Cover Page
Cover Page - shares | 6 Months Ended | |
Sep. 30, 2020 | Oct. 30, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-32433 | |
Entity Registrant Name | PRESTIGE CONSUMER HEALTHCARE INC. | |
Entity Central Index Key | 0001295947 | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-1297589 | |
Entity Address, Address Line One | 660 White Plains Road | |
Entity Address, City or Town | Tarrytown | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10591 | |
City Area Code | 914 | |
Local Phone Number | 524-6800 | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Trading Symbol | PBH | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 50,103,802 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues | ||||
Total revenues | $ 237,422 | $ 238,069 | $ 466,816 | $ 470,223 |
Cost of Sales | ||||
Cost of sales excluding depreciation | 98,239 | 100,318 | 192,363 | 197,418 |
Cost of sales depreciation | 1,522 | 1,000 | 2,924 | 1,987 |
Cost of sales | 99,761 | 101,318 | 195,287 | 199,405 |
Gross profit | 137,661 | 136,751 | 271,529 | 270,818 |
Operating Expenses | ||||
Advertising and marketing | 38,341 | 38,667 | 66,091 | 73,468 |
General and administrative | 20,388 | 22,514 | 40,322 | 44,220 |
Depreciation and amortization | 6,029 | 6,222 | 12,094 | 12,296 |
Total operating expenses | 64,758 | 67,403 | 118,507 | 129,984 |
Operating income | 72,903 | 69,348 | 153,022 | 140,834 |
Other (income) expense | ||||
Interest expense, net | 21,266 | 24,477 | 43,207 | 49,497 |
Other (income) expense, net | (259) | 859 | (249) | 1,275 |
Total other expense | 21,007 | 25,336 | 42,958 | 50,772 |
Income before income taxes | 51,896 | 44,012 | 110,064 | 90,062 |
Provision for income taxes | 7,307 | 10,760 | 21,769 | 22,885 |
Net income | $ 44,589 | $ 33,252 | $ 88,295 | $ 67,177 |
Earnings per share: | ||||
Basic (in USD per share) | $ 0.89 | $ 0.66 | $ 1.76 | $ 1.32 |
Diluted (in USD per share) | $ 0.88 | $ 0.65 | $ 1.74 | $ 1.31 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 50,330 | 50,455 | 50,297 | 51,073 |
Diluted (in shares) | 50,661 | 50,811 | 50,672 | 51,426 |
Comprehensive income, net of tax: | ||||
Currency translation adjustments | $ 3,665 | $ (3,584) | $ 14,255 | $ (3,808) |
Unrealized gain on interest rate swaps | 985 | 0 | 1,294 | 0 |
Total other comprehensive income (loss) | 4,650 | (3,584) | 15,549 | (3,808) |
Comprehensive income | 49,239 | 29,668 | 103,844 | 63,369 |
Net sales | ||||
Revenues | ||||
Total revenues | 237,409 | 238,051 | 466,793 | 470,184 |
Other revenues | ||||
Revenues | ||||
Total revenues | $ 13 | $ 18 | $ 23 | $ 39 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Mar. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 26,603 | $ 94,760 |
Accounts receivable, net of allowance of $18,450 and $20,194, respectively | 122,207 | 150,517 |
Inventories | 114,026 | 116,026 |
Prepaid expenses and other current assets | 7,017 | 4,351 |
Total current assets | 269,853 | 365,654 |
Property, plant and equipment, net | 65,161 | 55,988 |
Operating lease right-of-use assets | 26,211 | 28,888 |
Finance lease right-of-use assets, net | 10,897 | 5,842 |
Goodwill | 577,919 | 575,179 |
Intangible assets, net | 2,481,236 | 2,479,391 |
Other long-term assets | 3,029 | 2,963 |
Total Assets | 3,434,306 | 3,513,905 |
Current liabilities | ||
Accounts payable | 55,423 | 62,375 |
Accrued interest payable | 7,515 | 9,911 |
Operating lease liabilities, current portion | 5,411 | 5,612 |
Finance lease liabilities, current portion | 2,648 | 1,220 |
Other accrued liabilities | 65,123 | 70,763 |
Total current liabilities | 136,120 | 149,881 |
Long-term debt, net | 1,548,100 | 1,730,300 |
Deferred income tax liabilities | 416,383 | 407,812 |
Long-term operating lease liabilities, net of current portion | 22,450 | 24,877 |
Long-term finance lease liabilities, net of current portion | 8,428 | 4,626 |
Other long-term liabilities | 24,608 | 25,438 |
Total Liabilities | 2,156,089 | 2,342,934 |
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 | 539 | 538 |
Additional paid-in capital | 493,756 | 488,116 |
Treasury stock, at cost - 3,779 shares at September 30, 2020 and 3,719 shares at March 31, 2020 | (119,862) | (117,623) |
Accumulated other comprehensive loss, net of tax | (28,612) | (44,161) |
Retained earnings | 932,396 | 844,101 |
Total Stockholders' Equity | 1,278,217 | 1,170,971 |
Total Liabilities and Stockholders' Equity | $ 3,434,306 | $ 3,513,905 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Mar. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable, current | $ 18,450 | $ 20,194 |
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) | 53,941,000 | 53,805,000 |
Treasury stock (in shares) | 3,779,000 | 3,719,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings |
Common stock, beginning balance (in shares) at Mar. 31, 2019 | 53,670,000 | |||||
Equity, beginning balance at Mar. 31, 2019 | $ 1,095,831 | $ 536 | $ 479,150 | $ (59,928) | $ (25,747) | $ 701,820 |
Treasury stock, beginning balance (in shares) at Mar. 31, 2019 | 1,871,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation | $ 3,902 | 3,902 | ||||
Exercise of stock options (in shares) | 18,400 | 18,000 | ||||
Exercise of stock options | $ 544 | 544 | ||||
Issuance of shares related to restricted stock (in shares) | 67,000 | |||||
Issuance of shares related to restricted stock | 0 | $ 1 | (1) | |||
Treasury share repurchases (in shares) | 1,652,000 | |||||
Treasury share repurchases | (50,856) | $ (50,856) | ||||
Net income | 67,177 | 67,177 | ||||
Comprehensive income (loss) | (3,808) | (3,808) | ||||
Common stock, ending balance (in shares) at Sep. 30, 2019 | 53,755,000 | |||||
Equity, ending balance at Sep. 30, 2019 | 1,112,790 | $ 537 | 483,595 | $ (110,784) | (29,555) | 768,997 |
Treasury stock, ending balance (in shares) at Sep. 30, 2019 | 3,523,000 | |||||
Common stock, beginning balance (in shares) at Jun. 30, 2019 | 53,741,000 | |||||
Equity, beginning balance at Jun. 30, 2019 | 1,101,623 | $ 537 | 480,805 | $ (89,493) | (25,971) | 735,745 |
Treasury stock, beginning balance (in shares) at Jun. 30, 2019 | 2,848,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation | 2,521 | 2,521 | ||||
Exercise of stock options (in shares) | 9,000 | |||||
Exercise of stock options | 269 | 269 | ||||
Issuance of shares related to restricted stock (in shares) | 5,000 | |||||
Issuance of shares related to restricted stock | 0 | |||||
Treasury share repurchases (in shares) | 675,000 | |||||
Treasury share repurchases | (21,291) | $ (21,291) | ||||
Net income | 33,252 | 33,252 | ||||
Comprehensive income (loss) | (3,584) | (3,584) | ||||
Common stock, ending balance (in shares) at Sep. 30, 2019 | 53,755,000 | |||||
Equity, ending balance at Sep. 30, 2019 | 1,112,790 | $ 537 | 483,595 | $ (110,784) | (29,555) | 768,997 |
Treasury stock, ending balance (in shares) at Sep. 30, 2019 | 3,523,000 | |||||
Common stock, beginning balance (in shares) at Mar. 31, 2020 | 53,805,000 | |||||
Equity, beginning balance at Mar. 31, 2020 | $ 1,170,971 | $ 538 | 488,116 | $ (117,623) | (44,161) | 844,101 |
Treasury stock, beginning balance (in shares) at Mar. 31, 2020 | 3,719,000 | 3,719,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation | $ 4,356 | 4,356 | ||||
Exercise of stock options (in shares) | 62,800 | 62,000 | ||||
Exercise of stock options | $ 1,285 | 1,285 | ||||
Issuance of shares related to restricted stock (in shares) | 74,000 | |||||
Issuance of shares related to restricted stock | 0 | $ 1 | (1) | |||
Treasury share repurchases (in shares) | 60,000 | |||||
Treasury share repurchases | (2,239) | $ (2,239) | ||||
Net income | 88,295 | 88,295 | ||||
Comprehensive income (loss) | 15,549 | 15,549 | ||||
Common stock, ending balance (in shares) at Sep. 30, 2020 | 53,941,000 | |||||
Equity, ending balance at Sep. 30, 2020 | $ 1,278,217 | $ 539 | 493,756 | $ (119,862) | (28,612) | 932,396 |
Treasury stock, ending balance (in shares) at Sep. 30, 2020 | 3,779,000 | 3,779,000 | ||||
Common stock, beginning balance (in shares) at Jun. 30, 2020 | 53,939,000 | |||||
Equity, beginning balance at Jun. 30, 2020 | $ 1,227,014 | $ 539 | 490,795 | $ (118,865) | (33,262) | 887,807 |
Treasury stock, beginning balance (in shares) at Jun. 30, 2020 | 3,750,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation | 2,892 | 2,892 | ||||
Exercise of stock options (in shares) | 2,000 | |||||
Exercise of stock options | 69 | 69 | ||||
Treasury share repurchases (in shares) | 29,000 | |||||
Treasury share repurchases | (997) | $ (997) | ||||
Net income | 44,589 | 44,589 | ||||
Comprehensive income (loss) | 4,650 | 4,650 | ||||
Common stock, ending balance (in shares) at Sep. 30, 2020 | 53,941,000 | |||||
Equity, ending balance at Sep. 30, 2020 | $ 1,278,217 | $ 539 | $ 493,756 | $ (119,862) | $ (28,612) | $ 932,396 |
Treasury stock, ending balance (in shares) at Sep. 30, 2020 | 3,779,000 | 3,779,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Operating Activities | ||
Net income | $ 88,295 | $ 67,177 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 15,018 | 14,283 |
Loss on disposal of property and equipment | 131 | 19 |
Deferred income taxes | 3,656 | 5,827 |
Amortization of debt origination costs | 2,918 | 1,711 |
Stock-based compensation costs | 4,356 | 3,902 |
Non-cash operating lease cost | 3,587 | 3,154 |
Interest expense relating to finance lease liability | 109 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 29,358 | 5,982 |
Inventories | 3,213 | (6,400) |
Prepaid expenses and other current assets | (2,476) | (3,128) |
Accounts payable | (9,183) | 8,465 |
Accrued liabilities | (8,125) | 6,616 |
Operating lease liabilities | (3,446) | (3,398) |
Other | (118) | (1,210) |
Net cash provided by operating activities | 127,293 | 103,000 |
Investing Activities | ||
Purchases of property, plant and equipment | (11,619) | (5,822) |
Net cash used in investing activities | (11,619) | (5,822) |
Financing Activities | ||
Term loan repayments | (130,000) | 0 |
Borrowings under revolving credit agreement | 0 | 30,000 |
Repayments under revolving credit agreement | (55,000) | (76,000) |
Payments of finance leases | (712) | 0 |
Proceeds from exercise of stock options | 1,285 | 544 |
Fair value of shares surrendered as payment of tax withholding | (1,242) | (880) |
Repurchase of common stock | (997) | (49,976) |
Net cash used in financing activities | (186,666) | (96,312) |
Effects of exchange rate changes on cash and cash equivalents | 2,835 | (491) |
(Decrease) increase in cash and cash equivalents | (68,157) | 375 |
Cash and cash equivalents - beginning of period | 94,760 | 27,530 |
Cash and cash equivalents - end of period | 26,603 | 27,905 |
Interest paid | 42,423 | 48,033 |
Income taxes paid | $ 18,818 | $ 14,655 |
Business and Basis of Presentat
