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Condensed Consolidating Financial Statements | 12 Months Ended
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Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Consolidating Financial Statements | Condensed Consolidating Financial Statements As described in Note 9, Prestige Brands Holdings, Inc., together with certain of our 100% owned subsidiaries, has fully and unconditionally guaranteed, on a joint and several basis, the obligations of Prestige Brands, Inc. (a 100% owned subsidiary of the Company) set forth in the indentures governing the 2016 Senior Notes and the 2013 Senior Notes, including the obligation to pay principal and interest with respect to the 2016 Senior Notes and the 2013 Senior Notes. The 100% owned subsidiaries of the Company that have guaranteed the 2016 Senior Notes and the 2013 Senior Notes are as follows: Prestige Services Corp., Prestige Brands Holdings, Inc. (a Virginia corporation), Prestige Brands International, Inc., Medtech Holdings, Inc., Medtech Products Inc., The Cutex Company, The Spic and Span Company, Blacksmith Brands, Inc., Insight Pharmaceuticals Corporation, Insight Pharmaceuticals, LLC, Practical Health Products, Inc., and DenTek Holdings, Inc. (collectively, the "Subsidiary Guarantors"). A significant portion of our operating income and cash flow is generated by our subsidiaries. As a result, funds necessary to meet Prestige Brands, Inc.'s debt service obligations are provided in part by distributions or advances from our subsidiaries. Under certain circumstances, contractual and legal restrictions, as well as the financial condition and operating requirements of our subsidiaries, could limit Prestige Brands, Inc.'s ability to obtain cash from our subsidiaries for the purpose of meeting our debt service obligations, including the payment of principal and interest on the 2016 Senior Notes and the 2013 Senior Notes. Although holders of the 2016 Senior Notes and the 2013 Senior Notes will be direct creditors of the guarantors of the 2016 Senior Notes and the 2013 Senior Notes by virtue of the guarantees, we have indirect subsidiaries located primarily in the United Kingdom, the Netherlands and Australia (collectively, the "Non-Guarantor Subsidiaries") that have not guaranteed the 2016 Senior Notes or the 2013 Senior Notes, and such subsidiaries will not be obligated with respect to the 2016 Senior Notes or the 2013 Senior Notes. As a result, the claims of creditors of the Non-Guarantor Subsidiaries will effectively have priority with respect to the assets and earnings of such companies over the claims of the holders of the 2016 Senior Notes and the 2013 Senior Notes. Presented below are supplemental Condensed Consolidating Balance Sheets as of March 31, 2016 and 2015 and Condensed Consolidating Income and Comprehensive Income Statements and Condensed Consolidating Statements of Cash Flows for each year in the three year period ended March 31, 2016. Such consolidating information includes separate columns for: a) Prestige Brands Holdings, Inc., the parent, b) Prestige Brands, Inc., the Issuer or the Borrower, c) Combined Subsidiary Guarantors, d) Combined Non-Guarantor Subsidiaries, and e) Elimination entries necessary to consolidate the Company and all of its subsidiaries. The Condensed Consolidating Financial Statements are presented using the equity method of accounting for investments in our 100% owned subsidiaries. Under the equity method, the investments in subsidiaries are recorded at cost and adjusted for our share of the subsidiaries' cumulative results of operations, capital contributions, distributions and other equity changes. The elimination entries principally eliminate investments in subsidiaries and intercompany balances and transactions. The financial information in this footnote should be read in conjunction with the Consolidated Financial Statements presented and other notes related thereto contained in this Annual Report on Form 10-K for the fiscal year ended March 31, 2016. Condensed Consolidating Statement of Income and Comprehensive Income Year Ended March 31, 2016
(In thousands) |  | Prestige Brands Holdings, Inc. |  | Prestige Brands, Inc., the issuer |  | Combined Subsidiary Guarantors |  | Combined Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | — |  |  | $ | 111,747 |  |  | $ | 643,330 |  |  | $ | 50,672 |  |  | $ | (2,661 | ) |  | $ | 803,088 |
