Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Dec. 31, 2014 | Jan. 23, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | CSS | |
Entity Registrant Name | CSS INDUSTRIES INC | |
Entity Central Index Key | 20629 | |
Current Fiscal Year End Date | -28 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 9,342,343 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Income Statement [Abstract] | ||||
Sales | $104,993 | $106,295 | $259,342 | $265,899 |
Costs and expenses | ||||
Cost of sales | 68,670 | 70,029 | 173,023 | 178,447 |
Selling, general and administrative expenses | 21,102 | 19,865 | 57,754 | 57,544 |
Interest expense, net | 43 | 82 | 39 | 152 |
Other expense (income), net | 36 | 3 | -43 | -29 |
Total costs and expenses | 89,851 | 89,979 | 230,773 | 236,114 |
Income from continuing operations before income taxes | 15,142 | 16,316 | 28,569 | 29,785 |
Income tax expense | 5,374 | 5,328 | 10,279 | 9,618 |
Income from continuing operations | 9,768 | 10,988 | 18,290 | 20,167 |
Discontinued operations, net of tax | 0 | 19 | 0 | 131 |
Net income | $9,768 | $11,007 | $18,290 | $20,298 |
Basic: | ||||
Continuing operations (in dollars per share) | $1.05 | $1.18 | $1.96 | $2.14 |
Discontinued operations (in dollars per share) | $0 | $0 | $0 | $0.01 |
Total (in dollars per share) | $1.05 | $1.18 | $1.96 | $2.15 |
Diluted: | ||||
Continuing operations (in dollars per share) | $1.04 | $1.18 | $1.95 | $2.13 |
Discontinued operations (in dollars per share) | $0 | $0 | $0 | $0.01 |
Total (in dollars per share) | $1.04 | $1.18 | $1.95 | $2.14 |
Weighted average basic and diluted shares outstanding: | ||||
Basic | 9,331 | 9,296 | 9,321 | 9,420 |
Diluted | 9,420 | 9,341 | 9,403 | 9,467 |
Cash dividends per share of common stock (in dollars per share) | $0.15 | $0.15 | $0.45 | $0.45 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |||
Current assets | |||
Cash and cash equivalents | $48,163 | $68,200 | $68,551 |
Short-term investments | 39,802 | 29,862 | 0 |
Accounts receivable, net of allowances of $1,525, $1,669 and $2,246 | 84,713 | 44,243 | 88,934 |
Inventories | 62,536 | 59,252 | 65,156 |
Deferred income taxes | 3,783 | 4,414 | 3,873 |
Other current assets | 11,807 | 13,473 | 12,410 |
Total current assets | 250,804 | 219,444 | 238,924 |
Property, plant and equipment, net | 25,775 | 27,063 | 27,553 |
Deferred income taxes | 1,776 | 1,965 | 3,314 |
Other assets | |||
Goodwill | 15,075 | 14,522 | 14,522 |
Intangible assets, net | 26,594 | 26,309 | 26,763 |
Other | 4,247 | 4,232 | 4,156 |
Total other assets | 45,916 | 45,063 | 45,441 |
Total assets | 324,271 | 293,535 | 315,232 |
Current liabilities | |||
Accounts payable | 18,233 | 10,664 | 21,733 |
Accrued payroll and other compensation | 8,075 | 8,754 | 8,227 |
Accrued customer programs | 5,593 | 4,820 | 6,188 |
Other current liabilities | 14,857 | 7,397 | 14,717 |
Total current liabilities | 46,758 | 31,635 | 50,865 |
Long-term obligations | 4,772 | 4,684 | 4,814 |
Stockholders’ equity | 272,741 | 257,216 | 259,553 |
Total liabilities and stockholders’ equity | $324,271 | $293,535 | $315,232 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |||
Statement of Financial Position [Abstract] | |||
Allowances for accounts receivable | $1,525 | $1,669 | $2,246 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Cash flows from operating activities: | ||
Net income | $18,290 | $20,298 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||
Depreciation and amortization | 5,835 | 5,677 |
Accretion of investment discount | -145 | 0 |
Provision for accounts receivable allowances | 1,748 | 2,608 |
Deferred tax provision | 954 | 1,212 |
Stock-based compensation expense | 1,533 | 1,358 |
Gain on sale of assets | 0 | -6 |
Changes in assets and liabilities: | ||
Accounts receivable | -41,218 | -48,409 |
Inventory | -1,600 | -2,558 |
Other assets | 1,497 | 797 |
Accounts payable | 7,569 | 8,533 |
Other accrued liabilities | 7,875 | 7,274 |
Total adjustments | -15,952 | -23,514 |
Net cash provided by (used for) operating activities - continuing operations | 2,338 | -3,216 |
Net cash used for operating activities - discontinued operations | -232 | -328 |
Net cash provided by (used for) operating activities | 2,106 | -3,544 |
Cash flows from investing activities: | ||
Maturities of investment securities | 30,000 | 0 |
Purchase of held-to-maturity investment securities | -39,795 | 0 |
Purchase of a business | -5,142 | 0 |
Purchase of property, plant and equipment | -2,938 | -4,035 |
Proceeds from sale of fixed assets | 5 | 8 |
Net cash used for investing activities | -17,870 | -4,027 |
Cash flows from financing activities: | ||
Dividends paid | -4,196 | -4,243 |
Purchase of treasury stock | 0 | -6,634 |
Exercise of stock options, net of tax withholdings | 56 | 49 |
Payments for tax withholding on net restricted stock settlements | -291 | -563 |
Tax effect on stock awards | 158 | 405 |
Net cash used for financing activities | -4,273 | -10,986 |
Net decrease in cash and cash equivalents | -20,037 | -18,557 |
Cash and cash equivalents at beginning of period | 68,200 | 87,108 |
Cash and cash equivalents at end of period | $48,163 | $68,551 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||
Basis of Presentation | ||||||||||||||||
CSS Industries, Inc. (collectively with its subsidiaries, “CSS” or the “Company”) has prepared the consolidated financial statements included herein pursuant to the rules and regulations of the Securities and Exchange Commission. The Company has condensed or omitted certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States pursuant to such rules and regulations. In the opinion of management, the statements include all adjustments (which include normal recurring adjustments) required for a fair presentation of financial position, results of operations and cash flows for the interim periods presented. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2014. The results of operations for the interim periods are not necessarily indicative of the results for the full year. | ||||||||||||||||
The Company’s fiscal year ends on March 31. References to a particular fiscal year refer to the fiscal year ending in March of that year. For example, “fiscal 2015” refers to the fiscal year ending March 31, 2015. | ||||||||||||||||
Principles of Consolidation | ||||||||||||||||
The consolidated financial statements include the accounts of the Company and all of its subsidiaries. All significant intercompany transactions and accounts have been eliminated in consolidation. | ||||||||||||||||
Nature of Business | ||||||||||||||||
CSS is a consumer products company primarily engaged in the design, manufacture, procurement, distribution and sale of all occasion and seasonal social expression products, principally to mass market retailers. These all occasion and seasonal products include decorative ribbons and bows, boxed greeting cards, gift tags, gift wrap, gift bags, gift boxes, gift card holders, decorative tissue paper, decorations, classroom exchange Valentines, floral accessories, Easter egg dyes and novelties, craft and educational products, stickers, memory books, stationery, journals, notecards, infant and wedding photo albums, scrapbooks, and other items that commemorate life’s celebrations. The seasonal nature of CSS’ business has historically resulted in lower sales levels and operating losses in the first and fourth quarters and comparatively higher sales levels and operating profits in the second and third quarters of the Company’s fiscal year, which ends March 31, thereby causing significant fluctuations in the quarterly results of operations of the Company. | ||||||||||||||||
The Company's principal operating subsidiaries include Berwick Offray LLC ("Berwick Offray"), Paper Magic Group, Inc. ("Paper Magic") and C.R. Gibson, LLC ("C.R. Gibson"). On December 3, 2013, the Company combined the operations of its C.R. Gibson business with the operations of its Berwick Offray and Paper Magic businesses, which were previously combined on March 27, 2012. | ||||||||||||||||
Reclassification | ||||||||||||||||
Certain prior period amounts have been reclassified to conform with the current year classification. | ||||||||||||||||
Foreign Currency Translation and Transactions | ||||||||||||||||
Translation adjustments are charged or credited to a separate component of stockholders’ equity. Gains and losses on foreign currency transactions are not material and are included in other income, net in the consolidated statements of operations. | ||||||||||||||||
Use of Estimates | ||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 and the reported amounts of revenues and expenses during the reporting period. Judgments and assessments of uncertainties are required in applying the Company’s accounting policies in many areas. Such estimates pertain to revenue recognition, the valuation of inventory and accounts receivable, the assessment of the recoverability of goodwill and other intangible and long-lived assets, income tax accounting, the valuation of stock-based awards and resolution of litigation and other proceedings. Actual results could differ from these estimates. | ||||||||||||||||
Short-Term Investments | ||||||||||||||||
The Company categorizes and accounts for its short-term investment holdings as held-to-maturity securities. Held-to-maturity securities are recorded at amortized cost which approximates fair value at December 31, 2014. This categorization is based upon the Company's positive intent and ability to hold these securities until maturity. Short-term investments at December 31, 2014 consist of commercial paper with an amortized cost of $39,802,000 and mature in September 2015. Short-term investments at March 31, 2014 consist of commercial paper with an amortized cost of $29,862,000 and matured in December 2014. There were no short-term investments at December 31, 2013. | ||||||||||||||||