Business and Basis of Presentation | 6 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Basis of Presentation | Business and Basis of Presentation Nature of Business Prestige Consumer Healthcare Inc. (referred to herein as the “Company” or “we,” which reference shall, unless the context requires otherwise, be deemed to refer to Prestige Consumer Healthcare 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 products to mass merchandisers, 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 Consumer Healthcare 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 7 to these Condensed Consolidated Financial Statements. Coronavirus Outbreak In January 2020, the World Health Organization ("WHO") announced a global health crisis due to a new strain of coronavirus ("COVID-19"). In March 2020, the WHO classified the COVID-19 outbreak as a pandemic. This pandemic is affecting the United States and global economies, including causing significant volatility in the global economy and resulting in materially reduced economic activity. The COVID-19 pandemic and the corresponding government responses have led to increased unemployment and economic uncertainty, which could lead to a further reduction in consumer spending. Economic conditions are, and we expect that they will continue to be, highly volatile and uncertain. Recessionary conditions could reduce demand for our products and put downward pressure on prices. If the outbreak continues to spread or if we continue to experience a period of recession or enter a depression, it may materially affect our operations and those of third parties on which we rely, including causing disruptions in the supply and distribution of our products. We may need to limit operations and may experience material limitations in employee resources. We did see an increase in sales at the end of March 2020 related to shelter-at-home restrictions as we believe consumers stocked up as a result of COVID-19, followed by a temporary but significant decline in consumption in the first quarter and have since seen more stable consumer consumption and customer orders in recent weeks. Sales varied throughout the year with some categories positively impacted (for instance, Women’s Health, Oral Care and Dermatological) and some categories negatively impacted (for instance, Cough & Cold, and Gastrointestinal). The positively impacted categories benefited from the consumer shift to over-the-counter healthcare products as they looked to avoid doctor visits and increased focus on hygiene and self-care at home related to COVID-19. The declining categories were impacted by reduced incidence levels and usage rates due to shelter-at-home restrictions and limited travel related to COVID-19. Early in our first quarter of fiscal 2021, it had been reported to us that there had been an increase in absenteeism at our distribution center and with some of our suppliers; however, we have not experienced a material disruption to our overall supply chain to date. We also continue to see changes in the purchasing patterns of our consumers, including the frequency of visits by consumers to retailers and a shift in many markets to purchasing our products online. To date the pandemic has not had a material negative impact on our operations, overall demand for most of our products or resulting aggregate sales and earnings, and, as such, it has also not negatively impacted our liquidity position. We continue to generate operating cash flows to meet our short-term liquidity needs. These circumstances could change in this dynamic, unprecedented environment. The extent to which COVID-19 impacts our results and liquidity will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of COVID-19, and the actions to contain COVID-19 or treat its impact, among others. We do not yet know the full extent of its impacts on our business or the global economy. However, these effects could have a material, adverse impact on our liquidity, capital resources, operations and business and those of the third parties on which we rely. 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., 2021) mean our fiscal year ending or ended on March 31 st of that year. Operating results for the six months ended September 30, 2020 are not necessarily indicative of results that may be expected for the fiscal year ending March 31, 2021. 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, 2020. 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. Our most significant estimates include those made in connection with the valuation of intangible assets, stock-based compensation, fair value of debt, sales returns and allowances, trade promotional allowances, inventory obsolescence, and accounting for income taxes and related uncertain tax positions. Recently Adopted Accounting Pronouncements In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this update modify the disclosure requirements in Topic 820, with a particular focus on Level 3 investments, by eliminating certain required disclosures and incorporating others. The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. We adopted this standard effective April 1, 2020, and the adoption did not have a material impact on our Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments (with subsequent targeted amendments). The amendments in this update provide financial statement users with more useful information about expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The guidance requires entities to utilize an expected credit loss model for certain financial instruments, including most trade receivables, which replaces the incurred credit loss model previously used. Under this new model, we are required to recognize estimated credit losses expected to occur over time using a broad range of information including historical information, current conditions and reasonable and supportable forecasts. The amendments in these updates were effective for us in the first quarter of our fiscal year 2021. We adopted this standard effective April 1, 2020, and the adoption did not have a material impact on our Consolidated Financial Statements. Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. The amendments in this update modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by eliminating certain required disclosures and incorporating others. The amendments are effective for public companies for fiscal years ending after December 15, 2020. We do not expect the adoption of this standard to have a material impact on our Consolidated Financial Statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The amendments in this update eliminate the need for an organization to analyze whether certain exceptions apply for tax purposes. It also simplifies GAAP for certain taxes. The amendments in these updates are effective for us for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. We do not expect the adoption of this standard to have a material impact on our Consolidated Financial Statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting |
Inventories
Inventories | 6 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following: (In thousands) September 30, 2020 March 31, 2020 Components of Inventories Packaging and raw materials $ 9,107 $ 9,803 Work in process 297 355 Finished goods 104,622 105,868 Inventories $ 114,026 $ 116,026 |
Goodwill
Goodwill | 6 Months Ended |
Sep. 30, 2020 | |
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 Consolidated Balance - March 31, 2020 Goodwill $ 710,354 $ 28,536 $ 738,890 Accumulated impairment loss (163,711) — (163,711) Balance - March 31, 2020 546,643 28,536 575,179 Effects of foreign currency exchange rates — 2,740 2,740 Balance - September 30, 2020 Goodwill 710,354 31,276 741,630 Accumulated impairment loss (163,711) — (163,711) Balance - September 30, 2020 $ 546,643 $ 31,276 $ 577,919 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. On February 29, 2020, the date of our annual impairment review, there were no indicators of impairment as a result of the analysis and, accordingly, no impairment charge was taken on our March 31, 2020 financial statements. 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 29, 2020 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 marketing may require an impairment charge to be recorded in the future. We continuously monitor events which could trigger an interim impairment analysis, which included the impact of COVID-19 for the period ended September 30, 2020. As of September 30, 2020, we determined no events have occurred that would indicate potential impairment of goodwill. However, the continued duration and severity of COVID-19 may result in future impairment charges as the prolonged pandemic could have an impact on our results due to changes in consumer habits. This could result in changes to the assumptions utilized in the annual impairment analysis to determine the estimated fair value of our goodwill, including long-term growth rates and discount rates. |
Intangible Assets, net
Intangible Assets, net | 6 Months Ended |
Sep. 30, 2020 | |
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- Finite-Lived Totals Gross Carrying Amounts Balance — March 31, 2020 $ 2,265,331 $ 389,801 $ 2,655,132 Effects of foreign currency exchange rates 11,352 489 11,841 Balance — September 30, 2020 2,276,683 390,290 2,666,973 Accumulated Amortization Balance — March 31, 2020 — 175,741 175,741 Additions — 9,817 9,817 Effects of foreign currency exchange rates — 179 179 Balance — September 30, 2020 — 185,737 185,737 Intangible assets, net - September 30, 2020 $ 2,276,683 $ 204,553 $ 2,481,236 Amortization expense was $4.9 million and $9.8 million for the three and six months ended September 30, 2020, respectively, and $4.9 million and $9.8 million for the three and six months ended September 30, 2019, respectively. Finite-lived intangible assets are expected to be amortized over their estimated useful life, which ranges from a period of 10 to 30 years, and the estimated amortization expense for each of the five succeeding years and the periods thereafter is as follows (in thousands): (In thousands) Year Ending March 31, Amount 2021 (remaining six months ended March 31, 2021) 9,823 2022 19,645 2023 19,645 2024 19,615 2025 17,570 Thereafter 118,255 $ 204,553 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. On February 29, 2020, the date of our annual impairment review, there were no indicators of impairment as a result of the analysis and, accordingly, no impairment charge was taken on our March 31, 2020 financial statements. Additionally, at each reporting period, an evaluation must be made to determine whether events and circumstances continue to support an indefinite useful life. Intangible assets with finite lives are amortized over their respective estimated useful lives and are also tested for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable and exceeds its fair value. We 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 marketing expenses, we may be required to record impairment charges in the future. We continuously monitor events which could trigger an interim impairment analysis, which included the impact of COVID-19 for the period ended September 30, 2020. As of September 30, 2020, we determined no events have occurred that would indicate potential impairment of intangible assets. However, the continued duration and severity of COVID-19 may result in future impairment charges as the prolonged pandemic could have an impact on our results due to changes in consumer habits. This could result in changes to the assumptions utilized in the annual impairment analysis to determine the estimated fair value of our intangible assets, including long-term growth rates and discount rates. |
Leases
Leases | 6 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Leases | Leases We lease real estate and equipment for use in our operations. The components of lease expense for the three and six months ended September 30, 2020 and 2019 were as follows: Three Months Ended September 30, Six Months Ended September 30, (In thousands) 2020 2019 2020 2019 Finance lease cost: Amortization of right-of-use assets $ 443 — $ 768 $ — Interest on lease liabilities 59 — 109 — Operating lease cost 1,692 2,242 3,389 3,458 Short term lease cost 22 27 45 50 Variable lease cost 12,303 15,696 24,010 32,295 Sublease income (55) (860) (109) (1,774) Total net lease cost $ 14,464 17,105 $ 28,212 $ 34,029 As of September 30, 2020, the maturities of lease liabilities were as follows: (In thousands) Year Ending March 31, Operating Leases Finance Total 2021 (Remaining six months ending March 31, 2021) $ 3,613 $ 1,466 $ 5,079 2022 6,521 2,932 9,453 2023 6,291 2,932 9,223 2024 6,303 2,932 9,235 2025 4,132 1,467 5,599 Thereafter 4,974 — 4,974 Total undiscounted lease payments 31,834 11,729 43,563 Less amount of lease payments representing interest (3,973) (653) (4,626) Total present value of lease payments $ 27,861 $ 11,076 $ 38,937 The weighted average remaining lease term and weighted average discount rate were as follows: September 30, 2020 Weighted average remaining lease term (years) Operating leases 5.08 Finance leases 4.00 Weighted average discount rate Operating leases 5.28 % Finance leases 2.96 % |