Other revenues |  | — |  |  | 347 |  |  | 3,116 |  |  | 1,776 |  |  | (2,080 | ) |  | 3,159 |
Total revenues |  | — |  |  | 112,094 |  |  | 646,446 |  |  | 52,448 |  |  | (4,741 | ) |  | 806,247 |
Cost of Sales |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales (exclusive of depreciation shown below) |  | — |  |  | 45,763 |  |  | 280,169 |  |  | 18,459 |  |  | (5,355 | ) |  | 339,036 |
Gross profit |  | — |  |  | 66,331 |  |  | 366,277 |  |  | 33,989 |  |  | 614 |  |  | 467,211 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |
Advertising and promotion |  | — |  |  | 9,465 |  |  | 90,353 |  |  | 10,984 |  |  | — |  |  | 110,802 |
General and administrative |  | 5,737 |  |  | 9,098 |  |  | 51,198 |  |  | 6,385 |  |  | — |  |  | 72,418 |
Depreciation and amortization |  | 4,050 |  |  | 594 |  |  | 18,617 |  |  | 415 |  |  | — |  |  | 23,676 |
Total operating expenses |  | 9,787 |  |  | 19,157 |  |  | 160,168 |  |  | 17,784 |  |  | — |  |  | 206,896 |
Operating income (loss) |  | (9,787 | ) |  | 47,174 |  |  | 206,109 |  |  | 16,205 |  |  | 614 |  |  | 260,315 |
Other (income) expense |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | (48,342 | ) |  | (85,882 | ) |  | (5,087 | ) |  | (531 | ) |  | 139,680 |  |  | (162 | )
Interest expense |  | 34,553 |  |  | 84,822 |  |  | 100,540 |  |  | 5,087 |  |  | (139,680 | ) |  | 85,322 |
Loss on extinguishment of debt |  | — |  |  | 17,970 |  |  | — |  |  | — |  |  | — |  |  | 17,970 |
Equity in (income) loss of subsidiaries |  | (98,803 | ) |  | (70,953 | ) |  | (8,564 | ) |  | — |  |  | 178,320 |  |  | — |
Total other (income) expense |  | (112,592 | ) |  | (54,043 | ) |  | 86,889 |  |  | 4,556 |  |  | 178,320 |  |  | 103,130 |
Income (loss) before income taxes |  | 102,805 |  |  | 101,217 |  |  | 119,220 |  |  | 11,649 |  |  | (177,706 | ) |  | 157,185 |
Provision for income taxes |  | 2,898 |  |  | 11,016 |  |  | 40,279 |  |  | 3,085 |  |  | — |  |  | 57,278 |
Net income (loss) |  | $ | 99,907 |  |  | $ | 90,201 |  |  | $ | 78,941 |  |  | $ | 8,564 |  |  | $ | (177,706 | ) |  | $ | 99,907 |
Comprehensive income, net of tax: |  |  |  |  |  |  |  |  |  |  |  |
Currency translation adjustments |  | (113 | ) |  | (113 | ) |  | (113 | ) |  | (113 | ) |  | 339 |  |  | (113 | )
Total other comprehensive income (loss) |  | (113 | ) |  | (113 | ) |  | (113 | ) |  | (113 | ) |  | 339 |  |  | (113 | )
Comprehensive income (loss) |  | $ | 99,794 |  |  | $ | 90,088 |  |  | $ | 78,828 |  |  | $ | 8,451 |  |  | $ | (177,367 | ) |  | $ | 99,794 |
Condensed Consolidating Statement of Income and Comprehensive Income Year Ended March 31, 2015
(In thousands) |  | Prestige Brands Holdings, Inc. |  | Prestige Brands, Inc., the issuer |  | Combined Subsidiary Guarantors |  | Combined Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | — |  |  | $ | 106,439 |  |  | $ | 555,388 |  |  | $ | 51,630 |  |  | $ | (3,387 | ) |  | $ | 710,070 |
Other revenues |  | — |  |  | 385 |  |  | 4,452 |  |  | 1,497 |  |  | (1,781 | ) |  | 4,553 |
Total revenues |  | — |  |  | 106,824 |  |  | 559,840 |  |  | 53,127 |  |  | (5,168 | ) |  | 714,623 |
Cost of Sales |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales (exclusive of depreciation shown below) |  | — |  |  | 39,637 |  |  | 254,670 |  |  | 19,127 |  |  | (5,034 | ) |  | 308,400 |
Gross profit |  | — |  |  | 67,187 |  |  | 305,170 |  |  | 34,000 |  |  | (134 | ) |  | 406,223 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |
Advertising and promotion |  | — |  |  | 8,828 |  |  | 79,944 |  |  | 10,879 |  |  | — |  |  | 99,651 |
General and administrative |  | 4,571 |  |  | 9,090 |  |  | 55,209 |  |  | 12,403 |  |  | — |  |  | 81,273 |
Depreciation and amortization |  | 3,381 |  |  | 592 |  |  | 12,752 |  |  | 1,015 |  |  | — |  |  | 17,740 |
Total operating expenses |  | 7,952 |  |  | 18,510 |  |  | 147,905 |  |  | 24,297 |  |  | — |  |  | 198,664 |
Operating income (loss) |  | (7,952 | ) |  | 48,677 |  |  | 157,265 |  |  | 9,703 |  |  | (134 | ) |  | 207,559 |
Other (income) expense |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | (48,543 | ) |  | (73,755 | ) |  | (5,373 | ) |  | (456 | ) |  | 128,035 |  |  | (92 | )
Interest expense |  | 34,198 |  |  | 81,326 |  |  | 88,464 |  |  | 5,373 |  |  | (128,035 | ) |  | 81,326 |