Inventories | ||||||||||||||||
The Company records inventory when title is transferred, which occurs upon receipt or prior to receipt dependent on supplier shipping terms. The Company adjusts unsaleable and slow-moving inventory to its estimated net realizable value. Substantially all of the Company’s inventories are stated at the lower of first-in, first-out (FIFO) cost or market. The remaining portion of the inventory is valued at the lower of last-in, first-out (LIFO) cost or market. Inventories consisted of the following (in thousands): | ||||||||||||||||
31-Dec-14 | 31-Mar-14 | 31-Dec-13 | ||||||||||||||
Raw material | $ | 9,349 | $ | 9,366 | $ | 10,821 | ||||||||||
Work-in-process | 10,831 | 14,418 | 11,393 | |||||||||||||
Finished goods | 42,356 | 35,468 | 42,942 | |||||||||||||
$ | 62,536 | $ | 59,252 | $ | 65,156 | |||||||||||
Property, Plant and Equipment | ||||||||||||||||
Property, plant and equipment are stated at cost and include the following (in thousands): | ||||||||||||||||
31-Dec-14 | 31-Mar-14 | 31-Dec-13 | ||||||||||||||
Land | $ | 2,508 | $ | 2,508 | $ | 2,508 | ||||||||||
Buildings, leasehold interests and improvements | 35,445 | 37,183 | 37,202 | |||||||||||||
Machinery, equipment and other | 89,538 | 93,928 | 101,507 | |||||||||||||
127,491 | 133,619 | 141,217 | ||||||||||||||
Less - Accumulated depreciation and amortization | (101,716 | ) | (106,556 | ) | (113,664 | ) | ||||||||||
Net property, plant and equipment | $ | 25,775 | $ | 27,063 | $ | 27,553 | ||||||||||
Depreciation expense was $1,463,000 and $1,390,000 for the quarters ended December 31, 2014 and 2013, respectively, and was $4,500,000 and $4,436,000 for the nine months ended December 31, 2014 and 2013, respectively. | ||||||||||||||||
Long-Lived Assets including Goodwill and Other Intangible Assets | ||||||||||||||||
The Company uses a dual approach to determine the fair value of its reporting units, including both a market approach and an income approach. We believe the use of multiple valuation techniques results in a more accurate indicator of the fair value of each reporting unit. If the carrying amount of the reporting unit exceeds its fair value, the second step is performed. The second step compares the carrying amount of the goodwill to the implied fair value of the goodwill. If the implied fair value of the goodwill is less than the carrying amount of the goodwill, an impairment loss would be reported. Annual impairment tests are performed by the Company in the fourth quarter of each year. See Note 7 for further information on goodwill and other intangible assets. | ||||||||||||||||
Other indefinite-lived intangible assets consist primarily of tradenames, which are also required to be tested annually for impairment. The fair value of the Company’s tradenames is calculated using a “relief from royalty payments” methodology. Long-lived assets (including property, plant and equipment), except for goodwill and indefinite-lived intangible assets, are reviewed for impairment when events or circumstances indicate the carrying value of an asset group may not be recoverable. If such asset group is considered to be impaired, the impairment to be recognized is the amount by which the carrying amount of the asset group exceeds the fair value of the asset group. | ||||||||||||||||
Income Tax Valuation Allowance | ||||||||||||||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | ||||||||||||||||
The Company recognizes the impact of an uncertain tax position if it is more likely than not that such position will be sustained on audit, based solely on the technical merits of the position. | ||||||||||||||||
Revenue Recognition | ||||||||||||||||
The Company recognizes revenue from product sales when the goods are shipped, title and risk of loss have been transferred to the customer and collection is reasonably assured. Provisions for returns, allowances, rebates to customers and other adjustments are provided in the same period that the related sales are recorded. | ||||||||||||||||
Net Income Per Common Share | ||||||||||||||||
The following table sets forth the computation of basic and diluted net income per common share for the three- and nine months ended December 31, 2014 and 2013 (in thousands, except per share data): | ||||||||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Income from continuing operations | $ | 9,768 | $ | 10,988 | $ | 18,290 | $ | 20,167 | ||||||||
Discontinued operations, net of tax | — | 19 | — | 131 | ||||||||||||
Net income | $ | 9,768 | $ | 11,007 | $ | 18,290 | $ | 20,298 | ||||||||
Denominator: | ||||||||||||||||
Weighted average shares outstanding for basic income per common share | 9,331 | 9,296 | 9,321 | 9,420 | ||||||||||||
Effect of dilutive stock options | 89 | 45 | 82 | 47 | ||||||||||||
Adjusted weighted average share outstanding for diluted income per common share | 9,420 | 9,341 | 9,403 | 9,467 | ||||||||||||
Basic: | ||||||||||||||||
Continuing operations | $ | 1.05 | $ | 1.18 | $ | 1.96 | $ | 2.14 | ||||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | 0.01 | ||||||||
Total | $ | 1.05 | $ | 1.18 | $ | 1.96 | $ | 2.15 | ||||||||
Diluted: | ||||||||||||||||
Continuing operations | $ | 1.04 | $ | 1.18 | $ | 1.95 | $ | 2.13 | ||||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | 0.01 | ||||||||
Total | $ | 1.04 | $ | 1.18 | $ | 1.95 | $ | 2.14 | ||||||||
Stock options on 138,000 shares of common stock were not included in computing diluted net income per common share for the three- and nine months ended December 31, 2014, respectively, because their effects were antidilutive. Stock options on 151,000 shares of common stock were not included in computing diluted net income per common share for the three- and nine months ended December 31, 2013, respectively, because their effects were antidilutive. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||
Discontinued Operations | DISCONTINUED OPERATIONS | |||||||||||||||
On September 9, 2011, the Company sold the Cleo Christmas gift wrap business and certain of its assets to Impact Innovations, Inc. ("Impact"). Impact acquired the Christmas gift wrap portion of Cleo’s business and certain of its assets relating to such business, including certain equipment, contract rights, customer lists, intellectual property and other intangible assets. Cleo’s remaining assets, including accounts receivable and inventory, were excluded from the sale. The purchase price was $7,500,000, of which $2,000,000 was paid in cash at closing. The remainder of the purchase price was paid through the issuance by Impact of an unsecured subordinated promissory note, which provided for quarterly payments of interest at 7% and principal payments as follows: $500,000 on March 1, 2012; $2,500,000 on March 1, 2013; and all remaining principal and interest on March 1, 2014. In the fourth quarter of fiscal 2013, the Company received a $2,000,000 principal payment in advance of the March 1, 2014 due date. All principal and interest payments were paid timely. Liabilities of discontinued operations of $110,000, $233,000 and $314,000 were recorded in other current liabilities in the condensed consolidated balance sheet as of December 31, 2014, March 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||
As a result of the sale of its Christmas gift wrap business, the Company has reported these operations as discontinued operations, as shown in the following table (in thousands): | ||||||||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Operating (loss) income | $ | — | $ | (35 | ) | $ | — | $ | 83 | |||||||
Reversal of reserves | $ | — | $ | 64 | $ | — | $ | 118 | ||||||||
Discontinued operations, before income taxes | — | 29 | — | 201 | ||||||||||||
Income tax expense | — | 10 | — | 70 | ||||||||||||
Discontinued operations, net of tax | $ | — | $ | 19 | $ | — | $ | 131 | ||||||||
Business_Acquisition
Business Acquisition | 9 Months Ended | |||
Dec. 31, 2014 | ||||
Business Combinations [Abstract] | ||||
Business Acquisition | BUSINESS ACQUISITION | |||
On May 19, 2014, a subsidiary of the Company completed the acquisition of substantially all of the business and assets of Carson & Gebel Ribbon Co., LLC ("Carson & Gebel") for approximately $5,173,000 in cash, including transaction costs of approximately $31,000. Carson & Gebel was a manufacturer, distributor and supplier of decorative ribbon and similar products to wholesale florists, packaging distributors and bow manufacturers. Key product categories include cut edge acetate ribbon and velvet ribbon used in everyday and holiday floral arrangements. As of December 31, 2014, a portion of the purchase price is being held in escrow for certain post-closing adjustments and indemnification obligations. The acquisition was accounted for as a purchase, and the excess of cost over preliminary fair value of the net tangible and identifiable intangible assets acquired of $553,000 was recorded as goodwill in the accompanying consolidated balance sheet. For tax purposes, goodwill resulting from this acquisition is deductible. | ||||
The following table summarizes the preliminary fair values of the assets acquired at the date of acquisition (in thousands): | ||||
Current assets | $ | 2,690 | ||
Property, plant and equipment | 279 | |||
Intangible assets | 1,620 | |||
Goodwill | 553 | |||
Total assets acquired | $ | 5,142 | ||
Disposition_of_Product_Line
Disposition of Product Line | 9 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Disposition of Product Line | DISPOSITION OF PRODUCT LINE | |||||||||||