Leases | Leases We lease real estate and equipment for use in our operations. The components of lease expense for the three and six months ended September 30, 2020 and 2019 were as follows: Three Months Ended September 30, Six Months Ended September 30, (In thousands) 2020 2019 2020 2019 Finance lease cost: Amortization of right-of-use assets $ 443 — $ 768 $ — Interest on lease liabilities 59 — 109 — Operating lease cost 1,692 2,242 3,389 3,458 Short term lease cost 22 27 45 50 Variable lease cost 12,303 15,696 24,010 32,295 Sublease income (55) (860) (109) (1,774) Total net lease cost $ 14,464 17,105 $ 28,212 $ 34,029 As of September 30, 2020, the maturities of lease liabilities were as follows: (In thousands) Year Ending March 31, Operating Leases Finance Total 2021 (Remaining six months ending March 31, 2021) $ 3,613 $ 1,466 $ 5,079 2022 6,521 2,932 9,453 2023 6,291 2,932 9,223 2024 6,303 2,932 9,235 2025 4,132 1,467 5,599 Thereafter 4,974 — 4,974 Total undiscounted lease payments 31,834 11,729 43,563 Less amount of lease payments representing interest (3,973) (653) (4,626) Total present value of lease payments $ 27,861 $ 11,076 $ 38,937 The weighted average remaining lease term and weighted average discount rate were as follows: September 30, 2020 Weighted average remaining lease term (years) Operating leases 5.08 Finance leases 4.00 Weighted average discount rate Operating leases 5.28 % Finance leases 2.96 % |
Other Accrued Liabilities
Other Accrued Liabilities | 6 Months Ended |
Sep. 30, 2020 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities consist of the following: (In thousands) September 30, 2020 March 31, 2020 Accrued marketing costs $ 37,420 $ 34,450 Accrued compensation costs 8,025 13,393 Accrued broker commissions 986 1,491 Income taxes payable 2,902 3,210 Accrued professional fees 3,700 4,183 Accrued production costs 3,187 5,628 Accrued sales tax 930 1,917 Other accrued liabilities 7,973 6,491 $ 65,123 $ 70,763 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consists of the following, as of the dates indicated: (In thousands, except percentages) September 30, 2020 March 31, 2020 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 2019 Senior Notes bearing interest at 5.125%, with interest payable on January 15 and July 15 of each year. The 2019 Senior Notes mature on January 15, 2028. 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 base rate floor of 1.00%, due on January 26, 2024. 560,000 690,000 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 December 11, 2024. — 55,000 Long-term debt 1,560,000 1,745,000 Less: unamortized debt costs (11,900) (14,700) Long-term debt, net $ 1,548,100 $ 1,730,300 At September 30, 2020, we had no balance outstanding on the asset-based revolving credit facility entered into January 31, 2012, as amended (the "2012 ABL Revolver") and a borrowing capacity of $132.7 million. Interest Rate Swaps: We currently have two interest rate swaps to hedge a total of $400.0 million of our variable interest debt (see Note 9 for further details). As of September 30, 2020, 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 senior unsecured notes due 2024 (the "2016 Senior Notes") and the senior unsecured notes due 2028 (the "2019 Senior Notes") are as follows: (In thousands) Year Ending March 31, Amount 2021 (remaining six months ending March 31, 2021) $ — 2022 — 2023 — 2024 1,160,000 2025 — Thereafter 400,000 $ 1,560,000 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Sep. 30, 2020 | |
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 Accounting Standards Codification ("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 2019 Senior Notes, the 2012 Term B-5 Loans, and the 2012 ABL Revolver and our interest rate swaps are measured in Level 2 of the above hierarchy. See summary below detailing the carrying amounts and estimated fair values of these instruments at September 30, 2020 and March 31, 2020. September 30, 2020 March 31, 2020 (In thousands) Carrying Value Fair Value Carrying Value Fair Value 2016 Senior Notes $ 600,000 $ 616,500 $ 600,000 $ 603,000 2019 Senior Notes 400,000 413,000 400,000 386,000 2012 Term B-5 Loans 560,000 555,100 690,000 638,250 2012 ABL Revolver — — 55,000 55,000 Interest rate swaps 4,637 4,637 6,317 6,317 |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Changes in interest rates expose us to risks. To help us manage these risks, in January 2020 we entered into two interest rate swaps to hedge a total of $400.0 million of our variable interest debt. The fair value of these interest rate swaps is reflected in the Consolidated Balance Sheets in other accrued liabilities and other long-term liabilities. We do not use derivatives for trading purposes. The following tables summarize the fair values of our derivative instruments as of the end of the periods shown: September 30, 2020 (In thousands) Hedge Type Final Settlement Date Notional Amount Other Accrued Liabilities Other Long-Term Liabilities Interest rate swap Cash flow 1/31/2021 $ 200,000 $ (926) $ — Interest rate swap Cash flow 1/31/2022 $ 200,000 — (3,711) Total fair value $ (926) $ (3,711) March 31, 2020 (In thousands) Hedge Type Final Settlement Date Notional Amount Other Accrued Liabilities Other Long-Term Liabilities Interest rate swap Cash flow 1/31/2021 $ 200,000 $ (1,905) $ — Interest rate swap Cash flow 1/31/2022 $ 200,000 — (4,412) Total fair value $ (1,905) $ (4,412) The following table summarizes our interest rate swaps, net of tax, for the periods shown: Three Months Ended September 30, Six Months Ended September 30, (In thousands) Location 2020 2019 2020 2019 Gain Recognized in Other Comprehensive Loss (effective portion) Other comprehensive income (loss) 985 — $ 1,294 $ — Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Interest expense — — — — Loss Recognized as Expense Interest expense (1,396) — (2,422) — We expect pre-tax losses of $3.7 million associated with interest rate swaps, currently reported in accumulated other comprehensive loss, to be reclassified into income over the next twelve months. The amount ultimately realized, however, will differ as interest rates change and the underlying contracts settle. Counterparty Credit Risk: |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Sep. 30, 2020 | |
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 September 30, 2020. During the three and six months ended September 30, 2020 and 2019, we repurchased shares of our common stock and recorded them as treasury stock. Our share repurchases consisted of the following: Three Months Ended September 30, Six Months Ended September 30, 2020 2019 2020 2019 Shares repurchased pursuant to the provisions of the various employee restricted stock awards: Number of shares — 2,273 31,117 28,537 Average price per share — $35.32 $39.91 $30.83 Total amount repurchased $ — $0.1 million $1.2 million $0.9 million Shares repurchased in conjunction with our share repurchase program: Number of shares 28,865 672,719 28,865 1,622,544 Average price per share $34.55 $31.53 $34.55 $30.80 Total amount repurchased $1.0 million $21.2 million $1.0 million $50.0 million |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Accumulated other comprehensive loss consisted of the following at September 30, 2020 and March 31, 2020: (In thousands) September 30, 2020 March 31, 2020 Components of Accumulated Other Comprehensive Loss Cumulative translation adjustment $ (24,986) $ (39,241) Unrealized loss on interest rate swaps, net of tax of $1,067 and $1,453, respectively (3,570) (4,864) Unrecognized net loss on pension plans, net of tax of $17 and $17, respectively (56) (56) Accumulated other comprehensive loss, net of tax $ (28,612) $ (44,161) |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Sep. 30, 2020 | |
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 unvested RSUs, are included in the diluted earnings per share calculation to the extent that they are dilutive. In loss periods, the assumed exercise of in-the-money stock options and RSUs has an 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 September 30, Six Months Ended September 30, (In thousands, except per share data) 2020 2019 2020 2019 Numerator Net income $ 44,589 $ 33,252 $ 88,295 $ 67,177 Denominator Denominator for basic earnings per share — weighted average shares outstanding 50,330 50,455 50,297 51,073 Dilutive effect of unvested restricted stock units and options issued to employees and directors 331 356 375 353 Denominator for diluted earnings per share 50,661 50,811 50,672 51,426 Earnings per Common Share: Basic earnings per share $ 0.89 $ 0.66 $ 1.76 $ 1.32 Diluted earnings per share $ 0.88 $ 0.65 $ 1.74 $ 1.31 |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [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 “2005 Plan”), which provided 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 2005 Plan, an increase of the maximum number of shares subject to stock options that could be awarded to any one participant under the 2005 Plan during any fiscal 12-month period from 1.0 million to 2.5 million shares, and an extension of the term of the 2005 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, were eligible for grants under the 2005 Plan. On June 23, 2020, the Board of Directors adopted the Prestige Consumer Healthcare Inc. 2020 Long-Term Incentive Plan (the “2020 Plan”). The 2020 Plan became effective on August 4, 2020, upon the approval of the 2020 Plan by our stockholders. A total of 2,827,210 shares are available for issuance under the 2020 Plan (comprised of 2,000,000 new shares plus 827,210 shares that were unissued under the 2005 Plan). All future equity awards will be made from the 2020 Plan, and the Company will not grant any additional awards under the 2005 Plan. The following table provides information regarding our stock-based compensation: Three Months Ended September 30, Six Months Ended September 30, (In thousands) 2020 2019 2020 2019 Pre-tax share-based compensation costs charged against income $ 2,892 $ 2,521 $ 4,356 $ 3,902 Income tax benefit recognized on compensation costs $ 451 $ 401 $ 563 $ 611 Total fair value of options and RSUs vested during the period $ 1,015 $ 1,266 $ 6,796 $ 7,365 Cash received from the exercise of stock options $ 69 $ 269 $ 1,285 $ 544 Tax benefits realized from tax deductions resulting from RSU issuances and stock option exercises $ 4 $ 48 $ 948 $ 482 At September 30, 2020, there were $9.8 million of unrecognized compensation costs related to unvested share-based compensation arrangements under the 2005 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 year. At September 30, 2020 , there were 2.8 million shares available for issuance under the 2020 Plan. On May 4, 2020, the Compensation and Talent Management Committee (the "Committee") of our Board of Directors granted 79,070 performance stock units, 73,636 RSUs and stock options to acquire 249,875 shares of our common stock under the 2005 Plan to certain executive officers and employees. Performance units are earned based on achievement of the performance objectives set by the Committee and, if earned, vest in their entirety on the three-year anniversary of the date of grant. In light of the uncertain economic environment, the Committee elected to set the performance objectives applicable to these awards at a later date. The stock options were granted at an exercise price of $39.98 per share, which was equal to the closing price for our common stock on the date of the grant. A newly appointed independent member of the Board of Directors received a grant under the 2005 Plan of 907 RSUs on May 4, 2020. On August 4, 2020, each of the independent members of the Board of Directors received a grant of 3,732 RSUs under the 2020 Plan. The RSUs are fully vested upon receipt of the award and will be settled by delivery to each director of one share of our common stock for each vested RSU promptly following the earliest of (i) such director's death, (ii) such director's separation from service or (iii) a change in control of the Company. Restricted Stock Units 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 2005 Plan and the 2020 Plan is presented below: RSUs Shares (in thousands) Weighted Six Months Ended September 30, 2019 Vested and unvested at March 31, 2019 413.0 $ 36.58 Granted 220.3 31.02 Vested and issued (66.8) 47.99 Forfeited (27.8) 36.71 Vested and unvested at September 30, 2019 538.7 32.88 Vested at September 30, 2019 138.3 31.71 Six Months Ended September 30, 2020 Vested and unvested at March 31, 2020 512.1 $ 32.49 Granted 179.7 39.82 Vested and issued (74.0) 44.38 Forfeited (4.7) 56.11 Vested and unvested at September 30, 2020 613.1 33.02 Vested at September 30, 2020 150.4 31.98 Options The fair value of each award is estimated on the date of grant using the Black-Scholes Option Pricing Model that uses the assumptions presented below: Six Months Ended September 30, 2020 2019 Expected volatility 32.1% - 32.2% 30.9% - 31.3% Expected dividends $ — $ — Expected term in years 6.0 to 7.0 6.0 to 7.0 Risk-free rate 0.5 % 2.3% to 2.4% Weighted average grant date fair value of options granted 12.91 10.83 A summary of option activity under the 2005 Plan and the 2020 Plan is as follows: Options Shares (in thousands) Weighted Weighted Aggregate Six Months Ended September 30, 2019 Outstanding at March 31, 2019 944.6 $ 38.45 Granted 302.7 30.53 Exercised (18.4) 29.57 Forfeited or expired (124.7) 43.08 Outstanding at September 30, 2019 1,104.2 35.90 7.2 $ 3,959 Vested at September 30, 2019 610.2 38.56 5.7 $ 2,772 Six Months Ended September 30, 2020 Outstanding at March 31, 2020 1,020.2 $ 35.90 Granted 249.9 39.98 Exercised (62.8) 20.46 Forfeited or expired — — Outstanding at September 30, 2020 1,207.3 37.55 7.0 $ 5,032 Vested at September 30, 2020 699.1 39.39 5.6 $ 3,430 The aggregate intrinsic value of options exercised during the six months ended September 30, 2020 was $1.3 million. |
