0001295947-22-000009 | 10-Q | XBRL Viewer | Prestige Consumer Healthcare INC

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Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Revenues
Total revenues	$ 274,470	$ 238,788	$ 819,876	$ 705,604
Cost of Sales
Cost of sales excluding depreciation	117,604	98,260	342,661	290,623
Cost of sales depreciation	1,806	1,641	5,431	4,565
Cost of sales	119,410	99,901	348,092	295,188
Gross profit	155,060	138,887	471,784	410,416
Operating Expenses
Advertising and marketing	40,239	38,081	120,408	104,172
General and administrative	25,983	21,395	80,706	61,717
Depreciation and amortization	6,244	5,968	18,176	18,062
Total operating expenses	72,466	65,444	219,290	183,951
Operating income	82,594	73,443	252,494	226,465
Other expense (income)
Interest expense, net	16,924	20,138	48,314	63,345
Loss on extinguishment of debt	0	0	2,122	0
Other expense (income), net	177	(371)	565	(620)
Total other expense, net	17,101	19,767	51,001	62,725
Income before income taxes	65,493	53,676	201,493	163,740
Provision for income taxes	15,278	12,803	48,198	34,572
Net income	$ 50,215	$ 40,873	$ 153,295	$ 129,168
Earnings per share:
Basic (in USD per share)	$ 1.00	$ 0.81	$ 3.05	$ 2.57
Diluted (in USD per share)	$ 0.99	$ 0.81	$ 3.02	$ 2.55
Weighted average shares outstanding:
Basic (in shares)	50,303	50,212	50,225	50,268
Diluted (in shares)	50,935	50,561	50,799	50,635
Comprehensive income, net of tax:
Currency translation adjustments	$ 652	$ 8,184	$ (5,037)	$ 22,439
Unrealized gain on interest rate swaps	561	1,053	1,631	2,347
Unrecognized net gain on pension plans	0	2,334	0	2,334
Net gain on pension distribution reclassified to net income	0	(190)	0	(190)
Total other comprehensive (loss) income	1,213	11,381	(3,406)	26,930
Comprehensive income	51,428	52,254	149,889	156,098
Net sales
Revenues
Total revenues	274,454	238,779	819,843	705,572
Other revenues
Revenues
Total revenues	$ 16	$ 9	$ 33	$ 32

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Current assets
Cash and cash equivalents	$ 21,018	$ 32,302
Accounts receivable, net of allowance of $20,272 and $16,457, respectively	134,263	114,671
Inventories	106,273	114,959
Prepaid expenses and other current assets	13,712	7,903
Total current assets	275,266	269,835
Property, plant and equipment, net	69,808	70,059
Operating lease right-of-use assets	21,836	23,722
Finance lease right-of-use assets, net	7,060	8,986
Goodwill	578,932	578,079
Intangible assets, net	2,703,616	2,475,729
Other long-term assets	2,890	2,863
Total Assets	3,659,408	3,429,273
Current liabilities
Accounts payable	40,103	45,978
Accrued interest payable	15,116	6,312
Operating lease liabilities, current portion	6,273	5,858
Finance lease liabilities, current portion	2,646	2,588
Other accrued liabilities	70,989	61,402
Total current liabilities	135,127	122,138
Long-term debt, net	1,530,297	1,479,653
Deferred income tax liabilities	444,774	434,050
Long-term operating lease liabilities, net of current portion	17,632	19,706
Long-term finance lease liabilities, net of current portion	4,825	6,816
Other long-term liabilities	8,433	8,612
Total Liabilities	2,141,088	2,070,975
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 - 54,350 shares at December 31, 2021 and 53,999 shares at March 31, 2021	543	540
Additional paid-in capital	512,554	499,508
Treasury stock, at cost - 4,151 shares at December 31, 2021 and 4,088 shares at March 31, 2021	(133,648)	(130,732)
Accumulated other comprehensive loss, net of tax	(23,207)	(19,801)
Retained earnings	1,162,078	1,008,783
Total Stockholders' Equity	1,518,320	1,358,298
Total Liabilities and Stockholders' Equity	$ 3,659,408	$ 3,429,273

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable, current	$ 20,272	$ 16,457
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	54,350,000	53,999,000
Treasury stock (in shares)	4,151,000	4,088,000

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Common stock, beginning balance (in shares) at Mar. 31, 2020		53,805,000
Equity, beginning balance at Mar. 31, 2020	$ 1,170,971	$ 538	$ 488,116	$ (117,623)	$ (44,161)	$ 844,101
Treasury stock, beginning balance (in shares) at Mar. 31, 2020				3,719,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 5,944		5,944
Exercise of stock options (in shares)	65,800	66,000
Exercise of stock options	$ 1,324		1,324
Issuance of shares related to restricted stock		74,000
Issuance of shares related to restricted stock	0	$ 1	(1)
Treasury share repurchases				314,000
Treasury share repurchases	(11,116)			$ (11,116)
Net income	129,168					129,168
Comprehensive income (loss)	26,930				26,930
Common stock, ending balance (in shares) at Dec. 31, 2020		53,945,000
Equity, ending balance at Dec. 31, 2020	1,323,221	$ 539	495,383	$ (128,739)	(17,231)	973,269
Treasury stock, ending balance (in shares) at Dec. 31, 2020				4,033,000
Common stock, beginning balance (in shares) at Sep. 30, 2020		53,941,000
Equity, beginning balance at Sep. 30, 2020	1,278,217	$ 539	493,756	$ (119,862)	(28,612)	932,396
Treasury stock, beginning balance (in shares) at Sep. 30, 2020				3,779,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	1,588		1,588
Exercise of stock options (in shares)		4,000
Exercise of stock options	39		39
Treasury share repurchases				254,000
Treasury share repurchases	(8,877)			$ (8,877)
Net income	40,873					40,873
Comprehensive income (loss)	11,381				11,381
Common stock, ending balance (in shares) at Dec. 31, 2020		53,945,000
Equity, ending balance at Dec. 31, 2020	1,323,221	$ 539	495,383	$ (128,739)	(17,231)	973,269
Treasury stock, ending balance (in shares) at Dec. 31, 2020				4,033,000
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			4,088,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 7,331		7,331
Exercise of stock options (in shares)	191,300	191,000
Exercise of stock options	$ 5,718	$ 1	5,717
Issuance of shares related to restricted stock		160,000
Issuance of shares related to restricted stock	0	$ 2	(2)
Treasury share repurchases				63,000
Treasury share repurchases	(2,916)			$ (2,916)
Net income	153,295					153,295
Comprehensive income (loss)	(3,406)				(3,406)
Common stock, ending balance (in shares) at Dec. 31, 2021		54,350,000
Equity, ending balance at Dec. 31, 2021	$ 1,518,320	$ 543	512,554	$ (133,648)	(23,207)	1,162,078
Treasury stock, ending balance (in shares) at Dec. 31, 2021	4,151,000			4,151,000
Common stock, beginning balance (in shares) at Sep. 30, 2021		54,247,000
Equity, beginning balance at Sep. 30, 2021	$ 1,461,647	$ 542	507,310	$ (133,648)	(24,420)	1,111,863
Treasury stock, beginning balance (in shares) at Sep. 30, 2021				4,151,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	2,234		2,234
Exercise of stock options (in shares)		103,000
Exercise of stock options	3,011	$ 1	3,010
Net income	50,215					50,215
Comprehensive income (loss)	1,213				1,213
Common stock, ending balance (in shares) at Dec. 31, 2021		54,350,000
Equity, ending balance at Dec. 31, 2021	$ 1,518,320	$ 543	$ 512,554	$ (133,648)	$ (23,207)	$ 1,162,078
Treasury stock, ending balance (in shares) at Dec. 31, 2021	4,151,000			4,151,000

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating Activities
Net income	$ 153,295	$ 129,168
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	23,607	22,627
Loss on disposal of property and equipment	79	210
Deferred income taxes	11,296	7,970
Amortization of debt origination costs	2,811	3,569
Stock-based compensation costs	7,331	5,944
Loss on extinguishment of debt	2,122	0
Non-cash operating lease cost	5,034	5,362
Other	0	937
Changes in operating assets and liabilities, net of effects from acquisition:
Accounts receivable	(21,848)	36,725
Inventories	14,650	1,269
Prepaid expenses and other current assets	(5,622)	(1,439)
Accounts payable	(6,079)	(35,789)
Accrued liabilities	15,053	8,236
Operating lease liabilities	(4,807)	(5,085)
Other	(126)	(3,184)
Net cash provided by operating activities	196,796	176,520
Investing Activities
Purchases of property, plant and equipment	(6,481)	(17,347)
Acquisitions	(246,914)	0
Other	177	0
Net cash used in investing activities	(253,218)	(17,347)
Financing Activities
Term loan repayments	(545,000)	(130,000)
Proceeds from refinancing of Term Loan	597,000	0
Borrowings under revolving credit agreement	85,000	15,000
Repayments under revolving credit agreement	(85,000)	(70,000)
Payments of debt costs	(6,111)	0
Payments of finance leases	(2,145)	(918)
Proceeds from exercise of stock options	5,718	1,324
Fair value of shares surrendered as payment of tax withholding	(2,916)	(1,242)
Repurchase of common stock	0	(9,874)
Net cash provided by (used in) financing activities	46,546	(195,710)
Effects of exchange rate changes on cash and cash equivalents	(1,408)	3,880
Decrease in cash and cash equivalents	(11,284)	(32,657)
Cash and cash equivalents - beginning of period	32,302	94,760
Cash and cash equivalents - end of period	21,018	62,103
Supplemental Cash Flow Information [Abstract]
Interest paid	36,279	46,927
Income taxes paid	$ 42,977	$ 29,677

Business and Basis of Presentation	9 Months Ended
Business and Basis of Presentation	Dec. 31, 2021
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 Since the Coronavirus Outbreak In March 2020, the World Health Organization ("WHO") declared a global pandemic due to a new strain of coronavirus ("COVID-19"). The pandemic has caused significant volatility in the United States and global economies. We expect economic conditions will continue to be highly volatile and uncertain and could affect demand for our products and put pressure on prices. We experienced a temporary but significant decline in consumer consumption of our brands in the first quarter of fiscal 2021, followed by more stable consumption and customer orders over the remainder of the year. Generally throughout the pandemic, some categories were positively impacted (for instance, Women’s Health, Oral Care and Dermatological) and some categories negatively impacted (for instance, Cough & Cold and Gastrointestinal). The positively impacted categories benefited from the consumer shift to over-the-counter healthcare products as consumers increased their focus on hygiene and self-care at home related to COVID-19. The declining categories were impacted by reduced incidence levels and usage rates due to shelter-at-home restrictions and limited travel-related activity. In the first nine months of fiscal 2022, we experienced solid consumer consumption and share gains across most of our brand portfolio. Our business also benefited from a significant increase in demand in travel-related categories and channels as well as the Cough & Cold category, previously impacted by the COVID-19 virus. We have continued to see changes in the purchasing patterns of our consumers, including the frequency of visits by consumers to retailers and a shift in many markets to purchasing our products online. Although we have not experienced a material disruption to our overall supply chain to date, we have and may continue to experience delays and backorders for certain ingredients and products, difficulty scheduling shipping for our products, as well as price increases from certain of our suppliers for both shipping and product costs. In addition, labor shortages have begun to impact our manufacturing operations and may impact our ability to supply certain products to our customers. To date, the pandemic has not had a material negative impact on our operations, supply chain, overall demand for most of our products or resulting aggregate sales and earnings, and, as such, it has also not negatively impacted our liquidity position. We continue to generate operating cash flows to meet our short-term liquidity needs. These circumstances could change, however, in this dynamic, unprecedented environment. If the outbreak continues to spread or labor shortage issues otherwise worsen, it may materially affect our operations and those of third parties on which we rely, including causing disruptions in the supply and distribution of our products. We may need to limit operations and may experience material limitations in employee and other labor resources. The extent to which COVID-19 and related economic 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 of COVID-19 variants, and the actions to contain COVID-19 or treat its impact, among others. 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., 2022) mean our fiscal year ending or ended on March 31st of that year. Operating results for the nine months ended December 31, 2021 are not necessarily indicative of results that may be expected for the fiscal year ending March 31, 2022. 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, 2021. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on our knowledge of current events and actions that we may undertake in the future, actual results could differ from those estimates. Our most significant estimates include those made in connection with the valuation of intangible assets, stock-based compensation, fair value of debt, sales returns and allowances, trade promotional allowances, inventory obsolescence, and accounting for income taxes and related uncertain tax positions. Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this update eliminate the need for an organization to analyze whether certain exceptions apply for tax purposes. It also simplifies GAAP for certain taxes. The amendments in these updates are effective for us for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. We adopted this standard effective April 1, 2021, and the adoption of this standard did not have a material impact on our Consolidated Financial Statements. Recently Issued Accounting Pronouncements 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 adoption impact 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 expedient 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

9 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

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 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. During the nine months ended December 31, 2021, we incurred acquisition-related costs of $5.1 million, which are included in General and administrative expense. In connection with the acquisition, we also entered into a supply arrangement with Akorn for a term of three years with optional renewals at prevailing market rates.