Gain on sale of asset |  | — |  |  | — |  |  | (1,133 | ) |  | — |  |  | — |  |  | (1,133 | )
Equity in (income) loss of subsidiaries |  | (76,383 | ) |  | (51,573 | ) |  | (2,013 | ) |  | — |  |  | 129,969 |  |  | — |
Total other expense (income) |  | (90,728 | ) |  | (44,002 | ) |  | 79,945 |  |  | 4,917 |  |  | 129,969 |  |  | 80,101 |
Income (loss) before income taxes |  | 82,776 |  |  | 92,679 |  |  | 77,320 |  |  | 4,786 |  |  | (130,103 | ) |  | 127,458 |
Provision for income taxes |  | 4,516 |  |  | 14,798 |  |  | 27,111 |  |  | 2,773 |  |  | — |  |  | 49,198 |
Net income (loss) |  | $ | 78,260 |  |  | $ | 77,881 |  |  | $ | 50,209 |  |  | $ | 2,013 |  |  | $ | (130,103 | ) |  | $ | 78,260 |
Comprehensive income, net of tax: |  |  |  |  |  |  |  |  |  |  |  |
Currency translation adjustments |  | (24,151 | ) |  | (24,151 | ) |  | (24,151 | ) |  | (24,151 | ) |  | 72,453 |  |  | (24,151 | )
Total other comprehensive income (loss) |  | (24,151 | ) |  | (24,151 | ) |  | (24,151 | ) |  | (24,151 | ) |  | 72,453 |  |  | (24,151 | )
Comprehensive income (loss) |  | $ | 54,109 |  |  | $ | 53,730 |  |  | $ | 26,058 |  |  | $ | (22,138 | ) |  | $ | (57,650 | ) |  | $ | 54,109 |
Condensed Consolidating Statement of Income and Comprehensive Income Year Ended March 31, 2014
(In thousands) |  | Prestige Brands Holdings, Inc. |  | Prestige Brands, Inc., the issuer |  | Combined Subsidiary Guarantors |  | Combined Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | — |  |  | $ | 97,509 |  |  | $ | 474,338 |  |  | $ | 23,286 |  |  | $ | (2,679 | ) |  | $ | 592,454 |
Other revenues |  | — |  |  | 295 |  |  | 4,886 |  |  | 1,639 |  |  | (1,893 | ) |  | 4,927 |
Total revenues |  | — |  |  | 97,804 |  |  | 479,224 |  |  | 24,925 |  |  | (4,572 | ) |  | 597,381 |
Cost of Sales |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales (exclusive of depreciation shown below) |  | — |  |  | 37,272 |  |  | 218,692 |  |  | 9,428 |  |  | (3,562 | ) |  | 261,830 |
Gross profit |  | — |  |  | 60,532 |  |  | 260,532 |  |  | 15,497 |  |  | (1,010 | ) |  | 335,551 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |
Advertising and promotion |  | — |  |  | 10,223 |  |  | 69,583 |  |  | 5,162 |  |  | — |  |  | 84,968 |
General and administrative |  | 3,140 |  |  | 8,026 |  |  | 34,469 |  |  | 2,846 |  |  | — |  |  | 48,481 |
Depreciation and amortization |  | 2,994 |  |  | 577 |  |  | 9,715 |  |  | 200 |  |  | — |  |  | 13,486 |
Total operating expenses |  | 6,134 |  |  | 18,826 |  |  | 113,767 |  |  | 8,208 |  |  | — |  |  | 146,935 |
Operating Income (loss) |  | (6,134 | ) |  | 41,706 |  |  | 146,765 |  |  | 7,289 |  |  | (1,010 | ) |  | 188,616 |
Other (income) expense |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | (48,730 | ) |  | (57,446 | ) |  | (2,327 | ) |  | (382 | ) |  | 108,825 |  |  | (60 | )
Interest expense |  | 34,436 |  |  | 68,642 |  |  | 72,064 |  |  | 2,325 |  |  | (108,825 | ) |  | 68,642 |
Loss on extinguishment of debt |  | — |  |  | 18,286 |  |  | — |  |  | — |  |  | — |  |  | 18,286 |
Equity in (income) loss of subsidiaries |  | (66,739 | ) |  | (53,836 | ) |  | (4,052 | ) |  | — |  |  | 124,627 |  |  | — |
Total other expense (income) |  | (81,033 | ) |  | (24,354 | ) |  | 65,685 |  |  | 1,943 |  |  | 124,627 |  |  | 86,868 |
Income (loss) before income taxes |  | 74,899 |  |  | 66,060 |  |  | 81,080 |  |  | 5,346 |  |  | (125,637 | ) |  | 101,748 |
Provision for income taxes |  | 2,284 |  |  | 3,500 |  |  | 22,055 |  |  | 1,294 |  |  | — |  |  | 29,133 |
Net income (loss) |  | $ | 72,615 |  |  | $ | 62,560 |  |  | $ | 59,025 |  |  | $ | 4,052 |  |  | $ | (125,637 | ) |  | $ | 72,615 |
Comprehensive income, net of tax: |  |  |  |  |  |  |  |  |  |  |  |
Currency translation adjustments |  | 843 |  |  | 843 |  |  | 843 |  |  | 843 |  |  | (2,529 | ) |  | 843 |
Total other comprehensive income (loss) |  | 843 |  |  | 843 |  |  | 843 |  |  | 843 |  |  | (2,529 | ) |  | 843 |
Comprehensive income (loss) |  | $ | 73,458 |  |  | $ | 63,403 |  |  | $ | 59,868 |  |  | $ | 4,895 |  |  | $ | (128,166 | ) |  | $ | 73,458 |
Condensed Consolidating Balance Sheet March 31, 2016
(In thousands) |  | Prestige Brands Holdings, Inc. |  | Prestige Brands, Inc., the issuer |  | Combined Subsidiary Guarantors |  | Combined Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 4,440 |  |  | $ | — |  |  | $ | 2,899 |  |  | $ | 19,891 |  |  | $ | — |  |  | $ | 27,230 |