Income Taxes
Income Taxes | 6 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes On December 22, 2017, the Tax Cuts and Jobs Act was signed into law. The Tax Cuts and Jobs Act, among other things, reduced the U.S. federal corporate tax rate from 35% to 21% and imposed a new minimum tax on Global Intangible Low-Taxed Income ("GILTI") earned by foreign subsidiaries. In July 2020, final regulations were issued for GILTI, which include a high-tax exception for certain income earned by foreign subsidiaries if the foreign tax rate is in excess of 90% of the U.S. corporate tax rate of 21%. We calculated the potential impact of these final regulations and accounted for those impacts in the quarterly provision for the period ended September 30, 2020. Income taxes are recorded in our quarterly financial statements based on our estimated annual effective income tax rate, subject to adjustments for discrete events, should they occur. The effective tax rates used in the calculation of income taxes were 14.1% and 24.5% for the three months ended September 30, 2020 and 2019, respectively. The effective tax rates used in the calculation of income taxes were 19.8% and 25.4% for the six months ended September 30, 2020 and 2019, respectively. The decrease in the effective tax rate for the six months ended September 30, 2020 versus the prior year period was primarily due to the final GILTI regulations issued in July 2020, which resulted in the release of the valuation allowance on foreign tax credit carryforwards of $5.1 million. |
Employee Retirement Plans
Employee Retirement Plans | 6 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Employee Retirement Plans | Employee Retirement PlansThe primary components of Net Periodic Benefits consist of the following: Three Months Ended September 30, Six Months Ended September 30, (In thousands) 2020 2019 2020 2019 Interest cost $ 525 $ 577 $ 1,050 $ 1,154 Expected return on assets (647) (721) (1,294) (1,442) Net periodic benefit income $ (122) $ (144) $ (244) $ (288) During the six months ended September 30, 2020, we contributed $0.2 million to our non-qualified defined benefit plan and made no contributions to the qualified defined benefit plan. During the remainder of fiscal 2021, we expect to contribute an additional $0.2 million to our non-qualified plan and make a $1.0 million contribution to the qualified plan. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesWe 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 reasonably possible losses from 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 | 6 Months Ended |
Sep. 30, 2020 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Risk | Concentrations of Risk Our revenues are concentrated in the area of OTC Healthcare. We sell our products to mass merchandisers, drug, food, dollar, convenience and club stores and e-commerce channels. During the three and six months ended September 30, 2020, approximately 45.8% and 46.2%, respectively, of our gross revenues were derived from our five top selling brands. During the three and six months ended September 30, 2019, approximately 42.6% and 43.3%, respectively of our gross revenues were derived from our five top selling brands. One customer, Walmart, accounted for more than 10% of our gross revenues for the three and six months ended September 30, 2020. Walmart accounted for approximately 22.5% and 22.3%, respectively, of our gross revenues for the three and six months ended September 30, 2020. Walmart accounted for approximately 22.9% and 23.5%, respectively, of our gross revenues for the three and six months ended September 30, 2019. Our product distribution in the United States is managed by a third party through one primary distribution center in Clayton, Indiana. In addition, we operate one manufacturing facility for certain of our products located in Lynchburg, Virginia. A natural disaster, such as tornado, earthquake, flood, or fire, could damage our inventory and/or materially impair our ability to distribute our products to customers in a timely manner or at a reasonable cost. In addition, a serious disruption caused by performance or contractual issues with our third party distribution manager or COVID-19 or other public health emergencies could also materially impact our product distribution. Any disruption as a result of third party performance at our distribution center could result in increased costs, expense and/or shipping times, and could cause us to incur customer fees and penalties. In addition, any serious disruption to our Lynchburg manufacturing facility could materially impair our ability to manufacture many of the products associated with our acquisition of C.B. Fleet Company, Inc. ("Fleet"), which would also limit our ability to provide those products to customers in a timely manner or at a reasonable cost. We could also incur significantly higher costs and experience longer lead times if we need to replace our distribution center, the third party distribution manager or the manufacturing facility. As a result, any serious disruption could have a material adverse effect on our business, financial condition and results of operations. At September 30, 2020, we had relationships with 113 third party manufacturers. Of those, we had long-term contracts with 19 manufacturers that produced items that accounted for approximately 65.4% of gross sales for the six months ended September 30, 2020. At September 30, 2019, we had relationships with 113 third party manufacturers. Of those, we had long-term contracts with 30 manufacturers that produced items that accounted for approximately 66.4% of gross sales for the six months ended September 30, 2019. 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 continually 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 | 6 Months Ended |
Sep. 30, 2020 | |
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 and (ii) International OTC Healthcare. 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 marketing expenses. The tables below summarize information about our reportable segments. Three Months Ended September 30, 2020 (In thousands) North American OTC International OTC Consolidated Total segment revenues* $ 216,575 $ 20,847 $ 237,422 Cost of sales 91,069 8,692 99,761 Gross profit 125,506 12,155 137,661 Advertising and marketing 34,014 4,327 38,341 Contribution margin $ 91,492 $ 7,828 99,320 Other operating expenses 26,417 Operating income $ 72,903 * Intersegment revenues of $0.6 million were eliminated from the North American OTC Healthcare segment. Six Months Ended September 30, 2020 (In thousands) North American OTC International OTC Consolidated Total segment revenues* $ 427,233 $ 39,583 $ 466,816 Cost of sales 178,896 16,391 195,287 Gross profit 248,337 23,192 271,529 Advertising and marketing 58,694 7,397 66,091 Contribution margin $ 189,643 $ 15,795 205,438 Other operating expenses 52,416 Operating income $ 153,022 * Intersegment revenues of $1.6 million were eliminated from the North American OTC Healthcare segment. Three Months Ended September 30, 2019 (In thousands) North American OTC International OTC Consolidated Total segment revenues* $ 213,878 $ 24,191 $ 238,069 Cost of sales 92,931 8,387 101,318 Gross profit 120,947 15,804 136,751 Advertising and marketing 34,595 4,072 38,667 Contribution margin $ 86,352 $ 11,732 98,084 Other operating expenses 28,736 Operating income $ 69,348 * Intersegment revenues of $0.8 million were eliminated from the North American OTC Healthcare segment. Six Months Ended September 30, 2019 (In thousands) North American OTC International OTC Consolidated Total segment revenues* $ 424,662 $ 45,561 $ 470,223 Cost of sales 181,742 17,663 199,405 Gross profit 242,920 27,898 270,818 Advertising and marketing 65,609 7,859 73,468 Contribution margin $ 177,311 $ 20,039 197,350 Other operating expenses 56,516 Operating income $ 140,834 * Intersegment revenues of $1.6 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 September 30, 2020 (In thousands) North American OTC International OTC Consolidated Analgesics $ 30,623 $ 267 $ 30,890 Cough & Cold 14,796 3,086 17,882 Women's Health 61,492 4,106 65,598 Gastrointestinal 31,718 6,379 38,097 Eye & Ear Care 26,767 3,037 29,804 Dermatologicals 27,875 836 28,711 Oral Care 21,944 3,134 25,078 Other OTC 1,360 2 1,362 Total segment revenues $ 216,575 $ 20,847 $ 237,422 Six Months Ended September 30, 2020 (In thousands) North American OTC International OTC Consolidated Analgesics $ 58,490 $ 541 $ 59,031 Cough & Cold 28,234 6,988 35,222 Women's Health 126,902 6,537 133,439 Gastrointestinal 61,768 12,084 73,852 Eye & Ear Care 49,619 5,582 55,201 Dermatologicals 55,495 1,535 57,030 Oral Care 44,110 6,313 50,423 Other OTC 2,615 3 2,618 Total segment revenues $ 427,233 $ 39,583 $ 466,816 Three Months Ended September 30, 2019 (In thousands) North American OTC International OTC Consolidated Analgesics $ 28,831 $ 243 $ 29,074 Cough & Cold 20,506 5,814 26,320 Women's Health 59,678 2,905 62,583 Gastrointestinal 32,214 9,028 41,242 Eye & Ear Care 22,286 3,185 25,471 Dermatologicals 28,039 576 28,615 Oral Care 21,063 2,439 23,502 Other OTC 1,261 1 1,262 Total segment revenues $ 213,878 $ 24,191 $ 238,069 Six Months Ended September 30, 2019 (In thousands) North American OTC International OTC Consolidated Analgesics $ 57,366 $ 473 $ 57,839 Cough & Cold 37,846 11,196 49,042 Women's Health 119,256 5,324 124,580 Gastrointestinal 63,786 16,013 79,799 Eye & Ear Care 49,039 6,196 55,235 Dermatologicals 53,777 1,266 55,043 Oral Care 41,042 5,091 46,133 Other OTC 2,550 2 2,552 Total segment revenues $ 424,662 $ 45,561 $ 470,223 Our total segment revenues by geographic area are as follows: Three Months Ended September 30, Six Months Ended September 30, 2020 2019 2020 2019 United States $ 203,289 199,714 $ 402,635 $ 400,343 Rest of world 34,133 38,355 64,181 69,880 Total $ 237,422 $ 238,069 $ 466,816 $ 470,223 Our consolidated goodwill and intangible assets have been allocated to the reportable segments as follows: September 30, 2020 North American OTC International OTC Consolidated (In thousands) Goodwill $ 546,643 $ 31,276 $ 577,919 Intangible assets Indefinite-lived 2,195,617 81,066 2,276,683 Finite-lived, net 200,033 4,520 204,553 Intangible assets, net 2,395,650 85,586 2,481,236 Total $ 2,942,293 $ 116,862 $ 3,059,155 March 31, 2020 North American OTC International OTC Consolidated (In thousands) Goodwill $ 546,643 $ 28,536 $ 575,179 Intangible assets Indefinite-lived 2,195,617 69,714 2,265,331 Finite-lived, net 209,604 4,456 214,060 Intangible assets, net 2,405,221 74,170 2,479,391 Total $ 2,951,864 $ 102,706 $ 3,054,570 |
Business and Basis of Present_2
Business and Basis of Presentation (Policies) | 6 Months Ended |
Sep. 30, 2020 | |
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., 2021) mean our fiscal year ending or ended on March 31 st of that year. Operating results for the six months ended September 30, 2020 are not necessarily indicative of results that may be expected for the fiscal year ending March 31, 2021. 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, 2020. |