We prepared an analysis of the fair values of the assets acquired and liabilities assumed as of the date of acquisition. These purchase price allocations are preliminary as we are in the process of finalizing the valuation. The following table summarizes our preliminary allocation of the assets acquired and liabilities assumed as of the July 1, 2021 acquisition date.


(In thousands)
	July 1, 2021


Inventories	$	6,432


Goodwill	1,758
Intangible assets	228,970

Total assets acquired	237,160

Accounts payable	591
Reserves for sales allowances and cash discounts	2,227
Other accrued liabilities	5,428


Total liabilities assumed	8,246
Total purchase price	$	228,914

Based on this preliminary analysis, we allocated $204.1 million to non-amortizable intangible assets and $24.9 million to amortizable intangible assets. The non-amortizable intangible assets are classified as trademarks and, of the amortizable intangible assets, $19.6 million are classified as customer relationships and $5.3 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 $1.8 million based on the amount by which the purchase price exceeded the preliminary estimate of the fair value of the net assets acquired (see Note 4). Goodwill is deductible and is being amortized for income tax purposes.

The financial impact of this acquisition was not material to our Consolidated Financial Statements, and, therefore, we have not presented pro forma results of operations for the acquisition.

Inventories

9 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories

InventoriesInventories consist of the following:


(In thousands)	December 31, 2021		March 31, 2021
Components of Inventories
Packaging and raw materials	$	10,999	$	8,463
Work in process	324		326
Finished goods	94,950		106,170

Inventories	$	106,273	$	114,959

Inventories are carried and depicted above at the lower of cost or net realizable value, which includes a reduction in inventory values of $4.6 million and $4.0 million at December 31, 2021 and March 31, 2021, respectively, related to obsolete and slow-moving inventory.

Goodwill

9 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

A reconciliation of the activity affecting goodwill by operating segment is as follows:


(In thousands)		North American OTC Healthcare		International OTC Healthcare		Consolidated
Balance - March 31, 2021
	Goodwill	$	710,354	$	32,683	$	743,037
	Accumulated impairment loss	(163,711)		(1,247)		(164,958)
Balance - March 31, 2021		546,643		31,436		578,079
	2022 Additions	1,758		—		1,758



	Effects of foreign currency exchange rates	—		(905)		(905)
Balance - December 31, 2021
	Goodwill	712,112		31,778		743,890
	Accumulated impairment loss	(163,711)		(1,247)		(164,958)
Balance - December 31, 2021		$	548,401	$	30,531	$	578,932

As discussed in Note 2, on July 1, 2021, we completed the acquisition of Akorn. In connection with this acquisition, we recorded goodwill of $1.8 million based on the amount by which the purchase price exceeded the preliminary 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. We utilize the discounted cash flow method to estimate the fair value of our reporting units as part of the goodwill impairment test. We also considered our market capitalization at February 28, 2021, which was the date of our annual review, 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. 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 for the period ended December 31, 2021.

As of December 31, 2021, we determined no events have occurred that would indicate potential impairment of goodwill.

Intangible Assets, net

9 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, net

A reconciliation of the activity affecting intangible assets, net is as follows:


(In thousands)	Indefinite- Lived Trademarks		Finite-Lived Trademarks and Customer Relationships		Totals
Gross Carrying Amounts
Balance — March 31, 2021	$	2,281,988	$	389,347	$	2,671,335

Additions (a)	204,100		43,002		247,102


Effects of foreign currency exchange rates	(3,925)		264		(3,661)
Balance — December 31, 2021	2,482,163		432,613		2,914,776

Accumulated Amortization
Balance — March 31, 2021	—		195,606		195,606

Additions	—		15,628		15,628

Effects of foreign currency exchange rates	—		(74)		(74)
Balance — December 31, 2021	—		211,160		211,160

Intangible assets, net - December 31, 2021	$	2,482,163	$	221,453	$	2,703,616

(a) On July 1, 2021, we completed the acquisition of 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 for a purchase price of $18.0 million in cash. In connection with these acquisitions, we allocated $229.0 million to intangible assets based on our preliminary analysis for Akorn and $18.1 million for Zaditen.

Amortization expense was $5.4 million and $15.6 million for the three and nine months ended December 31, 2021, respectively, and $4.9 million and $14.7 million for the three and nine months ended December 31, 2020, 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
2022 (remaining three months ended March 31, 2022)	$	5,599
2023	22,365
2024	22,331
2025	20,239
2026	17,856
Thereafter	133,063
	$	221,453

Under accounting guidelines, indefinite-lived assets are not amortized, but must be tested for impairment annually, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the asset below the carrying amount. On February 28, 2021, the date of our annual impairment review, there were no indicators of impairment as a result of the analysis and, accordingly, no additional impairment charge was taken on our March 31, 2021 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, we may be required to record impairment charges in the future.

As of December 31, 2021, no events have occurred that would indicate potential impairment of intangible assets.

Leases

9 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

We lease real estate and equipment for use in our operations.

The components of lease expense for the three and nine months ended December 31, 2021 and 2020 were as follows:


	Three Months Ended December 31,				Nine Months Ended December 31,
(In thousands)	2021		2020		2021		2020
Finance lease cost:
Amortization of right-of-use assets	$	642	$	629	$	1,926	$	1,397
Interest on lease liabilities	57		76		186		185
Operating lease cost	1,651		1,679		5,021		5,068
Short term lease cost	30		24		76		69
Variable lease cost	9,770		11,220		33,419		35,230
Sublease income	—		(54)		—		(163)
Total net lease cost	$	12,150	$	13,574	$	40,628	$	41,786

As of December 31, 2021, the maturities of lease liabilities were as follows:


(In thousands)
Year Ending March 31,	Operating Leases		Finance Lease		Total
2022 (Remaining three months ending March 31, 2022)	$	2,018	$	706	$	2,724
2023	6,547		2,826		9,373
2024	6,795		2,826		9,621
2025	4,614		1,413		6,027
2026	2,205		—		2,205
Thereafter	3,605		—		3,605
Total undiscounted lease payments	25,784		7,771		33,555
Less amount of lease payments representing interest	(1,879)		(300)		(2,179)
Total present value of lease payments	$	23,905	$	7,471	$	31,376

The weighted average remaining lease term and weighted average discount rate were as follows:


		December 31, 2021
Weighted average remaining lease term (years)
	Operating leases	4.23
	Finance leases	2.75
Weighted average discount rate
	Operating leases	3.00	%
	Finance leases	2.98	%

Leases

We lease real estate and equipment for use in our operations.

The components of lease expense for the three and nine months ended December 31, 2021 and 2020 were as follows:


	Three Months Ended December 31,				Nine Months Ended December 31,
(In thousands)	2021		2020		2021		2020
Finance lease cost:
Amortization of right-of-use assets	$	642	$	629	$	1,926	$	1,397
Interest on lease liabilities	57		76		186		185
Operating lease cost	1,651		1,679		5,021		5,068
Short term lease cost	30		24		76		69
Variable lease cost	9,770		11,220		33,419		35,230
Sublease income	—		(54)		—		(163)
Total net lease cost	$	12,150	$	13,574	$	40,628	$	41,786

As of December 31, 2021, the maturities of lease liabilities were as follows:


(In thousands)
Year Ending March 31,	Operating Leases		Finance Lease		Total
2022 (Remaining three months ending March 31, 2022)	$	2,018	$	706	$	2,724
2023	6,547		2,826		9,373
2024	6,795		2,826		9,621
2025	4,614		1,413		6,027
2026	2,205		—		2,205
Thereafter	3,605		—		3,605
Total undiscounted lease payments	25,784		7,771		33,555
Less amount of lease payments representing interest	(1,879)		(300)		(2,179)
Total present value of lease payments	$	23,905	$	7,471	$	31,376

The weighted average remaining lease term and weighted average discount rate were as follows:


		December 31, 2021
Weighted average remaining lease term (years)
	Operating leases	4.23
	Finance leases	2.75
Weighted average discount rate
	Operating leases	3.00	%
	Finance leases	2.98	%

Other Accrued Liabilities

9 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Other Accrued Liabilities

Other accrued liabilities consist of the following:


(In thousands)	December 31, 2021		March 31, 2021
Accrued marketing costs	$	44,102	$	29,955
Accrued compensation costs	14,870		14,074
Accrued broker commissions	704		1,023
Income taxes payable	248		1,652
Accrued professional fees	4,498		4,472

Accrued production costs	3,448		2,882


Accrued sales tax	249		2,368
Other accrued liabilities	2,870		4,976
	$	70,989	$	61,402

Long-Term Debt

9 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt consists of the following, as of the dates indicated:


(In thousands, except percentages)	December 31, 2021		March 31, 2021

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 0.00%, or an alternate base rate plus a margin of 1.00% per annum, with a base rate floor of 1.00%, due on January 24, 2024.	—		495,000
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.	550,000		—
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	1,550,000		1,495,000
Less: unamortized debt costs	(19,703)		(15,347)

Long-term debt, net	$	1,530,297	$	1,479,653

At December 31, 2021, we had no balance outstanding on the asset-based revolving credit facility entered into January 31, 2012, as amended (the "2012 ABL Revolver"), and a borrowing capacity of $115.8 million.

On July 1, 2021, we entered into Amendment No. 6 ("Term Loan Amendment No. 6") to the 2012 Term Loan. Term Loan Amendment No. 6 provides for (i) the refinancing of our outstanding term loans and the creation of a new class of Term B-5 Loans under the credit agreement governing the 2012 Term Loan in an aggregate principal amount of $600.0 million, (ii) increased flexibility under the credit agreement and (iii) an interest rate on the Term B-5 Loans that is based, at the Borrower's option, on a LIBOR rate plus a margin of 2.00% per annum, with a LIBOR floor of 0.50%, or an alternative base rate plus a margin of 1.00% per annum. In addition, Term Loan Amendment No. 6 provides for an extension of the maturity date to July 1, 2028. In connection with this refinancing, we recorded a loss on extinguishment of debt of $2.1 million to write off a portion of new and old debt costs relating to this refinancing. Under Term Loan Amendment No. 6, we are required to make quarterly payments each equal to 0.25% of the aggregate principal amount. During the three months ended December 31, 2021, we made a required repayment of $1.5 million as well as a voluntary principal payment of $48.5 million against the outstanding balance under our 2012 Term Loan. Since we have made optional payments that exceed all of our required quarterly payments, we will not be required to make another payment on the 2012 Term Loan until maturity on July 1, 2028.

