Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 31, 2018 | Jan. 31, 2019 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | MULTI COLOR Corp | |
Entity Central Index Key | 819,220 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Large Accelerated Filer | |
Trading Symbol | LABL | |
Entity Common Stock, Shares Outstanding | 20,517,424 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | ||||
Net revenues | $ 397,004 | $ 352,699 | $ 1,288,048 | $ 851,173 |
Cost of revenues | 331,623 | 295,397 | 1,047,872 | 692,640 |
Gross profit | 65,381 | 57,302 | 240,176 | 158,533 |
Selling, general and administrative expenses | 36,615 | 41,519 | 118,574 | 90,308 |
Facility closure expenses | 60 | 761 | 201 | 890 |
Operating income | 28,706 | 15,022 | 121,401 | 67,335 |
Interest expense | 18,972 | 21,624 | 56,861 | 34,628 |
Other (income) expense, net | (508) | 9,702 | 2,396 | 8,225 |
Income (loss) before income taxes | 10,242 | (16,304) | 62,144 | 24,482 |
Income tax expense (benefit) | (1,233) | (36,815) | 8,772 | (25,361) |
Net income | 11,475 | 20,511 | 53,372 | 49,843 |
Less: Net income (loss) attributable to noncontrolling interests | 189 | (21) | 192 | 15 |
Net income attributable to Multi-Color Corporation | $ 11,286 | $ 20,532 | $ 53,180 | $ 49,828 |
Weighted average shares and equivalents outstanding: | ||||
Basic | 20,489 | 19,319 | 20,461 | 17,765 |
Diluted | 20,550 | 19,446 | 20,546 | 17,914 |
Basic earnings per common share | $ 0.55 | $ 1.06 | $ 2.60 | $ 2.80 |
Diluted earnings per common share | 0.55 | 1.06 | 2.59 | 2.78 |
Dividends per common share | $ 0.05 | $ 0.05 | $ 0.15 | $ 0.15 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net income | $ 11,475 | $ 20,511 | $ 53,372 | $ 49,843 | |
Other comprehensive income (loss): | |||||
Unrealized foreign currency translation gain (loss) | [1] | (22,947) | 31,213 | (117,244) | 61,227 |
Unrealized gain (loss) on derivative contracts, net of tax | [2] | 5,714 | (8,452) | 23,992 | (13,008) |
Total other comprehensive income (loss) | (17,233) | 22,761 | (93,252) | 48,219 | |
Comprehensive income (loss) | (5,758) | 43,272 | (39,880) | 98,062 | |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 217 | 1,314 | (1,420) | 1,284 | |
Comprehensive income (loss) attributable to Multi-Color Corporation | $ (5,975) | $ 41,958 | $ (38,460) | $ 96,778 | |
[1] | The amounts for the three months ended December 31, 2018 and 2017 include tax impacts of $378 and $(33), respectively, related to the settlement of foreign currency denominated intercompany loans. The amounts for the nine months ended December 31, 2018 and 2017 include tax impacts of $3,251 and $(485), respectively, related to the settlement of foreign currency denominated intercompany loans. | ||||
[2] | Amounts are net of tax of $(1,666) and $4,097 for the three months ended December 31, 2018 and 2017, respectively, and $(7,992) and $6,955 for the nine months ended December 31, 2018 and 2017, respectively. |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized foreign currency translation gain (loss), tax impact related to settlement of foreign currency denominated intercompany loans | $ 378 | $ (33) | $ 3,251 | $ (485) |
Unrealized gain (loss) on interest rate swaps, tax | $ (1,666) | $ 4,097 | $ (7,992) | $ 6,955 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 51,750 | $ 67,708 |
Accounts receivable, net of allowance of $3,005 and $2,704 at December 31, 2018 and March 31, 2018, respectively | 260,234 | 306,542 |
Other receivables | 25,847 | 16,589 |
Inventories, net | 141,819 | 167,950 |
Prepaid expenses | 25,899 | 24,926 |
Other current assets | 44,059 | 17,468 |
Total current assets | 549,608 | 601,183 |
Property, plant and equipment, net of accumulated depreciation of $268,876 and $235,980 at December 31, 2018 and March 31, 2018, respectively | 532,788 | 510,002 |
Goodwill | 1,088,006 | 1,196,634 |
Intangible assets, net | 556,069 | 580,233 |
Other non-current assets | 8,785 | 12,097 |
Deferred income tax assets | 2,529 | 2,827 |
Total assets | 2,737,785 | 2,902,976 |
Current liabilities: | ||
Current portion of long-term debt | 22,112 | 20,864 |
Accounts payable | 178,536 | 192,341 |
Accrued expenses and other liabilities | 84,477 | 114,022 |
Total current liabilities | 285,125 | 327,227 |
Long-term debt | 1,521,307 | 1,577,821 |
Deferred income tax liabilities | 160,291 | 149,950 |
Other liabilities | 46,275 | 87,605 |
Total liabilities | 2,012,998 | 2,142,603 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, no par value, 1,000 shares authorized, no shares outstanding | 0 | 0 |
Common stock, no par value, stated value of $0.10 per share; 40,000 shares authorized, 20,826 and 20,753 shares issued at December 31, 2018 and March 31, 2018, respectively | 1,407 | 1,403 |
Paid-in capital | 405,900 | 402,252 |
Treasury stock, 309 and 307 shares at cost at December 31, 2018 and March 31, 2018, respectively | (11,701) | (11,528) |
Retained earnings | 439,216 | 384,671 |
Accumulated other comprehensive loss | (112,631) | (19,241) |
Total stockholders' equity attributable to Multi-Color Corporation | 722,191 | 757,557 |
Noncontrolling interests | 2,596 | 2,816 |
Total stockholders' equity | 724,787 | 760,373 |
Total liabilities and stockholders' equity | $ 2,737,785 | $ 2,902,976 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 3,005 | $ 2,704 |
Accumulated depreciation | $ 268,876 | $ 235,980 |
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 | 20,826,000 | 20,753,000 |
Treasury stock, shares | 309,000 | 307,000 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 9 months ended Dec. 31, 2018 - USD ($) $ in Thousands | Total | Common Stock | Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
Balance at Mar. 31, 2018 | $ 760,373 | $ 1,403 | $ 402,252 | $ (11,528) | $ 384,671 | $ (19,241) | $ 2,816 |
Balance, shares at Mar. 31, 2018 | 20,753,000 | ||||||
Net income | 53,372 | $ 0 | 0 | 0 | 53,180 | 0 | 192 |
Topic 606 transition adjustment | 2,701 | 0 | 0 | 0 | 2,701 | 0 | 0 |
ASU 2018-02 reclassification of stranded tax effects | 0 | 0 | 0 | 1,750 | (1,750) | 0 | |
Other comprehensive income | (93,252) | 0 | 0 | 0 | 0 | (91,640) | (1,612) |
Constantia Labels acquisition | 1,200 | 0 | 0 | 0 | 0 | 0 | 1,200 |
Issuance of common stock | 1,173 | $ 4 | 1,169 | 0 | 0 | 0 | 0 |
Issuance of common stock, shares | 42,000 | ||||||
Restricted stock grant | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 |
Restricted stock grant, shares | 19,000 | ||||||
Conversion of restricted share units | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 |
Conversion of restricted share units, shares | 12,000 | ||||||
Stock-based compensation | 2,479 | $ 0 | 2,479 | 0 | 0 | 0 | 0 |
Shares acquired under employee plans | (173) | 0 | 0 | (173) | 0 | 0 | 0 |
Common stock dividends | (3,086) | 0 | 0 | 0 | (3,086) | 0 | 0 |
Balance at Dec. 31, 2018 | $ 724,787 | $ 1,407 | $ 405,900 | $ (11,701) | $ 439,216 | $ (112,631) | $ 2,596 |
Balance, shares at Dec. 31, 2018 | 20,826,000 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 53,372 | $ 49,843 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 44,464 | 30,723 |
Amortization of intangible assets | 33,013 | 15,559 |
Loss on sale of Southeast Asian durables business | 0 | 512 |
Loss on write-off of deferred financing fees | 186 | 660 |
Amortization of deferred financing costs | 3,817 | 1,898 |
Net (gain)/loss on disposal of property, plant and equipment | (105) | 995 |
Net (gain)/loss on derivative contracts | (735) | 4,258 |
Stock-based compensation expense | 2,479 | 2,541 |
Deferred income taxes, net | (8,527) | (30,793) |
Changes in assets and liabilities, net of acquisitions: | ||
Accounts receivable | 35,490 | 7,680 |
Inventories | (5,881) | 5,317 |
Prepaid expenses and other assets | (15,234) | (14,213) |
Accounts payable | 3,720 | (15,902) |
Accrued expenses and other liabilities | (19,070) | (17,341) |
Net cash provided by operating activities | 126,989 | 41,737 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (68,273) | (44,126) |
Investment in acquisitions, net of cash acquired | 0 | (1,033,981) |
Net proceeds from sale of Southeast Asian durables business | 0 | 3,620 |
Proceeds from sale of property, plant and equipment | 2,994 | 566 |
Net cash used in investing activities | (65,279) | (1,073,921) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings under revolving lines of credit | 294,103 | 386,110 |
Payments under revolving lines of credit | (346,337) | (520,495) |
Borrowings of long-term debt | 0 | 1,250,000 |
Repayment of long-term debt | (13,117) | (4,560) |
Payment of acquisition related deferred payments | (3,265) | (899) |
Proceeds from issuance of common stock | 1,004 | 2,495 |
Debt issuance costs | (10) | (26,628) |
Dividends paid | (3,081) | (3,000) |
Net cash (used in)/provided by financing activities | (70,703) | 1,083,023 |
Effect of foreign exchange rate changes on cash | (6,965) | 3,446 |
Net (decrease)/increase in cash and cash equivalents | (15,958) | 54,285 |
Cash and cash equivalents, beginning of period | 67,708 | 25,229 |
Cash and cash equivalents, end of period | $ 51,750 | $ 79,514 |
Description of Business and Sig
Description of Business and Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [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 the North American, Latin American, EMEA (Europe, Middle East and Africa) and Asia Pacific regions with a comprehensive range of the latest label technologies in Pressure Sensitive, Cut and Stack, In-Mold, Shrink Sleeve, Heat Transfer, Roll Fed, and Aluminum Labels. 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 for the year ended March 31, 2018 (the “2018 10-K”). These condensed consolidated financial statements should be read in conjunction with the financial statements and the notes thereto included in the 2018 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. Certain prior period balances have been reclassified to conform to current year classifications. 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 the first quarter of fiscal 2019, we adopted Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers (Topic 606)” and all related amendments, which provides revised guidance for revenue recognition. We adopted this guidance using the modified retrospective transition method, which means that periods beginning in fiscal 2019 are reported under this guidance while prior periods continue to be reported under previous guidance. See Note 2. In February 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (Topic 220),” which permits the reclassification of stranded tax effects resulting from the Tax Cuts and Jobs Act (the “Tax Act”) from accumulated other comprehensive income (AOCI) to retained earnings. This new guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, which for the Company is the fiscal year beginning April 1, 2019. Early adoption is permitted, and the update must be applied either at the beginning of the period of adoption or retrospectively to each period in which the effects of the Tax Act related to items remaining in AOCI are recognized. The Company elected to early adopt this update in the second quarter of fiscal 2019. As part of this adoption, the Company elected to reclassify $1,750 of stranded income tax effects of the Tax Act from AOCI to retained earnings at the beginning of the second quarter of fiscal 2019. In January 2017, the FASB issued ASU 2017-04, “Intangibles-Goodwill and Other,” which simplifies the accounting for goodwill impairment. This update removes step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. This update is effective for any annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, which for the Company is any annual or interim goodwill impairment tests performed after April 1, 2020. Early adoption is permitted for any impairment tests performed after January 1, 2017. The Company is currently evaluating the impact of this update on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, “Business Combinations,” which revises the definition of a business. The FASB’s new framework assists entities in evaluating whether a set (integrated set of assets and activities) should be accounted for as an acquisition of a business or a group of assets. The framework adds an initial screen to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single asset or group of similar assets. If that screen is met, the set is not a business. This update was effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, which for the Company was the fiscal year beginning April 1, 2018. The Company adopted this update effective April 1, 2018, and its adoption did not have an impact on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, “Classification of Certain Cash Receipts and Cash Payments,” which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The specific issues addressed include debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination and separately identifiable cash flows and application of the predominance principle. This update was effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, which for the Company was the fiscal year beginning April 1, 2018. The Company adopted this update effective April 1, 2018, and its adoption did not have an impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases,” which requires that lessees recognize almost all leases on the balance sheet as right-of-use assets and lease liabilities. For income statement purposes, leases will be classified as either finance leases or operating leases. This update is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years, which for the Company is the fiscal year beginning April 1, 2019. In March 2018, the FASB approved an alternative transition method which eliminates the requirement to restate prior period financial statements and requires the cumulative effect of the retrospective allocation to be recorded as an adjustment to the opening balance of retained earnings at the date of adoption. transition method we will the will on our consolidated The Company is currently accumulating its lease data in order to evaluate the impact of this standard its an . No other new accounting pronouncement issued or effective during the nine months ended December 31, 2018 had or is expected to have a material impact on the condensed consolidated financial statements. Supply Chain Financing The Company has entered into supply chain financing agreements with certain customers and factoring arrangements with certain banks. The receivables for the agreements are sold without recourse to the customers’ banks and are accounted for as sales of accounts receivable. Losses on the sale of these receivables are included in selling, general and administrative expenses in the condensed consolidated statements of income. Losses of $510 and $251 were recorded for the three months ended December 31, 2018 and 2017, respectively, and losses of $1,504 and $716 were recorded for the nine months ended December 31, 2018 and 2017, respectively. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 2. Revenue Recognition On April 1, 2018, we adopted ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” and all related amendments, which provides revised guidance for revenue recognition. The standard’s core principle is that an entity should recognize the revenue for transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The standard defines a five-step process to recognize revenue and requires more judgment and estimates within the revenue recognition process than required under previous U.S. GAAP, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each separate performance obligation. We adopted the standard by applying the modified retrospective method to all contracts that were not completed as of the adoption date. The aggregate effect of any modifications to those contracts was reflected in identifying the satisfied and unsatisfied performance obligations, determining the transaction price, and allocating the price to the satisfied and unsatisfied performance obligations as of the adoption date. Accordingly, the comparative statement of income and comparative balance sheet have not been restated. Adjustments due to ASU 2014-09 were as follows: Balance at Balance at March 31, 2018 Adjustments April 1, 2018 Assets: Accounts receivable, net $ 306,542 $ 253 $ 306,795 Inventories, net 167,950 (18,286 ) 149,664 Other current assets 17,468 21,657 39,125 Liabilities and Stockholders’ Equity: Accrued expenses and other liabilities $ 114,022 $ (215 ) $ 113,807 Deferred income tax liabilities 149,950 1,125 151,075 Accumulated other comprehensive loss (19,241 ) 13 (19,228 ) Retained earnings 384,671 2,701 387,372 Revenue is generated through the sale of products created to meet the packaging needs of our customers, culminating in a single performance obligation to produce labels with no alternate use, and revenue is recorded in an amount that reflects the net consideration that we expect to receive. Prices for our products are based on agreed upon rates with customers and do not include financing components or noncash consideration. The amount of consideration we receive and revenue we recognize is variable for certain customers and is impacted by incentives, including rebates, which are generally tied to achievement of certain sales volume levels. We recognize revenue when obligations under the terms of a contract with our customer are satisfied, in an amount that reflects the consideration we expect to receive in exchange for the product. Depending on the terms of the agreement with the customer, we recognize revenue either at a point-in-time (at shipment or delivery depending on agreed upon terms) or over-time when the Company has an enforceable right to payment for performance completed to date. We believe the costs incurred method is the best method to recognize our over-time revenue as costs incurred are proportionate to progress achieved in satisfying our performance obligations. The Company also has bill and hold arrangements with certain customers. For these arrangements, control over the product when the product is ready for physical transfer to the customer, as we have a present right to payment, the customer can direct the use of the product (i.e., request shipment to its facility), and legal title has passed to the customer. Revenue is recognized at the time the product is produced and we have transferred control to the customer. Payment terms typically range from 30-90 days, based upon agreed upon terms with the customer. Taxes assessed by a governmental authority that we collect from our customers that are both imposed on and concurrent with our revenue