STERIS (STE) 10-Q 9 Feb 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	9 Months Ended
	Dec. 31, 2020	Feb. 05, 2021
Entity Information [Line Items]
Entity Registrant Name	STERIS plc
Entity Central Index Key	0001757898
Document Type	10-Q
Document Period End Date	Dec. 31, 2020
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--03-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		85,352,713
Entity Small Business	false
Entity Emerging Growth Company	false
Entity File Number	001-38848
Entity Incorporation, State or Country Code	L2
Entity Tax Identification Number	98-1455064
Local Phone Number	1 232 2000
City Area Code	353
Document Transition Report	false
Document Quarterly Report	true
Entity Address, Address Line One	70 Sir John Rogerson's Quay,
Entity Address, City or Town	Dublin 2,
Entity Address, Country	IE
Entity Address, Postal Zip Code	D02 R296
Title of 12(b) Security	Ordinary Shares, $0.001 par value
Trading Symbol	STE
Security Exchange Name	NYSE
Entity Shell Company	false

CONSOLIDATED BALANCE SHEETS (un

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Current assets:
Cash and cash equivalents	$ 252,502	$ 319,581
Accounts receivable (net of allowances of $11,605 and $12,051 respectively)	556,117	586,481
Inventories, net	294,132	248,259
Prepaid expenses and other current assets	73,324	54,430
Total current assets	1,176,075	1,208,751
Property, plant, and equipment, net	1,226,895	1,111,855
Other assets	57,614	51,581
Assets	6,580,780	5,425,582
Current liabilities:
Accounts payable	134,471	149,341
Accrued income taxes	13,068	14,013
Accrued payroll and other related liabilities	152,331	128,261
Accrued expenses and other	184,633	192,183
Total current liabilities	505,867	503,607
Long-term indebtedness	1,713,199	1,150,521
Deferred Income Taxes and Other Tax Liabilities, Noncurrent	264,041	160,270
Other Liabilities, Noncurrent	89,264	90,346
Total liabilities	2,702,588	2,018,858
Commitments and contingencies (see Note 8)
Common shares, with $0.001 par value; 500,000 authorized; 85,337 shares issued; and 84,924 shares outstanding	1,996,843	1,982,164
Retained earnings	1,872,533	1,647,175
Accumulated other comprehensive income	(2,386)	(235,463)
Total shareholders' equity	3,866,990	3,393,876
Noncontrolling interest	11,202	12,848
Total equity	3,878,192	3,406,724
Total liabilities and equity	6,580,780	5,425,582
Operating Lease, Right-of-Use Asset	149,741	131,837
Goodwill	2,926,551	2,356,085
Intangible Assets, Net (Excluding Goodwill)	1,043,904	565,473
Capital Lease Obligations, Current	21,364	19,809
Capital Lease Obligations, Noncurrent	$ 130,217	$ 114,114

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (unaudited) Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Capital Lease Obligations, Noncurrent	$ 130,217	$ 114,114
Capital Lease Obligations, Current	21,364	19,809
Operating Lease, Right-of-Use Asset	149,741	131,837
Goodwill	2,926,551	2,356,085
Allowance for Doubtful Accounts Receivable, Current	$ 11,605	$ 12,051
Preferred Stock, Shares Authorized	50,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.001
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Shares, Issued	85,337,000	84,924,000
Common Stock, Shares, Outstanding	85,337,000	84,924,000
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Intangible Assets, Net (Excluding Goodwill)	$ 1,043,904	$ 565,473
Deferred Income Taxes and Other Tax Liabilities, Noncurrent	$ 264,041	$ 160,270

