Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 30, 2017 | Oct. 31, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | LABL | |
Entity Registrant Name | MULTI COLOR Corp | |
Entity Central Index Key | 819,220 | |
Current Fiscal Year End Date | --03-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 20,440,602 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||||
Net revenues | $ 256,034 | $ 232,140 | $ 498,474 | $ 468,634 |
Cost of revenues | 204,260 | 182,187 | 397,243 | 366,588 |
Gross profit | 51,774 | 49,953 | 101,231 | 102,046 |
Selling, general and administrative expenses | 25,200 | 19,736 | 48,789 | 42,390 |
Facility closure expenses | 95 | 57 | 129 | 214 |
Operating income | 26,479 | 30,160 | 52,313 | 59,442 |
Interest expense | 6,669 | 6,521 | 13,004 | 12,977 |
Other income, net | (2,676) | (290) | (1,477) | (560) |
Income before income taxes | 22,486 | 23,929 | 40,786 | 47,025 |
Income tax expense | 7,296 | 7,395 | 11,454 | 14,581 |
Net income | 15,190 | 16,534 | 29,332 | 32,444 |
Less: Net income attributable to noncontrolling interests | 191 | 36 | 296 | |
Net income attributable to Multi-Color Corporation | $ 15,190 | $ 16,343 | $ 29,296 | $ 32,148 |
Weighted average shares and equivalents outstanding: | ||||
Basic | 17,015 | 16,867 | 16,983 | 16,836 |
Diluted | 17,177 | 17,008 | 17,168 | 16,988 |
Basic earnings per common share | $ 0.89 | $ 0.97 | $ 1.73 | $ 1.91 |
Diluted earnings per common share | 0.88 | 0.96 | 1.71 | 1.89 |
Dividends per common share | $ 0.05 | $ 0.05 | $ 0.10 | $ 0.10 |
CONDENSED CONSOLIDATED STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net income | $ 15,190 | $ 16,534 | $ 29,332 | $ 32,444 | |
Other comprehensive income (loss): | |||||
Unrealized foreign currency translation gain (loss) | [1] | 10,950 | 1,160 | 30,014 | (12,213) |
Unrealized gain (loss) on derivative contracts, net of tax | [2] | (4,556) | 31 | (4,556) | 196 |
Total other comprehensive income (loss) | 6,394 | 1,191 | 25,458 | (12,017) | |
Comprehensive income | 21,584 | 17,725 | 54,790 | 20,427 | |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 146 | (30) | 186 | ||
Comprehensive income attributable to Multi-Color Corporation | $ 21,584 | $ 17,579 | $ 54,820 | $ 20,241 | |
[1] | The amounts for the three months ended September 30, 2017 and 2016 include tax impacts of $(168) and $17, respectively, related to the settlement of foreign currency denominated intercompany loans. The amounts for the six months ended September 30, 2017 and 2016 include tax impacts of $(452) and $246, respectively, related to the settlement of foreign currency denominated intercompany loans. | ||||
[2] | Amounts are net of tax of $2,858 and $(101) for the three months ended September 30, 2017 and 2016, respectively, and $2,858 and $(133) for the six months ended September 30, 2017 and 2016, respectively. |
CONDENSED CONSOLIDATED STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized foreign currency translation gain (loss), tax impact related to settlement of foreign currency denominated intercompany loans | $ (168) | $ 17 | $ (452) | $ 246 |
Unrealized gain (loss) on interest rate swaps, tax | $ 2,858 | $ (101) | $ 2,858 | $ (133) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2017 | Mar. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 35,628 | $ 25,229 |
Accounts receivable, net of allowance of $2,925 and $2,273 at September 30, 2017 and March 31, 2017, respectively | 152,363 | 141,211 |
Other receivables | 11,345 | 7,871 |
Inventories, net | 74,147 | 63,995 |
Prepaid expenses | 15,565 | 12,187 |
Other current assets | 15,514 | 3,253 |
Total current assets | 304,562 | 253,746 |
Property, plant and equipment, net of accumulated depreciation of $212,823 and $190,915 at September 30, 2017 and March 31, 2017, respectively | 264,248 | 247,261 |
Goodwill | 434,725 | 412,550 |
Intangible assets, net | 179,300 | 169,220 |
Other non-current assets | 5,948 | 6,365 |
Deferred income tax assets | 2,913 | 2,848 |
Total assets | 1,191,696 | 1,091,990 |
Current liabilities: | ||
Current portion of long-term debt | 4,076 | 2,093 |
Accounts payable | 95,900 | 88,475 |
Accrued expenses and other liabilities | 55,275 | 53,758 |
Total current liabilities | 155,251 | 144,326 |
Long-term debt | 494,473 | 479,408 |
Deferred income tax liabilities | 66,609 | 65,761 |
Other liabilities | 39,309 | 20,675 |
Total liabilities | 755,642 | 710,170 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, no par value, 1,000 shares authorized, no shares outstanding | ||
Common stock, no par value, stated value of $0.10 per share; 40,000 shares authorized, 17,361 and 17,254 shares issued at September 30, 2017 and March 31, 2017, respectively | 1,064 | 1,054 |
Paid-in capital | 162,904 | 158,399 |
Treasury stock, 306 and 302 shares at cost at September 30, 2017 and March 31, 2017, respectively | (11,471) | (11,168) |
Retained earnings | 344,052 | 316,461 |
Accumulated other comprehensive loss | (60,495) | (85,795) |
Total stockholders' equity attributable to Multi-Color Corporation | 436,054 | 378,951 |
Noncontrolling interests | 2,869 | |
Total stockholders' equity | 436,054 | 381,820 |
Total liabilities and stockholders' equity | $ 1,191,696 | $ 1,091,990 |
CONDENSED CONSOLIDATED BALANCE6
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Mar. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 2,925 | $ 2,273 |
Accumulated depreciation | $ 212,823 | $ 190,915 |
Preferred stock, no par value | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, no par value | ||
Common stock, stated value per share | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 17,361,000 | 17,254,000 |
Treasury stock, shares | 306,000 | 302,000 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 6 months ended Sep. 30, 2017 - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
Balance at Mar. 31, 2017 | $ 381,820 | $ 1,054 | $ 158,399 | $ (11,168) | $ 316,461 | $ (85,795) | $ 2,869 |
Balance, shares at Mar. 31, 2017 | 17,254 | ||||||
Net income | 29,332 | 29,296 | 36 | ||||
Other comprehensive income (loss) | 25,458 | 25,524 | (66) | ||||
Issuance of common stock | 2,718 | $ 10 | 2,708 | ||||
Issuance of common stock, shares | 104 | ||||||
Restricted stock grant | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 |
Restricted stock grant, shares | 5 | ||||||
Restricted stock forfeitures | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 |
Restricted stock forfeitures, shares | (2) | ||||||
Stock-based compensation | 1,797 | 1,797 | |||||
Shares acquired under employee plans | (303) | (303) | |||||
Common stock dividends | (1,705) | (1,705) | |||||
Sale of Southeast Asian durables business | (2,715) | (231) | (2,484) | ||||
Acquisition of noncontrolling interest | (69) | 7 | (76) | ||||
Dividends paid to noncontrolling interests | (279) | $ (279) | |||||
Balance at Sep. 30, 2017 | $ 436,054 | $ 1,064 | $ 162,904 | $ (11,471) | $ 344,052 | $ (60,495) | |
Balance, shares at Sep. 30, 2017 | 17,361 |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 29,332 | $ 32,444 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 17,406 | 16,617 |
Amortization of intangible assets | 7,435 | 7,377 |
Loss on sale of Southeast Asian durables business | 512 | |
Amortization of deferred financing costs | 808 | 846 |
Net (gain)/loss on disposal of property, plant and equipment | 349 | (278) |
Net (gain)/loss on derivative contracts | (3,011) | 104 |
Stock-based compensation expense | 1,797 | 1,682 |
Excess tax benefit from stock-based compensation | (1,126) | |
Deferred income taxes, net | 2,199 | (35) |
Changes in assets and liabilities, net of acquisitions: | ||
Accounts receivable | (4,664) | 1,901 |
Inventories | (2,067) | (1,388) |
Prepaid expenses and other assets | (219) | 1,086 |
Accounts payable | 4,349 | (9,992) |
Accrued expenses and other liabilities | (10,012) | (10) |
Net cash provided by operating activities | 44,214 | 49,228 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (26,262) | (18,112) |
Investment in acquisitions, net of cash acquired | (21,383) | (11,369) |
Net proceeds from sale of Southeast Asian durables business | 3,620 | |
Proceeds from sale of property, plant and equipment | 253 | 678 |
Net cash used in investing activities | (43,772) | (28,803) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings under revolving lines of credit | 140,021 | 156,487 |
Payments under revolving lines of credit | (128,844) | (170,660) |
Borrowings of long-term debt | 38 | |
Repayment of long-term debt | (1,478) | (4,596) |
Payment of acquisition related deferred payments | (206) | (1,784) |
Proceeds from issuance of common stock | 2,432 | 2,275 |
Excess tax benefit from stock-based compensation | 1,126 | |
Debt issuance costs | (1,636) | |
Dividends paid | (1,977) | (2,181) |
Net cash (used in)/provided by financing activities | 8,312 | (19,295) |
Effect of foreign exchange rate changes on cash | 1,645 | (1,089) |
Net increase in cash and cash equivalents | 10,399 | 41 |
Cash and cash equivalents, beginning of period | 25,229 | 27,709 |
Cash and cash equivalents, end of period | $ 35,628 | $ 27,750 |
Description of Business and Sig
Description of Business and Significant Accounting Policies | 6 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Description of Business and Significant Accounting Policies | 1. Description of Business and Significant Accounting Policies The Company Multi-Color Corporation (Multi-Color, MCC, we, us, our or the Company), headquartered near Cincinnati, Ohio, is a leader in global label solutions supporting a number of the world’s most prominent brands including leading producers of home & personal care, wine & spirits, food & beverage, healthcare and specialty consumer products. MCC serves international brand owners in North, Central and South America, Europe, China, Southeast Asia, Australia, New Zealand and South Africa with a comprehensive range of the latest label technologies in Pressure Sensitive, Glue-Applied (Cut and Stack), In-Mold, Basis of Presentation The condensed consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Although certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations, the Company believes that the disclosures are adequate to make the information presented not misleading. A description of the Company’s significant accounting policies is included in the Company’s Annual Report on Form 10-K 10-K”). 10-K. The information furnished in these condensed consolidated financial statements reflects all estimates and adjustments which are, in the opinion of management, necessary to present fairly the results for the interim periods reported. The condensed consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. Use of Estimates in Financial Statements In preparing financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. New Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-12, In January 2017, the FASB issued ASU 2017-04, In January 2017, the FASB issued ASU 2017-01, In August 2016, the FASB issued ASU 2016-15, In March 2016, the FASB issued ASU 2016-09, paid-in In February 2016, the FASB issued ASU 2016-02, right-of-use In July 2015, the FASB issued ASU 2015-11, last-in, first-out In May 2014, the FASB issued ASU 2014-09, 2016-08, 2016-10, 2016-20, 2014-09 No other new accounting pronouncement issued or effective during the six months ended September 30, 2017 had or is expected to have a material impact on the consolidated financial statements. Supply Chain Financing The Company has entered into supply chain financing agreements with certain customers. The receivables for the agreements are sold without recourse to the customers’ banks and are accounted for as sales of accounts receivable. Gains and losses on the sale of these receivables are included in selling, general and administrative expenses in the condensed consolidated statements of income. Losses of $230 and $134 were recorded for the three months ended September 30, 2017 and 2016, respectively, and losses of $465 and $250 were recorded for the six months ended September 30, 2017 and 2016, respectively. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 2. Earnings Per Common Share Basic earnings per common share (EPS) is computed by dividing net income attributable to Multi-Color Corporation by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income attributable to Multi-Color Corporation by the sum of the weighted average number of common shares outstanding during the period plus, if dilutive, potential common shares outstanding during the period. Potential common shares outstanding during the period consist of restricted shares, restricted share units, and the incremental common shares issuable upon the exercise of stock options and are reflected in diluted EPS by application of the treasury stock method. The following is a reconciliation of the number of shares used in the basic EPS and diluted EPS computations: Three Months Ended Six Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Shares Per Share Amount Shares Per Share Shares Per Share Amount Shares Per Share Basic EPS 17,015 $ 0.89 16,867 $ 0.97 16,983 $ 1.73 16,836 $ 1.91 Effect of dilutive securities 162 (0.01 ) 141 (0.01 ) 185 (0.02 ) 152 (0.02 ) Diluted EPS 17,177 $ 0.88 17,008 $ 0.96 17,168 $ 1.71 16,988 $ 1.89 The Company excluded 114 and 179 options to purchase shares in the three months ended September 30, 2017 and 2016, respectively, from the computation of diluted EPS because these shares would have an anti-dilutive effect. The Company excluded 69 and 169 options to purchase shares in the six months ended September 30, 2017 and 2016, respectively, from the computation of diluted EPS because these shares would have an anti-dilutive effect. |
Inventories
Inventories | 6 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | 3. Inventories The Company’s inventories consisted of the following: September 30, 2017 March 31, 2017 Finished goods $ 44,152 $ 35,204 Work-in-process 9,138 8,933 Raw materials 29,848 26,862 Total inventories, gross 83,138 70,999 Inventory reserves (8,991 ) (7,004 ) Total inventories, net $ 74,147 $ 63,995 |
Debt
