Cover Page
Cover Page - shares | 6 Months Ended | |
Sep. 30, 2022 | Oct. 28, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-32433 | |
Entity Registrant Name | PRESTIGE CONSUMER HEALTHCARE INC. | |
Entity Central Index Key | 0001295947 | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-1297589 | |
Entity Address, Address Line One | 660 White Plains Road | |
Entity Address, City or Town | Tarrytown | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10591 | |
City Area Code | 914 | |
Local Phone Number | 524-6800 | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Trading Symbol | PBH | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 49,525,952 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues | ||||
Total revenues | $ 289,273 | $ 276,225 | $ 566,332 | $ 545,406 |
Cost of Sales | ||||
Cost of sales excluding depreciation | 126,384 | 116,722 | 241,380 | 225,057 |
Cost of sales depreciation | 1,880 | 1,791 | 3,824 | 3,625 |
Cost of sales | 128,264 | 118,513 | 245,204 | 228,682 |
Gross profit | 161,009 | 157,712 | 321,128 | 316,724 |
Operating Expenses | ||||
Advertising and marketing | 43,819 | 40,730 | 83,770 | 80,169 |
General and administrative | 26,438 | 32,252 | 53,152 | 54,723 |
Depreciation and amortization | 6,368 | 6,172 | 12,808 | 11,932 |
Total operating expenses | 76,625 | 79,154 | 149,730 | 146,824 |
Operating income | 84,384 | 78,558 | 171,398 | 169,900 |
Other expense | ||||
Interest expense, net | 16,979 | 16,313 | 32,271 | 31,390 |
Loss on extinguishment of debt | 0 | 2,122 | 0 | 2,122 |
Other expense, net | 812 | 493 | 1,637 | 388 |
Total other expense, net | 17,791 | 18,928 | 33,908 | 33,900 |
Income before income taxes | 66,593 | 59,630 | 137,490 | 136,000 |
Provision for income taxes | 15,570 | 14,305 | 31,195 | 32,920 |
Net income | $ 51,023 | $ 45,325 | $ 106,295 | $ 103,080 |
Earnings per share: | ||||
Basic (in USD per share) | $ 1.02 | $ 0.90 | $ 2.12 | $ 2.05 |
Diluted (in USD per share) | $ 1.02 | $ 0.89 | $ 2.11 | $ 2.03 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 49,804 | 50,232 | 50,033 | 50,186 |
Diluted (in shares) | 50,265 | 50,791 | 50,496 | 50,731 |
Comprehensive income, net of tax: | ||||
Currency translation adjustments | $ (7,118) | $ (4,197) | $ (16,637) | $ (5,689) |
Unrealized gain on interest rate swaps | 0 | 550 | 0 | 1,070 |
Net loss on termination of pension plan | 0 | 0 | (790) | 0 |
Total other comprehensive loss | (7,118) | (3,647) | (17,427) | (4,619) |
Comprehensive income | 43,905 | 41,678 | 88,868 | 98,461 |
Net sales | ||||
Revenues | ||||
Total revenues | 289,264 | 276,217 | 566,288 | 545,389 |
Other revenues | ||||
Revenues | ||||
Total revenues | $ 9 | $ 8 | $ 44 | $ 17 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 42,442 | $ 27,185 |
Accounts receivable, net of allowance of $20,673 and $19,720, respectively | 145,992 | 139,330 |
Inventories | 140,505 | 120,342 |
Prepaid expenses and other current assets | 7,714 | 6,410 |
Total current assets | 336,653 | 293,267 |
Property, plant and equipment, net | 69,947 | 71,300 |
Operating lease right-of-use assets | 17,300 | 20,372 |
Finance lease right-of-use assets, net | 5,529 | 6,858 |
Goodwill | 575,566 | 578,976 |
Intangible assets, net | 2,670,942 | 2,696,635 |
Other long-term assets | 2,577 | 3,273 |
Total Assets | 3,678,514 | 3,670,681 |
Current liabilities | ||
Accounts payable | 56,196 | 55,760 |
Accrued interest payable | 15,688 | 4,437 |
Operating lease liabilities, current portion | 6,647 | 6,360 |
Finance lease liabilities, current portion | 2,793 | 2,752 |
Other accrued liabilities | 70,984 | 74,113 |
Total current liabilities | 152,308 | 143,422 |
Long-term debt, net | 1,438,338 | 1,476,658 |
Deferred income tax liabilities | 443,271 | 444,917 |
Long-term operating lease liabilities, net of current portion | 12,785 | 16,088 |
Long-term finance lease liabilities, net of current portion | 3,094 | 4,501 |
Other long-term liabilities | 8,877 | 7,484 |
Total Liabilities | 2,058,673 | 2,093,070 |
Commitments and Contingencies — Note 17 | ||
Stockholders' Equity | ||
Preferred stock - $0.01 par value; Authorized - 5,000 shares; Issued and outstanding - None | 0 | 0 |
Common stock - $0.01 par value; Authorized - 250,000 shares; Issued - 54,690 shares at September 30, 2022 and 54,430 shares at March 31, 2022 | 547 | 544 |
Additional paid-in capital | 524,392 | 515,583 |
Treasury stock, at cost - 5,164 shares at September 30, 2022 and 4,151 shares at March 31, 2022 | (189,098) | (133,648) |
Accumulated other comprehensive loss, net of tax | (36,459) | (19,032) |
Retained earnings | 1,320,459 | 1,214,164 |
Total Stockholders' Equity | 1,619,841 | 1,577,611 |
Total Liabilities and Stockholders' Equity | $ 3,678,514 | $ 3,670,681 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable, current | $ 20,673 | $ 19,720 |
Stockholders' Equity: | ||
Preferred stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 54,690,000 | 54,430,000 |
Treasury stock (in shares) | 5,164,000 | 4,151,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive (Loss) | Retained Earnings |
Common stock, beginning balance (in shares) at Mar. 31, 2021 | 53,999,000 | |||||
Equity, beginning balance at Mar. 31, 2021 | $ 1,358,298 | $ 540 | $ 499,508 | $ (130,732) | $ (19,801) | $ 1,008,783 |
Treasury stock, beginning balance (in shares) at Mar. 31, 2021 | 4,088,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation | $ 5,097 | 5,097 | ||||
Exercise of stock options (in shares) | 87,600 | 88,000 | ||||
Exercise of stock options | $ 2,707 | 2,707 | ||||
Issuance of shares related to restricted stock (in shares) | 160,000 | |||||
Issuance of shares related to restricted stock | 0 | $ 2 | (2) | |||
Treasury share repurchases (in shares) | 63,000 | |||||
Treasury share repurchases | (2,916) | $ (2,916) | ||||
Net income | 103,080 | 103,080 | ||||
Comprehensive loss | (4,619) | (4,619) | ||||
Common stock, ending balance (in shares) at Sep. 30, 2021 | 54,247,000 | |||||
Equity, ending balance at Sep. 30, 2021 | 1,461,647 | $ 542 | 507,310 | $ (133,648) | (24,420) | 1,111,863 |
Treasury stock, ending balance (in shares) at Sep. 30, 2021 | 4,151,000 | |||||
Common stock, beginning balance (in shares) at Jun. 30, 2021 | 54,211,000 | |||||
Equity, beginning balance at Jun. 30, 2021 | 1,416,247 | $ 542 | 503,588 | $ (133,648) | (20,773) | 1,066,538 |
Treasury stock, beginning balance (in shares) at Jun. 30, 2021 | 4,151,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation | 3,219 | 3,219 | ||||
Exercise of stock options (in shares) | 20,000 | |||||
Exercise of stock options | 503 | 503 | ||||
Issuance of shares related to restricted stock (in shares) | 16,000 | |||||
Issuance of shares related to restricted stock | 0 | |||||
Net income | 45,325 | 45,325 | ||||
Comprehensive loss | (3,647) | (3,647) | ||||
Common stock, ending balance (in shares) at Sep. 30, 2021 | 54,247,000 | |||||
Equity, ending balance at Sep. 30, 2021 | 1,461,647 | $ 542 | 507,310 | $ (133,648) | (24,420) | 1,111,863 |
Treasury stock, ending balance (in shares) at Sep. 30, 2021 | 4,151,000 | |||||
Common stock, beginning balance (in shares) at Mar. 31, 2022 | 54,430,000 | |||||
Equity, beginning balance at Mar. 31, 2022 | 1,577,611 | $ 544 | 515,583 | $ (133,648) | (19,032) | 1,214,164 |
Treasury stock, beginning balance (in shares) at Mar. 31, 2022 | 4,151,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation | $ 7,323 | 7,323 | ||||
Exercise of stock options (in shares) | 39,100 | 39,000 | ||||
Exercise of stock options | $ 1,489 | $ 1 | 1,488 | |||
Issuance of shares related to restricted stock (in shares) | 221,000 | |||||
Issuance of shares related to restricted stock | 0 | $ 2 | (2) | |||
Treasury share repurchases (in shares) | 1,013,000 | |||||
Treasury share repurchases | (55,450) | $ (55,450) | ||||
Net income | 106,295 | 106,295 | ||||
Comprehensive loss | (17,427) | (17,427) | ||||
Common stock, ending balance (in shares) at Sep. 30, 2022 | 54,690,000 | |||||
Equity, ending balance at Sep. 30, 2022 | 1,619,841 | $ 547 | 524,392 | $ (189,098) | (36,459) | 1,320,459 |
Treasury stock, ending balance (in shares) at Sep. 30, 2022 | 5,164,000 | |||||
Common stock, beginning balance (in shares) at Jun. 30, 2022 | 54,690,000 | |||||
Equity, beginning balance at Jun. 30, 2022 | 1,584,743 | $ 547 | 520,926 | $ (176,825) | (29,341) | 1,269,436 |
Treasury stock, beginning balance (in shares) at Jun. 30, 2022 | 4,928,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation | 3,466 | 3,466 | ||||
Treasury share repurchases (in shares) | 236,000 | |||||
Treasury share repurchases | (12,273) | $ (12,273) | ||||
Net income | 51,023 | 51,023 | ||||
Comprehensive loss | (7,118) | (7,118) | ||||
Common stock, ending balance (in shares) at Sep. 30, 2022 | 54,690,000 | |||||
Equity, ending balance at Sep. 30, 2022 | $ 1,619,841 | $ 547 | $ 524,392 | $ (189,098) | $ (36,459) | $ 1,320,459 |
Treasury stock, ending balance (in shares) at Sep. 30, 2022 | 5,164,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Activities | ||
Net income | $ 106,295 | $ 103,080 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 16,632 | 15,557 |
Loss on disposal of property and equipment | 94 | 27 |
Deferred income taxes | 4,211 | 7,639 |
Amortization of debt origination costs | 1,798 | 1,435 |
Stock-based compensation costs | 7,323 | 5,097 |
Loss on extinguishment of debt | 0 | 2,122 |
Non-cash operating lease cost | 2,984 | 3,351 |
Other | 447 | 0 |
Changes in operating assets and liabilities, net of effects from acquisition: | ||
Accounts receivable | (8,276) | (34,322) |
Inventories | (21,810) | 12,978 |
Prepaid expenses and other current assets | (1,501) | 473 |
Accounts payable | 1,016 | (8,275) |
Accrued liabilities | 9,788 | 24,570 |
Operating lease liabilities | (3,201) | (3,150) |
Other | (13) | (83) |
Net cash provided by operating activities | 115,787 | 130,499 |
Investing Activities | ||
Purchases of property, plant and equipment | (3,423) | (4,252) |
Acquisition of Akorn | 0 | (228,914) |
Other | 0 | 177 |
Net cash used in investing activities | (3,423) | (232,989) |
Financing Activities | ||
Term loan repayments | (40,000) | (495,000) |
Proceeds from refinancing of Term Loan | 0 | 597,000 |
Borrowings under revolving credit agreement | 20,000 | 85,000 |
Repayments under revolving credit agreement | (20,000) | (65,000) |
Payments of debt costs | 0 | (6,111) |
Payments of finance leases | (1,369) | (1,496) |
Proceeds from exercise of stock options | 1,489 | 2,707 |
Fair value of shares surrendered as payment of tax withholding | (5,450) | (2,916) |
Repurchase of common stock | (50,000) | 0 |
Net cash (used in) provided by financing activities | (95,330) | 114,184 |
Effects of exchange rate changes on cash and cash equivalents | (1,777) | (1,178) |
Increase in cash and cash equivalents | 15,257 | 10,516 |
Cash and cash equivalents - beginning of period | 27,185 | 32,302 |
Cash and cash equivalents - end of period | 42,442 | 42,818 |
Supplemental Cash Flow Information [Abstract] | ||
Interest paid | 19,016 | 18,481 |
Income taxes paid | $ 15,689 | $ 21,141 |
Business and Basis of Presentat
Business and Basis of Presentation | 6 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Basis of Presentation | Business and Basis of Presentation Nature of Business Prestige Consumer Healthcare Inc. (referred to herein as the “Company” or “we,” which reference shall, unless the context requires otherwise, be deemed to refer to Prestige Consumer Healthcare Inc. and all of its direct and indirect 100% owned subsidiaries on a consolidated basis) is engaged in the development, manufacturing, marketing, sales and distribution of over-the-counter (“OTC”) healthcare products to mass merchandisers, drug, food, dollar, convenience and club stores and e-commerce channels in North America (the United States and Canada) and in Australia and certain other international markets. Prestige Consumer Healthcare Inc. is a holding company with no operations and is also the parent guarantor of the senior credit facility and the senior notes described in Note 8 to these Condensed Consolidated Financial Statements. Economic Environment There has been economic uncertainty in the United States and globally due to several factors including global supply chain constraints, rising interest rates, a high inflationary environment, geopolitical events and the effects from the COVID-19 pandemic. We expect economic conditions will continue to be highly volatile and uncertain, put pressure on prices and supply and could affect demand for our products. In fiscal 2022, we experienced solid consumer consumption and share gains across most of our brand portfolio, however, that may not be sustained at the same levels in the uncertain economic environment. We have continued to see changes in the purchasing patterns of our consumers, including a reduction in the frequency of visits to retailers and a shift in many markets to purchasing our products online. The volatile environment has impacted the supply of labor and raw materials and exacerbated rising input costs. Although we have not experienced a material disruption to our overall supply chain to date, we have and may continue to experience shortages, delays and backorders for certain ingredients and products, difficulty