On September 5, 2012, the Company and its Paper Magic subsidiary sold the Halloween portion of Paper Magic’s business and certain Paper Magic assets relating to such business, including certain tangible and intangible assets associated with the Halloween portion of Paper Magic’s business, to Gemmy Industries (HK) Limited ("Gemmy"). Paper Magic’s remaining Halloween assets, including accounts receivable and inventory, were excluded from the sale. The sale price of $2,281,000 was paid to Paper Magic at closing. In connection with the sale, the Company recorded a restructuring reserve of $3,998,000 during the second quarter of fiscal 2013, consisting of severance of 49 employees of $1,282,000, facility closure costs of $1,375,000 and professional fees and other costs of $1,341,000 ($523,000 were costs of the transaction). | ||||||||||||
During the three- and nine months ended December 31, 2014, the Company recorded cash payments, net of sub-lease income, of $89,000 and $85,000, respectively. Additionally, a reduction in the restructuring accrual of $118,000 was recorded in the nine months ended December 31, 2014 related to sub-lease income that was greater than originally estimated. As of December 31, 2014, $21,000 of the remaining liability was classified in other current liabilities in the accompanying condensed consolidated balance sheet and will be paid through December 2015. | ||||||||||||
Selected information relating to the aforementioned restructuring follows (in thousands): | ||||||||||||
Facility | Professional | Total | ||||||||||
Costs | Fees and | |||||||||||
Other Costs | ||||||||||||
Restructuring reserve as of March 31, 2014 | $ | 112 | $ | 112 | $ | 224 | ||||||
Cash paid, net of sub-lease income | 27 | (112 | ) | (85 | ) | |||||||
Non-cash adjustments | (118 | ) | — | (118 | ) | |||||||
Restructuring reserve as of December 31, 2014 | $ | 21 | $ | — | $ | 21 | ||||||
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||
Stock-Based Compensation | STOCK-BASED COMPENSATION | |||||||||||
2013 Equity Compensation Plan | ||||||||||||
On July 30, 2013, the Company’s stockholders approved the CSS Industries, Inc. 2013 Equity Compensation Plan (“2013 Plan”). Under the terms of the Company’s 2013 Plan, the Human Resources Committee of the Company’s Board of Directors (“Board”), or other committee appointed by the Board (collectively with the Human Resources Committee, the “2013 Equity Plan Committee”), may grant incentive stock options, non-qualified stock options, stock units, restricted stock grants, stock appreciation rights, stock bonus awards and dividend equivalents to officers and other employees. Grants under the 2013 Plan may be made through July 29, 2023. The term of each grant is at the discretion of the 2013 Equity Plan Committee, but in no event greater than ten years from the date of grant. The 2013 Equity Plan Committee has discretion to determine the date or dates on which granted options become exercisable. Market-based stock options outstanding as of December 31, 2014 will become exercisable only if certain market conditions and service requirements are satisfied, and the date(s) on which they become exercisable will depend on the period in which such market conditions and service requirements are met, if at all, except that vesting and exercisability are accelerated upon a change of control. Market-based restricted stock units (“RSUs”) outstanding at December 31, 2014 will vest only if certain market conditions and service requirements have been met, and the date(s) on which they vest will depend on the period in which such market conditions and service requirements are met, if at all, except that vesting and redemption are accelerated upon a change of control. At December 31, 2014, there were 974,590 shares available for grant. | ||||||||||||
2004 Equity Compensation Plan | ||||||||||||
Under the terms of the Company’s 2004 Equity Compensation Plan (“2004 Plan”), the Human Resources Committee of the Board previously had the ability to grant incentive stock options, non-qualified stock options, restricted stock grants, stock appreciation rights, stock bonuses and other awards to officers and other employees. Effective upon approval of the 2013 Plan on July 30, 2013, no further grants were made under the 2004 Plan. Service-based options outstanding as of December 31, 2014 become exercisable at the rate of 25% per year commencing one year after the date of grant. Market-based stock options outstanding as of such date will become exercisable only if certain market conditions and service requirements are satisfied, and the date(s) on which they become exercisable will depend on the period in which such market conditions and service requirements are met, if at all, except that vesting and exercisability are accelerated upon a change of control. Market-based RSUs outstanding at December 31, 2014 will vest only if certain market conditions and service requirements have been met, and the date(s) on which they vest will depend on the period in which such market conditions and service requirements are met, if at all, except that vesting and redemption are accelerated upon a change of control. Subject to limited exceptions, service-based RSUs outstanding as of December 31, 2014 vest at the rate of 50% of the shares underlying the grant on each of the third and fourth anniversaries of the grant date. | ||||||||||||
2011 Stock Option Plan for Non-Employee Directors | ||||||||||||
Under the terms of the Company’s 2011 Stock Option Plan for Non-Employee Directors (“2011 Plan”), non-qualified stock options to purchase up to 150,000 shares of common stock are available for grant to non-employee directors at exercise prices of not less than fair market value of the underlying common stock on the date of grant. Under the 2011 Plan, options to purchase 4,000 shares of the Company’s common stock are granted automatically to each non-employee director on the last day that the Company’s common stock is traded in November of each year from 2011 to 2015. Each option will expire five years after the date the option is granted and options may be exercised at the rate of 25% per year commencing one year after the date of grant. At December 31, 2014, 81,000 shares were available for grant under the 2011 Plan. | ||||||||||||
The fair value of each stock option and RSU granted under the above plans was estimated on the date of grant using either a Black-Scholes option pricing model (service-based awards) or a Monte Carlo simulation model (market-based awards) with the following average assumptions: | ||||||||||||
Stock Options | RSUs | |||||||||||
Nine Months Ended December 31, | Nine Months Ended December 31, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Risk-free interest rate | 1.45 | % | 0.94 | % | 1.17 | % | 0.66 | % | ||||
Volatility | 48.31 | % | 52.02 | % | 38.72 | % | 40.47 | % | ||||
Dividend yield | 2.33 | % | 2.02 | % | 2.38 | % | 2.04 | % | ||||
Expected life of option (in years) | 4.79 | 4.8 | ||||||||||
The weighted average fair value of stock options granted during the nine months ended December 31, 2014 and 2013 was $9.14 and $11.19, respectively. The weighted average fair value of restricted stock units granted during the nine months ended December 31, 2014 and 2013 was $17.82 and $20.51, respectively. | ||||||||||||
As of December 31, 2014, there was $1,552,000 of total unrecognized compensation cost related to non-vested stock option awards granted under the Company’s equity incentive plans which is expected to be recognized over a weighted average period of 2.2 years. As of December 31, 2014, there was $1,372,000 of total unrecognized compensation cost related to non-vested RSUs granted under the Company’s equity incentive plans which is expected to be recognized over a weighted average period of 2.2 years. | ||||||||||||
Compensation cost related to stock options and RSUs recognized in operating results (included in selling, general and administrative expenses) was $516,000 and $350,000 in the quarters ended December 31, 2014 and 2013, respectively, and $1,533,000 and $1,358,000 in the nine months ended December 31, 2014 and 2013, respectively. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||
The Company enters into foreign currency forward contracts in order to reduce the impact of certain foreign currency fluctuations on sales denominated in a foreign currency. Derivatives are not used for trading or speculative activities. Firmly committed transactions and the related receivables may be hedged with forward exchange contracts. Gains and losses arising from foreign currency forward contracts are recorded in other income, net as offsets of gains and losses resulting from the underlying hedged transactions. A realized gain of $85,000 and $99,000 was recorded in the three- and nine months ended December 31, 2014, respectively. A realized gain of $68,000 and $59,000 was recorded in the three- and nine months ended December 31, 2013, respectively. As of December 31, 2014 and 2013, the notional amount of open foreign currency forward contracts was $2,006,000 and $3,401,000, respectively. The related unrealized gain was $3,000 and $11,000 at December 31, 2014 and 2013, respectively. We believe we do not have significant counterparty credit risks as of December 31, 2014. | ||||||||||
The following table shows the fair value of the foreign currency forward contracts designated as hedging instruments and included in the Company’s condensed consolidated balance sheet (in thousands): | ||||||||||
Fair Value of Derivative Instruments | ||||||||||
Fair Value | ||||||||||
Balance Sheet Location | 31-Dec-14 | 31-Dec-13 | ||||||||
Foreign currency forward contracts | Other current assets | $ | 3 | $ | 11 | |||||
Goodwill_and_Intangibles
Goodwill and Intangibles | 9 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Goodwill and Intangibles | GOODWILL AND INTANGIBLES | |||||||||||||||||||||||