Debt | 6 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | 4. Debt The components of the Company’s debt consisted of the following: September 30, 2017 March 31, 2017 Principal Unamortized Debt Less Unamortized Principal Unamortized Debt Less Unamortized 6.125% Senior Notes (1) $ 250,000 $ (3,485 ) $ 246,515 $ 250,000 $ (3,822 ) $ 246,178 U.S. Revolving Credit Facility (2) 204,600 (1,897 ) 202,703 198,100 (2,335 ) 195,765 Australian Revolving Sub-Facility 37,677 (145 ) 37,532 31,965 (178 ) 31,787 Capital leases 9,976 — 9,976 7,412 — 7,412 Other subsidiary debt 1,823 — 1,823 359 — 359 Total debt 504,076 (5,527 ) 498,549 487,836 (6,335 ) 481,501 Less current portion of debt (4,076 ) — (4,076 ) (2,093 ) — (2,093 ) Total long-term debt $ 500,000 $ (5,527 ) $ 494,473 $ 485,743 $ (6,335 ) $ 479,408 (1) The 6.125% Senior Notes are due on December 1, 2022. (2) Borrowings under the U.S. Revolving Credit Facility and Australian Revolving Sub-Facility The following is a schedule of future annual principal payments as of September 30, 2017: Debt Capital Leases Total October 2017 - September 2018 $ 1,101 $ 2,975 $ 4,076 October 2018 - September 2019 230 3,010 3,240 October 2019 - September 2020 242,462 2,119 244,581 October 2020 - September 2021 170 1,639 1,809 October 2021 - September 2022 120 233 353 Thereafter 250,017 — 250,017 Total $ 494,100 $ 9,976 $ 504,076 On November 21, 2014, the Company issued $250,000 aggregate principal amount of 6.125% Senior Notes due 2022 (the “Notes”). The Notes are unsecured senior obligations of the Company. Interest is payable on June 1st and December 1st of each year beginning June 1, 2015 until the maturity date of December 1, 2022. The Company’s obligations under the Notes are guaranteed by certain of the Company’s existing direct and indirect wholly-owned domestic subsidiaries that are guarantors under the Credit Agreement (defined below). Concurrent with the issuance and sale of the Notes, the Company amended and restated its credit agreement. The Amended and Restated Credit Agreement (the “Credit Agreement”) provides for revolving loans of up to $500,000 for a five year term expiring on November 21, 2019. The aggregate commitment amount is comprised of the following: (i) a $460,000 revolving credit facility (the “U.S. Revolving Credit Facility”) and (ii) an Australian dollar equivalent of a $40,000 revolving credit facility (the “Australian Revolving Sub-Facility”). The Credit Agreement may be used for working capital, capital expenditures and other corporate purposes and to fund permitted acquisitions (as defined in the Credit Agreement). Loans under the Credit Agreement bear interest at variable rates plus a margin, based on the Company’s consolidated senior secured leverage ratio at the time of the borrowing. The weighted average interest rate on borrowings under the U.S. Revolving Credit Facility was 3.08% and 2.72% at September 30, 2017 and March 31, 2017, respectively, and on borrowings under the Australian Revolving Sub-Facility The Credit Agreement contains customary representations and warranties as well as customary negative and affirmative covenants which require the Company to maintain the following financial covenants at the end of each quarter: (i) a maximum consolidated senior secured leverage ratio of no more than 3.50 to 1.00; (ii) a maximum consolidated leverage ratio of no more than 4.50 to 1.00; and (iii) a minimum consolidated interest coverage ratio of not less than 4.00 to 1.00. The Credit Agreement contains customary mandatory and optional prepayment provisions and customary events of default. The U.S. Revolving Credit Facility and the Australian Revolving Sub-Facility non-material Sub-Facility The Credit Agreement and the indenture governing the Notes (the “Indenture”) limit the Company’s ability to incur additional indebtedness. Additional covenants contained in the Credit Agreement and the Indenture, among other things, restrict the ability of the Company to dispose of assets, incur guarantee obligations, make restricted payments, create liens, make equity or debt investments, engage in mergers, change the business conducted by the Company and its subsidiaries, and engage in certain transactions with affiliates. Under the Credit Agreement and the Indenture, certain changes in control of the Company could result in the occurrence of an Event of Default. In addition, the Credit Agreement limits the ability of the Company to modify terms of the Indenture. As of September 30, 2017, the Company was in compliance with the covenants in the Credit Agreement and the Indenture. The Company recorded $404 and $423 in interest expense for the three months ended September 30, 2017 and 2016, respectively, in the condensed consolidated statements of income to amortize deferred financing costs. The Company recorded $808 and $846 in interest expense for the six months ended September 30, 2017 and 2016, respectively, in the condensed consolidated statements of income to amortize deferred financing costs. Available borrowings under the Credit Agreement at September 30, 2017 consisted of $249,887 under the U.S. Revolving Credit Facility and $2,323 under the Australian Revolving Sub-Facility. The carrying value of debt approximates fair value. The fair value of long-term debt is based on observable inputs, including quoted market prices (Level 2). The fair value of the Notes was approximately $262,500 as of September 30, 2017. In conjunction with the Constantia Labels acquisition, the Company entered into a credit agreement with various lenders, which replaces the Company’s existing Credit Agreement. In addition, on October 4, 2017, Multi-Color Escrow Issuer, LLC, a wholly-owned subsidiary of the Company, issued $600,000 aggregate principal amount of 4.875% Senior Notes due 2025. See Note 15 for additional discussion. Capital Leases The present value of the net minimum payments on the capitalized leases is as follows: September 30, 2017 March 31, 2017 Total minimum lease payments $ 10,827 $ 8,327 Less amount representing interest (851 ) (915 ) Present value of net minimum lease payments 9,976 7,412 Current portion (2,975 ) (1,964 ) Capitalized lease obligations, less current portion $ 7,001 $ 5,448 The capitalized leases carry interest rates from 0.03% to 10.11% and mature from fiscal 2018 to fiscal 2022. |
Major Customers
Major Customers | 6 Months Ended |
Sep. 30, 2017 | |
Risks and Uncertainties [Abstract] | |
Major Customers | 5. Major Customers During the three months ended September 30, 2017 and 2016, sales to major customers (those exceeding 10% of the Company’s net revenues in one or more of the periods presented) approximated 17% and 18%, respectively, of the Company’s consolidated net revenues. All of these sales were made to The Procter & Gamble Company. During the six months ended September 30, 2017 and 2016, sales to major customers (those exceeding 10% of the Company’s net revenues in one or more of the periods presented) approximated 17% of the Company’s consolidated net revenues. All of these sales were made to The Procter & Gamble Company. In addition, accounts receivable balances from The Procter & Gamble Company approximated 4% of the Company’s total accounts receivable balance at September 30, 2017 and March 31, 2017. The loss or substantial reduction of the business of this major customer could have a material adverse impact on the Company’s results of operations and cash flows. |
Income Taxes
Income Taxes | 6 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes The Company files income tax returns in the U.S. federal jurisdiction, various foreign jurisdictions and various state and local jurisdictions where the statutes of limitations generally range from three to five years. At September 30, 2017, the Company is no longer subject to U.S. federal examinations by tax authorities for years before fiscal 2014. The Company is no longer subject to state and local examinations by tax authorities for years before fiscal 2012. In foreign jurisdictions, the Company is no longer subject to examinations by tax authorities for years before fiscal 1999. Effective April 1, 2017, the Company adopted ASU 2016-09, add-back The benefits of tax positions are not recorded unless it is more likely than not the tax position would be sustained upon challenge by the appropriate tax authorities. Tax benefits that are more likely than not to be sustained are measured at the largest amount of benefit that is cumulatively greater than a 50% likelihood of being realized. As of September 30, 2017 and March 31, 2017, the Company had liabilities of $4,977 and $5,665, respectively, recorded for unrecognized tax benefits for U.S. federal, state and foreign tax jurisdictions. During the three months ended September 30, 2017 and 2016, the Company recognized $117 and $130, respectively, of interest and penalties in income tax expense in the condensed consolidated statements of income. During the six months ended September 30, 2017 and 2016, the Company recognized $62 and $239, respectively, of interest and penalties in income tax expense in the condensed consolidated statements of income. The liability for the gross amount of interest and penalties at September 30, 2017 and March 31, 2017 was $2,038 and $1,892, respectively. The liability for unrecognized tax benefits is classified in other noncurrent liabilities on the condensed consolidated balance sheets for the portion of the liability where payment of cash is not anticipated within one year of the balance sheet date. During the three and six months ended September 30, 2017 the Company released $0 and $1,320, respectively, of reserves, including interest and penalties, related to uncertain tax positions for which the statutes of limitations have lapsed or there was a reduction in the tax position related to a prior year. The Company believes that it is reasonably possible that $519 of unrecognized tax benefits as of September 30, 2017 could be released within the next 12 months due to the lapse of statutes of limitations and settlements of certain foreign and domestic income tax matters. The unrecognized tax benefits that, if recognized, would favorably impact the effective tax rate are $4,329. |
Risk Management Activities and
Risk Management Activities and Financial Instruments | 6 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Risk Management Activities and Financial Instruments | 7. Risk Management Activities and Financial Instruments The Company is exposed to market risks, both directly and indirectly, such as currency fluctuations and interest rate movement. To the extent the Company deems it to be appropriate, derivative instruments and hedging activities are used as a risk management tool to mitigate the potential impact of certain risks, primarily foreign currency exchange risk and interest rate risk. The Company uses various types of derivative instruments including, but not limited to, forward contracts and swaps. The Company formally assesses, designates, and documents as a hedge of an underlying exposure each qualifying derivative instrument that will be accounted for as an accounting hedge at inception. Additionally, the Company assesses, both at inception and at least quarterly thereafter, whether the financial instruments used in the hedging transactions are effective at offsetting changes in either the fair values or cash flows of the underlying exposures. Interest Rate Risk Management The Company used interest rate swap agreements (the “Swaps”) to minimize its exposure to interest rate fluctuations on variable rate debt borrowings. Swaps involve the exchange of fixed and variable rate interest payments and do not represent an actual exchange of the underlying notional amounts between the two parties. The Company had three forward starting non-amortizing Upon inception, the Swaps were designated as a cash flow hedge, with the effective portion of gains and losses, net of tax, measured on an ongoing basis, recorded in accumulated other comprehensive income (loss). If the hedge or a portion thereof were determined to be ineffective, any gains and losses would have been recorded in interest expense in the condensed consolidated statements of income. In conjunction with entering into the Credit Agreement on November 21, 2014 (see Note 4), the Company de-designated de-designation de-designated Foreign Currency Risk Management Foreign currency exchange risk arises from our international operations as well as from transactions with customers or suppliers denominated in currencies other than the U.S. Dollar. The functional currency of each of the Company’s subsidiaries is generally the currency of the country in which the subsidiary operates. At times, the Company uses foreign currency forward contracts to minimize the impact of fluctuations in currency exchange rates. In July 2017, the Company entered into a foreign currency forward contract to fix the Euro cash component of the Constantia Labels purchase price. See additional discussion in Note 15. The notional amount of the foreign currency forward contract is €495,600 with a maturity date of November 2017. The foreign currency forward contract is not designated as a hedging instrument, and all changes in the fair value of the contract are reported in current period earnings. The fair value of the foreign currency forward contract is determined using forward exchange market rates at the balance sheet date. The Company periodically enters into foreign currency forward contracts to fix the purchase price of foreign currency denominated firm commitments. In addition, the Company periodically enters into short-term foreign currency forward contracts to fix the U.S. Dollar value of certain intercompany loan payments, which typically settle in the following quarter. During the six months ended September 30, 2017 and 2016, the Company’s forward contracts were not designated as hedging instruments; therefore, changes in the fair value of the contracts were immediately recognized in other income and expense in the condensed consolidated statements of income. Net Investment Hedging In September 2017, as a means of managing foreign currency risk related to our significant operations in Europe, the Company executed four fixed-for-fixed 2017-12 The remaining €195,000 of swap notional is not designated in an accounting