scheduling shipping for our products, as well as price increases from many of our suppliers for both shipping and product costs. In addition, labor shortages have impacted our manufacturing operations and may impact our ability to supply certain products to our customers. To date, the pandemic and other global conditions have not had a material negative impact on our operations, supply chain, overall costs or demand for most of our products or resulting aggregate sales and earnings, and, as such, it has also not negatively impacted our liquidity position. We continue to generate operating cash flows to meet our short-term liquidity needs. These circumstances could change, however, in this dynamic, unprecedented environment. If conditions cause further disruption in the global supply chain, the availability of labor and materials or otherwise increase costs, it may materially affect our operations and those of third parties on which we rely, including causing disruptions in the supply and distribution of our products. The extent to which these conditions impact our results and liquidity will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity and duration of any further COVID-19 outbreaks, global supply chain constraints, the high inflationary environment and further global instability. These effects could have a material adverse impact on our business, liquidity, capital resources, and results of operations and those of the third parties on which we rely. Basis of Presentation The unaudited Condensed Consolidated Financial Statements presented herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. All significant intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, these Condensed Consolidated Financial Statements include all adjustments, consisting of normal recurring adjustments, that are considered necessary for a fair statement of our consolidated financial position, results of operations and cash flows for the interim periods presented. Our fiscal year ends on March 31st of each year. References in these Condensed Consolidated Financial Statements or related notes to a year (e.g., 2023) mean our fiscal year ending or ended on March 31st of that year. Operating results for the six months ended September 30, 2022 are not necessarily indicative of results that may be expected for the fiscal year ending March 31, 2023. These unaudited Condensed Consolidated Financial Statements and related notes should be read in conjunction with our audited Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2022. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on our knowledge of current events and actions that we may undertake in the future, actual results could differ from those estimates. Our most significant estimates include those made in connection with the valuation of intangible assets, stock-based compensation, fair value of debt, sales returns and allowances, trade promotional allowances, inventory obsolescence, and accounting for income taxes and related uncertain tax positions. Recently Adopted Accounting Pronouncements There have been no accounting pronouncements adopted in fiscal 2023. Recently Issued Accounting Pronouncements In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. This ASU responds to feedback received by the FASB during the post-implementation review of ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments , which we adopted effective April 1, 2020. The amendments in this update, among other things, eliminate the troubled debt restructuring recognition and measurement guidance and, instead, require the entity to evaluate whether the modification represents a new loan or a continuation of an existing loan. This ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The adoption of the standard is not expected to have a material effect on our Consolidated Financial Statements. In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method . The purpose of the ASU is to address questions raised on ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. This ASU expands the currently used single-layer method of hedge accounting to allow multiple layers of a single closed portfolio under the method. This ASU is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The impact of adoption of this new standard is not expected to have a material effect on our Consolidated Financial Statements. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This ASU requires entities to apply Topic 606 to recognize and measure contract assets and liabilities in a business combination. This ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The impact of adoption of this new standard will depend on the magnitude of future acquisitions. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In response to the concerns about structural risks of interbank offered rates (“IBORs”) and, particularly, the risk of cessation of the London Interbank Offered Rate (“LIBOR”), regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. The ASU provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. In January 2021, the FASB issued ASU 2021-01, which adds implementation guidance to clarify certain optional expedients in Topic 848. The ASUs can be adopted no later than December 31, 2022, with early adoption permitted. The adoption of the standard is not expected to have a material effect on our Consolidated Financial Statements. |
Acquisition
Acquisition | 6 Months Ended |
Sep. 30, 2022 | |
Business Combinations [Abstract] | |
Acquisition | Acquisition Akorn On July 1, 2021, we completed the acquisition of the consumer health business assets from Akorn Operating Company LLC ("Akorn") pursuant to an Asset Purchase Agreement, dated May 27, 2021 (the "Purchase Agreement"), for a purchase price of $228.9 million in cash, subject to certain closing adjustments specified in the Purchase Agreement. As a result of the purchase, we acquired TheraTears and certain other over-the-counter consumer brands. The financial results from this acquisition are included in our North American and International OTC Healthcare segments. The purchase price was funded by a combination of available cash on hand, additional borrowings under our asset-based revolving credit facility entered into January 31, 2012, as amended (the "2012 ABL Revolver") and the net proceeds from the refinancing of our term loan entered into on January 31, 2012 (the "2012 Term Loan") (see Note 8). The acquisition was accounted for as a business combination. In connection with the acquisition, we entered into a supply arrangement with Akorn for a term of three years with optional renewals at prevailing market rates. We finalized our analysis of the fair values of the assets acquired and liabilities assumed as of the date of acquisition. The following table summarizes our allocation of the assets acquired and liabilities assumed as of the July 1, 2021 acquisition date. (In thousands) July 1, 2021 Inventories $ 6,455 Goodwill 1,098 Intangible assets 225,410 Total assets acquired 232,963 Accounts payable 428 Reserves for sales allowances 497 Other accrued liabilities 3,124 Total liabilities assumed 4,049 Total purchase price $ 228,914 Based on this analysis, we allocated $195.9 million to non-amortizable intangible assets and $29.5 million to amortizable intangible assets. The non-amortizable intangible assets are classified as trademarks and, of the amortizable intangible assets, $20.4 million are classified as customer relationships and $9.1 million are classified as trademarks. We are amortizing the purchased amortizable intangible assets on a straight-line basis over an estimated weighted average useful life of 12.5 years (see Note 5). We recorded goodwill of $1.1 million based on the amount by which the purchase price exceeded the fair value of the net assets acquired (see Note 4). Goodwill is deductible and is being amortized for income tax purposes. |
Inventories
Inventories | 6 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following: (In thousands) September 30, 2022 March 31, 2022 Components of Inventories Packaging and raw materials $ 18,733 $ 16,984 Work in process 537 338 Finished goods 121,235 103,020 Inventories $ 140,505 $ 120,342 |
Goodwill
Goodwill | 6 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill A reconciliation of the activity affecting goodwill by operating segment is as follows: (In thousands) North American OTC International OTC Consolidated Balance - March 31, 2022 Goodwill $ 712,002 $ 32,272 $ 744,274 Accumulated impairment loss (163,711) (1,587) (165,298) Balance - March 31, 2022 548,291 30,685 578,976 Adjustment related to acquisition (550) — (550) Effects of foreign currency exchange rates — (2,860) (2,860) Balance - September 30, 2022 Goodwill 711,452 29,412 740,864 Accumulated impairment loss (163,711) (1,587) (165,298) Balance - September 30, 2022 $ 547,741 $ 27,825 $ 575,566 As discussed in Note 2, on July 1, 2021, we completed the acquisition of certain assets from Akorn. In connection with this acquisition, we recorded goodwill of $1.1 million based on the amount by which the purchase price exceeded the estimate of the fair value of the net assets acquired. On an annual basis during the fourth quarter of each fiscal year, or more frequently if conditions indicate that the carrying value of the asset may not be recoverable, management performs a review of the values assigned to goodwill and tests for impairment. The date of our annual impairment review was February 28, 2022, and we recorded impairment charges to goodwill of $0.3 million in our March 31, 2022 financial statements. We utilized the discounted cash flow method to estimate the fair value of our reporting units as part of the goodwill impairment test. We also considered our market capitalization at February 28, 2022 as compared to the aggregate fair values of our reporting units, to assess the reasonableness of our estimates pursuant to the discounted cash flow methodology. The estimates and assumptions made in assessing the fair value of our reporting units and the valuation of the underlying assets and liabilities are inherently subject to significant uncertainties related to future sales, gross margins, and advertising and marketing expenses, which can be impacted by increases in competition, changing consumer preferences, technical advances, or the potential impacts of COVID-19 and inflation. The discount rate assumption may be influenced by such factors as changes in interest rates and rates of inflation, which can have an impact on the determination of fair value. If these assumptions are adversely affected, we may be required to record impairment charges in the future. We continuously monitor events that could trigger an interim impairment analysis, which included the impact of COVID-19 and inflation for the period ended September 30, 2022. |
Intangible Assets, net
Intangible Assets, net | 6 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, net | Intangible Assets, net A reconciliation of the activity affecting intangible assets, net is as follows: (In thousands) Indefinite- Finite-Lived Totals Gross Carrying Amounts Balance — March 31, 2022 $ 2,476,559 $ 436,174 $ 2,912,733 Effects of foreign currency exchange rates (11,701) (3,081) (14,782) Balance — September 30, 2022 2,464,858 433,093 2,897,951 Accumulated Amortization Balance — March 31, 2022 — 216,098 216,098 Additions — 11,257 11,257 Effects of foreign currency exchange rates — (346) (346) Balance — September 30, 2022 — 227,009 227,009 Intangible assets, net - September 30, 2022 $ 2,464,858 $ 206,084 $ 2,670,942 On July 1, 2021, we completed the acquisition of certain assets from Akorn (see Note 2) and on December 15, 2021 our Australian subsidiary acquired the rights to the Zaditen brand in certain territories from Novartis Pharma AG. In connection with these acquisitions, we allocated $225.4 million to intangible assets for Akorn and $18.1 million for Zaditen . Amortization expense was $5.6 million and $11.3 million for the three and six months ended September 30, 2022, respectively, and $5.3 million and $10.2 million for the three and six months ended September 30, 2021, respectively. Finite-lived intangible assets are expected to be amortized over their estimated useful life, which ranges from a period of 10 to 30 years, and the estimated amortization expense for each of the five succeeding years and the periods thereafter is as follows (in thousands): (In thousands) Year Ending March 31, Amount 2023 (remaining six months ended March 31, 2023) $ 11,210 2024 22,381 2025 20,328 2026 18,081 2027 16,440 Thereafter 117,644 $ 206,084 Under accounting guidelines, indefinite-lived assets are not amortized, but must be tested for impairment annually, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the asset below the carrying amount. The date of our annual impairment review was February 28, 2022, and we recorded impairment charges to intangible assets of $0.7 million in our March 31, 2022 financial statements. Additionally, at each reporting period, an evaluation must be made to determine whether events and circumstances continue to support an indefinite useful life. Intangible assets with finite lives are amortized over their respective estimated useful lives and are also tested for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable and exceeds its fair value. We utilize the excess earnings method to estimate the fair value of our individual indefinite-lived intangible assets. The assumptions subject to significant uncertainties include the discount rate utilized in the analyses, as well as future sales, gross margins, and advertising and marketing expenses. The discount rate assumption may be influenced by such factors as changes in interest rates and rates of inflation, which can have an impact on the determination of fair value. Additionally, should the related fair values of intangible assets be adversely affected as a result of declining sales or margins caused by competition, changing consumer needs or preferences, technological advances, changes in advertising and marketing expenses, or the potential impacts of COVID-19 or inflation, we may be required to record impairment charges in the future. As of September 30, 2022, no events have occurred that would indicate potential impairment of intangible assets. |
