance of $13,524 and $12,734, respectively | 150,390 | 140,881 |
Inventories | 118,957 | 118,547 |
Deferred income tax assets | 0 | 26 |
Prepaid expenses and other current assets | 10,862 | 11,475 |
Total current assets | 314,478 | 303,477 |
Property, plant and equipment, net | 52,453 | 52,552 |
Goodwill | 612,966 | 620,098 |
Intangible assets, net | 2,722,542 | 2,780,916 |
Other long-term assets | 3,415 | 3,569 |
Assets held for sale | 62,866 | 0 |
Total Assets | 3,768,720 | 3,760,612 |
Current liabilities | ||
Accounts payable | 78,405 | 61,390 |
Accrued interest payable | 13,844 | 9,708 |
Other accrued liabilities | 50,011 | 52,101 |
Total current liabilities | 142,260 | 123,199 |
Long-term debt, net | 1,993,803 | 1,992,952 |
Deferred income tax liabilities | 447,855 | 442,518 |
Other long-term liabilities | 23,079 | 23,333 |
Total Liabilities | 2,606,997 | 2,582,002 |
Commitments and Contingencies — Note 16 | ||
Stockholders' Equity | ||
Preferred stock - $0.01 par value; Authorized - 5,000 shares; Issued and outstanding - None | 0 | 0 |
Common stock - $0.01 par value; Authorized - 250,000 shares; Issued - 53,603 shares at June 30, 2018 and 53,396 shares at March 31, 2018 | 536 | 534 |
Additional paid-in capital | 471,318 | 468,783 |
Treasury stock, at cost - 1,871 shares at June 30, 2018 and 353 shares at March 31, 2018 | (59,928) | (7,669) |
Accumulated other comprehensive loss, net of tax | (22,289) | (19,315) |
Retained earnings | 772,086 | 736,277 |
Total Stockholders' Equity | 1,161,723 | 1,178,610 |
Total Liabilities and Stockholders' Equity | $ 3,768,720 | $ 3,760,612 |
Condensed Consolidated Balance4
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable, current | $ 13,524 | $ 12,734 |
Stockholders' Equity: | ||
Preferred stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 53,603,000 | 53,396,000 |
Treasury stock (in shares) | 1,871,000 | 353,000 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Operating Activities | ||
Net income | $ 34,466 | $ 33,759 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 8,372 | 8,507 |
Loss on disposal of property and equipment | 1 | 490 |
Deferred income taxes | 6,755 | 9,225 |
Amortization of debt origination costs | 920 | 1,746 |
Excess tax benefits from share-based awards | 0 | 302 |
Stock-based compensation costs | 1,657 | 1,713 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (4,357) | 1,543 |
Inventories | (9,303) | (2,899) |
Prepaid expenses and other current assets | 623 | 9,604 |
Accounts payable | 16,479 | (8,024) |
Accrued liabilities | 347 | (1,558) |
Other | (108) | (287) |
Net cash provided by operating activities | 55,852 | 54,121 |
Investing Activities | ||
Purchases of property, plant and equipment | (2,469) | (2,554) |
Acquisition of Fleet escrow receipt | 0 | 970 |
Net cash used in investing activities | (2,469) | (1,584) |
Financing Activities | ||
Term loan repayments | 0 | (50,000) |
Borrowings under revolving credit agreement | 20,000 | 0 |
Repayments under revolving credit agreement | (20,000) | 0 |
Proceeds from exercise of stock options | 880 | 433 |
Fair value of shares surrendered as payment of tax withholding | (2,281) | (1,027) |
Repurchase of common stock | (49,978) | 0 |
Net cash used in financing activities | (51,379) | (50,594) |
Effects of exchange rate changes on cash and cash equivalents | (283) | 337 |
Increase in cash and cash equivalents | 1,721 | 2,280 |
Cash and cash equivalents - beginning of period | 32,548 | 41,855 |
Cash and cash equivalents - end of period | 34,269 | 44,135 |
Interest paid | 20,907 | 24,298 |
Income taxes paid | $ 334 | $ 2,230 |
Business and Basis of Presentat
Business and Basis of Presentation | 3 Months Ended |
Jun. 30, 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 and e-commerce channels in North America (the United States and Canada), and in Australia and certain other international markets. Prestige Brands Holdings, Inc. is a holding company with no operations and is also the parent guarantor of the senior credit facility and the senior notes described in Note 8. Basis of Presentation The unaudited Condensed Consolidated Financial Statements presented herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. All significant intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, these Condensed Consolidated Financial Statements include all adjustments, consisting of normal recurring adjustments, that are considered necessary for a fair statement of our consolidated financial position, results of operations and cash flows for the interim periods presented. Our fiscal year ends on March 31 st of each year. References in these Condensed Consolidated Financial Statements or related notes to a year (e.g., “ 2019 ”) mean our fiscal year ending or ended on March 31 st of that year. Operating results for the three months ended June 30, 2018 are not necessarily indicative of results that may be expected for the fiscal year ending March 31, 2019 . These unaudited Condensed Consolidated Financial Statements and related notes should be read in conjunction with our audited Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2018 . Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on our knowledge of current events and actions that we may undertake in the future, actual results could differ from those estimates. Reclassification In accordance with Accounting Standards Update ("ASU") 2017-07, we have reclassified net periodic benefit costs related to our pension plans from general and administrative expense to other (income) expense. The impact of this reclassification on our financial statements was less than $1.0 million . Recently Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Contracts with Customers - Topic 606 , including new FASB Accounting Standards Codification ("ASC") 606, which supersedes the revenue recognition requirements in FASB ASC 605. Along with amendments issued in 2015 and 2016, the new guidance eliminates industry-specific revenue recognition guidance under current GAAP and replaces 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 also requires 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. We adopted this guidance effective April 1, 2018 using the modified retrospective transition method and applied it to contracts that were not completed at the adoption date. See Note 2 for our revenue recognition policy. The effects of this recently adopted accounting pronouncement to our consolidated balance sheet as of April 1, 2018 are as follows: (In thousands) Balance March 31, 2018 New Revenue Standard Adjustment Balance April 1, 2018 Accounts receivable, net $ 140,881 $ 5,438 $ 146,319 Inventories 118,547 (1,768 ) 116,779 Other accrued liabilities 52,101 1,925 54,026 Deferred income tax liabilities 442,518 401 442,919 Retained earnings 736,277 1,344 737,621 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. Under this ASU, 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 in the first quarter of 2019 required us to reclassify certain pension costs out of operating income and did not have a material impact on our consolidated financial statements. 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 Cuts and Jobs Act ("Tax Act"). See Note 14 for a discussion of the Tax Act, which 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 Note 14 for a discussion of the Tax Act, which 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 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 adopted this standard effective April 1, 2018 and the adoption did not have 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 adopted this standard effective April 1, 2018, and the adoption did not have a material impact to our consolidated financial statements. Recently Issued Accounting Pronouncements In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350) . The amendments in this update simplify the test for goodwill impairment by eliminating Step 2 from the impairment test, which required the entity to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities following the procedure that would be required in determining fair value of assets acquired and liabilities assumed in a business combination. The amendments in this update are effective for public companies for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. We are evaluating the impact of adopting this guidance on our consolidated financial statements and whether to early adopt this ASU. 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 in the process of analyzing our lease portfolio and evaluating the impact of adopting this guidance on our consolidated financial statements. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Nature of Goods and Services We recognize revenue from product sales. We primarily ship finished goods to our customers and operate in three segments: North American OTC Healthcare, International OTC Healthcare, and Household Cleaning. The segments are based on differences in the nature of products and geographical area. The North America and International OTC Healthcare segments market a variety of personal care and over-the-counter products in the following product groups: Analgesics, Cough & Cold, Women's Health, Gastrointestinal, Eye & Ear Care, Dermatologicals, and Oral Care. The Household Cleaning segment focuses on the sale of cleaning products. Our products are distinct and separately identifiable on customer contracts or invoices, with each product sale representing a separate performance obligation. We sell consumer products under a variety of brands through a broad distribution platform that includes mass merchandisers and drug, food, dollar, convenience and club stores and e-commerce channels, all of which sell our products to consumers. See Note 18 for disaggregated revenue information. Satisfaction of Performance Obligations Revenue is recognized when control of a promised good is transferred to a customer, in an amount that reflects the consideration that we expect to be entitled to in exchange for that good. This occurs either when finished goods are transferred to a common carrier for delivery to the customer or when product is picked up by the customer or the customer’s carrier. This represents a change in the timing of revenue recognition for some sales. Refer to the table above in Note 1 for a disclosure of the adoption date impacts. Once a product has transferred to the common carrier or been picked up by the customer, the customer is able to direct the use of, and obtain substantially all of the remaining benefits from, the product. It is at this point that we have a right to payment and the customer has legal title. Variable Consideration Provisions for certain rebates, customer promotional programs, product returns, and discounts to customers are accounted for as variable consideration and recorded as a reduction in sales. We record an estimate of future product returns concurrent with recording sales, which is made using the most likely amount method which incorporates (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. We participate in the promotional programs of our customers to enhance the sale of our products. 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. The costs of such activities are recorded as a reduction to revenue when the related sale takes place. Estimates of the costs of these promotional programs are derived using the most likely amount method which incorporates (i) historical sales experience, (ii) the current promotional offering, (iii) forecasted data, (iv) current market conditions, and (v) communication with customer purchasing/marketing personnel. At the completion of the promotional program, the estimated amounts are adjusted to actual results. Practical Expedients Due to the nature (short duration) of our contracts with customers, we apply the practical expedient related to remaining performance obligations disclosure. Remaining performance obligations relate to contracts with a duration of less than one year, in which we have the right to invoice the customer at the time the performance obligation is satisfied for the amount of revenue recognized at that time. Accordingly, we have elected the practical expedient available under ASC 606 not to disclose remaining performance obligations for our contracts. The period between when control of the promised products transfers to the customer and when the customer pays for the products is one year or less. As such, we do not adjust product consideration for the effects of a significant financing component. The amortization period of any asset resulting from incremental costs of obtaining a contract would be one year or less. As such, we expense commission and broker fees as incurred. We expense incremental direct costs of obtaining a contract (broker commissions) when the related sale takes place. We account for shipping and handling costs as fulfillment activities and therefore recognize them upon shipment of goods. The impact of adopting ASC 606 on our Condensed Consolidated Statements of Income and Comprehensive Income is as follows: Three Months Ended June 30, 2018 (In thousands) As Reported Impact of Change Without Adoption of ASC 606 Total revenues $ 253,980 $ (5,945 ) $ 248,035 Cost of sales $ 113,357 $ (2,192 ) $ 111,165 Total operating expenses $ 68,136 $ (139 ) $ 67,997 Provision for income taxes $ 11,994 $ (981 ) $ 11,013 Net income $ 34,466 $ (2,633 ) $ 31,833 |