The Company performs an annual impairment test of the carrying amount of goodwill and indefinite-lived intangible assets in the fourth quarter of its fiscal year. Additionally, the Company would perform its impairment testing at an interim date if events or circumstances indicate that goodwill or intangibles might be impaired. During the nine months ended December 31, 2014, there were no such events. | ||||||||||||||||||||||||
The change in the carrying amount of goodwill for the nine months ended December 31, 2014 is as follows (in thousands): | ||||||||||||||||||||||||
Balance at March 31, 2014 | $ | 14,522 | ||||||||||||||||||||||
Acquisition of Carson & Gebel | 553 | |||||||||||||||||||||||
Balance at December 31, 2014 | $ | 15,075 | ||||||||||||||||||||||
With the acquisition of substantially all of the assets and business of Carson & Gebel on May 19, 2014, the Company recorded intangible assets based on the completion of valuations. Such intangible assets recorded as of December 31, 2014 include $1,300,000 relating to customer lists which are being amortized over eight years and $160,000 relating to a covenant not to compete that is being amortized over five years. Additionally, the Company recorded trademarks that are not subject to amortization in the amount of $160,000. | ||||||||||||||||||||||||
The gross carrying amount and accumulated amortization of other intangible assets is as follows (in thousands): | ||||||||||||||||||||||||
31-Dec-14 | 31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||
Gross | Accumulated | Gross | Accumulated | Gross | Accumulated | |||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | Carrying | Amortization | |||||||||||||||||||
Amount | Amount | Amount | ||||||||||||||||||||||
Tradenames and trademarks | $ | 12,953 | $ | — | $ | 12,793 | $ | — | $ | 12,793 | $ | — | ||||||||||||
Customer relationships | 23,357 | 10,566 | 22,057 | 9,359 | 22,057 | 8,984 | ||||||||||||||||||
Trademarks | 403 | 295 | 403 | 273 | 403 | 265 | ||||||||||||||||||
Patents | 1,164 | 563 | 1,193 | 505 | 1,262 | 503 | ||||||||||||||||||
Non-compete | 160 | 19 | — | — | — | — | ||||||||||||||||||
$ | 38,037 | $ | 11,443 | $ | 36,446 | $ | 10,137 | $ | 36,515 | $ | 9,752 | |||||||||||||
Amortization expense related to intangible assets was $455,000 and $414,000 for the quarters ended December 31, 2014 and 2013, respectively, and was $1,335,000 and $1,241,000 for the nine months ended December 31, 2014 and 2013, respectively. Based on the current composition of intangibles, amortization expense for the remainder of fiscal 2015 and each of the succeeding four years is projected to be as follows (in thousands): | ||||||||||||||||||||||||
Remainder of fiscal 2015 | $ | 455 | ||||||||||||||||||||||
Fiscal 2016 | 1,821 | |||||||||||||||||||||||
Fiscal 2017 | 1,821 | |||||||||||||||||||||||
Fiscal 2018 | 1,821 | |||||||||||||||||||||||
Fiscal 2019 | 1,817 | |||||||||||||||||||||||
Treasury_Stock_Transactions
Treasury Stock Transactions | 9 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Treasury Stock Transactions | TREASURY STOCK TRANSACTIONS |
Under a stock repurchase program authorized by the Company’s Board, the Company repurchased 272,655 shares of the Company’s common stock for $6,634,000 during the nine months ended December 31, 2013. There were no repurchases of the Company's common stock by the Company during the nine months ended December 31, 2014. As of December 31, 2014, the Company had 200,955 shares remaining available for repurchase under the Board’s authorization. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES |
CSS and its subsidiaries are involved in ordinary, routine legal proceedings that are not considered by management to be material. In the opinion of Company counsel and management, the ultimate liabilities resulting from such legal proceedings will not materially affect the consolidated financial position of the Company or its results of operations or cash flows. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS | |||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||
The Company uses certain derivative financial instruments as part of its risk management strategy to reduce foreign currency risk. The Company recorded all derivatives on the condensed consolidated balance sheet at fair value based on quotes obtained from financial institutions as of December 31, 2014. | ||||||||||||||||
The Company maintains a Nonqualified Supplemental Executive Retirement Plan for highly compensated employees and invests assets to mirror the obligations under this Plan. The invested funds are maintained at a third party financial institution in the name of CSS and are invested in publicly traded mutual funds. The Company maintains separate accounts for each participant to reflect deferred contribution amounts and the related gains or losses on such deferred amounts. The investments are included in other current assets and the related liability is recorded as deferred compensation and included in other long-term obligations in the condensed consolidated balance sheets. The fair value of the investments is based on the market price of the mutual funds as of December 31, 2014. | ||||||||||||||||
The Company maintains two life insurance policies in connection with deferred compensation arrangements with two former executives. The cash surrender value of the policies is recorded in other long-term assets in the condensed consolidated balance sheets and is based on quotes obtained from the insurance company as of December 31, 2014. | ||||||||||||||||
To increase consistency and comparability in fair value measurements, the FASB established a fair value hierarchy that prioritizes the inputs to valuation techniques, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial assets and liabilities fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. | ||||||||||||||||
The Company’s recurring assets and liabilities recorded on the condensed consolidated balance sheet are categorized based on the inputs to the valuation techniques as follows: | ||||||||||||||||
Level 1 – Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that the Company has the ability to access. | ||||||||||||||||
Level 2 – Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Examples of Level 2 inputs include quoted prices for identical or similar assets or liabilities in non-active markets and pricing models whose inputs are observable for substantially the full term of the asset or liability. | ||||||||||||||||
Level 3 – Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. | ||||||||||||||||
The following table presents the Company’s fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis in its condensed consolidated balance sheet as of December 31, 2014 and March 31, 2014 (in thousands): | ||||||||||||||||
Fair Value Measurements at December 31, 2014 Using | ||||||||||||||||
31-Dec-14 | Quoted Prices In | Significant Other | Significant | |||||||||||||
Active Markets | Observable | Unobservable | ||||||||||||||
for Identical | Inputs (Level 2) | Inputs (Level 3) | ||||||||||||||
Assets (Level 1) | ||||||||||||||||
Assets | ||||||||||||||||
Marketable securities | $ | 824 | $ | 824 | $ | — | $ | — | ||||||||
Foreign exchange contracts | 3 | — | 3 | $ | — | |||||||||||
Cash surrender value of life insurance policies | 1,116 | — | 1,116 | — | ||||||||||||
Total assets | $ | 1,943 | $ | 824 | $ | 1,119 | $ | — | ||||||||
Liabilities | ||||||||||||||||
Deferred compensation plans | $ | 824 | $ | 824 | $ | — | $ | — | ||||||||
Total liabilities | $ | 824 | $ | 824 | $ | — | $ | — | ||||||||
Fair Value Measurements at March 31, 2014 Using | ||||||||||||||||
31-Mar-14 | Quoted Prices In | Significant Other | Significant | |||||||||||||
Active Markets | Observable | Unobservable | ||||||||||||||
for Identical | Inputs (Level 2) | Inputs (Level 3) | ||||||||||||||
Assets (Level 1) | ||||||||||||||||
Assets | ||||||||||||||||
Marketable securities | $ | 782 | $ | 782 | $ | — | $ | — | ||||||||
Cash surrender value of life insurance policies | 1,079 | — | 1,079 | — | ||||||||||||
Total assets | $ | 1,861 | $ | 782 | $ | 1,079 | $ | — | ||||||||
Liabilities | ||||||||||||||||
Deferred compensation plans | $ | 782 | $ | 782 | $ | — | $ | — | ||||||||
Total liabilities | $ | 782 | $ | 782 | $ | — | $ | — | ||||||||
Cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are reflected at carrying value in the condensed consolidated balance sheets as such amounts are a reasonable estimate of their fair values due to the short-term nature of these instruments. Short-term investments include held-to-maturity securities that are recorded at amortized cost, which approximates fair value (Level 2), because their short-term maturity results in the interest rates on these securities approximating current market interest rates. | ||||||||||||||||
Nonrecurring Fair Value Measurements | ||||||||||||||||
The Company’s nonfinancial assets which are measured at fair value on a nonrecurring basis include property, plant and equipment, goodwill, intangible assets and certain other assets. These assets are not measured at fair value on a recurring basis; however, they are subject to fair value adjustments in certain circumstances, such as when there is evidence that impairment may exist. In making the assessment of impairment, recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset group to future net cash flows estimated by the Company to be generated by such assets. If such asset group is considered to be impaired, the impairment to be recognized is the amount by which the carrying amount of the asset group exceeds the fair value of the asset group. Assets to be disposed of are recorded at the lower of their carrying value or estimated net realizable value. | ||||||||||||||||