Leases
Leases | 6 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | Leases We lease real estate and equipment for use in our operations. The components of lease expense for the three and six months ended September 30, 2022 and 2021 were as follows: Three Months Ended September 30, Six Months Ended September 30, (In thousands) 2022 2021 2022 2021 Finance lease cost: Amortization of right-of-use assets $ 664 $ 642 $ 1,329 $ 1,284 Interest on lease liabilities 45 63 95 129 Operating lease cost 1,617 1,683 3,251 3,370 Short term lease cost 51 24 85 46 Variable lease cost 17,016 11,998 29,015 23,649 Total net lease cost $ 19,393 $ 14,410 $ 33,775 $ 28,478 As of September 30, 2022, the maturities of lease liabilities were as follows: (In thousands) Year Ending March 31, Operating Leases Finance Total 2023 (Remaining six months ending March 31, 2023) $ 3,768 $ 1,461 $ 5,229 2024 6,820 2,922 9,742 2025 4,556 1,509 6,065 2026 2,157 96 2,253 2027 1,875 80 1,955 Thereafter 1,655 — 1,655 Total undiscounted lease payments 20,831 6,068 26,899 Less amount of lease payments representing interest (1,399) (181) (1,580) Total present value of lease payments $ 19,432 $ 5,887 $ 25,319 The weighted average remaining lease term and weighted average discount rate were as follows: September 30, 2022 Weighted average remaining lease term (years) Operating leases 3.61 Finance leases 2.16 Weighted average discount rate Operating leases 3.14 % Finance leases 2.95 % |
Leases | Leases We lease real estate and equipment for use in our operations. The components of lease expense for the three and six months ended September 30, 2022 and 2021 were as follows: Three Months Ended September 30, Six Months Ended September 30, (In thousands) 2022 2021 2022 2021 Finance lease cost: Amortization of right-of-use assets $ 664 $ 642 $ 1,329 $ 1,284 Interest on lease liabilities 45 63 95 129 Operating lease cost 1,617 1,683 3,251 3,370 Short term lease cost 51 24 85 46 Variable lease cost 17,016 11,998 29,015 23,649 Total net lease cost $ 19,393 $ 14,410 $ 33,775 $ 28,478 As of September 30, 2022, the maturities of lease liabilities were as follows: (In thousands) Year Ending March 31, Operating Leases Finance Total 2023 (Remaining six months ending March 31, 2023) $ 3,768 $ 1,461 $ 5,229 2024 6,820 2,922 9,742 2025 4,556 1,509 6,065 2026 2,157 96 2,253 2027 1,875 80 1,955 Thereafter 1,655 — 1,655 Total undiscounted lease payments 20,831 6,068 26,899 Less amount of lease payments representing interest (1,399) (181) (1,580) Total present value of lease payments $ 19,432 $ 5,887 $ 25,319 The weighted average remaining lease term and weighted average discount rate were as follows: September 30, 2022 Weighted average remaining lease term (years) Operating leases 3.61 Finance leases 2.16 Weighted average discount rate Operating leases 3.14 % Finance leases 2.95 % |
Other Accrued Liabilities
Other Accrued Liabilities | 6 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities consist of the following: (In thousands) September 30, 2022 March 31, 2022 Accrued marketing costs $ 33,684 $ 36,149 Accrued compensation costs 7,218 19,587 Accrued broker commissions 2,078 1,179 Income taxes payable 12,455 2,670 Accrued professional fees 5,127 4,150 Accrued production costs 3,775 3,686 Other accrued liabilities 6,647 6,692 $ 70,984 $ 74,113 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consists of the following, as of the dates indicated: (In thousands, except percentages) September 30, 2022 March 31, 2022 2021 Senior Notes bearing interest at 3.750%, with interest payable on April 1 and October 1 of each year. The 2021 Senior Notes mature on April 1, 2031. $ 600,000 $ 600,000 2019 Senior Notes bearing interest at 5.125%, with interest payable on January 15 and July 15 of each year. The 2019 Senior Notes mature on January 15, 2028. 400,000 400,000 2012 Term B-5 Loans bearing interest at the Borrower's option at either LIBOR plus a margin of 2.00%, with a LIBOR floor of 0.50%, or an alternate base rate plus a margin of 1.00% per annum, due on July 1, 2028. 455,000 495,000 2012 ABL Revolver bearing interest at the Borrower's option at either a base rate plus applicable margin or LIBOR plus applicable margin. Any unpaid balance is due on December 11, 2024. — — Long-term debt 1,455,000 1,495,000 Less: unamortized debt costs (16,662) (18,342) Long-term debt, net $ 1,438,338 $ 1,476,658 At September 30, 2022, we had no balance outstanding on the 2012 ABL Revolver, and a borrowing capacity of $149.1 million. As of September 30, 2022, aggregate future principal payments required in accordance with the terms of the 2012 Term B-5 Loans, 2012 ABL Revolver and the indentures governing the senior unsecured notes due 2031 (the "2021 Senior Notes") and the senior unsecured notes due 2028 (the "2019 Senior Notes") are as follows: (In thousands) Year Ending March 31, Amount 2023 (remaining six months ending March 31, 2023) $ — 2024 — 2025 — 2026 — 2027 — Thereafter 1,455,000 $ 1,455,000 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements For certain of our financial instruments, including cash, accounts receivable, accounts payable and other current liabilities, the carrying amounts approximate their respective fair values due to the relatively short maturity of these amounts. FASB Accounting Standards Codification ("ASC") 820, Fair Value Measurements , requires fair value to be determined based on the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market assuming an orderly transaction between market participants. ASC 820 established market (observable inputs) as the preferred source of fair value, to be followed by our assumptions of fair value based on hypothetical transactions (unobservable inputs) in the absence of observable market inputs. Based upon the above, the following fair value hierarchy was created: Level 1 - Quoted market prices for identical instruments in active markets; Level 2 - Quoted prices for similar instruments in active markets, as well as quoted prices for identical or similar instruments in markets that are not considered active; and Level 3 - Unobservable inputs developed by us using estimates and assumptions reflective of those that would be utilized by a market participant. The market values have been determined based on market values for similar instruments adjusted for certain factors. As such, the 2021 Senior Notes, the 2019 Senior Notes, the 2012 Term B-5 Loans, and the 2012 ABL Revolver are measured in Level 2 of the above hierarchy. The summary below details the carrying amounts and estimated fair values of these instruments at September 30, 2022 and March 31, 2022. September 30, 2022 March 31, 2022 (In thousands) Carrying Value Fair Value Carrying Value Fair Value 2021 Senior Notes $ 600,000 $ 466,500 $ 600,000 $ 534,000 2019 Senior Notes 400,000 361,000 400,000 397,000 2012 Term B-5 Loans 455,000 453,294 495,000 493,144 2012 ABL Revolver — — — — |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Changes in interest rates expose us to risks. To help us manage these risks, in January 2020 we entered into an interest rate swap to hedge a total of $200.0 million of our variable interest debt, which settled on January 31, 2022. We do not use derivatives for trading purposes. The following table summarizes our interest rate swaps, net of tax, for the periods shown: Three Months Ended September 30, Six Months Ended September 30, (In thousands) Location 2022 2021 2022 2021 Gain Recognized in Other Comprehensive Loss (effective portion) Other comprehensive income (loss) $ — $ 550 $ — $ 1,070 Loss Reclassified from Accumulated Other Comprehensive Loss into Income Interest expense $ — $ (732) $ — $ (1,450) |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity We are authorized to issue 250.0 million shares of common stock, $0.01 par value per share, and 5.0 million shares of preferred stock, $0.01 par value per share. The Board of Directors may direct the issuance of the undesignated preferred stock in one or more series and determine preferences, privileges and restrictions thereof. Each share of common stock has the right to one vote on all matters submitted to a vote of stockholders. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the Board of Directors, subject to prior rights of holders of all classes of outstanding stock having priority rights as to dividends. No dividends have been declared or paid on our common stock through September 30, 2022. During the three and six months ended September 30, 2022 and 2021, we repurchased shares of our common stock and recorded them as treasury stock. Our share repurchases consisted of the following: Three Months Ended September 30, Six Months Ended September 30, 2022 2021 2022 2021 Shares repurchased pursuant to the provisions of the various employee restricted stock awards: Number of shares — — 99,219 63,614 Average price per share $ — $ — $54.94 $46.04 Total amount repurchased $ — $ — $5.5 million $2.9 million Shares repurchased in conjunction with our share repurchase program: Number of shares 236,681 — 914,236 — Average price per share $ 51.85 $ — $54.69 $ — Total amount repurchased $12.3 million $ — $50.0 million $ — |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Accumulated other comprehensive loss consisted of the following at September 30, 2022 and March 31, 2022: (In thousands) September 30, 2022 March 31, 2022 Components of Accumulated Other Comprehensive Loss Cumulative translation adjustment $ (36,841) $ (20,204) Unrecognized net gain on pension plans, net of tax of $(114) and $(350), respectively 382 1,172 Accumulated other comprehensive loss, net of tax $ (36,459) $ (19,032) |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed based on income available to common stockholders and the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed based on income available to common stockholders and the weighted average number of shares of common stock outstanding plus the effect of potentially dilutive common shares outstanding during the period using the treasury stock method, which includes stock options, restricted stock units ("RSUs") and performance stock units ("PSUs"). Potential common shares, composed of the incremental common shares issuable upon the exercise of outstanding stock options and unvested RSUs, are included in the diluted earnings per share calculation to the extent that they are dilutive. In loss periods, the assumed exercise of in-the-money stock options and RSUs has an anti-dilutive effect, and therefore these instruments are excluded from the computation of diluted earnings per share. The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended September 30, Six Months Ended September 30, (In thousands, except per share data) 2022 2021 2022 2021 Numerator Net income $ 51,023 $ 45,325 $ 106,295 $ 103,080 Denominator Denominator for basic earnings per share — weighted average shares outstanding 49,804 50,232 50,033 50,186 Dilutive effect of unvested restricted stock units and options issued to employees and directors 461 559 463 545 Denominator for diluted earnings per share 50,265 50,791 50,496 50,731 Earnings per Common Share: Basic earnings per share $ 1.02 $ 0.90 $ 2.12 $ 2.05 Diluted earnings per share $ 1.02 $ 0.89 $ 2.11 $ 2.03 |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation In connection with our initial public offering, the Board of Directors adopted the 2005 Long-Term Equity Incentive Plan (the “2005 Plan”), which provided for grants of up to a maximum of 5.0 million shares of restricted stock, stock options, RSUs and other equity-based awards. In June 2014, the Board of Directors approved, and in July 2014, our stockholders ratified, an increase of an additional 1.8 million shares of our common stock for issuance under the 2005 Plan, an increase of the maximum number of shares subject to stock options that could be awarded to any one participant under the 2005 Plan during any fiscal 12-month period from 1.0 million to 2.5 million shares, and an extension of the term of the 2005 Plan by ten years, to February 2025. Directors, officers and other employees of the Company and its subsidiaries, as well as others performing services for the Company, were