producing activities (such as sales tax, value-added tax, and excise taxes) are excluded from revenue. Shipping and handling costs incurred after control of the product is transferred to our customers are treated as fulfillment costs and not a separate performance obligation. MCC records contract assets when revenue is recognized but we have not yet invoiced the customer. This occurs when costs are incurred for the production of labels for over-time customers but the associated revenues have not been billed to the customer or when prepress costs related to fulfillment and completion of labels are incurred but the associated revenues for those labels have not been billed to the customer. Balance sheet location December 31, 2018 April 1, 2018 Contract assets Other current assets $ 29,966 $ 31,001 Contract liabilities Accrued expenses and other liabilities (11,799 ) (11,750 ) Net contract assets and liabilities $ 18,167 $ 19,251 MCC recognized revenues of $178 and $9,440 during the three and nine months ended December 31, 2018, respectively, that were included in contract liabilities as of March 31, 2018. We elected the practical expedient to disregard the possible existence of a significant financing component related to payment on contracts as part of the adoption of ASU 2014-09, as we expect that customers will pay for the products within one year. Additionally, as all contracts are expected to have an original duration of one year or less, we elected the practical expedient to exclude disclosure of information regarding the aggregate amount and future timing of performance obligations that are unsatisfied or partially satisfied as of the end of the reporting period. The following table summarizes the December 31, 2018 condensed consolidated statement of income and condensed consolidated balance sheet as if ASU 2014-09 had not been adopted and the adjustment required upon adoption of ASU 2014-09. Three Months Ended December 31, 2018 As Reported Adjustments Previous Standard Condensed Consolidated Statement of Income: Net revenues $ 397,004 $ 4,238 $ 401,242 Cost of revenues 331,623 3,433 335,056 Gross profit 65,381 805 66,186 Selling, general and administrative expenses 36,615 84 36,699 Operating income 28,706 721 29,427 Income tax benefit (1,233 ) 164 (1,069 ) Net income 11,475 557 12,032 Nine Months Ended December 31, 2018 As Reported Adjustments Previous Standard Condensed Consolidated Statement of Income: Net revenues $ 1,288,048 $ 3,823 $ 1,291,871 Cost of revenues 1,047,872 3,097 1,050,969 Gross profit 240,176 726 240,902 Selling, general and administrative expenses 118,574 76 118,650 Operating income 121,401 650 122,051 Income tax expense 8,772 145 8,917 Net income 53,372 505 53,877 As of December 31, 2018 As Reported Adjustments Previous Standard Condensed Consolidated Balance Sheet: Assets: Accounts receivable, net $ 260,234 $ (263 ) $ 259,971 Inventories, net 141,819 15,197 157,016 Other current assets 44,059 (17,980 ) 26,079 Liabilities and Stockholders’ Equity: Accrued expenses and other liabilities $ 84,477 $ 143 $ 84,620 Deferred income tax liabilities 160,291 (980 ) 159,311 Accumulated other comprehensive loss (112,631 ) (13 ) (112,644 ) Retained earnings 439,216 (2,196 ) 437,020 The following table presents our net revenues disaggregated by region and timing of revenue recognition for the three and nine months ended December 31, 2018. Three Months Ended December 31, 2018 Nine Months Ended December 31, 2018 Point-in-time Over-time Point-in-time Over-time North America $ 117,811 $ 56,532 $ 403,224 $ 173,256 Europe 151,145 1,010 500,164 2,984 Asia Pacific and Africa 63,500 688 187,028 2,684 South America 6,318 — 18,708 — Total $ 338,774 $ 58,230 $ 1,109,124 $ 178,924 |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 3. 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 Nine Months Ended December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Shares Per Share Amount Shares Per Share Amount Shares Per Share Amount Shares Per Share Amount Basic EPS 20,489 $ 0.55 19,319 $ 1.06 20,461 $ 2.60 17,765 $ 2.80 Effect of dilutive securities 61 — 127 — 85 (0.01 ) 149 (0.02 ) Diluted EPS 20,550 $ 0.55 19,446 $ 1.06 20,546 $ 2.59 17,914 $ 2.78 The Company excluded 309 and 157 options to purchase shares in the three months ended December 31, 2018 and 2017, respectively, from the computation of diluted EPS because these shares would have an anti-dilutive effect. The Company excluded 298 and 132 options to purchase shares in the nine months ended December 31, 2018 and 2017, respectively, from the computation of diluted EPS because these shares would have an anti-dilutive effect. |
Inventories
Inventories | 9 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories The Company’s inventories consisted of the following: December 31, 2018 March 31, 2018 Finished goods $ 58,593 $ 80,845 Work-in-process 17,891 21,156 Raw materials 65,335 65,949 Total inventories, net $ 141,819 $ 167,950 |
Debt
Debt | 9 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | 5. Debt The components of the Company’s debt consisted of the following: December 31, 2018 March 31, 2018 Principal Unamortized Debt Issuance Costs Debt Less Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs Debt Less Unamortized Debt Issuance Costs 6.125% Senior Notes (1) $ 250,000 $ (2,642 ) $ 247,358 $ 250,000 $ (3,148 ) $ 246,852 4.875% Senior Notes (1) 600,000 (8,739 ) 591,261 600,000 (9,699 ) 590,301 Credit Agreement Term Loan A Facility (2) 142,500 (3,343 ) 139,157 148,125 (3,996 ) 144,129 Term Loan B Facility (3) 142,500 (3,343 ) 139,157 498,750 (6,280 ) 492,470 U.S. Revolving Credit Facility (4) — — — 56,945 (5,442 ) 51,503 Australian Revolving Sub-Facility (4) 33,638 (506 ) 33,132 33,033 (605 ) 32,428 Capital leases 37,648 — 37,648 36,288 — 36,288 Other subsidiary debt 5,259 — 5,259 4,714 — 4,714 Total debt 1,564,045 (20,626 ) 1,543,419 1,627,855 (29,170 ) 1,598,685 Less current portion of debt (22,112 ) — (22,112 ) (20,864 ) — (20,864 ) Total long-term debt $ 1,541,933 $ (20,626 ) $ 1,521,307 $ 1,606,991 $ (29,170 ) $ 1,577,821 (1) The 6.125% Senior Notes are due on December 1, 2022. The 4.875% Senior Notes are due on November 1, 2025. (2) The Company is required to make mandatory principal payments on the outstanding borrowings under the Term Loan A Facility. The principal payments are due on the last day of March, June, September and December of each year, commencing on March 31, 2018 through the maturity date of October 31, 2022. (3) The Company is required to make mandatory principal payments on the outstanding borrowings under the Term Loan B Facility. The principal payments are due on the last day of March, June, September and December of each year, commencing on March 31, 2018 through the maturity date of October 31, 2024. (4) Borrowings under the U.S. Revolving Credit Facility and Australian Revolving Sub-Facility mature on October 31, 2022. The carrying value of debt under the Credit Agreement approximates fair value. The fair value of the Senior Notes is based on observable inputs, including quoted market prices (Level 2). The fair values of the 4.875% Senior Notes and 6.125% Senior Notes were approximately $514,500 and $249,375, respectively, as of December 31, 2018. The fair values of the 4.875% Senior Notes and 6.125% Senior Notes were approximately $564,000 and $258,750, respectively, as of March 31, 2018. The following is a schedule of future annual principal payments as of December 31, 2018: Debt Capital Leases Total January 2019 - December 2019 $ 17,378 $ 4,734 $ 22,112 January 2020 - December 2020 16,419 3,893 20,312 January 2021 - December 2021 20,133 3,480 23,613 January 2022 - December 2022 397,467 2,879 400,346 January 2023 - December 2023 5,000 2,831 7,831 Thereafter 1,070,000 19,831 1,089,831 Total $ 1,526,397 $ 37,648 $ 1,564,045 Senior Secured Credit Facility In conjunction with the Constantia Labels acquisition, effective October 31, 2017 the Company entered into a credit agreement (the “Credit Agreement”) with various lenders. The Credit Agreement replaced the Company’s previous credit agreement and consists of (i) a senior secured first lien term loan A facility (the “Term Loan A Facility”) in an aggregate initial principal amount of $150,000 with a five year maturity, (ii) a senior secured first lien term loan B facility (the “Term Loan B Facility”) in an aggregate initial principal amount of $500,000 with a seven year maturity, and (iii) a senior secured first lien revolving credit facility (the “Revolving Credit Facility”) in an aggregate principal amount up to $400,000, comprised of a $360,000 U.S. revolving credit facility (the “U.S. Revolving Credit Facility“) and a $40,000 U.S. Dollar equivalent Australian sub-facility (the “Australian Revolving Sub-Facility”), each with a five year maturity. On October 16, 2018, the Company amended the terms of the Term Loan B Facility upon entering into Amendment No. 1 to the Credit Agreement the applicable margin payable on LIBOR indexed loans thereunder from 225 bps to 200 bps. The Credit Agreement contains customary mandatory and optional prepayment provisions and customary events of default. The Credit Agreement’s Term Loan A Facility, Term Loan B Facility and U.S. Revolving Credit Facility (together, the “U.S. facilities”) are guaranteed by substantially all of the Company’s direct and indirect wholly owned domestic subsidiaries, and such guarantors pledged substantially all their assets as collateral to secure the U.S. facilities. The Australian Revolving Sub-Facility is secured by substantially all of the assets of the Australian borrower and its direct and indirect subsidiaries. The Credit Agreement can 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 secured net leverage ratio. The weighted average interest rates on the Company’s borrowings are as follows: December 31, 2018 March 31, 2018 Term Loan A Facility 4.52 % 4.13 % Term Loan B Facility 4.52 % 4.13 % U.S. Revolving Credit Facility — 4.42 % Australian Revolving Sub-Facility 4.10 % 4.13 % 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) the consolidated secured net leverage ratio as of the last day of any fiscal quarter of the Company shall not exceed 4.50 to 1.00 for the fiscal quarters ended during the period of March 31, 2017 through, and including June 30, 2019 and (ii) the consolidated secured net leverage ratio as of the last day of any fiscal quarter of the Company shall not exceed 4.25 to 1.00 for the fiscal quarters ended during the period of September 30, 2019 and thereafter. The Credit Agreement, the indenture governing the 4.875% Senior Notes (the “4.875% Senior Notes Indenture”) and the indenture governing the 6.125% Senior Notes (the “6.125% Senior Notes Indenture”) and together with the 4.875% Senior Notes Indenture, (the “Indentures”) limit the Company’s ability to incur additional indebtedness. Additional covenants contained in the Credit Agreement and the Indentures, 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, change the business conducted by the Company and its subsidiaries, and engage in certain transactions with affiliates. Under the Credit Agreement and the Indentures, 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 Indentures. As of December 31, 2018, the Company was in compliance with the covenants in the Credit Agreement and the Indentures. Available borrowings under the U.S. Revolving Credit Facility and Australian Revolving Sub-Facility were $354,397 and $6,362, respectively, at December 31, 2018. The Company also has various other uncommitted lines of credit available at December 31, 2018 in the aggregate amount of $24,452. 4.875% Senior Notes The $600,000 aggregate principal amount of 4.875% Senior Notes due 2025 (the “4.875% Senior Notes”) were issued in October 2017 to fund the acquisition of Constantia Labels. The 4.875% Senior Notes are unsecured senior obligations of the Company. Interest is payable on the 4.875% Senior Notes on May 1 st st 6.125% Senior Notes The $250,000 aggregate principal amount of 6.125% Senior Notes due 2022 (the “6.125% Senior Notes”) were issued in November 2014. The 6.125% Senior Notes are unsecured senior obligations of the Company. Interest is payable on the 6.125% Senior Notes on June 1 st st Debt Issuance Costs In conjunction with Amendment No. 1 to the Credit Agreement, the Company paid $730 in third-party fees of which $720 related to a debt modification and were recorded to selling, general and administrative expenses during the third quarter of fiscal 2019. The remaining $10 in third-party fees related to new lenders entering the syndication and were deferred. In addition, $185 of existing unamortized debt issuance costs related to lenders exiting the Term Loan B were written-off to interest expense as a loss on extinguishment of debt. The remaining unamortized debt issuance costs related to a debt modification and, along with the new deferred costs, are being amortized over the remaining term of the Term Loan B Facility. In conjunction with the issuance of the Credit Agreement, the Company incurred $16,331 in debt issuance costs, which are being deferred and amortized over the term of the Term A Loan Facility, Term Loan B Facility and Revolving Credit Facility In conjunction with terminating the Company’s prior credit agreement, $660 in unamortized debt issuance costs related to a debt extinguishment were written-off to interest expense during the three months ended December 31, 2017. The remaining unamortized fees under the prior credit agreement related to a debt modification and are being amortized over the term of the Revolving Credit Facility. The Company incurred $10,338 in debt issuance costs associated with the issuance of the 4.875% Senior Notes, which are being deferred and amortized over the term of the 4.875% Senior Notes. The Company recorded $1,267 and $1,090 in interest expense for the three months ended December 31, 2018 and 2017, respectively, in the condensed consolidated statements of income to amortize deferred financing costs. The Company recorded $3,817 and $1,898 in interest expense for the nine months ended December 31, 2018 and 2017, respectively, in the condensed consolidated statements of income to amortize deferred financing costs. Capital Leases The present value of the net minimum payments on the capitalized leases is as follows: December 31, 2018 March 31, 2018 Total minimum lease payments $ 46,551 $ 49,521 Less amount representing interest (8,903 ) (13,233 ) Present value of net minimum lease payments 37,648 36,288 Current portion (4,734 ) (4,191 ) Capitalized lease obligations, less current portion $ 32,914 $ 32,097 The capitalized leases carry interest rates from 0.97% to 12.25% and mature from fiscal 2019 to fiscal 2032. |
Major Customers
Major Customers | 9 Months Ended |
Dec. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
Major Customers | 6. Major Customers During the three months ended December 31, 2018 and 2017, sales to major customers (those exceeding 10% of the Company’s net revenues in one or more of the periods presented) approximated 11% and 13%, respectively, of the Company’s consolidated net revenues. All of these sales were made to The Procter & Gamble Company. During the nine months ended December 31, 2018 and 2017, sales to major customers (those exceeding 10% of the Company’s net revenues in one or more of the periods presented) approximated 10% and 15%, respectively, 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 3% of the Company’s total accounts receivable balance at December 31, 2018 and March 31, 2018. |
Income Taxes
Income Taxes | 9 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. 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 December 31, 2018, the Company is no longer subject to U.S. federal examinations by tax authorities for years before fiscal 2016. The Company is no longer subject to state and local examinations by tax authorities for years before fiscal 2014. In foreign jurisdictions, the Company is no longer subject to examinations by tax authorities for years before fiscal 1999. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act significantly revises the future ongoing U.S. corporate income tax by, among other things, lowering U.S. corporate income tax rates and implementing a territorial tax system. As the Company has a March 31 fiscal year-end, a U.S. statutory federal rate of 21% applies to fiscal year beginning April 1, 2018. The Tax Act eliminates the domestic manufacturing deduction and implements certain transitional impacts to the Company. The changes included in the Tax Act are broad and complex. The final transition impacts of the Tax Act may differ from estimates, possibly materially, due to, among other things, changes in interpretations of the Tax Act, any legislative action to address questions that arise because of the Tax Act, any changes in accounting standards for income taxes or related interpretations in response to the Tax Act, or any updates or changes to estimates the Company has utilized to calculate the transition impacts, including impacts from changes to current year earnings estimates and foreign exchange rates of foreign subsidiaries. The Securities Exchange Commission has issued rules that would allow for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts. The Company made an estimate at March 31, 2018 on the impact of the Tax Act. During the third quarter ended December 31, 2018 the Company recorded a discrete net tax benefit of $ 528 change 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 December 31, 2018 and March 31, 2018, the Company had liabilities of $5,853 and $7,038, respectively, recorded for unrecognized tax benefits for U.S. federal, state and foreign tax jurisdictions. During the three months ended December 31, 2018 and 2017, the Company recognized $(150) and $(14), respectively, of interest and penalties in income tax expense in the condensed consolidated statements of income. During the nine months ended December 31, 2018 and 2017, the Company recognized $(1,324) and $47, 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 December 31, 2018 and March 31, 2018 was $1,911 and $2,641, 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 nine months ended December 31, 2018, the Company released $1,373 and $4,436, respectively, of reserves, including interest and penalties, related to uncertain tax positions for which the statutes of limitations have lapsed. The Company believes that it is reasonably possible that $2,765 of unrecognized tax benefits as of December 31, 2018 could be released within the next 12 months due to the lapse of statute 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 $5,663. |