As discussed in Note 3, the Company acquired substantially all of the business and assets of Carson & Gebel on May 19, 2014 and determined that the aggregate preliminary fair value of acquired intangible assets, consisting of trademarks, customer relationships and a covenant not to compete, was $1,620,000. The Company estimated the fair value of the acquired intangible assets using discounted cash flow techniques which included an estimate of future cash flows discounted to present value with an appropriate risk-adjusted discount rate (Level 3). | ||||||||||||||||
Goodwill and indefinite-lived intangibles are subject to impairment testing on an annual basis, or sooner if circumstances indicate a condition of impairment may exist. Impairment testing is conducted through valuation methods that are based on assumptions for matters such as interest and discount rates, growth projections and other future business conditions. These valuation methods require a significant degree of management judgment concerning the use of internal and external data. In the event these methods indicate that fair value is less than the carrying value, the asset is recorded at fair value as determined by the valuation models. As of December 31, 2014, there were no indications or circumstances indicating that an impairment might exist. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Dec. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS |
In July 2013, the FASB issued ASU 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Caryforward Exists (a consensus of the FASB Emerging Issues Task Force)" ("ASU 2013-11"), which requires an entity to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss (NOL) carryforward, or similar tax loss or tax credit carryforward, rather than as a liability when (1) the uncertain tax position would reduce the NOL or other carryforward under the tax law of the applicable jurisdiction and (2) the entity intends to use the deferred tax asset for that purpose. ASU 2013-11 does not require new recurring disclosures. It is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption and retrospective application are permitted. The Company adopted the provisions of ASU 2013-11 effective April 1, 2014. The adoption of ASU 2013-11 did not have a material impact on the Company's financial condition, results of operations and cash flows. | |
In April 2014, the FASB issued ASU 2014-08, which is an update to Topic 205, "Presentation of Financial Statements," and Topic 360, "Property, Plant and Equipment." The update changes the requirements for reporting discontinued operations and enhances disclosures regarding an entity's discontinued operations. The Company is required to adopt ASU 2014-08 prospectively for fiscal years, and the interim periods within those years, beginning after December 15, 2014. The adoption of this standard is not expected to have a material impact on the Company’s financial position, results of operations and cash flows. | |
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 clarifies the principles for recognizing revenue and develops a common revenue standard for U.S. GAAP and IFRS. This guidance includes the required steps to achieve the core principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance is effective for annual reporting periods beginning after December 15, 2016 including interim periods within that reporting period. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||
Basis of Presentation | Basis of Presentation | |||||||||||||||
CSS Industries, Inc. (collectively with its subsidiaries, “CSS” or the “Company”) has prepared the consolidated financial statements included herein pursuant to the rules and regulations of the Securities and Exchange Commission. The Company has condensed or omitted certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States pursuant to such rules and regulations. In the opinion of management, the statements include all adjustments (which include normal recurring adjustments) required for a fair presentation of financial position, results of operations and cash flows for the interim periods presented. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2014. The results of operations for the interim periods are not necessarily indicative of the results for the full year. | ||||||||||||||||
The Company’s fiscal year ends on March 31. References to a particular fiscal year refer to the fiscal year ending in March of that year. For example, “fiscal 2015” refers to the fiscal year ending March 31, 2015. | ||||||||||||||||
Principles of Consolidation | Principles of Consolidation | |||||||||||||||
The consolidated financial statements include the accounts of the Company and all of its subsidiaries. All significant intercompany transactions and accounts have been eliminated in consolidation. | ||||||||||||||||
Nature of Business | Nature of Business | |||||||||||||||
CSS is a consumer products company primarily engaged in the design, manufacture, procurement, distribution and sale of all occasion and seasonal social expression products, principally to mass market retailers. These all occasion and seasonal products include decorative ribbons and bows, boxed greeting cards, gift tags, gift wrap, gift bags, gift boxes, gift card holders, decorative tissue paper, decorations, classroom exchange Valentines, floral accessories, Easter egg dyes and novelties, craft and educational products, stickers, memory books, stationery, journals, notecards, infant and wedding photo albums, scrapbooks, and other items that commemorate life’s celebrations. The seasonal nature of CSS’ business has historically resulted in lower sales levels and operating losses in the first and fourth quarters and comparatively higher sales levels and operating profits in the second and third quarters of the Company’s fiscal year, which ends March 31, thereby causing significant fluctuations in the quarterly results of operations of the Company. | ||||||||||||||||
The Company's principal operating subsidiaries include Berwick Offray LLC ("Berwick Offray"), Paper Magic Group, Inc. ("Paper Magic") and C.R. Gibson, LLC ("C.R. Gibson"). On December 3, 2013, the Company combined the operations of its C.R. Gibson business with the operations of its Berwick Offray and Paper Magic businesses, which were previously combined on March 27, 2012. | ||||||||||||||||
Reclassification | Reclassification | |||||||||||||||
Certain prior period amounts have been reclassified to conform with the current year classification. | ||||||||||||||||
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions | |||||||||||||||
Translation adjustments are charged or credited to a separate component of stockholders’ equity. Gains and losses on foreign currency transactions are not material and are included in other income, net in the consolidated statements of operations. | ||||||||||||||||
Use of Estimates | Use of Estimates | |||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 and the reported amounts of revenues and expenses during the reporting period. Judgments and assessments of uncertainties are required in applying the Company’s accounting policies in many areas. Such estimates pertain to revenue recognition, the valuation of inventory and accounts receivable, the assessment of the recoverability of goodwill and other intangible and long-lived assets, income tax accounting, the valuation of stock-based awards and resolution of litigation and other proceedings. Actual results could differ from these estimates. | ||||||||||||||||
Short-Term Investments | Short-Term Investments | |||||||||||||||
The Company categorizes and accounts for its short-term investment holdings as held-to-maturity securities. Held-to-maturity securities are recorded at amortized cost which approximates fair value at December 31, 2014. This categorization is based upon the Company's positive intent and ability to hold these securities until maturity. | ||||||||||||||||
Inventories | Inventories | |||||||||||||||
The Company records inventory when title is transferred, which occurs upon receipt or prior to receipt dependent on supplier shipping terms. The Company adjusts unsaleable and slow-moving inventory to its estimated net realizable value. Substantially all of the Company’s inventories are stated at the lower of first-in, first-out (FIFO) cost or market. The remaining portion of the inventory is valued at the lower of last-in, first-out (LIFO) cost or market. | ||||||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment | |||||||||||||||
Property, plant and equipment are stated at cost | ||||||||||||||||
Long-Lived Assets including Goodwill and Other Intangible Assets | Long-Lived Assets including Goodwill and Other Intangible Assets | |||||||||||||||
The Company uses a dual approach to determine the fair value of its reporting units, including both a market approach and an income approach. We believe the use of multiple valuation techniques results in a more accurate indicator of the fair value of each reporting unit. If the carrying amount of the reporting unit exceeds its fair value, the second step is performed. The second step compares the carrying amount of the goodwill to the implied fair value of the goodwill. If the implied fair value of the goodwill is less than the carrying amount of the goodwill, an impairment loss would be reported. Annual impairment tests are performed by the Company in the fourth quarter of each year. See Note 7 for further information on goodwill and other intangible assets. | ||||||||||||||||