Accounts receivable, net |  | — |  |  | 12,025 |  |  | 74,446 |  |  | 8,776 |  |  | — |  |  | 95,247 |
Inventories |  | — |  |  | 9,411 |  |  | 72,296 |  |  | 10,088 |  |  | (532 | ) |  | 91,263 |
Deferred income tax assets |  | 316 |  |  | 681 |  |  | 8,293 |  |  | 818 |  |  | — |  |  | 10,108 |
Prepaid expenses and other current assets |  | 15,311 |  |  | 257 |  |  | 8,379 |  |  | 1,218 |  |  | — |  |  | 25,165 |
Total current assets |  | 20,067 |  |  | 22,374 |  |  | 166,313 |  |  | 40,791 |  |  | (532 | ) |  | 249,013 |
Property and equipment, net |  | 9,166 |  |  | 210 |  |  | 5,528 |  |  | 636 |  |  | — |  |  | 15,540 |
Goodwill |  | — |  |  | 66,007 |  |  | 271,409 |  |  | 22,775 |  |  | — |  |  | 360,191 |
Intangible assets, net |  | — |  |  | 191,789 |  |  | 2,042,640 |  |  | 88,294 |  |  | — |  |  | 2,322,723 |
Other long-term assets |  | — |  |  | 1,324 |  |  | — |  |  | — |  |  | — |  |  | 1,324 |
Intercompany receivables |  | 1,457,011 |  |  | 2,703,192 |  |  | 1,083,488 |  |  | 10,738 |  |  | (5,254,429 | ) |  | — |
Investment in subsidiary |  | 1,641,477 |  |  | 1,527,718 |  |  | 81,545 |  |  |  |  |  | (3,250,740 | ) |  | — |
Total Assets |  | $ | 3,127,721 |  |  | $ | 4,512,614 |  |  | $ | 3,650,923 |  |  | $ | 163,234 |  |  | $ | (8,505,701 | ) |  | $ | 2,948,791 |
Liabilities and Stockholders' Equity |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 2,914 |  |  | $ | 7,643 |  |  | $ | 24,437 |  |  | $ | 3,302 |  |  | $ | — |  |  | $ | 38,296 |
Accrued interest payable |  | — |  |  | 8,664 |  |  | — |  |  | — |  |  | — |  |  | 8,664 |
Other accrued liabilities |  | 12,285 |  |  | 1,714 |  |  | 38,734 |  |  | 6,991 |  |  | — |  |  | 59,724 |
Total current liabilities |  | 15,199 |  |  | 18,021 |  |  | 63,171 |  |  | 10,293 |  |  | — |  |  | 106,684 |
Long-term debt |  |  |  |  |  |  |  |  |  |  |  |
Principal amount |  | — |  |  | 1,652,500 |  |  | — |  |  | — |  |  | — |  |  | 1,652,500 |
Less unamortized debt costs |  | — |  |  | (27,191 | ) |  | — |  |  | — |  |  | — |  |  | (27,191 | )
Long-term debt, net |  | — |  |  | 1,625,309 |  |  | — |  |  | — |  |  | — |  |  | 1,625,309 |
Deferred income tax liabilities |  | — |  |  | 60,317 |  |  | 408,893 |  |  | 412 |  |  | — |  |  | 469,622 |
Other long-term liabilities |  | — |  |  | — |  |  | 2,682 |  |  | 158 |  |  | — |  |  | 2,840 |
Intercompany payables |  | 2,368,186 |  |  | 1,241,084 |  |  | 1,570,265 |  |  | 74,894 |  |  | (5,254,429 | ) |  | — |
Total Liabilities |  | 2,383,385 |  |  | 2,944,731 |  |  | 2,045,011 |  |  | 85,757 |  |  | (5,254,429 | ) |  | 2,204,455 |
Stockholders' Equity |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | 530 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 530 |
Additional paid-in capital |  | 445,182 |  |  | 1,280,947 |  |  | 1,359,921 |  |  | 78,774 |  |  | (2,719,642 | ) |  | 445,182 |
Treasury stock, at cost |  | (5,163 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (5,163 | )
Accumulated other comprehensive income (loss), net of tax |  | (23,525 | ) |  | (23,525 | ) |  | (23,525 | ) |  | (23,525 | ) |  | 70,575 |  |  | (23,525 | )
Retained earnings (accumulated deficit) |  | 327,312 |  |  | 310,461 |  |  | 269,516 |  |  | 22,228 |  |  | (602,205 | ) |  | 327,312 |
Total Stockholders' Equity |  | 744,336 |  |  | 1,567,883 |  |  | 1,605,912 |  |  | 77,477 |  |  | (3,251,272 | ) |  | 744,336 |
Total Liabilities and Stockholders' Equity |  | $ | 3,127,721 |  |  | $ | 4,512,614 |  |  | $ | 3,650,923 |  |  | $ | 163,234 |  |  | $ | (8,505,701 | ) |  | $ | 2,948,791 |
Condensed Consolidating Balance Sheet March 31, 2015
(In thousands) |  | Prestige Brands Holdings, Inc. |  | Prestige Brands, Inc., the issuer |  | Combined Subsidiary Guarantors |  | Combined Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 11,387 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,931 |  |  | $ | — |  |  | $ | 21,318 |
Accounts receivable, net |  | — |  |  | 14,539 |  |  | 66,523 |  |  | 6,796 |  |  | — |  |  | 87,858 |
Inventories |  | — |  |  | 8,667 |  |  | 60,297 |  |  | 6,182 |  |  | (1,146 | ) |  | 74,000 |
Deferred income tax assets |  | 452 |  |  | 674 |  |  | 6,497 |  |  | 474 |  |  | — |  |  | 8,097 |
Prepaid expenses and other current assets |  | 5,731 |  |  | 141 |  |  | 3,804 |  |  | 758 |  |  | — |  |  | 10,434 |
Total current assets |  | 17,570 |  |  | 24,021 |  |  | 137,121 |  |  | 24,141 |  |  | (1,146 | ) |  | 201,707 |