The net proceeds from the new class of Term B-5 Loans were used to refinance our outstanding term loans, finance the acquisition of Akorn and pay fees and expenses incurred in connection with these transactions (see Note 2).

Interest Rate Swaps:

As of December 31, 2021, we had an interest rate swap to hedge a total of $200.0 million of our variable interest debt (see Note 10 for further details).

As of December 31, 2021, 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
2022 (remaining three months ending March 31, 2022)	$	—
2023	—
2024	—
2025	—
2026	—
Thereafter	1,550,000
	$	1,550,000

Fair Value Measurements

9 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

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 and our interest rate swaps are measured in Level 2 of the above hierarchy. The summary below details the carrying amounts and estimated fair values of these instruments at December 31, 2021 and March 31, 2021.


	December 31, 2021				March 31, 2021
(In thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
2021 Senior Notes	$	600,000	$	579,000	$	600,000	$	570,000

2019 Senior Notes	400,000		415,000		400,000		417,000
2012 Term B-5 Loans, Amendment No. 5	—		—		495,000		493,763
2012 Term B-5 Loans, Amendment No. 6	550,000		547,938		—		—
2012 ABL Revolver	—		—		—		—
Interest rate swaps	245		245		2,363		2,363

At December 31, 2021 and March 31, 2021, we did not have any assets or liabilities measured in Level 1 or 3.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Derivative Instruments

9 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivative InstrumentsChanges in interest rates expose us to risks. To help us manage these risks, in January 2020 we entered into two interest rate swaps to hedge a total of $400.0 million of our variable interest debt. One swap settled on January 31, 2021 and, as of

December 31, 2021, one interest rate swap to hedge $200.0 million remained outstanding. The fair value of this interest rate swap is reflected in our Consolidated Balance Sheets in other accrued liabilities. We do not use derivatives for trading purposes.

The following tables summarize the fair values of our derivative instrument as of the end of the periods shown:


	December 31, 2021
(In thousands)	Hedge Type	Final Settlement Date	Notional Amount		Other Accrued Liabilities		Other Long-Term Liabilities

Interest rate swap	Cash flow	1/31/2022	$	200,000	$	(245)	$	—
Total fair value					$	(245)	$	—


	March 31, 2021
(In thousands)	Hedge Type	Final Settlement Date	Notional Amount		Other Accrued Liabilities		Other Long-Term Liabilities

Interest rate swap	Cash flow	1/31/2022	$	200,000	$	(2,363)	$	—
Total fair value					$	(2,363)	$	—

The following table summarizes our interest rate swaps, net of tax, for the periods shown:


		Three Months Ended December 31,				Nine Months Ended December 31,
(In thousands)	Location	2021		2020		2021		2020
Gain Recognized in Other Comprehensive Loss (effective portion)	Other comprehensive income (loss)	$	561	$	1,053	$	1,631	$	2,347
Loss Reclassified from Accumulated Other Comprehensive Loss into Income	Interest expense	$	(735)	$	(1,415)	$	(2,185)	$	(3,837)

We expect pre-tax losses of $0.2 million associated with interest rate swaps, currently reported in accumulated other comprehensive loss, to be reclassified into expense over the next twelve months. The amount ultimately realized, however, will differ as interest rates change and the underlying contract settles.

Counterparty Credit Risk:

Interest rate swaps expose us to counterparty credit risk for non-performance. We manage our exposure to counterparty credit risk by only dealing with counterparties who are substantial international financial institutions with significant experience using such derivative instruments.

Stockholders' Equity

9 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

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 December 31, 2021.

During the nine months ended December 31, 2021 and the three and nine months ended December 31, 2020, we repurchased shares of our common stock and recorded them as treasury stock. Our share repurchases consisted of the following:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2021		2020		2021		2020
Shares repurchased pursuant to the provisions of the various employee restricted stock awards:
Number of shares	—		—		63,314		31,117
Average price per share	$	—	$	—	$46.04		$39.91
Total amount repurchased	$	—	$	—	$2.9 million		$1.2 million

Shares repurchased in conjunction with our share repurchase program:
Number of shares	—		253,771		—		282,636
Average price per share	$	—	$34.98		$	—	$34.93
Total amount repurchased	$	—	$8.9 million		$	—	$9.9 million

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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-Name Accounting Standards Codification
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+ Details

Accumulated Other Comprehensive Loss

9 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consisted of the following at December 31, 2021 and March 31, 2021:


(In thousands)	December 31, 2021		March 31, 2021
Components of Accumulated Other Comprehensive Loss
Cumulative translation adjustment	$	(23,945)	$	(18,908)
Unrealized loss on interest rate swaps, net of tax of $56 and $543, respectively	(188)		(1,819)
Unrecognized net gain (loss) on pension plans, net of tax of $(276) and $(276), respectively	926		926
Accumulated other comprehensive loss, net of tax	$	(23,207)	$	(19,801)

As of December 31, 2021 and March 31, 2021, no amounts were reclassified from accumulated other comprehensive loss into earnings.

Earnings Per Share

9 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

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 December 31,				Nine Months Ended December 31,
(In thousands, except per share data)	2021		2020		2021		2020
Numerator
Net income	$	50,215	$	40,873	$	153,295	$	129,168

Denominator
Denominator for basic earnings per share — weighted average shares outstanding	50,303		50,212		50,225		50,268
Dilutive effect of unvested restricted stock units and options issued to employees and directors	632		349		574		367
Denominator for diluted earnings per share	50,935		50,561		50,799		50,635

Earnings per Common Share:
Basic earnings per share	$	1.00	$	0.81	$	3.05	$	2.57

Diluted earnings per share	$	0.99	$	0.81	$	3.02	$	2.55

For the three months ended December 31, 2021 and 2020, there was a nominal amount and 0.6 million shares, respectively, attributable to outstanding stock-based awards that were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For the nine months ended December 31, 2021 and 2020, there were 0.1 million and 0.6 million shares, respectively, attributable to outstanding stock-based awards that were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.

Share-Based Compensation

9 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

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 December 31,				Nine Months Ended December 31,
(In thousands)	2021		2020		2021		2020
Pre-tax share-based compensation costs charged against income	$	2,234	$	1,588	$	7,331	$	5,944
Income tax benefit recognized on compensation costs	$	132	$	263	$	644	$	826
Total fair value of options and RSUs vested during the period	$	—	$	—	$	7,943	$	6,796
Cash received from the exercise of stock options	$	3,011	$	39	$	5,718	$	1,324
Tax benefits realized from tax deductions resulting from RSU issuances and stock option exercises	$	789	$	15	$	2,860	$	963

At December 31, 2021, there were $3.2 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 2.0 years. At December 31, 2021, there were $9.9 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 1.7 years.

At December 31, 2021, there were 2.5 million shares available for issuance under the 2020 Plan.

On May 3, 2021, the Compensation and Talent Management Committee (the "Committee") of our Board of Directors granted 77,345 PSUs, 73,108 RSUs, and stock options to acquire 222,660 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 $44.33 per share, which was equal to the closing price for our common stock on the date of the grant.

A newly appointed independent member of the Board of Directors received a grant under the 2020 Plan of 1,636 RSUs on May 3, 2021. Each of the independent members of the Board of Directors received a grant of 2,808 RSUs on August 3, 2021 under the 2020 Plan. The RSUs are fully vested upon receipt of the award and will be settled by delivery to each director of one share of our common stock for each vested RSU promptly following the earliest of (i) such director's death, (ii) such director's separation from service or (iii) a change in control of the Company.

Restricted Stock Units

The fair value of the RSUs is determined using the closing price of our common stock on the date of the grant. A summary of the RSUs granted under the 2005 Plan and the 2020 Plan is presented below:


RSUs	Shares (in thousands)	Weighted Average Grant-Date Fair Value
Nine Months Ended December 31, 2020
Unvested at March 31, 2020	387.9	$	33.11
Granted	179.7	40.22
Vested	(100.2)	42.94
Forfeited	(4.7)	56.11
Unvested at December 31, 2020	462.7	33.51
Vested at December 31, 2020	150.4	31.98

Nine Months Ended December 31, 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 December 31, 2021	440.9	38.45
Vested at December 31, 2021	152.3	33.92

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:


	Nine Months Ended December 31,
	2021		2020
Expected volatility	31.1% - 31.9%		32.1% - 32.2%
Expected dividends	$	—	$	—
Expected term in years	6.0 to 7.0		6.0 to 7.0
Risk-free rate	1.0% to 1.3%		0.5%
Weighted average grant date fair value of options granted	$	14.87	$	12.91

A summary of option activity under the 2005 Plan and the 2020 Plan is as follows:


Options	Shares (in thousands)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in thousands)
Nine Months Ended December 31, 2020
Outstanding at March 31, 2020	1,020.2	$	35.90
Granted	249.9	39.98
Exercised	(65.8)	20.14
Forfeited	—	—
Expired	—	—
Outstanding at December 31, 2020	1,204.3	37.61		6.8	$	3,987
Vested at December 31, 2020	696.2	39.50		5.4	$	2,786

Nine Months Ended December 31, 2021
Outstanding at March 31, 2021	1,114.9	$	37.92
Granted	234.2	44.74
Exercised	(191.3)	29.90
Forfeited	(13.7)	37.83
Expired	(8.5)	56.63
Outstanding at December 31, 2021	1,135.6	40.54		6.8	$	22,833
Vested at December 31, 2021	656.0	40.65		5.5	$	13,122

The aggregate intrinsic value of options exercised during the nine months ended December 31, 2021 was $5.2 million.

Income Taxes	9 Months Ended
Income Taxes	Dec. 31, 2021
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 23.3% and 23.9% for the three months ended December 31, 2021 and 2020, respectively. The effective tax rates used in the calculation of income taxes were 23.9% and 21.1% for the nine months ended December 31, 2021 and 2020, respectively. The lower effective tax rate in the nine months ended December 31, 2020 was primarily due to final Global Intangible Low-Taxed Income regulations issued in July 2020, which resulted in the release of the valuation allowance on foreign tax credit carryforwards of $5.1 million.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Name Accounting Standards Codification
-Topic 235
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+ Details

Employee Retirement Plans

9 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Employee Retirement Plans

The primary components of Net Periodic Benefits consist of the following:


	Three Months Ended December 31,				Nine Months Ended December 31,
(In thousands)	2021		2020		2021		2020
Interest cost	$	278	$	283	$	834	$	1,333
Expected return on assets	(290)		(653)		(870)		(1,947)
Net periodic benefit income	$	(12)	$	(370)	$	(36)	$	(614)

During the nine months ended December 31, 2021, we contributed $0.3 million to our non-qualified defined benefit plan and no contributions to the qualified defined benefit plan. During the remainder of fiscal 2022, we expect to contribute an additional $0.1 million to our non-qualified plan and to make no contributions to the qualified plan.