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Total revenues	$ 808,924	$ 774,261	$ 2,233,988	$ 2,207,904
Cost of revenues:
Total cost of revenues	463,063	442,908	1,272,522	1,252,041
Gross Profit	345,861	331,353	961,466	955,863
Operating expenses:
Selling, general, and administrative	182,373	172,927	510,250	527,667
Research and development	16,438	16,487	48,812	48,321
Restructuring Costs	20	(448)	110	667
Total operating expenses	198,831	188,966	559,172	576,655
Income from operations	147,030	142,387	402,294	379,208
Non-operating expenses, net:
Interest expense	8,899	9,813	27,056	30,702
Interest income and miscellaneous expense	(1,299)	(1,378)	(4,776)	(2,163)
Total non-operating expenses, net	7,600	8,435	22,280	28,539
Income before income tax expense	139,430	133,952	380,014	350,669
Income tax expense	24,842	29,285	71,294	66,083
Net Income	114,588	104,667	308,720	284,586
Less: Net Income Attributable to Noncontrolling Interest	87	(263)	171	297
Net income (loss) attributable to shareholders	$ 114,501	$ 104,930	$ 308,549	$ 284,289
Net income per common share [Abstract]
Basic	$ 1.34	$ 1.24	$ 3.62	$ 3.35
Diluted	1.33	1.23	3.59	3.32
Cash dividends declared per common share outstanding	$ 0.40	$ 0.37	$ 1.17	$ 1.08
Product [Member]
Revenues:
Total revenues	$ 375,314	$ 363,795	$ 1,015,926	$ 1,009,196
Cost of revenues:
Cost of Goods and Services Sold	202,881	195,105	535,234	539,664
Service [Member]
Revenues:
Total revenues	433,610	410,466	1,218,062	1,198,708
Cost of revenues:
Cost of Goods and Services Sold	$ 260,182	$ 247,803	$ 737,288	$ 712,377

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Net Income	$ 114,588	$ 104,667	$ 308,720	$ 284,586
Less: Net Income Attributable to Noncontrolling Interest	87	(263)	171	297
Net Income (Loss) Attributable to Parent	114,501	104,930	308,549	284,289
Other comprehensive (loss) income
Amortization of pension and postretirement benefits plans costs, (net of taxes of $173 ,$171, $520 and $512, respectively)	(510)	(504)	(1,530)	(1,515)
Change in cumulative foreign current translation adjustment	128,737	77,299	234,607	12,371
Total other comprehensive (loss) income	128,227	76,795	233,077	10,856
Comprehensive income	$ 242,728	$ 181,725	$ 541,626	$ 295,145

Statement of Comprehensive Inco

Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Amortization of pension and postretirement benefits plans costs, tax	$ 173	$ 171	$ 520	$ 512

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands		9 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Net Income		$ 308,720	$ 284,586
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, and amortization		160,193	146,294
Deferred income taxes		783	(1,139)
Share-based compensation		19,924	18,862
(Gain) loss on the disposal of property, plant, and equipment, and intangibles, net		865	(540)
Loss on sale of businesses, net	[1]	5	2,553
Other items		4,494	(2,506)
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable, net		60,574	29,860
Inventories, net		(7,520)	(32,816)
Other current assets		(8,906)	3,615
Accounts payable		(30,974)	(18,610)
Accruals and other, net		(6,373)	(38,833)
Net cash provided by operating activities		501,785	391,326
Investing activities:
Purchases of property, plant, equipment, and intangibles, net		(164,497)	(153,649)
Proceeds from the sale of property, plant, equipment, and intangibles		417	387
Proceeds from Divestiture of Businesses, Net of Cash Divested		0	439
Acquisition of businesses, net of cash acquired		(869,431)	(107,166)
Payments for (Proceeds from) Other Investing Activities		(2,392)	0
Net cash used in investing activities		(1,035,903)	(259,989)
Financing activities:
Proceeds from Issuance of Private Placement		550,000	0
Payments on long-term obligations		(35,000)	0
Proceeds (Payments) under credit facilities, net		23,782	(48,467)
Deferred financing fees and debt issuance costs		(3,122)	(1,206)
Acquisition related deferred or contingent consideration		(2,968)	(452)
Repurchases of ordinary shares		(14,560)	(40,322)
Cash dividends paid to ordinary shareholders		(99,696)	(91,595)
Proceeds from issuance of equity to minority shareholders		2,258	6,050
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders		(627)	(840)
Payments for Repurchase of Other Equity		(3,552)	0
Net cash used in financing activities		442,533	(153,874)
Effect of exchange rate changes on cash and cash equivalents		24,506	1,134
Cash and cash equivalents at beginning of period		319,581	220,633
Cash and cash equivalents at end of period		252,502	199,230
Proceeds from (Payments for) Other Financing Activities		26,018	22,958
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect		$ (67,079)	$ (21,403)
[1]	For more information regarding our recent acquisitions and divestitures refer to Note 2 titled" Business Acquisitions and Divestitures" and our Annual Report on Form 10-K for the year ended March 31, 2020, dated May 29, 2020.