Risk Management Activities and
Risk Management Activities and Financial Instruments | 9 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Risk Management Activities and Financial Instruments | 8. 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 uses 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. In conjunction with entering into the Credit Agreement (see Note 5), the Company entered into two spot non-amortizing Swaps with a total notional amount of $300,000 to convert variable rate debt to fixed rate debt. These Swaps became effective October 2017, expired in October 2018, and resulted in interest payments of 1.5625% plus the applicable margin per the requirements in the Credit Agreement. The Company also entered into two forward starting non-amortizing Swaps with a total notional amount of $300,000 to convert variable rate debt to fixed rate debt. These Swaps became effective in October 2018, will expire in October 2022, and will result in interest payments of 2.1345% plus the applicable margin per the requirements in the Credit Agreement. Upon inception, the Swaps were designated as cash flow hedges under ASU 2017-12, with gains and losses, net of tax, measured on an ongoing basis, recorded in accumulated other comprehensive income (loss) (“AOCI”). 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 or the U.S. Dollar. At times, the Company uses foreign currency forward contracts to minimize the impact of fluctuations in currency exchange rates. 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 nine months ended December 31, 2018 and 2017, certain of 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 consolidated statements of income. The Company periodically enters into foreign exchange forward contracts to fix the purchase price in U.S. Dollars of a foreign currency denominated firm commitment to purchase presses. Certain of these forward contracts are designated as fair value hedges and changes in the fair value of the contracts are recorded in other income and expense in the consolidated statements of income in the same period during which the related hedged items affect the consolidated statements of income. In June 2018, the Company entered into foreign exchange forward contracts to fix the purchase price in U.S. Dollars of foreign currency denominated raw materials. These forward contracts are designated as cash flow hedges with gains and losses, net of tax, measured on an ongoing basis, recorded in AOCI. 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 cross currency swaps, in which the Company will pay Euros and receive U.S. Dollars with a combined notional amount of €400,000, which mature in November 2025. This will effectively convert U.S. Dollar denominated debt to Euro denominated debt. The Company designated €205,000 of swap notional as a net investment hedge of the Company’s net investment in our European operations under ASU 2017-12 and applied the spot method to these hedges. Changes in fair value of the derivative instruments that are designated and qualify as hedges of net investments in foreign operations are recognized in AOCI to offset changes in the values of the net investments being hedged. The remaining €195,000 of swap notional was not designated as an accounting hedge in September 2017. Therefore, changes in fair value of the derivative instruments were recognized in other income and expense in the consolidated statements of income. In November 2017, the Company formally designated the remaining €195,000 of swap notional as a net investment hedge under ASU 2017-12, bringing the total designated notional value to €400,000. Effective November 1, 2017, hedge accounting was applied to the newly designated swap notional of €195,000. 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 instruments used in hedging transactions as of December 31, 2018 are as follows: Fair Value Derivatives Designated as Hedging Instruments Balance Sheet Location December 31, 2018 March 31, 2018 Assets: Cross currency swaps (Net investment hedges) Other current assets $ 6,905 $ 4,295 Interest rate swaps (Cash flow hedges) Other current assets 1,092 920 Foreign exchange forward contracts (Fair value hedges) Other current assets 2 127 Foreign exchange forward contracts (Cash flow hedges) Other current assets 237 — Interest rate swaps (Cash flow hedges) Other long-term assets 1,877 4,956 Liabilities: Interest rate swaps (Cash flow hedges) Other current liabilities $ 207 $ — Foreign exchange forward contracts (Fair value hedges) Other current liabilities 70 190 Foreign exchange forward contracts (Cash flow hedges) Other current liabilities 233 — Cross currency swaps (Net investment hedges) Other long-term liabilities 15,665 50,019 Interest rate swaps (Cash flow hedges) Other long-term liabilities 1,120 — Fair Value Derivatives Not Designated as Hedging Instruments Balance Sheet Location December 31, 2018 March 31, 2018 Assets: Foreign exchange forward contracts Other current assets $ 81 $ — Liabilities: Foreign exchange forward contracts Other current liabilities $ 126 $ 127 The amounts of gains and (losses) recognized in AOCI net of reclassifications into earnings, during the three and nine months ended December 31, 2018 and 2017 are as follows: Three Months Ended Nine Months Ended Derivatives Designated as Hedging Instruments December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Cross currency swaps (Net investment hedges) (1) $ 10,716 $ (9,617 ) $ 27,180 $ (14,173 ) Interest rate swaps (5,747 ) 1,165 (3,175 ) 1,165 Foreign exchange forward contracts 745 — (13 ) — (1) The net gain of $27,180 recognized in OCI on the cross currency swaps in a net investment hedge as of December 31, 2018 is comprised of an excluded component of $2,789 and an undiscounted spot gain of $33,440, net of tax of $(9,049). The amounts of gains and (losses) reclassified from AOCI into earnings for the three and nine months ended December 31, 2018 and 2017 are as follows: Three Months Ended Nine Months Ended Derivatives Designated as Hedging Instruments December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Cross currency swaps (1) $ 2,501 $ 2,140 $ 7,233 $ 2,140 Interest rate swaps (2) 283 (131 ) 949 (131 ) Foreign exchange forward contracts (2) (298 ) — (470 ) — (1) The Company had a $2,501 and $7,233 excluded component gain in AOCI which was recognized into income during the three and nine months ended December 31, 2018, respectively. (2) During the next 12 months, $888 of net gains included in the December 31, 2018 AOCI balance are expected to be reclassified into interest expense. The amounts of gains and (losses) included in earnings from qualifying and non-qualifying financial instruments used in hedging transactions for the three and nine months ended December 31, 2018 and 2017 are as follows: Three Months Ended Nine Months Ended Derivatives Not Designated as Hedging Instruments Statement of Income Location December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Foreign currency contract-Constantia purchase price Other income (expense), net $ — $ (1,108 ) $ — $ 8,109 Foreign currency contracts-Other Other income (expense), net (112 ) (1,834 ) 6,121 (1,550 ) Gain (loss) on underlying hedged items Other income (expense), net (287 ) 1,539 (5,514 ) 1,264 Cross currency swaps Interest expense 246 1,553 735 (4,258 ) Three Months Ended Nine Months Ended Derivatives Designated as Hedging Instruments Statement of Income Location December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Foreign exchange forward contracts (Fair value hedges) Other income (expense), net $ (202 ) $ — $ (3 ) $ — Gain (loss) on underlying hedged items Other income (expense), net 202 — 3 — |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 9 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Liabilities | 9. Accrued Expenses and Other Liabilities The Company’s accrued expenses and other liabilities consisted of the following: December 31, 2018 March 31, 2018 Accrued payroll and benefits $ 35,720 $ 45,418 Accrued income taxes 4,451 13,838 Professional fees 1,606 1,965 Accrued taxes other than income taxes 2,790 4,682 Accrued interest 4,796 16,480 Customer rebates 4,201 2,578 Exit and disposal costs related to facility closures 40 457 Contingent liability acquired 1,315 — Deferred payments 7,010 9,735 Deferred revenue 11,799 11,887 Derivative liabilities 636 317 Other 10,113 6,665 Total accrued expenses and other liabilities $ 84,477 $ 114,022 |
Acquisitions
Acquisitions | 9 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | 10. Acquisitions Constantia Labels Summary On October 31, 2017, the Company completed its 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”). 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 24 production plants across 14 countries, with major operations across Europe, Asia and North America. The acquisition included a 75% controlling interest in certain label operations in South Africa. The Company believes the combination of Constantia Labels’ food & beverage business with Multi-Color’s existing platforms, particularly in home & personal care and wine & spirits and emerging position in healthcare, will create a company with significant scale and geographic, end-market, customer and product diversification and additional growth opportunities. The results of Constantia Labels’ operations were included in the Company’s consolidated financial statements beginning on October 31, 2017. The purchase price for Constantia Labels consisted of the following: Cash from proceeds of borrowings $ 1,048,656 MCC common stock issued 237,820 Deferred payments 3,901 Contingent consideration 9,026 Purchase price, before cash acquired 1,299,403 Net cash acquired (11,234 ) Total purchase price $ 1,288,169 The Company issued 3,383 shares of its common stock to Constantia Flexibles as part of the consideration for the purchase of Constantia Labels. The Sale and Purchase Agreement provides for restrictions on the transfer of the shares issued to Constantia Flexibles and certain registration rights with respect to the shares. The fair value of the shares issued of $237,820 was calculated using the Company share price of $82.70, which was the closing price on October 31, 2017, discounted to reflect the temporary lack of liquidity. The cash portion of the purchase price was funded through the 4.875% Senior Notes due 2025 and funds from the Credit Agreement (see Note 5). The purchase price included deferred payments with a total fair value of $3,901, estimated as of the acquisition date, of which $807 was paid during the three months ended June 30, 2018 with the remaining to be paid out 90 days after December 31, 2018, 2019 and 2020. In addition, the purchase price includes future performance based earnouts with a total fair value of $9,026, estimated as of the acquisition date. The future value of the earnouts is dependent upon whether the Verstraete in Mould Labels N.V. (Verstraete) business, which was acquired in conjunction with the Constantia Labels’ acquisition, meets or exceeds certain agreed upon EBITA (earnings before interest, taxes, and amortization) metrics over the three to five-year period following the acquisition. The earnouts have a minimum future payout of zero, and the maximum amount of the future payout is based on the amount of EBITA growth achieved relative to calendar 2017. The earnouts may be paid out 90 days after December 31, 2020, 2021 or 2022. Net cash acquired includes $49,725 of cash acquired less $38,491 of assumed bank debt and capital leases. The Company spent $17,379 in acquisition expenses related to the Constantia Labels acquisition. These expenses were recorded in selling, general and administrative expenses in the condensed consolidated statements of income as follows: $18 in the third quarter of fiscal 2017, $744 in the first quarter of fiscal 2018, $3,545 in the second quarter of fiscal 2018, $11,299 in the third quarter of fiscal 2018, $632 in the fourth quarter of fiscal 2018, $1,246 in the first quarter of fiscal 2019 and a credit of $(105) in the second quarter of fiscal 2019. Purchase Price Allocation and Other Items Based on fair value estimates, the purchase price for Constantia Labels has been allocated to individual assets acquired and liabilities assumed as follows: Constantia Labels Assets Acquired: Net cash acquired $ 11,234 Accounts receivable 117,248 Inventories 82,472 Property, plant and equipment 250,479 Intangible assets 432,400 Goodwill 673,561 Other assets 13,747 Total assets acquired 1,581,141 Liabilities Assumed: Accounts payable 93,812 Accrued income taxes payable 4,401 Accrued expenses and other liabilities 41,378 Deferred tax liabilities 139,847 Total liabilities assumed 279,438 Net assets acquired 1,301,703 Noncontrolling interests (2,300 ) Net assets acquired attributable to Multi-Color Corporation $ 1,299,403 The liabilities assumed in the Constantia Labels acquisition included a contingent liability of $9,671, estimated as of the acquisition date based on the Company’s best estimate. The contingent liability, payable to the pre-Constantia Flexibles owners of the respective entities, was based on future earnings of certain entities acquired. In the fourth quarter of fiscal 2018, $7,523 The fair value of the noncontrolling interests for Constantia Labels was 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. During the second quarter of fiscal 2019, the Company increased its valuation of the noncontrolling interests for Constantia Labels by $1,200. During the third quarter of fiscal 2019, goodwill decreased by $2,146 related to measurement period adjustments for the Constantia Labels acquisition. The measurement period adjustments primarily consisted of decreases of $3,613, $3,487 and $3,106 During the second quarter of fiscal 2019, goodwill decreased by $31,917 related to measurement period adjustments for the Constantia Labels acquisition. The measurement period adjustments primarily consisted of increases of $34,222, $22,400, $14,807 and $5,997 to the valuation of property, plant and equipment, intangible assets, deferred tax liabilities and net cash acquired due to the valuation of capital leases, respectively. During the second quarter of fiscal 2019, a $(5,769) credit to depreciation expense and $1,456 of amortization expense were recognized that would have been recognized in previous periods if the adjustments to provisional amounts were recognized as of the Constantia Labels acquisition date of October 31, 2017. We recognized income of $(1,594), $(1,550), and $(1,169) that would have been recognized in the third quarter of fiscal 2018, fourth quarter of fiscal 2018 and first quarter of fiscal 2019, respectively, if the adjustments to provisional amounts were recognized as of the acquisition date. During the first quarter of fiscal 2019, goodwill increased by $291 related to measurement period adjustments for the Constantia Labels acquisition. The measurement period adjustments primarily consisted of a $2,538 and $261 increase in the valuation of other assets and accrued expenses, respectively, offset by a $2,507 and $151 decrease in the valuation of inventory and property, plant and equipment, respectively. The fair value of identifiable intangible assets acquired and their estimated useful lives are as follows: Constantia Labels Fair Value Useful Lives Customer relationships $ 407,300 19 years Technology 20,700 4 years Trade name 4,400 4 years Total identifiable intangible assets $ 432,400 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 Constantia Labels acquisition is 18 years. The goodwill for Constantia Labels is attributable to combining Constantia Labels’ food & beverage business with Multi-Color’s existing platforms, particularly in home & personal care and wine & spirits and emerging position in healthcare, thereby creating additional growth opportunities for both businesses utilizing the expanded global footprint and the acquired workforce. Goodwill arising from the Constantia Labels acquisition is not deductible for income tax purposes. The accounts receivable acquired as part of the Constantia Labels acquisition had a fair value of $117,248 at the acquisition date. The gross contractual value of the receivables prior to any adjustments was $119,883 and the estimated contractual cash flows that are not expected to be collected are $2,635. Pro Forma Information The following table provides the unaudited pro forma results of operations for the three and nine months ended December 31, 2017 as if Constantia Labels had been acquired as of the beginning of fiscal year 2018. However, pro forma results do not include any anticipated synergies from the combination of the companies, and accordingly, are not necessarily indicative of the results that would have occurred if the acquisition had occurred on the date indicated or that may result in the future. Three Months Ended Nine Months Ended December 31, 2017 December 31, 2017 Net revenues $ 411,272 $ 1,269,185 Net income attributable to Multi-Color 24,848 64,588 Diluted earnings per share 1.21 3.14 The following is a reconciliation of actual net revenues and net income attributable to Multi-Color Corporation to unaudited pro forma net revenues and net income: Three Months Ended Nine Months Ended December 31, 2017 December 31, 2017 Net revenues Net income attributable to Multi-Color Net revenues Net income attributable to Multi-Color Multi-Color Corporation actual results $ 352,699 $ 20,532 $ 851,173 $ 49,828 Constantia Labels actual results (1) 58,573 (516 ) 418,012 23,426 Pro forma adjustments — 4,832 — (8,666 ) Pro forma results $ 411,272 $ 24,848 $ 1,269,185 $ 64,588 (1) Constantia Labels actual results include the nine months pre-acquisition in fiscal 2018. The following table identifies the unaudited pro forma adjustments: Three Months Ended Nine Months Ended December 31, 2017 December 31, 2017 Constantia Labels financing costs $ 1,235 $ 9,689 Acquisition transaction costs 11,299 15,588 Incremental depreciation and amortization costs (1,000 ) (8,469 ) Incremental interest costs (4,532 ) (29,368 ) Tax effect of adjustments (2,170 ) 3,894 Pro forma adjustments $ 4,832 $ (8,666 ) Other Acquisition Activity On October 11, 2017, the Company acquired 100% of TP Label Limited, the labels business of Tanzania Printers Limited (Tanzania Printers), and TP Kenya Limited (collectively, “TP Label”), which is located in Dar es Salaam, Tanzania with a sales and distribution center located in Nairobi, Kenya, for $15,929 less net cash acquired of $397. The purchase price included $9,557, which was retained by MCC at closing and was used to repay the indebtedness of TP Label Limited and Tanzania Printers during the three months ended March 31, 2018. The purchase price also included an indemnification holdback of $1,593 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 $5,228. 