Assets Held for Sale
Assets Held for Sale | 3 Months Ended |
Jun. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets Held for Sale | Assets Held for Sale In the first quarter of fiscal 2019, we were approached and discussed the potential to sell certain of our Household Cleaning business assets. Prior to these discussions, we did not contemplate any divestitures, and we did not commit to any course of action to divest any of the assets. On July 2, 2018, we sold the Comet®, Spic and Span®, Chore Boy®, Chlorinol® and Cinch® brands, as well as associated inventory. These brands represented our Household Cleaning segment. The gain/loss on sale will be recorded in the second quarter of fiscal 2019 and will not be material to our financial statements. See Note 19 for further information. This transaction met the criteria as held for sale as of June 30, 2018, and the related assets were measured at the lower of the carrying value or fair value less any costs to sell based upon the agreed upon price. As a result, as of June 30, 2018, we recorded the held for sale assets at their estimated fair values. The total assets held for sale related to this sale were: (In thousands) June 30, 2018 Components of assets held for sale: Inventories $ 6,644 Property, plant and equipment, net 662 Goodwill 6,245 Intangible assets, net 49,315 Assets held for sale $ 62,866 |
Inventories
Inventories | 3 Months Ended |
Jun. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following: (In thousands) June 30, 2018 March 31, 2018 Components of Inventories Packaging and raw materials $ 16,197 $ 13,112 Work in process 223 157 Finished goods 102,537 105,278 Inventories $ 118,957 $ 118,547 Inventories are carried and depicted above at the lower of cost or net realizable value, which includes a reduction in inventory values of $2.8 million and $4.2 million at June 30, 2018 and March 31, 2018 , respectively, related to obsolete and slow-moving inventory. |
Goodwill
Goodwill | 3 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill A reconciliation of the activity affecting goodwill by operating segment is as follows: (In thousands) North American OTC International OTC Household Consolidated Balance - March 31, 2018 Goodwill $ 711,104 $ 32,919 $ 71,405 $ 815,428 Accumulated impairment loss (130,170 ) — (65,160 ) (195,330 ) Balance - March 31, 2018 580,934 32,919 6,245 620,098 2019 Reclassified to assets held for sale — — (6,245 ) (6,245 ) Effects of foreign currency exchange rates — (887 ) — (887 ) Balance - June 30, 2018 Goodwill 711,104 32,032 65,160 808,296 Accumulated impairment loss (130,170 ) — (65,160 ) (195,330 ) Balance - June 30, 2018 $ 580,934 $ 32,032 $ — $ 612,966 As discussed in Note 3, on July 2, 2018, we sold our Household Cleaning segment. As a result, we decreased goodwill by $6.2 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. On an annual basis during the fourth quarter of each fiscal year, or more frequently if conditions indicate that the carrying value of the asset may not be recoverable, management performs a review of the values assigned to goodwill and tests for impairment. At February 28, 2018 , during our annual test for goodwill impairment, there were no indicators of impairment under the analysis. Accordingly, no impairment charge was recorded in fiscal 2018 . We utilize the discounted cash flow method to estimate the fair value of our reporting units as part of the goodwill impairment test. We also considered our market capitalization at February 28, 2018 , which was the date of our annual review, as compared to the aggregate fair values of our reporting units, to assess the reasonableness of our estimates pursuant to the discounted cash flow methodology. The estimates and assumptions made in assessing the fair value of our reporting units and the valuation of the underlying assets and liabilities are inherently subject to significant uncertainties. Consequently, changing rates of interest and inflation, declining sales or margins, increasing competition, changing consumer preferences, technical advances, or reductions in advertising and promotion may require an impairment charge to be recorded in the future. As of June 30, 2018 , no events have occurred that would indicate potential impairment of goodwill. |
Intangible Assets, net
Intangible Assets, net | 3 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, net | Intangible Assets, net A reconciliation of the activity affecting intangible assets, net is as follows: (In thousands) Indefinite Lived Trademarks Finite Lived Totals Gross Carrying Amounts Balance — March 31, 2018 $ 2,490,303 $ 441,314 $ 2,931,617 Reclassified to assets held for sale (30,562 ) (34,889 ) (65,451 ) Effects of foreign currency exchange rates (3,089 ) (190 ) (3,279 ) Balance — June 30, 2018 2,456,652 406,235 2,862,887 Accumulated Amortization Balance — March 31, 2018 — 150,701 150,701 Additions — 5,812 5,812 Reclassified to assets held for sale — (16,136 ) (16,136 ) Effects of foreign currency exchange rates — (32 ) (32 ) Balance — June 30, 2018 — 140,345 140,345 Intangible assets, net — June 30, 2018 $ 2,456,652 $ 265,890 $ 2,722,542 As discussed in Note 3, on July 2, 2018, we sold our Household Cleaning segment. As a result, we decreased our indefinite lived intangibles by $30.5 million and our net finite-lived trademarks by $18.8 million . Amortization expense was $5.8 million for the three months ended June 30, 2018 , and $5.9 million for the three months ended June 30, 2017 . Based on our amortizable intangible assets as of June 30, 2018 , amortization expense is expected to be approximately $16.1 million for the remainder of fiscal 2019 , $21.5 million in fiscal 2020 , $21.1 million in fiscal 2021 , $20.6 million in fiscal 2022 , $20.6 million in fiscal 2023 and $20.6 million in fiscal 2024 . Under accounting guidelines, indefinite-lived assets are not amortized, but must be tested for impairment annually, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the asset below the carrying amount. Additionally, at each reporting period, an evaluation must be made to determine whether events and circumstances continue to support an indefinite useful life. Intangible assets with finite lives are amortized over their respective estimated useful lives and are also tested for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable and exceeds its fair value. On an annual basis during the fourth fiscal quarter, or more frequently if conditions indicate that the carrying value of the asset may not be recoverable, management performs a review of both the values and, if applicable, useful lives assigned to intangible assets and tests for impairment. The date of our annual impairment review was February 28, 2018 , and we recorded impairment charges in our March 31, 2018 financial statements. We utilize 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 of June 30, 2018 , no events have occurred that would indicate further potential impairment of intangible assets. |
Other Accrued Liabilities
Other Accrued Liabilities | 3 Months Ended |
Jun. 30, 2018 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities consist of the following: (In thousands) June 30, 2018 March 31, 2018 Accrued marketing costs $ 26,772 $ 21,473 Accrued compensation costs 4,658 10,591 Accrued broker commissions 1,174 1,487 Income taxes payable 18 1,901 Accrued professional fees 1,997 2,244 Accrued production costs 8,747 7,392 Other accrued liabilities 6,645 7,013 $ 50,011 $ 52,101 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt At June 30, 2018 , we had $75.0 million outstanding on the asset-based revolving credit facility entered into January 31, 2012, as amended (the "2012 ABL Revolver") and an additional borrowing capacity of $98.9 million . Long-term debt consists of the following, as of the dates indicated: (In thousands, except percentages) June 30, 2018 March 31, 2018 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 $ 600,000 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. 938,000 938,000 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 75,000 Long-term debt 2,013,000 2,013,000 Less: unamortized debt costs (19,197 ) (20,048 ) Long-term debt, net $ 1,993,803 $ 1,992,952 As of June 30, 2018 , aggregate future principal payments required in accordance with the terms of the 2012 Term B-5 Loans, 2012 ABL Revolver and the indentures governing the 6.375% senior unsecured notes due 2024 (the "2016 Senior Notes") and the 5.375% senior unsecured notes due 2021 (the "2013 Senior Notes") are as follows: (In thousands) Year Ending March 31, Amount 2019 (remaining nine months ending March 31, 2019) $ — 2020 — 2021 — 2022 475,000 2023 437 Thereafter 1,537,563 $ 2,013,000 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Jun. 30, 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. FASB ASC 820, Fair Value Measurements , requires fair value to be determined based on the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market assuming an orderly transaction between market participants. ASC 820 established market (observable inputs) as the preferred source of fair value, to be followed by our 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 us using estimates and assumptions reflective of those that would be utilized by a market participant. The market values have been determined based on market values for similar instruments adjusted for certain factors. As such, the 2016 Senior Notes, the 2013 Senior Notes, the 2012 Term B-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 June 30, 2018 and March 31, 2018 ). June 30, 2018 March 31, 2018 (In thousands) Carrying Value Fair Value Carrying Value Fair Value 2016 Senior Notes $ 600,000 $ 597,000 $ 600,000 $ 610,500 2013 Senior Notes 400,000 401,000 400,000 402,000 2012 Term B-5 Loans 938,000 934,483 938,000 939,173 2012 ABL Revolver 75,000 75,000 75,000 75,000 At June 30, 2018 and March 31, 2018 , we did not have any assets or liabilities measured in Level 1 or 3. Nonrecurring Fair Value Measurements In addition to the recurring fair value measurements disclosed above, as of June 30, 2018 we recorded the long-lived held for sale assets (discussed in Note 3) at fair value, using Level 3 inputs. The fair value of the associated assets approximated their carrying value and, as such, no loss was recorded. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Jun. 30, 2018 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity We are authorized to issue 250.0 million shares of common stock, $0.01 par value per share, and 5.0 million shares of preferred stock, $0.01 par value per share. The Board of Directors may direct the issuance of the undesignated preferred stock in one or more series and determine preferences, privileges and restrictions thereof. Each share of common stock has the right to one vote on all matters submitted to a vote of stockholders. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the Board of Directors, subject to prior rights of holders of all classes of outstanding stock having priority rights as to dividends. No dividends have been declared or paid on our common stock through June 30, 2018 . During the three months ended June 30, 2018 and 2017 , we repurchased 68,939 shares and 19,616 shares, respectively, of restricted common stock from our employees pursuant to the provisions of various employee restricted stock awards. The repurchases for the three months ended June 30, 2018 and 2017 were at an average price of $33.09 and $52.36 . All of the repurchased shares have been recorded as treasury stock. During the three months ended June 30, 2018 , we repurchased 1,449,750 shares of our common stock in conjunction with our share repurchase program. The repurchases were at an average price of $34.47 per share, totaled $50.0 million , and have been recorded as treasury stock. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Jun. 30, 2018 | |