Property and equipment, net |  | 10,726 |  |  | 175 |  |  | 2,207 |  |  | 636 |  |  | — |  |  | 13,744 |
Goodwill |  | — |  |  | 66,007 |  |  | 204,205 |  |  | 20,439 |  |  | — |  |  | 290,651 |
Intangible assets, net |  | — |  |  | 192,325 |  |  | 1,854,798 |  |  | 87,577 |  |  | — |  |  | 2,134,700 |
Other long-term assets |  | — |  |  | 1,165 |  |  | — |  |  | — |  |  | — |  |  | 1,165 |
Intercompany receivables |  | 1,210,017 |  |  | 2,607,054 |  |  | 668,169 |  |  | 8,764 |  |  | (4,494,004 | ) |  | — |
Investment in subsidiary |  | 1,545,575 |  |  | 1,228,535 |  |  | 65,564 |  |  | — |  |  | (2,839,674 | ) |  | — |
Total Assets |  | $ | 2,783,888 |  |  | $ | 4,119,282 |  |  | $ | 2,932,064 |  |  | $ | 141,557 |  |  | $ | (7,334,824 | ) |  | $ | 2,641,967 |
Liabilities and Stockholders' Equity |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 1,959 |  |  | $ | 6,829 |  |  | $ | 32,898 |  |  | $ | 4,429 |  |  | $ | — |  |  | $ | 46,115 |
Accrued interest payable |  | — |  |  | 11,974 |  |  | — |  |  | — |  |  | — |  |  | 11,974 |
Other accrued liabilities |  | 10,378 |  |  | 1,153 |  |  | 25,795 |  |  | 3,622 |  |  | — |  |  | 40,948 |
Total current liabilities |  | 12,337 |  |  | 19,956 |  |  | 58,693 |  |  | 8,051 |  |  | — |  |  | 99,037 |
Long-term debt |  |  |  |  |  |  |  |  |  |  |  |
Principal amount |  | — |  |  | 1,593,600 |  |  | — |  |  | — |  |  | — |  |  | 1,593,600 |
Less unamortized debt costs |  | — |  |  | (32,327 | ) |  | — |  |  | — |  |  | — |  |  | (32,327 | )
Long-term debt, net |  | — |  |  | 1,561,273 |  |  | — |  |  | — |  |  | — |  |  | 1,561,273 |
Deferred income tax liabilities |  | — |  |  | 59,038 |  |  | 292,504 |  |  | 27 |  |  | — |  |  | 351,569 |
Other long-term liabilities |  | — |  |  | — |  |  | 2,293 |  |  | 171 |  |  | — |  |  | 2,464 |
Intercompany payables |  | 2,143,927 |  |  | 1,001,219 |  |  | 1,279,833 |  |  | 69,025 |  |  | (4,494,004 | ) |  | — |
Total Liabilities |  | 2,156,264 |  |  | 2,641,486 |  |  | 1,633,323 |  |  | 77,274 |  |  | (4,494,004 | ) |  | 2,014,343 |
Stockholders' Equity |  |  |  |  |  |  |  |  |  |  |  |
Common Stock |  | 525 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 525 |
Additional paid-in capital |  | 426,584 |  |  | 1,280,948 |  |  | 1,131,578 |  |  | 74,031 |  |  | (2,486,557 | ) |  | 426,584 |
Treasury stock, at cost |  | (3,478 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (3,478 | )
Accumulated other comprehensive income (loss), net of tax |  | (23,412 | ) |  | (23,412 | ) |  | (23,412 | ) |  | (23,412 | ) |  | 70,236 |  |  | (23,412 | )
Retained earnings (accumulated deficit) |  | 227,405 |  |  | 220,260 |  |  | 190,575 |  |  | 13,664 |  |  | (424,499 | ) |  | 227,405 |
Total Stockholders' Equity |  | 627,624 |  |  | 1,477,796 |  |  | 1,298,741 |  |  | 64,283 |  |  | (2,840,820 | ) |  | 627,624 |
Total Liabilities and Stockholders’ Equity |  | $ | 2,783,888 |  |  | $ | 4,119,282 |  |  | $ | 2,932,064 |  |  | $ | 141,557 |  |  | $ | (7,334,824 | ) |  | $ | 2,641,967 |
Condensed Consolidating Statement of Cash Flows Year Ended March 31, 2016
(In thousands) |  | Prestige Brands Holdings, Inc. |  | Prestige Brands, Inc., the issuer |  | Combined Subsidiary Guarantors |  | Combined Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Operating Activities |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 99,907 |  |  | $ | 90,201 |  |  | $ | 78,941 |  |  | $ | 8,564 |  |  | $ | (177,706 | ) |  | $ | 99,907 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | 4,050 |  |  | 594 |  |  | 18,617 |  |  | 415 |  |  | — |  |  | 23,676 |
Deferred income taxes |  | 136 |  |  | 1,272 |  |  | 45,070 |  |  | (326 | ) |  | — |  |  | 46,152 |
Long term income taxes payable |  | — |  |  | — |  |  | (332 | ) |  | — |  |  | — |  |  | (332 | )
Amortization of debt origination costs |  | — |  |  | 8,994 |  |  | — |  |  | — |  |  | — |  |  | 8,994 |
Stock-based compensation costs |  | 9,794 |  |  | — |  |  | — |  |  | 160 |  |  | — |  |  | 9,954 |
Loss on extinguishment of debt |  | — |  |  | 17,970 |  |  | — |  |  | — |  |  | — |  |  | 17,970 |
Premium payment on 2012 Senior Notes |  | — |  |  | (10,158 | ) |  | — |  |  | — |  |  | — |  |  | (10,158 | )
(Gain) loss on sale or disposal of property and equipment |  | — |  |  | — |  |  | 1 |  |  | (36 | ) |  | — |  |  | (35 | )