eligible for grants under the 2005 Plan. On June 23, 2020, the Board of Directors adopted the Prestige Consumer Healthcare Inc. 2020 Long-Term Incentive Plan (the “2020 Plan”). The 2020 Plan became effective on August 4, 2020, upon the approval of the 2020 Plan by our stockholders. On June 23, 2020, a total of 2,827,210 shares were available for issuance under the 2020 Plan (comprised of 2,000,000 new shares plus 827,210 shares that were unissued under the 2005 Plan). All future equity awards will be made from the 2020 Plan, and the Company will not grant any additional awards under the 2005 Plan. The following table provides information regarding our stock-based compensation: Three Months Ended September 30, Six Months Ended September 30, (In thousands) 2022 2021 2022 2021 Pre-tax share-based compensation costs charged against income $ 3,466 $ 3,219 $ 7,323 $ 5,097 Income tax benefit recognized on compensation costs $ 338 $ 369 $ 875 $ 512 Total fair value of options and RSUs vested during the period $ 64 $ 937 $ 10,289 $ 7,943 Cash received from the exercise of stock options $ — $ 503 $ 1,489 $ 2,707 Tax benefits realized from tax deductions resulting from RSU issuances and stock option exercises $ — $ 350 $ 2,895 $ 2,071 At September 30, 2022, there were $4.8 million of unrecognized compensation costs related to unvested stock options under the 2005 Plan and the 2020 Plan, excluding an estimate for forfeitures which may occur. We expect to recognize such costs over a weighted average period of 2.2 years. At September 30, 2022, there were $13.2 million of unrecognized compensation costs related to unvested RSUs and PSUs under the 2005 Plan and the 2020 Plan, excluding an estimate for forfeitures which may occur. We expect to recognize such costs over a weighted average period of 1.9 years. At September 30, 2022, there were 2.1 million shares available for issuance under the 2020 Plan. On May 2, 2022, the Compensation and Talent Management Committee (the "Committee") of our Board of Directors granted 67,959 PSUs, 65,721 RSUs, and stock options to acquire 195,526 shares of our common stock under the 2020 Plan to certain executive officers and employees. The stock options were granted at an exercise price of $54.47 per share, which was equal to the closing price for our common stock on the date of the grant. Each of the independent members of the Board of Directors received a grant of 2,495 RSUs on August 2, 2022. The RSUs fully vest one year after receipt of the award, subject to the continued service of the director on such vesting date, and will be settled by delivery to each director of one share of our common stock for each vested RSU either (a) at the election of the director prior to the grant date, immediately upon vesting, or (b) promptly following the earliest of (i) such director's death, (ii) such director's separation from service or (iii) a change in control of the Company. Restricted Stock Units The fair value of the RSUs is determined using the closing price of our common stock on the date of the grant. A summary of the RSUs granted under the 2005 Plan and the 2020 Plan is presented below: RSUs Shares (in thousands) Weighted Six Months Ended September 30, 2021 Unvested at March 31, 2021 457.0 $ 33.52 Granted 170.8 45.32 Vested (162.3) 32.99 Forfeited (24.6) 30.54 Unvested at September 30, 2021 440.9 38.45 Vested at September 30, 2021 152.3 33.92 Six Months Ended September 30, 2022 Unvested at March 31, 2022 440.9 $ 38.45 Granted 148.9 55.04 Incremental performance shares 42.4 — Vested (222.4) 32.05 Unvested at September 30, 2022 409.8 47.14 Vested at September 30, 2022 108.5 36.54 Options The fair value of each award is estimated on the date of grant using the Black-Scholes Option Pricing Model that uses the assumptions presented below: Six Months Ended September 30, 2022 2021 Expected volatility 30.8% - 30.9% 31.1% - 31.9% Expected dividends $ — $ — Expected term in years 6.0 to 7.0 6.0 to 7.0 Risk-free rate 2.8% to 2.9% 1.0% to 1.3% Weighted average grant date fair value of options granted $ 20.10 $ 14.87 A summary of option activity under the 2005 Plan and the 2020 Plan is as follows: Options Shares (in thousands) Weighted Weighted Aggregate Six Months Ended September 30, 2021 Outstanding at March 31, 2021 1,114.9 $ 37.92 Granted 234.2 44.74 Exercised (87.6) 30.91 Forfeited (13.7) 37.83 Expired (8.5) 56.63 Outstanding at September 30, 2021 1,239.3 39.58 6.7 $ 20,593 Vested at September 30, 2021 759.7 39.06 5.3 $ 13,060 Six Months Ended September 30, 2022 Outstanding at March 31, 2022 1,100.9 $ 40.62 Granted 197.6 54.48 Exercised (39.1) 38.04 Outstanding at September 30, 2022 1,259.4 42.88 6.6 $ 10,963 Vested at September 30, 2022 830.8 40.04 5.4 $ 9,403 The aggregate intrinsic value of options exercised during the six months ended September 30, 2022 was $0.7 million. |
Income Taxes
Income Taxes | 6 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesIncome taxes are recorded in our quarterly financial statements based on our estimated annual effective income tax rate, subject to adjustments for discrete events, should they occur. The effective tax rates used in the calculation of income taxes were 23.4% and 24.0% for the three months ended September 30, 2022 and 2021, respectively. The effective tax rates used in the calculation of income taxes were 22.7% and 24.2% for the six months ended September 30, 2022 and 2021, respectively. The decrease in the effective tax rate for the three and six months ended September 30, 2022 compared to the three and six months ended September 30, 2021 was due to discrete items primarily pertaining to state tax rate legislative changes and share based compensation. |
Employee Retirement Plans
Employee Retirement Plans | 6 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Employee Retirement Plans | Employee Retirement Plans The primary components of Net Periodic Benefits consist of the following: Three Months Ended September 30, Six Months Ended September 30, (In thousands) 2022 2021 2022 2021 Interest cost $ 29 $ 278 $ 360 $ 556 Expected return on assets — (290) (252) (580) Net periodic benefit expense (income) $ 29 $ (12) $ 108 $ (24) During the six months ended September 30, 2022, we contributed $0.2 million to our non-qualified defined benefit plan and made no contributions to the qualified defined benefit plan. During the remainder of fiscal 2023, we expect to contribute an additional $0.2 million to our non-qualified plan and to make no contributions to the qualified plan. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesWe are involved from time to time in legal matters and other claims incidental to our business. We review outstanding claims and proceedings internally and with external counsel as necessary to assess the probability and amount of a potential loss. These assessments are re-evaluated at each reporting period and as new information becomes available to determine whether a reserve should be established or if any existing reserve should be adjusted. The actual cost of resolving a claim or proceeding ultimately may be substantially different than the amount of the recorded reserve. In addition, because it is not permissible under GAAP to establish a litigation reserve until the loss is both probable and estimable, in some cases there may be insufficient time to establish a reserve prior to the actual incurrence of the loss (upon verdict and judgment at trial, for example, or in the case of a quickly negotiated settlement). We believe the reasonably possible losses from resolution of routine legal matters and other claims incidental to our business, taking our reserves into account, will not have a material adverse effect on our business, financial condition, or results of operations. |
Concentrations of Risk
Concentrations of Risk | 6 Months Ended |
Sep. 30, 2022 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Risk | Concentrations of Risk Our revenues are concentrated in the area of OTC Healthcare. We sell our products to mass merchandisers, drug, food, dollar, convenience and club stores and e-commerce channels. During the three and six months ended September 30, 2022, approximately 39.7% and 40.6%, respectively, of our gross revenues were derived from our five top selling brands. During the three and six months ended September 30, 2021, approximately 41.3% and 43.3%, respectively, of our gross revenues were derived from our five top selling brands. Two customers, Walmart and Walgreens, accounted for more than 10% of our gross revenues in one or both of the periods presented. Walmart accounted for approximately 20.3% and 19.8%, respectively, of our gross revenues for the three and six months ended September 30, 2022. Walmart accounted for approximately 22.7% and 21.2%, respectively, of our gross revenues for the three and six months ended September 30, 2021. Walgreens accounted for approximately 10.8% of our gross revenues for the second quarter of fiscal 2023. Our product distribution in the United States is managed by a third party through one primary distribution center in Clayton, Indiana. In addition, we operate one manufacturing facility for certain of our products located in Lynchburg, Virginia, which manufactures many of the Summer's Eve and Fleet products. A natural disaster, such as tornado, earthquake, flood, or fire, could damage our inventory and/or materially impair our ability to distribute our products to customers in a timely manner or at a reasonable cost. In addition, a serious disruption caused by performance or contractual issues with our third-party distribution manager or labor shortages or various public health emergencies at our distribution center or manufacturing facility could materially impact our product distribution. Any disruption could result in increased costs and/or shipping times, and could cause us to incur customer fees and penalties. We could also incur significantly higher costs and experience longer lead times if we need to replace our distribution center, the third-party distribution manager or the manufacturing facility. As a result, any serious disruption could have a material adverse effect on our business, financial condition and results of operations. At September 30, 2022, we had relationships with 130 third-party manufacturers. Of those, we had long-term contracts with 27 manufacturers that produced items that accounted for approximately 71.3% of gross sales for the six months ended September 30, 2022. At September 30, 2021, we had relationships with 121 third-party manufacturers. Of those, we had long-term contracts with 19 manufacturers that produced items that accounted for approximately 68.1% of gross sales for the six months ended September 30, 2021. The fact that we do not have long-term contracts with certain manufacturers means that they could cease manufacturing our products at any time and for any reason or initiate arbitrary and costly price increases, which could have a material adverse effect on our business and results of operations. Although we are continually in the process of negotiating long-term contracts with certain key manufacturers, we may not be able to reach a timely agreement, which could have a material adverse effect on our business and results of operations. |
Business Segments