hedge. Therefore, changes in fair value of the derivative instruments are recognized in other income and expense in the condensed consolidated statements of income. Disclosures about Derivative Instruments All of the Company’s derivative assets and liabilities measured at fair value are classified as Level 2 within the fair value hierarchy. The Company determines the fair values of its derivatives based on valuation models which project future cash flows and discount the future amounts to a present value using market based observable inputs including interest rate curves, foreign currency rates, futures and basis point spreads, as applicable. The fair values of qualifying and non-qualifying Fair Value Derivatives Designated as Hedging Instruments Balance Sheet Location September 30, March 31, Assets: Cross currency swaps (Net investment hedges) Other current assets $ 2,336 $ — Liabilities: Cross currency swaps (Net investment hedges) Other long-term liabilities $ 9,750 $ — Fair Value Derivatives Not Designated as Hedging Instruments Balance Sheet Location September 30, March 31, Assets: Cross currency swaps Other current assets $ 2,315 $ — Foreign currency contract-Constantia purchase price Other current assets $ 8,822 $ — Liabilities: Cross currency swaps Other long-term liabilities $ 8,126 $ — The amounts of gains and (losses) recognized in OCI during the three and six months ended September 30, 2017 and 2016 are as follows: Three Months Ended Six Months Ended Derivatives Designated as Hedging Instruments September 30, September 30, September 30, September 30, Cross currency swaps (Net investment hedges) (1) $ (4,556 ) $ — $ (4,556 ) $ — (1) The net loss of $(4,556) recognized in OCI during the three and six months ended September 30, 2017 is comprised of an excluded component loss of $(7,660) and an undiscounted spot gain of $246, net of tax of $2,858. The amounts of gains and (losses) reclassified from AOCI into earnings for the three and six months ended September 30, 2017 and 2016 are as follows: Three Months Ended Six Months Ended Derivatives in Cash Flow Hedging Relationships September 30, September 30, September 30, September 30, Interest rate swaps $ — $ (132 ) $ — $ (329 ) The amounts of gains and (losses) included in earnings from qualifying and non-qualifying Three Months Ended Six Months Ended Derivatives Not Designated as Hedging Instruments Statement of Income Location September 30, September 30, September 30, September 30, Interest rate swaps Interest expense $ — $ — $ — $ 225 Foreign currency contract-Constantia purchase price Other income (expense), net 8,822 — 8,822 — Foreign currency contracts-Other Other income (expense), net (83 ) (67 ) 284 25 Gain (loss) on underlying hedged items Other income (expense), net 100 (25 ) (275 ) (75 ) Cross currency swaps Other income (expense), net (5,811 ) — (5,811 ) — |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 6 Months Ended |
Sep. 30, 2017 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Liabilities | 8. Accrued Expenses and Other Liabilities The Company’s accrued expenses and other liabilities consisted of the following: September 30, 2017 March 31, 2017 Accrued payroll and benefits $ 24,502 $ 24,286 Accrued income taxes 3,326 5,604 Professional fees 1,297 500 Accrued taxes other than income taxes 1,716 1,616 Deferred lease incentive 219 209 Accrued interest 5,297 5,178 Accrued severance 96 47 Customer rebates 2,221 2,672 Exit and disposal costs related to facility closures 39 123 Deferred payments 1,066 1,068 Deferred revenue 10,672 7,076 Other 4,824 5,379 Total accrued expenses and other liabilities $ 55,275 $ 53,758 |
Acquisitions and Divestitures
Acquisitions and Divestitures | 6 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | 9. Acquisitions and Divestitures Super Enterprise Holdings Berhad (Super Label) Summary On August 11, 2015, the Company acquired 90% of the shares of Super Label based in Kuala Lumpur, Malaysia, which was publicly listed on the Malaysian stock exchange. During the second and third quarters of fiscal 2016, the Company acquired the remaining shares and delisted Super Label. Super Label has operations in Malaysia, Indonesia, the Philippines, Thailand and China and produces home & personal care, food and beverage and specialty consumer products labels. This acquisition expanded our presence in China and gave us access to new label markets in Southeast Asia. The acquisition included an 80% controlling interest in the label operations in Indonesia and a 60% controlling interest in certain legal entities in Malaysia and China (the Southeast Asian durables business). During the third quarter of fiscal 2017, the Company acquired the remaining shares of the label operations in Indonesia for $514. The results of Super Label’s operations were included in the Company’s condensed consolidated financial statements beginning on August 11, 2015. The purchase price for Super Label consisted of the following: Cash from proceeds of borrowings $ 39,782 Net cash acquired (6,035 ) Total purchase price $ 33,747 The cash portion of the purchase price was funded through borrowings under our Credit Agreement (see Note 4). Net cash acquired included $8,152 of cash acquired less $2,117 of bank debt assumed. The Company spent $1,434 in acquisition expenses related to the Super Label acquisition. These expenses were recorded in selling, general and administrative expenses in the condensed consolidated statements of income as follows: $7 in the first quarter of fiscal 2017, $1 in the fourth quarter of fiscal 2016, $105 in the third quarter of fiscal 2016, $390 in the second quarter of fiscal 2016 and $931 in the first quarter of fiscal 2016. Sale of Southeast Asian durables business On July 3, 2017, the Company sold its 60% controlling interest in its Southeast Asian durables business to its minority shareholders for $3,620 in net cash proceeds. The Company recognized a loss of $512 on the sale of the business, which was recognized in other income, net in the condensed consolidated statements of income. Barat Group (Barat) Summary On May 4, 2015, the Company acquired 100% of Barat based in Bordeaux, France. Barat operates four manufacturing facilities in Bordeaux and Burgundy, France, and the acquisition gives the Company access to the label market in the Bordeaux wine region and expands our presence in Burgundy. The acquisition included a 30% minority interest in Gironde Imprimerie Publicité (GIP), which was accounted for under the cost method based upon Multi-Color’s inability to exercise significant influence over the business. The results of Barat’s operations were included in the Company’s condensed consolidated financial statements beginning on May 4, 2015. The purchase price for Barat consisted of the following: Cash from proceeds of borrowings $ 47,813 Deferred payment 2,160 Purchase price, before cash acquired 49,973 Net cash acquired (746 ) Total purchase price $ 49,227 The cash portion of the purchase price was funded through the Credit Agreement (see Note 4). The purchase price included $2,160 due to the seller, which was paid during the three months ended September 30, 2015. Net cash acquired included $4,444 of cash acquired less $3,698 of bank debt assumed related to capital leases. The Company spent $1,500 in acquisition expenses related to the Barat acquisition. These expenses were recorded in selling, general and administrative expenses in the condensed consolidated statements of income as follows: $8 in the second quarter of fiscal 2017, $4 in the first quarter of fiscal 2017, $65 in the second quarter of fiscal 2016, $751 in the first quarter of fiscal 2016, $467 in the fourth quarter of fiscal 2015 and $205 in the third quarter of fiscal 2015. In conjunction with the acquisition of Barat, the Company recorded an indemnification asset of $1,115, which represents the seller’s obligation under the purchase agreement to indemnify Multi-Color for the outcome of potential contingent liabilities relating to uncertain tax positions. This asset was released during the six months ended September 30, 2017. Purchase Price Allocation and Other Items Based on fair value estimates, the purchase prices for Super Label and Barat have been allocated to individual assets acquired and liabilities assumed as follows: Super Label Barat Assets Acquired: Net cash acquired $ 6,035 $ 746 Accounts receivable 8,479 8,489 Inventories 4,276 2,863 Property, plant and equipment 22,002 8,356 Intangible assets 2,437 21,852 Goodwill 8,668 23,391 Other assets 1,984 2,794 Total assets acquired 53,881 68,491 Liabilities Assumed: Accounts payable 5,087 3,049 Accrued income taxes payable 936 355 Accrued expenses and other liabilities 1,725 7,043 Deferred tax liabilities 2,874 8,071 Total liabilities assumed 10,622 18,518 Net assets acquired 43,259 49,973 Noncontrolling interests (3,477 ) — Net assets acquired attributable to Multi-Color Corporation $ 39,782 $ 49,973 The fair value of the noncontrolling interests for Super Label were estimated based on market valuations performed by an independent third party using a combination of: (i) an income approach based on expected future discounted cash flows; and (ii) an asset approach. The estimated fair value of identifiable intangible assets acquired and their estimated useful lives are as follows: Super Label Barat Fair Useful Fair Useful Customer relationships $ 2,437 15 years $ 20,849 20 years Non-compete — — 780 2 years Trademarks — — 223 1 year Total identifiable intangible assets $ 2,437 $ 21,852 Identifiable intangible assets are amortized over their useful lives based upon a number of assumptions including the estimated period of economic benefit and utilization. The weighted-average amortization period for identifiable intangible assets acquired in the Barat acquisition is 19 years. The goodwill for Super Label is attributable to access to the label markets in Malaysia, Indonesia, the Philippines and Thailand and the acquired workforce. The goodwill for Barat is attributable to access to the label market in the Bordeaux wine region and the acquired workforce. Goodwill arising from the Super Label and Barat acquisitions is not deductible for income tax purposes. The accounts receivable acquired as part of the Super Label acquisition had a fair value of $8,479 at the acquisition date. The gross contractual value of the receivables prior to any adjustments was $8,809 and the estimated contractual cash flows not expected to be collected are $330. The accounts receivable acquired as part of the Barat acquisition had a fair value of $8,489 at the acquisition date. The gross contractual value of the receivables prior to any adjustments was $8,679 and the estimated contractual cash flows that are not expected to be collected are $190. Other Acquisition Activity On August 3, 2017, the Company acquired 100% of GEWA Etiketten GmbH (GEWA), including the remaining 2.4% of the common shares of GIP (see below), for $21,846 plus net debt assumed of $5,150. Upon closing, $2,185 of the purchase price was deposited into an escrow account and is to be released to the seller on the 18-month On January 3, 2017, the Company acquired 100% of Graphix Labels and Packaging Pty Ltd. (Graphix) for $17,261. The purchase price included $1,631 that is deferred for two years after the closing date. Graphix is located in Melbourne, Victoria, Australia and specializes in producing labels for both the food & beverage and wine & spirits markets. In January 2017, the Company acquired an additional 67.6% of the common shares of GIP for $2,084 plus net debt assumed of $862. The purchase price included $208 that is deferred for one year after the closing date. The Company acquired 30% of GIP as part of the Barat acquisition in fiscal 2016, which included a fair value equity interest in GIP of $771. Immediately prior to obtaining a controlling interest in GIP, the Company recognized a gain of $690 as a result of re-measuring The determination of the final purchase price allocation to specific assets acquired and liabilities assumed is incomplete for GEWA, Graphix, and GIP. The purchase price allocations may change in future periods as the fair value estimates of assets and liabilities (including, but not limited to, accounts receivable, inventory, property, plant and equipment, intangibles and debt) and the valuation of the related tax assets and liabilities are completed. On July 1, 2016, the Company acquired 100% of Italstereo Resin Labels S.r.l. (Italstereo) for $3,342 less net cash acquired of $181. The purchase price included a deferred payment of $201 that was paid in the three months ended September 30, 2017 and a deferred payment of $133 that is due two years after the closing date. Italstereo is located near Lucca, Italy and specializes in producing pressure sensitive adhesive resin coated labels, seals and emblems. On July 6, 2016, the Company acquired 100% of Industria Litografica Alessandrina S.r.l. (I.L.A.) for $6,301 plus net debt assumed of $3,547. The purchase price included $819 that is deferred for three years after the closing date. I.L.A. is located in the Piedmont region of Italy and specializes in production of premium self-adhesive and wet glue labels primarily for the wine & spirits market and also services the food industry. On January 4, 2016, the Company acquired 100% of Cashin Print for $17,487 less net cash acquired of $135 and 100% of System Label for $11,665 less net cash acquired of $2,025. Cashin Print and System Label are located in Castlebar, Ireland and Roscommon, Ireland, respectively. The purchase prices for Cashin Print and System Label included $1,411 and $1,571, respectively, for purchase price adjustments, which were paid to the seller during the three months ended June 30, 2016. In addition, the purchase prices for Cashin Print and System Label include deferred payments of $3,317 and $1,011, respectively. These deferred payments may be paid during the fourth quarter of fiscal 2019. During the third quarter of fiscal 2017, the long-term liabilities related to these deferred payments were reduced based on management’s current estimate of the future payout and $887 was recorded in other income in the condensed consolidated statements of income. The acquired businesses supply multinational customers in Ireland, the United Kingdom and Continental Europe and provide Multi-Color with the opportunity to supply a broader product range to a larger customer base, especially in the healthcare market. On October 1, 2015, the Company acquired 100% of Supa Stik Labels (Supa Stik) for $6,787 less net cash acquired of $977. Supa Stik is located in Perth, West Australia and services the local wine, food & beverage and healthcare label markets. The purchase price included $622 that is deferred for two years after the closing date. On May 1, 2015, the Company acquired 100% of Mr. Labels in Brisbane, Queensland Australia for $2,110. The purchase price included $196 that was deferred until the first anniversary of the closing date, which was paid during the first quarter of fiscal 2017. Mr. Labels provides labels primarily to food and beverage customers. The results of operations of the acquisitions described above within this “Other Acquisitions Activity” section have been included in the condensed consolidated financial statements since the respective dates of acquisition and have been determined to be immaterial for purposes of additional disclosure. See Note 15 for discussion of the Constantia Labels acquisition on October 31, 2017. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 10. Accumulated Other Comprehensive Loss The changes in the Company’s accumulated other comprehensive loss by component consisted of the following: Foreign Gains and (losses) Acquisitions Defined benefit currency on derivative and pension items contracts Divestitures items Total Balance at March 31, 2017 $ (85,593 ) $ — $ — $ (202 ) $ (85,795 ) OCI before reclassifications 30,080 (4,556 ) — — 25,524 Amounts reclassified from AOCI — — (224 ) — (224 ) Net current period OCI 30,080 (4,556 ) (224 ) — 25,300 Balance at September 30, 2017 $ (55,513 ) $ (4,556 ) $ (224 ) $ (202 ) $ (60,495 ) Reclassifications out of accumulated other comprehensive loss consisted of the following: Three Months Ended Six Months Ended September 30, 2016 September 30, 2016 Gains and losses on cash flow hedges: Interest rate swaps (1) $ 132 $ 329 Tax (101 ) (133 ) Net of tax $ 31 $ 196 (1) Reclassified from AOCI into interest expense in the condensed consolidated statements of income. See Note 7. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 11. Goodwill and Intangible Assets The changes in the Company’s goodwill consisted of the following: Balance at March 31, 2017: Goodwill, gross $ 424,941 Accumulated impairment losses (12,391 ) Goodwill, net 412,550 Activity during the year: Acquisitions 10,195 Adjustments to prior year acquisitions (598 ) Currency translation 13,105 Sale of Southeast Asian durables business (527 ) Balance at September 30, 2017: Goodwill, gross 447,501 Accumulated impairment losses (12,776 ) Goodwill, net $ 434,725 The Company’s intangible assets consisted of the following: September 30, 2017 March 31, 2017 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Customer relationships $ 247,956 $ (70,562 ) $ 177,394 $ 228,518 $ (61,546 ) $ 166,972 Technologies 1,709 (1,456 ) 253 1,658 (1,368 ) 290 Trademarks 876 (876 ) — 1,013 (1,013 ) — Licensing intangible 2,170 (2,170 ) — 1,958 (1,958 ) — Non-compete 4,377 (2,724 ) 1,653 5,063 (3,116 ) 1,947 Lease intangible — — — 128 (117 ) 11 Total $ 257,088 $ (77,788 ) $ 179,300 $ 238,338 $ (69,118 ) $ 169,220 The amortization expense of intangible assets for the three months ended September 30, 2017 and 2016 was $3,831 and $3,917, respectively. The amortization expense of intangible assets for the six months ended September 30, 2017 and 2016 was $7,435 and $7,377, respectively. |
Facility Closures
Facility Closures | 6 Months Ended |
Sep. 30, 2017 | |
Restructuring and Related Activities [Abstract] | |
Facility Closures | 12. Facility Closures Merignac, France During the three months ended September 30, 2017, the Company announced plans to consolidate our manufacturing facility located in Merignac, France into our existing facility in Libourne, France. The transition is expected to be substantially completed in the third quarter of fiscal 2018. Below is a summary of the total contractual termination benefits and exit and disposal costs expected to be incurred in conjunction with the closure of the Merignac facility: Total costs expected to be Severance and other termination benefits $ 300-450 Other associated costs 250-350 Dormans, France During the three months ended June 30, 2017, the Company announced plans to close our manufacturing facility located in Dormans, France. Production at the facility ceased during the first quarter of fiscal 2018. Below is a summary of the exit and disposal costs related to the closure of the Dormans facility: Total costs Total costs incurred Cumulative costs Three Months Ended Six Months Ended Severance and other termination benefits $ 106 $ 72 $ 106 $ 106 Other associated costs 75-100 23 23 23 Other associated costs primarily consist of costs to dismantle, transport and reassemble manufacturing equipment that was moved to other manufacturing facilities. Below is a reconciliation of the beginning and ending liability balances related to the exit and disposal costs: Balance at Amounts Expensed Amounts Paid Balance at September 30, 2017 Severance and other termination benefits $ — 106 (106 ) $ — Other associated costs — 23 (23 ) — Sonoma, California On January 19, 2016, the Company announced plans to consolidate our manufacturing facility located in Sonoma, California into our existing facility in Napa, California. The transition was substantially completed in the third quarter of fiscal 2017. Below is a summary of the exit and disposal costs related to the closure of the Sonoma facility: Total costs Total costs incurred Cumulative costs Three Months Ended Six Months Ended Severance and other termination benefits $ 6 $ 6 $ 6 $ 6 Other associated costs 91 — — 91 Below is a reconciliation of the beginning and ending liability balances related to the exit and disposal costs: Balance at Amounts Expensed Amounts Paid Balance at September 30, 2017 Severance and other termination benefits $ 24 — (24 ) $ — Other associated costs primarily consist of costs to dismantle, transport and reassemble manufacturing equipment that was moved from Sonoma to Napa. The cumulative costs incurred in conjunction with the closure as of September 30, 2017 are $272, which were recorded in facility closure expenses in the condensed consolidated statements of income. The cumulative costs incurred include the exit and disposal costs above as well as non-cash In addition, the Company recorded a net gain on the sale of property, plant and equipment on $185 related to assets in Sonoma that were not transferred to Napa and were sold and wrote-off Glasgow, Scotland During the three months ended March 31, 2016, the Company began the process to consolidate our two manufacturing facilities located in Glasgow, Scotland into one facility. The transition was substantially completed in the fourth quarter of fiscal 2017. Below is a summary of the exit and disposal costs related to the closure of the Glasgow facility: Total costs Cumulative costs expected to be incurred as of September 30, 2017 Severance and other termination benefits $ 479 $ 479 Other associated costs 642-700 642 Below is a reconciliation of the beginning and ending liability balances related to the exit and disposal costs: Balance at Amounts Paid Balance at September 30, 2017 Other associated costs $ 99 (60 ) $ 39 Other associated costs primarily consist of costs to dismantle, transport and reassemble manufacturing equipment that was moved in order to consolidate our two manufacturing facilities located in Glasgow into one facility. The cumulative costs incurred in conjunction with the closure as of September 30, 2017 are $859, which were recorded in facility closure expenses in the condensed consolidated statements of income. The cumulative costs incurred include the exit and disposal costs above as well as non-cash Greensboro, North Carolina On October 5, 2015, the Company announced plans to consolidate our manufacturing facility located in Greensboro, North Carolina into other North American facilities. The transition was substantially completed in the fourth quarter of fiscal 2016. During the three and six months ended September 30, 2016, the Company recognized $(61) and $49, respectively, in exit and disposal costs related to the closure of the Greensboro facility in facility closure expenses in the condensed consolidated statements of income. Dublin, Ireland During the three months ended December 31, 2015, the Company began the process to consolidate our manufacturing facility located in Dublin, Ireland into our existing facility in Drogheda, Ireland (near Dublin). The consolidation was substantially completed in the first quarter of fiscal 2017. During the three and six months ended September 30, 2016, the Company recognized $112 and $159, respectively, in exit and disposal costs related to the closure of the Dublin facility in facility closure expenses in the condensed consolidated statements of income. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies Litigation The Company is subject to various legal claims and contingencies that arise out of the normal course of business, including claims related to commercial transactions, product liability, health and safety, taxes, environmental matters, employee matters and other matters. Litigation is subject to numerous uncertainties and the outcome of individual claims and contingencies is not predictable. It is possible that some legal matters for which reserves have or have not been established could result in an unfavorable outcome for the Company and any such unfavorable outcome could be of a material nature or have a material adverse effect on our financial condition, results of operations and cash flows. |
Supplemental Cash Flow Disclosu
Supplemental Cash Flow Disclosures | 6 Months Ended |
Sep. 30, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Disclosures | 14. Supplemental Cash Flow Disclosures Supplemental disclosures with respect to cash flow information and non-cash Six Months Ended September 30, 2017 September 30, 2016 Supplemental Disclosures of Cash Flow Information: Interest paid $ 12,027 $ 12,211 Income taxes paid, net of refunds 17,413 10,385 Supplemental Disclosures of Non-Cash Capital expenditures incurred but not yet paid $ 2,354 $ 1,059 Capital lease obligations incurred — 820 Change in derivative contract fair value - asset position 13,473 — Change in derivative contract fair value - liability position (17,876 ) 225 Business combinations accounted for as a purchase: Assets acquired (excluding cash) $ 40,425 $ 20,591 Liabilities assumed (19,042 ) (11,303 ) Liabilities for contingent / deferred payments — 2,081 Net cash paid $ 21,383 $ 11,369 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. Subsequent Events On October 31, 2017, the Company completed its previously announced acquisition pursuant to the Sale and Purchase Agreement (as amended) with Constantia Flexibles Germany GmbH, Constantia Flexibles International GmbH, Constantia Flexibles Group GmbH and GPC Holdings B.V. (collectively, “Constantia Flexibles”), acquiring 100% of the Labels Division of Constantia Flexibles (“Constantia Labels”) for approximately $1,300,000, in cash, with the remainder payable in approximately 3,400 Multi-Color shares (equal to 19.9% of outstanding shares), subject to certain post-closing adjustments. The Company believes the Constantia Labels acquisition will create a company with significant scale and geographic, end-market, Constantia Labels, headquartered in Vienna, Austria, is a leader in label solutions serving the food, beverage and consumer packaging goods industries. Constantia Labels has approximately 2,800 employees globally and 23 production plants across 14 countries, with major operations across Europe, Asia and North America. In conjunction with the Constantia Labels acquisition, effective October 31, 2017 the Company entered into a credit agreement (the “New Credit Agreement”) with various lenders. The New Credit Agreement replaces the Company’s existing Credit Agreement and consists of (i) a senior secured first lien term loan A facility in an aggregate principal amount of $150,000 with a five year maturity, (ii) a senior secured first lien term loan B facility in an aggregate principal amount of $500,000 with a seven year maturity, and (iii) a revolving credit facility in an aggregate principal amount up to $400,000 with a five year maturity, consisting of a $360,000 U.S. revolving subfacility and a $40,000 Australian dollar revolving subfacility. The Credit Agreement’s term loan A facility, term loan B facility and U.S. revolving subfacility (together the “U.S. facilities”) are guaranteed by substantially all of MCC’s direct and indirect wholly owned domestic subsidiaries, and such guarantors will pledge substantially all their assets as collateral to secure the U.S. facilities. On October 4, 2017, Multi-Color Escrow Issuer, LLC (the “Escrow Issuer”), a wholly owned subsidiary of the Company, issued $600,000 aggregate principal amount of 4.875% Senior Notes due 2025 (the “New Notes”). The Company formed the Escrow Issuer for the purpose of acting as escrow issuer for the offering of the New Notes pending the completion of the Company’s acquisition of the Labels Division of Constantia Flexibles. The terms and conditions of the New Notes and related matters are set forth in the Indenture, dated as of October 4, 2017 (the “New Indenture”), between the Escrow Issuer and U. S. Bank National Association, as trustee (the “Trustee”). The Escrow Issuer, the Company and the Trustee also entered into an Escrow and Security Agreement dated as of October 4, 2017 (the “Escrow Agreement”) pursuant to which the gross proceeds from the offering of the New Notes, together with amounts necessary to redeem the New Notes at a price equal to 100% of the principal amount of the New Notes, plus accrued and unpaid interest, if any, from the issue date to, but not including, January 19, 2018, were deposited into a segregated escrow account with the Trustee who was serving as escrow agent. The Escrow Issuer granted to the Trustee, as escrow agent, for its benefit and the benefit of the holders of the New Notes, a first-priority security interest in the escrow account to secure the obligations under the New Notes pending disbursement of the escrowed funds. Effective October 31, 2017, in connection with the completion of the acquisition and pursuant to a supplemental indenture (the “Supplemental Indenture”), the Company agreed to assume all of the obligations of the Escrow Issuer under the New Indenture governing the New Notes. The New Notes are guaranteed by MCC’s direct and indirect wholly owned domestic subsidiaries that are borrowers or guarantors under MCC’s new senior secured credit facilities, or that guarantee certain of MCC’s other indebtedness. On October 11, 2017, the Company acquired 100% of T.P. Label Limited, located in Dar es Salaam, Tanzania, and T.P. Kenya Limited, a sale and distribution center in Kenya (collectively Tanzania Printers). This acquisition complements our food and beverage label business, supporting a number of Constantia Labels’ largest customers. In October 2017, a series of wildfires spread across Northern California, including Napa and Sonoma counties. As a result of the wildfires, the Company’s plant in Napa was closed or operated at reduced shifts for several days. The impact of these wildfires on the Company’s future financial results of operations and cash flows is unknown. |