CONSOLIDATED STATEMENT OF SHARE

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY Statement - USD ($) shares in Thousands, $ in Thousands	Total	Noncontrolling Interest [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Common Stock [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 3,185,798	$ 7,988	$ (159,778)	$ 1,339,024	$ 1,998,564
Shares, Issued					84,517
Net Income (Loss) Attributable to Parent	284,289			284,289
Net Income (Loss) Attributable to Noncontrolling Interest	297	297
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	284,586
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	10,856		10,856
Treasury Stock, Shares, Acquired					304
Payments for Repurchase of Common Stock	40,322			(12,777)	$ 53,099
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures					578
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	41,642				$ 41,642
Dividends, Common Stock, Cash	91,595			91,595
Proceeds from issuance of equity to minority shareholders	6,050	6,050
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(840)	(840)
Non controlling interest period increase (decrease) from translation and other	$ (109)	(109)
Common Stock, Dividends, Per Share, Cash Paid	$ 1.08
Net Income (Loss) Attributable to Parent	$ 284,289			284,289
Net Income (Loss) Attributable to Noncontrolling Interest	297	297
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	284,586
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	10,856		10,856
Treasury Stock, Shares, Acquired					(304)
Payments for Repurchase of Common Stock	(40,322)			12,777	$ (53,099)
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures					578
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	41,642				$ 41,642
Dividends, Common Stock, Cash	(91,595)			(91,595)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	3,237,645	8,977	(225,717)	1,472,725	$ 1,981,660
Shares, Issued					84,797
Net Income (Loss) Attributable to Parent	104,930			104,930
Net Income (Loss) Attributable to Noncontrolling Interest	(263)	(263)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	104,667
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	76,795		76,795
Treasury Stock, Shares, Acquired					25
Payments for Repurchase of Common Stock	2,454			1,785	$ 669
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures					19
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	6,116				$ 6,116
Dividends, Common Stock, Cash	31,375			31,375
Proceeds from issuance of equity to minority shareholders	6,050	6,050
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(840)	(840)
Non controlling interest period increase (decrease) from translation and other	$ (538)	(538)
Common Stock, Dividends, Per Share, Cash Paid	$ 0.37
Net Income (Loss) Attributable to Parent	$ 104,930			104,930
Net Income (Loss) Attributable to Noncontrolling Interest	(263)	(263)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	104,667
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	76,795		76,795
Treasury Stock, Shares, Acquired					(25)
Payments for Repurchase of Common Stock	(2,454)			(1,785)	$ (669)
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures					19
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	6,116				$ 6,116
Dividends, Common Stock, Cash	(31,375)			(31,375)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	3,396,066
Stockholders' Equity Attributable to Parent			(148,922)	1,544,495	$ 1,987,107
Noncontrolling interest		13,386
Shares, Issued					84,791
Stockholders' Equity Attributable to Parent			(148,922)	1,544,495	$ 1,987,107
Stockholders' Equity Attributable to Noncontrolling Interest		13,386
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	3,406,724	12,848	(235,463)	1,647,175	$ 1,982,164
Stockholders' Equity Attributable to Parent	3,393,876
Noncontrolling interest	12,848
Shares, Issued					84,924
Stockholders' Equity Attributable to Parent	3,393,876
Stockholders' Equity Attributable to Noncontrolling Interest	12,848
Net Income (Loss) Attributable to Parent	308,549			308,549
Net Income (Loss) Attributable to Noncontrolling Interest	171	171
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	308,720
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	233,077		233,077
Treasury Stock, Shares, Acquired					121
Payments for Repurchase of Common Stock	14,560			(16,505)	$ 31,065
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures					534
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	45,744				$ 45,744
Dividends, Common Stock, Cash	99,696			99,696
Proceeds from issuance of equity to minority shareholders	2,258	2,258
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(627)	(627)
Payments for Repurchase of Other Equity	(3,552)	(3,552)
Non controlling interest period increase (decrease) from translation and other	$ 104	104
Common Stock, Dividends, Per Share, Cash Paid	$ 1.17
Net Income (Loss) Attributable to Parent	$ 308,549			308,549
Net Income (Loss) Attributable to Noncontrolling Interest	171	171
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	308,720
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	233,077		233,077
Treasury Stock, Shares, Acquired					(121)
Payments for Repurchase of Common Stock	(14,560)			16,505	$ (31,065)
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures					534
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	45,744				$ 45,744
Dividends, Common Stock, Cash	(99,696)			(99,696)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	3,662,455	15,310	(130,613)	1,786,878	$ 1,990,880
Shares, Issued					85,251
Net Income (Loss) Attributable to Parent	114,501			114,501
Net Income (Loss) Attributable to Noncontrolling Interest	87	87
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	114,588
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	128,227		128,227
Treasury Stock, Shares, Acquired					9
Payments for Repurchase of Common Stock	127			(5,290)	$ 5,417
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures					95
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	11,380				$ 11,380
Dividends, Common Stock, Cash	34,136			34,136
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(627)	(627)
Payments for Repurchase of Other Equity	3,552	3,552
Non controlling interest period increase (decrease) from translation and other	$ (16)	(16)
Common Stock, Dividends, Per Share, Cash Paid	$ 0.40
Net Income (Loss) Attributable to Parent	$ 114,501			114,501
Net Income (Loss) Attributable to Noncontrolling Interest	87	87
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	114,588
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	128,227		128,227
Treasury Stock, Shares, Acquired					(9)
Payments for Repurchase of Common Stock	(127)			5,290	$ (5,417)
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures					95
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	11,380				$ 11,380
Dividends, Common Stock, Cash	(34,136)			(34,136)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	3,878,192
Stockholders' Equity Attributable to Parent	3,866,990		(2,386)	1,872,533	$ 1,996,843
Noncontrolling interest	11,202	11,202
Shares, Issued					85,337
Stockholders' Equity Attributable to Parent	3,866,990		$ (2,386)	$ 1,872,533	$ 1,996,843
Stockholders' Equity Attributable to Noncontrolling Interest	$ 11,202	$ 11,202