Business Segments | 6 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments Segment information has been prepared in accordance with the Segment Reporting topic of the FASB ASC 280. Our current reportable segments consist of (i) North American OTC Healthcare and (ii) International OTC Healthcare. We evaluate the performance of our operating segments and allocate resources to these segments based primarily on contribution margin, which we define as gross profit less advertising and marketing expenses. The tables below summarize information about our reportable segments. Three Months Ended September 30, 2022 (In thousands) North American OTC International OTC Consolidated Total segment revenues* $ 252,054 $ 37,219 $ 289,273 Cost of sales 113,533 14,731 128,264 Gross profit 138,521 22,488 161,009 Advertising and marketing 39,316 4,503 43,819 Contribution margin $ 99,205 $ 17,985 117,190 Other operating expenses 32,806 Operating income $ 84,384 * Intersegment revenues of $1.1 million were eliminated from the North American OTC Healthcare segment. Six Months Ended September 30, 2022 (In thousands) North American OTC International OTC Consolidated Total segment revenues* $ 494,572 $ 71,760 $ 566,332 Cost of sales 216,454 28,750 245,204 Gross profit 278,118 43,010 321,128 Advertising and marketing 74,728 9,042 83,770 Contribution margin $ 203,390 $ 33,968 237,358 Other operating expenses 65,960 Operating income $ 171,398 * Intersegment revenues of $1.7 million were eliminated from the North American OTC Healthcare segment. Three Months Ended September 30, 2021 (In thousands) North American OTC International OTC Consolidated Total segment revenues* $ 251,728 $ 24,497 $ 276,225 Cost of sales 108,623 9,890 118,513 Gross profit 143,105 14,607 157,712 Advertising and marketing 36,493 4,237 40,730 Contribution margin $ 106,612 $ 10,370 116,982 Other operating expenses 38,424 Operating income $ 78,558 * Intersegment revenues of $0.7 million were eliminated from the North American OTC Healthcare segment. Six Months Ended September 30, 2021 (In thousands) North American OTC International OTC Consolidated Total segment revenues* $ 494,121 $ 51,285 $ 545,406 Cost of sales 208,027 20,655 228,682 Gross profit 286,094 30,630 316,724 Advertising and marketing 71,723 8,446 80,169 Contribution margin $ 214,371 $ 22,184 236,555 Other operating expenses 66,655 Operating income $ 169,900 * Intersegment revenues of $1.7 million were eliminated from the North American OTC Healthcare segment. The tables below summarize information about our segment revenues from similar product groups. Three Months Ended September 30, 2022 (In thousands) North American OTC International OTC Consolidated Analgesics $ 32,750 $ 541 $ 33,291 Cough & Cold 24,058 7,168 31,226 Women's Health 59,379 4,745 64,124 Gastrointestinal 41,272 16,037 57,309 Eye & Ear Care 37,961 4,734 42,695 Dermatologicals 32,872 902 33,774 Oral Care 21,251 3,080 24,331 Other OTC 2,511 12 2,523 Total segment revenues $ 252,054 $ 37,219 $ 289,273 Six Months Ended September 30, 2022 (In thousands) North American OTC International OTC Consolidated Analgesics $ 60,547 $ 994 $ 61,541 Cough & Cold 45,650 13,439 59,089 Women's Health 120,563 9,612 130,175 Gastrointestinal 81,339 30,064 111,403 Eye & Ear Care 76,572 9,470 86,042 Dermatologicals 62,327 1,908 64,235 Oral Care 42,226 6,250 48,476 Other OTC 5,348 23 5,371 Total segment revenues $ 494,572 $ 71,760 $ 566,332 Three Months Ended September 30, 2021 (In thousands) North American OTC International OTC Consolidated Analgesics $ 29,943 $ 396 $ 30,339 Cough & Cold 23,022 5,006 28,028 Women's Health 65,020 3,345 68,365 Gastrointestinal 37,964 8,641 46,605 Eye & Ear Care 37,818 2,988 40,806 Dermatologicals 32,365 839 33,204 Oral Care 22,893 3,278 26,171 Other OTC 2,703 4 2,707 Total segment revenues $ 251,728 $ 24,497 $ 276,225 Six Months Ended September 30, 2021 (In thousands) North American OTC International OTC Consolidated Analgesics $ 62,764 $ 802 $ 63,566 Cough & Cold 37,067 9,853 46,920 Women's Health 128,268 7,289 135,557 Gastrointestinal 80,330 18,845 99,175 Eye & Ear Care 73,805 6,446 80,251 Dermatologicals 63,515 1,778 65,293 Oral Care 43,860 6,267 50,127 Other OTC 4,512 5 4,517 Total segment revenues $ 494,121 $ 51,285 $ 545,406 |
Business and Basis of Present_2
Business and Basis of Presentation (Policies) | 6 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited Condensed Consolidated Financial Statements presented herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. All significant intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, these Condensed Consolidated Financial Statements include all adjustments, consisting of normal recurring adjustments, that are considered necessary for a fair statement of our consolidated financial position, results of operations and cash flows for the interim periods presented. Our fiscal year ends on March 31st of each year. References in these Condensed Consolidated Financial Statements or related notes to a year (e.g., 2023) mean our fiscal year ending or ended on March 31st of that year. Operating results for the six months ended September 30, 2022 are not necessarily indicative of results that may be expected for the fiscal year ending March 31, 2023. These unaudited Condensed Consolidated Financial Statements and related notes should be read in conjunction with our audited Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2022. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on our knowledge of current events and actions that we may undertake in the future, actual results could differ from those estimates. Our most significant estimates include those made in connection with the valuation of intangible assets, stock-based |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements There have been no accounting pronouncements adopted in fiscal 2023. Recently Issued Accounting Pronouncements In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. This ASU responds to feedback received by the FASB during the post-implementation review of ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments , which we adopted effective April 1, 2020. The amendments in this update, among other things, eliminate the troubled debt restructuring recognition and measurement guidance and, instead, require the entity to evaluate whether the modification represents a new loan or a continuation of an existing loan. This ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The adoption of the standard is not expected to have a material effect on our Consolidated Financial Statements. In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method . The purpose of the ASU is to address questions raised on ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. This ASU expands the currently used single-layer method of hedge accounting to allow multiple layers of a single closed portfolio under the method. This ASU is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The impact of adoption of this new standard is not expected to have a material effect on our Consolidated Financial Statements. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This ASU requires entities to apply Topic 606 to recognize and measure contract assets and liabilities in a business combination. This ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The impact of adoption of this new standard will depend on the magnitude of future acquisitions. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In response to the concerns about structural risks of interbank offered rates (“IBORs”) and, particularly, the risk of cessation of the London Interbank Offered Rate (“LIBOR”), regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. The ASU provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. In January 2021, the FASB issued ASU 2021-01, which adds implementation guidance to clarify certain optional expedients in Topic 848. The ASUs can be adopted no later than December 31, 2022, with early adoption permitted. The adoption of the standard is not expected to have a material effect on our Consolidated Financial Statements. |
Acquisition (Tables)
Acquisition (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes our allocation of the assets acquired and liabilities assumed as of the July 1, 2021 acquisition date. (In thousands) July 1, 2021 Inventories $ 6,455 Goodwill 1,098 Intangible assets 225,410 Total assets acquired 232,963 Accounts payable 428 Reserves for sales allowances 497 Other accrued liabilities 3,124 Total liabilities assumed 4,049 Total purchase price $ 228,914 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consist of the following: (In thousands) September 30, 2022 March 31, 2022 Components of Inventories Packaging and raw materials $ 18,733 $ 16,984 Work in process 537 338 Finished goods 121,235 103,020 Inventories $ 140,505 $ 120,342 |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Reconciliation of the Activity Affecting Goodwill | A reconciliation of the activity affecting goodwill by operating segment is as follows: (In thousands) North American OTC International OTC Consolidated Balance - March 31, 2022 Goodwill $ 712,002 $ 32,272 $ 744,274 Accumulated impairment loss (163,711) (1,587) (165,298) Balance - March 31, 2022 548,291 30,685 578,976 Adjustment related to acquisition (550) — (550) Effects of foreign currency exchange rates — (2,860) (2,860) Balance - September 30, 2022 Goodwill 711,452 29,412 740,864 Accumulated impairment loss (163,711) (1,587) (165,298) Balance - September 30, 2022 $ 547,741 $ 27,825 $ 575,566 |
Intangible Assets, net (Tables)
Intangible Assets, net (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Reconciliation of the Activity Affecting Finite Lived Intangible Assets | A reconciliation of the activity affecting intangible assets, net is as follows: (In thousands) Indefinite- Finite-Lived Totals Gross Carrying Amounts Balance — March 31, 2022 $ 2,476,559 $ 436,174 $ 2,912,733 Effects of foreign currency exchange rates (11,701) (3,081) (14,782) Balance — September 30, 2022 2,464,858 433,093 2,897,951 Accumulated Amortization Balance — March 31, 2022 — 216,098 216,098 Additions — 11,257 11,257 Effects of foreign currency exchange rates — (346) (346) Balance — September 30, 2022 — 227,009 227,009 Intangible assets, net - September 30, 2022 $ 2,464,858 $ 206,084 $ 2,670,942 |
Reconciliation of the Activity Affecting Indefinite Lived Intangible Assets | A reconciliation of the activity affecting intangible assets, net is as follows: (In thousands) Indefinite- Finite-Lived Totals Gross Carrying Amounts Balance — March 31, 2022 $ 2,476,559 $ 436,174 $ 2,912,733 Effects of foreign currency exchange rates (11,701) (3,081) (14,782) Balance — September 30, 2022 2,464,858 433,093 2,897,951 Accumulated Amortization Balance — March 31, 2022 — 216,098 216,098 Additions — 11,257 11,257 Effects of foreign currency exchange rates — (346) (346) Balance — September 30, 2022 — 227,009 227,009 Intangible assets, net - September 30, 2022 $ 2,464,858 $ 206,084 $ 2,670,942 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Finite-lived intangible assets are expected to be amortized over their estimated useful life, which ranges from a period of 10 to 30 years, and the estimated amortization expense for each of the five succeeding years and the periods thereafter is as follows (in thousands): (In thousands) Year Ending March 31, Amount 2023 (remaining six months ended March 31, 2023) $ 11,210 2024 22,381 2025 20,328 2026 18,081 2027 16,440 Thereafter 117,644 $ 206,084 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense for the three and six months ended September 30, 2022 and 2021 were as follows: Three Months Ended September 30, Six Months Ended September 30, (In thousands) 2022 2021 2022 2021 Finance lease cost: Amortization of right-of-use assets $ 664 $ 642 $ 1,329 $ 1,284 Interest on lease liabilities 45 63 95 129 Operating lease cost 1,617 1,683 3,251 3,370 Short term lease cost 51 24 85 46 Variable lease cost 17,016 11,998 29,015 23,649 Total net lease cost $ 19,393 $ 14,410 $ 33,775 $ 28,478 The weighted average remaining lease term and weighted average discount rate were as follows: September 30, 2022 Weighted average remaining lease term (years) Operating leases 3.61 Finance leases 2.16 Weighted average discount rate Operating leases 3.14 % Finance leases 2.95 % |
Maturities of Operating Leases | As of September 30, 2022, the maturities of lease liabilities were as follows: (In thousands) Year Ending March 31, Operating Leases Finance Total 2023 (Remaining six months ending March 31, 2023) $ 3,768 $ 1,461 $ 5,229 2024 6,820 2,922 9,742 2025 4,556 1,509 6,065 2026 2,157 96 2,253 2027 1,875 80 1,955 Thereafter 1,655 — 1,655 Total undiscounted lease payments 20,831 6,068 26,899 Less amount of lease payments representing interest (1,399) (181) (1,580) Total present value of lease payments $ 19,432 $ 5,887 $ 25,319 |
Maturities of Finance Leases | As of September 30, 2022, the maturities of lease liabilities were as follows: (In thousands) Year Ending March 31, Operating Leases Finance Total 2023 (Remaining six months ending March 31, 2023) $ 3,768 $ 1,461 $ 5,229 2024 6,820 2,922 9,742 2025 4,556 1,509 6,065 2026 2,157 96 2,253 2027 1,875 80 1,955 Thereafter 1,655 — 1,655 Total undiscounted lease payments 20,831 6,068 26,899 Less amount of lease payments representing interest (1,399) (181) (1,580) Total present value of lease payments $ 19,432 $ 5,887 $ 25,319 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | Other accrued liabilities consist of the following: (In thousands) September 30, 2022 March 31, 2022 Accrued marketing costs $ 33,684 $ 36,149 Accrued compensation costs 7,218 19,587 Accrued broker commissions 2,078 1,179 Income taxes payable 12,455 2,670 Accrued professional fees 5,127 4,150 Accrued production costs 3,775 3,686 Other accrued liabilities 6,647 6,692 $ 70,984 $ 74,113 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt consists of the following, as of the dates indicated: (In thousands, except percentages) September 30, 2022 March 31, 2022 2021 Senior Notes bearing interest at 3.750%, with interest payable on April 1 and October 1 of each year. The 2021 Senior Notes mature on April 1, 2031. $ 600,000 $ 600,000 2019 Senior Notes bearing interest at 5.125%, with interest payable on January 15 and July 15 of each year. The 2019 Senior Notes mature on January 15, 2028. 400,000 400,000 2012 Term B-5 Loans bearing interest at the Borrower's option at either LIBOR plus a margin of 2.00%, with a LIBOR floor of 0.50%, or an alternate base rate plus a margin of 1.00% per annum, due on July 1, 2028. 455,000 495,000 2012 ABL Revolver bearing interest at the Borrower's option at either a base rate plus applicable margin or LIBOR plus applicable margin. Any unpaid balance is due on December 11, 2024. — — Long-term debt 1,455,000 1,495,000 Less: unamortized debt costs (16,662) (18,342) Long-term debt, net $ 1,438,338 $ 1,476,658 |