Equity in income of subsidiaries |  | (98,803 | ) |  | (70,953 | ) |  | (8,564 | ) |  | — |  |  | 178,320 |  |  | — |
Changes in operating assets and liabilities, net of effects from acquisitions: |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | — |  |  | 2,514 |  |  | (388 | ) |  | (302 | ) |  | — |  |  | 1,824 |
Inventories |  | — |  |  | (744 | ) |  | 213 |  |  | (1,860 | ) |  | (614 | ) |  | (3,005 | )
Prepaid expenses and other current assets |  | (9,580 | ) |  | (116 | ) |  | 1,977 |  |  | (202 | ) |  | — |  |  | (7,921 | )
Accounts payable |  | 929 |  |  | 814 |  |  | (11,284 | ) |  | (1,807 | ) |  | — |  |  | (11,348 | )
Accrued liabilities |  | 1,907 |  |  | (2,749 | ) |  | (1,943 | ) |  | 1,457 |  |  | — |  |  | (1,328 | )
Net cash provided by operating activities |  | 8,340 |  |  | 37,639 |  |  | 122,308 |  |  | 6,063 |  |  | — |  |  | 174,350 |
Investing Activities |  |  |  |  |  |  |  |  |  |  |  |
Purchases of property and equipment |  | (2,460 | ) |  | (93 | ) |  | (521 | ) |  | (494 | ) |  | — |  |  | (3,568 | )
Proceeds from the sale of property and equipment |  | — |  |  | — |  |  | — |  |  | 344 |  |  | — |  |  | 344 |
Proceeds from Insight Pharmaceuticals working capital arbitration settlement |  | — |  |  | — |  |  | 7,237 |  |  | — |  |  | — |  |  | 7,237 |
Acquisition of DenTek, less cash acquired |  | — |  |  | — |  |  | (226,984 | ) |  | — |  |  | — |  |  | (226,984 | )
Intercompany activity, net |  | — |  |  | (228,343 | ) |  | 228,343 |  |  | — |  |  | — |  |  | — |
Net cash (used in) provided by investing activities |  | (2,460 | ) |  | (228,436 | ) |  | 8,075 |  |  | (150 | ) |  | — |  |  | (222,971 | )
Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from issuance of 2016 Senior Notes |  | — |  |  | 350,000 |  |  | — |  |  | — |  |  | — |  |  | 350,000 |
Repayment of 2012 Senior Notes |  | — |  |  | (250,000 | ) |  | — |  |  | — |  |  | — |  |  | (250,000 | )
Borrowings under Bridge term loans |  | — |  |  | 80,000 |  |  | — |  |  | — |  |  | — |  |  | 80,000 |
Repayments under Bridge term loans |  | — |  |  | (80,000 | ) |  | — |  |  | — |  |  | — |  |  | (80,000 | )
Term loan repayments |  | — |  |  | (60,000 | ) |  | — |  |  | — |  |  | — |  |  | (60,000 | )
Borrowings under revolving credit agreement |  | — |  |  | 115,000 |  |  | — |  |  | — |  |  | — |  |  | 115,000 |
Repayments under revolving credit agreement |  | — |  |  | (96,100 | ) |  | — |  |  | — |  |  | — |  |  | (96,100 | )
Payments of debt origination costs |  | — |  |  | (11,828 | ) |  | — |  |  | — |  |  | — |  |  | (11,828 | )
Proceeds from exercise of stock options |  | 6,689 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,689 |
Proceeds from restricted stock exercises |  | 544 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 544 |
Excess tax benefits from share-based awards |  | 1,960 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,960 |
Fair value of shares surrendered as payment of tax withholding |  | (2,229 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,229 | )
Intercompany activity, net |  | (19,791 | ) |  | 143,725 |  |  | (127,484 | ) |  | 3,550 |  |  | — |  |  | — |
Net cash provided by (used in) financing activities |  | (12,827 | ) |  | 190,797 |  |  | (127,484 | ) |  | 3,550 |  |  | — |  |  | 54,036 |
Effects of exchange rate changes on cash and cash equivalents |  | — |  |  | — |  |  | — |  |  | 497 |  |  | — |  |  | 497 |
Increase (decrease) in cash and cash equivalents |  | (6,947 | ) |  | — |  |  | 2,899 |  |  | 9,960 |  |  | — |  |  | 5,912 |
Cash and cash equivalents - beginning of year |  | 11,387 |  |  | — |  |  | — |  |  | 9,931 |  |  | — |  |  | 21,318 |
Cash and cash equivalents - end of year |  | $ | 4,440 |  |  | $ | — |  |  | $ | 2,899 |  |  | $ | 19,891 |  |  | $ | — |  |  | $ | 27,230 |
Condensed Consolidating Statement of Cash Flows Year Ended March 31, 2015
(In thousands) |  | Prestige Brands Holdings, Inc. |  | Prestige Brands, Inc., the issuer |  | Combined Subsidiary Guarantors |  | Combined Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Operating Activities |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 78,260 |  |  | $ | 77,881 |  |  | $ | 50,209 |  |  | $ | 2,013 |  |  | $ | (130,103 | ) |  | $ | 78,260 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | 3,381 |  |  | 592 |  |  | 12,752 |  |  | 1,015 |  |  | — |  |  | 17,740 |