Nature of Operations and Summar

Nature of Operations and Summary of Significant Accounting Policies(Notes)	9 Months Ended
	Dec. 31, 2020
Notes To Financial Statements [Abstract]
Significant Accounting Policies	Nature of Operations and Summary of Significant Accounting Policies Nature of Operations STERIS plc is a leading provider of infection prevention and other procedural products and services. Our MISSION IS TO HELP OUR CUSTOMERS CREATE A HEALTHIER AND SAFER WORLD by providing innovative healthcare and life science product and service solutions around the globe. We offer our Customers a unique mix of innovative consumable products, such as detergents, gastrointestinal ("GI") endoscopy accessories, barrier product solutions, and other products and services, including: equipment installation and maintenance, microbial reduction of medical devices, instrument and scope repair solutions, laboratory testing services, on-site and off-site reprocessing, and capital equipment products, such as sterilizers and surgical tables, and connectivity solutions such as operating room (“OR”) integration. Our fiscal year ends on March 31. References in this Quarterly Report to a particular “year” or “year-end” mean our fiscal year. The significant accounting policies applied in preparing the accompanying consolidated financial statements of the Company are summarized below: Interim Financial Statements We prepared the accompanying unaudited consolidated financial statements of the Company according to accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and the instructions to the Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X. This means that they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Our unaudited interim consolidated financial statements contain all material adjustments (including normal recurring accruals and adjustments) management believes are necessary to fairly state our financial condition, results of operations, and cash flows for the periods presented. These interim consolidated financial statements should be read together with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended March 31, 2020 dated May 29, 2020. The Consolidated Balance Sheet at March 31, 2020 was derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Principles of Consolidation We use the consolidation method to report our investment in our subsidiaries. Therefore, the accompanying consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. We eliminate inter-company accounts and transactions when we consolidate these accounts. Investments in equity of unconsolidated affiliates, over which the Company has significant influence, but not control, over the financial and operating polices, are accounted for primarily using the equity method. These investments are immaterial to the Company's Consolidated Financial Statements. Use of Estimates We make certain estimates and assumptions when preparing financial statements according to U.S. GAAP that affect the reported amounts of assets and liabilities at the financial statement dates and the reported amounts of revenues and expenses during the periods presented. These estimates and assumptions involve judgments with respect to many factors that are difficult to predict and are beyond our control. Actual results could be materially different from these estimates. We revise the estimates and assumptions as new information becomes available. This means that operating results for the three and nine month periods ended December 31, 2020 are not necessarily indicative of results that may be expected for future quarters or for the full fiscal year ending March 31, 2021. Revenue Recognition and Associated Liabilities We adopted Accounting Standards Update ("ASU") 2014-09 “Revenue from Contracts with Customers” and the subsequently issued amendments on April 1, 2018. At the time of adoption, certain of our capital equipment contracts were comprised of a single integrated performance obligation, which resulted in the deferral of the corresponding capital equipment revenue and cost of revenues until installation was complete. Since the adoption of the standard, there have been changes made in our selling philosophy, product architecture, and manufacturing processes with respect to this product line, that impact whether the promises to transfer the individual goods or services to the Customer are separately identifiable from other promises in the contract. After review of these changes, we have concluded that these contracts consist of multiple performance obligations that are capable of being distinct and meet the criteria for revenue to be recognized when the Customer obtains control of the asset, which is upon delivery of each performance obligation. Revenues and costs of revenues related to these contracts totaling $14,609 and $7,560, respectively, that had previously been deferred were recognized in our fiscal 2021 first quarter. Revenue is recognized when obligations under the terms of the contract are satisfied and control of the promised products or services have transferred to the Customer. Revenues are measured at the amount of consideration that we expect to be paid in exchange for the products or services. Product revenue is recognized when control passes to the Customer, which is generally based on contract or shipping terms. Service revenue is recognized when the Customer benefits from the service, which occurs either upon completion of the service or as it is provided to the Customer. Our Customers include end users as well as dealers and distributors who market and sell our products. Our revenue is not contingent upon resale by the dealer or distributor, and we have no