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 anniversary of the closing date in accordance with the purchase agreement. The escrow amount is to fund certain potential indemnification obligations of the seller with respect to the transaction. GEWA is located in Bingen am Rhein, Germany and specializes in producing pressure sensitive labels for the wine and spirits market. 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% for $2,084 plus net debt assumed of $862. The purchase price included a deferred payment of $208 that was paid during the three months ended March 31, 2018. The Company acquired 30% of GIP as part of the Barat acquisition in fiscal 2016. Immediately prior to obtaining a controlling interest in GIP, the Company recognized a gain of $690 as a result of re-measuring our equity interest to its fair value of $771 based on the most recent share activity. In August 2017, the Company acquired the remaining 2.4% of the common shares of GIP in conjunction with the GEWA acquisition (see above). GIP is located in the Bordeaux region of France and specializes in producing labels for the wine & spirits market. 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 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 was paid in the three months ended September 30, 2018. Italstereo is located near Lucca, Italy and specializes in producing pressure sensitive adhesive resin coated labels, seals and emblems. The results of operations of the acquisitions described above within this “Other Acquisition 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. 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 expense in the consolidated statements of income. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 11. Accumulated Other Comprehensive Loss The changes in the Company’s accumulated other comprehensive loss by component consisted of the following: Foreign currency items Gains and (losses) on derivative contracts Defined benefit pension items Total Balance at March 31, 2018 $ 6,335 $ (25,408 ) $ (168 ) $ (19,241 ) OCI before reclassifications (115,632 ) 29,662 — (85,970 ) Amounts reclassified from AOCI — (5,670 ) — (5,670 ) Net current period OCI (115,632 ) 23,992 — (91,640 ) ASU 2018-02 reclassification of stranded tax effects (244 ) (1,506 ) — (1,750 ) Balance at December 31, 2018 $ (109,541 ) $ (2,922 ) $ (168 ) $ (112,631 ) Reclassifications out of accumulated other comprehensive loss consisted of the following: Three Months Ended Nine Months Ended December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Cross currency swaps (1) $ (2,501 ) $ (2,140 ) $ (7,233 ) $ (2,140 ) Interest rate swaps (1) (283 ) 131 (948 ) 131 Foreign exchange forward contracts (2) 299 — 470 — Tax 694 704 2,041 704 Net of tax $ (1,791 ) $ (1,305 ) $ (5,670 ) $ (1,305 ) (1) Reclassified from AOCI into interest expense in the condensed consolidated statements of income. See Note 8. (2) Reclassified from AOCI into cost of revenues in the condensed consolidated statements of income. See Note 8. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 12. Goodwill and Intangible Assets The changes in the Company’s goodwill consisted of the following: Balance at March 31, 2018: Goodwill, gross $ 1,210,179 Accumulated impairment losses (13,545 ) Goodwill, net 1,196,634 Activity during the year: Adjustments to prior year acquisitions (34,478 ) Currency translation (74,150 ) Balance at December 31, 2018: Goodwill, gross 1,099,792 Accumulated impairment losses (11,786 ) Goodwill, net $ 1,088,006 The Company’s intangible assets consisted of the following: December 31, 2018 March 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 648,854 $ (111,447 ) $ 537,407 $ 648,273 $ (87,560 ) $ 560,713 Technologies 21,989 (7,383 ) 14,606 21,721 (3,586 ) 18,135 Trademarks 4,469 (1,400 ) 3,069 99 (66 ) 33 Non-compete agreements 3,820 (2,833 ) 987 3,880 (2,528 ) 1,352 Total $ 679,132 $ (123,063 ) $ 556,069 $ 673,973 $ (93,740 ) $ 580,233 The amortization expense of intangible assets for the three months ended December 31, 2018 and 2017 was $10,350 and $8,124, respectively. The amortization expense of intangible assets for the nine months ended December 31, 2018 and 2017 was $33,013 and $15,559, respectively. |
Facility Closures
Facility Closures | 9 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Facility Closures | 13. Facility Closures Melbourne, Australia During the three months ended June 30, 2018, the Company announced plans to consolidate our manufacturing facility located in Melbourne, Australia into our existing facility in Notting Hill, Australia. The transition was substantially completed during the second quarter of fiscal 2019, except for restoring the facility to its original leased condition. Below is a summary of the total contractual termination benefits and exit and disposal costs related to the closure of the Melbourne facility: Total costs expected to be incurred Total costs incurred Cumulative costs Three Months Ended December 31, 2018 Nine Months Ended December 31, 2018 Severance and other termination benefits $ 170 $ — $ 170 $ 170 Other associated costs 700-900 46 476 476 Other associated costs primarily consist of costs to dismantle, transport and reassemble manufacturing equipment that was moved from Melbourne to Notting Hill and costs to prepare the Notting Hill facility for installation of the new equipment. Future other associated costs are expected related to restoring the facility to its original leased condition. Below is a reconciliation of the beginning and ending liability balances related to the contractual termination benefits and exit and disposal costs: Balance at Amounts Amounts Balance at December 31, 2018 Severance and other termination benefits $ — 170 (170 ) $ — Other associated costs — 476 (459 ) 17 The cumulative costs incurred in conjunction with the closure as of December 31, 2018 are $646, which were recorded in integration expenses within selling, general and administrative expenses in the condensed consolidated statements of income. 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 was substantially completed in the third quarter of fiscal 2018. Below is a summary of the total contractual termination benefits and exit and disposal costs related to the closure of the Merignac facility: Total costs incurred Total costs Three Months Ended Nine Months Ended Cumulative costs expected to be December 31, December 31, December 31, December 31, incurred as of incurred 2018 2017 2018 2017 December 31, 2018 Severance and other termination benefits $ 703 $ — $ 485 $ — $ 485 $ 703 Other associated costs 550-750 60 251 153 251 500 Other associated costs primarily consist of costs to dismantle, transport and reassemble manufacturing equipment that was moved to other manufacturing facilities, and ongoing costs related to the leased facility until expiration or early termination of the related lease agreement. Below is a reconciliation of the beginning and ending liability balances related to the contractual termination benefits and exit and disposal costs: Balance at Amounts Amounts Balance at Severance and other termination benefits $ 457 — (417 ) $ 40 Other associated costs — 153 (153 ) — During the three months ended September 30, 2018, the Company recorded a non-cash loss on the disposal of property, plant and equipment of $48 related to assets that were not transferred from Merignac to Libourne and were sold or abandoned. The cumulative costs incurred in conjunction with the closure as of December 31, 2018 are $1,316, which were recorded in facility closure expenses in the condensed consolidated statements of income. The cumulative costs incurred include the exit and disposal and fixed asset disposal costs above as well as $125 in non-cash impairment charges and $42 in net loss on the sale related to property, plant and equipment at the Merignac facility, which were recorded in facility closure expenses during the three months ended March 31, 2018. In addition, the Company reversed $102 in accrued pension related to employees that were terminated in conjunction with the closure, which were recorded to facility closure expenses during the three months ended March 31, 2018. 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 expected to be incurred December 31, 2017 EndedThree Months December 31, 2017 Months EndedNine December incurred as of 31 , 2018 Severance and other termination benefits $ 106 $ — $ 106 $ 106 Other associated costs 23 — 23 23 Other associated costs primarily consist of costs to dismantle, transport and reassemble manufacturing equipment that was moved to other manufacturing facilities. During the three months ended December 31, 2017, the Company recorded non -cash impairment charges of $25 related to the land and building that was previously held for sale at the Dormans facility. The cumulative costs incurred in conjunction with the closure as of December 31, 2018 are $260, which were recorded in facility closure expenses In addition, the Company recorded a net loss on the disposal of property, plant and equipment of $59 related to assets in Dormans that were not transferred to other facilities and were sold or abandoned and wrote-off $47 in raw materials that were not transferred to other facilities during the three months ended March 31, 2018. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. 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 | 9 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Disclosures | 15. Supplemental Cash Flow Disclosures Supplemental disclosures with respect to cash flow information and non-cash operating, investing and financing activities are as follows: Nine Months Ended December 31, 2018 December 31, 2017 Supplemental Disclosures of Cash Flow Information: Interest paid $ 73,378 $ 25,058 Income taxes paid, net of refunds 23,197 24,915 Supplemental Disclosures of Non-Cash Activities: Capital expenditures incurred but not yet paid $ 4,362 $ 2,724 Capital lease obligations incurred 1,771 — Change in derivative contract fair value - asset position (104 ) 8,768 Change in derivative contract fair value - liability position 32,915 (34,793 ) Business combinations accounted for as a purchase: Assets acquired (excluding cash) $ 16,233 $ 1,632,049 Liabilities assumed (15,033 ) (335,495 ) Liabilities for contingent / deferred payments — (23,653 ) MCC common stock issued — (237,820 ) Noncontrolling interests (1,200 ) (1,100 ) Net cash paid $ — $ 1,033,981 |
Description of Business and S_2
Description of Business and Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [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 the North American, Latin American, EMEA (Europe, Middle East and Africa) and Asia Pacific regions with a comprehensive range of the latest label technologies in Pressure Sensitive, Cut and Stack, In-Mold, Shrink Sleeve, Heat Transfer, Roll Fed, and Aluminum Labels. |
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 for the year ended March 31, 2018 (the “2018 10-K”). These condensed consolidated financial statements should be read in conjunction with the financial statements and the notes thereto included in the 2018 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. Certain prior period balances have been reclassified to conform to current year classifications. |
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 the first quarter of fiscal 2019, we adopted Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers (Topic 606)” and all related amendments, which provides revised guidance for revenue recognition. We adopted this guidance using the modified retrospective transition method, which means that periods beginning in fiscal 2019 are reported under this guidance while prior periods continue to be reported under previous guidance. See Note 2. In February 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (Topic 220),” which permits the reclassification of stranded tax effects resulting from the Tax Cuts and Jobs Act (the “Tax Act”) from accumulated other comprehensive income (AOCI) to retained earnings. This new guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, which for the Company is the fiscal year beginning April 1, 2019. Early adoption is permitted, and the update must be applied either at the beginning of the period of adoption or retrospectively to each period in which the effects of the Tax Act related to items remaining in AOCI are recognized. The Company elected to early adopt this update in the second quarter of fiscal 2019. As part of this adoption, the Company elected to reclassify $1,750 of stranded income tax effects of the Tax Act from AOCI to retained earnings at the beginning of the second quarter of fiscal 2019. In January 2017, the FASB issued ASU 2017-04, “Intangibles-Goodwill and Other,” which simplifies the accounting for goodwill impairment. This update removes step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. This update is effective for any annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, which for the Company is any annual or interim goodwill impairment tests performed after April 1, 2020. Early adoption is permitted for any impairment tests performed after January 1, 2017. The Company is currently evaluating the impact of this update on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, “Business Combinations,” which revises the definition of a business. The FASB’s new framework assists entities in evaluating whether a set (integrated set of assets and activities) should be accounted for as an acquisition of a business or a group of assets. The framework adds an initial screen to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single asset or group of similar assets. If that screen is met, the set is not a business. This update was effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, which for the Company was the fiscal year beginning April 1, 2018. The Company adopted this update effective April 1, 2018, and its adoption did not have an impact on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, “Classification of Certain Cash Receipts and Cash Payments,” which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The specific issues addressed include debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination and separately identifiable cash flows and application of the predominance principle. This update was effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, which for the Company was the fiscal year beginning April 1, 2018. The Company adopted this update effective April 1, 2018, and its adoption did not have an impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases,” which requires that lessees recognize almost all leases on the balance sheet as right-of-use assets and lease liabilities. For income statement purposes, leases will be classified as either finance leases or operating leases. This update is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years, which for the Company is the fiscal year beginning April 1, 2019. In March 2018, the FASB approved an alternative transition method which eliminates the requirement to restate prior period financial statements and requires the cumulative effect of the retrospective allocation to be recorded as an adjustment to the opening balance of retained earnings at the date of adoption. transition method we will the will on our consolidated The Company is currently accumulating its lease data in order to evaluate the impact of this standard its an . No other new accounting pronouncement issued or effective during the nine months ended December 31, 2018 had or is expected to have a material impact on the condensed consolidated financial statements. |
Supply Chain Financing | Supply Chain Financing The Company has entered into supply chain financing agreements with certain customers and factoring arrangements with certain banks. The receivables for the agreements are sold without recourse to the customers’ banks and are accounted for as sales of accounts receivable. Losses on the sale of these receivables are included in selling, general and administrative expenses in the condensed consolidated statements of income. Losses of $510 and $251 were recorded for the three months ended December 31, 2018 and 2017, respectively, and losses of $1,504 and $716 were recorded for the nine months ended December 31, 2018 and 2017, respectively. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Summary of Condensed Consolidated Statement of Income and Condensed Consolidated Balance sheet as If ASU 2014-09 Has Not Been Adopted and Adjustment Required Upon Adoption of ASU 2014-09 | The following table summarizes the December 31, 2018 condensed consolidated statement of income and condensed consolidated balance sheet as if ASU 2014-09 had not been adopted and the adjustment required upon adoption of ASU 2014-09. Three Months Ended December 31, 2018 As Reported Adjustments Previous Standard Condensed Consolidated Statement of Income: Net revenues $ 397,004 $ 4,238 $ 401,242 Cost of revenues 331,623 3,433 335,056 Gross profit 65,381 805 66,186 Selling, general and administrative expenses 36,615 84 36,699 Operating income 28,706 721 29,427 Income tax benefit (1,233 ) 164 (1,069 ) Net income 11,475 557 12,032 Nine Months Ended December 31, 2018 As Reported Adjustments Previous Standard Condensed Consolidated Statement of Income: Net revenues $ 1,288,048 $ 3,823 $ 1,291,871 Cost of revenues 1,047,872 3,097 1,050,969 Gross profit 240,176 726 240,902 Selling, general and administrative expenses 118,574 76 118,650 Operating income 121,401 650 122,051 Income tax expense 8,772 145 8,917 Net income 53,372 505 53,877 As of December 31, 2018 As Reported Adjustments Previous Standard Condensed Consolidated Balance Sheet: Assets: Accounts receivable, net $ 260,234 $ (263 ) $ 259,971 Inventories, net 141,819 15,197 157,016 Other current assets 44,059 (17,980 ) 26,079 Liabilities and Stockholders’ Equity: Accrued expenses and other liabilities $ 84,477 $ 143 $ 84,620 Deferred income tax liabilities 160,291 (980 ) 159,311 Accumulated other comprehensive loss (112,631 ) (13 ) (112,644 ) Retained earnings 439,216 (2,196 ) 437,020 |
Summary of Net Contract Assets and Liabilities | Balance sheet location December 31, 2018 April 1, 2018 Contract assets Other current assets $ 29,966 $ 31,001 Contract liabilities Accrued expenses and other liabilities (11,799 ) (11,750 ) Net contract assets and liabilities $ 18,167 $ 19,251 |