Description of Business and S24
Description of Business and Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
The Company | The Company Multi-Color Corporation (Multi-Color, MCC, we, us, our or the Company), headquartered near Cincinnati, Ohio, is a leader in global label solutions supporting a number of the world’s most prominent brands including leading producers of home & personal care, wine & spirits, food & beverage, healthcare and specialty consumer products. MCC serves international brand owners in North, Central and South America, Europe, China, Southeast Asia, Australia, New Zealand and South Africa with a comprehensive range of the latest label technologies in Pressure Sensitive, Glue-Applied (Cut and Stack), In-Mold, |
Basis of Presentation | Basis of Presentation The condensed consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Although certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations, the Company believes that the disclosures are adequate to make the information presented not misleading. A description of the Company’s significant accounting policies is included in the Company’s Annual Report on Form 10-K 10-K”). 10-K. The information furnished in these condensed consolidated financial statements reflects all estimates and adjustments which are, in the opinion of management, necessary to present fairly the results for the interim periods reported. The condensed consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. |
Use of Estimates in Financial Statements | Use of Estimates in Financial Statements In preparing financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
New Accounting Pronouncements | New Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-12, In January 2017, the FASB issued ASU 2017-04, In January 2017, the FASB issued ASU 2017-01, In August 2016, the FASB issued ASU 2016-15, In March 2016, the FASB issued ASU 2016-09, paid-in In February 2016, the FASB issued ASU 2016-02, right-of-use In July 2015, the FASB issued ASU 2015-11, last-in, first-out In May 2014, the FASB issued ASU 2014-09, 2016-08, 2016-10, 2016-20, 2014-09 No other new accounting pronouncement issued or effective during the six months ended September 30, 2017 had or is expected to have a material impact on the consolidated financial statements. |
Supply Chain Financing | Supply Chain Financing The Company has entered into supply chain financing agreements with certain customers. The receivables for the agreements are sold without recourse to the customers’ banks and are accounted for as sales of accounts receivable. Gains and losses on the sale of these receivables are included in selling, general and administrative expenses in the condensed consolidated statements of income. Losses of $230 and $134 were recorded for the three months ended September 30, 2017 and 2016, respectively, and losses of $465 and $250 were recorded for the six months ended September 30, 2017 and 2016, respectively. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation of Number of Shares Used in Basic and Diluted Earnings Per Share Computations | The following is a reconciliation of the number of shares used in the basic EPS and diluted EPS computations: Three Months Ended Six Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Shares Per Share Amount Shares Per Share Shares Per Share Amount Shares Per Share Basic EPS 17,015 $ 0.89 16,867 $ 0.97 16,983 $ 1.73 16,836 $ 1.91 Effect of dilutive securities 162 (0.01 ) 141 (0.01 ) 185 (0.02 ) 152 (0.02 ) Diluted EPS 17,177 $ 0.88 17,008 $ 0.96 17,168 $ 1.71 16,988 $ 1.89 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | The Company’s inventories consisted of the following: September 30, 2017 March 31, 2017 Finished goods $ 44,152 $ 35,204 Work-in-process 9,138 8,933 Raw materials 29,848 26,862 Total inventories, gross 83,138 70,999 Inventory reserves (8,991 ) (7,004 ) Total inventories, net $ 74,147 $ 63,995 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Components of Debt | The components of the Company’s debt consisted of the following: September 30, 2017 March 31, 2017 Principal Unamortized Debt Less Unamortized Principal Unamortized Debt Less Unamortized 6.125% Senior Notes (1) $ 250,000 $ (3,485 ) $ 246,515 $ 250,000 $ (3,822 ) $ 246,178 U.S. Revolving Credit Facility (2) 204,600 (1,897 ) 202,703 198,100 (2,335 ) 195,765 Australian Revolving Sub-Facility 37,677 (145 ) 37,532 31,965 (178 ) 31,787 Capital leases 9,976 — 9,976 7,412 — 7,412 Other subsidiary debt 1,823 — 1,823 359 — 359 Total debt 504,076 (5,527 ) 498,549 487,836 (6,335 ) 481,501 Less current portion of debt (4,076 ) — (4,076 ) (2,093 ) — (2,093 ) Total long-term debt $ 500,000 $ (5,527 ) $ 494,473 $ 485,743 $ (6,335 ) $ 479,408 (1) The 6.125% Senior Notes are due on December 1, 2022. (2) Borrowings under the U.S. Revolving Credit Facility and Australian Revolving Sub-Facility |
Schedule of Future Annual Principal Payments | The following is a schedule of future annual principal payments as of September 30, 2017: Debt Capital Leases Total October 2017 - September 2018 $ 1,101 $ 2,975 $ 4,076 October 2018 - September 2019 230 3,010 3,240 October 2019 - September 2020 242,462 2,119 244,581 October 2020 - September 2021 170 1,639 1,809 October 2021 - September 2022 120 233 353 Thereafter 250,017 — 250,017 Total $ 494,100 $ 9,976 $ 504,076 |
Net Minimum Payments on Capitalized Leases | The present value of the net minimum payments on the capitalized leases is as follows: September 30, 2017 March 31, 2017 Total minimum lease payments $ 10,827 $ 8,327 Less amount representing interest (851 ) (915 ) Present value of net minimum lease payments 9,976 7,412 Current portion (2,975 ) (1,964 ) Capitalized lease obligations, less current portion $ 7,001 $ 5,448 |
Risk Management Activities an28
Risk Management Activities and Financial Instruments (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Fair Value of Qualifying and Non-qualifying Instruments Used in Hedging Transactions | The fair values of qualifying and non-qualifying Fair Value Derivatives Designated as Hedging Instruments Balance Sheet Location September 30, March 31, Assets: Cross currency swaps (Net investment hedges) Other current assets $ 2,336 $ — Liabilities: Cross currency swaps (Net investment hedges) Other long-term liabilities $ 9,750 $ — Fair Value Derivatives Not Designated as Hedging Instruments Balance Sheet Location September 30, March 31, Assets: Cross currency swaps Other current assets $ 2,315 $ — Foreign currency contract-Constantia purchase price Other current assets $ 8,822 $ — Liabilities: Cross currency swaps Other long-term liabilities $ 8,126 $ — |
Amounts of Gains and (Losses) Recognized in OCI | The amounts of gains and (losses) recognized in OCI during the three and six months ended September 30, 2017 and 2016 are as follows: Three Months Ended Six Months Ended Derivatives Designated as Hedging Instruments September 30, September 30, September 30, September 30, Cross currency swaps (Net investment hedges) (1) $ (4,556 ) $ — $ (4,556 ) $ — (1) The net loss of $(4,556) recognized in OCI during the three and six months ended September 30, 2017 is comprised of an excluded component loss of $(7,660) and an undiscounted spot gain of $246, net of tax of $2,858. |
Amounts of Gains and (Losses) Reclassified from AOCI into Earnings | The amounts of gains and (losses) reclassified from AOCI into earnings for the three and six months ended September 30, 2017 and 2016 are as follows: Three Months Ended Six Months Ended Derivatives in Cash Flow Hedging Relationships September 30, September 30, September 30, September 30, Interest rate swaps $ — $ (132 ) $ — $ (329 ) |
Amounts of Gains and (Losses) Included in Earnings from Qualifying and Non-qualifying Financial Instruments Used in Hedging Transactions | The amounts of gains and (losses) included in earnings from qualifying and non-qualifying Three Months Ended Six Months Ended Derivatives Not Designated as Hedging Instruments Statement of Income Location September 30, September 30, September 30, September 30, Interest rate swaps Interest expense $ — $ — $ — $ 225 Foreign currency contract-Constantia purchase price Other income (expense), net 8,822 — 8,822 — Foreign currency contracts-Other Other income (expense), net (83 ) (67 ) 284 25 Gain (loss) on underlying hedged items Other income (expense), net 100 (25 ) (275 ) (75 ) |
Accrued Expenses and Other Li29
Accrued Expenses and Other Liabilities (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Expenses and Other Liabilities | The Company’s accrued expenses and other liabilities consisted of the following: September 30, 2017 March 31, 2017 Accrued payroll and benefits $ 24,502 $ 24,286 Accrued income taxes 3,326 5,604 Professional fees 1,297 500 Accrued taxes other than income taxes 1,716 1,616 Deferred lease incentive 219 209 Accrued interest 5,297 5,178 Accrued severance 96 47 Customer rebates 2,221 2,672 Exit and disposal costs related to facility closures 39 123 Deferred payments 1,066 1,068 Deferred revenue 10,672 7,076 Other 4,824 5,379 Total accrued expenses and other liabilities $ 55,275 $ 53,758 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Purchase Price Allocation | Based on fair value estimates, the purchase prices for Super Label and Barat have been allocated to individual assets acquired and liabilities assumed as follows: Super Label Barat Assets Acquired: Net cash acquired $ 6,035 $ 746 Accounts receivable 8,479 8,489 Inventories 4,276 2,863 Property, plant and equipment 22,002 8,356 Intangible assets 2,437 21,852 Goodwill 8,668 23,391 Other assets 1,984 2,794 Total assets acquired 53,881 68,491 Liabilities Assumed: Accounts payable 5,087 3,049 Accrued income taxes payable 936 355 Accrued expenses and other liabilities 1,725 7,043 Deferred tax liabilities 2,874 8,071 Total liabilities assumed 10,622 18,518 Net assets acquired 43,259 49,973 Noncontrolling interests (3,477 ) — Net assets acquired attributable to Multi-Color Corporation $ 39,782 $ 49,973 |
Estimated Fair Value of Identifiable Intangible Assets Acquired and Estimated Useful Lives | The estimated fair value of identifiable intangible assets acquired and their estimated useful lives are as follows: Super Label Barat Fair Useful Fair Useful Customer relationships $ 2,437 15 years $ 20,849 20 years Non-compete — — 780 2 years Trademarks — — 223 1 year Total identifiable intangible assets $ 2,437 $ 21,852 |
Super Label | |
Purchase Price | The purchase price for Super Label consisted of the following: Cash from proceeds of borrowings $ 39,782 Net cash acquired (6,035 ) Total purchase price $ 33,747 |
Barat Group | |
Purchase Price | The purchase price for Barat consisted of the following: Cash from proceeds of borrowings $ 47,813 Deferred payment 2,160 Purchase price, before cash acquired 49,973 Net cash acquired (746 ) Total purchase price $ 49,227 |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss by Component | The changes in the Company’s accumulated other comprehensive loss by component consisted of the following: Foreign Gains and (losses) Acquisitions Defined benefit currency on derivative and pension items contracts Divestitures items Total Balance at March 31, 2017 $ (85,593 ) $ — $ — $ (202 ) $ (85,795 ) OCI before reclassifications 30,080 (4,556 ) — — 25,524 Amounts reclassified from AOCI — — (224 ) — (224 ) Net current period OCI 30,080 (4,556 ) (224 ) — 25,300 Balance at September 30, 2017 $ (55,513 ) $ (4,556 ) $ (224 ) $ (202 ) $ (60,495 ) |
Reclassifications out of Accumulated Other Comprehensive Loss | Reclassifications out of accumulated other comprehensive loss consisted of the following: Three Months Ended Six Months Ended September 30, 2016 September 30, 2016 Gains and losses on cash flow hedges: Interest rate swaps (1) $ 132 $ 329 Tax (101 ) (133 ) Net of tax $ 31 $ 196 (1) Reclassified from AOCI into interest expense in the condensed consolidated statements of income. See Note 7. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | The changes in the Company’s goodwill consisted of the following: Balance at March 31, 2017: Goodwill, gross $ 424,941 Accumulated impairment losses (12,391 ) Goodwill, net 412,550 Activity during the year: Acquisitions 10,195 Adjustments to prior year acquisitions (598 ) Currency translation 13,105 Sale of Southeast Asian durables business (527 ) Balance at September 30, 2017: Goodwill, gross 447,501 Accumulated impairment losses (12,776 ) Goodwill, net $ 434,725 |
Intangible Assets | The Company’s intangible assets consisted of the following: September 30, 2017 March 31, 2017 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Customer relationships $ 247,956 $ (70,562 ) $ 177,394 $ 228,518 $ (61,546 ) $ 166,972 Technologies 1,709 (1,456 ) 253 1,658 (1,368 ) 290 Trademarks 876 (876 ) — 1,013 (1,013 ) — Licensing intangible 2,170 (2,170 ) — 1,958 (1,958 ) — Non-compete 4,377 (2,724 ) 1,653 5,063 (3,116 ) 1,947 Lease intangible — — — 128 (117 ) 11 Total $ 257,088 $ (77,788 ) $ 179,300 $ 238,338 $ (69,118 ) $ 169,220 |