Stockholders' Equity Note [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Accumulated other comprehensive loss consisted of the following at June 30, 2018 and March 31, 2018 : (In thousands) June 30, 2018 March 31, 2018 Components of Accumulated Other Comprehensive Loss Cumulative translation adjustment $ (23,372 ) $ (20,398 ) Unrecognized net gain on pension plans 1,083 1,083 Accumulated other comprehensive loss, net of tax $ (22,289 ) $ (19,315 ) As of June 30, 2018 and March 31, 2018 , no amounts were reclassified from accumulated other comprehensive income into earnings. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
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 nonvested 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 restricted stock units has an anti-dilutive effect, and therefore these instruments are excluded from the computation of diluted earnings per share. The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended June 30, (In thousands, except per share data) 2018 2017 Numerator Net income $ 34,466 $ 33,759 Denominator Denominator for basic earnings per share — weighted average shares outstanding 52,640 53,038 Dilutive effect of nonvested restricted stock units and options issued to employees and directors 302 471 Denominator for diluted earnings per share 52,942 53,509 Earnings per Common Share: Basic earnings per share $ 0.65 $ 0.64 Diluted earnings per share $ 0.65 $ 0.63 For the three months ended June 30, 2018 and 2017 , there were 0.8 million and 0.4 million shares, respectively, attributable to outstanding stock-based awards that were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Jun. 30, 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, RSUs and other equity-based awards. In June 2014, the Board of Directors approved, and in July 2014, our stockholders ratified, an increase of an additional 1.8 million shares of our common stock for issuance under the Plan, an increase of the maximum number of shares subject to stock options that may be awarded to any one participant under the Plan during any fiscal 12-month period from 1.0 million to 2.5 million shares, and an extension of the term of the Plan by ten years, to February 2025. Directors, officers and other employees of the Company and its subsidiaries, as well as others performing services for the Company, are eligible for grants under the Plan. During the three months ended June 30, 2018 and 2017 , pre-tax share-based compensation costs charged against income were $1.7 million and $1.7 million , respectively, and the related income tax benefit recognized was $0.2 million and $0.5 million , respectively. At June 30, 2018 , there were $11.3 million of unrecognized compensation costs related to nonvested share-based compensation arrangements under the Plan, based on management's estimate of the shares that will ultimately vest. We expect to recognize such costs over a weighted-average period of 1.1 years. The total fair value of options and RSUs vested during the three months ended June 30, 2018 and 2017 was $10.7 million and $4.9 million , respectively. For the three months ended June 30, 2018 and 2017 , we received cash from the exercise of stock options of $0.9 million and $0.4 million , respectively. For the three months ended June 30, 2018 and 2017 , we realized $1.2 million and $0.9 million , respectively, in tax benefits from the tax deductions resulting from RSU issuances and stock option exercises. At June 30, 2018 , there were 1.8 million shares available for issuance under the Plan. On May 7, 2018, the Compensation and Talent Management Committee of our Board of Directors granted 103,406 performance stock 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. The stock options were granted at an exercise price of $29.46 per share, which was equal to the closing price for our common stock on the date of the grant. Restricted Stock Units RSUs granted to employees under the Plan generally vest in three years, primarily upon the attainment of certain time vesting thresholds, and, in the case of performance share units, may also be contingent on the attainment of certain performance goals of the Company, including revenue and earnings before income taxes, depreciation and amortization targets. The RSUs provide for accelerated vesting if there is a change of control, as defined in the Plan. The RSUs granted to employees generally vest either ratably over three years or in their entirety on the three -year anniversary of the date of the grant. Upon vesting, the units will be settled in shares of our common stock. Termination of employment prior to vesting will result in forfeiture of the RSUs, unless otherwise accelerated by the Compensation and Talent Management Committee or, in the case of RSUs granted in May 2017 and 2018, 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 our common stock for each vested RSU promptly following the earliest of the director's (i) death, (ii) disability or (iii) the six -month anniversary of the date on which the director's Board membership ceases for reasons other than death or disability. The fair value of the RSUs is determined using the closing price of our common stock on the date of the grant. A summary of the RSUs granted under the Plan is presented below: RSUs Shares (in thousands) Weighted- Average Grant-Date Fair Value Three Months Ended June 30, 2017 Vested and nonvested at March 31, 2017 350.1 $ 39.29 Granted 90.4 56.11 Vested and issued (50.8 ) 34.28 Forfeited (2.3 ) 50.06 Vested and nonvested at June 30, 2017 387.4 43.81 Vested at June 30, 2017 63.7 20.31 Three Months Ended June 30, 2018 Vested and nonvested at March 31, 2018 393.5 $ 44.13 Granted 203.8 29.46 Vested and issued (173.4 ) 43.00 Forfeited (31.1 ) 48.32 Vested and nonvested at June 30, 2018 392.8 36.68 Vested at June 30, 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 our 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 nonvested stock options. Vested stock options will remain exercisable by the employee after termination of employment, subject to the terms in the Plan. The fair value of each option award is estimated on the date of grant using the Black-Scholes Option Pricing Model that uses the assumptions noted in the table below. Expected volatilities are based on the historical volatility of our common stock and other factors, including the historical volatilities of comparable companies. We use appropriate historical data, as well as current data, to estimate option exercise and employee termination behaviors. Employees that are expected to exhibit similar exercise or termination behaviors are grouped together for the purposes of valuation. The expected terms of the options granted are derived from our historical experience, management's estimates, and consideration of information derived from the public filings of companies similar to us, and represent the period of time that options granted are expected to be outstanding. The risk-free rate represents the yield on U.S. Treasury bonds with a maturity equal to the expected term of the granted options. The weighted-average grant-date fair values of the options granted during the three months ended June 30, 2018 and 2017 were $10.22 and $21.20 , respectively. Three Months Ended June 30, 2018 2017 Expected volatility 29.6 % 35.2 % Expected dividends $ — $ — Expected term in years 6.0 6.0 Risk-free rate 2.9 % 2.2 % A summary of option activity under the Plan is as follows: Options Shares (in thousands) Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Three Months Ended June 30, 2017 Outstanding at March 31, 2017 772.3 $ 37.70 Granted 182.8 56.11 Exercised (13.8 ) 31.35 Forfeited or expired (5.8 ) 32.64 Outstanding at June 30, 2017 935.5 41.42 7.7 $ 12,123 Exercisable at June 30, 2017 527.3 31.95 6.5 $ 11,305 Three Months Ended June 30, 2018 Outstanding at March 31, 2018 873.2 $ 41.79 Granted 294.5 29.46 Exercised (32.8 ) 26.81 Forfeited or expired (72.7 ) 45.00 Outstanding at June 30, 2018 1,062.2 38.61 7.6 $ 6,573 Exercisable at June 30, 2018 599.8 37.99 6.2 $ 4,054 The aggregate intrinsic value of options exercised during the three months ended June 30, 2018 was $0.3 million . |
Income Taxes
Income Taxes | 3 Months Ended |
Jun. 30, 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 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 earnings, in the year ended March 31, 2018, resulting in a net gain of $270.2 million . Additionally, the Tax Act 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 in the year ended March 31, 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 we have 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 adjustment by the end of the measurement period. Income taxes are recorded in our quarterly financial statements based on our estimated annual effective income tax rate, subject to adjustments for discrete events, should they occur. The effective rates used in the calculation of income taxes were 25.8% and 35.9% for the three months ended June 30, 2018 and 2017 , respectively. The decrease in the effective tax rate for the three months ended June 30, 2018 was primarily due to the Tax Act. The balance in our uncertain tax liability was $10.8 million at June 30, 2018 and at March 31, 2018 . We recognize interest and penalties related to uncertain tax positions as a component of income tax expense. We did not incur any material interest or penalties related to income taxes in any of the periods presented. |
Employee Retirement Plans
Employee Retirement Plans | 3 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Retirement Plans | Employee Retirement Plans The primary components of Net Periodic Benefits consist of the following: (In thousands) Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 Interest cost $ 610 629 Expected return on assets (768 ) (726 ) Net periodic benefit income $ (158 ) $ (97 ) During the three months ended June 30, 2018 , we contributed $0.1 million to our non-qualified defined benefit plan and made no contributions to the qualified defined benefit plan. During the remainder of fiscal 2019 , we expect to contribute an additional $0.3 million to our non-qualified plan and make a contribution of $1.0 million to the qualified plan. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies We are involved from time to time in legal matters and other claims incidental to our business. We review outstanding claims and proceedings internally and with external counsel as necessary to assess the probability and amount of a potential loss. These assessments are re-evaluated at each reporting period and as new information becomes available to determine whether a reserve should be established or if any existing reserve should be adjusted. The actual cost of resolving a claim or proceeding ultimately may be substantially different than the amount of the recorded reserve. In addition, because it is not permissible under GAAP to establish a litigation reserve until the loss is both probable and estimable, in some cases there may be insufficient time to establish a reserve prior to the actual incurrence of the loss (upon verdict and judgment at trial, for example, or in the case of a quickly negotiated settlement). We believe the resolution of routine legal matters and other claims incidental to our business, taking our reserves into account, will not have a material adverse effect on our business, financial condition, or results of operations. |
Concentrations of Risk
Concentrations of Risk | 3 Months Ended |