Use of Estimates | Use of EstimatesThe 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. Our most significant estimates include those made in connection with the valuation of intangible assets, stock-based compensation, fair value of debt, sales returns and allowances, trade promotional allowances, inventory obsolescence, and accounting for income taxes and related uncertain tax positions. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this update modify the disclosure requirements in Topic 820, with a particular focus on Level 3 investments, by eliminating certain required disclosures and incorporating others. The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. We adopted this standard effective April 1, 2020, and the adoption did not have a material impact on our Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments (with subsequent targeted amendments). The amendments in this update provide financial statement users with more useful information about expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The guidance requires entities to utilize an expected credit loss model for certain financial instruments, including most trade receivables, which replaces the incurred credit loss model previously used. Under this new model, we are required to recognize estimated credit losses expected to occur over time using a broad range of information including historical information, current conditions and reasonable and supportable forecasts. The amendments in these updates were effective for us in the first quarter of our fiscal year 2021. We adopted this standard effective April 1, 2020, and the adoption did not have a material impact on our Consolidated Financial Statements. Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. The amendments in this update modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by eliminating certain required disclosures and incorporating others. The amendments are effective for public companies for fiscal years ending after December 15, 2020. We do not expect the adoption of this standard to have a material impact on our Consolidated Financial Statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The amendments in this update eliminate the need for an organization to analyze whether certain exceptions apply for tax purposes. It also simplifies GAAP for certain taxes. The amendments in these updates are effective for us for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. We do not expect the adoption of this standard to have a material impact on our Consolidated Financial Statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consist of the following: (In thousands) September 30, 2020 March 31, 2020 Components of Inventories Packaging and raw materials $ 9,107 $ 9,803 Work in process 297 355 Finished goods 104,622 105,868 Inventories $ 114,026 $ 116,026 |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Sep. 30, 2020 | |
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 Consolidated Balance - March 31, 2020 Goodwill $ 710,354 $ 28,536 $ 738,890 Accumulated impairment loss (163,711) — (163,711) Balance - March 31, 2020 546,643 28,536 575,179 Effects of foreign currency exchange rates — 2,740 2,740 Balance - September 30, 2020 Goodwill 710,354 31,276 741,630 Accumulated impairment loss (163,711) — (163,711) Balance - September 30, 2020 $ 546,643 $ 31,276 $ 577,919 |
Intangible Assets, net (Tables)
Intangible Assets, net (Tables) | 6 Months Ended |
Sep. 30, 2020 | |
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- Finite-Lived Totals Gross Carrying Amounts Balance — March 31, 2020 $ 2,265,331 $ 389,801 $ 2,655,132 Effects of foreign currency exchange rates 11,352 489 11,841 Balance — September 30, 2020 2,276,683 390,290 2,666,973 Accumulated Amortization Balance — March 31, 2020 — 175,741 175,741 Additions — 9,817 9,817 Effects of foreign currency exchange rates — 179 179 Balance — September 30, 2020 — 185,737 185,737 Intangible assets, net - September 30, 2020 $ 2,276,683 $ 204,553 $ 2,481,236 |
Reconciliation of the Activity Affecting Indefinite Lived Intangible Assets | A reconciliation of the activity affecting intangible assets, net is as follows: (In thousands) Indefinite- Finite-Lived Totals Gross Carrying Amounts Balance — March 31, 2020 $ 2,265,331 $ 389,801 $ 2,655,132 Effects of foreign currency exchange rates 11,352 489 11,841 Balance — September 30, 2020 2,276,683 390,290 2,666,973 Accumulated Amortization Balance — March 31, 2020 — 175,741 175,741 Additions — 9,817 9,817 Effects of foreign currency exchange rates — 179 179 Balance — September 30, 2020 — 185,737 185,737 Intangible assets, net - September 30, 2020 $ 2,276,683 $ 204,553 $ 2,481,236 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Finite-lived intangible assets are expected to be amortized over their estimated useful life, which ranges from a period of 10 to 30 years, and the estimated amortization expense for each of the five succeeding years and the periods thereafter is as follows (in thousands): (In thousands) Year Ending March 31, Amount 2021 (remaining six months ended March 31, 2021) 9,823 2022 19,645 2023 19,645 2024 19,615 2025 17,570 Thereafter 118,255 $ 204,553 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense for the three and six months ended September 30, 2020 and 2019 were as follows: Three Months Ended September 30, Six Months Ended September 30, (In thousands) 2020 2019 2020 2019 Finance lease cost: Amortization of right-of-use assets $ 443 — $ 768 $ — Interest on lease liabilities 59 — 109 — Operating lease cost 1,692 2,242 3,389 3,458 Short term lease cost 22 27 45 50 Variable lease cost 12,303 15,696 24,010 32,295 Sublease income (55) (860) (109) (1,774) Total net lease cost $ 14,464 17,105 $ 28,212 $ 34,029 The weighted average remaining lease term and weighted average discount rate were as follows: September 30, 2020 Weighted average remaining lease term (years) Operating leases 5.08 Finance leases 4.00 Weighted average discount rate Operating leases 5.28 % Finance leases 2.96 % |
Maturities of Operating Leases | (In thousands) Year Ending March 31, Operating Leases Finance Total 2021 (Remaining six months ending March 31, 2021) $ 3,613 $ 1,466 $ 5,079 2022 6,521 2,932 9,453 2023 6,291 2,932 9,223 2024 6,303 2,932 9,235 2025 4,132 1,467 5,599 Thereafter 4,974 — 4,974 Total undiscounted lease payments 31,834 11,729 43,563 Less amount of lease payments representing interest (3,973) (653) (4,626) Total present value of lease payments $ 27,861 $ 11,076 $ 38,937 |
Maturities of Finance Leases | (In thousands) Year Ending March 31, Operating Leases Finance Total 2021 (Remaining six months ending March 31, 2021) $ 3,613 $ 1,466 $ 5,079 2022 6,521 2,932 9,453 2023 6,291 2,932 9,223 2024 6,303 2,932 9,235 2025 4,132 1,467 5,599 Thereafter 4,974 — 4,974 Total undiscounted lease payments 31,834 11,729 43,563 Less amount of lease payments representing interest (3,973) (653) (4,626) Total present value of lease payments $ 27,861 $ 11,076 $ 38,937 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 6 Months Ended |
Sep. 30, 2020 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | Other accrued liabilities consist of the following: (In thousands) September 30, 2020 March 31, 2020 Accrued marketing costs $ 37,420 $ 34,450 Accrued compensation costs 8,025 13,393 Accrued broker commissions 986 1,491 Income taxes payable 2,902 3,210 Accrued professional fees 3,700 4,183 Accrued production costs 3,187 5,628 Accrued sales tax 930 1,917 Other accrued liabilities 7,973 6,491 $ 65,123 $ 70,763 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt consists of the following, as of the dates indicated: (In thousands, except percentages) September 30, 2020 March 31, 2020 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 2019 Senior Notes bearing interest at 5.125%, with interest payable on January 15 and July 15 of each year. The 2019 Senior Notes mature on January 15, 2028. 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 base rate floor of 1.00%, due on January 26, 2024. 560,000 690,000 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 December 11, 2024. — 55,000 Long-term debt 1,560,000 1,745,000 Less: unamortized debt costs (11,900) (14,700) Long-term debt, net $ 1,548,100 $ 1,730,300 |
Aggregate Future Principal Payments | As of September 30, 2020, 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 senior unsecured notes due 2024 (the "2016 Senior Notes") and the senior unsecured notes due 2028 (the "2019 Senior Notes") are as follows: (In thousands) Year Ending March 31, Amount 2021 (remaining six months ending March 31, 2021) $ — 2022 — 2023 — 2024 1,160,000 2025 — Thereafter 400,000 $ 1,560,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Carry Amounts and Fair Value Measurements | See summary below detailing the carrying amounts and estimated fair values of these instruments at September 30, 2020 and March 31, 2020. September 30, 2020 March 31, 2020 (In thousands) Carrying Value Fair Value Carrying Value Fair Value 2016 Senior Notes $ 600,000 $ 616,500 $ 600,000 $ 603,000 2019 Senior Notes 400,000 413,000 400,000 386,000 2012 Term B-5 Loans 560,000 555,100 690,000 638,250 2012 ABL Revolver — — 55,000 55,000 Interest rate swaps 4,637 4,637 6,317 6,317 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following tables summarize the fair values of our derivative instruments as of the end of the periods shown: September 30, 2020 (In thousands) Hedge Type Final Settlement Date Notional Amount Other Accrued Liabilities Other Long-Term Liabilities Interest rate swap Cash flow 1/31/2021 $ 200,000 $ (926) $ — Interest rate swap Cash flow 1/31/2022 $ 200,000 — (3,711) Total fair value $ (926) $ (3,711) March 31, 2020 (In thousands) Hedge Type Final Settlement Date Notional Amount Other Accrued Liabilities Other Long-Term Liabilities Interest rate swap Cash flow 1/31/2021 $ 200,000 $ (1,905) $ — Interest rate swap Cash flow 1/31/2022 $ 200,000 — (4,412) Total fair value $ (1,905) $ (4,412) |
Derivative Instruments, Gain (Loss) | The following table summarizes our interest rate swaps, net of tax, for the periods shown: Three Months Ended September 30, Six Months Ended September 30, (In thousands) Location 2020 2019 2020 2019 Gain Recognized in Other Comprehensive Loss (effective portion) Other comprehensive income (loss) 985 — $ 1,294 $ — Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Interest expense — — — — Loss Recognized as Expense Interest expense (1,396) — (2,422) — |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Class of Treasury Stock | Our share repurchases consisted of the following: Three Months Ended September 30, Six Months Ended September 30, 2020 2019 2020 2019 Shares repurchased pursuant to the provisions of the various employee restricted stock awards: Number of shares — 2,273 31,117 28,537 Average price per share — $35.32 $39.91 $30.83 Total amount repurchased $ — $0.1 million $1.2 million $0.9 million Shares repurchased in conjunction with our share repurchase program: Number of shares 28,865 672,719 28,865 1,622,544 Average price per share $34.55 $31.53 $34.55 $30.80 Total amount repurchased $1.0 million $21.2 million $1.0 million $50.0 million |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss consisted of the following at September 30, 2020 and March 31, 2020: (In thousands) September 30, 2020 March 31, 2020 Components of Accumulated Other Comprehensive Loss Cumulative translation adjustment $ (24,986) $ (39,241) Unrealized loss on interest rate swaps, net of tax of $1,067 and $1,453, respectively (3,570) (4,864) Unrecognized net loss on pension plans, net of tax of $17 and $17, respectively (56) (56) Accumulated other comprehensive loss, net of tax $ (28,612) $ (44,161) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended September 30, Six Months Ended September 30, (In thousands, except per share data) 2020 2019 2020 2019 Numerator Net income $ 44,589 $ 33,252 $ 88,295 $ 67,177 Denominator Denominator for basic earnings per share — weighted average shares outstanding 50,330 50,455 50,297 51,073 Dilutive effect of unvested restricted stock units and options issued to employees and directors 331 356 375 353 Denominator for diluted earnings per share 50,661 50,811 50,672 51,426 Earnings per Common Share: Basic earnings per share $ 0.89 $ 0.66 $ 1.76 $ 1.32 Diluted earnings per share $ 0.88 $ 0.65 $ 1.74 $ 1.31 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Compensation Expense Information | The following table provides information regarding our stock-based compensation: Three Months Ended September 30, Six Months Ended September 30, (In thousands) 2020 2019 2020 2019 Pre-tax share-based compensation costs charged against income $ 2,892 $ 2,521 $ 4,356 $ 3,902 Income tax benefit recognized on compensation costs $ 451 $ 401 $ 563 $ 611 Total fair value of options and RSUs vested during the period $ 1,015 $ 1,266 $ 6,796 $ 7,365 Cash received from the exercise of stock options $ 69 $ 269 $ 1,285 $ 544 Tax benefits realized from tax deductions resulting from RSU issuances and stock option exercises $ 4 $ 48 $ 948 $ 482 |