Facility Closures (Tables)
Facility Closures (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Dormans France | |
Summary of Exit and Disposal Costs Related to Closure | Below is a summary of the exit and disposal costs related to the closure of the Dormans facility: Total costs Total costs incurred Cumulative costs Three Months Ended Six Months Ended Severance and other termination benefits $ 106 $ 72 $ 106 $ 106 Other associated costs 75-100 23 23 23 |
Reconciliation of Beginning and Ending Liability Balances Related to Exit and Disposal Costs | Below is a reconciliation of the beginning and ending liability balances related to the exit and disposal costs: Balance at Amounts Expensed Amounts Paid Balance at September 30, 2017 Severance and other termination benefits $ — 106 (106 ) $ — Other associated costs — 23 (23 ) — |
Sonoma California | |
Summary of Exit and Disposal Costs Related to Closure | Below is a summary of the exit and disposal costs related to the closure of the Sonoma facility: Total costs Total costs incurred Cumulative costs Three Months Ended Six Months Ended Severance and other termination benefits $ 6 $ 6 $ 6 $ 6 Other associated costs 91 — — 91 |
Reconciliation of Beginning and Ending Liability Balances Related to Exit and Disposal Costs | Below is a reconciliation of the beginning and ending liability balances related to the exit and disposal costs: Balance at Amounts Expensed Amounts Paid Balance at September 30, 2017 Severance and other termination benefits $ 24 — (24 ) $ — |
Glasgow Scotland | |
Summary of Exit and Disposal Costs Related to Closure | Below is a summary of the exit and disposal costs related to the closure of the Glasgow facility: Total costs Cumulative costs expected to be incurred as of September 30, 2017 Severance and other termination benefits $ 479 $ 479 Other associated costs 642-700 642 |
Reconciliation of Beginning and Ending Liability Balances Related to Exit and Disposal Costs | Below is a reconciliation of the beginning and ending liability balances related to the exit and disposal costs: Balance at Amounts Paid Balance at September 30, 2017 Other associated costs $ 99 (60 ) $ 39 |
Merignac France | |
Summary of Exit and Disposal Costs Related to Closure | Below is a summary of the total contractual termination benefits and exit and disposal costs expected to be incurred in conjunction with the closure of the Merignac facility: Total costs expected to be Severance and other termination benefits $ 300-450 Other associated costs 250-350 |
Supplemental Cash Flow Disclo34
Supplemental Cash Flow Disclosures (Tables) | 6 Months Ended |
Sep. 30, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures of Cash Flow Information and Non-Cash Activities | Supplemental disclosures with respect to cash flow information and non-cash Six Months Ended September 30, 2017 September 30, 2016 Supplemental Disclosures of Cash Flow Information: Interest paid $ 12,027 $ 12,211 Income taxes paid, net of refunds 17,413 10,385 Supplemental Disclosures of Non-Cash Capital expenditures incurred but not yet paid $ 2,354 $ 1,059 Capital lease obligations incurred — 820 Change in derivative contract fair value - asset position 13,473 — Change in derivative contract fair value - liability position (17,876 ) 225 Business combinations accounted for as a purchase: Assets acquired (excluding cash) $ 40,425 $ 20,591 Liabilities assumed (19,042 ) (11,303 ) Liabilities for contingent / deferred payments — 2,081 Net cash paid $ 21,383 $ 11,369 |
Description of Business and S35
Description of Business and Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Mar. 31, 2017 | |
Summary Of Significant Accounting Policy [Line Items] | |||||
Excess tax benefit from stock-based compensation | $ 1,126,000 | ||||
Unrecognized excess tax benefit | $ 4,977,000 | $ 4,977,000 | $ 5,665,000 | ||
Accounting Standards Update 2016-09 | |||||
Summary Of Significant Accounting Policy [Line Items] | |||||
Excess tax benefit from stock-based compensation | 893,000 | 1,548,000 | |||
Unrecognized excess tax benefit | 0 | 0 | |||
Selling, General and Administrative Expenses | |||||
Summary Of Significant Accounting Policy [Line Items] | |||||
Gains and (losses) on sale of receivables | $ (230,000) | $ (134,000) | $ (465,000) | $ (250,000) |
Earnings Per Common Share - Rec
Earnings Per Common Share - Reconciliation of Number of Shares Used in Basic and Diluted Earnings Per Share Computations (Detail) - $ / shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Basic EPS, Shares | 17,015 | 16,867 | 16,983 | 16,836 |
Effect of dilutive securities, Shares | 162 | 141 | 185 | 152 |
Diluted EPS, Shares | 17,177 | 17,008 | 17,168 | 16,988 |
Basic EPS, Per Share Amount | $ 0.89 | $ 0.97 | $ 1.73 | $ 1.91 |
Effect of dilutive securities, Per Share Amount | (0.01) | (0.01) | (0.02) | (0.02) |
Diluted EPS, Per Share Amount | $ 0.88 | $ 0.96 | $ 1.71 | $ 1.89 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive shares | 114 | 179 | 69 | 169 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Mar. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 44,152 | $ 35,204 |
Work-in-process | 9,138 | 8,933 |
Raw materials | 29,848 | 26,862 |
Total inventories, gross | 83,138 | 70,999 |
Inventory reserves | (8,991) | (7,004) |
Total inventories, net | $ 74,147 | $ 63,995 |
Debt - Components of Debt (Deta
Debt - Components of Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Mar. 31, 2017 |
Debt Instrument [Line Items] | ||
Principal | $ 504,076 | $ 487,836 |
Unamortized Debt Issuance Costs | (5,527) | (6,335) |
Less current portion of debt | (4,076) | (2,093) |
Debt Less Unamortized Debt Issuance Costs | 498,549 | 481,501 |
Total long-term debt, Principal | 500,000 | 485,743 |
Less current portion of debt, Debt Less Unamortized Debt Issuance Costs | (4,076) | (2,093) |
Total long-term debt, Debt Less Unamortized Debt Issuance Costs | 494,473 | 479,408 |
Revolving Credit Facility | U.S. Revolving Credit Facility, Maturing November 21, 2019 | ||
Debt Instrument [Line Items] | ||
Principal | 204,600 | 198,100 |
Unamortized Debt Issuance Costs | (1,897) | (2,335) |
Debt Less Unamortized Debt Issuance Costs | 202,703 | 195,765 |
Revolving Credit Facility | Australian Revolving Sub-Facility, Maturing November 21, 2019 | ||
Debt Instrument [Line Items] | ||
Principal | 37,677 | 31,965 |
Unamortized Debt Issuance Costs | (145) | (178) |
Debt Less Unamortized Debt Issuance Costs | 37,532 | 31,787 |
Senior Notes | 6.125% Notes, due December 1, 2022 | ||
Debt Instrument [Line Items] | ||
Principal | 250,000 | 250,000 |
Unamortized Debt Issuance Costs | (3,485) | (3,822) |
Debt Less Unamortized Debt Issuance Costs | 246,515 | 246,178 |
Capital Leases | ||
Debt Instrument [Line Items] | ||
Principal | 9,976 | 7,412 |
Debt Less Unamortized Debt Issuance Costs | 9,976 | 7,412 |
Other Subsidiary Debt | ||
Debt Instrument [Line Items] | ||
Principal | 1,823 | 359 |
Debt Less Unamortized Debt Issuance Costs | $ 1,823 | $ 359 |
Debt - Components of Debt (Pare
Debt - Components of Debt (Parenthetical) (Detail) | 6 Months Ended |
Sep. 30, 2017 | |
6.125% Notes, due December 1, 2022 | Senior Notes | |
Debt Instrument [Line Items] | |
Debt instrument, interest rate | 6.125% |
Debt instrument, maturity date | Dec. 1, 2022 |
Revolving Credit Facility | U.S. Revolving Credit Facility, Maturing November 21, 2019 | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Nov. 21, 2019 |
Revolving Credit Facility | Australian Revolving Sub-Facility, Maturing November 21, 2019 | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Nov. 21, 2019 |
Debt - Schedule of Future Annua
Debt - Schedule of Future Annual Principal Payments (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Mar. 31, 2017 |
Debt Instrument [Line Items] | ||
October 2017 - September 2018 | $ 4,076 | |
October 2018 - September 2019 | 3,240 | |
October 2019 - September 2020 | 244,581 | |
October 2020 - September 2021 | 1,809 | |
October 2021 - September 2022 | 353 | |
Thereafter | 250,017 | |
Total | 504,076 | $ 487,836 |
Debt | ||
Debt Instrument [Line Items] | ||
October 2017 - September 2018 | 1,101 | |
October 2018 - September 2019 | 230 | |
October 2019 - September 2020 | 242,462 | |
October 2020 - September 2021 | 170 | |
October 2021 - September 2022 | 120 | |
Thereafter | 250,017 | |
Total | 494,100 | |
Capital Leases | ||
Debt Instrument [Line Items] | ||
October 2017 - September 2018 | 2,975 | |
October 2018 - September 2019 | 3,010 | |
October 2019 - September 2020 | 2,119 | |
October 2020 - September 2021 | 1,639 | |
October 2021 - September 2022 | 233 | |
Total | $ 9,976 | $ 7,412 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Oct. 04, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Mar. 31, 2017 | Nov. 21, 2014 |
Debt Instrument [Line Items] | |||||||
Interest expense to amortize deferred financing costs | $ 404,000 | $ 423,000 | $ 808,000 | $ 846,000 | |||
Credit Agreement | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate commitment amount | $ 500,000,000 | $ 500,000,000 | |||||
Debt issuance costs amortization period | 5 years | ||||||
Credit facility, expiration date | Nov. 21, 2019 | ||||||
Maximum consolidated leverage ratio | 450.00% | 450.00% | |||||
Minimum consolidated interest coverage ratio | 400.00% | 400.00% | |||||
Maximum consolidated senior secured leverage ratio | 350.00% | 350.00% | |||||
U.S. Revolving Credit Facility, Maturing November 21, 2019 | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, maturity date | Nov. 21, 2019 | ||||||
Aggregate commitment amount | $ 460,000,000 | $ 460,000,000 | |||||
Weighted average interest rate | 3.08% | 3.08% | 2.72% | ||||
Available borrowings | $ 249,887,000 | $ 249,887,000 | |||||
Australian Revolving Sub-Facility, Maturing November 21, 2019 | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, maturity date | Nov. 21, 2019 | ||||||
Aggregate commitment amount | $ 40,000,000 | $ 40,000,000 | |||||
Weighted average interest rate | 3.40% | 3.40% | 3.43% | ||||
Available borrowings | $ 2,323,000 | $ 2,323,000 | |||||
Various Uncommitted Lines of Credit | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Available borrowings | $ 11,378,000 | $ 11,378,000 | |||||
Senior Notes | 6.125% Notes, due December 1, 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount | $ 250,000,000 | ||||||
Debt instrument, interest rate | 6.125% | 6.125% | |||||
Debt instrument, interest payment description | Interest is payable on June 1st and December 1st of each year beginning June 1, 2015 until the maturity date of December 1, 2022. | ||||||
Debt instrument, maturity date | Dec. 1, 2022 | ||||||
Fair value of Notes | $ 262,500,000 | $ 262,500,000 | |||||
Senior Notes | 4.875% Notes Due 2025 | Multi-Color Escrow Issuer, LLC | Constantia Labels | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount | $ 600,000,000 | ||||||
Debt instrument, interest rate | 4.875% | ||||||
Debt maturity date, year | 2,025 | ||||||
Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Capital lease, interest rates | 0.03% | ||||||
Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Capital lease, interest rates | 10.11% |
Debt - Net Minimum Payments on
Debt - Net Minimum Payments on Capitalized Leases (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Mar. 31, 2017 |
Capital Leases, Future Minimum Payments, Net Present Value [Abstract] | ||
Total minimum lease payments | $ 10,827 | $ 8,327 |
Less amount representing interest | (851) | (915) |
Present value of net minimum lease payments | 9,976 | 7,412 |
Current portion | (2,975) | (1,964) |
Capitalized lease obligations, less current portion | 7,001 | 5,448 |
Present value of net minimum lease payments | $ 9,976 | $ 7,412 |
Major Customers - Additional In
Major Customers - Additional Information (Detail) - Customer Concentration Risk - Procter And Gamble Company | Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 |
Sales Revenue, Net | ||||||
Concentration Risk [Line Items] | ||||||
Percentage from major customers | 17.00% | 18.00% | 17.00% | 17.00% | ||
Accounts Receivable | ||||||
Concentration Risk [Line Items] | ||||||
Percentage from major customers | 4.00% | 4.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Mar. 31, 2017 | |
Income Tax Contingency [Line Items] | |||||
Excess tax benefit from stock-based compensation | $ 1,126,000 | ||||
Liabilities for unrecognized tax benefits | $ 4,977,000 | $ 4,977,000 | $ 5,665,000 | ||
Interest and penalties recognized to income tax expense | 117,000 | $ 130,000 | 62,000 | $ 239,000 | |
Liability for interest and penalties | 2,038,000 | 2,038,000 | $ 1,892,000 | ||
Release of reserves for uncertain tax positions, including interest and penalties | 0 | 1,320,000 | |||
Reasonably possible unrecognized tax benefits within next 12 months | 519,000 | 519,000 | |||
Amount of unrecognized tax benefits that would favorably impact effective tax rate | 4,329,000 | 4,329,000 | |||
Accounting Standards Update 2016-09 | |||||
Income Tax Contingency [Line Items] | |||||
Excess tax benefit from stock-based compensation | 893,000 | 1,548,000 | |||
Liabilities for unrecognized tax benefits | $ 0 | $ 0 | |||
Minimum | |||||
Income Tax Contingency [Line Items] | |||||
Statutes of limitations range, period | 3 years | ||||
Maximum | |||||
Income Tax Contingency [Line Items] | |||||
Statutes of limitations range, period | 5 years | ||||
Domestic Tax Authority | Earliest Tax Year | |||||
Income Tax Contingency [Line Items] | |||||
Year before which the Company is no longer subject to income tax examination | 2,014 | ||||
State and Local Jurisdiction | Earliest Tax Year | |||||
Income Tax Contingency [Line Items] | |||||
Year before which the Company is no longer subject to income tax examination | 2,012 | ||||
Foreign Tax Authority | Earliest Tax Year | |||||
Income Tax Contingency [Line Items] | |||||
Year before which the Company is no longer subject to income tax examination | 1,999 |
Risk Management Activities an46