further obligations related to bringing about resale. Our standard return and restocking fee policies are applied to sales of products. Shipping and handling costs charged to Customers are included in Product revenues. The associated expenses are treated as fulfillment costs and are included in Cost of revenues. Revenues are reported net of sales and value-added taxes collected from Customers. We have individual Customer contracts that offer discounted pricing. Dealers and distributors may be offered sales incentives in the form of rebates. We reduce revenue for discounts and estimated returns, rebates, and other similar allowances in the same period the related revenues are recorded. The reduction in revenue for these items is estimated based on historical experience and trend analysis to the extent that it is probable that a significant reversal of revenue will not occur. Estimated returns are recorded gross on the Consolidated Balance Sheets. In transactions that contain multiple performance obligations, such as when products, maintenance services, and other services are combined, we recognize revenue as each product is delivered or service is provided to the Customer. We allocate the total arrangement consideration to each performance obligation based on its relative standalone selling price, which is the price for the product or service when it is sold separately. Payment terms vary by the type and location of the Customer and the products or services offered. Generally, the time between when revenue is recognized and when payment is due is not significant. We do not evaluate whether the selling price contains a financing component for contracts that have a duration of less than one year. We do not capitalize sales commissions as substantially all of our sales commission programs have an amortization period of one year or less. Certain costs to fulfill a contract are capitalized and amortized over the term of the contract if they are recoverable, directly related to a contract and generate resources that we will use to fulfill the contract in the future. At December 31, 2020, assets related to costs to fulfill a contract were not material to our Consolidated Financial Statements. Refer to Note 9, titled "Business Segment Information" for disaggregation of revenue. Product Revenue Product revenues consist of revenues generated from sales of consumables and capital equipment. These contracts are primarily based on a Customer’s purchase order and may include a Distributor, Dealer or Group Purchasing Organization ("GPO") agreement. We recognize revenue for sales of product when control passes to the Customer, which generally occurs either when the products are shipped or when they are received by the Customer. Revenue related to capital equipment products is deferred until installation is complete if the capital equipment and installation are highly integrated and form a single performance obligation. Service Revenue Within our Healthcare and Life Sciences segments, service revenues consist of revenue generated from parts and labor associated with the maintenance, repair and installation of capital equipment. These contracts are primarily based on a Customer’s purchase order and may include a Distributor, Dealer, or Group Purchasing Organization ("GPO") agreement. For maintenance, repair and installation of capital equipment, revenue is recognized upon completion of the service. Healthcare service revenues also include outsourced reprocessing services and instrument repairs. Contracts for outsourced reprocessing services are primarily based on an agreement with a Customer, ranging in length from several months to 15 years. Outsourced reprocessing services revenue is recognized ratably over the contract term using a time-based input measure, adjusted for volume and other performance metrics, to the extent that it is probable that a significant reversal of revenue will not occur. Contracts for instrument repairs are primarily based on a Customer’s purchase order, and the associated revenue is recognized upon completion of the repair. We also offer preventive maintenance and separately priced extended warranty agreements to our Customers, which require us to maintain and repair our products over the duration of the contract. Generally, these contract terms are cancellable without penalty and range from one to five years. Amounts received under these Customer contracts are initially recorded as a service liability and are recognized as service revenue ratably over the contract term using a time-based input measure. Within our Applied Sterilization Technologies segment, service revenues include contract sterilization and laboratory services. Sales contracts for contract sterilization and laboratory services are primarily based on a Customer’s purchase order and associated Customer agreement and revenues are generally recognized upon completion of the service. Contract Liabilities Payments received from Customers are based on invoices or billing schedules as established in contracts with Customers. Deferred revenue is recorded when payment is received in advance of performance under the contract. Deferred revenue is recognized as revenue upon completion of the performance obligation, which generally occurs within one year. During the first nine months of fiscal 2021, $38,181 of the March 31, 2020 deferred revenue balance was recorded as revenue. During the first nine months of fiscal 2020, $46,744 of the March 31, 2019 deferred revenue balance was recorded as revenue. Refer to Note 6, titled "Additional Consolidated Balance Sheet Information" for Deferred revenue balances. Service Liabilities Payments received in