During the fourth quarter of 2021, we adopted a plan termination date of April 30, 2021 for our U.S. qualified defined benefit pension plan (the "Plan") and began the Plan termination process. Pension obligations related to the Plan of $52.1 million are expected to be distributed through a combination of lump sum payments to eligible Plan participants who elect such payments and through the purchase of annuity contracts to the remaining participants. The benefit obligation for the Plan as of March 31, 2021 was therefore determined on a plan termination basis for which it is assumed that a portion of eligible active and deferred vested participants will elect lump sum payments. The Plan likely has sufficient assets to satisfy all transaction obligations. No distributions have been made as of December 31, 2021 related to the termination. The transaction is expected to close in the first quarter of fiscal 2023.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Dec. 31, 2021
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	9 Months Ended
Concentrations of Risk	Dec. 31, 2021
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 nine months ended December 31, 2021, approximately 39.6% and 41.7%, respectively, of our gross revenues were derived from our five top selling brands. During the three and nine months ended December 31, 2020, approximately 43.6% and 45.6%, 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 20.2% and 20.9%, respectively, of our gross revenues for the three and nine months ended December 31, 2021. Walgreens accounted for approximately 10.4% and 10.0%, respectively, of gross revenues for the three and nine months ended December 31, 2021. Walmart accounted for approximately 20.7% and 21.7%, respectively, of our gross revenues for the three and nine months ended December 31, 2020. Walgreens accounted for approximately 8.6% and 8.5%, respectively, of gross revenues for the three and nine months ended December 31, 2020. Our product distribution in the United States is managed by a third party through one primary distribution center in Clayton, Indiana. In addition, we operate one manufacturing facility for certain of our products located in Lynchburg, Virginia. A natural disaster, such as tornado, earthquake, flood, or fire, could damage our inventory and/or materially impair our ability to distribute our products to customers in a timely manner or at a reasonable cost. In addition, a serious disruption caused by performance or contractual issues with our third-party distribution manager, labor shortage issues, or COVID-19 or other public health emergencies could also materially impact our product distribution. Any disruption as a result of third-party performance at our distribution center could result in increased costs, expense and/or shipping times, and could cause us to incur customer fees and penalties. In addition, any serious disruption to our Lynchburg manufacturing facility could materially impair our ability to manufacture our Summer's Eve, Monistat, Fleet and Pedia-Lax brands, which would also limit our ability to provide those products to customers in a timely manner or at a reasonable cost. We could also incur significantly higher costs and experience longer lead times if we need to replace our distribution center, the third-party distribution manager or the manufacturing facility. As a result, any serious disruption could have a material adverse effect on our business, financial condition and results of operations. At December 31, 2021, we had relationships with 127 third-party manufacturers. Of those, we had long-term contracts with 24 manufacturers that produced items that accounted for approximately 68.6% of gross sales for the nine months ended December 31, 2021. At December 31, 2020, we had relationships with 113 third-party manufacturers. Of those, we had long-term contracts with 18 manufacturers that produced items that accounted for approximately 68.9% of gross sales for the nine months ended December 31, 2020. 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

9 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

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 December 31, 2021
(In thousands)	North American OTC Healthcare		International OTC Healthcare		Consolidated
Total segment revenues*	$	240,857	$	33,613	$	274,470
Cost of sales	106,790		12,620		119,410
Gross profit	134,067		20,993		155,060
Advertising and marketing	34,907		5,332		40,239
Contribution margin	$	99,160	$	15,661	114,821
Other operating expenses					32,227
Operating income					$	82,594
* Intersegment revenues of $0.6 million were eliminated from the North American OTC Healthcare segment.


	Nine Months Ended December 31, 2021
(In thousands)	North American OTC Healthcare		International OTC Healthcare		Consolidated
Total segment revenues*	$	734,978	$	84,898	$	819,876
Cost of sales	314,817		33,275		348,092
Gross profit	420,161		51,623		471,784
Advertising and marketing	106,630		13,778		120,408
Contribution margin	$	313,531	$	37,845	351,376
Other operating expenses					98,882
Operating income					$	252,494
* Intersegment revenues of $2.4 million were eliminated from the North American OTC Healthcare segment.


	Three Months Ended December 31, 2020
(In thousands)	North American OTC Healthcare		International OTC Healthcare		Consolidated
Total segment revenues*	$	210,618	$	28,170	$	238,788
Cost of sales	88,883		11,018		99,901
Gross profit	121,735		17,152		138,887
Advertising and marketing	32,859		5,222		38,081
Contribution margin	$	88,876	$	11,930	100,806
Other operating expenses					27,363
Operating income					$	73,443
* Intersegment revenues of $0.8 million were eliminated from the North American OTC Healthcare segment.


	Nine Months Ended December 31, 2020
(In thousands)	North American OTC Healthcare		International OTC Healthcare		Consolidated
Total segment revenues*	$	637,851	$	67,753	$	705,604
Cost of sales	267,779		27,409		295,188
Gross profit	370,072		40,344		410,416
Advertising and marketing	91,553		12,619		104,172
Contribution margin	$	278,519	$	27,725	306,244
Other operating expenses					79,779
Operating income					$	226,465
* Intersegment revenues of $2.4 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 December 31, 2021
(In thousands)	North American OTC Healthcare		International OTC Healthcare		Consolidated
Analgesics	$	30,805	$	225	$	31,030
Cough & Cold	25,861		5,864		31,725
Women's Health	61,826		3,741		65,567
Gastrointestinal	34,830		16,423		51,253
Eye & Ear Care	35,996		3,572		39,568
Dermatologicals	26,589		777		27,366
Oral Care	22,202		3,007		25,209
Other OTC	2,748		4		2,752

Total segment revenues	$	240,857	$	33,613	$	274,470


	Nine Months Ended December 31, 2021
(In thousands)	North American OTC Healthcare		International OTC Healthcare		Consolidated
Analgesics	$	93,569	$	1,027	$	94,596
Cough & Cold	62,928		15,717		78,645
Women's Health	190,094		11,030		201,124
Gastrointestinal	115,160		35,268		150,428
Eye & Ear Care	109,801		10,018		119,819
Dermatologicals	90,104		2,555		92,659
Oral Care	66,062		9,274		75,336
Other OTC	7,260		9		7,269

Total segment revenues	$	734,978	$	84,898	$	819,876


	Three Months Ended December 31, 2020
(In thousands)	North American OTC Healthcare		International OTC Healthcare		Consolidated
Analgesics	$	29,427	$	423	$	29,850
Cough & Cold	16,871		3,877		20,748
Women's Health	60,257		4,229		64,486
Gastrointestinal	31,886		13,436		45,322
Eye & Ear Care	23,166		2,326		25,492
Dermatologicals	24,602		791		25,393
Oral Care	22,907		3,086		25,993
Other OTC	1,502		2		1,504

Total segment revenues	$	210,618	$	28,170	$	238,788


	Nine Months Ended December 31, 2020
(In thousands)	North American OTC Healthcare		International OTC Healthcare		Consolidated
Analgesics	$	87,917	$	964	$	88,881
Cough & Cold	45,105		10,865		55,970
Women's Health	187,159		10,766		197,925
Gastrointestinal	93,654		25,520		119,174
Eye & Ear Care	72,785		7,908		80,693
Dermatologicals	80,097		2,326		82,423
Oral Care	67,017		9,399		76,416
Other OTC	4,117		5		4,122

Total segment revenues	$	637,851	$	67,753	$	705,604

Our total segment revenues by geographic area are as follows:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2021		2020		2021		2020
United States	$	227,715	$	197,296	$	690,533	$	599,931
Rest of world	46,755		41,492		129,343		105,673
Total	$	274,470	$	238,788	$	819,876	$	705,604

Our consolidated goodwill and intangible assets have been allocated to the reportable segments as follows:


December 31, 2021	North American OTC Healthcare		International OTC Healthcare		Consolidated
(In thousands)
Goodwill	$	548,401	$	30,531	$	578,932

Intangible assets
Indefinite-lived	2,399,717		82,446		2,482,163
Finite-lived, net	199,986		21,467		221,453
Intangible assets, net	2,599,703		103,913		2,703,616
Total	$	3,148,104	$	134,444	$	3,282,548


March 31, 2021	North American OTC Healthcare		International OTC Healthcare		Consolidated
(In thousands)
Goodwill	$	546,643	$	31,436	$	578,079

Intangible assets
Indefinite-lived	2,195,617		86,371		2,281,988
Finite-lived, net	190,462		3,279		193,741
Intangible assets, net	2,386,079		89,650		2,475,729
Total	$	2,932,722	$	121,086	$	3,053,808

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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-Paragraph 15
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-Name Accounting Standards Codification
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+ Details

Business and Basis of Presentation (Policies)	9 Months Ended
Business and Basis of Presentation (Policies)	Dec. 31, 2021
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., 2022) mean our fiscal year ending or ended on March 31st of that year. Operating results for the nine months ended December 31, 2021 are not necessarily indicative of results that may be expected for the fiscal year ending March 31, 2022. 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, 2021.
Use of Estimates	Use of EstimatesThe preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on our knowledge of current events and actions that we may undertake in the future, actual results could differ from those estimates. Our most significant estimates include those made in connection with the valuation of intangible assets, stock-based compensation, fair value of debt, sales returns and allowances, trade promotional allowances, inventory obsolescence, and accounting for income taxes and related uncertain tax positions.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this update eliminate the need for an organization to analyze whether certain exceptions apply for tax purposes. It also simplifies GAAP for certain taxes. The amendments in these updates are effective for us for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. We adopted this standard effective April 1, 2021, and the adoption of this standard did not have a material impact on our Consolidated Financial Statements. Recently Issued Accounting Pronouncements 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 adoption impact 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 expedient 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)

9 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes our preliminary allocation of the assets acquired and liabilities assumed as of the July 1, 2021 acquisition date.


(In thousands)
	July 1, 2021


Inventories	$	6,432


Goodwill	1,758
Intangible assets	228,970

Total assets acquired	237,160

Accounts payable	591
Reserves for sales allowances and cash discounts	2,227
Other accrued liabilities	5,428


Total liabilities assumed	8,246
Total purchase price	$	228,914

Inventories (Tables)

9 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following:


(In thousands)	December 31, 2021		March 31, 2021
Components of Inventories
Packaging and raw materials	$	10,999	$	8,463
Work in process	324		326
Finished goods	94,950		106,170

Inventories	$	106,273	$	114,959

Goodwill (Tables)

9 Months Ended

Dec. 31, 2021

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 Healthcare		International OTC Healthcare		Consolidated
Balance - March 31, 2021
	Goodwill	$	710,354	$	32,683	$	743,037
	Accumulated impairment loss	(163,711)		(1,247)		(164,958)
Balance - March 31, 2021		546,643		31,436		578,079
	2022 Additions	1,758		—		1,758



	Effects of foreign currency exchange rates	—		(905)		(905)
Balance - December 31, 2021
	Goodwill	712,112		31,778		743,890
	Accumulated impairment loss	(163,711)		(1,247)		(164,958)
Balance - December 31, 2021		$	548,401	$	30,531	$	578,932

Intangible Assets, net (Tables)

9 Months Ended

Dec. 31, 2021

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- Lived Trademarks		Finite-Lived Trademarks and Customer Relationships		Totals
Gross Carrying Amounts
Balance — March 31, 2021	$	2,281,988	$	389,347	$	2,671,335

Additions (a)	204,100		43,002		247,102


Effects of foreign currency exchange rates	(3,925)		264		(3,661)
Balance — December 31, 2021	2,482,163		432,613		2,914,776

Accumulated Amortization
Balance — March 31, 2021	—		195,606		195,606

Additions	—		15,628		15,628

Effects of foreign currency exchange rates	—		(74)		(74)
Balance — December 31, 2021	—		211,160		211,160

Intangible assets, net - December 31, 2021	$	2,482,163	$	221,453	$	2,703,616

Reconciliation of the Activity Affecting Indefinite Lived Intangible Assets

A reconciliation of the activity affecting intangible assets, net is as follows:


(In thousands)	Indefinite- Lived Trademarks		Finite-Lived Trademarks and Customer Relationships		Totals
Gross Carrying Amounts
Balance — March 31, 2021	$	2,281,988	$	389,347	$	2,671,335

Additions (a)	204,100		43,002		247,102


Effects of foreign currency exchange rates	(3,925)		264		(3,661)
Balance — December 31, 2021	2,482,163		432,613		2,914,776

Accumulated Amortization
Balance — March 31, 2021	—		195,606		195,606

Additions	—		15,628		15,628

Effects of foreign currency exchange rates	—		(74)		(74)
Balance — December 31, 2021	—		211,160		211,160

Intangible assets, net - December 31, 2021	$	2,482,163	$	221,453	$	2,703,616

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense


(In thousands)
Year Ending March 31,	Amount
2022 (remaining three months ended March 31, 2022)	$	5,599
2023	22,365
2024	22,331
2025	20,239
2026	17,856
Thereafter	133,063
	$	221,453

Leases (Tables)

9 Months Ended

Dec. 31, 2021

Leases [Abstract]

Components of Lease Expense

The components of lease expense for the three and nine months ended December 31, 2021 and 2020 were as follows:


	Three Months Ended December 31,				Nine Months Ended December 31,
(In thousands)	2021		2020		2021		2020
Finance lease cost:
Amortization of right-of-use assets	$	642	$	629	$	1,926	$	1,397
Interest on lease liabilities	57		76		186		185
Operating lease cost	1,651		1,679		5,021		5,068
Short term lease cost	30		24		76		69
Variable lease cost	9,770		11,220		33,419		35,230
Sublease income	—		(54)		—		(163)
Total net lease cost	$	12,150	$	13,574	$	40,628	$	41,786

The weighted average remaining lease term and weighted average discount rate were as follows:


		December 31, 2021
Weighted average remaining lease term (years)
	Operating leases	4.23
	Finance leases	2.75
Weighted average discount rate
	Operating leases	3.00	%
	Finance leases	2.98	%

Maturities of Operating Leases

As of December 31, 2021, the maturities of lease liabilities were as follows:


(In thousands)
Year Ending March 31,	Operating Leases		Finance Lease		Total
2022 (Remaining three months ending March 31, 2022)	$	2,018	$	706	$	2,724
2023	6,547		2,826		9,373
2024	6,795		2,826		9,621
2025	4,614		1,413		6,027
2026	2,205		—		2,205
Thereafter	3,605		—		3,605
Total undiscounted lease payments	25,784		7,771		33,555
Less amount of lease payments representing interest	(1,879)		(300)		(2,179)
Total present value of lease payments	$	23,905	$	7,471	$	31,376

Maturities of Finance Leases

As of December 31, 2021, the maturities of lease liabilities were as follows:


(In thousands)
Year Ending March 31,	Operating Leases		Finance Lease		Total
2022 (Remaining three months ending March 31, 2022)	$	2,018	$	706	$	2,724
2023	6,547		2,826		9,373
2024	6,795		2,826		9,621
2025	4,614		1,413		6,027
2026	2,205		—		2,205
Thereafter	3,605		—		3,605
Total undiscounted lease payments	25,784		7,771		33,555
Less amount of lease payments representing interest	(1,879)		(300)		(2,179)
Total present value of lease payments	$	23,905	$	7,471	$	31,376

Other Accrued Liabilities (Tables)

9 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Other Accrued Liabilities

Other accrued liabilities consist of the following:


(In thousands)	December 31, 2021		March 31, 2021
Accrued marketing costs	$	44,102	$	29,955
Accrued compensation costs	14,870		14,074
Accrued broker commissions	704		1,023
Income taxes payable	248		1,652
Accrued professional fees	4,498		4,472

Accrued production costs	3,448		2,882


Accrued sales tax	249		2,368
Other accrued liabilities	2,870		4,976
	$	70,989	$	61,402

Long-Term Debt (Tables)

9 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consists of the following, as of the dates indicated:


(In thousands, except percentages)	December 31, 2021		March 31, 2021

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 0.00%, or an alternate base rate plus a margin of 1.00% per annum, with a base rate floor of 1.00%, due on January 24, 2024.	—		495,000
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.	550,000		—
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	1,550,000		1,495,000
Less: unamortized debt costs	(19,703)		(15,347)

Long-term debt, net	$	1,530,297	$	1,479,653

Aggregate Future Principal Payments


(In thousands)
Year Ending March 31,	Amount
2022 (remaining three months ending March 31, 2022)	$	—
2023	—
2024	—
2025	—
2026	—
Thereafter	1,550,000
	$	1,550,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Fair Value Measurements (Tables)

9 Months Ended

Dec. 31, 2021

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 December 31, 2021 and March 31, 2021.


	December 31, 2021				March 31, 2021
(In thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
2021 Senior Notes	$	600,000	$	579,000	$	600,000	$	570,000

2019 Senior Notes	400,000		415,000		400,000		417,000
2012 Term B-5 Loans, Amendment No. 5	—		—		495,000		493,763
2012 Term B-5 Loans, Amendment No. 6	550,000		547,938		—		—
2012 ABL Revolver	—		—		—		—
Interest rate swaps	245		245		2,363		2,363

Derivative Instruments (Tables)

9 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following tables summarize the fair values of our derivative instrument as of the end of the periods shown:


	December 31, 2021
(In thousands)	Hedge Type	Final Settlement Date	Notional Amount		Other Accrued Liabilities		Other Long-Term Liabilities

Interest rate swap	Cash flow	1/31/2022	$	200,000	$	(245)	$	—
Total fair value					$	(245)	$	—


	March 31, 2021
(In thousands)	Hedge Type	Final Settlement Date	Notional Amount		Other Accrued Liabilities		Other Long-Term Liabilities

Interest rate swap	Cash flow	1/31/2022	$	200,000	$	(2,363)	$	—
Total fair value					$	(2,363)	$	—

Derivative Instruments, Gain (Loss)

The following table summarizes our interest rate swaps, net of tax, for the periods shown:


		Three Months Ended December 31,				Nine Months Ended December 31,
(In thousands)	Location	2021		2020		2021		2020
Gain Recognized in Other Comprehensive Loss (effective portion)	Other comprehensive income (loss)	$	561	$	1,053	$	1,631	$	2,347
Loss Reclassified from Accumulated Other Comprehensive Loss into Income	Interest expense	$	(735)	$	(1,415)	$	(2,185)	$	(3,837)

Stockholders' Equity (Tables)

9 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Class of Treasury Stock

Our share repurchases consisted of the following:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2021		2020		2021		2020
Shares repurchased pursuant to the provisions of the various employee restricted stock awards:
Number of shares	—		—		63,314		31,117
Average price per share	$	—	$	—	$46.04		$39.91
Total amount repurchased	$	—	$	—	$2.9 million		$1.2 million

Shares repurchased in conjunction with our share repurchase program:
Number of shares	—		253,771		—		282,636
Average price per share	$	—	$34.98		$	—	$34.93
Total amount repurchased	$	—	$8.9 million		$	—	$9.9 million

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Schedule of Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consisted of the following at December 31, 2021 and March 31, 2021:


(In thousands)	December 31, 2021		March 31, 2021
Components of Accumulated Other Comprehensive Loss
Cumulative translation adjustment	$	(23,945)	$	(18,908)
Unrealized loss on interest rate swaps, net of tax of $56 and $543, respectively	(188)		(1,819)
Unrecognized net gain (loss) on pension plans, net of tax of $(276) and $(276), respectively	926		926
Accumulated other comprehensive loss, net of tax	$	(23,207)	$	(19,801)

Earnings Per Share (Tables)

9 Months Ended

Dec. 31, 2021

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 December 31,				Nine Months Ended December 31,
(In thousands, except per share data)	2021		2020		2021		2020
Numerator
Net income	$	50,215	$	40,873	$	153,295	$	129,168

Denominator
Denominator for basic earnings per share — weighted average shares outstanding	50,303		50,212		50,225		50,268
Dilutive effect of unvested restricted stock units and options issued to employees and directors	632		349		574		367
Denominator for diluted earnings per share	50,935		50,561		50,799		50,635

Earnings per Common Share:
Basic earnings per share	$	1.00	$	0.81	$	3.05	$	2.57

Diluted earnings per share	$	0.99	$	0.81	$	3.02	$	2.55

Share-Based Compensation (Tables)

9 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Compensation Expense Information

The following table provides information regarding our stock-based compensation:


	Three Months Ended December 31,				Nine Months Ended December 31,
(In thousands)	2021		2020		2021		2020
Pre-tax share-based compensation costs charged against income	$	2,234	$	1,588	$	7,331	$	5,944
Income tax benefit recognized on compensation costs	$	132	$	263	$	644	$	826
Total fair value of options and RSUs vested during the period	$	—	$	—	$	7,943	$	6,796
Cash received from the exercise of stock options	$	3,011	$	39	$	5,718	$	1,324
Tax benefits realized from tax deductions resulting from RSU issuances and stock option exercises	$	789	$	15	$	2,860	$	963

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 Average Grant-Date Fair Value
Nine Months Ended December 31, 2020
Unvested at March 31, 2020	387.9	$	33.11
Granted	179.7	40.22
Vested	(100.2)	42.94
Forfeited	(4.7)	56.11
Unvested at December 31, 2020	462.7	33.51
Vested at December 31, 2020	150.4	31.98

Nine Months Ended December 31, 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 December 31, 2021	440.9	38.45
Vested at December 31, 2021	152.3	33.92

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:


	Nine Months Ended December 31,
	2021		2020
Expected volatility	31.1% - 31.9%		32.1% - 32.2%
Expected dividends	$	—	$	—
Expected term in years	6.0 to 7.0		6.0 to 7.0
Risk-free rate	1.0% to 1.3%		0.5%
Weighted average grant date fair value of options granted	$	14.87	$	12.91

Stock Option Activity

A summary of option activity under the 2005 Plan and the 2020 Plan is as follows:


Options	Shares (in thousands)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in thousands)
Nine Months Ended December 31, 2020
Outstanding at March 31, 2020	1,020.2	$	35.90
Granted	249.9	39.98
Exercised	(65.8)	20.14
Forfeited	—	—
Expired	—	—
Outstanding at December 31, 2020	1,204.3	37.61		6.8	$	3,987
Vested at December 31, 2020	696.2	39.50		5.4	$	2,786

Nine Months Ended December 31, 2021
Outstanding at March 31, 2021	1,114.9	$	37.92
Granted	234.2	44.74
Exercised	(191.3)	29.90
Forfeited	(13.7)	37.83
Expired	(8.5)	56.63
Outstanding at December 31, 2021	1,135.6	40.54		6.8	$	22,833
Vested at December 31, 2021	656.0	40.65		5.5	$	13,122

Employee Retirement Plans (Tables)

9 Months Ended

Dec. 31, 2021

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 December 31,				Nine Months Ended December 31,
(In thousands)	2021		2020		2021		2020
Interest cost	$	278	$	283	$	834	$	1,333
Expected return on assets	(290)		(653)		(870)		(1,947)
Net periodic benefit income	$	(12)	$	(370)	$	(36)	$	(614)

Business Segments (Tables)

9 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Operating and Reportable Segments

The tables below summarize information about our reportable segments.


	Three Months Ended December 31, 2021
(In thousands)	North American OTC Healthcare		International OTC Healthcare		Consolidated
Total segment revenues*	$	240,857	$	33,613	$	274,470
Cost of sales	106,790		12,620		119,410
Gross profit	134,067		20,993		155,060
Advertising and marketing	34,907		5,332		40,239
Contribution margin	$	99,160	$	15,661	114,821
Other operating expenses					32,227
Operating income					$	82,594
* Intersegment revenues of $0.6 million were eliminated from the North American OTC Healthcare segment.