Risk Management Activities and Financial Instruments - Additional Information (Detail) | 1 Months Ended | 6 Months Ended | ||
Sep. 30, 2017USD ($)Derivative | Jul. 31, 2017EUR (€) | Sep. 30, 2017USD ($)Derivative | Sep. 30, 2017EUR (€)Derivative | |
Interest Rate Swaps | ||||
Derivative [Line Items] | ||||
Number of derivative instruments | Derivative | 3 | 3 | 3 | |
Notional amount | $ | $ 125,000,000 | $ 125,000,000 | ||
Effective date of swaps | 2012-10 | |||
Swap expiration date | 2016-08 | |||
Fixed interest rate on swaps | 1.396% | 1.396% | 1.396% | |
Foreign Currency Forward Contracts | Derivatives not designated as hedging instruments | ||||
Derivative [Line Items] | ||||
Notional amount | € 495,600,000 | |||
Maturity date | 2017-11 | |||
Cross Currency Swaps | ||||
Derivative [Line Items] | ||||
Number of derivative instruments | Derivative | 4 | 4 | 4 | |
Notional amount | € 400,000,000 | |||
Maturity date | 2025-11 | |||
Cross Currency Swaps | Derivatives not designated as hedging instruments | ||||
Derivative [Line Items] | ||||
Notional amount | 195,000,000 | |||
Cross Currency Swaps | Derivatives designated as hedging instruments | Net Investment Hedges | ||||
Derivative [Line Items] | ||||
Notional amount | € 205,000,000 |
Risk Management Activities an47
Risk Management Activities and Financial Instruments - Summary of Fair Value of Qualifying and Non-qualifying Instruments Used in Hedging Transactions (Detail) - Fair Value Inputs Level 2 $ in Thousands | Sep. 30, 2017USD ($) |
Cross Currency Swaps | Other long-term liabilities | |
Derivatives, Fair Value [Line Items] | |
Derivative Liabilities | $ 8,126 |
Derivatives designated as hedging instruments | Net Investment Hedges | Cross Currency Swaps | Other current assets | |
Derivatives, Fair Value [Line Items] | |
Derivative assets | 2,336 |
Derivatives designated as hedging instruments | Net Investment Hedges | Cross Currency Swaps | Other long-term liabilities | |
Derivatives, Fair Value [Line Items] | |
Derivative Liabilities | 9,750 |
Derivatives not designated as hedging instruments | Cross Currency Swaps | Other current assets | |
Derivatives, Fair Value [Line Items] | |
Derivative assets | 2,315 |
Constantia Labels | Derivatives not designated as hedging instruments | Foreign Currency Forward Contracts | Other current assets | |
Derivatives, Fair Value [Line Items] | |
Derivative assets | $ 8,822 |
Risk Management Activities an48
Risk Management Activities and Financial Instruments - Amounts of Gains and (Losses) Recognized in OCI (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2017 | ||
Cross Currency Swaps | Derivatives designated as hedging instruments | Net Investment Hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments, amounts of gains and (losses) recognized in OCI | [1] | $ (4,556) | $ (4,556) |
[1] | The net loss of $(4,556) recognized in OCI during the three and six months ended September 30, 2017 is comprised of an excluded component loss of $(7,660) and an undiscounted spot gain of $246, net of tax of $2,858. |
Risk Management Activities an49
Risk Management Activities and Financial Instruments - Amounts of Gains and (Losses) Recognized in OCI (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Unrealized gain (loss) on interest rate swaps, tax | $ 2,858 | $ (101) | $ 2,858 | $ (133) | |
Derivatives designated as hedging instruments | Cross Currency Swaps | Net Investment Hedges | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative instruments, amounts of gains and (losses) recognized in OCI | [1] | (4,556) | (4,556) | ||
Derivative instruments, amount of loss recognized in OCI | (7,660) | (7,660) | |||
Derivative instruments, amount of gain recognized in OCI | 246 | 246 | |||
Unrealized gain (loss) on interest rate swaps, tax | $ 2,858 | $ 2,858 | |||
[1] | The net loss of $(4,556) recognized in OCI during the three and six months ended September 30, 2017 is comprised of an excluded component loss of $(7,660) and an undiscounted spot gain of $246, net of tax of $2,858. |
Risk Management Activities an50
Risk Management Activities and Financial Instruments - Amounts of Gains and (Losses) Reclassified from AOCI into Earnings (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | |
Cash Flow Hedging | Interest Rate Swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments, amounts of gains and (losses) reclassified from AOCI into earnings | $ (132) | $ (329) |
Risk Management Activities an51
Risk Management Activities and Financial Instruments - Amounts of Gains and (Losses) Included in Earnings from Qualifying and Non-qualifying Financial Instruments used in Hedging Transactions (Detail) - Derivatives not designated as hedging instruments - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Interest expense | Interest Rate Swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives | $ 225 | |||
Other income (expense), net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on underlying hedged items | $ 100 | $ (25) | $ (275) | (75) |
Other income (expense), net | Foreign Currency Forward Contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives | (83) | $ (67) | 284 | $ 25 |
Other income (expense), net | Cross Currency Swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives | (5,811) | (5,811) | ||
Other income (expense), net | Constantia Labels | Foreign Currency Forward Contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives | $ 8,822 | $ 8,822 |
Accrued Expenses and Other Li52
Accrued Expenses and Other Liabilities - Summary of Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Mar. 31, 2017 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Accrued payroll and benefits | $ 24,502 | $ 24,286 |
Accrued income taxes | 3,326 | 5,604 |
Professional fees | 1,297 | 500 |
Accrued taxes other than income taxes | 1,716 | 1,616 |
Deferred lease incentive | 219 | 209 |
Accrued interest | 5,297 | 5,178 |
Accrued severance | 96 | 47 |
Customer rebates | 2,221 | 2,672 |
Exit and disposal costs related to facility closures | 39 | 123 |
Deferred payments | 1,066 | 1,068 |
Deferred revenue | 10,672 | 7,076 |
Other | 4,824 | 5,379 |
Total accrued expenses and other liabilities | $ 55,275 | $ 53,758 |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Additional Information (Detail) $ in Thousands | Aug. 03, 2017USD ($) | Jul. 03, 2017USD ($) | Jan. 03, 2017USD ($) | Jul. 06, 2016USD ($) | Jul. 01, 2016USD ($) | Jan. 04, 2016USD ($) | Oct. 01, 2015USD ($) | Aug. 11, 2015USD ($) | May 04, 2015USD ($)Facility | May 01, 2015USD ($) | Jan. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2017USD ($) | Mar. 31, 2016USD ($) |
Business Acquisition [Line Items] | ||||||||||||||||||||||
Cash proceeds from sale of controlling interest | $ 3,620 | |||||||||||||||||||||
Loss on sale of business | $ (512) | |||||||||||||||||||||
Indonesia | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Acquisition cost of remaining shares | $ 514 | |||||||||||||||||||||
Certain Malaysia and China | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Percentage of controlling interest sold | 60.00% | |||||||||||||||||||||
Cash proceeds from sale of controlling interest | $ 3,620 | |||||||||||||||||||||
Loss on sale of business | $ (512) | |||||||||||||||||||||
Gironde Imprimerie Publicite | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Minority interest, percentage | 2.40% | |||||||||||||||||||||
Amount held in escrow account | $ 2,185 | |||||||||||||||||||||
Net debt assumed | 5,150 | $ 862 | ||||||||||||||||||||
Total purchase price | $ 21,846 | |||||||||||||||||||||
Fair value of equity interest | $ 771 | |||||||||||||||||||||
Gain recognized as a result of re-measuring the fair value of equity interest | $ 690 | |||||||||||||||||||||
Super Label | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Equity interest acquired | 90.00% | |||||||||||||||||||||
Date of acquisition | Aug. 11, 2015 | |||||||||||||||||||||
Cash acquired, allocated to purchase price | $ 8,152 | |||||||||||||||||||||
Bank debt assumed | 2,117 | |||||||||||||||||||||
Accounts receivable acquired, fair value | 8,479 | |||||||||||||||||||||
The gross contractual value of receivables | 8,809 | |||||||||||||||||||||
Estimated contractual cash flows not expected to be collected | 330 | |||||||||||||||||||||
Total purchase price | 33,747 | |||||||||||||||||||||
Cash funded through borrowings | 39,782 | |||||||||||||||||||||
Super Label | Indonesia | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Equity interest acquired | 80.00% | |||||||||||||||||||||
Super Label | Certain Malaysia and China | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Equity interest acquired | 60.00% | |||||||||||||||||||||
Super Label | Selling, General and Administrative Expenses | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Acquisition expenses | $ 1,434 | $ 7 | $ 1 | $ 105 | $ 390 | $ 931 | ||||||||||||||||
Barat Group | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Equity interest acquired | 100.00% | |||||||||||||||||||||
Date of acquisition | May 4, 2015 | |||||||||||||||||||||
Cash acquired, allocated to purchase price | $ 4,444 | |||||||||||||||||||||
Number of manufacturing facilities | Facility | 4 | |||||||||||||||||||||
Deferred payment | $ 2,160 | |||||||||||||||||||||
Bank debt assumed | 3,698 | |||||||||||||||||||||
Indemnification Asset | $ 1,115 | |||||||||||||||||||||
Weighted-average amortization period for identifiable intangible assets acquired | 19 years | |||||||||||||||||||||
Accounts receivable acquired, fair value | $ 8,489 | |||||||||||||||||||||
The gross contractual value of receivables | 8,679 | |||||||||||||||||||||
Estimated contractual cash flows not expected to be collected | 190 | |||||||||||||||||||||
Total purchase price | 49,227 | |||||||||||||||||||||
Cash funded through borrowings | 47,813 | |||||||||||||||||||||
Purchase price, before cash acquired | $ 49,973 | |||||||||||||||||||||
Barat Group | Gironde Imprimerie Publicite | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Equity interest acquired | 67.60% | |||||||||||||||||||||
Cash acquired, allocated to purchase price | $ 2,084 | |||||||||||||||||||||
Minority interest, percentage | 30.00% | 30.00% | 30.00% | |||||||||||||||||||
Cash funded through borrowings | $ 208 | |||||||||||||||||||||
Deferred payment period | 1 year | |||||||||||||||||||||
Barat Group | Selling, General and Administrative Expenses | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Acquisition expenses | $ 1,500 | $ 8 | 4 | $ 65 | $ 751 | $ 467 | $ 205 | |||||||||||||||
Italstereo Resin Labels S.r.l. | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Equity interest acquired | 100.00% | |||||||||||||||||||||
Cash acquired, allocated to purchase price | $ 181 | |||||||||||||||||||||
Cash funded through borrowings | 3,342 | |||||||||||||||||||||
Italstereo Resin Labels S.r.l. | Year One | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Cash funded through borrowings | 201 | |||||||||||||||||||||
Italstereo Resin Labels S.r.l. | Year Two | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Cash funded through borrowings | $ 133 | |||||||||||||||||||||
Deferred payment period | 2 years | |||||||||||||||||||||
Industria Litografica Alessandrina S.r.l. | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Equity interest acquired | 100.00% | |||||||||||||||||||||
Deferred payment | $ 819 | |||||||||||||||||||||
Net debt assumed | $ 3,547 | |||||||||||||||||||||
Deferred payment period | 3 years | |||||||||||||||||||||
Purchase price, before debt assumed | $ 6,301 | |||||||||||||||||||||
Cashin Print | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Equity interest acquired | 100.00% | |||||||||||||||||||||
Date of acquisition | Jan. 4, 2016 | |||||||||||||||||||||
Cash acquired, allocated to purchase price | $ 135 | |||||||||||||||||||||
Deferred payment | 3,317 | |||||||||||||||||||||
Purchase price, before cash acquired | 17,487 | |||||||||||||||||||||
Estimated purchase price adjustments | $ 1,411 | |||||||||||||||||||||
System Label | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Equity interest acquired | 100.00% | |||||||||||||||||||||
Date of acquisition | Jan. 4, 2016 | |||||||||||||||||||||
Cash acquired, allocated to purchase price | $ 2,025 | |||||||||||||||||||||
Deferred payment | 1,011 | $ 887 | ||||||||||||||||||||
Purchase price, before cash acquired | 11,665 | |||||||||||||||||||||
Estimated purchase price adjustments | $ 1,571 | |||||||||||||||||||||
Supa Stik Labels (Supa Stik) | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Equity interest acquired | 100.00% | |||||||||||||||||||||
Date of acquisition | Oct. 1, 2015 | |||||||||||||||||||||
Cash acquired, allocated to purchase price | $ 977 | |||||||||||||||||||||
Deferred payment | 622 | |||||||||||||||||||||
Cash funded through borrowings | $ 6,787 | |||||||||||||||||||||
Deferred payment period | 2 years | |||||||||||||||||||||
Mr. Labels | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Equity interest acquired | 100.00% | |||||||||||||||||||||
Date of acquisition | May 1, 2015 | |||||||||||||||||||||
Deferred payment | $ 196 | |||||||||||||||||||||
Cash funded through borrowings | $ 2,110 | |||||||||||||||||||||
Graphix Labels and Packaging Pty Ltd | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Equity interest acquired | 100.00% | |||||||||||||||||||||
Date of acquisition | Jan. 3, 2017 | |||||||||||||||||||||
Cash acquired, allocated to purchase price | $ 17,261 | |||||||||||||||||||||
Cash funded through borrowings | $ 1,631 | |||||||||||||||||||||
Deferred payment period | 2 years | |||||||||||||||||||||
GEWA Etiketten GmbH | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Equity interest acquired | 100.00% | |||||||||||||||||||||
Date of acquisition | Aug. 3, 2017 | |||||||||||||||||||||
Period for releasing escrow deposit | 18 months |
Acquisitions and Divestitures54
Acquisitions and Divestitures - Purchase Price (Detail) - USD ($) $ in Thousands | Aug. 11, 2015 | May 04, 2015 |
Barat Group | ||
Business Acquisition [Line Items] | ||
Cash from proceeds of borrowings | $ 47,813 | |
Deferred payment | 2,160 | |
Purchase price, before cash acquired | 49,973 | |
Net cash acquired | (746) | |