Other indefinite-lived intangible assets consist primarily of tradenames, which are also required to be tested annually for impairment. The fair value of the Company’s tradenames is calculated using a “relief from royalty payments” methodology. Long-lived assets (including property, plant and equipment), except for goodwill and indefinite-lived intangible assets, are reviewed for impairment when events or circumstances indicate the carrying value of an asset group may not be recoverable. If such asset group is considered to be impaired, the impairment to be recognized is the amount by which the carrying amount of the asset group exceeds the fair value of the asset group. | ||||||||||||||||
Income Tax Valuation Allowance | Income Tax Valuation Allowance | |||||||||||||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | ||||||||||||||||
The Company recognizes the impact of an uncertain tax position if it is more likely than not that such position will be sustained on audit, based solely on the technical merits of the position. | ||||||||||||||||
Revenue Recognition | Revenue Recognition | |||||||||||||||
The Company recognizes revenue from product sales when the goods are shipped, title and risk of loss have been transferred to the customer and collection is reasonably assured. Provisions for returns, allowances, rebates to customers and other adjustments are provided in the same period that the related sales are recorded. | ||||||||||||||||
Net Income Per Common Share | Net Income Per Common Share | |||||||||||||||
The following table sets forth the computation of basic and diluted net income per common share for the three- and nine months ended December 31, 2014 and 2013 (in thousands, except per share data): | ||||||||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Income from continuing operations | $ | 9,768 | $ | 10,988 | $ | 18,290 | $ | 20,167 | ||||||||
Discontinued operations, net of tax | — | 19 | — | 131 | ||||||||||||
Net income | $ | 9,768 | $ | 11,007 | $ | 18,290 | $ | 20,298 | ||||||||
Denominator: | ||||||||||||||||
Weighted average shares outstanding for basic income per common share | 9,331 | 9,296 | 9,321 | 9,420 | ||||||||||||
Effect of dilutive stock options | 89 | 45 | 82 | 47 | ||||||||||||
Adjusted weighted average share outstanding for diluted income per common share | 9,420 | 9,341 | 9,403 | 9,467 | ||||||||||||
Basic: | ||||||||||||||||
Continuing operations | $ | 1.05 | $ | 1.18 | $ | 1.96 | $ | 2.14 | ||||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | 0.01 | ||||||||
Total | $ | 1.05 | $ | 1.18 | $ | 1.96 | $ | 2.15 | ||||||||
Diluted: | ||||||||||||||||
Continuing operations | $ | 1.04 | $ | 1.18 | $ | 1.95 | $ | 2.13 | ||||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | 0.01 | ||||||||
Total | $ | 1.04 | $ | 1.18 | $ | 1.95 | $ | 2.14 | ||||||||
Stock options on 138,000 shares of common stock were not included in computing diluted net income per common share for the three- and nine months ended December 31, 2014, respectively, because their effects were antidilutive. Stock options on 151,000 shares of common stock were not included in computing diluted net income per common share for the three- and nine months ended December 31, 2013, respectively, because their effects were antidilutive. | ||||||||||||||||
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS | |||||||||||||||
In July 2013, the FASB issued ASU 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Caryforward Exists (a consensus of the FASB Emerging Issues Task Force)" ("ASU 2013-11"), which requires an entity to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss (NOL) carryforward, or similar tax loss or tax credit carryforward, rather than as a liability when (1) the uncertain tax position would reduce the NOL or other carryforward under the tax law of the applicable jurisdiction and (2) the entity intends to use the deferred tax asset for that purpose. ASU 2013-11 does not require new recurring disclosures. It is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption and retrospective application are permitted. The Company adopted the provisions of ASU 2013-11 effective April 1, 2014. The adoption of ASU 2013-11 did not have a material impact on the Company's financial condition, results of operations and cash flows. | ||||||||||||||||
In April 2014, the FASB issued ASU 2014-08, which is an update to Topic 205, "Presentation of Financial Statements," and Topic 360, "Property, Plant and Equipment." The update changes the requirements for reporting discontinued operations and enhances disclosures regarding an entity's discontinued operations. The Company is required to adopt ASU 2014-08 prospectively for fiscal years, and the interim periods within those years, beginning after December 15, 2014. The adoption of this standard is not expected to have a material impact on the Company’s financial position, results of operations and cash flows. | ||||||||||||||||
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 clarifies the principles for recognizing revenue and develops a common revenue standard for U.S. GAAP and IFRS. This guidance includes the required steps to achieve the core principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance is effective for annual reporting periods beginning after December 15, 2016 including interim periods within that reporting period. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||
Inventories | Inventories consisted of the following (in thousands): | |||||||||||||||
31-Dec-14 | 31-Mar-14 | 31-Dec-13 | ||||||||||||||
Raw material | $ | 9,349 | $ | 9,366 | $ | 10,821 | ||||||||||
Work-in-process | 10,831 | 14,418 | 11,393 | |||||||||||||
Finished goods | 42,356 | 35,468 | 42,942 | |||||||||||||
$ | 62,536 | $ | 59,252 | $ | 65,156 | |||||||||||
Property, Plant and Equipment | Property, plant and equipment are stated at cost and include the following (in thousands): | |||||||||||||||
31-Dec-14 | 31-Mar-14 | 31-Dec-13 | ||||||||||||||
Land | $ | 2,508 | $ | 2,508 | $ | 2,508 | ||||||||||
Buildings, leasehold interests and improvements | 35,445 | 37,183 | 37,202 | |||||||||||||
Machinery, equipment and other | 89,538 | 93,928 | 101,507 | |||||||||||||
127,491 | 133,619 | 141,217 | ||||||||||||||
Less - Accumulated depreciation and amortization | (101,716 | ) | (106,556 | ) | (113,664 | ) | ||||||||||
Net property, plant and equipment | $ | 25,775 | $ | 27,063 | $ | 27,553 | ||||||||||
Net Income Per Common Share | The following table sets forth the computation of basic and diluted net income per common share for the three- and nine months ended December 31, 2014 and 2013 (in thousands, except per share data): | |||||||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Income from continuing operations | $ | 9,768 | $ | 10,988 | $ | 18,290 | $ | 20,167 | ||||||||
Discontinued operations, net of tax | — | 19 | — | 131 | ||||||||||||
Net income | $ | 9,768 | $ | 11,007 | $ | 18,290 | $ | 20,298 | ||||||||
Denominator: | ||||||||||||||||
Weighted average shares outstanding for basic income per common share | 9,331 | 9,296 | 9,321 | 9,420 | ||||||||||||
Effect of dilutive stock options | 89 | 45 | 82 | 47 | ||||||||||||
Adjusted weighted average share outstanding for diluted income per common share | 9,420 | 9,341 | 9,403 | 9,467 | ||||||||||||
Basic: | ||||||||||||||||
Continuing operations | $ | 1.05 | $ | 1.18 | $ | 1.96 | $ | 2.14 | ||||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | 0.01 | ||||||||
Total | $ | 1.05 | $ | 1.18 | $ | 1.96 | $ | 2.15 | ||||||||
Diluted: | ||||||||||||||||
Continuing operations | $ | 1.04 | $ | 1.18 | $ | 1.95 | $ | 2.13 | ||||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | 0.01 | ||||||||
Total | $ | 1.04 | $ | 1.18 | $ | 1.95 | $ | 2.14 | ||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||
Operating income of discontinued operations | As a result of the sale of its Christmas gift wrap business, the Company has reported these operations as discontinued operations, as shown in the following table (in thousands): | |||||||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Operating (loss) income | $ | — | $ | (35 | ) | $ | — | $ | 83 | |||||||
Reversal of reserves | $ | — | $ | 64 | $ | — | $ | 118 | ||||||||
Discontinued operations, before income taxes | — | 29 | — | 201 | ||||||||||||
Income tax expense | — | 10 | — | 70 | ||||||||||||
Discontinued operations, net of tax | $ | — | $ | 19 | $ | — | $ | 131 | ||||||||
Business_Acquisition_Tables
Business Acquisition (Tables) | 9 Months Ended | |||
Dec. 31, 2014 | ||||
Business Combinations [Abstract] | ||||
Schedule of the estimated fair values of assets acquired | The following table summarizes the preliminary fair values of the assets acquired at the date of acquisition (in thousands): | |||
Current assets | $ | 2,690 | ||
Property, plant and equipment | 279 | |||
Intangible assets | 1,620 | |||
Goodwill | 553 | |||
Total assets acquired | $ | 5,142 | ||
Disposition_of_Product_Line_Ta
Disposition of Product Line (Tables) | 9 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Schedule of Aforementioned Restructuring | Selected information relating to the aforementioned restructuring follows (in thousands): | |||||||||||
Facility | Professional | Total | ||||||||||
Costs | Fees and | |||||||||||
Other Costs | ||||||||||||
Restructuring reserve as of March 31, 2014 | $ | 112 | $ | 112 | $ | 224 | ||||||
Cash paid, net of sub-lease income | 27 | (112 | ) | (85 | ) | |||||||
Non-cash adjustments | (118 | ) | — | (118 | ) | |||||||
Restructuring reserve as of December 31, 2014 | $ | 21 | $ | — | $ | 21 | ||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||
Schedule of Fair Value of Each Stock Option Granted Using Monte Carlo Simulation Model | The fair value of each stock option and RSU granted under the above plans was estimated on the date of grant using either a Black-Scholes option pricing model (service-based awards) or a Monte Carlo simulation model (market-based awards) with the following average assumptions: | |||||||||||
Stock Options | RSUs | |||||||||||