	Nine Months Ended December 31, 2021
(In thousands)	North American OTC Healthcare		International OTC Healthcare		Consolidated
Total segment revenues*	$	734,978	$	84,898	$	819,876
Cost of sales	314,817		33,275		348,092
Gross profit	420,161		51,623		471,784
Advertising and marketing	106,630		13,778		120,408
Contribution margin	$	313,531	$	37,845	351,376
Other operating expenses					98,882
Operating income					$	252,494
* Intersegment revenues of $2.4 million were eliminated from the North American OTC Healthcare segment.


	Three Months Ended December 31, 2020
(In thousands)	North American OTC Healthcare		International OTC Healthcare		Consolidated
Total segment revenues*	$	210,618	$	28,170	$	238,788
Cost of sales	88,883		11,018		99,901
Gross profit	121,735		17,152		138,887
Advertising and marketing	32,859		5,222		38,081
Contribution margin	$	88,876	$	11,930	100,806
Other operating expenses					27,363
Operating income					$	73,443
* Intersegment revenues of $0.8 million were eliminated from the North American OTC Healthcare segment.


	Nine Months Ended December 31, 2020
(In thousands)	North American OTC Healthcare		International OTC Healthcare		Consolidated
Total segment revenues*	$	637,851	$	67,753	$	705,604
Cost of sales	267,779		27,409		295,188
Gross profit	370,072		40,344		410,416
Advertising and marketing	91,553		12,619		104,172
Contribution margin	$	278,519	$	27,725	306,244
Other operating expenses					79,779
Operating income					$	226,465
* Intersegment revenues of $2.4 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 December 31, 2021
(In thousands)	North American OTC Healthcare		International OTC Healthcare		Consolidated
Analgesics	$	30,805	$	225	$	31,030
Cough & Cold	25,861		5,864		31,725
Women's Health	61,826		3,741		65,567
Gastrointestinal	34,830		16,423		51,253
Eye & Ear Care	35,996		3,572		39,568
Dermatologicals	26,589		777		27,366
Oral Care	22,202		3,007		25,209
Other OTC	2,748		4		2,752

Total segment revenues	$	240,857	$	33,613	$	274,470


	Nine Months Ended December 31, 2021
(In thousands)	North American OTC Healthcare		International OTC Healthcare		Consolidated
Analgesics	$	93,569	$	1,027	$	94,596
Cough & Cold	62,928		15,717		78,645
Women's Health	190,094		11,030		201,124
Gastrointestinal	115,160		35,268		150,428
Eye & Ear Care	109,801		10,018		119,819
Dermatologicals	90,104		2,555		92,659
Oral Care	66,062		9,274		75,336
Other OTC	7,260		9		7,269

Total segment revenues	$	734,978	$	84,898	$	819,876


	Three Months Ended December 31, 2020
(In thousands)	North American OTC Healthcare		International OTC Healthcare		Consolidated
Analgesics	$	29,427	$	423	$	29,850
Cough & Cold	16,871		3,877		20,748
Women's Health	60,257		4,229		64,486
Gastrointestinal	31,886		13,436		45,322
Eye & Ear Care	23,166		2,326		25,492
Dermatologicals	24,602		791		25,393
Oral Care	22,907		3,086		25,993
Other OTC	1,502		2		1,504

Total segment revenues	$	210,618	$	28,170	$	238,788


	Nine Months Ended December 31, 2020
(In thousands)	North American OTC Healthcare		International OTC Healthcare		Consolidated
Analgesics	$	87,917	$	964	$	88,881
Cough & Cold	45,105		10,865		55,970
Women's Health	187,159		10,766		197,925
Gastrointestinal	93,654		25,520		119,174
Eye & Ear Care	72,785		7,908		80,693
Dermatologicals	80,097		2,326		82,423
Oral Care	67,017		9,399		76,416
Other OTC	4,117		5		4,122

Total segment revenues	$	637,851	$	67,753	$	705,604

Segment Revenues by Geographic Area

Our total segment revenues by geographic area are as follows:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2021		2020		2021		2020
United States	$	227,715	$	197,296	$	690,533	$	599,931
Rest of world	46,755		41,492		129,343		105,673
Total	$	274,470	$	238,788	$	819,876	$	705,604

Consolidated Goodwill and Intangible Assets Allocated to Reportable Segments

Our consolidated goodwill and intangible assets have been allocated to the reportable segments as follows:


December 31, 2021	North American OTC Healthcare		International OTC Healthcare		Consolidated
(In thousands)
Goodwill	$	548,401	$	30,531	$	578,932

Intangible assets
Indefinite-lived	2,399,717		82,446		2,482,163
Finite-lived, net	199,986		21,467		221,453
Intangible assets, net	2,599,703		103,913		2,703,616
Total	$	3,148,104	$	134,444	$	3,282,548


March 31, 2021	North American OTC Healthcare		International OTC Healthcare		Consolidated
(In thousands)
Goodwill	$	546,643	$	31,436	$	578,079

Intangible assets
Indefinite-lived	2,195,617		86,371		2,281,988
Finite-lived, net	190,462		3,279		193,741
Intangible assets, net	2,386,079		89,650		2,475,729
Total	$	2,932,722	$	121,086	$	3,053,808

Acquisition - Narrative (Details) - USD ($) $ in Thousands		9 Months Ended
Acquisition - Narrative (Details) - USD ($) $ in Thousands	Jul. 01, 2021	Dec. 31, 2021	Mar. 31, 2021
Business Acquisition [Line Items]
Goodwill		$ 578,932	$ 578,079
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	204,100
Business combination, amortizable intangible assets, allocated amount	24,900
Intangible asset, useful life		12 years 6 months
Goodwill	1,758
Customer Relationships \| Akorn Operating Company LLC
Business Acquisition [Line Items]
Business combination, non-amortizable intangible assets, allocated amount	19,600
Trademarks \| Akorn Operating Company LLC
Business Acquisition [Line Items]
Business combination, non-amortizable intangible assets, allocated amount	$ 5,300
General and Administrative Expense \| Akorn Operating Company LLC
Business Acquisition [Line Items]
Business acquisition, transaction costs		$ 5,100

Acquisition - Allocation of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jul. 01, 2021	Mar. 31, 2021
Purchase Price
Goodwill	$ 578,932		$ 578,079
Akorn Operating Company LLC
Purchase Price
Inventories		$ 6,432
Goodwill		1,758
Intangible assets		228,970
Total assets acquired		237,160
Accounts payable		591
Reserves for sales allowances and cash discounts		2,227
Other accrued liabilities		5,428
Total liabilities assumed		8,246
Total purchase price		$ 228,914

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Inventory Disclosure [Abstract]
Packaging and raw materials	$ 10,999	$ 8,463
Work in process	324	326
Finished goods	94,950	106,170
Inventories	$ 106,273	$ 114,959

Inventories - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Mar. 31, 2021
Inventory Disclosure [Abstract]
Inventory valuation reserves related to obsolete and slow-moving inventory	$ 4.6	$ 4.0

Goodwill - Schedule of Changes (Details) $ in Thousands	9 Months Ended
Goodwill - Schedule of Changes (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Goodwill [Roll Forward]
Goodwill	$ 743,037
Accumulated impairment loss, beginning	(164,958)
Goodwill, net	578,079
Goodwill, acquired during period	1,758
Effects of foreign currency exchange rates	(905)
Goodwill, gross, ending	743,890
Accumulated impairment loss, ending	(164,958)
Goodwill, net, ending	578,932
North American OTC Healthcare
Goodwill [Roll Forward]
Goodwill	710,354
Accumulated impairment loss, beginning	(163,711)
Goodwill, net	546,643
Goodwill, acquired during period	1,758
Effects of foreign currency exchange rates	0
Goodwill, gross, ending	712,112
Accumulated impairment loss, ending	(163,711)
Goodwill, net, ending	548,401
International OTC Healthcare
Goodwill [Roll Forward]
Goodwill	32,683
Accumulated impairment loss, beginning	(1,247)
Goodwill, net	31,436
Goodwill, acquired during period	0
Effects of foreign currency exchange rates	(905)
Goodwill, gross, ending	31,778
Accumulated impairment loss, ending	(1,247)
Goodwill, net, ending	$ 30,531

Goodwill - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jul. 01, 2021	Mar. 31, 2021
Goodwill [Line Items]
Goodwill	$ 578,932		$ 578,079
Akorn Operating Company LLC
Goodwill [Line Items]
Goodwill		$ 1,758

Intangible Assets, net - Activity Affecting Intangible Assets (Details) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended
	Dec. 15, 2021	Jul. 01, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Indefinite-Lived Intangible Assets [Abstract]
Indefinite-lived trademarks, beginning balance					$ 2,281,988
Indefinite-lived trademarks, ending balance			$ 2,482,163		2,482,163
Intangible Assets, Gross [Abstract]
Totals, gross, beginning balance					2,671,335
Intangible assets, additions					247,102
Intangible Assets, Translation Adjustments Gain (Loss)					(3,661)
Totals, gross, ending balance			2,914,776		2,914,776
Finite-lived Intangible Assets, Accumulated Amortization [Abstract]
Accumulated amortization, beginning balance					195,606
Accumulated amortization, additions			5,400	$ 4,900	15,628	$ 14,700
Accumulated amortization, effects of foreign exchange rates					(74)
Accumulated amortization, ending balance			211,160		211,160
Finite-Lived Intangible Assets, Net [Abstract]
Finite-lived, net			221,453		221,453		$ 193,741
Intangible Assets, Net [Abstract]
Intangible assets, net			2,703,616		2,703,616		$ 2,475,729
Akorn Operating Company LLC
Intangible Assets, Gross [Abstract]
Intangible assets, additions		$ 229,000
Zaditen
Intangible Assets, Gross [Abstract]
Intangible assets, additions	$ 18,100
Intangible Assets, Net [Abstract]
Payments to acquire intangible assets	$ 18,000
Finite-Lived Trademarks and Customer Relationships
Finite-Lived Intangible Assets, Gross [Abstract]
Finite-lived trademarks and customer relationships, beginning balance					389,347
Finite-Lived trademarks and customer relationships, additions					43,002
Finite-lived trademarks and customer relationships, effects of foreign currency exchange rate					264
Finite-lived trademarks and customer relationships, ending balance			432,613		432,613
Finite-lived Intangible Assets, Accumulated Amortization [Abstract]
Accumulated amortization, beginning balance					195,606
Accumulated amortization, additions					15,628
Accumulated amortization, effects of foreign exchange rates					(74)
Accumulated amortization, ending balance			211,160		211,160
Finite-Lived Intangible Assets, Net [Abstract]
Finite-lived, net			221,453		221,453
Indefinite- Lived Trademarks
Indefinite-Lived Intangible Assets [Abstract]
Indefinite-lived trademarks, beginning balance					2,281,988
Indefinite-lived trade marks, additions					204,100
Indefinite lived trademarks, effects of foreign currency exchange rate					(3,925)
Indefinite-lived trademarks, ending balance			$ 2,482,163		$ 2,482,163

Intangible Assets, net - Narrative (Details) - USD ($)	3 Months Ended			9 Months Ended
Intangible Assets, net - Narrative (Details) - USD ($)	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 5,400,000		$ 4,900,000	$ 15,628,000	$ 14,700,000
Impairment of intangible assets		$ 0
Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life				10 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life				30 years

Intangible Assets, net - Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2022 (remaining three months ended March 31, 2022)	$ 5,599
2023	22,365
2024	22,331
2025	20,239
2026	17,856
Thereafter	133,063
Finite-lived intangible assets, net	$ 221,453	$ 193,741