Summary of Net Revenues Disaggregated by Region and Timing of Revenue Recognition | The following table presents our net revenues disaggregated by region and timing of revenue recognition for the three and nine months ended December 31, 2018. Three Months Ended December 31, 2018 Nine Months Ended December 31, 2018 Point-in-time Over-time Point-in-time Over-time North America $ 117,811 $ 56,532 $ 403,224 $ 173,256 Europe 151,145 1,010 500,164 2,984 Asia Pacific and Africa 63,500 688 187,028 2,684 South America 6,318 — 18,708 — Total $ 338,774 $ 58,230 $ 1,109,124 $ 178,924 |
Accounting Standards Update 2014-09 | |
Summary of Condensed Consolidated Statement of Income and Condensed Consolidated Balance sheet as If ASU 2014-09 Has Not Been Adopted and Adjustment Required Upon Adoption of ASU 2014-09 | Adjustments due to ASU 2014-09 were as follows: Balance at Balance at March 31, 2018 Adjustments April 1, 2018 Assets: Accounts receivable, net $ 306,542 $ 253 $ 306,795 Inventories, net 167,950 (18,286 ) 149,664 Other current assets 17,468 21,657 39,125 Liabilities and Stockholders’ Equity: Accrued expenses and other liabilities $ 114,022 $ (215 ) $ 113,807 Deferred income tax liabilities 149,950 1,125 151,075 Accumulated other comprehensive loss (19,241 ) 13 (19,228 ) Retained earnings 384,671 2,701 387,372 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
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 Nine Months Ended December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Shares Per Share Amount Shares Per Share Amount Shares Per Share Amount Shares Per Share Amount Basic EPS 20,489 $ 0.55 19,319 $ 1.06 20,461 $ 2.60 17,765 $ 2.80 Effect of dilutive securities 61 — 127 — 85 (0.01 ) 149 (0.02 ) Diluted EPS 20,550 $ 0.55 19,446 $ 1.06 20,546 $ 2.59 17,914 $ 2.78 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | The Company’s inventories consisted of the following: December 31, 2018 March 31, 2018 Finished goods $ 58,593 $ 80,845 Work-in-process 17,891 21,156 Raw materials 65,335 65,949 Total inventories, net $ 141,819 $ 167,950 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Components of Debt | The components of the Company’s debt consisted of the following: December 31, 2018 March 31, 2018 Principal Unamortized Debt Issuance Costs Debt Less Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs Debt Less Unamortized Debt Issuance Costs 6.125% Senior Notes (1) $ 250,000 $ (2,642 ) $ 247,358 $ 250,000 $ (3,148 ) $ 246,852 4.875% Senior Notes (1) 600,000 (8,739 ) 591,261 600,000 (9,699 ) 590,301 Credit Agreement Term Loan A Facility (2) 142,500 (3,343 ) 139,157 148,125 (3,996 ) 144,129 Term Loan B Facility (3) 142,500 (3,343 ) 139,157 498,750 (6,280 ) 492,470 U.S. Revolving Credit Facility (4) — — — 56,945 (5,442 ) 51,503 Australian Revolving Sub-Facility (4) 33,638 (506 ) 33,132 33,033 (605 ) 32,428 Capital leases 37,648 — 37,648 36,288 — 36,288 Other subsidiary debt 5,259 — 5,259 4,714 — 4,714 Total debt 1,564,045 (20,626 ) 1,543,419 1,627,855 (29,170 ) 1,598,685 Less current portion of debt (22,112 ) — (22,112 ) (20,864 ) — (20,864 ) Total long-term debt $ 1,541,933 $ (20,626 ) $ 1,521,307 $ 1,606,991 $ (29,170 ) $ 1,577,821 (1) The 6.125% Senior Notes are due on December 1, 2022. The 4.875% Senior Notes are due on November 1, 2025. (2) The Company is required to make mandatory principal payments on the outstanding borrowings under the Term Loan A Facility. The principal payments are due on the last day of March, June, September and December of each year, commencing on March 31, 2018 through the maturity date of October 31, 2022. (3) The Company is required to make mandatory principal payments on the outstanding borrowings under the Term Loan B Facility. The principal payments are due on the last day of March, June, September and December of each year, commencing on March 31, 2018 through the maturity date of October 31, 2024. (4) Borrowings under the U.S. Revolving Credit Facility and Australian Revolving Sub-Facility mature on October 31, 2022. |
Schedule of Future Annual Principal Payments | The following is a schedule of future annual principal payments as of December 31, 2018: Debt Capital Leases Total January 2019 - December 2019 $ 17,378 $ 4,734 $ 22,112 January 2020 - December 2020 16,419 3,893 20,312 January 2021 - December 2021 20,133 3,480 23,613 January 2022 - December 2022 397,467 2,879 400,346 January 2023 - December 2023 5,000 2,831 7,831 Thereafter 1,070,000 19,831 1,089,831 Total $ 1,526,397 $ 37,648 $ 1,564,045 |
Schedule of Weighted Average Interest Rates | The weighted average interest rates on the Company’s borrowings are as follows: December 31, 2018 March 31, 2018 Term Loan A Facility 4.52 % 4.13 % Term Loan B Facility 4.52 % 4.13 % U.S. Revolving Credit Facility — 4.42 % Australian Revolving Sub-Facility 4.10 % 4.13 % |
Net Minimum Payments on Capitalized Leases | The present value of the net minimum payments on the capitalized leases is as follows: December 31, 2018 March 31, 2018 Total minimum lease payments $ 46,551 $ 49,521 Less amount representing interest (8,903 ) (13,233 ) Present value of net minimum lease payments 37,648 36,288 Current portion (4,734 ) (4,191 ) Capitalized lease obligations, less current portion $ 32,914 $ 32,097 |
Risk Management Activities an_2
Risk Management Activities and Financial Instruments (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
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 instruments used in hedging transactions as of December 31, 2018 are as follows: Fair Value Derivatives Designated as Hedging Instruments Balance Sheet Location December 31, 2018 March 31, 2018 Assets: Cross currency swaps (Net investment hedges) Other current assets $ 6,905 $ 4,295 Interest rate swaps (Cash flow hedges) Other current assets 1,092 920 Foreign exchange forward contracts (Fair value hedges) Other current assets 2 127 Foreign exchange forward contracts (Cash flow hedges) Other current assets 237 — Interest rate swaps (Cash flow hedges) Other long-term assets 1,877 4,956 Liabilities: Interest rate swaps (Cash flow hedges) Other current liabilities $ 207 $ — Foreign exchange forward contracts (Fair value hedges) Other current liabilities 70 190 Foreign exchange forward contracts (Cash flow hedges) Other current liabilities 233 — Cross currency swaps (Net investment hedges) Other long-term liabilities 15,665 50,019 Interest rate swaps (Cash flow hedges) Other long-term liabilities 1,120 — Fair Value Derivatives Not Designated as Hedging Instruments Balance Sheet Location December 31, 2018 March 31, 2018 Assets: Foreign exchange forward contracts Other current assets $ 81 $ — Liabilities: Foreign exchange forward contracts Other current liabilities $ 126 $ 127 |
Amounts of Gains and (Losses) Recognized in AOCI Net of Reclassifications Into Earnings | The amounts of gains and (losses) recognized in AOCI net of reclassifications into earnings, during the three and nine months ended December 31, 2018 and 2017 are as follows: Three Months Ended Nine Months Ended Derivatives Designated as Hedging Instruments December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Cross currency swaps (Net investment hedges) (1) $ 10,716 $ (9,617 ) $ 27,180 $ (14,173 ) Interest rate swaps (5,747 ) 1,165 (3,175 ) 1,165 Foreign exchange forward contracts 745 — (13 ) — (1) The net gain of $27,180 recognized in OCI on the cross currency swaps in a net investment hedge as of December 31, 2018 is comprised of an excluded component of $2,789 and an undiscounted spot gain of $33,440, net of tax of $(9,049). |
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 nine months ended December 31, 2018 and 2017 are as follows: Three Months Ended Nine Months Ended Derivatives Designated as Hedging Instruments December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Cross currency swaps (1) $ 2,501 $ 2,140 $ 7,233 $ 2,140 Interest rate swaps (2) 283 (131 ) 949 (131 ) Foreign exchange forward contracts (2) (298 ) — (470 ) — (1) The Company had a $2,501 and $7,233 excluded component gain in AOCI which was recognized into income during the three and nine months ended December 31, 2018, respectively. (2) During the next 12 months, $888 of net gains included in the December 31, 2018 AOCI balance are expected to be reclassified into interest expense. |
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 financial instruments used in hedging transactions for the three and nine months ended December 31, 2018 and 2017 are as follows: Three Months Ended Nine Months Ended Derivatives Not Designated as Hedging Instruments Statement of Income Location December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Foreign currency contract-Constantia purchase price Other income (expense), net $ — $ (1,108 ) $ — $ 8,109 Foreign currency contracts-Other Other income (expense), net (112 ) (1,834 ) 6,121 (1,550 ) Gain (loss) on underlying hedged items Other income (expense), net (287 ) 1,539 (5,514 ) 1,264 Cross currency swaps Interest expense 246 1,553 735 (4,258 ) Three Months Ended Nine Months Ended Derivatives Designated as Hedging Instruments Statement of Income Location December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Foreign exchange forward contracts (Fair value hedges) Other income (expense), net $ (202 ) $ — $ (3 ) $ — Gain (loss) on underlying hedged items Other income (expense), net 202 — 3 — |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Expenses and Other Liabilities | The Company’s accrued expenses and other liabilities consisted of the following: December 31, 2018 March 31, 2018 Accrued payroll and benefits $ 35,720 $ 45,418 Accrued income taxes 4,451 13,838 Professional fees 1,606 1,965 Accrued taxes other than income taxes 2,790 4,682 Accrued interest 4,796 16,480 Customer rebates 4,201 2,578 Exit and disposal costs related to facility closures 40 457 Contingent liability acquired 1,315 — Deferred payments 7,010 9,735 Deferred revenue 11,799 11,887 Derivative liabilities 636 317 Other 10,113 6,665 Total accrued expenses and other liabilities $ 84,477 $ 114,022 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Purchase Price Allocation | Constantia Labels Assets Acquired: Net cash acquired $ 11,234 Accounts receivable 117,248 Inventories 82,472 Property, plant and equipment 250,479 Intangible assets 432,400 Goodwill 673,561 Other assets 13,747 Total assets acquired 1,581,141 Liabilities Assumed: Accounts payable 93,812 Accrued income taxes payable 4,401 Accrued expenses and other liabilities 41,378 Deferred tax liabilities 139,847 Total liabilities assumed 279,438 Net assets acquired 1,301,703 Noncontrolling interests (2,300 ) Net assets acquired attributable to Multi-Color Corporation $ 1,299,403 |
Fair Value of Identifiable Intangible Assets Acquired and Estimated Useful Lives | The fair value of identifiable intangible assets acquired and their estimated useful lives are as follows: Constantia Labels Fair Value Useful Lives Customer relationships $ 407,300 19 years Technology 20,700 4 years Trade name 4,400 4 years Total identifiable intangible assets $ 432,400 |
Schedule of Pro Forma Information | The following table provides the unaudited pro forma results of operations for the three and nine months ended December 31, 2017 as if Constantia Labels had been acquired as of the beginning of fiscal year 2018. However, pro forma results do not include any anticipated synergies from the combination of the companies, and accordingly, are not necessarily indicative of the results that would have occurred if the acquisition had occurred on the date indicated or that may result in the future. Three Months Ended Nine Months Ended December 31, 2017 December 31, 2017 Net revenues $ 411,272 $ 1,269,185 Net income attributable to Multi-Color 24,848 64,588 Diluted earnings per share 1.21 3.14 |
Reconciliation of Actual Net Revenues and Net Income Attributable to Multi-Color Corporation to Pro Forma Net Revenues and Net Income | The following is a reconciliation of actual net revenues and net income attributable to Multi-Color Corporation to unaudited pro forma net revenues and net income: Three Months Ended Nine Months Ended December 31, 2017 December 31, 2017 Net revenues Net income attributable to Multi-Color Net revenues Net income attributable to Multi-Color Multi-Color Corporation actual results $ 352,699 $ 20,532 $ 851,173 $ 49,828 Constantia Labels actual results (1) 58,573 (516 ) 418,012 23,426 Pro forma adjustments — 4,832 — (8,666 ) Pro forma results $ 411,272 $ 24,848 $ 1,269,185 $ 64,588 (1) Constantia Labels actual results include the nine months pre-acquisition in fiscal 2018. |
Pro Forma Adjustments | The following table identifies the unaudited pro forma adjustments: Three Months Ended Nine Months Ended December 31, 2017 December 31, 2017 Constantia Labels financing costs $ 1,235 $ 9,689 Acquisition transaction costs 11,299 15,588 Incremental depreciation and amortization costs (1,000 ) (8,469 ) Incremental interest costs (4,532 ) (29,368 ) Tax effect of adjustments (2,170 ) 3,894 Pro forma adjustments $ 4,832 $ (8,666 ) |
Constantia Labels | |
Purchase Price | The purchase price for Constantia Labels consisted of the following: Cash from proceeds of borrowings $ 1,048,656 MCC common stock issued 237,820 Deferred payments 3,901 Contingent consideration 9,026 Purchase price, before cash acquired 1,299,403 Net cash acquired (11,234 ) Total purchase price $ 1,288,169 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
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 currency items Gains and (losses) on derivative contracts Defined benefit pension items Total Balance at March 31, 2018 $ 6,335 $ (25,408 ) $ (168 ) $ (19,241 ) OCI before reclassifications (115,632 ) 29,662 — (85,970 ) Amounts reclassified from AOCI — (5,670 ) — (5,670 ) Net current period OCI (115,632 ) 23,992 — (91,640 ) ASU 2018-02 reclassification of stranded tax effects (244 ) (1,506 ) — (1,750 ) Balance at December 31, 2018 $ (109,541 ) $ (2,922 ) $ (168 ) $ (112,631 ) |
Schedule of (Gains) and Losses Reclassified from AOCI | Reclassifications out of accumulated other comprehensive loss consisted of the following: Three Months Ended Nine Months Ended December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Cross currency swaps (1) $ (2,501 ) $ (2,140 ) $ (7,233 ) $ (2,140 ) Interest rate swaps (1) (283 ) 131 (948 ) 131 Foreign exchange forward contracts (2) 299 — 470 — Tax 694 704 2,041 704 Net of tax $ (1,791 ) $ (1,305 ) $ (5,670 ) $ (1,305 ) (1) Reclassified from AOCI into interest expense in the condensed consolidated statements of income. See Note 8. (2) Reclassified from AOCI into cost of revenues in the condensed consolidated statements of income. See Note 8. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | The changes in the Company’s goodwill consisted of the following: Balance at March 31, 2018: Goodwill, gross $ 1,210,179 Accumulated impairment losses (13,545 ) Goodwill, net 1,196,634 Activity during the year: Adjustments to prior year acquisitions (34,478 ) Currency translation (74,150 ) Balance at December 31, 2018: Goodwill, gross 1,099,792 Accumulated impairment losses (11,786 ) Goodwill, net $ 1,088,006 |
Intangible Assets | The Company’s intangible assets consisted of the following: December 31, 2018 March 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 648,854 $ (111,447 ) $ 537,407 $ 648,273 $ (87,560 ) $ 560,713 Technologies 21,989 (7,383 ) 14,606 21,721 (3,586 ) 18,135 Trademarks 4,469 (1,400 ) 3,069 99 (66 ) 33 Non-compete agreements 3,820 (2,833 ) 987 3,880 (2,528 ) 1,352 Total $ 679,132 $ (123,063 ) $ 556,069 $ 673,973 $ (93,740 ) $ 580,233 |
Facility Closures (Tables)
Facility Closures (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
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 related to the closure of the Merignac facility: Total costs incurred Total costs Three Months Ended Nine Months Ended Cumulative costs expected to be December 31, December 31, December 31, December 31, incurred as of incurred 2018 2017 2018 2017 December 31, 2018 Severance and other termination benefits $ 703 $ — $ 485 $ — $ 485 $ 703 Other associated costs 550-750 60 251 153 251 500 Other associated costs primarily consist of costs to dismantle, transport and reassemble manufacturing equipment that was moved to other manufacturing facilities, and ongoing costs related to the leased facility until expiration or early termination of the related lease agreement. |
Reconciliation of the Beginning and Ending Liability Balances Related to the Contractual Termination Benefits and Exit and Disposal Costs | Below is a reconciliation of the beginning and ending liability balances related to the contractual termination benefits and exit and disposal costs: Balance at Amounts Amounts Balance at Severance and other termination benefits $ 457 — (417 ) $ 40 Other associated costs — 153 (153 ) — |
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 expected to be incurred December 31, 2017 EndedThree Months December 31, 2017 Months EndedNine December incurred as of 31 , 2018 Severance and other termination benefits $ 106 $ — $ 106 $ 106 Other associated costs 23 — 23 23 |
Melbourne Australia | |
Summary of Exit and Disposal Costs Related to Closure | Below is a summary of the total contractual termination benefits and exit and disposal costs related to the closure of the Melbourne facility: Total costs expected to be incurred Total costs incurred Cumulative costs Three Months Ended December 31, 2018 Nine Months Ended December 31, 2018 Severance and other termination benefits $ 170 $ — $ 170 $ 170 Other associated costs 700-900 46 476 476 |
Reconciliation of the Beginning and Ending Liability Balances Related to the Contractual Termination Benefits and Exit and Disposal Costs | Below is a reconciliation of the beginning and ending liability balances related to the contractual termination benefits and exit and disposal costs: Balance at Amounts Amounts Balance at December 31, 2018 Severance and other termination benefits $ — 170 (170 ) $ — Other associated costs — 476 (459 ) 17 |
Supplemental Cash Flow Disclo_2
Supplemental Cash Flow Disclosures (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