Total purchase price | $ 49,227 | |
Super Label | ||
Business Acquisition [Line Items] | ||
Cash from proceeds of borrowings | $ 39,782 | |
Net cash acquired | (6,035) | |
Total purchase price | $ 33,747 |
Acquisitions and Divestitures55
Acquisitions and Divestitures - Purchase Price Allocation (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Mar. 31, 2017 | Aug. 11, 2015 | May 04, 2015 |
Assets Acquired: | ||||
Goodwill | $ 434,725 | $ 412,550 | ||
Super Label | ||||
Assets Acquired: | ||||
Net cash acquired | $ 6,035 | |||
Accounts receivable | 8,479 | |||
Inventories | 4,276 | |||
Property, plant and equipment | 22,002 | |||
Intangible assets | 2,437 | $ 2,437 | ||
Goodwill | 8,668 | |||
Other assets | 1,984 | |||
Total assets acquired | 53,881 | |||
Liabilities Assumed: | ||||
Accounts payable | 5,087 | |||
Accrued income taxes payable | 936 | |||
Accrued expenses and other liabilities | 1,725 | |||
Deferred tax liabilities | 2,874 | |||
Total liabilities assumed | 10,622 | |||
Net assets acquired | 43,259 | |||
Noncontrolling interests | (3,477) | |||
Net assets acquired attributable to Multi-Color Corporation | $ 39,782 | |||
Barat Group | ||||
Assets Acquired: | ||||
Net cash acquired | 746 | |||
Accounts receivable | 8,489 | |||
Inventories | 2,863 | |||
Property, plant and equipment | 8,356 | |||
Intangible assets | 21,852 | |||
Goodwill | 23,391 | |||
Other assets | 2,794 | |||
Total assets acquired | 68,491 | |||
Liabilities Assumed: | ||||
Accounts payable | 3,049 | |||
Accrued income taxes payable | 355 | |||
Accrued expenses and other liabilities | 7,043 | |||
Deferred tax liabilities | 8,071 | |||
Total liabilities assumed | 18,518 | |||
Net assets acquired | 49,973 | |||
Net assets acquired attributable to Multi-Color Corporation | $ 49,973 |
Acquisitions and Divestitures56
Acquisitions and Divestitures - Estimated Fair Value of Identifiable Intangible Assets Acquired and Estimated Useful Lives (Detail) - USD ($) $ in Thousands | May 04, 2015 | Aug. 11, 2015 |
Super Label | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Fair Value | $ 2,437 | $ 2,437 |
Super Label | Customer Relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Fair Value | $ 2,437 | |
Useful Lives | 15 years | |
Barat Group | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Fair Value | $ 21,852 | |
Useful Lives | 19 years | |
Barat Group | Customer Relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Fair Value | $ 20,849 | |
Useful Lives | 20 years | |
Barat Group | Non-compete Agreements | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Fair Value | $ 780 | |
Useful Lives | 2 years | |
Barat Group | Trademarks | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Fair Value | $ 223 | |
Useful Lives | 1 year |
Accumulated Other Comprehensi57
Accumulated Other Comprehensive Loss - Schedule of Changes in Accumulated Other Comprehensive Loss by Component (Detail) $ in Thousands | 6 Months Ended |
Sep. 30, 2017USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance | $ 378,951 |
Ending balance | 436,054 |
Foreign currency items | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance | (85,593) |
OCI before reclassifications | 30,080 |
Total other comprehensive income (loss) | 30,080 |
Ending balance | (55,513) |
Gains and (losses) on derivative contracts | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
OCI before reclassifications | (4,556) |
Total other comprehensive income (loss) | (4,556) |
Ending balance | (4,556) |
Acquisitions and Divestitures | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Amounts reclassified from AOCI | (224) |
Total other comprehensive income (loss) | (224) |
Ending balance | (224) |
Defined benefit pension items | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance | (202) |
Ending balance | (202) |
Accumulated Other Comprehensive Loss | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance | (85,795) |
OCI before reclassifications | 25,524 |
Amounts reclassified from AOCI | (224) |
Total other comprehensive income (loss) | 25,300 |
Ending balance | $ (60,495) |
Accumulated Other Comprehensi58
Accumulated Other Comprehensive Loss - Reclassifications out of Accumulated Other Comprehensive Loss (Detail) - Reclassifications out of accumulated other comprehensive loss - Gains and (losses) on derivative contracts - Interest Rate Swaps - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2016 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts reclassified from AOCI, before tax | [1] | $ 132 | $ 329 |
Amounts reclassified from AOCI, tax | (101) | (133) | |
Amounts reclassified from AOCI | $ 31 | $ 196 | |
[1] | Reclassified from AOCI into interest expense in the condensed consolidated statements of income. See Note 7. |
Goodwill and Intangible Asset59
Goodwill and Intangible Assets - Goodwill (Detail) $ in Thousands | 6 Months Ended |
Sep. 30, 2017USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, gross, Beginning balance | $ 424,941 |
Accumulated impairment losses, Beginning balance | (12,391) |
Goodwill, net, Beginning balance | 412,550 |
Acquisitions | 10,195 |
Adjustments to prior year acquisitions | (598) |
Currency translation | 13,105 |
Sale of Southeast Asian durables business | (527) |
Goodwill, gross, Ending Balance | 447,501 |
Accumulated impairment losses, Ending balance | (12,776) |
Goodwill, net, Ending balance | $ 434,725 |
Goodwill and Intangible Asset60
Goodwill and Intangible Assets - Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Mar. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 257,088 | $ 238,338 |
Accumulated Amortization | (77,788) | (69,118) |
Net Carrying Amount | 179,300 | 169,220 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 247,956 | 228,518 |
Accumulated Amortization | (70,562) | (61,546) |
Net Carrying Amount | 177,394 | 166,972 |
Technologies | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,709 | 1,658 |
Accumulated Amortization | (1,456) | (1,368) |
Net Carrying Amount | 253 | 290 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 876 | 1,013 |
Accumulated Amortization | (876) | (1,013) |
Licensing intangible | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,170 | 1,958 |
Accumulated Amortization | (2,170) | (1,958) |
Non-compete Agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4,377 | 5,063 |
Accumulated Amortization | (2,724) | (3,116) |
Net Carrying Amount | $ 1,653 | 1,947 |
Lease intangible | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 128 | |
Accumulated Amortization | (117) | |
Net Carrying Amount | $ 11 |
Goodwill and Intangible Asset61
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense of intangible assets | $ 3,831 | $ 3,917 | $ 7,435 | $ 7,377 |
Facility Closures - Summary of
Facility Closures - Summary of Exit and Disposal Costs Related to Closure (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Severance and other termination benefits | Merignac France | Minimum | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total costs expected to be incurred | $ 300 | $ 300 | ||
Severance and other termination benefits | Merignac France | Maximum | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total costs expected to be incurred | 450 | 450 | ||
Severance and other termination benefits | Dormans France | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total costs expected to be incurred | 106 | 106 | ||
Total costs incurred | 72 | 106 | ||
Cumulative costs incurred | 106 | 106 | ||
Severance and other termination benefits | Sonoma California | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total costs expected to be incurred | 6 | 6 | ||
Total costs incurred | $ 6 | $ 6 | ||
Cumulative costs incurred | 6 | 6 | ||
Severance and other termination benefits | Glasgow Scotland | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total costs expected to be incurred | 479 | 479 | ||
Cumulative costs incurred | 479 | 479 | ||
Other associated costs | Merignac France | Minimum | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total costs expected to be incurred | 250 | 250 | ||
Other associated costs | Merignac France | Maximum | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total costs expected to be incurred | 350 | 350 | ||
Other associated costs | Dormans France | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total costs incurred | 23 | 23 | ||
Cumulative costs incurred | 23 | 23 | ||
Other associated costs | Dormans France | Minimum | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total costs expected to be incurred | 75 | 75 | ||
Other associated costs | Dormans France | Maximum | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total costs expected to be incurred | 100 | 100 | ||
Other associated costs | Sonoma California | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total costs expected to be incurred | 91 | 91 | ||
Cumulative costs incurred | 91 | 91 | ||
Other associated costs | Glasgow Scotland | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Cumulative costs incurred | 642 | 642 | ||
Other associated costs | Glasgow Scotland | Minimum | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total costs expected to be incurred | 642 | 642 | ||
Other associated costs | Glasgow Scotland | Maximum | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total costs expected to be incurred | $ 700 | $ 700 |
Facility Closures - Reconciliat
Facility Closures - Reconciliation of Beginning and Ending Liability Balances Related to Exit and Disposal Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Dormans France | Severance and other termination benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Amounts Expensed | $ 72 | $ 106 | ||
Amounts Paid | (106) | |||
Dormans France | Other associated costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Amounts Expensed | 23 | 23 | ||
Amounts Paid | (23) | |||
Sonoma California | Severance and other termination benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Beginning balance | 24 | |||
Amounts Expensed | $ 6 | $ 6 | ||
Amounts Paid | (24) | |||
Glasgow Scotland | Other associated costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Beginning balance | 99 | |||
Amounts Paid | (60) | |||
Ending balance | $ 39 | $ 39 |
Facility Closures - Additional
Facility Closures - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2017 | |
Sonoma California | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Cumulative costs | $ 272 | |||||
Gain (loss) on sale of land and building | $ 185 | |||||
Wrote-off of property, plant and equipment | $ 140 | |||||
Sonoma California | Facility closure expenses | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Facility closure expenses related to impairment loss on fixed assets | $ 220 | |||||
Glasgow Scotland | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Cumulative costs | $ 859 | |||||
Net gain on the sale of property, plant and equipment | $ 377 | |||||
Glasgow Scotland | Facility closure expenses | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Facility closure expenses related to impairment loss on fixed assets | $ 115 | |||||
Dublin Ireland | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Exit and disposal costs | $ 112 | $ 159 | ||||
Greensboro North Carolina | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Exit and disposal costs | $ (61) | $ 49 |
Supplemental Cash Flow Disclo65
Supplemental Cash Flow Disclosures - Supplemental Disclosures of Cash Flow Information and Non-Cash Activities (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Supplemental Disclosures of Cash Flow Information: | ||
Interest paid | $ 12,027 | $ 12,211 |
Income taxes paid, net of refunds | 17,413 | 10,385 |
Supplemental Disclosures of Non-Cash Activities: | ||
Capital expenditures incurred but not yet paid | 2,354 | 1,059 |
Capital lease obligations incurred | 820 | |
Change in derivative contract fair value - asset position | 13,473 | |
Change in derivative contract fair value - liability position | (17,876) | 225 |
Business combinations accounted for as a purchase: | ||
Assets acquired (excluding cash) | 40,425 | 20,591 |
Liabilities assumed | (19,042) | (11,303) |
Liabilities for contingent / deferred payments | 2,081 | |
Net cash paid | $ 21,383 | $ 11,369 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event shares in Thousands | Oct. 31, 2017USD ($)EmployeeCountryPlantshares | Oct. 04, 2017USD ($) | Oct. 11, 2017 |
Constantia Labels | |||
Subsequent Event [Line Items] | |||
Percentage of ownership acquired | 100.00% | ||
Cash paid for acquisition | $ 1,300,000,000 | ||
Number of shared issued for acquisition | shares | 3,400 | ||
Percentage of outstanding shares issued for acquisition | 19.90% | ||
Number of employees | Employee | 2,800 | ||
Number of plants | Plant | 23 | ||
Number of countries operated | Country | 14 | ||
Constantia Labels | New Credit Agreement | Senior Secured First Lien Term Loan A Facility | |||
Subsequent Event [Line Items] | |||
Aggregate commitment amount | $ 150,000,000 | ||
Maturity period | 5 years | ||
Constantia Labels | New Credit Agreement | Senior Secured First Lien Term Loan B Facility | |||
Subsequent Event [Line Items] | |||
Aggregate commitment amount | $ 500,000,000 | ||
Maturity period | 7 years | ||
Constantia Labels | New Credit Agreement | Revolving Credit Facility | |||
Subsequent Event [Line Items] | |||
Aggregate commitment amount | $ 400,000,000 | ||
Maturity period | 5 years | ||
Constantia Labels | New Credit Agreement | U.S. Revolving Credit Facility, Maturing November 21, 2019 | |||
Subsequent Event [Line Items] | |||
Aggregate commitment amount | $ 360,000,000 | ||
Constantia Labels | New Credit Agreement | Australian Revolving Sub-Facility, Maturing November 21, 2019 | |||
Subsequent Event [Line Items] | |||
Aggregate commitment amount | $ 40,000,000 | ||
Constantia Labels | 4.875% Notes Due 2025 | Multi-Color Escrow Issuer, LLC | Senior Notes | |||
Subsequent Event [Line Items] | |||
Aggregate principal amount | $ 600,000,000 | ||
Debt instrument, interest rate | 4.875% | ||
Debt maturity date, year | 2,025 | ||
Price percentage of principal redeemed | 100.00% | ||
Tanzania Printers | |||
Subsequent Event [Line Items] | |||
Percentage of ownership acquired | 100.00% |