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Amortization of right-of-use assets	$ 642	$ 629	$ 1,926	$ 1,397
Interest on lease liabilities	57	76	186	185
Operating lease cost	1,651	1,679	5,021	5,068
Short term lease cost	30	24	76	69
Variable lease cost	9,770	11,220	33,419	35,230
Sublease income	0	(54)	0	(163)
Total net lease cost	$ 12,150	$ 13,574	$ 40,628	$ 41,786

Leases - Lease Maturities (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Operating Leases
2022 (Remaining three months ending March 31, 2022)	$ 2,018
2023	6,547
2024	6,795
2025	4,614
2026	2,205
Thereafter	3,605
Total undiscounted lease payments	25,784
Less amount of lease payments representing interest	(1,879)
Total present value of lease payments	23,905
Finance Lease
2022 (Remaining three months ending March 31, 2022)	706
2023	2,826
2024	2,826
2025	1,413
2026	0
Thereafter	0
Total undiscounted lease payments	7,771
Less amount of lease payments representing interest	(300)
Total present value of lease payments	7,471
Total
2022 (Remaining three months ending March 31, 2022)	2,724
2023	9,373
2024	9,621
2025	6,027
2026	2,205
Thereafter	3,605
Total undiscounted lease payments	33,555
Less amount of lease payments representing interest	(2,179)
Total present value of lease payments	$ 31,376

Leases - Additional Information (Details)	Dec. 31, 2021
Weighted average remaining lease term (years)
Operating leases	4 years 2 months 23 days
Finance leases	2 years 9 months
Weighted average discount rate
Operating leases	3.00%
Finance leases	2.98%

Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Payables and Accruals [Abstract]
Accrued marketing costs	$ 44,102	$ 29,955
Accrued compensation costs	14,870	14,074
Accrued broker commissions	704	1,023
Income taxes payable	248	1,652
Accrued professional fees	4,498	4,472
Accrued production costs	3,448	2,882
Accrued sales tax	249	2,368
Other accrued liabilities	2,870	4,976
Other accrued liabilities	$ 70,989	$ 61,402

Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($)	9 Months Ended
	Dec. 31, 2021	Mar. 31, 2021
Debt Instrument [Line Items]
Total long-term debt (including current portion)	$ 1,550,000,000
Long-term debt, net	1,550,000,000	$ 1,495,000,000
Less: unamortized debt costs	(19,703,000)	(15,347,000)
Long-term debt, net	1,530,297,000	1,479,653,000
2012 ABL Revolver \| Revolving Credit Facility
Debt Instrument [Line Items]
Total long-term debt (including current portion)	$ 0	0
Senior Notes \| 2021 Senior Notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.75%
Total long-term debt (including current portion)	$ 600,000,000	600,000,000
Senior Notes \| 2019 Senior Notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate	5.125%
Total long-term debt (including current portion)	$ 400,000,000	400,000,000
2012 Term B-5 Loans, Amendment No. 5 \| 2012 Senior Notes
Debt Instrument [Line Items]
Total long-term debt (including current portion)	$ 0	495,000,000
2012 Term B-5 Loans, Amendment No. 5 \| 2012 Senior Notes \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.00%
Debt instrument, variable rate, minimum	0.00%
2012 Term B-5 Loans, Amendment No. 5 \| 2012 Senior Notes \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Debt instrument, variable rate, minimum	1.00%
2012 Term B-5 Loans, Amendment No. 5 \| 2012 ABL Revolver \| Revolving Credit Facility
Debt Instrument [Line Items]
Total long-term debt (including current portion)	$ 550,000,000	$ 0
2012 Term B-5 Loans, Amendment No. 5 \| 2012 ABL Revolver \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.00%
Debt instrument, variable rate, minimum	0.50%
2012 Term B-5 Loans, Amendment No. 5 \| 2012 ABL Revolver \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%

Long-Term Debt - Narrative (Details)		3 Months Ended		9 Months Ended
Long-Term Debt - Narrative (Details)	Jul. 01, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Mar. 31, 2021 USD ($)	Jan. 31, 2020 USD ($)
Debt Instrument [Line Items]
Total long-term debt (including current portion)		$ 1,550,000,000		$ 1,550,000,000
Loss on extinguishment of debt		0	$ 0	2,122,000	$ 0
Debt instrument, period payment, percentage of principal amount	0.0025
Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 600,000,000
Secured Debt \| LIBOR
Debt Instrument [Line Items]
Debt instrument, alternative basis spread on variable rate	0.0100
Secured Debt \| Minimum \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.00%
Secured Debt \| Maximum \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Interest rate swaps \| Designated as Hedging Instrument
Debt Instrument [Line Items]
Derivative, notional amount		200,000,000		200,000,000			$ 400,000,000
2012 ABL Revolver \| Secured Debt
Debt Instrument [Line Items]
Debt instrument, periodic payment		1,500,000
Debt instrument, periodic payment, voluntary payment		48,500,000
2013 Senior Notes
Debt Instrument [Line Items]
Loss on extinguishment of debt		2,100,000
Revolving Credit Facility \| 2012 ABL Revolver
Debt Instrument [Line Items]
Total long-term debt (including current portion)		0		0		$ 0
Borrowing capacity		$ 115,800,000		$ 115,800,000

Long-Term Debt - Maturities of Long-term Debt (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Aggregate Future Principal Payments
2022 (remaining three months ending March 31, 2022)	$ 0
2023	0
2024	0
2025	0
2026	0
Thereafter	1,550,000
Total long-term debt (including current portion)	$ 1,550,000

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Carrying Value \| Interest rate swaps
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps	$ 245	$ 2,363
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, Amendment No. 5 \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, senior notes and term loans	0	495,000
Term Loans \| 2012 Term B-5 Loans, Amendment No. 6 \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, senior notes and term loans	550,000	0
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 \| Fair Value \| Fair Value, Inputs, Level 2 \| Interest rate swaps
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps	245	2,363
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	579,000	570,000
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	415,000	417,000
Fair Value, Measurements, Recurring \| Term Loans \| 2012 Term B-5 Loans, Amendment No. 5 \| 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	0	493,763
Fair Value, Measurements, Recurring \| Term Loans \| 2012 Term B-5 Loans, Amendment No. 6 \| 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	547,938	0
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 (Details)	Dec. 31, 2021 USD ($)	Jan. 31, 2021 agreement	Jan. 31, 2020 USD ($) agreement
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, number of instruments held \| agreement			2
Derivative, number of instruments settled \| agreement		1
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate cash flow hedge loss to be reclassified during next 12 months, net \| $	$ 200,000
Interest rate swaps \| Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount \| $	$ 200,000,000		$ 400,000,000

Derivative Instruments - Summary of Fair Values of Derivatives (Details) - Interest rate swaps - Designated as Hedging Instrument - USD ($)	Dec. 31, 2021	Mar. 31, 2021	Jan. 31, 2020
Derivatives, Fair Value [Line Items]
Derivative, notional amount	$ 200,000,000		$ 400,000,000
Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Derivative, notional amount	200,000,000	$ 200,000,000
Other Accrued Liabilities
Derivatives, Fair Value [Line Items]
Derivative liability, fair value	(245,000)	(2,363,000)
Other Accrued Liabilities \| Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Derivative liability, fair value	(245,000)	(2,363,000)
Other Long-Term Liabilities
Derivatives, Fair Value [Line Items]
Derivative liability, fair value	0	0
Other Long-Term Liabilities \| Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Derivative liability, fair value	$ 0	$ 0

Derivative Instruments - Summary of Interest Rate Swaps (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain Recognized in Other Comprehensive Loss (effective portion)	$ 561	$ 1,053	$ 1,631	$ 2,347
Designated as Hedging Instrument \| Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain Recognized in Other Comprehensive Loss (effective portion)	561	1,053	1,631	2,347
Designated as Hedging Instrument \| Interest expense \| Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Loss Reclassified from Accumulated Other Comprehensive Loss into Income	$ (735)	$ (1,415)	$ (2,185)	$ (3,837)

Stockholders' Equity (Details)	9 Months Ended
Stockholders' Equity (Details)	Dec. 31, 2021 USD ($) vote $ / shares shares	Mar. 31, 2021 $ / 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 of Repurchased Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Total amount repurchased		$ 8,877	$ 2,916	$ 11,116
Share Repurchase Program
Class of Stock [Line Items]
Number of shares	0	253,771	0	282,636
Average price per share (in USD per share)	$ 0	$ 34.98	$ 0	$ 34.93
Total amount repurchased	$ 0	$ 8,900	$ 0	$ 9,900
Restricted Shares
Class of Stock [Line Items]
Number of shares	0	0	63,314	31,117
Average price per share (in USD per share)	$ 0	$ 0	$ 46.04	$ 39.91
Total amount repurchased	$ 0	$ 0	$ 2,900	$ 1,200

Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2021	Dec. 31, 2021	Sep. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shareholders' equity		$ 1,518,320	$ 1,461,647	$ 1,358,298	$ 1,323,221	$ 1,278,217	$ 1,170,971
Accumulated other comprehensive loss, net of tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shareholders' equity		(23,207)	$ (24,420)	(19,801)	$ (17,231)	$ (28,612)	$ (44,161)
Cumulative translation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shareholders' equity		(23,945)		(18,908)
Unrealized loss on interest rate swaps, net of tax of $56 and $543, respectively
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shareholders' equity		(188)		(1,819)
Other comprehensive loss, cash flow hedge, reclassification tax	$ 543	56
Unrecognized net gain (loss) on pension plans, net of tax of $(276) and $(276), respectively
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shareholders' equity		926		$ 926
Other comprehensive loss, cash flow hedge, reclassification tax	$ (276)	$ (276)

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Accumulated Other Comprehensive Loss - Narrative (Details) - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Reclassification from accumulated other comprehensive loss into earnings	$ 0	$ 0

Earnings Per Share - Computation of Basis and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Numerator
Net income	$ 50,215	$ 40,873	$ 153,295	$ 129,168
Denominator
Denominator for basic earnings per share — weighted average shares outstanding (in shares)	50,303	50,212	50,225	50,268
Dilutive effect of nonvested restricted stock units and options issued to employees and directors (in shares)	632	349	574	367
Denominator for diluted earnings per share (in shares)	50,935	50,561	50,799	50,635
Earnings per Common Share:
Basic earnings per share (in USD per share)	$ 1.00	$ 0.81	$ 3.05	$ 2.57
Diluted earnings per share (in USD per share)	$ 0.99	$ 0.81	$ 3.02	$ 2.55

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Earnings Per Share - Antidilutive Securities (Details) - shares shares in Millions	3 Months Ended	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Outstanding Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	0.6	0.1	0.6

Share-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions				1 Months Ended	9 Months Ended
	Aug. 03, 2021	May 03, 2021	May 31, 2014	Jun. 30, 2014	Dec. 31, 2021	Dec. 31, 2020	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					$ 3.2
Unrecognized compensation costs related to nonvested awards, weighted average period for recognition					2 years
Shares available for issuance under the Plan (in shares)					2,500,000
Stock options granted (in shares)					234,200	249,900
Options exercised, aggregate intrinsic value					$ 5.2
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					$ 9.9
Unrecognized compensation costs related to nonvested awards, weighted average period for recognition					1 year 8 months 12 days
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share grants in period		77,345
Restricted Stock Units (RSUs) & Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share grants in period		73,108
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)		222,660
Stock options granted, exercise price (in USD per share)		$ 44.33
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share grants in period		1,636			170,800	179,700
Restricted Stock Units (RSUs) \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share grants in period	2,808
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