Gain on sale of asset |  | — |  |  | — |  |  | (1,133 | ) |  | — |  |  | — |  |  | (1,133 | )
Deferred income taxes |  | (192 | ) |  | 2,462 |  |  | 26,795 |  |  | (143 | ) |  | — |  |  | 28,922 |
Long-term income taxes payable |  | — |  |  | — |  |  | 2,294 |  |  | — |  |  | — |  |  | 2,294 |
Amortization of debt origination costs |  | — |  |  | 8,821 |  |  | — |  |  | — |  |  | — |  |  | 8,821 |
Stock-based compensation costs |  | 6,918 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,918 |
Lease termination costs |  | — |  |  | — |  |  | 785 |  |  | — |  |  | — |  |  | 785 |
Loss on sale or disposal of equipment |  | — |  |  | — |  |  | — |  |  | 321 |  |  | — |  |  | 321 |
Equity in income of subsidiaries |  | (76,383 | ) |  | (51,573 | ) |  | (2,013 | ) |  | — |  |  | 129,969 |  |  | — |
Changes in operating assets and liabilities, net of effects from acquisitions: |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | 473 |  |  | (294 | ) |  | 5,146 |  |  | (3,717 | ) |  | — |  |  | 1,608 |
Inventories |  | — |  |  | 5,690 |  |  | 8,981 |  |  | 555 |  |  | 134 |  |  | 15,360 |
Prepaid expenses and other current assets |  | 2,273 |  |  | (28 | ) |  | 2,631 |  |  | (212 | ) |  | — |  |  | 4,664 |
Accounts payable |  | (2,457 | ) |  | (829 | ) |  | (16,734 | ) |  | 2,383 |  |  | — |  |  | (17,637 | )
Accrued liabilities |  | 2,650 |  |  | 1,384 |  |  | 3,560 |  |  | 1,738 |  |  | — |  |  | 9,332 |
Net cash provided by operating activities |  | 14,923 |  |  | 44,106 |  |  | 93,273 |  |  | 3,953 |  |  | — |  |  | 156,255 |
Investing Activities |  |  |  |  |  |  |  |  |  |  |  |
Purchases of property and equipment |  | (5,029 | ) |  | (119 | ) |  | (739 | ) |  | (214 | ) |  | — |  |  | (6,101 | )
Proceeds from sale of business |  | — |  |  | — |  |  | 18,500 |  |  | — |  |  | — |  |  | 18,500 |
Proceeds from sale of asset |  | — |  |  | — |  |  | 10,000 |  |  | — |  |  | — |  |  | 10,000 |
Acquisition of Insight Pharmaceuticals, less cash acquired |  | — |  |  | — |  |  | (749,666 | ) |  | — |  |  | — |  |  | (749,666 | )
Acquisition of the Hydralyte brand |  | — |  |  | — |  |  | — |  |  | (77,991 | ) |  | — |  |  | (77,991 | )
Intercompany activity, net |  | — |  |  | (809,157 | ) |  | 731,166 |  |  | 77,991 |  |  | — |  |  | — |
Net cash (used in) provided by investing activities |  | (5,029 | ) |  | (809,276 | ) |  | 9,261 |  |  | (214 | ) |  | — |  |  | (805,258 | )
Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Term loan borrowings |  | — |  |  | 720,000 |  |  | — |  |  | — |  |  | — |  |  | 720,000 |
Term loan repayments |  | — |  |  | (130,000 | ) |  | — |  |  | — |  |  | — |  |  | (130,000 | )
Borrowings under revolving credit agreement |  | — |  |  | 124,600 |  |  | — |  |  | — |  |  | — |  |  | 124,600 |
Repayments under revolving credit agreement |  | — |  |  | (58,500 | ) |  | — |  |  | — |  |  | — |  |  | (58,500 | )
Payments of debt origination costs |  | — |  |  | (16,072 | ) |  | — |  |  | — |  |  | — |  |  | (16,072 | )
Proceeds from exercise of stock options |  | 3,954 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,954 |
Proceeds from restricted stock exercises |  | 57 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 57 |
Excess tax benefits from share-based awards |  | 1,330 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,330 |
Fair value of shares surrendered as payment of tax withholding |  | (2,104 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,104 | )
Intercompany activity, net |  | (26,388 | ) |  | 125,142 |  |  | (102,534 | ) |  | 3,780 |  |  | — |  |  | — |
Net cash provided by (used in) financing activities |  | (23,151 | ) |  | 765,170 |  |  | (102,534 | ) |  | 3,780 |  |  | — |  |  | 643,265 |
Effect of exchange rate changes on cash and cash equivalents |  | — |  |  | — |  |  | — |  |  | (1,275 | ) |  | — |  |  | (1,275 | )
(Decrease) Increase in cash and cash equivalents |  | (13,257 | ) |  | — |  |  | — |  |  | 6,244 |  |  | — |  |  | (7,013 | )
Cash and cash equivalents - beginning of year |  | 24,644 |  |  | — |  |  | — |  |  | 3,687 |  |  | — |  |  | 28,331 |
Cash and cash equivalents - end of year |  | $ | 11,387 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,931 |  |  | $ | — |  |  | $ | 21,318 |
Condensed Consolidating Statement of Cash Flows Year Ended March 31, 2014