Nine Months Ended December 31, | Nine Months Ended December 31, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Risk-free interest rate | 1.45 | % | 0.94 | % | 1.17 | % | 0.66 | % | ||||
Volatility | 48.31 | % | 52.02 | % | 38.72 | % | 40.47 | % | ||||
Dividend yield | 2.33 | % | 2.02 | % | 2.38 | % | 2.04 | % | ||||
Expected life of option (in years) | 4.79 | 4.8 | ||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||
Fair Value of Derivative Instruments | The following table shows the fair value of the foreign currency forward contracts designated as hedging instruments and included in the Company’s condensed consolidated balance sheet (in thousands): | |||||||||
Fair Value of Derivative Instruments | ||||||||||
Fair Value | ||||||||||
Balance Sheet Location | 31-Dec-14 | 31-Dec-13 | ||||||||
Foreign currency forward contracts | Other current assets | $ | 3 | $ | 11 | |||||
Goodwill_and_Intangibles_Table
Goodwill and Intangibles (Tables) | 9 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule of goodwill | The change in the carrying amount of goodwill for the nine months ended December 31, 2014 is as follows (in thousands): | |||||||||||||||||||||||
Balance at March 31, 2014 | $ | 14,522 | ||||||||||||||||||||||
Acquisition of Carson & Gebel | 553 | |||||||||||||||||||||||
Balance at December 31, 2014 | $ | 15,075 | ||||||||||||||||||||||
Gross Carrying Amount and Accumulated Amortization of Other Intangible Assets | The gross carrying amount and accumulated amortization of other intangible assets is as follows (in thousands): | |||||||||||||||||||||||
31-Dec-14 | 31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||
Gross | Accumulated | Gross | Accumulated | Gross | Accumulated | |||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | Carrying | Amortization | |||||||||||||||||||
Amount | Amount | Amount | ||||||||||||||||||||||
Tradenames and trademarks | $ | 12,953 | $ | — | $ | 12,793 | $ | — | $ | 12,793 | $ | — | ||||||||||||
Customer relationships | 23,357 | 10,566 | 22,057 | 9,359 | 22,057 | 8,984 | ||||||||||||||||||
Trademarks | 403 | 295 | 403 | 273 | 403 | 265 | ||||||||||||||||||
Patents | 1,164 | 563 | 1,193 | 505 | 1,262 | 503 | ||||||||||||||||||
Non-compete | 160 | 19 | — | — | — | — | ||||||||||||||||||
$ | 38,037 | $ | 11,443 | $ | 36,446 | $ | 10,137 | $ | 36,515 | $ | 9,752 | |||||||||||||
Schedule of Future Amortization Expense | Based on the current composition of intangibles, amortization expense for the remainder of fiscal 2015 and each of the succeeding four years is projected to be as follows (in thousands): | |||||||||||||||||||||||
Remainder of fiscal 2015 | $ | 455 | ||||||||||||||||||||||
Fiscal 2016 | 1,821 | |||||||||||||||||||||||
Fiscal 2017 | 1,821 | |||||||||||||||||||||||
Fiscal 2018 | 1,821 | |||||||||||||||||||||||
Fiscal 2019 | 1,817 | |||||||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the Company’s fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis in its condensed consolidated balance sheet as of December 31, 2014 and March 31, 2014 (in thousands): | |||||||||||||||
Fair Value Measurements at December 31, 2014 Using | ||||||||||||||||
31-Dec-14 | Quoted Prices In | Significant Other | Significant | |||||||||||||
Active Markets | Observable | Unobservable | ||||||||||||||
for Identical | Inputs (Level 2) | Inputs (Level 3) | ||||||||||||||
Assets (Level 1) | ||||||||||||||||
Assets | ||||||||||||||||
Marketable securities | $ | 824 | $ | 824 | $ | — | $ | — | ||||||||
Foreign exchange contracts | 3 | — | 3 | $ | — | |||||||||||
Cash surrender value of life insurance policies | 1,116 | — | 1,116 | — | ||||||||||||
Total assets | $ | 1,943 | $ | 824 | $ | 1,119 | $ | — | ||||||||
Liabilities | ||||||||||||||||
Deferred compensation plans | $ | 824 | $ | 824 | $ | — | $ | — | ||||||||
Total liabilities | $ | 824 | $ | 824 | $ | — | $ | — | ||||||||
Fair Value Measurements at March 31, 2014 Using | ||||||||||||||||
31-Mar-14 | Quoted Prices In | Significant Other | Significant | |||||||||||||
Active Markets | Observable | Unobservable | ||||||||||||||
for Identical | Inputs (Level 2) | Inputs (Level 3) | ||||||||||||||
Assets (Level 1) | ||||||||||||||||
Assets | ||||||||||||||||
Marketable securities | $ | 782 | $ | 782 | $ | — | $ | — | ||||||||
Cash surrender value of life insurance policies | 1,079 | — | 1,079 | — | ||||||||||||
Total assets | $ | 1,861 | $ | 782 | $ | 1,079 | $ | — | ||||||||
Liabilities | ||||||||||||||||
Deferred compensation plans | $ | 782 | $ | 782 | $ | — | $ | — | ||||||||
Total liabilities | $ | 782 | $ | 782 | $ | — | $ | — | ||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
Accounting Policies [Abstract] | |||||
Held-to-maturity short-term investments | $39,802 | $0 | $39,802 | $0 | $29,862 |
Depreciation expense | $1,463 | $1,390 | $4,500 | $4,436 | |
Effective antidilutive securities excluded from computation of net income per share (in shares) | 138 | 151 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Inventories (Detail) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |||
Inventory Disclosure [Abstract] | |||
Raw material | $9,349 | $9,366 | $10,821 |
Work-in-process | 10,831 | 14,418 | 11,393 |
Finished goods | 42,356 | 35,468 | 42,942 |
Inventory, net | $62,536 | $59,252 | $65,156 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, Gross | $127,491 | $133,619 | $141,217 |
Less - Accumulated depreciation and amortization | -101,716 | -106,556 | -113,664 |
Net property, plant and equipment | 25,775 | 27,063 | 27,553 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, Gross | 2,508 | 2,508 | 2,508 |
Buildings, Leasehold Interests and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, Gross | 35,445 | 37,183 | 37,202 |
Machinery, Equipment and Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, Gross | $89,538 | $93,928 | $101,507 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Net Income Per Common Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Numerator: | ||||
Income from continuing operations | $9,768 | $10,988 | $18,290 | $20,167 |
Discontinued operations, net of tax | 0 | 19 | 0 | 131 |
Net income | $9,768 | $11,007 | $18,290 | $20,298 |
Denominator: | ||||
Weighted average shares outstanding for basic income per common share | 9,331 | 9,296 | 9,321 | 9,420 |
Effect of dilutive stock options | 89 | 45 | 82 | 47 |
Adjusted weighted average share outstanding for diluted income per common share | 9,420 | 9,341 | 9,403 | 9,467 |
Basic: | ||||
Continuing operations (in dollars per share) | $1.05 | $1.18 | $1.96 | $2.14 |
Discontinued operations (in dollars per share) | $0 | $0 | $0 | $0.01 |
Total (in dollars per share) | $1.05 | $1.18 | $1.96 | $2.15 |
Diluted: | ||||
Continuing operations (in dollars per share) | $1.04 | $1.18 | $1.95 | $2.13 |
Discontinued operations (in dollars per share) | $0 | $0 | $0 | $0.01 |
Total (in dollars per share) | $1.04 | $1.18 | $1.95 | $2.14 |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Sep. 09, 2011 | Mar. 31, 2013 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 01, 2013 | Mar. 01, 2012 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Purchase price of new company | $7,500,000 | ||||||
Cash payment for new company | 2,000,000 | ||||||
Liabilities of discontinued operations, current | 110,000 | 233,000 | 314,000 | ||||
Impact [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Interest rate of promissory note | 7.00% | ||||||
Principal payments of promissory note | 2,500,000 | 500,000 | |||||
Advance principal payment | $2,000,000 |
Discontinued_Operations_Schedu
Discontinued Operations - Schedule of Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Operating (loss) income | $0 | ($35) | $0 | $83 |
Reversal of reserves | 0 | 64 | 0 | 118 |
Discontinued operations, before income taxes | 0 | 29 | 0 | 201 |
Income tax expense | 0 | 10 | 0 | 70 |
Discontinued operations, net of tax | $0 | $19 | $0 | $131 |
Business_Acquisition_Additiona
Business Acquisition - Additional Information (Details) (USD $) | 9 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | 19-May-14 | Mar. 31, 2014 |
Business Acquisition [Line Items] | ||||
Payments to acquire business | $5,142 | $0 | ||
Goodwill | 15,075 | 14,522 | 14,522 | |
Carson & Gebel [Member] | Subsidiary [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to acquire business | 5,173 | |||
Transaction costs | 31 | |||
Goodwill | $553 |
Business_Acquisition_Fair_Valu
Business Acquisition - Fair Value of Assets Acquired (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | 19-May-14 |
In Thousands, unless otherwise specified | ||||
Estimated fair values of the assets acquired at the date of acquisition | ||||
Goodwill | $15,075 | $14,522 | $14,522 | |
Carson & Gebel [Member] | Subsidiary [Member] | ||||
Estimated fair values of the assets acquired at the date of acquisition | ||||
Current assets | 2,690 | |||
Property, plant and equipment | 279 | |||
Intangible assets | 1,620 | |||
Goodwill | 553 | |||
Total assets acquired | $5,142 |
Disposition_of_Product_Line_Ad
Disposition of Product Line - Additional Information (Detail) (Sale of Halloween Portion of PMG's Business [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2012 | Dec. 31, 2014 | Sep. 05, 2012 |
employee | ||||
Sale of Halloween Portion of PMG's Business [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Sale price of business portion sold | $2,281 | |||
Restructuring charges | 3,998 | |||
Severance of employees (in number of employees) | 49 | |||
Severance of employees cost | 1,282 | |||
Facility closure costs | 1,375 | |||
Professional fees related with sale of business | 1,341 | |||
Incurred transaction cost | 523 | |||
Company made payments related to restructuring | 89 | 85 | ||
Reduction in Restructuring accrual | 118 | |||
Remaining liability related with other current liabilities | $21 | $21 |
Disposition_of_Product_Line_Sc