advance of performance for cancellable preventive maintenance and separately priced extended warranty contracts are recorded as service liabilities. Service liabilities are recognized as revenue as performance is rendered under the contract. Refer to Note 6, titled "Additional Consolidated Balance Sheet Information" for Service liability balances. Remaining Performance Obligations Remaining performance obligations reflect only the performance obligations related to agreements for which we have a firm commitment from a Customer to purchase and exclude variable consideration related to unsatisfied performance obligations. With regard to products, these remaining performance obligations include capital equipment and consumable orders which have not shipped. With regard to service, these remaining performance obligations primarily include installation, certification, and outsourced reprocessing services. As of December 31 2020, the transaction price allocated to remaining performance obligations was approximately $1,014,800. We expect to recognize approximately 50% of the transaction price within one year and approximately 42% beyond one year. The remainder has yet to be scheduled for delivery. Recently Issued Accounting Standards Impacting the Company Recently Issued Accounting Standards Impacting the Company are presented in the following table: Standard Date of Issuance Description Date of Adoption Effect on the financial statements or other significant matters Standards that have been adopted in fiscal 2021 ASU 2016-13, "Measurement of Credit Losses on Financial Instruments" June 2016 The standard required a financial asset (or group of financial assets) measured at amortized cost to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. Credit losses relating to available-for-sale debt securities should be recorded through an allowance for credit losses. The standard was effective for annual periods beginning after December 15, 2019. First Quarter Fiscal 2021 We adopted this standard effective April 1, 2020 with no material impact to our consolidated financial statements. ASU 2018-13 "Fair Value Measurement (Topic 820) Disclosure Framework- Changes to Disclosure Requirements for Fair Value Measurement” August 2018 The standard modified the disclosure requirements by adding, removing, and modifying certain required disclosures for fair value measurements for assets and liabilities disclosed within the fair value hierarchy. The standard was effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. First Quarter Fiscal 2021 We adopted this standard effective April 1, 2020 with no material impact on our consolidated financial statements as it modifies disclosure requirements only. ASU 2018-14 "Compensation- Retirement Benefits - Defined Benefit Plans- General Topic (715-20): Disclosure Framework- Changes to the Disclosure Requirements for Defined Benefit Plans" August 2018 The standard modified the disclosure requirements by adding, removing, and modifying certain required disclosures for employers that sponsor defined benefit pension or other post-retirement benefit plans. The standard also clarified disclosure requirements for defined benefit pension plans relating to the projected benefit obligation and accumulated benefit obligation. The standard was effective for fiscal years ending after December 15, 2019. First Quarter Fiscal 2021 We adopted this standard effective April 1, 2020 with no material impact on our consolidated financial statements as it modifies disclosure requirements only. ASU 2018-15 "Intangibles- Goodwill and Other- Internal Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract" August 2018 The standard aligned the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or First Quarter Fiscal 2021 We adopted this standard on April 1, 2020 using the prospective method. The adoption of this standard did not have a material impact on our consolidated financial statements and disclosures. Standards that have not yet been adopted ASU 2020-06 "Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40)" August 2020 This standard simplifies the accounting for convertible instruments and its application of the derivatives scope exception for contracts in an entity’s own equity. The standard reduces the number of accounting models that require separating embedded conversion features from convertible instruments. As a result, only conversion features accounted for under the substantial premium model and those that require bifurcation will be accounted for separately. For contracts in an entity’s own equity, the new standard eliminates some of the current requirements for equity classification. The standard also addresses how convertible instruments are accounted for in the diluted earnings per share calculation and requires enhanced disclosures about the terms of convertible instruments and contracts in an entity’s own equity. The standard is effective for annual periods beginning after December 15, 2021 and interim periods within that year. Early adoption is permitted for annual periods beginning after December 15, 2020 and interim periods within that year. N/A We are in the process of evaluating the impact that the standard will have on our consolidated financial statements. ASU 2019-12 "Income Taxes (Topic 740)" December 2019 The standard provides final guidance that simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The guidance simplifies accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for fiscal years beginning after December 15, 2020 and early adoption is permitted. N/A We are in the process of evaluating the impact that the standard will have on our consolidated financial statements.