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 operating, investing and financing activities are as follows: Nine Months Ended December 31, 2018 December 31, 2017 Supplemental Disclosures of Cash Flow Information: Interest paid $ 73,378 $ 25,058 Income taxes paid, net of refunds 23,197 24,915 Supplemental Disclosures of Non-Cash Activities: Capital expenditures incurred but not yet paid $ 4,362 $ 2,724 Capital lease obligations incurred 1,771 — Change in derivative contract fair value - asset position (104 ) 8,768 Change in derivative contract fair value - liability position 32,915 (34,793 ) Business combinations accounted for as a purchase: Assets acquired (excluding cash) $ 16,233 $ 1,632,049 Liabilities assumed (15,033 ) (335,495 ) Liabilities for contingent / deferred payments — (23,653 ) MCC common stock issued — (237,820 ) Noncontrolling interests (1,200 ) (1,100 ) Net cash paid $ — $ 1,033,981 |
Description of Business and S_3
Description of Business and Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retained Earnings | ||||
Summary Of Significant Accounting Policy [Line Items] | ||||
ASU 2018-02 reclassification of stranded tax effects | $ 1,750 | $ 1,750 | ||
Accumulated Other Comprehensive Loss | ||||
Summary Of Significant Accounting Policy [Line Items] | ||||
ASU 2018-02 reclassification of stranded tax effects | (1,750) | (1,750) | ||
Selling, General and Administrative Expenses | ||||
Summary Of Significant Accounting Policy [Line Items] | ||||
Losses on sale of receivables | $ 510 | $ 251 | $ 1,504 | $ 716 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Net Contract Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Apr. 01, 2018 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Net contract assets and liabilities | $ 18,167 | $ 19,251 |
Other current assets | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Contract assets | 29,966 | 31,001 |
Accrued Expenses and Other Liabilities | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Contract liabilities | $ (11,799) | $ (11,750) |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Dec. 31, 2018 | Mar. 31, 2018 | |
Other Revenues [Line Items] | |||
Contract with customer, liability, revenue recognized | $ 178 | $ 9,440 | $ 0 |
Minimum | Accounting Standards Update 2014-09 | |||
Other Revenues [Line Items] | |||
Customer payment terms | 30 days | ||
Maximum | Accounting Standards Update 2014-09 | |||
Other Revenues [Line Items] | |||
Customer payment terms | 90 days |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Changes on Condensed Consolidated Balance Sheet due to Adoption of ASU 2014-09 (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Apr. 01, 2018 | Mar. 31, 2018 |
Assets: | |||
Accounts receivable, net | $ 260,234 | $ 306,542 | |
Inventories, net | 141,819 | 167,950 | |
Other current assets | 44,059 | 17,468 | |
Liabilities and Stockholders' Equity: | |||
Accrued expenses and other liabilities | 84,477 | 114,022 | |
Deferred income tax liabilities | 160,291 | 149,950 | |
Accumulated other comprehensive loss | (112,631) | (19,241) | |
Retained earnings | 439,216 | $ 384,671 | |
Accounting Standards Update 2014-09 | |||
Assets: | |||
Accounts receivable, net | $ 306,795 | ||
Inventories, net | 149,664 | ||
Other current assets | 39,125 | ||
Liabilities and Stockholders' Equity: | |||
Accrued expenses and other liabilities | 113,807 | ||
Deferred income tax liabilities | 151,075 | ||
Accumulated other comprehensive loss | (19,228) | ||
Retained earnings | 387,372 | ||
Adjustments | Accounting Standards Update 2014-09 | |||
Assets: | |||
Accounts receivable, net | (263) | 253 | |
Inventories, net | 15,197 | (18,286) | |
Other current assets | (17,980) | 21,657 | |
Liabilities and Stockholders' Equity: | |||
Accrued expenses and other liabilities | 143 | (215) | |
Deferred income tax liabilities | (980) | 1,125 | |
Accumulated other comprehensive loss | (13) | 13 | |
Retained earnings | $ (2,196) | $ 2,701 |
Revenue Recognition - Summary_3
Revenue Recognition - Summary of Condensed Consolidated Statement of Income as if ASU 2014-09 Has Not Been Adopted and Adjustment Required Upon Adoption of ASU 2014-09 (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net revenues | $ 397,004 | $ 352,699 | $ 1,288,048 | $ 851,173 |
Cost of revenues | 331,623 | 295,397 | 1,047,872 | 692,640 |
Gross profit | 65,381 | 57,302 | 240,176 | 158,533 |
Selling, general and administrative expenses | 36,615 | 41,519 | 118,574 | 90,308 |
Operating income | 28,706 | 15,022 | 121,401 | 67,335 |
Income tax benefit | (1,233) | (36,815) | 8,772 | (25,361) |
Net income | 11,475 | $ 20,511 | 53,372 | $ 49,843 |
Accounting Standards Update 2014-09 | Adjustments | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net revenues | 4,238 | 3,823 | ||
Cost of revenues | 3,433 | 3,097 | ||
Gross profit | 805 | 726 | ||
Selling, general and administrative expenses | 84 | 76 | ||
Operating income | 721 | 650 | ||
Income tax benefit | 164 | 145 | ||
Net income | 557 | 505 | ||
Accounting Standards Update 2014-09 | Calculated under Revenue Guidance in Effect before Topic 606 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net revenues | 401,242 | 1,291,871 | ||
Cost of revenues | 335,056 | 1,050,969 | ||
Gross profit | 66,186 | 240,902 | ||
Selling, general and administrative expenses | 36,699 | 118,650 | ||
Operating income | 29,427 | 122,051 | ||
Income tax benefit | (1,069) | 8,917 | ||
Net income | $ 12,032 | $ 53,877 |
Revenue Recognition - Summary_4
Revenue Recognition - Summary of Condensed Consolidated Balance sheet as if ASU 2014-09 Has Not Been Adopted and Adjustment Required Upon Adoption of ASU 2014-09 (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Apr. 01, 2018 | Mar. 31, 2018 |
Assets: | |||
Accounts receivable, net | $ 260,234 | $ 306,542 | |
Inventories, net | 141,819 | 167,950 | |
Other current assets | 44,059 | 17,468 | |
Liabilities and Stockholders' Equity: | |||
Accrued expenses and other liabilities | 84,477 | 114,022 | |
Deferred income tax liabilities | 160,291 | 149,950 | |
Accumulated other comprehensive loss | (112,631) | (19,241) | |
Retained earnings | 439,216 | $ 384,671 | |
Accounting Standards Update 2014-09 | |||
Assets: | |||
Accounts receivable, net | $ 306,795 | ||
Inventories, net | 149,664 | ||
Other current assets | 39,125 | ||
Liabilities and Stockholders' Equity: | |||
Accrued expenses and other liabilities | 113,807 | ||
Deferred income tax liabilities | 151,075 | ||
Accumulated other comprehensive loss | (19,228) | ||
Retained earnings | 387,372 | ||
Accounting Standards Update 2014-09 | Calculated under Revenue Guidance in Effect before Topic 606 | |||
Assets: | |||
Accounts receivable, net | 259,971 | ||
Inventories, net | 157,016 | ||
Other current assets | 26,079 | ||
Liabilities and Stockholders' Equity: | |||
Accrued expenses and other liabilities | 84,620 | ||
Deferred income tax liabilities | 159,311 | ||
Accumulated other comprehensive loss | (112,644) | ||
Retained earnings | 437,020 | ||
Accounting Standards Update 2014-09 | Adjustments | |||
Assets: | |||
Accounts receivable, net | (263) | 253 | |
Inventories, net | 15,197 | (18,286) | |
Other current assets | (17,980) | 21,657 | |
Liabilities and Stockholders' Equity: | |||
Accrued expenses and other liabilities | 143 | (215) | |
Deferred income tax liabilities | (980) | 1,125 | |
Accumulated other comprehensive loss | (13) | 13 | |
Retained earnings | $ (2,196) | $ 2,701 |
Revenue Recognition - Summary_5
Revenue Recognition - Summary of Net Revenues Disaggregated by Region and Timing of Revenue Recognition (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 397,004 | $ 352,699 | $ 1,288,048 | $ 851,173 |
Point-in-time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 338,774 | 1,109,124 | ||
Point-in-time | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 117,811 | 403,224 | ||
Point-in-time | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 151,145 | 500,164 | ||
Point-in-time | Asia Pacific and Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 63,500 | 187,028 | ||
Point-in-time | South America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 6,318 | 18,708 | ||
Over-time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 58,230 | 178,924 | ||
Over-time | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 56,532 | 173,256 | ||
Over-time | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 1,010 | 2,984 | ||
Over-time | Asia Pacific and Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 688 | 2,684 | ||
Over-time | South America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 0 | $ 0 |
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 | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | ||||
Basic EPS, Shares | 20,489 | 19,319 | 20,461 | 17,765 |
Effect of dilutive securities, Shares | 61 | 127 | 85 | 149 |
Diluted EPS, Shares | 20,550 | 19,446 | 20,546 | 17,914 |
Basic EPS, Per Share Amount | $ 0.55 | $ 1.06 | $ 2.60 | $ 2.80 |
Effect of dilutive securities, Per Share Amount | 0 | (0.01) | (0.02) | |
Diluted EPS, Per Share Amount | $ 0.55 | $ 1.06 | $ 2.59 | $ 2.78 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive shares | 309 | 157 | 298 | 132 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 58,593 | $ 80,845 |
Work-in-process | 17,891 | 21,156 |
Raw materials | 65,335 | 65,949 |
Total inventories, net | $ 141,819 | $ 167,950 |
Debt - Components of Debt (Deta
Debt - Components of Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |||
Debt Instrument [Line Items] | ||||||
Principal | $ 1,564,045 | $ 1,627,855 | ||||
Unamortized Debt Issuance Costs | (20,626) | (29,170) | $ (660) | |||
Less current portion of debt | (22,112) | (20,864) | ||||
Debt Less Unamortized Debt Issuance Costs | 1,543,419 | 1,598,685 | ||||
Total long-term debt, Principal | 1,541,933 | 1,606,991 | ||||
Less current portion of debt, Debt Less Unamortized Debt Issuance Costs | (22,112) | (20,864) | ||||
Total long-term debt, Debt Less Unamortized Debt Issuance Costs | 1,521,307 | 1,577,821 | ||||
Credit Agreement | Term Loan A Facility, mature October 31, 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Principal | [1] | 148,125 | ||||
Unamortized Debt Issuance Costs | [1] | (3,996) | ||||
Debt Less Unamortized Debt Issuance Costs | 144,129 | |||||
Credit Agreement | Term Loan B Facility, mature October 31, 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Principal | 142,500 | [1] | 498,750 | |||
Unamortized Debt Issuance Costs | (3,343) | [1] | (6,280) | [2],[3],[4] | ||
Debt Less Unamortized Debt Issuance Costs | 139,157 | 492,470 | ||||
Credit Agreement | U.S. Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Principal | [2] | 0 | 56,945 | |||
Unamortized Debt Issuance Costs | [2] | 0 | (5,442) | |||
Debt Less Unamortized Debt Issuance Costs | 0 | 51,503 | ||||
Credit Agreement | Australian Revolving Sub-Facility | ||||||
Debt Instrument [Line Items] | ||||||
Principal | [2] | 33,638 | 33,033 | |||
Unamortized Debt Issuance Costs | [2] | (506) | (605) | |||
Debt Less Unamortized Debt Issuance Costs | 33,132 | 32,428 | ||||
Senior Notes | 6.125% Notes, due December 1, 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Principal | [5] | 250,000 | 250,000 | |||
Unamortized Debt Issuance Costs | [5] | (2,642) | (3,148) | |||
Debt Less Unamortized Debt Issuance Costs | [5] | 247,358 | 246,852 | |||
Senior Notes | 4.875% Notes, due November 1, 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Principal | [5] | 600,000 | 600,000 | |||
Unamortized Debt Issuance Costs | [5] | (8,739) | (9,699) | |||
Debt Less Unamortized Debt Issuance Costs | [5] | 591,261 | 590,301 | |||
Capital Leases | ||||||
Debt Instrument [Line Items] | ||||||
Principal | 37,648 | 36,288 | ||||
Unamortized Debt Issuance Costs | 0 | |||||
Debt Less Unamortized Debt Issuance Costs | 37,648 | 36,288 | ||||
Other Subsidiary Debt | ||||||
Debt Instrument [Line Items] | ||||||
Principal | 5,259 | 4,714 | ||||
Unamortized Debt Issuance Costs | 0 | |||||
Debt Less Unamortized Debt Issuance Costs | $ 5,259 | $ 4,714 | ||||
[1] | The Company is required to make mandatory principal payments on the outstanding borrowings under the Term Loan A Facility. The principal payments are due on the last day of March, June, September and December of each year, commencing on March 31, 2018 through the maturity date of October 31, 2022. | |||||
[2] | Borrowings under the U.S. Revolving Credit Facility and Australian Revolving Sub-Facility mature on October 31, 2022. | |||||
[3] | The Company is required to make mandatory principal payments on the outstanding borrowings under the Term Loan B Facility. The principal payments are due on the last day of March, June, September and December of each year, commencing on March 31, 2018 through the maturity date of October 31, 2024. | |||||
[4] | The Company is required to make mandatory principal payments on the outstanding borrowings under the Term Loan B Facility. The principal payments are due on the last day of March, June, September and December of each year, commencing on March 31, 2018 through the maturity date of October 31, 2024. | |||||
[5] | The 6.125% Senior Notes are due on December 1, 2022. The 4.875% Senior Notes are due on November 1, 2025. |
Debt - Components of Debt (Pare
Debt - Components of Debt (Parenthetical) (Detail) | 9 Months Ended |
Dec. 31, 2018 | |
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 |
4.875% Notes, due November 1, 2025 | Senior Notes | |
Debt Instrument [Line Items] | |
Debt instrument, interest rate | 4.875% |
Debt instrument, maturity date | Nov. 1, 2025 |
Term Loan A Facility, mature October 31, 2022 | Credit Agreement | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Oct. 31, 2022 |
Term Loan B Facility, mature October 31, 2024 | Credit Agreement | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Oct. 31, 2024 |
U.S. Revolving Credit Facility | Credit Agreement | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Oct. 31, 2022 |
Australian Revolving Sub-Facility | Credit Agreement | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Oct. 31, 2022 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Oct. 16, 2018 | Oct. 31, 2017 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2018 | Nov. 30, 2014 | ||||
Debt Instrument [Line Items] | ||||||||||||||||
Unamortized debt issuance costs | $ 20,626,000 | $ 660,000 | $ 20,626,000 | $ 660,000 | $ 29,170,000 | |||||||||||
Interest expense to amortize deferred financing costs | 1,267,000 | $ 1,090,000 | 3,817,000 | 1,898,000 | ||||||||||||
Third party fees | $ 730,000 | |||||||||||||||
Defered fees | 10,000 | |||||||||||||||
Defered Debt Issuance costs | 185,000 | $ 186,000 | $ 660,000 | |||||||||||||
Third party Fees | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Related Party transactions selling, general and adminstrative costs | $ 720,000 | |||||||||||||||
Credit Agreement | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt issuance costs | $ 16,331,000 | |||||||||||||||
Arrangement fees paid | $ 650,000 | |||||||||||||||
Credit Agreement | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Applicable margin payable on LIBOR indexed loans | 2.00% | 2.25% | ||||||||||||||
Credit Agreement | Revolving Credit Facility | Scenario Forecast | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maximum consolidated secured net leverage ratio | 425.00% | 450.00% | ||||||||||||||
Credit Agreement | Revolving Credit Facility | Constantia Labels | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Aggregate commitment amount | $ 400,000,000 | |||||||||||||||
Maturity period | 5 years | |||||||||||||||
Credit Agreement | Term Loan A Facility, mature October 31, 2022 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument, maturity date | Oct. 31, 2022 | |||||||||||||||
Unamortized debt issuance costs | [1] | 3,996,000 | ||||||||||||||
Credit Agreement | Term Loan A Facility, mature October 31, 2022 | Constantia Labels | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Aggregate commitment amount | $ 150,000,000 | |||||||||||||||
Maturity period | 5 years | |||||||||||||||
Credit Agreement | Term Loan B Facility, mature October 31, 2024 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument, maturity date | Oct. 31, 2024 | |||||||||||||||
Unamortized debt issuance costs | 3,343,000 | [1] | $ 3,343,000 | [1] | 6,280,000 | [2],[3],[4] | ||||||||||
Credit Agreement | Term Loan B Facility, mature October 31, 2024 | Constantia Labels | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Aggregate commitment amount | $ 500,000,000 | |||||||||||||||
Maturity period | 7 years | |||||||||||||||
Credit Agreement | U.S. Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Available borrowings | 354,397,000 | $ 354,397,000 | ||||||||||||||
Debt instrument, maturity date | Oct. 31, 2022 | |||||||||||||||
Unamortized debt issuance costs | [2] | 0 | $ 0 | 5,442,000 | ||||||||||||
Credit Agreement | U.S. Revolving Credit Facility | Constantia Labels | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Aggregate commitment amount | $ 360,000,000 | |||||||||||||||
Credit Agreement | Australian Revolving Sub-Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Available borrowings | 354,397,000 | $ 354,397,000 | ||||||||||||||
Debt instrument, maturity date | Oct. 31, 2022 | |||||||||||||||
Unamortized debt issuance costs | [2] | 506,000 | $ 506,000 | 605,000 | ||||||||||||
Credit Agreement | Australian Revolving Sub-Facility | Constantia Labels | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Aggregate commitment amount | 40,000,000 | |||||||||||||||
Credit Agreement | Various Uncommitted Lines of Credit | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Available borrowings | 24,452,000 | 24,452,000 | ||||||||||||||
Senior Notes | 4.875% Notes, due November 1, 2025 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Fair value of Notes | $ 514,500,000 | $ 514,500,000 | 564,000,000 | |||||||||||||
Debt instrument, interest rate | 4.875% | 4.875% | ||||||||||||||
Aggregate principal amount | 600,000,000 | |||||||||||||||
Debt instrument, interest payment description | Interest is payable on the 4.875% Senior Notes on May 1st and November 1st of each year beginning May 1, 2018 until the maturity date of November 1, 2025. | |||||||||||||||
Debt instrument, maturity date | Nov. 1, 2025 | |||||||||||||||
Debt issuance costs | $ 10,338,000 | |||||||||||||||
Unamortized debt issuance costs | [5] | $ 8,739,000 | $ 8,739,000 | 9,699,000 | ||||||||||||
Senior Notes | 4.875% Notes, due November 1, 2025 | Constantia Labels | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument, interest rate | 4.875% | |||||||||||||||
Debt instrument, maturity date | Nov. 1, 2025 | |||||||||||||||
Senior Notes | 6.125% Notes, due December 1, 2022 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Fair value of Notes | $ 249,375,000 | $ 249,375,000 | 258,750,000 | |||||||||||||
Debt instrument, interest rate | 6.125% | 6.125% | ||||||||||||||
Debt instrument, maturity date | Dec. 1, 2022 | |||||||||||||||
Unamortized debt issuance costs | [5] | $ 2,642,000 | $ 2,642,000 | $ 3,148,000 | ||||||||||||