(In thousands) |  | Prestige Brands Holdings, Inc. |  | Prestige Brands, Inc., the issuer |  | Combined Subsidiary Guarantors |  | Combined Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Operating Activities |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 72,615 |  |  | $ | 62,560 |  |  | $ | 59,025 |  |  | $ | 4,052 |  |  | $ | (125,637 | ) |  | $ | 72,615 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | 2,994 |  |  | 577 |  |  | 9,715 |  |  | 200 |  |  | — |  |  | 13,486 |
Deferred income taxes |  | (42 | ) |  | 1,466 |  |  | 17,765 |  |  | (177 | ) |  | — |  |  | 19,012 |
Amortization of debt origination costs |  | — |  |  | 10,512 |  |  | — |  |  | — |  |  | — |  |  | 10,512 |
Stock-based compensation costs |  | 5,146 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,146 |
Loss on extinguishment of debt |  | — |  |  | 18,286 |  |  | — |  |  | — |  |  | — |  |  | 18,286 |
Premium payment on 2010 Senior Notes |  | — |  |  | (15,527 | ) |  | — |  |  | — |  |  | — |  |  | (15,527 | )
Gain on disposal of equipment |  | — |  |  | — |  |  | (3 | ) |  | — |  |  | — |  |  | (3 | )
Equity in income of subsidiaries |  | (66,739 | ) |  | (53,836 | ) |  | (4,052 | ) |  | — |  |  | 124,627 |  |  | — |
Changes in operating assets and liabilities, net of effects from acquisitions: |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | (452 | ) |  | (370 | ) |  | 12,460 |  |  | (1,903 | ) |  | — |  |  | 9,735 |
Inventories |  | — |  |  | (3,193 | ) |  | 2,165 |  |  | (2,832 | ) |  | 1,010 |  |  | (2,850 | )
Prepaid expenses and other current assets |  | (3,062 | ) |  | (20 | ) |  | 711 |  |  | 241 |  |  | — |  |  | (2,130 | )
Accounts payable |  | 1,815 |  |  | (2,942 | ) |  | (4,142 | ) |  | 628 |  |  | — |  |  | (4,641 | )
Accrued liabilities |  | (4,966 | ) |  | (3,835 | ) |  | (2,664 | ) |  | (594 | ) |  | — |  |  | (12,059 | )
Net cash provided by (used in) operating activities |  | 7,309 |  |  | 13,678 |  |  | 90,980 |  |  | (385 | ) |  | — |  |  | 111,582 |
Investing Activities |  |  |  |  |  |  |  |  |  |  |  |
Purchases of property and equipment |  | (2,351 | ) |  | (119 | ) |  | (108 | ) |  | (186 | ) |  | — |  |  | (2,764 | )
Proceeds from sale of property and equipment |  | — |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | 3 |
Acquisition of Care Pharmaceuticals, less cash acquired |  | — |  |  | — |  |  | — |  |  | (55,215 | ) |  | — |  |  | (55,215 | )
Intercompany activity, net |  | — |  |  | (55,215 | ) |  | — |  |  | 55,215 |  |  | — |  |  | — |
Net cash used in investing activities |  | (2,351 | ) |  | (55,334 | ) |  | (105 | ) |  | (186 | ) |  | — |  |  | (57,976 | )
Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from issuance of 2013 Senior Notes |  | — |  |  | 400,000 |  |  | — |  |  | — |  |  | — |  |  | 400,000 |
Repayment of 2010 Senior Notes |  | — |  |  | (250,000 | ) |  | — |  |  | — |  |  | — |  |  | (250,000 | )
Term loan repayments |  | — |  |  | (157,500 | ) |  | — |  |  | — |  |  | — |  |  | (157,500 | )
Borrowings under revolving credit agreement |  | — |  |  | 50,000 |  |  | — |  |  | — |  |  | — |  |  | 50,000 |
Repayment under revolving credit agreement |  | — |  |  | (83,000 | ) |  | — |  |  | — |  |  | — |  |  | (83,000 | )
Payments of debt origination costs |  | — |  |  | (7,466 | ) |  | — |  |  | — |  |  | — |  |  | (7,466 | )
Proceeds from exercise of stock options |  | 5,907 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,907 |
Excess tax benefits from share-based awards |  | 1,650 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,650 |
Fair value of shares surrendered as payment of tax withholding |  | (744 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (744 | )
Intercompany activity, net |  | (1,847 | ) |  | 89,622 |  |  | (90,875 | ) |  | 3,100 |  |  | — |  |  | — |
Net cash (used in) provided by financing activities |  | 4,966 |  |  | 41,656 |  |  | (90,875 | ) |  | 3,100 |  |  | — |  |  | (41,153 | )
Effect of exchange rate changes on cash and cash equivalents |  | — |  |  | — |  |  | — |  |  | 208 |  |  | — |  |  | 208 |
Increase in cash and cash equivalents |  | 9,924 |  |  | — |  |  | — |  |  | 2,737 |  |  | — |  |  | 12,661 |
Cash and cash equivalents - beginning of year |  | 14,720 |  |  | — |  |  | — |  |  | 950 |  |  | — |  |  | 15,670 |
Cash and cash equivalents - end of year |  | $ | 24,644 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,687 |  |  | $ | — |  |  | $ | 28,331 |

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