Aggregate Future Principal Payments | As of September 30, 2022, aggregate future principal payments required in accordance with the terms of the 2012 Term B-5 Loans, 2012 ABL Revolver and the indentures governing the senior unsecured notes due 2031 (the "2021 Senior Notes") and the senior unsecured notes due 2028 (the "2019 Senior Notes") are as follows: (In thousands) Year Ending March 31, Amount 2023 (remaining six months ending March 31, 2023) $ — 2024 — 2025 — 2026 — 2027 — Thereafter 1,455,000 $ 1,455,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Carry Amounts and Fair Value Measurements | The summary below details the carrying amounts and estimated fair values of these instruments at September 30, 2022 and March 31, 2022. September 30, 2022 March 31, 2022 (In thousands) Carrying Value Fair Value Carrying Value Fair Value 2021 Senior Notes $ 600,000 $ 466,500 $ 600,000 $ 534,000 2019 Senior Notes 400,000 361,000 400,000 397,000 2012 Term B-5 Loans 455,000 453,294 495,000 493,144 2012 ABL Revolver — — — — |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Swaps, Net of Tax | The following table summarizes our interest rate swaps, net of tax, for the periods shown: Three Months Ended September 30, Six Months Ended September 30, (In thousands) Location 2022 2021 2022 2021 Gain Recognized in Other Comprehensive Loss (effective portion) Other comprehensive income (loss) $ — $ 550 $ — $ 1,070 Loss Reclassified from Accumulated Other Comprehensive Loss into Income Interest expense $ — $ (732) $ — $ (1,450) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Class of Treasury Stock | Our share repurchases consisted of the following: Three Months Ended September 30, Six Months Ended September 30, 2022 2021 2022 2021 Shares repurchased pursuant to the provisions of the various employee restricted stock awards: Number of shares — — 99,219 63,614 Average price per share $ — $ — $54.94 $46.04 Total amount repurchased $ — $ — $5.5 million $2.9 million Shares repurchased in conjunction with our share repurchase program: Number of shares 236,681 — 914,236 — Average price per share $ 51.85 $ — $54.69 $ — Total amount repurchased $12.3 million $ — $50.0 million $ — |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss consisted of the following at September 30, 2022 and March 31, 2022: (In thousands) September 30, 2022 March 31, 2022 Components of Accumulated Other Comprehensive Loss Cumulative translation adjustment $ (36,841) $ (20,204) Unrecognized net gain on pension plans, net of tax of $(114) and $(350), respectively 382 1,172 Accumulated other comprehensive loss, net of tax $ (36,459) $ (19,032) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended September 30, Six Months Ended September 30, (In thousands, except per share data) 2022 2021 2022 2021 Numerator Net income $ 51,023 $ 45,325 $ 106,295 $ 103,080 Denominator Denominator for basic earnings per share — weighted average shares outstanding 49,804 50,232 50,033 50,186 Dilutive effect of unvested restricted stock units and options issued to employees and directors 461 559 463 545 Denominator for diluted earnings per share 50,265 50,791 50,496 50,731 Earnings per Common Share: Basic earnings per share $ 1.02 $ 0.90 $ 2.12 $ 2.05 Diluted earnings per share $ 1.02 $ 0.89 $ 2.11 $ 2.03 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Compensation Expense Information | The following table provides information regarding our stock-based compensation: Three Months Ended September 30, Six Months Ended September 30, (In thousands) 2022 2021 2022 2021 Pre-tax share-based compensation costs charged against income $ 3,466 $ 3,219 $ 7,323 $ 5,097 Income tax benefit recognized on compensation costs $ 338 $ 369 $ 875 $ 512 Total fair value of options and RSUs vested during the period $ 64 $ 937 $ 10,289 $ 7,943 Cash received from the exercise of stock options $ — $ 503 $ 1,489 $ 2,707 Tax benefits realized from tax deductions resulting from RSU issuances and stock option exercises $ — $ 350 $ 2,895 $ 2,071 |
Summary of Restricted Shares | A summary of the RSUs granted under the 2005 Plan and the 2020 Plan is presented below: RSUs Shares (in thousands) Weighted Six Months Ended September 30, 2021 Unvested at March 31, 2021 457.0 $ 33.52 Granted 170.8 45.32 Vested (162.3) 32.99 Forfeited (24.6) 30.54 Unvested at September 30, 2021 440.9 38.45 Vested at September 30, 2021 152.3 33.92 Six Months Ended September 30, 2022 Unvested at March 31, 2022 440.9 $ 38.45 Granted 148.9 55.04 Incremental performance shares 42.4 — Vested (222.4) 32.05 Unvested at September 30, 2022 409.8 47.14 Vested at September 30, 2022 108.5 36.54 |
Fair Value of Options Granted | The fair value of each award is estimated on the date of grant using the Black-Scholes Option Pricing Model that uses the assumptions presented below: Six Months Ended September 30, 2022 2021 Expected volatility 30.8% - 30.9% 31.1% - 31.9% Expected dividends $ — $ — Expected term in years 6.0 to 7.0 6.0 to 7.0 Risk-free rate 2.8% to 2.9% 1.0% to 1.3% Weighted average grant date fair value of options granted $ 20.10 $ 14.87 |
Stock Option Activity | A summary of option activity under the 2005 Plan and the 2020 Plan is as follows: Options Shares (in thousands) Weighted Weighted Aggregate Six Months Ended September 30, 2021 Outstanding at March 31, 2021 1,114.9 $ 37.92 Granted 234.2 44.74 Exercised (87.6) 30.91 Forfeited (13.7) 37.83 Expired (8.5) 56.63 Outstanding at September 30, 2021 1,239.3 39.58 6.7 $ 20,593 Vested at September 30, 2021 759.7 39.06 5.3 $ 13,060 Six Months Ended September 30, 2022 Outstanding at March 31, 2022 1,100.9 $ 40.62 Granted 197.6 54.48 Exercised (39.1) 38.04 Outstanding at September 30, 2022 1,259.4 42.88 6.6 $ 10,963 Vested at September 30, 2022 830.8 40.04 5.4 $ 9,403 |
Employee Retirement Plans (Tabl
Employee Retirement Plans (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Primary Components of Net Periodic Benefits | The primary components of Net Periodic Benefits consist of the following: Three Months Ended September 30, Six Months Ended September 30, (In thousands) 2022 2021 2022 2021 Interest cost $ 29 $ 278 $ 360 $ 556 Expected return on assets — (290) (252) (580) Net periodic benefit expense (income) $ 29 $ (12) $ 108 $ (24) |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Operating and Reportable Segments | The tables below summarize information about our reportable segments. Three Months Ended September 30, 2022 (In thousands) North American OTC International OTC Consolidated Total segment revenues* $ 252,054 $ 37,219 $ 289,273 Cost of sales 113,533 14,731 128,264 Gross profit 138,521 22,488 161,009 Advertising and marketing 39,316 4,503 43,819 Contribution margin $ 99,205 $ 17,985 117,190 Other operating expenses 32,806 Operating income $ 84,384 * Intersegment revenues of $1.1 million were eliminated from the North American OTC Healthcare segment. Six Months Ended September 30, 2022 (In thousands) North American OTC International OTC Consolidated Total segment revenues* $ 494,572 $ 71,760 $ 566,332 Cost of sales 216,454 28,750 245,204 Gross profit 278,118 43,010 321,128 Advertising and marketing 74,728 9,042 83,770 Contribution margin $ 203,390 $ 33,968 237,358 Other operating expenses 65,960 Operating income $ 171,398 * Intersegment revenues of $1.7 million were eliminated from the North American OTC Healthcare segment. Three Months Ended September 30, 2021 (In thousands) North American OTC International OTC Consolidated Total segment revenues* $ 251,728 $ 24,497 $ 276,225 Cost of sales 108,623 9,890 118,513 Gross profit 143,105 14,607 157,712 Advertising and marketing 36,493 4,237 40,730 Contribution margin $ 106,612 $ 10,370 116,982 Other operating expenses 38,424 Operating income $ 78,558 * Intersegment revenues of $0.7 million were eliminated from the North American OTC Healthcare segment. Six Months Ended September 30, 2021 (In thousands) North American OTC International OTC Consolidated Total segment revenues* $ 494,121 $ 51,285 $ 545,406 Cost of sales 208,027 20,655 228,682 Gross profit 286,094 30,630 316,724 Advertising and marketing 71,723 8,446 80,169 Contribution margin $ 214,371 $ 22,184 236,555 Other operating expenses 66,655 Operating income $ 169,900 * Intersegment revenues of $1.7 million were eliminated from the North American OTC Healthcare segment. |
Revenues from Similar Product Groups | The tables below summarize information about our segment revenues from similar product groups. Three Months Ended September 30, 2022 (In thousands) North American OTC International OTC Consolidated Analgesics $ 32,750 $ 541 $ 33,291 Cough & Cold 24,058 7,168 31,226 Women's Health 59,379 4,745 64,124 Gastrointestinal 41,272 16,037 57,309 Eye & Ear Care 37,961 4,734 42,695 Dermatologicals 32,872 902 33,774 Oral Care 21,251 3,080 24,331 Other OTC 2,511 12 2,523 Total segment revenues $ 252,054 $ 37,219 $ 289,273 Six Months Ended September 30, 2022 (In thousands) North American OTC International OTC Consolidated Analgesics $ 60,547 $ 994 $ 61,541 Cough & Cold 45,650 13,439 59,089 Women's Health 120,563 9,612 130,175 Gastrointestinal 81,339 30,064 111,403 Eye & Ear Care 76,572 9,470 86,042 Dermatologicals 62,327 1,908 64,235 Oral Care 42,226 6,250 48,476 Other OTC 5,348 23 5,371 Total segment revenues $ 494,572 $ 71,760 $ 566,332 Three Months Ended September 30, 2021 (In thousands) North American OTC International OTC Consolidated Analgesics $ 29,943 $ 396 $ 30,339 Cough & Cold 23,022 5,006 28,028 Women's Health 65,020 3,345 68,365 Gastrointestinal 37,964 8,641 46,605 Eye & Ear Care 37,818 2,988 40,806 Dermatologicals 32,365 839 33,204 Oral Care 22,893 3,278 26,171 Other OTC 2,703 4 2,707 Total segment revenues $ 251,728 $ 24,497 $ 276,225 Six Months Ended September 30, 2021 (In thousands) North American OTC International OTC Consolidated Analgesics $ 62,764 $ 802 $ 63,566 Cough & Cold 37,067 9,853 46,920 Women's Health 128,268 7,289 135,557 Gastrointestinal 80,330 18,845 99,175 Eye & Ear Care 73,805 6,446 80,251 Dermatologicals 63,515 1,778 65,293 Oral Care 43,860 6,267 50,127 Other OTC 4,512 5 4,517 Total segment revenues $ 494,121 $ 51,285 $ 545,406 |
Acquisition - Narrative (Detail
Acquisition - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jul. 01, 2021 | Sep. 30, 2022 | Mar. 31, 2022 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 575,566 | $ 578,976 | |
Akorn Operating Company LLC | |||
Business Acquisition [Line Items] | |||
Purchase price | $ 228,900 | ||
Supply commitment, term of agreement | 3 years | ||
Business combination, non-amortizable intangible assets, allocated amount | 195,900 | ||
Business combination, amortizable intangible assets, allocated amount | 29,500 | ||
Intangible asset, useful life | 12 years 6 months | ||
Goodwill | 1,098 | ||
Customer Relationships | Akorn Operating Company LLC | |||
Business Acquisition [Line Items] | |||
Business combination, non-amortizable intangible assets, allocated amount | 20,400 | ||
Trademarks | Akorn Operating Company LLC | |||
Business Acquisition [Line Items] | |||
Business combination, non-amortizable intangible assets, allocated amount | $ 9,100 |
Acquisition - Allocation of Ass
Acquisition - Allocation of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 | Jul. 01, 2021 |
Purchase Price | |||
Goodwill | $ 575,566 | $ 578,976 | |
Akorn Operating Company LLC | |||
Purchase Price | |||
Inventories | $ 6,455 | ||
Goodwill | 1,098 | ||
Intangible assets | 225,410 | ||
Total assets acquired | 232,963 | ||
Accounts payable | 428 | ||
Reserves for sales allowances | 497 | ||
Other accrued liabilities | 3,124 | ||
Total liabilities assumed | 4,049 | ||
Total purchase price | $ 228,914 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Packaging and raw materials | $ 18,733 | $ 16,984 |
Work in process | 537 | 338 |
Finished goods | 121,235 | 103,020 |
Inventories | $ 140,505 | $ 120,342 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Mar. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Inventory valuation reserves related to obsolete and slow-moving inventory | $ 4.3 | $ 4.9 |
Goodwill - Schedule of Changes
Goodwill - Schedule of Changes (Details) $ in Thousands | 6 Months Ended |
Sep. 30, 2022 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill | $ 744,274 |
Accumulated impairment loss, beginning | (165,298) |
Goodwill, net | 578,976 |
Goodwill, transfers | (550) |
Effects of foreign currency exchange rates | (2,860) |
Goodwill, gross, ending | 740,864 |
Accumulated impairment loss, ending | (165,298) |
Goodwill, net, ending | 575,566 |
North American OTC Healthcare | |
Goodwill [Roll Forward] | |
Goodwill | 712,002 |
Accumulated impairment loss, beginning | (163,711) |
Goodwill, net | 548,291 |
Goodwill, transfers | (550) |
Effects of foreign currency exchange rates | 0 |
Goodwill, gross, ending | 711,452 |
Accumulated impairment loss, ending | (163,711) |
Goodwill, net, ending | 547,741 |
International OTC Healthcare | |
Goodwill [Roll Forward] | |
Goodwill | 32,272 |
Accumulated impairment loss, beginning | (1,587) |
Goodwill, net | 30,685 |
Goodwill, transfers | 0 |
Effects of foreign currency exchange rates | (2,860) |
Goodwill, gross, ending | 29,412 |
Accumulated impairment loss, ending | (1,587) |
Goodwill, net, ending | $ 27,825 |
Goodwill - Narrative (Details)
Goodwill - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Sep. 30, 2022 | Jul. 01, 2021 | |
Goodwill [Line Items] | |||
Goodwill | $ 578,976 | $ 575,566 | |
Goodwill, impairment loss | $ 300 | ||
Akorn Operating Company LLC | |||