Senior Notes | 6.125% Notes, due December 1, 2022 | Constantia Labels | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument, interest rate | 6.125% | 6.125% | ||||||||||||||
Aggregate principal amount | $ 250,000,000 | |||||||||||||||
Debt instrument, interest payment description | Interest is payable on the 6.125% Senior Notes 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 | |||||||||||||||
Minimum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Capital lease, interest rates | 0.97% | |||||||||||||||
Maximum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Capital lease, interest rates | 12.25% | |||||||||||||||
[1] | The Company is required to make mandatory principal payments on the outstanding borrowings under the Term Loan A Facility. The principal payments are due on the last day of March, June, September and December of each year, commencing on March 31, 2018 through the maturity date of October 31, 2022. | |||||||||||||||
[2] | Borrowings under the U.S. Revolving Credit Facility and Australian Revolving Sub-Facility mature on October 31, 2022. | |||||||||||||||
[3] | The Company is required to make mandatory principal payments on the outstanding borrowings under the Term Loan B Facility. The principal payments are due on the last day of March, June, September and December of each year, commencing on March 31, 2018 through the maturity date of October 31, 2024. | |||||||||||||||
[4] | The Company is required to make mandatory principal payments on the outstanding borrowings under the Term Loan B Facility. The principal payments are due on the last day of March, June, September and December of each year, commencing on March 31, 2018 through the maturity date of October 31, 2024. | |||||||||||||||
[5] | The 6.125% Senior Notes are due on December 1, 2022. The 4.875% Senior Notes are due on November 1, 2025. |
Debt - Schedule of Future Annua
Debt - Schedule of Future Annual Principal Payments (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 |
Debt Instrument [Line Items] | ||
January 2019 - December 2019 | $ 22,112 | |
January 2020 - December 2020 | 20,312 | |
January 2021 - December 2021 | 23,613 | |
January 2022 - December 2022 | 400,346 | |
January 2023 - December 2023 | 7,831 | |
Thereafter | 1,089,831 | |
Total | 1,564,045 | $ 1,627,855 |
Debt | ||
Debt Instrument [Line Items] | ||
January 2019 - December 2019 | 17,378 | |
January 2020 - December 2020 | 16,419 | |
January 2021 - December 2021 | 20,133 | |
January 2022 - December 2022 | 397,467 | |
January 2023 - December 2023 | 5,000 | |
Thereafter | 1,070,000 | |
Total | 1,526,397 | |
Capital Leases | ||
Debt Instrument [Line Items] | ||
January 2019 - December 2019 | 4,734 | |
January 2020 - December 2020 | 3,893 | |
January 2021 - December 2021 | 3,480 | |
January 2022 - December 2022 | 2,879 | |
January 2023 - December 2023 | 2,831 | |
Thereafter | 19,831 | |
Total | $ 37,648 | $ 36,288 |
Debt - Schedule of Weighted Ave
Debt - Schedule of Weighted Average Interest Rates (Detail) | Dec. 31, 2018 | Mar. 31, 2018 |
Debt Instrument [Line Items] | ||
Weighted average interest rates | 4.10% | |
Credit Agreement | Term Loan A Facility, mature October 31, 2022 | ||
Debt Instrument [Line Items] | ||
Weighted average interest rates | 4.52% | 4.13% |
Credit Agreement | Term Loan B Facility, mature October 31, 2024 | ||
Debt Instrument [Line Items] | ||
Weighted average interest rates | 4.52% | 4.13% |
Credit Agreement | U.S. Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Weighted average interest rates | 8212.00% | 4.42% |
Credit Agreement | Australian Revolving Sub-Facility | ||
Debt Instrument [Line Items] | ||
Weighted average interest rates | 4.13% |
Debt - Net Minimum Payments on
Debt - Net Minimum Payments on Capitalized Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 |
Capital Leases, Future Minimum Payments, Net Present Value [Abstract] | ||
Total minimum lease payments | $ 46,551 | $ 49,521 |
Less amount representing interest | (8,903) | (13,233) |
Present value of net minimum lease payments | 37,648 | 36,288 |
Current portion | (4,734) | (4,191) |
Capitalized lease obligations, less current portion | $ 32,914 | $ 32,097 |
Major Customers - Additional In
Major Customers - Additional Information (Detail) - Customer Concentration Risk - Procter And Gamble Company | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | |
Sales Revenue, Net | |||||
Concentration Risk [Line Items] | |||||
Percentage from major customers | 11.00% | 13.00% | 10.00% | 15.00% | |
Accounts Receivable | |||||
Concentration Risk [Line Items] | |||||
Percentage from major customers | 3.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | Apr. 01, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 |
Income Tax Contingency [Line Items] | ||||||
Statutory federal tax rate | 21.00% | |||||
Liabilities for unrecognized tax benefits | $ 5,853 | $ 5,853 | $ 7,038 | |||
Interest and penalties recognized to income tax expense | (150) | $ (14) | (1,324) | $ 47 | ||
Liability for interest and penalties | 1,911 | 1,911 | $ 2,641 | |||
Reasonably possible unrecognized tax benefits within next 12 months | 2,765 | 2,765 | ||||
Amount of unrecognized tax benefits that would favorably impact effective tax rate | 5,663 | 5,663 | ||||
Release of reserves for uncertain tax positions, including interest and penalties | 1,373 | 4,436 | ||||
Income tax expense | (1,233) | $ (36,815) | $ 8,772 | $ (25,361) | ||
Adjustments to the IRC 965 Transition Tax | ||||||
Income Tax Contingency [Line Items] | ||||||
Provisional discrete net tax benefit due to transitional impacts | 14 | |||||
Income tax expense | 528 | |||||
Deferred Tax benefit | 425 | |||||
Adjustments Due to Change in Indefinite Reinvestment Assertion | ||||||
Income Tax Contingency [Line Items] | ||||||
Income tax expense | $ 967 | |||||
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 | 2,016 | |||||
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 | 2,014 | |||||
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 an_3
Risk Management Activities and Financial Instruments - Additional Information (Detail) € in Thousands, $ in Thousands | 1 Months Ended | 9 Months Ended | |
Sep. 30, 2017EUR (€) | Dec. 31, 2018USD ($) | Nov. 30, 2017EUR (€) | |
Credit Agreement | |||
Derivative [Line Items] | |||
Number of derivative instruments | 2 | ||
Notional amount | $ | $ 300,000 | ||
Effective date of swaps | 2018-10 | ||
Swap expiration date | 2022-10 | ||
Fixed interest rate on swaps | 2.1345% | ||
Cross Currency Swaps | |||
Derivative [Line Items] | |||
Number of derivative instruments | 4 | ||
Notional amount | € 400,000 | ||
Maturity date | 2025-11 | ||
Cross Currency Swaps | Net Investment Hedges | |||
Derivative [Line Items] | |||
Notional amount | € 400,000 | ||
Cross Currency Swaps | Derivatives not designated as hedging instruments | |||
Derivative [Line Items] | |||
Notional amount | € 195,000 | ||
Cross Currency Swaps | Derivatives designated as hedging instruments | Net Investment Hedges | |||
Derivative [Line Items] | |||
Notional amount | € 205,000 | € 195,000 | |
Interest Rate Swap Agreements | Credit Agreement | |||
Derivative [Line Items] | |||
Number of derivative instruments | 2 | ||
Notional amount | $ | $ 300,000 | ||
Effective date of swaps | 2017-10 | ||
Swap expiration date | 2018-10 | ||
Fixed interest rate on swaps | 1.5625% | ||
May Two Thousand Nineteen Swap Agreement | Credit Agreement | |||
Derivative [Line Items] | |||
Notional amount | $ | $ 100,000 | ||
Effective date of swaps | 2019-05 | ||
Swap expiration date | 2022-10 | ||
Fixed interest rate on swaps | 2.806% |
Risk Management Activities an_4
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 - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 |
Cash Flow Hedges | Interest Rate Swaps | Other long-term liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | $ 1,120 | |
Derivatives designated as hedging instruments | Net Investment Hedges | Cross Currency Swaps | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 6,905 | $ 4,295 |
Derivatives designated as hedging instruments | Net Investment Hedges | Cross Currency Swaps | Other long-term liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 15,665 | 50,019 |
Derivatives designated as hedging instruments | Cash Flow Hedges | Cross Currency Swaps | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1,092 | 920 |
Derivatives designated as hedging instruments | Cash Flow Hedges | Foreign Exchange Contract | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 237 | |
Derivatives designated as hedging instruments | Cash Flow Hedges | Foreign Exchange Contract | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 233 | |
Derivatives designated as hedging instruments | Cash Flow Hedges | Interest Rate Swaps | Other long-term assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1,877 | 4,956 |
Derivatives designated as hedging instruments | Cash Flow Hedges | Interest Rate Swaps | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 207 | |
Derivatives designated as hedging instruments | Fair Value Hedges | Foreign Exchange Contract | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 2 | 127 |
Derivatives designated as hedging instruments | Fair Value Hedges | Foreign Exchange Contract | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 70 | 190 |
Derivatives not designated as hedging instruments | Foreign Currency Forward Contracts | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 81 | |
Derivatives not designated as hedging instruments | Foreign Currency Forward Contracts | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | $ 126 | $ 127 |
Risk Management Activities an_5
Risk Management Activities and Financial Instruments - Amounts of Gains and (Losses) Recognized in AOCI Net of Reclassifications Into Earnings (Detail) - Derivatives designated as hedging instruments - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Cross Currency Swaps | Net Investment Hedges | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative instruments, amounts of gains and (losses) recognized in AOCI net of reclassifications into earnings | $ 27,180 | ||||
Cross Currency Swaps | Net Investment Hedges | Other Comprehensive Income | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative instruments, amounts of gains and (losses) recognized in AOCI net of reclassifications into earnings | [1] | $ 10,716 | $ (9,617) | 27,180 | $ (14,173) |
Cross Currency Swaps | Foreign Exchange Contract | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative instruments, amounts of gains and (losses) recognized in AOCI net of reclassifications into earnings | 745 | (13) | |||
Interest Rate Swaps | Cash Flow Hedges | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative instruments, amounts of gains and (losses) recognized in AOCI net of reclassifications into earnings | $ (5,747) | $ 1,165 | $ (3,175) | $ 1,165 | |
[1] | The net gain of $0 recognized in OCI on the cross currency swaps in a net investment hedge as of December 31, 2018 is comprised of an excluded component loss of $0 and an undiscounted spot gain of $0, net of tax of $0. |
Risk Management Activities an_6
Risk Management Activities and Financial Instruments - Amounts of Gains and (Losses) Recognized in AOCI Net of Reclassifications Into Earnings (Parenthetical) (Detail) $ in Thousands | 9 Months Ended |
Dec. 31, 2018USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Derivative instruments, excluded component gain (loss) | $ (9,049) |
Cross Currency Swaps | Net Investment Hedges | Derivatives designated as hedging instruments | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Derivative instruments, amount of gain (loss) recognized in AOCI | 27,180 |
Derivative instruments, excluded component gain (loss) | 2,789 |
Cross Currency Spot Swaps | Net Investment Hedges | Derivatives designated as hedging instruments | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Derivative instruments, amount of gain (loss) recognized in AOCI | $ 33,440 |
Risk Management Activities an_7
Risk Management Activities and Financial Instruments - Amounts of Gains and (Losses) Reclassified from AOCI into Earnings (Detail) - Cash Flow Hedging - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Cross Currency Swaps | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative instruments, amounts of gains and (losses) reclassified from AOCI into earnings | [1] | $ 2,501 | $ 2,140 | $ 7,233 | $ 2,140 |
Interest Rate Swaps | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative instruments, amounts of gains and (losses) reclassified from AOCI into earnings | [2] | 283 | $ (131) | 949 | $ (131) |
Foreign Exchange Contract | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative instruments, amounts of gains and (losses) reclassified from AOCI into earnings | [2] | $ (298) | $ (470) | ||
[1] | The Company had a $0 and $0 excluded component gain in AOCI which was recognized into income during the three and nin months ended December 31, 2018, respectively. | ||||
[2] | During the next 12 months, $0 of net gains included in the December 31, 2018 AOCI balance are expected to be reclassified into interest expense. |
Risk Management Activities an_8
Risk Management Activities and Financial Instruments - Amounts of Gains and (Losses) Reclassified from AOCI into Earnings (Parenthetical) (Detail) - Cash Flow Hedging - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Dec. 31, 2018 | Dec. 31, 2018 | |
Cross Currency Swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Excluded component gain in AOCI which was recognized into income | $ 2,501 | $ 7,233 |
Interest Rate Swaps | Interest expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments, gains and (losses) expected to be reclassified from AOCI into interest expense | $ 888 |
Risk Management Activities an_9
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) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other income (expense), net | Derivatives not designated as hedging instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on underlying hedged items | $ (287) | $ 1,539 | $ (5,514) | $ 1,264 |
Other income (expense), net | Derivatives not designated as hedging instruments | Foreign Currency Forward Contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives | (112) | (1,834) | 6,121 | (1,550) |
Other income (expense), net | Derivatives not designated as hedging instruments | Foreign Currency Forward Contracts | Constantia Labels | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives | 0 | (1,108) | 0 | 8,109 |
Other income (expense), net | Derivatives designated as hedging instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on underlying hedged items | 202 | 3 | ||
Other income (expense), net | Derivatives designated as hedging instruments | Foreign Exchange Contract | Fair Value Hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives | (202) | (3) | ||
Interest expense | Derivatives not designated as hedging instruments | Cross Currency Swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivatives | $ 246 | $ 1,553 | $ 735 | $ (4,258) |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities - Summary of Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Accrued payroll and benefits | $ 35,720 | $ 45,418 |
Accrued income taxes | 4,451 | 13,838 |
Professional fees | 1,606 | 1,965 |
Accrued taxes other than income taxes | 2,790 | 4,682 |
Accrued interest | 4,796 | 16,480 |
Customer rebates | 4,201 | 2,578 |
Exit and disposal costs related to facility closures | 40 | 457 |
Contingent liability acquired | 1,315 | 0 |
Deferred payments | 7,010 | 9,735 |
Deferred revenue | 11,799 | 11,887 |
Derivative liabilities | 636 | 317 |
Other | 10,113 | 6,665 |
Total accrued expenses and other liabilities | $ 84,477 | $ 114,022 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) | Oct. 31, 2017USD ($)EmployeePlantCountry$ / sharesshares | Oct. 11, 2017USD ($) | Aug. 03, 2017USD ($) | Jul. 03, 2017USD ($) | Jan. 03, 2017USD ($) | Jul. 06, 2016USD ($) | Jul. 01, 2016USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Jan. 31, 2017USD ($) |
Business Acquisition [Line Items] | |||||||||||||||||||
Increased noncontrolling interest | $ 1,200,000 | ||||||||||||||||||
Goodwill, increased/decreased due to purchase price | $ 2,146,000 | $ 31,917,000 | $ 291,000 | (34,478,000) | |||||||||||||||
Percentage Of Controlling Interest Sold | 60.00% | ||||||||||||||||||
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 3,620,000 | 0 | $ 3,620,000 | ||||||||||||||||
Gain (Loss) on Disposition of Business | $ 512,000 | $ 0 | $ (512,000) | ||||||||||||||||
Senior Notes | 4.875% Notes, due November 1, 2025 | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Debt instrument, interest rate | 4.875% | 4.875% | |||||||||||||||||
Debt instrument, maturity date | Nov. 1, 2025 | ||||||||||||||||||
Gironde Imprimerie Publicite | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Equity interest acquired | 67.60% | ||||||||||||||||||
Deferred payment | $ 208,000 | ||||||||||||||||||
Net debt assumed | 862,000 | ||||||||||||||||||
Purchase price, before debt assumed | $ 2,084,000 | ||||||||||||||||||
Constantia Labels | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Equity interest acquired | 100.00% | ||||||||||||||||||
Number of employees | Employee | 2,800 | ||||||||||||||||||
Number of plants | Plant | 24 | ||||||||||||||||||
Number of countries operated | Country | 14 | ||||||||||||||||||
Number of shared issued for acquisition | shares | 3,383,000 | ||||||||||||||||||
Fair value of the shares issued | $ 237,820,000 | ||||||||||||||||||
Price per share | $ / shares | $ 82.70 | ||||||||||||||||||
Deferred payment | $ 3,901,000 | 807,000 | |||||||||||||||||
Deferred payment period | 90 days | ||||||||||||||||||
Future performance based earnout included in purchase price | $ 9,026,000 | ||||||||||||||||||
Future performance based earnouts future payout, minimum | $ 0 | ||||||||||||||||||
Future performance based earnouts future payout period, maximum | 90 days | ||||||||||||||||||
Cash acquired, allocated to purchase price | $ 49,725,000 | ||||||||||||||||||
Bank debt assumed | 38,491,000 | ||||||||||||||||||
Acquisition expenses | 17,379,000 | ||||||||||||||||||
Liabilities assumed, contingent liability | $ 9,671,000 | ||||||||||||||||||
Contingent liability paid | $ 7,523,000 | ||||||||||||||||||
Increased noncontrolling interest | 1,200,000 | ||||||||||||||||||
Goodwill, increase/decrease due to preliminary valuation of property plant and equipment | $ 3,613,000 | 34,222,000 | 151,000 | ||||||||||||||||