Disposition of Product Line - Schedule of Aforementioned Restructuring (Detail) (Sale of Halloween Portion of PMG's Business [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning balance | $224 |
Cash paid, net of sub-lease income | -85 |
Non-cash adjustments | -118 |
Restructuring reserve, ending balance | 21 |
Facility Costs [Member] | |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning balance | 112 |
Cash paid, net of sub-lease income | 27 |
Non-cash adjustments | -118 |
Restructuring reserve, ending balance | 21 |
Professional Fees and Other Costs [Member] | |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning balance | 112 |
Cash paid, net of sub-lease income | -112 |
Non-cash adjustments | 0 |
Restructuring reserve, ending balance | $0 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 9 Months Ended | 0 Months Ended | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Jul. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average fair value of stock options granted (in dollars per share) | $9.14 | $11.19 | |||
Total unrecognized compensation cost related to non-vested stock option awards | $1,552,000 | $1,552,000 | |||
Equity incentive plan, weighted average recognition period | 2 years 2 months 17 days | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average fair value of restricted stock granted (in dollars per share) | $17.82 | $20.51 | |||
Equity incentive plan, weighted average recognition period | 2 years 2 months 24 days | ||||
Total unrecognized compensation cost related to non-vested RSUs | 1,372,000 | 1,372,000 | |||
2013 Equity Compensation Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock option plan | 2013 Plan | ||||
Term of grant | 10 years | ||||
Shares available for grant | 974,590 | 974,590 | |||
2004 Equity Compensation Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock option plan | 2004 Plan | ||||
Equity compensation plan expired date | 30-Jul-13 | ||||
2004 Equity Compensation Plan [Member] | Service-Based Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rate | 25.00% | ||||
Award service period | 1 year | ||||
2004 Equity Compensation Plan [Member] | Service-Based Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rate | 50.00% | ||||
2011 Stock Option Plan for Non-Employee Directors [Member] | Non-Qualified Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock option plan | 2011 Plan | ||||
Vesting rate | 25.00% | ||||
Award service period | 1 year | ||||
Expiry period of option | 5 years | ||||
Selling, General and Administrative Expenses [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation cost related to stock options and RSUs recognized | $1,533,000 | $1,358,000 | $516,000 | $350,000 | |
Common Stock [Member] | 2011 Stock Option Plan for Non-Employee Directors [Member] | Non-Qualified Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for grant | 81,000 | 81,000 | |||
Issue of common stock under ESOP (in shares) | 150,000 | 150,000 | |||
Company's common stock granted to non-employee director (in shares) | 4,000 |
StockBased_Compensation_Schedu
Stock-Based Compensation - Schedule of Fair Value of Each Stock Option Granted Using Monte Carlo Simulation Model (Detail) | 9 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 1.45% | 0.94% |
Volatility | 48.31% | 52.02% |
Dividend yield | 2.33% | 2.02% |
Expected life of option (in years) | 4 years 9 months 15 days | 4 years 9 months 17 days |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 1.17% | 0.66% |
Volatility | 38.72% | 40.47% |
Dividend yield | 2.38% | 2.04% |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Derivative [Line Items] | ||||
Foreign currency forward contracts, unrealized gain (loss) | $3 | $11 | ||
Foreign Exchange Forward [Member] | ||||
Derivative [Line Items] | ||||
Notional amount of derivative contracts | 2,006 | 3,401 | 2,006 | 3,401 |
Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Realized gain (loss) from foreign currency forward contracts | $85 | $68 | $99 | $59 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Fair Value of Derivative Instruments (Detail) (Designated as Hedging Instrument [Member], Foreign Exchange Forward [Member], Other Current Assets [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency forward contracts | $3 | $11 |
Goodwill_and_Intangibles_Sched
Goodwill and Intangibles - Schedule of Goodwill (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Roll Forward] | ||
Beginning Balance | $14,522 | $14,522 |
Acquisition of Carson & Gebel | 553 | |
Ending Balance | $15,075 | $14,522 |
Goodwill_and_Intangibles_Addit
Goodwill and Intangibles - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Acquired Indefinite-lived Intangible Assets [Line Items] | ||||
Amortization expense related to intangible assets | $455 | $414 | $1,335 | $1,241 |
Carson & Gebel [Member] | Trademarks [Member] | ||||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets Acquired | 160 | |||
Customer Lists [Member] | Carson & Gebel [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets acquired | 1,300 | |||
Acquired finite-lived intangible assets, amortization period | 8 years | |||
Noncompete Agreements [Member] | Carson & Gebel [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets acquired | $160 | |||
Acquired finite-lived intangible assets, amortization period | 5 years |
Goodwill_and_Intangibles_Gross
Goodwill and Intangibles - Gross Carrying Amount and Accumulated Amortization of Other Intangible Assets (Detail) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $38,037 | $36,446 | $36,515 |
Accumulated Amortization | 11,443 | 10,137 | 9,752 |
Tradenames and Trademarks [Member] | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 12,953 | 12,793 | 12,793 |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 23,357 | 22,057 | 22,057 |
Accumulated Amortization | 10,566 | 9,359 | 8,984 |
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 403 | 403 | 403 |
Accumulated Amortization | 295 | 273 | 265 |
Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 1,164 | 1,193 | 1,262 |
Accumulated Amortization | 563 | 505 | 503 |
Non-compete [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 160 | 0 | 0 |
Accumulated Amortization | $19 | $0 | $0 |
Goodwill_and_Intangibles_Sched1
Goodwill and Intangibles - Schedule of Future Amortization Expense (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remainder of fiscal 2015 | $455 |
Fiscal 2016 | 1,821 |
Fiscal 2017 | 1,821 |
Fiscal 2018 | 1,821 |
Fiscal 2019 | $1,817 |
Treasury_Stock_Transactions_De
Treasury Stock Transactions (Detail) (USD $) | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Equity [Abstract] | ||
Number of shares repurchased of the Company's common stock | 0 | 272,655 |
Value of shares repurchased of the Company's common stock | $6,634 | |
Remaining shares available for repurchase under the Board's authorization | 200,955 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 19-May-14 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | InsurancePolicy | |
executive | ||
Carson & Gebel [Member] | Subsidiary [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Acquired intangible assets | $1,620 | |
Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Number of life insurance policies | 2 | |
Number of former executives | 2 |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (Recurring Fair Value Measurements [Member], USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Total assets | $1,943 | $1,861 |
Liabilities | ||
Total liabilities | 824 | 782 |
Deferred Compensation Plans [Member] | ||
Liabilities | ||
Total liabilities | 824 | 782 |
Marketable Securities [Member] | ||
Assets | ||
Total assets | 824 | 782 |
Foreign Exchange Contracts [Member] | ||
Assets | ||
Total assets | 3 | |
Cash Surrender Value of Life Insurance Policies [Member] | ||
Assets | ||
Total assets | 1,116 | 1,079 |
Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | ||
Assets | ||
Total assets | 824 | 782 |
Liabilities | ||
Total liabilities | 824 | 782 |
Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | Deferred Compensation Plans [Member] | ||
Liabilities | ||
Total liabilities | 824 | 782 |
Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | Marketable Securities [Member] | ||
Assets | ||
Total assets | 824 | 782 |
Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | Foreign Exchange Contracts [Member] | ||
Assets | ||
Total assets | 0 | |
Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | Cash Surrender Value of Life Insurance Policies [Member] | ||
Assets | ||
Total assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets | ||
Total assets | 1,119 | 1,079 |
Liabilities | ||
Total liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Deferred Compensation Plans [Member] | ||
Liabilities | ||
Total liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Marketable Securities [Member] | ||
Assets | ||
Total assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Foreign Exchange Contracts [Member] | ||
Assets | ||
Total assets | 3 | |
Significant Other Observable Inputs (Level 2) [Member] | Cash Surrender Value of Life Insurance Policies [Member] | ||
Assets | ||
Total assets | 1,116 | 1,079 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets | ||
Total assets | 0 | 0 |
Liabilities | ||
Total liabilities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Deferred Compensation Plans [Member] | ||
Liabilities | ||
Total liabilities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Marketable Securities [Member] | ||
Assets | ||
Total assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Exchange Contracts [Member] | ||
Assets | ||
Total assets | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Cash Surrender Value of Life Insurance Policies [Member] | ||
Assets | ||
Total assets | $0 | $0 |