Summary of Restricted Shares | A summary of the RSUs granted under the 2005 Plan and the 2020 Plan is presented below: RSUs Shares (in thousands) Weighted Six Months Ended September 30, 2019 Vested and unvested at March 31, 2019 413.0 $ 36.58 Granted 220.3 31.02 Vested and issued (66.8) 47.99 Forfeited (27.8) 36.71 Vested and unvested at September 30, 2019 538.7 32.88 Vested at September 30, 2019 138.3 31.71 Six Months Ended September 30, 2020 Vested and unvested at March 31, 2020 512.1 $ 32.49 Granted 179.7 39.82 Vested and issued (74.0) 44.38 Forfeited (4.7) 56.11 Vested and unvested at September 30, 2020 613.1 33.02 Vested at September 30, 2020 150.4 31.98 |
Fair Value of Options Granted | The fair value of each award is estimated on the date of grant using the Black-Scholes Option Pricing Model that uses the assumptions presented below: Six Months Ended September 30, 2020 2019 Expected volatility 32.1% - 32.2% 30.9% - 31.3% Expected dividends $ — $ — Expected term in years 6.0 to 7.0 6.0 to 7.0 Risk-free rate 0.5 % 2.3% to 2.4% Weighted average grant date fair value of options granted 12.91 10.83 |
Stock Option Activity | A summary of option activity under the 2005 Plan and the 2020 Plan is as follows: Options Shares (in thousands) Weighted Weighted Aggregate Six Months Ended September 30, 2019 Outstanding at March 31, 2019 944.6 $ 38.45 Granted 302.7 30.53 Exercised (18.4) 29.57 Forfeited or expired (124.7) 43.08 Outstanding at September 30, 2019 1,104.2 35.90 7.2 $ 3,959 Vested at September 30, 2019 610.2 38.56 5.7 $ 2,772 Six Months Ended September 30, 2020 Outstanding at March 31, 2020 1,020.2 $ 35.90 Granted 249.9 39.98 Exercised (62.8) 20.46 Forfeited or expired — — Outstanding at September 30, 2020 1,207.3 37.55 7.0 $ 5,032 Vested at September 30, 2020 699.1 39.39 5.6 $ 3,430 |
Employee Retirement Plans (Tabl
Employee Retirement Plans (Tables) | 6 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Primary Components of Net Periodic Benefits | The primary components of Net Periodic Benefits consist of the following: Three Months Ended September 30, Six Months Ended September 30, (In thousands) 2020 2019 2020 2019 Interest cost $ 525 $ 577 $ 1,050 $ 1,154 Expected return on assets (647) (721) (1,294) (1,442) Net periodic benefit income $ (122) $ (144) $ (244) $ (288) |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Information about our Operating and Reportable Segments | The tables below summarize information about our reportable segments. Three Months Ended September 30, 2020 (In thousands) North American OTC International OTC Consolidated Total segment revenues* $ 216,575 $ 20,847 $ 237,422 Cost of sales 91,069 8,692 99,761 Gross profit 125,506 12,155 137,661 Advertising and marketing 34,014 4,327 38,341 Contribution margin $ 91,492 $ 7,828 99,320 Other operating expenses 26,417 Operating income $ 72,903 * Intersegment revenues of $0.6 million were eliminated from the North American OTC Healthcare segment. Six Months Ended September 30, 2020 (In thousands) North American OTC International OTC Consolidated Total segment revenues* $ 427,233 $ 39,583 $ 466,816 Cost of sales 178,896 16,391 195,287 Gross profit 248,337 23,192 271,529 Advertising and marketing 58,694 7,397 66,091 Contribution margin $ 189,643 $ 15,795 205,438 Other operating expenses 52,416 Operating income $ 153,022 * Intersegment revenues of $1.6 million were eliminated from the North American OTC Healthcare segment. Three Months Ended September 30, 2019 (In thousands) North American OTC International OTC Consolidated Total segment revenues* $ 213,878 $ 24,191 $ 238,069 Cost of sales 92,931 8,387 101,318 Gross profit 120,947 15,804 136,751 Advertising and marketing 34,595 4,072 38,667 Contribution margin $ 86,352 $ 11,732 98,084 Other operating expenses 28,736 Operating income $ 69,348 * Intersegment revenues of $0.8 million were eliminated from the North American OTC Healthcare segment. Six Months Ended September 30, 2019 (In thousands) North American OTC International OTC Consolidated Total segment revenues* $ 424,662 $ 45,561 $ 470,223 Cost of sales 181,742 17,663 199,405 Gross profit 242,920 27,898 270,818 Advertising and marketing 65,609 7,859 73,468 Contribution margin $ 177,311 $ 20,039 197,350 Other operating expenses 56,516 Operating income $ 140,834 * Intersegment revenues of $1.6 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 September 30, 2020 (In thousands) North American OTC International OTC Consolidated Analgesics $ 30,623 $ 267 $ 30,890 Cough & Cold 14,796 3,086 17,882 Women's Health 61,492 4,106 65,598 Gastrointestinal 31,718 6,379 38,097 Eye & Ear Care 26,767 3,037 29,804 Dermatologicals 27,875 836 28,711 Oral Care 21,944 3,134 25,078 Other OTC 1,360 2 1,362 Total segment revenues $ 216,575 $ 20,847 $ 237,422 Six Months Ended September 30, 2020 (In thousands) North American OTC International OTC Consolidated Analgesics $ 58,490 $ 541 $ 59,031 Cough & Cold 28,234 6,988 35,222 Women's Health 126,902 6,537 133,439 Gastrointestinal 61,768 12,084 73,852 Eye & Ear Care 49,619 5,582 55,201 Dermatologicals 55,495 1,535 57,030 Oral Care 44,110 6,313 50,423 Other OTC 2,615 3 2,618 Total segment revenues $ 427,233 $ 39,583 $ 466,816 Three Months Ended September 30, 2019 (In thousands) North American OTC International OTC Consolidated Analgesics $ 28,831 $ 243 $ 29,074 Cough & Cold 20,506 5,814 26,320 Women's Health 59,678 2,905 62,583 Gastrointestinal 32,214 9,028 41,242 Eye & Ear Care 22,286 3,185 25,471 Dermatologicals 28,039 576 28,615 Oral Care 21,063 2,439 23,502 Other OTC 1,261 1 1,262 Total segment revenues $ 213,878 $ 24,191 $ 238,069 Six Months Ended September 30, 2019 (In thousands) North American OTC International OTC Consolidated Analgesics $ 57,366 $ 473 $ 57,839 Cough & Cold 37,846 11,196 49,042 Women's Health 119,256 5,324 124,580 Gastrointestinal 63,786 16,013 79,799 Eye & Ear Care 49,039 6,196 55,235 Dermatologicals 53,777 1,266 55,043 Oral Care 41,042 5,091 46,133 Other OTC 2,550 2 2,552 Total segment revenues $ 424,662 $ 45,561 $ 470,223 |
Information about our Segment Revenues by Geographic Area | Our total segment revenues by geographic area are as follows: Three Months Ended September 30, Six Months Ended September 30, 2020 2019 2020 2019 United States $ 203,289 199,714 $ 402,635 $ 400,343 Rest of world 34,133 38,355 64,181 69,880 Total $ 237,422 $ 238,069 $ 466,816 $ 470,223 |
Information about our Consolidated Goodwill and Intangible Assets Allocated to Reportable Segments | Our consolidated goodwill and intangible assets have been allocated to the reportable segments as follows: September 30, 2020 North American OTC International OTC Consolidated (In thousands) Goodwill $ 546,643 $ 31,276 $ 577,919 Intangible assets Indefinite-lived 2,195,617 81,066 2,276,683 Finite-lived, net 200,033 4,520 204,553 Intangible assets, net 2,395,650 85,586 2,481,236 Total $ 2,942,293 $ 116,862 $ 3,059,155 March 31, 2020 North American OTC International OTC Consolidated (In thousands) Goodwill $ 546,643 $ 28,536 $ 575,179 Intangible assets Indefinite-lived 2,195,617 69,714 2,265,331 Finite-lived, net 209,604 4,456 214,060 Intangible assets, net 2,405,221 74,170 2,479,391 Total $ 2,951,864 $ 102,706 $ 3,054,570 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Mar. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Packaging and raw materials | $ 9,107 | $ 9,803 |
Work in process | 297 | 355 |
Finished goods | 104,622 | 105,868 |
Inventories | 114,026 | 116,026 |
Inventory valuation reserves related to obsolete and slow-moving inventory | $ 5,500 | $ 6,500 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2020 | Mar. 31, 2020 | |
Goodwill [Roll Forward] | ||
Goodwill | $ 738,890 | |
Accumulated impairment loss | (163,711) | $ (163,711) |
Goodwill, net | 575,179 | |
Effects of foreign currency exchange rates | 2,740 | |
Goodwill | 741,630 | |
Goodwill, net | 577,919 | |
North American OTC Healthcare | ||
Goodwill [Roll Forward] | ||
Goodwill | 710,354 | |
Accumulated impairment loss | (163,711) | (163,711) |
Goodwill, net | 546,643 | |
Effects of foreign currency exchange rates | 0 | |
Goodwill | 710,354 | |
Goodwill, net | 546,643 | |
International OTC Healthcare | ||
Goodwill [Roll Forward] | ||
Goodwill | 28,536 | |
Accumulated impairment loss | 0 | $ 0 |
Goodwill, net | 28,536 | |
Effects of foreign currency exchange rates | 2,740 | |
Goodwill | 31,276 | |
Goodwill, net | $ 31,276 |
Intangible Assets, net - Activi
Intangible Assets, net - Activity Affecting Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Mar. 31, 2020 | |
Indefinite-Lived Intangible Assets [Abstract] | |||||
Indefinite-lived trademarks, beginning balance | $ 2,265,331 | ||||
Indefinite-lived trademarks, ending balance | $ 2,276,683 | 2,276,683 | |||
Intangible Assets, Gross [Abstract] | |||||
Totals, gross, beginning balance | 2,655,132 | ||||
Intangible Assets, Translation Adjustments Gain (Loss) | 11,841 | ||||
Totals, gross, ending balance | 2,666,973 | 2,666,973 | |||
Finite-lived Intangible Assets, Accumulated Amortization [Abstract] | |||||
Accumulated amortization, beginning balance | 175,741 | ||||
Accumulated amortization, additions | 4,900 | $ 4,900 | 9,817 | $ 9,800 | |
Accumulated amortization, effects of foreign exchange rates | 179 | ||||
Accumulated amortization, ending balance | 185,737 | 185,737 | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Finite-lived, net | 204,553 | 204,553 | $ 214,060 | ||
Intangible Assets, Net [Abstract] | |||||
Intangible assets, net | 2,481,236 | 2,481,236 | $ 2,479,391 | ||
Finite-Lived Trademarks and Customer Relationships | |||||
Finite-Lived Intangible Assets, Gross [Abstract] | |||||
Finite-lived trademarks and customer relationships, beginning balance | 389,801 | ||||
Finite-lived trademarks and customer relationships, effects of foreign currency exchange rate | 489 | ||||
Finite-lived trademarks and customer relationships, ending balance | 390,290 | 390,290 | |||
Finite-lived Intangible Assets, Accumulated Amortization [Abstract] | |||||
Accumulated amortization, beginning balance | 175,741 | ||||
Accumulated amortization, additions | 9,817 | ||||
Accumulated amortization, effects of foreign exchange rates | 179 | ||||
Accumulated amortization, ending balance | 185,737 | 185,737 | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Finite-lived, net | 204,553 | 204,553 | |||
Indefinite- Lived Trademarks | |||||
Indefinite-Lived Intangible Assets [Abstract] | |||||
Indefinite-lived trademarks, beginning balance | 2,265,331 | ||||
Indefinite lived trademarks, effects of foreign currency exchange rate | 11,352 | ||||
Indefinite-lived trademarks, ending balance | $ 2,276,683 | $ 2,276,683 |
Intangible Assets, net - Narrat
Intangible Assets, net - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense | $ 4,900,000 | $ 4,900,000 | $ 9,817,000 | $ 9,800,000 | |
Impairment of intangible assets | $ 0 | ||||
Minimum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible asset, useful life | 10 years | ||||
Maximum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible asset, useful life | 30 years |
Intangible Assets, net - Future
Intangible Assets, net - Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Mar. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of the year | $ 9,823 | |
2022 | 19,645 | |
2023 | 19,645 | |
2024 | 19,615 | |
2025 | 17,570 | |
Thereafter | 118,255 | |
Finite-lived intangible assets, net | $ 204,553 | $ 214,060 |
Leases (Lease Cost) (Details)
Leases (Lease Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Leases [Abstract] | ||||
Amortization of right-of-use assets | $ 443 | $ 0 | $ 768 | $ 0 |