Jun. 30, 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 and e-commerce channels. During the three months ended June 30, 2018 and 2017 , approximately 42.6% and 43.2% , 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 both of the periods presented. Walmart accounted for approximately 24.6% and 25.5% , respectively, of our gross revenues for the three months ended June 30, 2018 and 2017 , respectively. At June 30, 2018 , approximately 25.2% of 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 June 30, 2018 , we had relationships with 116 third-party manufacturers. Of those, we had long-term contracts with 38 manufacturers that produced items that accounted for approximately 61.9% of gross sales for the three months ended June 30, 2018 . At June 30, 2017 , we had relationships with 116 third-party manufacturers. Of those, we had long-term contracts with 48 manufacturers that produced items that accounted for approximately 77.2% of gross sales for the three months ended June 30, 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 of operations. Although we are in the process of negotiating long-term contracts with certain key manufacturers, we may not be able to reach a timely agreement, which could have a material adverse effect on our business and results of operations. |
Business Segments
Business Segments | 3 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments Segment information has been prepared in accordance with the Segment Reporting topic of the FASB ASC 280. Our current reportable segments consist of (i) North American OTC Healthcare, (ii) International OTC Healthcare and (iii) Household Cleaning. We evaluate the performance of our operating segments and allocate resources to these segments based primarily on contribution margin, which we define as gross profit less advertising and promotional expenses. The tables below summarize information about our reportable segments Three Months Ended June 30, 2018 (In thousands) North American OTC International OTC Household Cleaning Consolidated Total segment revenues* $ 214,775 $ 19,394 $ 19,811 $ 253,980 Cost of sales 89,153 7,616 16,588 113,357 Gross profit 125,622 11,778 3,223 140,623 Advertising and promotion 33,258 3,423 430 37,111 Contribution margin $ 92,364 $ 8,355 $ 2,793 103,512 Other operating expenses 31,025 Operating income 72,487 Other expense 26,027 Income before income taxes 46,460 Provision for income taxes 11,994 Net income $ 34,466 * Intersegment revenues of $2.7 million were eliminated from the North American OTC Healthcare segment. Three Months Ended June 30, 2017 (In thousands) North American OTC International OTC Household Cleaning Consolidated Total segment revenues* $ 215,815 $ 20,898 $ 19,860 $ 256,573 Cost of sales 86,501 9,950 16,646 113,097 Gross profit 129,314 10,948 3,214 143,476 Advertising and promotion 32,808 3,690 446 36,944 Contribution margin $ 96,506 $ 7,258 $ 2,768 106,532 Other operating expenses 27,577 Operating income 78,955 Other expense 26,267 Income before income taxes 52,688 Provision for income taxes 18,929 Net income $ 33,759 * Intersegment revenues of $1.4 million were eliminated from the North American OTC Healthcare segment. The tables below summarize information about our segment revenues from similar product groups. Three Months Ended June 30, 2018 (In thousands) North American OTC International OTC Household Consolidated Analgesics $ 28,258 $ 157 $ — $ 28,415 Cough & Cold 16,214 5,171 — 21,385 Women's Health 63,477 2,257 — 65,734 Gastrointestinal 32,799 5,990 — 38,789 Eye & Ear Care 25,472 2,619 — 28,091 Dermatologicals 25,122 532 — 25,654 Oral Care 22,197 2,667 — 24,864 Other OTC 1,236 1 — 1,237 Household Cleaning — — 19,811 19,811 Total segment revenues $ 214,775 $ 19,394 $ 19,811 $ 253,980 Three Months Ended June 30, 2017 (In thousands) North American OTC International OTC Household Consolidated Analgesics $ 29,290 $ 509 $ — $ 29,799 Cough & Cold 17,410 4,613 — 22,023 Women's Health 63,145 3,594 — 66,739 Gastrointestinal 30,430 5,733 — 36,163 Eye & Ear Care 25,271 3,055 — 28,326 Dermatologicals 24,131 501 — 24,632 Oral Care 24,892 2,892 — 27,784 Other OTC 1,246 1 — 1,247 Household Cleaning — — 19,860 19,860 Total segment revenues $ 215,815 $ 20,898 $ 19,860 $ 256,573 Our total segment revenues by geographic area are as follows: Three Months Ended June 30, 2018 2017 United States $ 223,477 $ 224,994 Rest of world 30,503 31,579 Total $ 253,980 $ 256,573 Our consolidated goodwill and intangible assets have been allocated to the reportable segments as follows: June 30, 2018 North American OTC International OTC Household Consolidated (In thousands) Goodwill $ 580,934 $ 32,032 $ — $ 612,966 Intangible assets Indefinite-lived 2,375,737 80,915 — 2,456,652 Finite-lived, net 260,114 5,776 — 265,890 Intangible assets, net 2,635,851 86,691 — 2,722,542 Total $ 3,216,785 $ 118,723 $ — $ 3,335,508 (a) As noted in Note 3, goodwill and intangible assets associated with our Household Cleaning segment have been reclassified to Assets held for sale. March 31, 2018 North American OTC International OTC Household Consolidated (In thousands) 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, net 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 Our goodwill and intangible assets by geographic area are as follows: June 30, 2018 March 31, 2018 United States $ 3,216,785 $ 3,278,021 Rest of world 118,723 122,993 Total $ 3,335,508 $ 3,401,014 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Sale of Household Cleaning Business On July 2, 2018, we entered into an Asset Purchase Agreement with KIK International LLC, pursuant to which we sold certain assets, including certain intellectual property rights, associated with our Household Cleaning product business lines. The assets sold represent our Household Cleaning segment. The purchase price was $69.0 million subject to certain adjustments. As a condition of the agreement, we entered into a Transitional Services Agreement on July 2, 2018, under which we will provide certain services to KIK International LLC related to the transition of the business for a specified period of time. We used the proceeds from this sale to repay $50.0 million of long-term debt in July 2018. Director Equity Grants Pursuant to the Plan, each of the independent members of the Board of Directors received a grant of 3,779 RSUs on July 31, 2018. The RSUs are fully vested upon receipt of the award and will be settled by delivery to the director of one share of our common stock 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. |
Business and Basis of Present25
Business and Basis of Presentation (Policies) | 3 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited Condensed Consolidated Financial Statements presented herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. All significant intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, these Condensed Consolidated Financial Statements include all adjustments, consisting of normal recurring adjustments, that are considered necessary for a fair statement of our consolidated financial position, results of operations and cash flows for the interim periods presented. Our fiscal year ends on March 31 st of each year. References in these Condensed Consolidated Financial Statements or related notes to a year (e.g., “ 2019 ”) mean our fiscal year ending or ended on March 31 st of that year. Operating results for the three months ended June 30, 2018 are not necessarily indicative of results that may be expected for the fiscal year ending March 31, 2019 . These unaudited Condensed Consolidated Financial Statements and related notes should be read in conjunction with our audited Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2018 . |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on our knowledge of current events and actions that we may undertake in the future, actual results could differ from those estimates. |
Reclassification | Reclassification In accordance with Accounting Standards Update ("ASU") 2017-07, we have reclassified net periodic benefit costs related to our pension plans from general and administrative expense to other (income) expense. The impact of this reclassification on our financial statements was less than $1.0 million . |
Recently Adopted and Issued Accounting Standards | Recently Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Contracts with Customers - Topic 606 , including new FASB Accounting Standards Codification ("ASC") 606, which supersedes the revenue recognition requirements in FASB ASC 605. Along with amendments issued in 2015 and 2016, the new guidance eliminates industry-specific revenue recognition guidance under current GAAP and replaces 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 also requires 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. We adopted this guidance effective April 1, 2018 using the modified retrospective transition method and applied it to contracts that were not completed at the adoption date. See Note 2 for our revenue recognition policy. The effects of this recently adopted accounting pronouncement to our consolidated balance sheet as of April 1, 2018 are as follows: (In thousands) Balance March 31, 2018 New Revenue Standard Adjustment Balance April 1, 2018 Accounts receivable, net $ 140,881 $ 5,438 $ 146,319 Inventories 118,547 (1,768 ) 116,779 Other accrued liabilities 52,101 1,925 54,026 Deferred income tax liabilities 442,518 401 442,919 Retained earnings 736,277 1,344 737,621 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. Under this ASU, 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 in the first quarter of 2019 required us to reclassify certain pension costs out of operating income and did not have a material impact on our consolidated financial statements. 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 Cuts and Jobs Act ("Tax Act"). See Note 14 for a discussion of the Tax Act, which 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 Note 14 for a discussion of the Tax Act, which 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 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 adopted this standard effective April 1, 2018 and the adoption did not have 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 adopted this standard effective April 1, 2018, and the adoption did not have a material impact to our consolidated financial statements. Recently Issued Accounting Pronouncements In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350) . The amendments in this update simplify the test for goodwill impairment by eliminating Step 2 from the impairment test, which required the entity to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities following the procedure that would be required in determining fair value of assets acquired and liabilities assumed in a business combination. The amendments in this update are effective for public companies for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. We are evaluating the impact of adopting this guidance on our consolidated financial statements and whether to early adopt this ASU. 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 in the process of analyzing our lease portfolio and evaluating the impact of adopting this guidance on our consolidated financial statements. |