Goodwill [Line Items] | |||
Goodwill | $ 1,098 |
Intangible Assets, net - Activi
Intangible Assets, net - Activity Affecting Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2022 | |
Intangible Assets, Gross [Abstract] | |||||
Totals, gross, beginning balance | $ 2,912,733 | ||||
Totals, effects of foreign currency exchange rate | (14,782) | ||||
Totals, gross, ending balance | $ 2,897,951 | 2,897,951 | |||
Finite-lived Intangible Assets, Accumulated Amortization [Abstract] | |||||
Accumulated amortization, beginning balance | 216,098 | ||||
Accumulated amortization, additions | 5,600 | $ 5,300 | 11,257 | $ 10,200 | |
Accumulated amortization, effects of foreign exchange rates | (346) | ||||
Accumulated amortization, ending balance | 227,009 | 227,009 | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Finite-Lived Intangible Assets, Net | 206,084 | 206,084 | |||
Intangible Assets, Net [Abstract] | |||||
Intangible Assets, Net (Excluding Goodwill), Total | 2,670,942 | 2,670,942 | $ 2,696,635 | ||
Finite-Lived Trademarks and Customer Relationships | |||||
Finite-Lived Intangible Assets, Gross [Abstract] | |||||
Finite-lived trademarks and customer relationships, beginning balance | 436,174 | ||||
Finite-lived trademarks and customer relationships, effects of foreign currency exchange rate | (3,081) | ||||
Finite-lived trademarks and customer relationships, ending balance | 433,093 | 433,093 | |||
Finite-lived Intangible Assets, Accumulated Amortization [Abstract] | |||||
Accumulated amortization, beginning balance | 216,098 | ||||
Accumulated amortization, additions | 11,257 | ||||
Accumulated amortization, effects of foreign exchange rates | (346) | ||||
Accumulated amortization, ending balance | 227,009 | 227,009 | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||||
Finite-Lived Intangible Assets, Net | 206,084 | 206,084 | |||
Indefinite- Lived Trademarks | |||||
Indefinite-Lived Intangible Assets [Abstract] | |||||
Indefinite-lived trademarks, beginning balance | 2,476,559 | ||||
Indefinite lived trademarks, effects of foreign currency exchange rate | (11,701) | ||||
Indefinite-lived trademarks, ending balance | $ 2,464,858 | $ 2,464,858 |
Intangible Assets, net - Narrat
Intangible Assets, net - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Dec. 15, 2021 | Jul. 01, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |||||||
Amortization expense | $ 5,600 | $ 5,300 | $ 11,257 | $ 10,200 | |||
Impairment of intangible assets | $ 700 | ||||||
Zaditen | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible assets, additions | $ 18,100 | ||||||
Akorn Operating Company LLC | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible assets, additions | $ 225,400 | ||||||
Intangible asset, useful life | 12 years 6 months | ||||||
Minimum | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible asset, useful life | 10 years | ||||||
Maximum | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible asset, useful life | 30 years |
Intangible Assets, net - Future
Intangible Assets, net - Future Amortization of Intangible Assets (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2023 (remaining six months ended March 31, 2023) | $ 11,210 |
2024 | 22,381 |
2025 | 20,328 |
2026 | 18,081 |
2027 | 16,440 |
Thereafter | 117,644 |
Finite-lived intangible assets, net | $ 206,084 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | ||||
Amortization of right-of-use assets | $ 664 | $ 642 | $ 1,329 | $ 1,284 |
Interest on lease liabilities | 45 | 63 | 95 | 129 |
Operating lease cost | 1,617 | 1,683 | 3,251 | 3,370 |
Short term lease cost | 51 | 24 | 85 | 46 |
Variable lease cost | 17,016 | 11,998 | 29,015 | 23,649 |
Total net lease cost | $ 19,393 | $ 14,410 | $ 33,775 | $ 28,478 |
Leases - Lease Maturities (Deta
Leases - Lease Maturities (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Operating Leases | |
2023 (Remaining six months ending March 31, 2023) | $ 3,768 |
2024 | 6,820 |
2025 | 4,556 |
2026 | 2,157 |
2027 | 1,875 |
Thereafter | 1,655 |
Total undiscounted lease payments | 20,831 |
Less amount of lease payments representing interest | (1,399) |
Total present value of lease payments | 19,432 |
Finance Lease | |
2023 (Remaining six months ending March 31, 2023) | 1,461 |
2024 | 2,922 |
2025 | 1,509 |
2026 | 96 |
2027 | 80 |
Thereafter | 0 |
Total undiscounted lease payments | 6,068 |
Less amount of lease payments representing interest | (181) |
Total present value of lease payments | 5,887 |
Total | |
2023 (Remaining six months ending March 31, 2023) | 5,229 |
2024 | 9,742 |
2025 | 6,065 |
2026 | 2,253 |
2027 | 1,955 |
Thereafter | 1,655 |
Total undiscounted lease payments | 26,899 |
Less amount of lease payments representing interest | (1,580) |
Total present value of lease payments | $ 25,319 |
Leases - Additional Information
Leases - Additional Information (Details) | Sep. 30, 2022 |
Weighted average remaining lease term (years) | |
Operating leases | 3 years 7 months 9 days |
Finance leases | 2 years 1 month 28 days |
Weighted average discount rate | |
Operating leases | 3.14% |
Finance leases | 2.95% |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued marketing costs | $ 33,684 | $ 36,149 |
Accrued compensation costs | 7,218 | 19,587 |
Accrued broker commissions | 2,078 | 1,179 |
Income taxes payable | 12,455 | 2,670 |
Accrued professional fees | 5,127 | 4,150 |
Accrued production costs | 3,775 | 3,686 |
Other accrued liabilities | 6,647 | 6,692 |
Total other accrued liabilities | $ 70,984 | $ 74,113 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2022 | Mar. 31, 2022 | |
Debt Instrument [Line Items] | ||
Total long-term debt (including current portion) | $ 1,455,000 | |
Long-term debt, net | 1,455,000 | $ 1,495,000 |
Less: unamortized debt costs | (16,662) | (18,342) |
Long-term debt, net | $ 1,438,338 | 1,476,658 |
Senior Notes | 2021 Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 3.75% | |
Total long-term debt (including current portion) | $ 600,000 | 600,000 |
Senior Notes | 2019 Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 5.125% | |
Total long-term debt (including current portion) | $ 400,000 | 400,000 |
Term Loans | 2012 Term B-5 Loans | ||
Debt Instrument [Line Items] | ||
Total long-term debt (including current portion) | $ 455,000 | 495,000 |
Term Loans | 2012 Term B-5 Loans | LIBOR | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2% | |
Debt instrument, variable rate, minimum | 0.50% | |
Term Loans | 2012 Term B-5 Loans | Base Rate | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1% | |
Revolving Credit Facility | 2012 ABL Revolver | ||
Debt Instrument [Line Items] | ||
Total long-term debt (including current portion) | $ 0 | $ 0 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) | Sep. 30, 2022 USD ($) |
Debt Instrument [Line Items] | |
Long-term debt outstanding | $ 1,455,000,000 |
Revolving Credit Facility | 2012 ABL Revolver | |
Debt Instrument [Line Items] | |
Long-term debt outstanding | 0 |
Borrowing capacity | $ 149,100,000 |
Long-Term Debt - Maturities of
Long-Term Debt - Maturities of Long-term Debt (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Aggregate Future Principal Payments | |
2023 (remaining six months ending March 31, 2023) | $ 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
Thereafter | 1,455,000 |
Total long-term debt (including current portion) | $ 1,455,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Senior Notes | 2021 Senior Notes | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, senior notes and term loans | $ 600,000 | $ 600,000 |
Senior Notes | 2019 Senior Notes | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, senior notes and term loans | 400,000 | 400,000 |
Term Loans | 2012 Term B-5 Loans | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, senior notes and term loans | 455,000 | 495,000 |
Revolving Credit Facility | 2012 ABL Revolver | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
2012 ABL Revolver | 0 | 0 |
Fair Value, Measurements, Recurring | Senior Notes | 2021 Senior Notes | Fair Value | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, senior notes and term loans | 466,500 | 534,000 |
Fair Value, Measurements, Recurring | Senior Notes | 2019 Senior Notes | Fair Value | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, senior notes and term loans | 361,000 | 397,000 |
Fair Value, Measurements, Recurring | Term Loans | 2012 Term B-5 Loans | Fair Value | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, senior notes and term loans | 453,294 | 493,144 |
Fair Value, Measurements, Recurring | Revolving Credit Facility | 2012 ABL Revolver | Fair Value | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
2012 ABL Revolver | $ 0 | $ 0 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) $ in Millions | Jan. 31, 2020 USD ($) agreement |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative, number of instruments held | agreement | 1 |
Interest rate swaps | Designated as Hedging Instrument | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative, notional amount | $ | $ 200 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Interest Rate Swaps (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain Recognized in Other Comprehensive Loss (effective portion) | $ 0 | $ 550 | $ 0 | $ 1,070 |
Designated as Hedging Instrument | Interest rate swaps | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain Recognized in Other Comprehensive Loss (effective portion) | 0 | 550 | 0 | 1,070 |
Designated as Hedging Instrument | Interest rate swaps | Interest expense | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Loss Reclassified from Accumulated Other Comprehensive Loss into Income | $ 0 | $ (732) | $ 0 | $ (1,450) |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) | 6 Months Ended | |
Sep. 30, 2022 USD ($) vote $ / shares shares | Mar. 31, 2022 $ / shares shares | |
Stockholders' Equity Note [Abstract] | ||
Common stock, shares authorized | shares | 250,000,000 | 250,000,000 |
Common stock, par value (in USD per share) | $ / shares | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | shares | 5,000,000 | 5,000,000 |
Preferred stock, par value (in USD per share) | $ / shares | $ 0.01 | $ 0.01 |
Voting rights, number of votes per common share owned | vote | 1 | |
Dividends declared on common stock | $ | $ 0 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Repurchased Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Class of Stock [Line Items] | ||||
Total amount repurchased | $ 12,273 | $ 55,450 | $ 2,916 | |
Share Repurchase Program | ||||
Class of Stock [Line Items] | ||||
Number of shares | 236,681 | 0 | 914,236 | 0 |
Average price per share (in USD per share) | $ 51.85 | $ 0 | $ 54.69 | $ 0 |
Total amount repurchased | $ 12,300 | $ 0 | $ 50,000 | $ 0 |
Restricted Shares | ||||
Class of Stock [Line Items] | ||||
Number of shares | 0 | 0 | 99,219 | 63,614 |
Average price per share (in USD per share) | $ 0 | $ 0 | $ 54.94 | $ 46.04 |
Total amount repurchased | $ 0 | $ 0 | $ 5,500 | $ 2,900 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Shareholders' equity | $ 1,619,841 | $ 1,577,611 | $ 1,584,743 | $ 1,461,647 | $ 1,416,247 | $ 1,358,298 |
Accumulated other comprehensive loss, net of tax | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Shareholders' equity | (36,459) | (19,032) | $ (29,341) | $ (24,420) | $ (20,773) | $ (19,801) |
Cumulative translation adjustment | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Shareholders' equity | (36,841) | (20,204) | ||||
Unrecognized net gain on pension plans, net of tax of $(114) and $(350), respectively | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Shareholders' equity | 382 | 1,172 | ||||
Other comprehensive loss, cash flow hedge, reclassification tax | $ (114) | $ (350) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Narrative (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Mar. 31, 2022 | |
Stockholders' Equity Note [Abstract] | ||
Reclassification from accumulated other comprehensive loss into earnings | $ 0 | $ 0 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basis and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Numerator | ||||
Net income | $ 51,023 | $ 45,325 | $ 106,295 | $ 103,080 |
Denominator | ||||
Denominator for basic earnings per share — weighted average shares outstanding (in shares) | 49,804 | 50,232 | 50,033 | 50,186 |
Dilutive effect of unvested restricted stock units and options issued to employees and directors (in shares) | 461 | 559 | 463 | 545 |
Denominator for diluted earnings per share (in shares) | 50,265 | 50,791 | 50,496 | 50,731 |
Earnings per Common Share: | ||||
Basic earnings per share (in USD per share) | $ 1.02 | $ 0.90 | $ 2.12 | $ 2.05 |
Diluted earnings per share (in USD per share) | $ 1.02 | $ 0.89 | $ 2.11 | $ 2.03 |
Earnings Per Share - Antidiluti
Earnings Per Share - Antidilutive Securities (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Outstanding Stock Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 0.4 | 0.4 | 0.4 | 0.4 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 6 Months Ended | |||||
Aug. 02, 2022 | May 03, 2021 | May 31, 2014 | Jun. 30, 2014 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 23, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Maximum number of shares per participant, 12 month period | 1,000,000 | 2,500,000 | |||||