Interest on lease liabilities | 59 | 0 | 109 | 0 |
Operating lease cost | 1,692 | 2,242 | 3,389 | 3,458 |
Short term lease cost | 22 | 27 | 45 | 50 |
Variable lease cost | 12,303 | 15,696 | 24,010 | 32,295 |
Sublease income | (55) | (860) | (109) | (1,774) |
Total net lease cost | $ 14,464 | $ 17,105 | $ 28,212 | $ 34,029 |
Leases (Lease Maturities) (Deta
Leases (Lease Maturities) (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Operating Leases | |
2021 (Remaining six months ending March 31, 2021) | $ 3,613 |
2022 | 6,521 |
2023 | 6,291 |
2024 | 6,303 |
2025 | 4,132 |
Thereafter | 4,974 |
Total undiscounted lease payments | 31,834 |
Less amount of lease payments representing interest | (3,973) |
Total present value of lease payments | 27,861 |
Finance Lease | |
2021 (Remaining six months ending March 31, 2021) | 1,466 |
2022 | 2,932 |
2023 | 2,932 |
2024 | 2,932 |
2025 | 1,467 |
Thereafter | 0 |
Total undiscounted lease payments | 11,729 |
Total present value of lease payments | (653) |
Total present value of lease payments | 11,076 |
Total | |
2021 (Remaining six months ending March 31, 2021) | 5,079 |
2022 | 9,453 |
2023 | 9,223 |
2024 | 9,235 |
2025 | 5,599 |
Thereafter | 4,974 |
Total undiscounted lease payments | 43,563 |
Less amount of lease payments representing interest | (4,626) |
Total present value of lease payments | $ 38,937 |
Leases (Additional Information)
Leases (Additional Information) (Details) | Sep. 30, 2020 |
Weighted average remaining lease term (years) | |
Operating leases | 5 years 29 days |
Finance leases | 4 years |
Weighted average discount rate | |
Operating leases | 5.28% |
Finance leases | 2.96% |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Mar. 31, 2020 |
Lessee, Lease, Description [Line Items] | ||
Finance lease liability | $ 11,076 | |
Finance lease right-of-use assets, net | 10,897 | $ 5,842 |
GEODIS | ||
Lessee, Lease, Description [Line Items] | ||
Finance lease liability | 5,800 | |
Finance lease right-of-use assets, net | $ 5,800 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Mar. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued marketing costs | $ 37,420 | $ 34,450 |
Accrued compensation costs | 8,025 | 13,393 |
Accrued broker commissions | 986 | 1,491 |
Income taxes payable | 2,902 | 3,210 |
Accrued professional fees | 3,700 | 4,183 |
Accrued production costs | 3,187 | 5,628 |
Accrued sales tax | 930 | 1,917 |
Other accrued liabilities | 7,973 | 6,491 |
Other accrued liabilities | $ 65,123 | $ 70,763 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2020 | Mar. 31, 2020 | |
Debt Instrument [Line Items] | ||
Total long-term debt (including current portion) | $ 1,560,000 | $ 1,745,000 |
Less: unamortized debt costs | (11,900) | (14,700) |
Long-term debt, net | 1,548,100 | 1,730,300 |
2012 ABL Revolver | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Total long-term debt (including current portion) | $ 0 | 55,000 |
Senior Notes | 2016 Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 6.375% | |
Total long-term debt (including current portion) | $ 600,000 | 600,000 |
Senior Notes | 2019 Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 5.125% | |
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) | $ 560,000 | $ 690,000 |
Term B-5 Loans | 2012 Senior Notes | LIBOR | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.00% | |
Debt instrument, variable rate, minimum | 0.00% | |
Term B-5 Loans | 2012 Senior Notes | Base Rate | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.00% | |
Debt instrument, variable rate, minimum | 1.00% |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) | 6 Months Ended |
Sep. 30, 2020USD ($) | |
Interest rate swaps | Designated as Hedging Instrument | |
Debt Instrument [Line Items] | |
Derivative, notional amount | $ 400,000,000 |
Revolving Credit Facility | 2012 ABL Revolver | |
Debt Instrument [Line Items] | |
Repayments of long-term debt | 0 |
Borrowing capacity | $ 132,700,000 |
Long-Term Debt - Maturities of
Long-Term Debt - Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Mar. 31, 2020 |
Aggregate Future Principal Payments | ||
2021 (remaining six months ending March 31, 2021) | $ 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 1,160,000 | |
2025 | 0 | |
Thereafter | 400,000 | |
Total long-term debt (including current portion) | $ 1,560,000 | $ 1,745,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Mar. 31, 2020 |
Carrying Value | Interest rate swaps | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps | $ 4,637 | $ 6,317 |
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 | 2019 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 | 2012 Term B-5 Loans | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, senior notes and term loans | 560,000 | 690,000 |
Revolving Credit Facility | 2012 ABL Revolver | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
2012 ABL Revolver | 0 | 55,000 |
Fair Value, Measurements, Recurring | Fair Value | Fair Value, Inputs, Level 2 | Interest rate swaps | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps | 4,637 | 6,317 |
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 | 616,500 | 603,000 |
Fair Value, Measurements, Recurring | Senior Notes | 2019 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 | 413,000 | 386,000 |
Fair Value, Measurements, Recurring | Term Loans | 2012 Term B-5 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 | 555,100 | 638,250 |
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 | $ 0 | $ 55,000 |
Derivative Instruments (Details
Derivative Instruments (Details) | Sep. 30, 2020USD ($) | Jan. 31, 2020agreement |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, number of instruments held | agreement | 2 | |
Interest rate swaps | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net | $ (3,700,000) | |
Interest rate swaps | Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, notional amount | $ 400,000,000 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Fair Values of Derivatives (Details) - Interest rate swaps - Designated as Hedging Instrument - USD ($) | Sep. 30, 2020 | Mar. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | $ 400,000,000 | |
Cash flow | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 200,000,000 | $ 200,000,000 |
Other Accrued Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, fair value | (926,000) | (1,905,000) |
Other Long-Term Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, fair value | $ (3,711,000) | $ (4,412,000) |
Derivative Instruments - Summ_2
Derivative Instruments - Summary of Interest Rate Swaps (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Interest expense | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income | $ 0 | $ 0 | $ 0 | $ 0 |
Loss Recognized as Expense | (1,396) | 0 | (2,422) | 0 |
Other comprehensive income (loss) | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain Recognized in Other Comprehensive Loss (effective portion) | $ 985 | $ 0 | $ 1,294 | $ 0 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) | 6 Months Ended | |
Sep. 30, 2020USD ($)vote$ / sharesshares | Mar. 31, 2020$ / sharesshares | |
Stockholders' Equity Note [Abstract] | ||
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 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Repurchased Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Class of Stock [Line Items] | ||||
Total amount repurchased | $ 997 | $ 21,291 | $ 2,239 | $ 50,856 |
Share Repurchase Program | ||||
Class of Stock [Line Items] | ||||
Number of share (in shares) | 28,865 | 672,719 | 28,865 | 1,622,544 |
Average price per share (in USD per share) | $ 34.55 | $ 31.53 | $ 34.55 | $ 30.80 |
Total amount repurchased | $ 1,000 | $ 21,200 | $ 1,000 | $ 50,000 |
Restricted Shares | ||||
Class of Stock [Line Items] | ||||
Number of share (in shares) | 0 | 2,273 | 31,117 | 28,537 |
Average price per share (in USD per share) | $ 0 | $ 35.32 | $ 39.91 | $ 30.83 |
Total amount repurchased | $ 0 | $ 100 | $ 1,200 | $ 900 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Shareholders' equity | $ 1,278,217,000 | $ 1,170,971,000 | $ 1,227,014,000 | $ 1,112,790,000 | $ 1,101,623,000 | $ 1,095,831,000 |
Reclassification from accumulated other comprehensive loss into earnings | 0 | 0 | ||||
Cumulative translation adjustment | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Shareholders' equity | (24,986,000) | (39,241,000) | ||||
Unrealized loss on interest rate swaps, net of tax of $1,067 and $1,453, respectively | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Shareholders' equity | (3,570,000) | (4,864,000) | ||||
Other comprehensive income (loss), cash flow hedge, reclassification tax | 1,067,000 | 1,453,000 | ||||
Unrecognized net loss on pension plans, net of tax of $17 and $17, respectively | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Shareholders' equity | (56,000) | (56,000) | ||||
Accumulated other comprehensive income, accumulated tax | 17,000 | 17,000 | ||||
Accumulated other comprehensive loss, net of tax | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Shareholders' equity | $ (28,612,000) | $ (44,161,000) | $ (33,262,000) | $ (29,555,000) | $ (25,971,000) | $ (25,747,000) |
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 | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Numerator | ||||
Net income | $ 44,589 | $ 33,252 | $ 88,295 | $ 67,177 |
Denominator | ||||
Denominator for basic earnings per share — weighted average shares outstanding (in shares) | 50,330 | 50,455 | 50,297 | 51,073 |
Dilutive effect of nonvested restricted stock units and options issued to employees and directors (in shares) | 331 | 356 | 375 | 353 |
Denominator for diluted earnings per share (in shares) | 50,661 | 50,811 | 50,672 | 51,426 |
Earnings per Common Share: | ||||
Basic earnings per share (in USD per share) | $ 0.89 | $ 0.66 | $ 1.76 | $ 1.32 |
Diluted earnings per share (in USD per share) | $ 0.88 | $ 0.65 | $ 1.74 | $ 1.31 |
Earnings Per Share (Antidilutiv
Earnings Per Share (Antidilutive Securities) (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
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) | 0.6 | 0.7 | 0.6 | 0.9 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Aug. 04, 2020 | May 04, 2020 | May 31, 2014 | Jun. 30, 2014 | Sep. 30, 2020 | Sep. 30, 2019 |
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 | |||||
Unrecognized compensation costs related to nonvested awards | $ 9.8 | |||||
Unrecognized compensation costs related to nonvested awards, weighted average period for recognition | 1 year | |||||
Shares available for issuance under the Plan (in shares) | 2,800,000 | |||||
Stock options granted (in shares) | 249,900 | 302,700 | ||||
Options, Additional Disclosures: | ||||||
Options exercised, aggregate intrinsic value | $ 1.3 | |||||
Performance Shares | ||||||
Share-based Compensation, Aggregate Disclosures: | ||||||
Share grants in period (in shares) | 79,070 | |||||
Restricted Stock Units (RSUs) & Stock Options | ||||||
Share-based Compensation, Aggregate Disclosures: | ||||||
Share grants in period (in shares) | 73,636 | |||||
Stock Options | ||||||
Share-based Compensation, Aggregate Disclosures: | ||||||
Stock options granted (in shares) | 249,875 | |||||
Stock options granted, exercise price (in USD per share) | $ 39.98 | |||||
Restricted Stock Units (RSUs) | ||||||
Share-based Compensation, Aggregate Disclosures: | ||||||
Share grants in period (in shares) | 907 | 179,700 | 220,300 | |||
Restricted Stock Units (RSUs) | Director [Member] | ||||||
Share-based Compensation, Aggregate Disclosures: | ||||||
Share grants in period (in shares) | 3,732 | |||||
Number of securities into which each RSU may be converted | 1 | |||||
Long-term Equity Incentive Plan, 2005 | ||||||
Share-based Compensation, Aggregate Disclosures: | ||||||
Number of shares authorized for grant under 2005 Long-Term Equity Incentive Plans (in shares) | 5,000,000 | |||||
Number of additional shares authorized (in shares) | 1,800,000 | |||||
Long-term Incentive Plan, 2020 | ||||||
Share-based Compensation, Aggregate Disclosures: | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 2,827,210 | |||||
Number of new shares for future issuance under 2020 Long-Term Incentive Plans (in shares) | 2,000,000 | |||||