Revenue Recognition | Revenue Recognition Nature of Goods and Services We recognize revenue from product sales. We primarily ship finished goods to our customers and operate in three segments: North American OTC Healthcare, International OTC Healthcare, and Household Cleaning. The segments are based on differences in the nature of products and geographical area. The North America and International OTC Healthcare segments market a variety of personal care and over-the-counter products in the following product groups: Analgesics, Cough & Cold, Women's Health, Gastrointestinal, Eye & Ear Care, Dermatologicals, and Oral Care. The Household Cleaning segment focuses on the sale of cleaning products. Our products are distinct and separately identifiable on customer contracts or invoices, with each product sale representing a separate performance obligation. We sell consumer products under a variety of brands through a broad distribution platform that includes mass merchandisers and drug, food, dollar, convenience and club stores and e-commerce channels, all of which sell our products to consumers. See Note 18 for disaggregated revenue information. Satisfaction of Performance Obligations Revenue is recognized when control of a promised good is transferred to a customer, in an amount that reflects the consideration that we expect to be entitled to in exchange for that good. This occurs either when finished goods are transferred to a common carrier for delivery to the customer or when product is picked up by the customer or the customer’s carrier. This represents a change in the timing of revenue recognition for some sales. Refer to the table above in Note 1 for a disclosure of the adoption date impacts. Once a product has transferred to the common carrier or been picked up by the customer, the customer is able to direct the use of, and obtain substantially all of the remaining benefits from, the product. It is at this point that we have a right to payment and the customer has legal title. Variable Consideration Provisions for certain rebates, customer promotional programs, product returns, and discounts to customers are accounted for as variable consideration and recorded as a reduction in sales. We record an estimate of future product returns concurrent with recording sales, which is made using the most likely amount method which incorporates (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. We participate in the promotional programs of our customers to enhance the sale of our products. 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. The costs of such activities are recorded as a reduction to revenue when the related sale takes place. Estimates of the costs of these promotional programs are derived using the most likely amount method which incorporates (i) historical sales experience, (ii) the current promotional offering, (iii) forecasted data, (iv) current market conditions, and (v) communication with customer purchasing/marketing personnel. At the completion of the promotional program, the estimated amounts are adjusted to actual results. Practical Expedients Due to the nature (short duration) of our contracts with customers, we apply the practical expedient related to remaining performance obligations disclosure. Remaining performance obligations relate to contracts with a duration of less than one year, in which we have the right to invoice the customer at the time the performance obligation is satisfied for the amount of revenue recognized at that time. Accordingly, we have elected the practical expedient available under ASC 606 not to disclose remaining performance obligations for our contracts. The period between when control of the promised products transfers to the customer and when the customer pays for the products is one year or less. As such, we do not adjust product consideration for the effects of a significant financing component. The amortization period of any asset resulting from incremental costs of obtaining a contract would be one year or less. As such, we expense commission and broker fees as incurred. We expense incremental direct costs of obtaining a contract (broker commissions) when the related sale takes place. We account for shipping and handling costs as fulfillment activities and therefore recognize them upon shipment of goods. |
Business and Basis of Present26
Business and Basis of Presentation (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Effects of Recently Adopted Accounting Pronouncement | The effects of this recently adopted accounting pronouncement to our consolidated balance sheet as of April 1, 2018 are as follows: (In thousands) Balance March 31, 2018 New Revenue Standard Adjustment Balance April 1, 2018 Accounts receivable, net $ 140,881 $ 5,438 $ 146,319 Inventories 118,547 (1,768 ) 116,779 Other accrued liabilities 52,101 1,925 54,026 Deferred income tax liabilities 442,518 401 442,919 Retained earnings 736,277 1,344 737,621 The impact of adopting ASC 606 on our Condensed Consolidated Statements of Income and Comprehensive Income is as follows: Three Months Ended June 30, 2018 (In thousands) As Reported Impact of Change Without Adoption of ASC 606 Total revenues $ 253,980 $ (5,945 ) $ 248,035 Cost of sales $ 113,357 $ (2,192 ) $ 111,165 Total operating expenses $ 68,136 $ (139 ) $ 67,997 Provision for income taxes $ 11,994 $ (981 ) $ 11,013 Net income $ 34,466 $ (2,633 ) $ 31,833 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Reconciliation of Revenue | The effects of this recently adopted accounting pronouncement to our consolidated balance sheet as of April 1, 2018 are as follows: (In thousands) Balance March 31, 2018 New Revenue Standard Adjustment Balance April 1, 2018 Accounts receivable, net $ 140,881 $ 5,438 $ 146,319 Inventories 118,547 (1,768 ) 116,779 Other accrued liabilities 52,101 1,925 54,026 Deferred income tax liabilities 442,518 401 442,919 Retained earnings 736,277 1,344 737,621 The impact of adopting ASC 606 on our Condensed Consolidated Statements of Income and Comprehensive Income is as follows: Three Months Ended June 30, 2018 (In thousands) As Reported Impact of Change Without Adoption of ASC 606 Total revenues $ 253,980 $ (5,945 ) $ 248,035 Cost of sales $ 113,357 $ (2,192 ) $ 111,165 Total operating expenses $ 68,136 $ (139 ) $ 67,997 Provision for income taxes $ 11,994 $ (981 ) $ 11,013 Net income $ 34,466 $ (2,633 ) $ 31,833 |
Assets Held for Sale (Tables)
Assets Held for Sale (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets Held for Sale | The total assets held for sale related to this sale were: (In thousands) June 30, 2018 Components of assets held for sale: Inventories $ 6,644 Property, plant and equipment, net 662 Goodwill 6,245 Intangible assets, net 49,315 Assets held for sale $ 62,866 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consist of the following: (In thousands) June 30, 2018 March 31, 2018 Components of Inventories Packaging and raw materials $ 16,197 $ 13,112 Work in process 223 157 Finished goods 102,537 105,278 Inventories $ 118,957 $ 118,547 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Reconciliation of the Activity Affecting Goodwill | A reconciliation of the activity affecting goodwill by operating segment is as follows: (In thousands) North American OTC International OTC Household Consolidated Balance - March 31, 2018 Goodwill $ 711,104 $ 32,919 $ 71,405 $ 815,428 Accumulated impairment loss (130,170 ) — (65,160 ) (195,330 ) Balance - March 31, 2018 580,934 32,919 6,245 620,098 2019 Reclassified to assets held for sale — — (6,245 ) (6,245 ) Effects of foreign currency exchange rates — (887 ) — (887 ) Balance - June 30, 2018 Goodwill 711,104 32,032 65,160 808,296 Accumulated impairment loss (130,170 ) — (65,160 ) (195,330 ) Balance - June 30, 2018 $ 580,934 $ 32,032 $ — $ 612,966 |
Intangible Assets, net (Tables)
Intangible Assets, net (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Reconciliation of the Activity Affecting Finite Lived Intangible Assets | A reconciliation of the activity affecting intangible assets, net is as follows: (In thousands) Indefinite Lived Trademarks Finite Lived Totals Gross Carrying Amounts Balance — March 31, 2018 $ 2,490,303 $ 441,314 $ 2,931,617 Reclassified to assets held for sale (30,562 ) (34,889 ) (65,451 ) Effects of foreign currency exchange rates (3,089 ) (190 ) (3,279 ) Balance — June 30, 2018 2,456,652 406,235 2,862,887 Accumulated Amortization Balance — March 31, 2018 — 150,701 150,701 Additions — 5,812 5,812 Reclassified to assets held for sale — (16,136 ) (16,136 ) Effects of foreign currency exchange rates — (32 ) (32 ) Balance — June 30, 2018 — 140,345 140,345 Intangible assets, net — June 30, 2018 $ 2,456,652 $ 265,890 $ 2,722,542 |
Reconciliation of the Activity Affecting Indefinite Lived Intangible Assets | A reconciliation of the activity affecting intangible assets, net is as follows: (In thousands) Indefinite Lived Trademarks Finite Lived Totals Gross Carrying Amounts Balance — March 31, 2018 $ 2,490,303 $ 441,314 $ 2,931,617 Reclassified to assets held for sale (30,562 ) (34,889 ) (65,451 ) Effects of foreign currency exchange rates (3,089 ) (190 ) (3,279 ) Balance — June 30, 2018 2,456,652 406,235 2,862,887 Accumulated Amortization Balance — March 31, 2018 — 150,701 150,701 Additions — 5,812 5,812 Reclassified to assets held for sale — (16,136 ) (16,136 ) Effects of foreign currency exchange rates — (32 ) (32 ) Balance — June 30, 2018 — 140,345 140,345 Intangible assets, net — June 30, 2018 $ 2,456,652 $ 265,890 $ 2,722,542 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | Other accrued liabilities consist of the following: (In thousands) June 30, 2018 March 31, 2018 Accrued marketing costs $ 26,772 $ 21,473 Accrued compensation costs 4,658 10,591 Accrued broker commissions 1,174 1,487 Income taxes payable 18 1,901 Accrued professional fees 1,997 2,244 Accrued production costs 8,747 7,392 Other accrued liabilities 6,645 7,013 $ 50,011 $ 52,101 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Jun. 30, 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) June 30, 2018 March 31, 2018 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 $ 600,000 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. 938,000 938,000 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 75,000 Long-term debt 2,013,000 2,013,000 Less: unamortized debt costs (19,197 ) (20,048 ) Long-term debt, net $ 1,993,803 $ 1,992,952 |
Aggregate Future Principal Payments | As of June 30, 2018 , aggregate future principal payments required in accordance with the terms of the 2012 Term B-5 Loans, 2012 ABL Revolver and the indentures governing the 6.375% senior unsecured notes due 2024 (the "2016 Senior Notes") and the 5.375% senior unsecured notes due 2021 (the "2013 Senior Notes") are as follows: (In thousands) Year Ending March 31, Amount 2019 (remaining nine months ending March 31, 2019) $ — 2020 — 2021 — 2022 475,000 2023 437 Thereafter 1,537,563 $ 2,013,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Summary of Carry Amounts and Fair Value Measurements | As such, the 2016 Senior Notes, the 2013 Senior Notes, the 2012 Term B-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 June 30, 2018 and March 31, 2018 ). June 30, 2018 March 31, 2018 (In thousands) Carrying Value Fair Value Carrying Value Fair Value 2016 Senior Notes $ 600,000 $ 597,000 $ 600,000 $ 610,500 2013 Senior Notes 400,000 401,000 400,000 402,000 2012 Term B-5 Loans 938,000 934,483 938,000 939,173 2012 ABL Revolver 75,000 75,000 75,000 75,000 |
Accumulated Other Comprehensi35
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss consisted of the following at June 30, 2018 and March 31, 2018 : (In thousands) June 30, 2018 March 31, 2018 Components of Accumulated Other Comprehensive Loss Cumulative translation adjustment $ (23,372 ) $ (20,398 ) Unrecognized net gain on pension plans 1,083 1,083 Accumulated other comprehensive loss, net of tax $ (22,289 ) $ (19,315 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended June 30, (In thousands, except per share data) 2018 2017 Numerator Net income $ 34,466 $ 33,759 Denominator Denominator for basic earnings per share — weighted average shares outstanding 52,640 53,038 Dilutive effect of nonvested restricted stock units and options issued to employees and directors 302 471 Denominator for diluted earnings per share 52,942 53,509 Earnings per Common Share: Basic earnings per share $ 0.65 $ 0.64 Diluted earnings per share $ 0.65 $ 0.63 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Restricted Shares | A summary of the RSUs granted under the Plan is presented below: RSUs Shares (in thousands) Weighted- Average Grant-Date Fair Value Three Months Ended June 30, 2017 Vested and nonvested at March 31, 2017 350.1 $ 39.29 Granted 90.4 56.11 Vested and issued (50.8 ) 34.28 Forfeited (2.3 ) 50.06 Vested and nonvested at June 30, 2017 387.4 43.81 Vested at June 30, 2017 63.7 20.31 Three Months Ended June 30, 2018 Vested and nonvested at March 31, 2018 393.5 $ 44.13 Granted 203.8 29.46 Vested and issued (173.4 ) 43.00 Forfeited (31.1 ) 48.32 Vested and nonvested at June 30, 2018 392.8 36.68 Vested at June 30, 2018 90.5 29.88 |
Fair Value of Options Granted | The weighted-average grant-date fair values of the options granted during the three months ended June 30, 2018 and 2017 were $10.22 and $21.20 , respectively. Three Months Ended June 30, 2018 2017 Expected volatility 29.6 % 35.2 % Expected dividends $ — $ — Expected term in years 6.0 6.0 Risk-free rate 2.9 % 2.2 % |
Stock Option Activity | A summary of option activity under the Plan is as follows: Options Shares (in thousands) Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Three Months Ended June 30, 2017 Outstanding at March 31, 2017 772.3 $ 37.70 Granted 182.8 56.11 Exercised (13.8 ) 31.35 Forfeited or expired (5.8 ) 32.64 Outstanding at June 30, 2017 935.5 41.42 7.7 $ 12,123 Exercisable at June 30, 2017 527.3 31.95 6.5 $ 11,305 Three Months Ended June 30, 2018 Outstanding at March 31, 2018 873.2 $ 41.79 Granted 294.5 29.46 Exercised (32.8 ) 26.81 Forfeited or expired (72.7 ) 45.00 Outstanding at June 30, 2018 1,062.2 38.61 7.6 $ 6,573 Exercisable at June 30, 2018 599.8 37.99 6.2 $ 4,054 |