Extension of plan term | 10 years | ||||||
Unrecognized compensation costs related to nonvested awards | $ 4.8 | ||||||
Unrecognized compensation costs related to nonvested awards, weighted average period for recognition | 2 years 2 months 12 days | ||||||
Shares available for issuance under the Plan (in shares) | 2,100,000 | ||||||
Stock options granted (in shares) | 197,600 | 234,200 | |||||
Options exercised, aggregate intrinsic value | $ 0.7 | ||||||
Director | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock options granted (in shares) | 2,495 | ||||||
Restricted Stock Units (RSUs) & Performance Stock Units (PSUs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation costs related to nonvested awards | $ 13.2 | ||||||
Unrecognized compensation costs related to nonvested awards, weighted average period for recognition | 1 year 10 months 24 days | ||||||
Long-term Equity Incentive Plan, 2005 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized for grant | 5,000,000 | ||||||
Number of additional shares authorized | 1,800,000 | ||||||
Long-term Incentive Plan, 2020 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock, capital shares reserved for future issuance | 2,827,210 | ||||||
Number of new shares for future issuance under 2020 long-term incentive plans | 2,000,000 | ||||||
Number of unissued shares reserved for 2020 long-term incentive plans | 827,210 | ||||||
Long-term Incentive Plan, 2020 | Performance Shares | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share grants in period | 67,959 | ||||||
Long-term Incentive Plan, 2020 | Restricted Stock Units (RSUs) & Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share grants in period | 65,721 | ||||||
Long-term Incentive Plan, 2020 | Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock options granted (in shares) | 195,526 | ||||||
Stock options granted, exercise price (in USD per share) | $ 54.47 |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Based Compensation Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||||
Pre-tax share-based compensation costs charged against income | $ 3,466 | $ 3,219 | $ 7,323 | $ 5,097 |
Income tax benefit recognized on compensation costs | 338 | 369 | 875 | 512 |
Total fair value of options and RSUs vested during the period | 64 | 937 | 10,289 | 7,943 |
Cash received from the exercise of stock options | 0 | 503 | 1,489 | 2,707 |
Tax benefits realized from tax deductions resulting from RSU issuances and stock option exercises | $ 0 | $ 350 | $ 2,895 | $ 2,071 |
Share-Based Compensation - Rest
Share-Based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) - $ / shares | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Shares | ||
Outstanding, beginning of period (in shares) | 440,900 | 457,000 |
Granted (in shares) | 148,900 | 170,800 |
Incremental performance shares | 42,400 | |
Vested (in shares) | (222,400) | (162,300) |
Forfeited (in shares) | (24,600) | |
Outstanding, end of period (in shares) | 409,800 | 440,900 |
Vested, end of period (in shares) | 108,500 | 152,300 |
Weighted Average Grant-Date Fair Value | ||
Outstanding, beginning of period, weighted-average grant-date fair value (in USD per share) | $ 38.45 | $ 33.52 |
Granted, weighted-average grant-date fair value (in USD per share) | 55.04 | 45.32 |
Vested, weighted-average grant-date fair value (in USD per share) | 32.05 | 32.99 |
Forfeited, weighted-average grant-date fair value (in USD per share) | 30.54 | |
Outstanding, end of period, weighted-average grant-date fair value (in USD per share) | 47.14 | 38.45 |
Vested, end of period, weighted-average grant-date fair value (in USD per share) | $ 36.54 | $ 33.92 |
Share-Based Compensation - St_2
Share-Based Compensation - Stock Option Valuation Assumptions (Details) - Stock Options - USD ($) | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected dividends | $ 0 | $ 0 |
Granted, weighted-average grant-date fair value (in USD per share) | $ 20.10 | $ 14.87 |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 30.80% | 31.10% |
Expected term in years | 6 years | 6 years |
Risk-free rate | 2.80% | 1% |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 30.90% | 31.90% |
Expected term in years | 7 years | 7 years |
Risk-free rate | 2.90% | 1.30% |
Share-Based Compensation - St_3
Share-Based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Sep. 30, 2022 USD ($) $ / shares shares | Sep. 30, 2021 USD ($) $ / shares shares | |
Shares | ||
Outstanding, beginning of period (in shares) | shares | 1,100,900 | 1,114,900 |
Granted (in shares) | shares | 197,600 | 234,200 |
Exercised (in shares) | shares | (39,100) | (87,600) |
Forfeited (in shares) | shares | (13,700) | |
Expired (in shares) | shares | (8,500) | |
Outstanding, end of period (in shares) | shares | 1,259,400 | 1,239,300 |
Exercisable, end of period (in shares) | shares | 830,800 | 759,700 |
Weighted Average Exercise Price | ||
Outstanding, beginning of period, weighted-average exercise price (in USD per share) | $ / shares | $ 40.62 | $ 37.92 |
Granted, weighted-average exercise price (in USD per share) | $ / shares | 54.48 | 44.74 |
Exercised, weighted-average exercise price (in USD per share) | $ / shares | 38.04 | 30.91 |
Forfeited, weighted-average exercise price (in USD per share) | $ / shares | 37.83 | |
Expired, weighted-average exercise price (in USD per share) | $ / shares | 56.63 | |
Outstanding, end of period, weighted-average exercise price (in USD per share) | $ / shares | 42.88 | 39.58 |
Exercisable, end of period, weighted-average exercise price (in USD per share) | $ / shares | $ 40.04 | $ 39.06 |
Options, Additional Disclosures: | ||
Outstanding, end of period, weighted-average remaining contractual term | 6 years 7 months 6 days | 6 years 8 months 12 days |
Exercisable, end of period, weighted-average remaining contractual term | 5 years 4 months 24 days | 5 years 3 months 18 days |
Outstanding, end of period, aggregate intrinsic value | $ | $ 10,963 | $ 20,593 |
Exercisable, end of period, aggregate intrinsic value | $ | $ 9,403 | $ 13,060 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 23.40% | 24% | 22.70% | 24.20% |
Employee Retirement Plans - Exp
Employee Retirement Plans - Expected Return on Plan Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||||
Interest cost | $ 29 | $ 278 | $ 360 | $ 556 |
Expected return on assets | 0 | (290) | (252) | (580) |
Net periodic benefit expense (income) | $ 29 | $ (12) | $ 108 | $ (24) |
Employee Retirement Plans - Nar
Employee Retirement Plans - Narrative (Details) | 3 Months Ended | 6 Months Ended |
Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Payment for settlement, lump sum | $ 13,800,000 | |
Payment for settlement, purchase of annuity contract | 31,100,000 | |
Settlement loss, before tax | 400,000 | |
Non-qualified Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Employer contributions | $ 200,000 | |
Expected employer contributions, remainder of fiscal year | 200,000 | 200,000 |
Qualified Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Expected employer contributions, remainder of fiscal year | $ 0 | $ 0 |
Concentrations of Risk (Details
Concentrations of Risk (Details) - manufacturer | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Concentration Risk [Line Items] | ||||
Number of third-party manufacturers | 130 | 121 | 130 | 121 |
Sales | Customer Concentration Risk | Walmart | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 20.30% | 22.70% | 19.80% | 21.20% |
Sales | Customer Concentration Risk | Walgreens | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 10.80% | |||
Sales | Supplier Concentration Risk | ||||
Concentration Risk [Line Items] | ||||
Number of third-party manufacturers with long-term contracts | 27 | 19 | ||
Top 5 brands | Sales | Product Concentration Risk | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 39.70% | 41.30% | 40.60% | 43.30% |
Manufactures | Sales | Supplier Concentration Risk | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 71.30% | 68.10% |
Business Segments - Information
Business Segments - Information on Operating and Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information, Profit (Loss): | ||||
Total revenues | $ 289,273 | $ 276,225 | $ 566,332 | $ 545,406 |
Cost of sales | 128,264 | 118,513 | 245,204 | 228,682 |
Gross profit | 161,009 | 157,712 | 321,128 | 316,724 |
Advertising and marketing | 43,819 | 40,730 | 83,770 | 80,169 |
Contribution margin | 117,190 | 116,982 | 237,358 | 236,555 |
Other operating expenses | 32,806 | 38,424 | 65,960 | 66,655 |
Operating income | 84,384 | 78,558 | 171,398 | 169,900 |
North American OTC Healthcare | ||||
Segment Reporting Information, Profit (Loss): | ||||
Total revenues | 252,054 | 251,728 | 494,572 | 494,121 |
International OTC Healthcare | ||||
Segment Reporting Information, Profit (Loss): | ||||
Total revenues | 37,219 | 24,497 | 71,760 | 51,285 |
Operating Segments | North American OTC Healthcare | ||||
Segment Reporting Information, Profit (Loss): | ||||
Total revenues | 252,054 | 251,728 | 494,572 | 494,121 |
Cost of sales | 113,533 | 108,623 | 216,454 | 208,027 |
Gross profit | 138,521 | 143,105 | 278,118 | 286,094 |
Advertising and marketing | 39,316 | 36,493 | 74,728 | 71,723 |
Contribution margin | 99,205 | 106,612 | 203,390 | 214,371 |
Operating Segments | International OTC Healthcare | ||||
Segment Reporting Information, Profit (Loss): | ||||
Total revenues | 37,219 | 24,497 | 71,760 | 51,285 |
Cost of sales | 14,731 | 9,890 | 28,750 | 20,655 |
Gross profit | 22,488 | 14,607 | 43,010 | 30,630 |
Advertising and marketing | 4,503 | 4,237 | 9,042 | 8,446 |
Contribution margin | 17,985 | 10,370 | 33,968 | 22,184 |
Intersegment Eliminations | North American OTC Healthcare | ||||
Segment Reporting Information, Profit (Loss): | ||||
Total revenues | $ 1,100 | $ 700 | $ 1,700 | $ 1,700 |
Business Segments - Revenue (De
Business Segments - Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | $ 289,273 | $ 276,225 | $ 566,332 | $ 545,406 |
Analgesics | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 33,291 | 30,339 | 61,541 | 63,566 |
Cough & Cold | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 31,226 | 28,028 | 59,089 | 46,920 |
Women's Health | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 64,124 | 68,365 | 130,175 | 135,557 |
Gastrointestinal | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 57,309 | 46,605 | 111,403 | 99,175 |
Eye & Ear Care | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 42,695 | 40,806 | 86,042 | 80,251 |
Dermatologicals | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 33,774 | 33,204 | 64,235 | 65,293 |
Oral Care | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 24,331 | 26,171 | 48,476 | 50,127 |
Other OTC | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 2,523 | 2,707 | 5,371 | 4,517 |
North American OTC Healthcare | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 252,054 | 251,728 | 494,572 | 494,121 |
North American OTC Healthcare | Analgesics | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 32,750 | 29,943 | 60,547 | 62,764 |
North American OTC Healthcare | Cough & Cold | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 24,058 | 23,022 | 45,650 | 37,067 |
North American OTC Healthcare | Women's Health | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 59,379 | 65,020 | 120,563 | 128,268 |
North American OTC Healthcare | Gastrointestinal | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 41,272 | 37,964 | 81,339 | 80,330 |
North American OTC Healthcare | Eye & Ear Care | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 37,961 | 37,818 | 76,572 | 73,805 |
North American OTC Healthcare | Dermatologicals | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 32,872 | 32,365 | 62,327 | 63,515 |
North American OTC Healthcare | Oral Care | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 21,251 | 22,893 | 42,226 | 43,860 |
North American OTC Healthcare | Other OTC | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 2,511 | 2,703 | 5,348 | 4,512 |
International OTC Healthcare | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 37,219 | 24,497 | 71,760 | 51,285 |
International OTC Healthcare | Analgesics | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 541 | 396 | 994 | 802 |
International OTC Healthcare | Cough & Cold | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 7,168 | 5,006 | 13,439 | 9,853 |
International OTC Healthcare | Women's Health | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 4,745 | 3,345 | 9,612 | 7,289 |
International OTC Healthcare | Gastrointestinal | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 16,037 | 8,641 | 30,064 | 18,845 |
International OTC Healthcare | Eye & Ear Care | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 4,734 | 2,988 | 9,470 | 6,446 |
International OTC Healthcare | Dermatologicals | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 902 | 839 | 1,908 | 1,778 |
International OTC Healthcare | Oral Care | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | 3,080 | 3,278 | 6,250 | 6,267 |
International OTC Healthcare | Other OTC | ||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||
Total revenues | $ 12 | $ 4 | $ 23 | $ 5 |