Goodwill, increase/decrease due to preliminary valuation of intangible assets | 3,487,000 | 22,400,000 | |||||||||||||||||
Goodwill, increase/decrease due to preliminary valuation of deferred tax liabilities | 0 | 14,807,000 | |||||||||||||||||
Goodwill, increase/decrease due to preliminary valuation of capital leases | 3,106,000 | 5,997,000 | |||||||||||||||||
Credit to depreciation expense related to acquisition | (5,769,000) | ||||||||||||||||||
Amortization expense related to acquisition | 1,456,000 | ||||||||||||||||||
Recognized income | (1,169,000) | (1,550,000) | $ (1,594,000) | ||||||||||||||||
Goodwill, increase/decrease due to valuation of other assets | 2,538,000 | ||||||||||||||||||
Goodwill, increase/decrease due to valuation of accrued expenses | 261,000 | ||||||||||||||||||
Goodwill, increase/decrease due to preliminary valuation of inventory | 2,507,000 | ||||||||||||||||||
Goodwill, Increase/Decrease Due to Preliminary Valuation of Long Term Liabilities | 1,616,000 | ||||||||||||||||||
Weighted-average amortization period for identifiable intangible assets acquired | 18 years | ||||||||||||||||||
Accounts receivable acquired, fair value | $ 117,248,000 | ||||||||||||||||||
The gross contractual value of receivables | 119,883,000 | ||||||||||||||||||
Estimated contractual cash flows not expected to be collected | 2,635,000 | ||||||||||||||||||
Purchase price, before cash acquired | 1,048,656,000 | ||||||||||||||||||
Total purchase price | $ 1,288,169,000 | ||||||||||||||||||
Constantia Labels | Selling, General and Administrative Expenses | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Acquisition expenses | $ 0 | $ 1,246,000 | $ 632,000 | $ 11,299,000 | $ 3,545,000 | $ 744,000 | $ 18,000 | ||||||||||||
Credit of acquisition expenses | (105,000) | ||||||||||||||||||
Constantia Labels | South Africa | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Equity interest acquired | 75.00% | ||||||||||||||||||
Constantia Labels | Senior Notes | 4.875% Notes, due November 1, 2025 | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Debt instrument, interest rate | 4.875% | ||||||||||||||||||
Debt instrument, maturity date | Nov. 1, 2025 | ||||||||||||||||||
Tanzania Printers | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Equity interest acquired | 100.00% | ||||||||||||||||||
Deferred payment period | 1 year | ||||||||||||||||||
Cash acquired, allocated to purchase price | $ 397,000 | ||||||||||||||||||
Date of acquisition | Oct. 11, 2017 | ||||||||||||||||||
Purchase price, before cash acquired | 15,929,000 | ||||||||||||||||||
Net debt assumed | 9,557,000 | ||||||||||||||||||
Indemnification Asset | $ 1,593,000 | ||||||||||||||||||
GEWA Etiketten GmbH | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Equity interest acquired | 100.00% | ||||||||||||||||||
Date of acquisition | Aug. 3, 2017 | ||||||||||||||||||
Net debt assumed | $ 5,228,000 | ||||||||||||||||||
Total purchase price | 21,846,000 | ||||||||||||||||||
Amount held in escrow account | $ 2,185,000 | ||||||||||||||||||
Period for releasing escrow deposit | 18 months | ||||||||||||||||||
GEWA Etiketten GmbH | Gironde Imprimerie Publicite | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Minority interest, percentage | 2.40% | ||||||||||||||||||
Graphix Labels and Packaging Pty Ltd | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Equity interest acquired | 100.00% | ||||||||||||||||||
Deferred payment | $ 1,631,000 | ||||||||||||||||||
Deferred payment period | 2 years | ||||||||||||||||||
Date of acquisition | Jan. 3, 2017 | ||||||||||||||||||
Total purchase price | $ 17,261,000 | ||||||||||||||||||
Barat Group | Gironde Imprimerie Publicite | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Minority interest, percentage | 30.00% | ||||||||||||||||||
Fair value of equity interest | $ 771,000 | ||||||||||||||||||
Gain recognized as a result of re-measuring the fair value of equity interest | $ 690,000 | ||||||||||||||||||
Industria Litografica Alessandrina S.r.l. | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Equity interest acquired | 100.00% | ||||||||||||||||||
Deferred payment | $ 819,000 | ||||||||||||||||||
Deferred payment period | 3 years | ||||||||||||||||||
Date of acquisition | Jul. 6, 2016 | ||||||||||||||||||
Net debt assumed | $ 3,547,000 | ||||||||||||||||||
Purchase price, before debt assumed | $ 6,301,000 | ||||||||||||||||||
Italstereo Resin Labels S.r.l. | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Equity interest acquired | 100.00% | ||||||||||||||||||
Cash acquired, allocated to purchase price | $ 181,000 | ||||||||||||||||||
Date of acquisition | Jul. 1, 2016 | ||||||||||||||||||
Purchase price, before cash acquired | $ 3,342,000 | $ 133,000 | $ 201,000 |
Acquisitions - Purchase Price (
Acquisitions - Purchase Price (Detail) - USD ($) $ in Thousands | Oct. 31, 2017 | Dec. 31, 2017 | Jun. 30, 2018 |
Business Acquisition [Line Items] | |||
MCC common stock issued | $ 237,820 | ||
Constantia Labels | |||
Business Acquisition [Line Items] | |||
Cash from proceeds of borrowings | $ 1,048,656 | ||
MCC common stock issued | 237,820 | ||
Deferred payments | 3,901 | $ 807 | |
Contingent consideration | 9,026 | ||
Purchase price, before cash acquired | 1,299,403 | ||
Net cash acquired | (11,234) | ||
Total purchase price | $ 1,288,169 |
Acquisitions - Purchase Price A
Acquisitions - Purchase Price Allocation (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Oct. 31, 2017 |
Assets Acquired: | ||||
Goodwill | $ 1,088,006 | $ 1,196,634 | ||
Liabilities Assumed: | ||||
Noncontrolling interests | $ (1,200) | $ (1,100) | ||
Constantia Labels | ||||
Assets Acquired: | ||||
Net cash acquired | $ 11,234 | |||
Accounts receivable | 117,248 | |||
Inventories | 82,472 | |||
Property, plant and equipment | 250,479 | |||
Intangible assets | 432,400 | |||
Goodwill | 673,561 | |||
Other assets | 13,747 | |||
Total assets acquired | 1,581,141 | |||
Liabilities Assumed: | ||||
Accounts payable | 93,812 | |||
Accrued income taxes payable | 4,401 | |||
Accrued expenses and other liabilities | 41,378 | |||
Deferred tax liabilities | 139,847 | |||
Total liabilities assumed | 279,438 | |||
Net assets acquired | 1,301,703 | |||
Noncontrolling interests | (2,300) | |||
Net assets acquired attributable to Multi-Color Corporation | $ 1,299,403 |
Acquisitions - Fair Value of Id
Acquisitions - Fair Value of Identifiable Intangible Assets Acquired and Estimated Useful Lives (Detail) - Constantia Labels $ in Thousands | Oct. 31, 2017USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair Value | $ 432,400 |
Useful Lives | 18 years |
Customer Relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair Value | $ 407,300 |
Useful Lives | 19 years |
Technology | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair Value | $ 20,700 |
Useful Lives | 4 years |
Trade Name | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair Value | $ 4,400 |
Useful Lives | 4 years |
Acquisitions - Schedule of Pro
Acquisitions - Schedule of Pro Forma Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended |
Dec. 31, 2017 | Dec. 31, 2017 | |
Business Combinations [Abstract] | ||
Net revenues | $ 411,272 | $ 1,269,185 |
Net income attributable to Multi-Color | $ 24,848 | $ 64,588 |
Diluted earnings per share | $ 1,210 | $ 3,140 |
Acquisitions - Reconciliation o
Acquisitions - Reconciliation of Actual Net Revenues and Net Income Attributable to Multi-Color Corporation to Pro Forma Net Revenues and Net Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Business Acquisition, Pro Forma Information [Line Items] | |||||
Multi-Color Corporation actual results, Net Income | $ 11,286 | $ 20,532 | $ 53,180 | $ 49,828 | |
Pro forma adjustments, Net Income | 4,832 | (8,666) | |||
Pro forma results, Net Income | 24,848 | 64,588 | |||
Multi-Color Corporation actual results, Net Revenues | $ 397,004 | 352,699 | $ 1,288,048 | 851,173 | |
Pro forma adjustments, Net Revenues | 0 | 0 | |||
Pro forma results, Net Revenues | 411,272 | 1,269,185 | |||
Constantia Labels | |||||
Business Acquisition, Pro Forma Information [Line Items] | |||||
Constantia Labels actual results, Net Income | [1] | (516) | 23,426 | ||
Constantia Labels actual results, Net Revenues | [1] | $ 58,573 | $ 418,012 | ||
[1] | Constantia Labels actual results include the nine months pre-acquisition in fiscal 2018. |
Acquisitions - Pro Forma Adjust
Acquisitions - Pro Forma Adjustments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Dec. 31, 2017 | Dec. 31, 2017 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Pro forma adjustments | $ 4,832 | $ (8,666) |
Financing Costs | Constantia Labels | ||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Pro forma adjustments | 1,235 | 9,689 |
Acquisition Transaction Costs | ||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Pro forma adjustments | 11,299 | 15,588 |
Incremental Depreciation and Amortization Costs | ||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Pro forma adjustments | (1,000) | (8,469) |
Incremental Interest Costs | ||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Pro forma adjustments | (4,532) | (29,368) |
Tax Effect of Adjustments | ||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Pro forma adjustments | $ (2,170) | $ 3,894 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Schedule of Changes in Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Dec. 31, 2018 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ 757,557 | |
Ending balance | $ 722,191 | 722,191 |
Foreign currency items | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 6,335 | |
OCI before reclassifications | (115,632) | |
Amounts reclassified from AOCI | 0 | |
Total other comprehensive income (loss) | (115,632) | |
ASU 2018-02 reclassification of stranded tax effects | (244) | |
Ending balance | (109,541) | (109,541) |
Gains and (losses) on derivative contracts | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (25,408) | |
OCI before reclassifications | 29,662 | |
Amounts reclassified from AOCI | (5,670) | |
Total other comprehensive income (loss) | 23,992 | |
ASU 2018-02 reclassification of stranded tax effects | (1,506) | |
Ending balance | (2,922) | (2,922) |
Defined benefit pension items | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (168) | |
OCI before reclassifications | 0 | |
Amounts reclassified from AOCI | 0 | |
Total other comprehensive income (loss) | 0 | |
ASU 2018-02 reclassification of stranded tax effects | 0 | |
Ending balance | (168) | (168) |
Accumulated Other Comprehensive Loss | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (19,241) | |
OCI before reclassifications | (85,970) | |
Amounts reclassified from AOCI | (5,670) | |
Total other comprehensive income (loss) | (91,640) | |
ASU 2018-02 reclassification of stranded tax effects | (1,750) | (1,750) |
Ending balance | $ (112,631) | $ (112,631) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Schedule of (Gains) and Losses Reclassified from AOCI (Detail) - Gains and (losses) on derivative contracts - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Amounts reclassified from AOCI | $ (5,670) | ||||
Gains and (losses) reclassified from AOCI | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Amounts reclassified from AOCI, before tax | [1] | $ 299 | 470 | ||
Amounts reclassified from AOCI, tax | 694 | $ 704 | 2,041 | $ 704 | |
Amounts reclassified from AOCI | (1,791) | (1,305) | (5,670) | (1,305) | |
Gains and (losses) reclassified from AOCI | Cross Currency Swaps | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Amounts reclassified from AOCI, before tax | [2] | (2,501) | (2,140) | (7,233) | (2,140) |
Gains and (losses) reclassified from AOCI | Interest Rate Swaps | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Amounts reclassified from AOCI, before tax | [2] | $ (283) | $ 131 | $ (948) | $ 131 |
[1] | Reclassified from AOCI into cost of revenues in the condensed consolidated statements of income. See Note 8. | ||||
[2] | Reclassified from AOCI into interest expense in the condensed consolidated statements of income. See Note 8. |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Goodwill (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | ||||
Goodwill, gross, Beginning balance | $ 1,210,179 | $ 1,210,179 | ||
Accumulated impairment losses, Beginning balance | (13,545) | (13,545) | ||
Goodwill, net, Beginning balance | 1,196,634 | 1,196,634 | ||
Adjustments to prior year acquisitions | $ 2,146 | $ 31,917 | $ 291 | (34,478) |
Currency translation | (74,150) | |||
Goodwill, gross, Ending Balance | 1,099,792 | 1,099,792 | ||
Accumulated impairment losses, Ending balance | (11,786) | (11,786) | ||
Goodwill, net, Ending balance | $ 1,088,006 | $ 1,088,006 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 679,132 | $ 673,973 |
Accumulated Amortization | (123,063) | (93,740) |
Net Carrying Amount | 556,069 | 580,233 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 648,854 | 648,273 |
Accumulated Amortization | (111,447) | (87,560) |
Net Carrying Amount | 537,407 | 560,713 |
Technologies | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 21,989 | 21,721 |
Accumulated Amortization | (7,383) | (3,586) |
Net Carrying Amount | 14,606 | 18,135 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4,469 | 99 |
Accumulated Amortization | (1,400) | (66) |
Net Carrying Amount | 3,069 | 33 |
Non-compete Agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,820 | 3,880 |
Accumulated Amortization | (2,833) | (2,528) |
Net Carrying Amount | $ 987 | $ 1,352 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense of intangible assets | $ 10,350 | $ 8,124 | $ 33,013 | $ 15,559 |
Facility Closures - Summary of
Facility Closures - Summary of Exit and Disposal Costs Related to Closure (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||
Total costs expected to be incurred | $ 703,000 | $ 703,000 | ||
Total costs incurred | $ 485,000 | $ 485,000 | ||
Cumulative costs incurred | 703,000 | 703,000 | ||
Merignac France | Other associated costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total costs incurred | 60,000 | $ 251,000 | 153,000 | 251,000 |
Cumulative costs incurred | 500,000 | 500,000 | ||
Merignac France | Other associated costs | Maximum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total costs expected to be incurred | 750,000 | 750,000 | ||
Merignac France | Other associated costs | Minimum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total costs expected to be incurred | 550,000 | 550,000 | ||
Dormans France | Severance and other termination benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total costs expected to be incurred | 106,000 | 106,000 | ||
Total costs incurred | 106,000 | |||
Cumulative costs incurred | 106,000 | 106,000 | ||
Dormans France | Other associated costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total costs expected to be incurred | 23,000 | 23,000 | ||
Total costs incurred | $ 23,000 | |||
Cumulative costs incurred | 23,000 | 23,000 | ||
Melbourne Australia | Severance and other termination benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total costs expected to be incurred | 170,000 | 170,000 | ||
Total costs incurred | 170,000 | |||
Cumulative costs incurred | 170,000 | 170,000 | ||
Melbourne Australia | Other associated costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total costs incurred | 46,000 | 476,000 | ||
Cumulative costs incurred | 476,000 | 476,000 | ||
Melbourne Australia | Other associated costs | Maximum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total costs expected to be incurred | 900,000 | 900,000 | ||
Melbourne Australia | Other associated costs | Minimum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total costs expected to be incurred | $ 700,000 | $ 700,000 |
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 | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||
Amounts Expensed | $ 485 | $ 485 | ||
Merignac France | Severance and other termination benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Beginning balance | $ 457 | |||
Amounts Paid | (417) | |||
Ending balance | $ 40 | 40 | ||
Merignac France | Other associated costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Amounts Expensed | 60 | $ 251 | 153 | $ 251 |
Amounts Paid | (153) | |||
Melbourne Australia | Severance and other termination benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Amounts Expensed | 170 | |||
Amounts Paid | (170) | |||
Melbourne Australia | Other associated costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Amounts Expensed | 46 | 476 | ||
Amounts Paid | (459) | |||
Ending balance | $ 17 | $ 17 |
Facility Closures - Additional
Facility Closures - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Sep. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | |
Dormans France | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Gain (loss) on sale of property, plant and equipment | $ (59) | |||
Cumulative costs | $ 260 | $ 0 | ||
Raw materials written off | 47 | |||
Dormans France | Facility closure expenses | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Facility closure expenses related to impairment loss on fixed assets | $ 25 | |||
Merignac France | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Gain (loss) on sale of property, plant and equipment | $ (48) | (42) | ||
Reversed accrued pension related to employees | 102 | |||
Cumulative costs | 1,316 | |||
Merignac France | Facility closure expenses | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Facility closure expenses related to impairment loss on fixed assets | $ 125 | |||
Melbourne Australia | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Cumulative costs | $ 646 |
Supplemental Cash Flow Disclo_3
Supplemental Cash Flow Disclosures - Supplemental Disclosures of Cash Flow Information and Non-Cash Activities (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Disclosures of Cash Flow Information: | ||
Interest paid | $ 73,378 | $ 25,058 |
Income taxes paid, net of refunds | 23,197 | 24,915 |
Supplemental Disclosures of Non-Cash Activities: | ||
Capital expenditures incurred but not yet paid | 4,362 | 2,724 |
Capital lease obligations incurred | 1,771 | |
Change in derivative contract fair value - asset position | (104) | 8,768 |
Change in derivative contract fair value - liability position | 32,915 | (34,793) |
Business combinations accounted for as a purchase: | ||
Assets acquired (excluding cash) | 16,233 | 1,632,049 |
Liabilities assumed | (15,033) | (335,495) |
Liabilities for contingent / deferred payments | (23,653) | |
MCC common stock issued | (237,820) | |
Noncontrolling interests | (1,200) | (1,100) |
Net cash paid | $ 0 | $ 1,033,981 |