Employee Retirement Plans (Tabl
Employee Retirement Plans (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Primary Components of Net Periodic Benefits | The primary components of Net Periodic Benefits consist of the following: (In thousands) Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 Interest cost $ 610 629 Expected return on assets (768 ) (726 ) Net periodic benefit income $ (158 ) $ (97 ) |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Information about our Operating and Reportable Segments | The tables below summarize information about our reportable segments Three Months Ended June 30, 2018 (In thousands) North American OTC International OTC Household Cleaning Consolidated Total segment revenues* $ 214,775 $ 19,394 $ 19,811 $ 253,980 Cost of sales 89,153 7,616 16,588 113,357 Gross profit 125,622 11,778 3,223 140,623 Advertising and promotion 33,258 3,423 430 37,111 Contribution margin $ 92,364 $ 8,355 $ 2,793 103,512 Other operating expenses 31,025 Operating income 72,487 Other expense 26,027 Income before income taxes 46,460 Provision for income taxes 11,994 Net income $ 34,466 * Intersegment revenues of $2.7 million were eliminated from the North American OTC Healthcare segment. Three Months Ended June 30, 2017 (In thousands) North American OTC International OTC Household Cleaning Consolidated Total segment revenues* $ 215,815 $ 20,898 $ 19,860 $ 256,573 Cost of sales 86,501 9,950 16,646 113,097 Gross profit 129,314 10,948 3,214 143,476 Advertising and promotion 32,808 3,690 446 36,944 Contribution margin $ 96,506 $ 7,258 $ 2,768 106,532 Other operating expenses 27,577 Operating income 78,955 Other expense 26,267 Income before income taxes 52,688 Provision for income taxes 18,929 Net income $ 33,759 * Intersegment revenues of $1.4 million were eliminated from the North American OTC Healthcare segment. |
Information about our Revenues from Similar Product Groups | The tables below summarize information about our segment revenues from similar product groups. Three Months Ended June 30, 2018 (In thousands) North American OTC International OTC Household Consolidated Analgesics $ 28,258 $ 157 $ — $ 28,415 Cough & Cold 16,214 5,171 — 21,385 Women's Health 63,477 2,257 — 65,734 Gastrointestinal 32,799 5,990 — 38,789 Eye & Ear Care 25,472 2,619 — 28,091 Dermatologicals 25,122 532 — 25,654 Oral Care 22,197 2,667 — 24,864 Other OTC 1,236 1 — 1,237 Household Cleaning — — 19,811 19,811 Total segment revenues $ 214,775 $ 19,394 $ 19,811 $ 253,980 Three Months Ended June 30, 2017 (In thousands) North American OTC International OTC Household Consolidated Analgesics $ 29,290 $ 509 $ — $ 29,799 Cough & Cold 17,410 4,613 — 22,023 Women's Health 63,145 3,594 — 66,739 Gastrointestinal 30,430 5,733 — 36,163 Eye & Ear Care 25,271 3,055 — 28,326 Dermatologicals 24,131 501 — 24,632 Oral Care 24,892 2,892 — 27,784 Other OTC 1,246 1 — 1,247 Household Cleaning — — 19,860 19,860 Total segment revenues $ 215,815 $ 20,898 $ 19,860 $ 256,573 |
Information about our Segment Revenues by Geographic Area | Our total segment revenues by geographic area are as follows: Three Months Ended June 30, 2018 2017 United States $ 223,477 $ 224,994 Rest of world 30,503 31,579 Total $ 253,980 $ 256,573 |
Information about our Consolidated Goodwil and Intangible Assets Allocated to Reportable Segments | Our consolidated goodwill and intangible assets have been allocated to the reportable segments as follows: June 30, 2018 North American OTC International OTC Household Consolidated (In thousands) Goodwill $ 580,934 $ 32,032 $ — $ 612,966 Intangible assets Indefinite-lived 2,375,737 80,915 — 2,456,652 Finite-lived, net 260,114 5,776 — 265,890 Intangible assets, net 2,635,851 86,691 — 2,722,542 Total $ 3,216,785 $ 118,723 $ — $ 3,335,508 (a) As noted in Note 3, goodwill and intangible assets associated with our Household Cleaning segment have been reclassified to Assets held for sale. March 31, 2018 North American OTC International OTC Household Consolidated (In thousands) 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, net 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 |
Information about our Goodwill and Intangible Assets by Geographic Area | Our goodwill and intangible assets by geographic area are as follows: June 30, 2018 March 31, 2018 United States $ 3,216,785 $ 3,278,021 Rest of world 118,723 122,993 Total $ 3,335,508 $ 3,401,014 |
Business and Basis of Present40
Business and Basis of Presentation (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Ownership percentage, subsidiaries | 100.00% | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
General and administrative (less than $1.0 million) | $ (23,941) | $ (20,410) |
Other expense (income), net | 87 | $ (74) |
Accounting Standards Update 2017-07 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
General and administrative (less than $1.0 million) | 1,000 | |
Other expense (income), net | $ 1,000 |
Business and Basis of Present41
Business and Basis of Presentation (Effects of Recently Adopted Accounting Pronouncement) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Apr. 01, 2018 | Mar. 31, 2018 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Accounts receivable, net | $ 150,390 | $ 146,319 | $ 140,881 |
Inventories | 118,957 | 116,779 | 118,547 |
Other accrued liabilities | 50,011 | 54,026 | 52,101 |
Deferred income tax liabilities | 447,855 | 442,919 | 442,518 |
Retained earnings | $ 772,086 | 737,621 | 736,277 |
Calculated under Revenue Guidance in Effect before Topic 606 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Accounts receivable, net | 140,881 | ||
Inventories | 118,547 | ||
Other accrued liabilities | 52,101 | ||
Deferred income tax liabilities | 442,518 | ||
Retained earnings | $ 736,277 | ||
Difference between Revenue Guidance in Effect before and after Topic 606 | New Revenue Standard Adjustment | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Accounts receivable, net | 5,438 | ||
Inventories | (1,768) | ||
Other accrued liabilities | 1,925 | ||
Deferred income tax liabilities | 401 | ||
Retained earnings | $ 1,344 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) | 3 Months Ended |
Jun. 30, 2018segment | |
Revenue from Contract with Customer [Abstract] | |
Number of operating segments | 3 |
Expected timing of remaining performance obligation, maximum | 1 year |
Amortization period | 1 year |
Revenue Recognition (Revenue Re
Revenue Recognition (Revenue Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Total revenues | $ 253,980 | $ 256,573 |
Cost of sales | 113,357 | 113,097 |
Total operating expenses | 68,136 | 64,521 |
Provision for income taxes | 11,994 | 18,929 |
Net income | 34,466 | $ 33,759 |
Impact of Change | New Revenue Standard Adjustment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Total revenues | (5,945) | |
Cost of sales | (2,192) | |
Total operating expenses | (139) | |
Provision for income taxes | (981) | |
Net income | (2,633) | |
Without Adoption of ASC 606 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Total revenues | 248,035 | |
Cost of sales | 111,165 | |
Total operating expenses | 67,997 | |
Provision for income taxes | 11,013 | |
Net income | $ 31,833 |
Assets Held for Sale (Details)
Assets Held for Sale (Details) - USD ($) $ in Thousands | Jul. 02, 2018 | Jun. 30, 2018 | Mar. 31, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Assets held for sale | $ 62,866 | $ 0 | |
Disposal group, held-for-sale, not discontinued operations | Household Cleaning | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Inventories | 6,644 | ||
Property, plant and equipment, net | 662 | ||
Goodwill | 6,245 | ||
Assets held for sale | 49,315 | ||
Assets held for sale | $ 62,866 | ||
Household Cleaning | Subsequent Event | Disposed of by sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from Divestiture of Businesses | $ 0 |
Inventories (Components of Inv
Inventories (Components of Inventories) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Apr. 01, 2018 | Mar. 31, 2018 |
Inventory Disclosure [Abstract] | |||
Packaging and raw materials | $ 16,197 | $ 13,112 | |
Work in process | 223 | 157 | |
Finished goods | 102,537 | 105,278 | |
Inventories | 118,957 | $ 116,779 | 118,547 |
Inventory valuation reserves related to obsolete and slow-moving inventory | $ 2,800 | $ 4,200 |
Goodwill (Schedule of Segment G
Goodwill (Schedule of Segment Goodwill) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Mar. 31, 2018 | |
Goodwill [Line Items] | ||
Goodwill | $ 808,296 | $ 815,428 |
Accumulated impairment loss | (195,330) | (195,330) |
Goodwill [Roll Forward] | ||
Balance — March 31, 2018 | 620,098 | |
Reclassified to assets held for sale | (6,245) | |
Effects of foreign currency exchange rates | (887) | |
Balance — June 30, 2018 | 612,966 | |
North American OTC Healthcare | ||
Goodwill [Line Items] | ||
Goodwill | 711,104 | 711,104 |
Accumulated impairment loss | (130,170) | (130,170) |
Goodwill [Roll Forward] | ||
Balance — March 31, 2018 | 580,934 | |
Reclassified to assets held for sale | 0 | |
Effects of foreign currency exchange rates | 0 | |
Balance — June 30, 2018 | 580,934 | |
International OTC Healthcare | ||
Goodwill [Line Items] | ||
Goodwill | 32,032 | 32,919 |
Accumulated impairment loss | 0 | 0 |
Goodwill [Roll Forward] | ||
Balance — March 31, 2018 | 32,919 | |
Reclassified to assets held for sale | 0 | |
Effects of foreign currency exchange rates | (887) | |
Balance — June 30, 2018 | 32,032 | |
Household Cleaning | ||
Goodwill [Roll Forward] | ||
Reclassified to assets held for sale | (6,245) | |
Household Cleaning | ||
Goodwill [Line Items] | ||
Goodwill | 65,160 | 71,405 |
Accumulated impairment loss | (65,160) | $ (65,160) |
Goodwill [Roll Forward] | ||
Balance — March 31, 2018 | 6,245 | |
Effects of foreign currency exchange rates | 0 | |
Balance — June 30, 2018 | $ 0 |
Goodwill (Narrative) (Details)
Goodwill (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Goodwill [Line Items] | ||
Decrease in goodwill related to sell of segment | $ 6,245,000 | |
Goodwill impairment | $ 0 | |
Household Cleaning | ||
Goodwill [Line Items] | ||
Decrease in goodwill related to sell of segment | $ 6,245,000 |
Intangible Assets, net (Schedul
Intangible Assets, net (Schedule of Reconciliation of Activity Affecting Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | |
Indefinite-Lived Intangible Assets [Abstract] | |||
Indefinite Lived Trademarks, beginning balance | $ 2,490,303 | ||
Indefinite Lived Trademarks, ending balance | 2,456,652 | ||
Finite-lived Intangible Assets, Accumulated Amortization [Abstract] | |||
Finite Lived Trademarks and Customer Relationships, accumulated amortization, beginning balance | 150,701 | ||
Accumulated amortization, additions | 5,812 | $ 5,900 | |
Reclassified to assets held for sale | (16,136) | ||
Accumulated amortization, effects of foreign exchange rates | (32) | ||
Finite Lived Trademarks and Customer Relationships, accumulated amortization, ending balance | 140,345 | ||
Intangible Assets, Gross [Abstract] | |||
Totals, gross, beginning balance | 2,931,617 | ||
Total, gross, reclassified to assets held for sale | (65,451) | ||
Totals, effects of foreign currency exchange rate | (3,279) | ||
Totals, gross, ending balance | 2,862,887 | ||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Finite-lived, net | 265,890 | $ 290,613 | |
Intangible Assets, Net [Abstract] | |||
Intangible assets, net | 2,722,542 | $ 2,780,916 | |
Finite Lived Trademarks and Customer Relationships | |||
Finite-Lived Intangible Assets, Gross [Abstract] | |||
Finite Lived Trademarks and Customer Relationships, beginning balance | 441,314 | ||
Finite-lived Trademarks and Customer Relationships, reclassified to assets held for sale | (34,889) | ||
Finite Lived Trademarks and Customer Relationships, effects of foreign currency exchange rate | (190) | ||
Finite Lived Trademarks and Customer Relationships, ending balance | 406,235 | ||
Finite-lived Intangible Assets, Accumulated Amortization [Abstract] | |||
Finite Lived Trademarks and Customer Relationships, accumulated amortization, beginning balance | 150,701 | ||
Accumulated amortization, additions | 5,812 | ||
Reclassified to assets held for sale | (16,136) | ||