Number of unissued shares reserved for 2020 Long-Term Incentive Plans (in shares) | 827,210 |
Share-Based Compensation (Stock
Share-Based Compensation (Stock Based Compensation Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | ||||
Pre-tax share-based compensation costs charged against income | $ 2,892 | $ 2,521 | $ 4,356 | $ 3,902 |
Income tax benefit recognized on compensation costs | 451 | 401 | 563 | 611 |
Total fair value of options and RSUs vested during the period | 1,015 | 1,266 | 6,796 | 7,365 |
Cash received from the exercise of stock options | 69 | 269 | 1,285 | 544 |
Tax benefits realized from tax deductions resulting from RSU issuances and stock option exercises | $ 4 | $ 48 | $ 948 | $ 482 |
Share-Based Compensation (Restr
Share-Based Compensation (Restricted Stock Units Activity) (Details) - Restricted Stock Units (RSUs) | May 04, 2020shares | Sep. 30, 2020$ / sharesshares | Sep. 30, 2019$ / sharesshares |
Shares | |||
Outstanding, beginning of period (in shares) | shares | 512,100 | 413,000 | |
Granted (in shares) | shares | 907 | 179,700 | 220,300 |
Vested and issued (in shares) | shares | (74,000) | (66,800) | |
Forfeited (in shares) | shares | (4,700) | (27,800) | |
Outstanding, end of period (in shares) | shares | 613,100 | 538,700 | |
Vested, end of period (in shares) | shares | 150,400 | 138,300 | |
Weighted Average Grant-Date Fair Value | |||
Outstanding, beginning of period, weighted-average grant-date fair value (in USD per share) | $ / shares | $ 32.49 | $ 36.58 | |
Granted, weighted-average grant-date fair value (in USD per share) | $ / shares | 39.82 | 31.02 | |
Vested and issued, weighted-average grant-date fair value (in USD per share) | $ / shares | 44.38 | 47.99 | |
Forfeited, weighted-average grant-date fair value (in USD per share) | $ / shares | 56.11 | 36.71 | |
Outstanding, end of period, weighted-average grant-date fair value (in USD per share) | $ / shares | 33.02 | 32.88 | |
Vested, end of period, weighted-average grant-date fair value (in USD per share) | $ / shares | $ 31.98 | $ 31.71 |
Share-Based Compensation (Sto_2
Share-Based Compensation (Stock Option Valuation Assumptions) (Details) - Stock Options - USD ($) | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected dividends | $ 0 | $ 0 |
Risk-free rate | 0.50% | |
Granted, weighted-average grant-date fair value (in USD per share) | $ 12.91 | $ 10.83 |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 32.10% | 30.90% |
Expected term in years | 6 years | 6 years |
Risk-free rate | 2.30% | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 32.20% | 31.30% |
Expected term in years | 7 years | 7 years |
Risk-free rate | 2.40% |
Share-Based Compensation (Sto_3
Share-Based Compensation (Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Shares | ||
Outstanding, beginning of period (in shares) | 1,020,200 | 944,600 |
Granted (in shares) | 249,900 | 302,700 |
Exercised (in shares) | (62,800) | (18,400) |
Forfeited or expired (in shares) | 0 | (124,700) |
Outstanding, end of period (in shares) | 1,207,300 | 1,104,200 |
Exercisable, end of period (in shares) | 699,100 | 610,200 |
Weighted Average Exercise Price | ||
Outstanding, beginning of period, weighted-average exercise price (in USD per share) | $ 35.90 | $ 38.45 |
Granted, weighted-average exercise price (in USD per share) | 39.98 | 30.53 |
Exercised, weighted-average exercise price (in USD per share) | 20.46 | 29.57 |
Forfeited or expired, weighted-average exercise price (in USD per share) | 0 | 43.08 |
Outstanding, end of period, weighted-average exercise price (in USD per share) | 37.55 | 35.90 |
Exercisable, end of period, weighted-average exercise price (in USD per share) | $ 39.39 | $ 38.56 |
Options, Additional Disclosures: | ||
Outstanding, end of period, weighted-average remaining contractual term | 7 years | 7 years 2 months 12 days |
Exercisable, end of period, weighted-average remaining contractual term | 5 years 7 months 6 days | 5 years 8 months 12 days |
Outstanding, end of period, aggregate intrinsic value | $ 5,032 | $ 3,959 |
Exercisable, end of period, aggregate intrinsic value | $ 3,430 | $ 2,772 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate (percent) | 14.10% | 24.50% | 19.80% | 25.40% |
Effective income tax rate reconciliation, tax credit, foreign, amount | $ 5.1 |
Employee Retirement Plans (Expe
Employee Retirement Plans (Expected Return on Plan Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | ||||
Interest cost | $ 525 | $ 577 | $ 1,050 | $ 1,154 |
Expected return on assets | (647) | (721) | (1,294) | (1,442) |
Net periodic benefit income | $ (122) | $ (144) | $ (244) | $ (288) |
Employee Retirement Plans (Narr
Employee Retirement Plans (Narrative) (Details) | 6 Months Ended |
Sep. 30, 2020USD ($) | |
Non-qualified Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Employer contributions | $ 200,000 |
Expected employer contributions, remainder of fiscal year | 200,000 |
Qualified Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Employer contributions | 0 |
Expected employer contributions, remainder of fiscal year | $ 1,000,000 |
Concentrations of Risk (Details
Concentrations of Risk (Details) - manufacturer | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Concentration Risk [Line Items] | ||||
Number of third-party manufacturers | 113 | 113 | 113 | 113 |
Sales | Customer Concentration Risk | Walmart | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 22.50% | 22.90% | 22.30% | 23.50% |
Sales | Supplier Concentration Risk | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 65.40% | 66.40% | ||
Number of third-party manufacturers with long-term contracts | 19 | 30 | ||
Top 5 brands | Sales | Product Concentration Risk | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 45.80% | 42.60% | 46.20% | 43.30% |
Business Segments (Information
Business Segments (Information on Operating and Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information, Profit (Loss): | ||||
Total revenues | $ 237,422 | $ 238,069 | $ 466,816 | $ 470,223 |
Cost of sales | 99,761 | 101,318 | 195,287 | 199,405 |
Gross profit | 137,661 | 136,751 | 271,529 | 270,818 |
Advertising and marketing | 38,341 | 38,667 | 66,091 | 73,468 |
Contribution margin | 99,320 | 98,084 | 205,438 | 197,350 |
Other operating expenses | 26,417 | 28,736 | 52,416 | 56,516 |
Operating income | 72,903 | 69,348 | 153,022 | 140,834 |
North American OTC Healthcare | ||||
Segment Reporting Information, Profit (Loss): | ||||
Total revenues | 216,575 | 213,878 | 427,233 | 424,662 |
International OTC Healthcare | ||||
Segment Reporting Information, Profit (Loss): | ||||
Total revenues | 20,847 | 24,191 | 39,583 | 45,561 |
Operating Segments | North American OTC Healthcare | ||||
Segment Reporting Information, Profit (Loss): | ||||
Total revenues | 216,575 | 213,878 | 427,233 | 424,662 |
Cost of sales | 91,069 | 92,931 | 178,896 | 181,742 |
Gross profit | 125,506 | 120,947 | 248,337 | 242,920 |
Advertising and marketing | 34,014 | 34,595 | 58,694 | 65,609 |
Contribution margin | 91,492 | 86,352 | 189,643 | 177,311 |
Operating Segments | International OTC Healthcare | ||||
Segment Reporting Information, Profit (Loss): | ||||
Total revenues | 20,847 | 24,191 | 39,583 | 45,561 |
Cost of sales | 8,692 | 8,387 | 16,391 | 17,663 |
Gross profit | 12,155 | 15,804 | 23,192 | 27,898 |
Advertising and marketing | 4,327 | 4,072 | 7,397 | 7,859 |
Contribution margin | 7,828 | 11,732 | 15,795 | 20,039 |
Intersegment Eliminations | North American OTC Healthcare | ||||
Segment Reporting Information, Profit (Loss): | ||||
Total revenues | $ 600 | $ 800 | $ 1,600 | $ 1,600 |
Business Segments (Revenue) (De
Business Segments (Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | $ 237,422 | $ 238,069 | $ 466,816 | $ 470,223 |
Analgesics | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 30,890 | 29,074 | 59,031 | 57,839 |
Cough & Cold | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 17,882 | 26,320 | 35,222 | 49,042 |
Women's Health | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 65,598 | 62,583 | 133,439 | 124,580 |
Gastrointestinal | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 38,097 | 41,242 | 73,852 | 79,799 |
Eye & Ear Care | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 29,804 | 25,471 | 55,201 | 55,235 |
Dermatologicals | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 28,711 | 28,615 | 57,030 | 55,043 |
Oral Care | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 25,078 | 23,502 | 50,423 | 46,133 |
Other OTC | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 1,362 | 1,262 | 2,618 | 2,552 |
North American OTC Healthcare | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 216,575 | 213,878 | 427,233 | 424,662 |
North American OTC Healthcare | Analgesics | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 30,623 | 28,831 | 58,490 | 57,366 |
North American OTC Healthcare | Cough & Cold | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 14,796 | 20,506 | 28,234 | 37,846 |
North American OTC Healthcare | Women's Health | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 61,492 | 59,678 | 126,902 | 119,256 |
North American OTC Healthcare | Gastrointestinal | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 31,718 | 32,214 | 61,768 | 63,786 |
North American OTC Healthcare | Eye & Ear Care | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 26,767 | 22,286 | 49,619 | 49,039 |
North American OTC Healthcare | Dermatologicals | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 27,875 | 28,039 | 55,495 | 53,777 |
North American OTC Healthcare | Oral Care | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 21,944 | 21,063 | 44,110 | 41,042 |
North American OTC Healthcare | Other OTC | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 1,360 | 1,261 | 2,615 | 2,550 |
International OTC Healthcare | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 20,847 | 24,191 | 39,583 | 45,561 |
International OTC Healthcare | Analgesics | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 267 | 243 | 541 | 473 |
International OTC Healthcare | Cough & Cold | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 3,086 | 5,814 | 6,988 | 11,196 |
International OTC Healthcare | Women's Health | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 4,106 | 2,905 | 6,537 | 5,324 |
International OTC Healthcare | Gastrointestinal | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 6,379 | 9,028 | 12,084 | 16,013 |
International OTC Healthcare | Eye & Ear Care | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 3,037 | 3,185 | 5,582 | 6,196 |
International OTC Healthcare | Dermatologicals | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 836 | 576 | 1,535 | 1,266 |
International OTC Healthcare | Oral Care | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 3,134 | 2,439 | 6,313 | 5,091 |
International OTC Healthcare | Other OTC | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | $ 2 | $ 1 | $ 3 | $ 2 |
Business Segments (Revenue by G
Business Segments (Revenue by Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenues | $ 237,422 | $ 238,069 | $ 466,816 | $ 470,223 |
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenues | 203,289 | 199,714 | 402,635 | 400,343 |
Rest of world | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenues | $ 34,133 | $ 38,355 | $ 64,181 | $ 69,880 |
Business Segments (Goodwill and
Business Segments (Goodwill and Intangible Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Mar. 31, 2020 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Goodwill | $ 577,919 | $ 575,179 |
Intangible assets | ||
Indefinite-lived | 2,276,683 | 2,265,331 |
Finite-lived, net | 204,553 | 214,060 |
Intangible assets, net | 2,481,236 | 2,479,391 |
Total | 3,059,155 | 3,054,570 |
North American OTC Healthcare | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Goodwill | 546,643 | 546,643 |
Intangible assets | ||
Indefinite-lived | 2,195,617 | 2,195,617 |
Finite-lived, net | 200,033 | 209,604 |
Intangible assets, net | 2,395,650 | 2,405,221 |
Total | 2,942,293 | 2,951,864 |
International OTC Healthcare | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Goodwill | 31,276 | 28,536 |
Intangible assets | ||
Indefinite-lived | 81,066 | 69,714 |
Finite-lived, net | 4,520 | 4,456 |
Intangible assets, net | 85,586 | 74,170 |
Total | $ 116,862 | $ 102,706 |