Share-Based Compensation - Stock Based Compensation Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Pre-tax share-based compensation costs charged against income	$ 2,234	$ 1,588	$ 7,331	$ 5,944
Income tax benefit recognized on compensation costs	132	263	644	826
Total fair value of options and RSUs vested during the period	0	0	7,943	6,796
Cash received from the exercise of stock options	3,011	39	5,718	1,324
Tax benefits realized from tax deductions resulting from RSU issuances and stock option exercises	$ 789	$ 15	$ 2,860	$ 963

Share-Based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) - $ / shares		9 Months Ended
	May 03, 2021	Dec. 31, 2021	Dec. 31, 2020
Shares
Outstanding, beginning of period (in shares)		457,000.0	387,900
Granted (in shares)	1,636	170,800	179,700
Vested (in shares)		(162,300)	(100,200)
Forfeited (in shares)		(24,600)	(4,700)
Outstanding, end of period (in shares)		440,900	462,700
Vested, end of period (in shares)		152,300	150,400
Weighted Average Grant-Date Fair Value
Outstanding, beginning of period, weighted-average grant-date fair value (in USD per share)		$ 33.52	$ 33.11
Granted, weighted-average grant-date fair value (in USD per share)		45.32	40.22
Vested, weighted-average grant-date fair value (in USD per share)		32.99	42.94
Forfeited, weighted-average grant-date fair value (in USD per share)		30.54	56.11
Outstanding, end of period, weighted-average grant-date fair value (in USD per share)		38.45	33.51
Vested, end of period, weighted-average grant-date fair value (in USD per share)		$ 33.92	$ 31.98

Share-Based Compensation - Stock Option Valuation Assumptions (Details) - Stock Options - USD ($)	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
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)	$ 14.87	$ 12.91
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	31.10%	32.10%
Expected term in years	6 years	6 years
Risk-free rate	1.00%	0.50%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	31.90%	32.20%
Expected term in years	7 years	7 years
Risk-free rate	1.30%

Share-Based Compensation Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Shares
Outstanding, beginning of period (in shares)	1,114,900	1,020,200
Granted (in shares)	234,200	249,900
Exercised (in shares)	(191,300)	(65,800)
Forfeited (in shares)	(13,700)	0
Expired (in shares)	(8,500)	0
Outstanding, end of period (in shares)	1,135,600	1,204,300
Exercisable, end of period (in shares)	656,000.0	696,200
Weighted Average Exercise Price
Outstanding, beginning of period, weighted-average exercise price (in USD per share)	$ 37.92	$ 35.90
Granted, weighted-average exercise price (in USD per share)	44.74	39.98
Exercised, weighted-average exercise price (in USD per share)	29.90	20.14
Forfeited, weighted-average exercise price (in USD per share)	37.83	0
Expired, weighted-average exercise price (in USD per share)	56.63	0
Outstanding, end of period, weighted-average exercise price (in USD per share)	40.54	37.61
Exercisable, end of period, weighted-average exercise price (in USD per share)	$ 40.65	$ 39.50
Options, Additional Disclosures:
Outstanding, end of period, weighted-average remaining contractual term	6 years 9 months 18 days	6 years 9 months 18 days
Exercisable, end of period, weighted-average remaining contractual term	5 years 6 months	5 years 4 months 24 days
Outstanding, end of period, aggregate intrinsic value	$ 22,833	$ 3,987
Exercisable, end of period, aggregate intrinsic value	$ 13,122	$ 2,786

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	23.30%	23.90%	23.90%	21.10%
Tax credit carryforwards, foreign	$ 5.1		$ 5.1

Employee Retirement Plans - Expected Return on Plan Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Interest cost	$ 278	$ 283	$ 834	$ 1,333
Expected return on assets	(290)	(653)	(870)	(1,947)
Net periodic benefit income	$ (12)	$ (370)	$ (36)	$ (614)

Employee Retirement Plans - Narrative (Details) - USD ($)	9 Months Ended
	Dec. 31, 2021	Mar. 31, 2021
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, benefit obligation		$ 52,100,000
Non-qualified Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	$ 300,000
Expected employer contributions, remainder of fiscal year	100,000
Qualified Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected employer contributions, remainder of fiscal year	$ 0

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Concentrations of Risk (Details) - manufacturer	3 Months Ended		9 Months Ended
Concentrations of Risk (Details) - manufacturer	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Concentration Risk [Line Items]
Number of third-party manufacturers	127	113	127	113
Sales \| Customer Concentration Risk \| Walmart
Concentration Risk [Line Items]
Concentration risk, percentage	20.20%	20.70%	20.90%	21.70%
Sales \| Customer Concentration Risk \| Walgreens
Concentration Risk [Line Items]
Concentration risk, percentage	10.40%	8.60%	10.00%	8.50%
Sales \| Supplier Concentration Risk
Concentration Risk [Line Items]
Number of third-party manufacturers with long-term contracts			24	18
Top 5 brands \| Sales \| Product Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	39.60%	43.60%	41.70%	45.60%
Manufactures \| Sales \| Supplier Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage			68.60%	68.90%

Business Segments - Information on Operating and Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information, Profit (Loss):
Total revenues	$ 274,470	$ 238,788	$ 819,876	$ 705,604
Cost of sales	119,410	99,901	348,092	295,188
Gross profit	155,060	138,887	471,784	410,416
Advertising and marketing	40,239	38,081	120,408	104,172
Contribution margin	114,821	100,806	351,376	306,244
Other operating expenses	32,227	27,363	98,882	79,779
Operating income	82,594	73,443	252,494	226,465
North American OTC Healthcare
Segment Reporting Information, Profit (Loss):
Total revenues	240,857	210,618	734,978	637,851
International OTC Healthcare
Segment Reporting Information, Profit (Loss):
Total revenues	33,613	28,170	84,898	67,753
Operating Segments \| North American OTC Healthcare
Segment Reporting Information, Profit (Loss):
Total revenues	240,857	210,618	734,978	637,851
Cost of sales	106,790	88,883	314,817	267,779
Gross profit	134,067	121,735	420,161	370,072
Advertising and marketing	34,907	32,859	106,630	91,553
Contribution margin	99,160	88,876	313,531	278,519
Operating Segments \| International OTC Healthcare
Segment Reporting Information, Profit (Loss):
Total revenues	33,613	28,170	84,898	67,753
Cost of sales	12,620	11,018	33,275	27,409
Gross profit	20,993	17,152	51,623	40,344
Advertising and marketing	5,332	5,222	13,778	12,619
Contribution margin	15,661	11,930	37,845	27,725
Intersegment Eliminations \| North American OTC Healthcare
Segment Reporting Information, Profit (Loss):
Total revenues	$ 600	$ 800	$ 2,400	$ 2,400

Business Segments - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Geographic Areas, Revenues from External Customers [Abstract]
Total revenues	$ 274,470	$ 238,788	$ 819,876	$ 705,604
Analgesics
Geographic Areas, Revenues from External Customers [Abstract]
Total revenues	31,030	29,850	94,596	88,881
Cough & Cold
Geographic Areas, Revenues from External Customers [Abstract]
Total revenues	31,725	20,748	78,645	55,970
Women's Health
Geographic Areas, Revenues from External Customers [Abstract]
Total revenues	65,567	64,486	201,124	197,925
Gastrointestinal
Geographic Areas, Revenues from External Customers [Abstract]
Total revenues	51,253	45,322	150,428	119,174
Eye & Ear Care
Geographic Areas, Revenues from External Customers [Abstract]
Total revenues	39,568	25,492	119,819	80,693
Dermatologicals
Geographic Areas, Revenues from External Customers [Abstract]
Total revenues	27,366	25,393	92,659	82,423
Oral Care
Geographic Areas, Revenues from External Customers [Abstract]
Total revenues	25,209	25,993	75,336	76,416
Other OTC
Geographic Areas, Revenues from External Customers [Abstract]
Total revenues	2,752	1,504	7,269	4,122
North American OTC Healthcare
Geographic Areas, Revenues from External Customers [Abstract]
Total revenues	240,857	210,618	734,978	637,851
North American OTC Healthcare \| Analgesics
Geographic Areas, Revenues from External Customers [Abstract]
Total revenues	30,805	29,427	93,569	87,917
North American OTC Healthcare \| Cough & Cold
Geographic Areas, Revenues from External Customers [Abstract]
Total revenues	25,861	16,871	62,928	45,105
North American OTC Healthcare \| Women's Health
Geographic Areas, Revenues from External Customers [Abstract]
Total revenues	61,826	60,257	190,094	187,159
North American OTC Healthcare \| Gastrointestinal
Geographic Areas, Revenues from External Customers [Abstract]
Total revenues	34,830	31,886	115,160	93,654
North American OTC Healthcare \| Eye & Ear Care
Geographic Areas, Revenues from External Customers [Abstract]
Total revenues	35,996	23,166	109,801	72,785
North American OTC Healthcare \| Dermatologicals
Geographic Areas, Revenues from External Customers [Abstract]
Total revenues	26,589	24,602	90,104	80,097
North American OTC Healthcare \| Oral Care
Geographic Areas, Revenues from External Customers [Abstract]
Total revenues	22,202	22,907	66,062	67,017
North American OTC Healthcare \| Other OTC
Geographic Areas, Revenues from External Customers [Abstract]
Total revenues	2,748	1,502	7,260	4,117
International OTC Healthcare
Geographic Areas, Revenues from External Customers [Abstract]
Total revenues	33,613	28,170	84,898	67,753
International OTC Healthcare \| Analgesics
Geographic Areas, Revenues from External Customers [Abstract]
Total revenues	225	423	1,027	964
International OTC Healthcare \| Cough & Cold
Geographic Areas, Revenues from External Customers [Abstract]
Total revenues	5,864	3,877	15,717	10,865
International OTC Healthcare \| Women's Health
Geographic Areas, Revenues from External Customers [Abstract]
Total revenues	3,741	4,229	11,030	10,766
International OTC Healthcare \| Gastrointestinal
Geographic Areas, Revenues from External Customers [Abstract]
Total revenues	16,423	13,436	35,268	25,520
International OTC Healthcare \| Eye & Ear Care
Geographic Areas, Revenues from External Customers [Abstract]
Total revenues	3,572	2,326	10,018	7,908
International OTC Healthcare \| Dermatologicals
Geographic Areas, Revenues from External Customers [Abstract]
Total revenues	777	791	2,555	2,326
International OTC Healthcare \| Oral Care
Geographic Areas, Revenues from External Customers [Abstract]
Total revenues	3,007	3,086	9,274	9,399
International OTC Healthcare \| Other OTC
Geographic Areas, Revenues from External Customers [Abstract]
Total revenues	$ 4	$ 2	$ 9	$ 5

Business Segments - Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 274,470	$ 238,788	$ 819,876	$ 705,604
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	227,715	197,296	690,533	599,931
Rest of world
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 46,755	$ 41,492	$ 129,343	$ 105,673

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Business Segments - Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	$ 578,932	$ 578,079
Intangible assets
Indefinite-lived	2,482,163	2,281,988
Finite-lived, net	221,453	193,741
Intangible assets, net	2,703,616	2,475,729
Total	3,282,548	3,053,808
North American OTC Healthcare
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	548,401	546,643
Intangible assets
Indefinite-lived	2,399,717	2,195,617
Finite-lived, net	199,986	190,462
Intangible assets, net	2,599,703	2,386,079
Total	3,148,104	2,932,722
International OTC Healthcare
Segment Reporting, Asset Reconciling Item [Line Items]
Goodwill	30,531	31,436
Intangible assets
Indefinite-lived	82,446	86,371
Finite-lived, net	21,467	3,279
Intangible assets, net	103,913	89,650
Total	$ 134,444	$ 121,086