Accumulated amortization, effects of foreign exchange rates | (32) | ||
Finite Lived Trademarks and Customer Relationships, accumulated amortization, ending balance | 140,345 | ||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Finite-lived, net | 265,890 | ||
Indefinite Lived Trademarks | |||
Indefinite-Lived Intangible Assets [Abstract] | |||
Indefinite Lived Trademarks, beginning balance | 2,490,303 | ||
Indefinite-Lived Trademarks, reclassified to assets held for sale | (30,562) | ||
Indefinite Lived Trademarks, effects of foreign currency exchange rate | (3,089) | ||
Indefinite Lived Trademarks, ending balance | $ 2,456,652 |
Intangible Assets, net (Narrati
Intangible Assets, net (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 5,812 | $ 5,900 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remainder of the year | 16,100 | |
2,019 | 21,500 | |
2,020 | 21,100 | |
2,021 | 20,600 | |
2,022 | 20,600 | |
2,023 | 20,600 | |
Trademarks | Household Cleaning | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite lived intangibles, reclassified to assets held for sale | 18,800 | |
Indefinite Lived Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite lived intangibles, reclassified to assets held for sale | 30,562 | |
Indefinite Lived Trademarks | Household Cleaning | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite lived intangibles, reclassified to assets held for sale | $ 30,500 |
Other Accrued Liabilities (Summ
Other Accrued Liabilities (Summary of Accrued Liabilities and Accounts Payable) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Apr. 01, 2018 | Mar. 31, 2018 |
Payables and Accruals [Abstract] | |||
Accrued marketing costs | $ 26,772 | $ 21,473 | |
Accrued compensation costs | 4,658 | 10,591 | |
Accrued broker commissions | 1,174 | 1,487 | |
Income taxes payable | 18 | 1,901 | |
Accrued professional fees | 1,997 | 2,244 | |
Accrued production costs | 8,747 | 7,392 | |
Other accrued liabilities | 6,645 | 7,013 | |
Total other accrued liabilities | $ 50,011 | $ 54,026 | $ 52,101 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | Jun. 30, 2018 | Mar. 31, 2018 |
Debt Instrument [Line Items] | ||
Line of credit facility, amount outstanding | $ 1,993,803,000 | $ 1,992,952,000 |
2012 ABL Revolver | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Line of credit facility, amount outstanding | 75,000,000 | |
Line of credit facility, additional borrowing capacity | $ 98,900,000 | |
Senior Notes | 2016 Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate (percent) | 6.375% | |
Senior Notes | 2013 Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate (percent) | 5.375% |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Mar. 31, 2018 | |
Debt Instrument [Line Items] | ||
Total long-term debt (including current portion) | $ 2,013,000 | $ 2,013,000 |
Less: unamortized debt costs | (19,197) | (20,048) |
Long-term debt, net | 1,993,803 | 1,992,952 |
2012 ABL Revolver | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Total long-term debt (including current portion) | 75,000 | 75,000 |
Long-term debt, net | $ 75,000 | |
Senior Notes | 2016 Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate (percent) | 6.375% | |
Total long-term debt (including current portion) | $ 600,000 | 600,000 |
Senior Notes | 2013 Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate (percent) | 5.375% | |
Total long-term debt (including current portion) | $ 400,000 | 400,000 |
Term B-5 Loans | 2012 Senior Notes | ||
Debt Instrument [Line Items] | ||
Total long-term debt (including current portion) | $ 938,000 | $ 938,000 |
Term B-5 Loans | 2012 Senior Notes | LIBOR | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate (percent) | 2.00% | |
Debt instrument, variable rate, minimum (as percent) | 0.00% | |
Term B-5 Loans | 2012 Senior Notes | Base Rate | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate (percent) | 1.00% | |
Debt instrument, variable rate, minimum (as percent) | 1.00% |
Long-Term Debt (Maturities of L
Long-Term Debt (Maturities of Long-term Debt) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Aggregate Future Principal Payments | ||
2019 (remaining nine months ending March 31, 2019) | $ 0 | |
2,020 | 0 | |
2,021 | 0 | |
2,022 | 475,000 | |
2,023 | 437 | |
Thereafter | 1,537,563 | |
Total long-term debt (including current portion) | $ 2,013,000 | $ 2,013,000 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary of Carrying Amounts and Estimated Fair Values) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Senior Notes | 2016 Senior Notes | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, senior notes and term loans | $ 600,000 | $ 600,000 |
Senior Notes | 2013 Senior Notes | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, senior notes and term loans | 400,000 | 400,000 |
Term Loans | Term B-4 Loans | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, senior notes and term loans | 938,000 | 938,000 |
Revolving Credit Facility | 2012 ABL Revolver | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
2012 ABL Revolver | 75,000 | 75,000 |
Fair Value, Measurements, Recurring | Senior Notes | 2016 Senior Notes | Fair Value | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, senior notes and term loans | 597,000 | 610,500 |
Fair Value, Measurements, Recurring | Senior Notes | 2013 Senior Notes | Fair Value | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, senior notes and term loans | 401,000 | 402,000 |
Fair Value, Measurements, Recurring | Term Loans | Term B-4 Loans | Fair Value | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, senior notes and term loans | 934,483 | 939,173 |
Fair Value, Measurements, Recurring | Revolving Credit Facility | 2012 ABL Revolver | Fair Value | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
2012 ABL Revolver | $ 75,000 | $ 75,000 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) | 3 Months Ended | ||
Jun. 30, 2018USD ($)vote$ / sharesshares | Jun. 30, 2017$ / sharesshares | Mar. 31, 2018$ / 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 | 1 | ||
Dividends declared on common stock | $ | $ 0 | ||
Stock repurchased during period (in shares) | shares | 1,449,750 | ||
Stock acquired, average cost per share (in USD per share) | $ / shares | $ 34.47 | ||
Treasury stock acquired | $ | $ 50,000,000 | ||
Restricted Shares | |||
Class of Stock [Line Items] | |||
Stock repurchased during period (in shares) | shares | 68,939 | 19,616 | |
Stock acquired, average cost per share (in USD per share) | $ / shares | $ 33.09 | $ 52.36 |
Accumulated Other Comprehensi56
Accumulated Other Comprehensive Loss (Components of AOCI) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Components of accumulated other comprehensive loss | $ 1,161,723,000 | $ 1,178,610,000 |
Reclassification from accumulated other comprehensive loss into earnings | 0 | 0 |
Cumulative translation adjustment | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Components of accumulated other comprehensive loss | (23,372,000) | (20,398,000) |
Unrecognized net gain on pension plans | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Components of accumulated other comprehensive loss | 1,083,000 | 1,083,000 |
Accumulated other comprehensive loss, net of tax | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Components of accumulated other comprehensive loss | $ (22,289,000) | $ (19,315,000) |
Earnings Per Share (Computation
Earnings Per Share (Computation of Basis and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Numerator | ||
Net income | $ 34,466 | $ 33,759 |
Denominator | ||
Denominator for basic earnings per share — weighted average shares outstanding (in shares) | 52,640 | 53,038 |
Dilutive effect of nonvested restricted stock units and options issued to employees and directors (in shares) | 302 | 471 |
Denominator for diluted earnings per share (in shares) | 52,942 | 53,509 |
Earnings per Common Share: | ||
Basic earnings per share (in USD per share) | $ 0.65 | $ 0.64 |
Diluted earnings per share (in USD per share) | $ 0.65 | $ 0.63 |
Earnings Per Share (Antidilutiv
Earnings Per Share (Antidilutive Securities) (Details) - shares shares in Millions | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Outstanding Stock Awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0.8 | 0.4 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Thousands | May 07, 2018$ / sharesshares | May 31, 2014shares | Jun. 30, 2014shares | Jun. 30, 2018USD ($)shares$ / shares | Jun. 30, 2017USD ($)$ / sharesshares |
Share-based Compensation, Aggregate Disclosures: | |||||
Maximum number of shares per participant, 12 month period (in shares) | 1,000,000 | 2,500,000 | |||
Extension of plan term | 10 years | ||||
Share-based compensation costs charged against income | $ | $ 1,700 | $ 1,700 | |||
Tax benefit recognized from share-based compensation expense | $ | 200 | 500 | |||
Unrecognized compensation costs related to nonvested awards | $ | $ 11,300 | ||||
Unrecognized compensation costs related to nonvested awards, weighted average period for recognition | 1 year 1 month 6 days | ||||
Total fair value of vested shares | $ | $ 10,700 | 4,900 | |||
Proceeds from exercise of stock options | $ | 880 | 433 | |||
Tax benefit realized from exercise of stock options | $ | $ 1,200 | $ 900 | |||
Shares available for issuance under the Plan (in shares) | 1,800,000 | ||||
Stock options granted (in shares) | 294,500 | 182,800 | |||
Options, Additional Disclosures: | |||||
Options granted, weighted-average grant-date fair value (in USD per share) | $ / shares | $ 10.22 | $ 21.20 | |||
Options exercised, aggregate intrinsic value | $ | $ 300 | ||||
Performance Shares | |||||
Share-based Compensation, Aggregate Disclosures: | |||||
Share grants in period (in shares) | 103,406 | ||||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation, Aggregate Disclosures: | |||||
Share grants in period (in shares) | 100,399 | 203,800 | 90,400 | ||
Stock Options | |||||
Share-based Compensation, Aggregate Disclosures: | |||||
Stock options granted (in shares) | 294,484 | ||||
Stock options granted, exercise price (in USD per share) | $ / shares | $ 29.46 | ||||
Stock Options | Minimum | |||||
Restricted Shares | |||||
Award vesting period | 3 years | ||||
Stock Options | Maximum | |||||
Restricted Shares | |||||
Award vesting period | 5 years | ||||
Options, Additional Disclosures: | |||||
Award exercisability period, from date of grant | 10 years | ||||
Employee | Restricted Stock Units (RSUs) | |||||
Restricted Shares | |||||
Award vesting period | 3 years | ||||
Employee | Restricted Stock Units (RSUs) | Maximum | |||||
Restricted Shares | |||||
Award vesting period | 3 years | ||||
Director | Restricted Stock Units (RSUs) | |||||
Restricted Shares | |||||
Number of common shares into which each RSU may be converted (in shares) | 1 | ||||
Period following director's term in which RSUs may be settled | 6 months | ||||
Long-term Equity Incentive Plan, 2005 | |||||
Share-based Compensation, Aggregate Disclosures: | |||||
Number of shares authorized for grant under 2005 Long-Term Equity Incentive Plan (in shares) | 5,000,000 | ||||
Number of additional shares authorized (in shares) | 1,800,000 |
Share-Based Compensation (Restr
Share-Based Compensation (Restricted Stock Units Activity) (Details) - Restricted Stock Units (RSUs) - $ / shares | May 07, 2018 | Jun. 30, 2018 | Jun. 30, 2017 |
Shares | |||
Outstanding, beginning of period (in shares) | 393,500 | 350,100 | |
Granted (in shares) | 100,399 | 203,800 | 90,400 |
Vested and issued (in shares) | (173,400) | (50,800) | |
Forfeited (in shares) | (31,100) | (2,300) | |
Outstanding, end of period (in shares) | 392,800 | 387,400 | |
Vested, end of period (in shares) | 90,500 | 63,700 | |
Weighted- Average Grant-Date Fair Value | |||
Outstanding, beginning of period, weighted-average grant-date fair value (in USD per share) | $ 44.13 | $ 39.29 | |
Granted, weighted-average grant-date fair value (in USD per share) | 29.46 | 56.11 | |
Vested and issued, weighted-average grant-date fair value (in USD per share) | 43 | 34.28 | |
Forfeited, weighted-average grant-date fair value (in USD per share) | 48.32 | 50.06 | |
Outstanding, end of period, weighted-average grant-date fair value (in USD per share) | 36.68 | 43.81 | |
Vested, end of period, weighted-average grant-date fair value (in USD per share) | $ 29.88 | $ 20.31 |
Share-Based Compensation (Stock
Share-Based Compensation (Stock Option Valuation Assumptions) (Details) - Stock Options - USD ($) | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 29.60% | 35.20% |
Expected dividends | $ 0 | $ 0 |
Expected term in years | 6 years | 6 years |
Risk-free rate | 2.90% | 2.20% |
Share-Based Compensation (Sto62
Share-Based Compensation (Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Shares | ||
Outstanding, beginning of period (in shares) | 873,200 | 772,300 |
Granted (in shares) | 294,500 | 182,800 |
Exercised (in shares) | (32,800) | (13,800) |
Forfeited or expired (in shares) | (72,700) | (5,800) |
Outstanding, end of period (in shares) | 1,062,200 | 935,500 |
Exercisable, end of period (in shares) | 599,800 | 527,300 |
Weighted- Average Exercise Price | ||
Outstanding, beginning of period, weighted-average exercise price (in USD per share) | $ 41.79 | $ 37.70 |
Granted, weighted-average exercise price (in USD per share) | 29.46 | 56.11 |
Exercised, weighted-average exercise price (in USD per share) | 26.81 | 31.35 |
Forfeited or expired, weighted-average exercise price (in USD per share) | 45 | 32.64 |
Outstanding, end of period, weighted-average exercise price (in USD per share) | 38.61 | 41.42 |
Exercisable, end of period, weighted-average exercise price (in USD per share) | $ 37.99 | $ 31.95 |
Options, Additional Disclosures: | ||
Outstanding, end of period, weighted-average remaining contractual term | 7 years 7 months 6 days | 7 years 8 months 12 days |
Exercisable, end of period, weighted-average remaining contractual term | 6 years 2 months 12 days | 6 years 6 months |
Outstanding, end of period, aggregate intrinsic value | $ 6,573 | $ 12,123 |
Exercisable, end of period, aggregate intrinsic value | $ 4,054 | $ 11,305 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Net gain related to value of deferred tax liabilities | $ 267 | ||
Net gain related to lower blended rate | 3.2 | ||
Net gain | 270.2 | ||
Tax cuts and jobs act of 2017, incomplete accounting, transition tax for foreign earnings, provisional income tax expense | 1.9 | ||
Effective income tax rate (percent) | 25.80% | 35.90% | |
Uncertain tax liability | $ 10.8 | $ 10.8 |
Employee Retirement Plans (Expe
Employee Retirement Plans (Expected Return on Plan Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Interest cost | $ 610 | $ 629 |
Expected return on assets | (768) | (726) |
Net periodic benefit income | $ (158) | $ (97) |
Employee Retirement Plans (Narr
Employee Retirement Plans (Narrative) (Details) | 3 Months Ended |
Jun. 30, 2018USD ($) | |
Non-qualified Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Employer contributions | $ 100,000 |
Qualified Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Employer contributions | 0 |
Expected employer contributions, 2019 fiscal year | $ 1,000,000 |
Concentrations of Risk (Narrati
Concentrations of Risk (Narrative) (Details) - manufacturer | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Concentration Risk [Line Items] | ||
Number of third-party manufacturers | 116 | 116 |
Sales | Customer Concentration Risk | Walmart | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage (percent) | 24.60% | 25.50% |
Sales | Supplier Concentration Risk | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage (percent) | 61.90% | 77.20% |
Number of third-party manufacturers with long-term contracts | 38 | 48 |
Accounts Receivable | Customer Concentration Risk | Walmart | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage (percent) | 25.20% | |
Top 5 brands | Sales | Product Concentration Risk | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage (percent) | 42.60% | 43.20% |
Business Segments (Information
Business Segments (Information on Operating and Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Segment Reporting Information, Profit (Loss): | ||
Total revenues | $ 253,980 | $ 256,573 |
Cost of sales | 113,357 | 113,097 |
Gross profit | 140,623 | 143,476 |
Advertising and promotion | 37,111 | 36,944 |
Contribution margin | 103,512 | 106,532 |
Other operating expenses | 31,025 | 27,577 |
Operating income | 72,487 | 78,955 |
Other expense | 26,027 | 26,267 |
Income before income taxes | 46,460 | 52,688 |
Provision for income taxes | 11,994 | 18,929 |
Net income | 34,466 | 33,759 |
North American OTC Healthcare | ||
Segment Reporting Information, Profit (Loss): | ||
Total revenues | 214,775 | 215,815 |
Cost of sales | 86,501 | |
Gross profit | 129,314 | |
Advertising and promotion | 32,808 | |
Contribution margin | 96,506 | |
International OTC Healthcare | ||
Segment Reporting Information, Profit (Loss): | ||
Total revenues | 19,394 | 20,898 |
Cost of sales | 9,950 | |
Gross profit | 10,948 | |
Advertising and promotion | 3,690 | |
Contribution margin | 7,258 | |
Household Cleaning | ||
Segment Reporting Information, Profit (Loss): | ||
Total revenues | 19,811 | 19,860 |
Cost of sales | 16,646 | |
Gross profit | 3,214 | |
Advertising and promotion | 446 | |
Contribution margin | 2,768 | |
Operating Segments | North American OTC Healthcare | ||
Segment Reporting Information, Profit (Loss): | ||
Total revenues | 214,775 | |
Cost of sales | 89,153 | |
Gross profit | 125,622 | |
Advertising and promotion | 33,258 | |
Contribution margin | 92,364 | |
Operating Segments | International OTC Healthcare | ||
Segment Reporting Information, Profit (Loss): | ||
Total revenues | 19,394 | |
Cost of sales | 7,616 | |
Gross profit | 11,778 | |
Advertising and promotion | 3,423 | |
Contribution margin | 8,355 | |
Operating Segments | Household Cleaning | ||
Segment Reporting Information, Profit (Loss): | ||
Total revenues | 19,811 | |
Cost of sales | 16,588 | |
Gross profit | 3,223 | |
Advertising and promotion | 430 | |
Contribution margin | 2,793 | |
Intersegment Eliminations | North American OTC Healthcare | ||
Segment Reporting Information, Profit (Loss): | ||
Total revenues | $ (2,700) | $ (1,400) |
Business Segments (Revenue) (De
Business Segments (Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | $ 253,980 | $ 256,573 |
Analgesics | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 28,415 | 29,799 |
Cough & Cold | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 21,385 | 22,023 |
Women's Health | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 65,734 | 66,739 |
Gastrointestinal | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 38,789 | 36,163 |
Eye & Ear Care | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 28,091 | 28,326 |
Dermatologicals | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 25,654 | 24,632 |
Oral Care | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 24,864 | 27,784 |
Other OTC | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 1,237 | 1,247 |
Household Cleaning | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 19,811 | 19,860 |
North American OTC Healthcare | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 214,775 | 215,815 |
North American OTC Healthcare | Analgesics | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 28,258 | 29,290 |
North American OTC Healthcare | Cough & Cold | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 16,214 | 17,410 |
North American OTC Healthcare | Women's Health | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 63,477 | 63,145 |
North American OTC Healthcare | Gastrointestinal | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 32,799 | 30,430 |
North American OTC Healthcare | Eye & Ear Care | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 25,472 | 25,271 |
North American OTC Healthcare | Dermatologicals | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 25,122 | 24,131 |
North American OTC Healthcare | Oral Care | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 22,197 | 24,892 |
North American OTC Healthcare | Other OTC | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 1,236 | 1,246 |
International OTC Healthcare | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 19,394 | 20,898 |
International OTC Healthcare | Analgesics | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 157 | 509 |
International OTC Healthcare | Cough & Cold | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 5,171 | 4,613 |
International OTC Healthcare | Women's Health | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 2,257 | 3,594 |
International OTC Healthcare | Gastrointestinal | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 5,990 | 5,733 |
International OTC Healthcare | Eye & Ear Care | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 2,619 | 3,055 |
International OTC Healthcare | Dermatologicals | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 532 | 501 |
International OTC Healthcare | Oral Care | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 2,667 | 2,892 |
International OTC Healthcare | Other OTC | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 1 | 1 |
Household Cleaning | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 19,811 | 19,860 |
Household Cleaning | Analgesics | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 0 | 0 |
Household Cleaning | Cough & Cold | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 0 | 0 |
Household Cleaning | Women's Health | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 0 | 0 |
Household Cleaning | Gastrointestinal | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 0 | 0 |
Household Cleaning | Eye & Ear Care | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 0 | 0 |
Household Cleaning | Dermatologicals | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 0 | 0 |
Household Cleaning | Oral Care | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 0 | 0 |
Household Cleaning | Other OTC | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | 0 | 0 |
Household Cleaning | Household Cleaning | ||
Geographic Areas, Revenues from External Customers [Abstract] | ||
Total revenues | $ 19,811 | $ 19,860 |
Business Segments (Revenue, Goo
Business Segments (Revenue, Goodwill and Intangible Assets by Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | $ 253,980 | $ 256,573 | |
Goodwill and intangible assets, total | 3,335,508 | $ 3,401,014 | |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 223,477 | 224,994 | |
Goodwill and intangible assets, total | 3,216,785 | 3,278,021 | |
Rest of world | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 30,503 | $ 31,579 | |
Goodwill and intangible assets, total | $ 118,723 | $ 122,993 |
Business Segments (Goodwill and
Business Segments (Goodwill and Intangible Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Goodwill | $ 612,966 | $ 620,098 |
Intangible assets | ||
Indefinite-lived | 2,456,652 | 2,490,303 |
Finite-lived, net | 265,890 | 290,613 |
Intangible assets, net | 2,722,542 | 2,780,916 |
Total | 3,335,508 | 3,401,014 |
North American OTC Healthcare | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Goodwill | 580,934 | 580,934 |
Intangible assets | ||
Indefinite-lived | 2,375,737 | 2,375,736 |
Finite-lived, net | 260,114 | 265,356 |
Intangible assets, net | 2,635,851 | 2,641,092 |
Total | 3,216,785 | 3,222,026 |
International OTC Healthcare | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Goodwill | 32,032 | 32,919 |
Intangible assets | ||
Indefinite-lived | 80,915 | 84,006 |
Finite-lived, net | 5,776 | 6,068 |
Intangible assets, net | 86,691 | 90,074 |
Total | 118,723 | 122,993 |
Household Cleaning | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Goodwill | 0 | 6,245 |
Intangible assets | ||
Indefinite-lived | 0 | 30,561 |
Finite-lived, net | 0 | 19,189 |
Intangible assets, net | 0 | 49,750 |
Total | $ 0 | $ 55,995 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | Jul. 31, 2018shares | Jul. 12, 2018USD ($) | Jun. 30, 2018shares | Jul. 02, 2018USD ($) |
Restricted Stock Units (RSUs) | Independent members of Board of Directors | ||||
Subsequent Event [Line Items] | ||||
Number of common shares into which each RSU may be converted (in shares) | shares | 1 | |||
Period following director's term in which RSUs may be settled | 6 months | |||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Repayments of long-term debt | $ | $ 50 | |||
Subsequent Event | Restricted Stock Units (RSUs) | Independent members of Board of Directors | ||||
Subsequent Event [Line Items] | ||||
Share grants in period (in shares) | shares | 3,779 | |||
Disposed of by sale | Household Cleaning | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Consideration for disposal | $ | $ 69 |