Business Acquisitions and Dives

Business Acquisitions and Divestitures Business Acquisitions and Divestitures (Notes)	9 Months Ended
	Dec. 31, 2020
Business Acquisitions and Divestitures [Abstract]
Business Combination Disclosure	Business Acquisitions and Divestitures Fiscal 2021 On November 18, 2020, we acquired all of the outstanding units and equity of Key Surgical, LLC ("Key Surgical"). Key Surgical is a global provider of sterile processing, operating room and endoscopy consumable products serving hospitals and surgical facilities. Key Surgical is being integrated into our Healthcare segment. The total purchase price of the acquisition was $849,717, net of cash acquired and remains subject to customary working capital adjustments. Acquisition related costs of $10,842 are reported in the selling, general, and administrative expense line of the Consolidated Statements of Income. The purchase price for the acquisition was financed with a combination of cash on hand, credit facility borrowings and proceeds from the issuance of new long-term obligations. Please refer to note 5 titled, "Debt" for more information. The table below summarizes the preliminary allocation of the purchase price to the net assets acquired for the Key Surgical acquisition based on fair values at the acquisition date. (dollars in thousands) Key Surgical (1) Cash $ 12,615 Accounts receivable 13,967 Inventory 22,167 Property, plant and equipment 6,032 Other assets 6,680 Intangible assets (2) 491,009 Goodwill 423,239 Total Assets $ 975,709 Current liabilities (17,683) Non-current liabilities (95,694) Total Liabilities (113,377) Net Assets $ 862,332 (1) P urchase price allocation is still preliminary as of December 31, 2020, as valuation has not been finalized. (2) Intangible assets resulting from the Key Surgical acquisition may consists of patents, trade names, Customer Relationships, non-compete agreements, and technologies, pending the outcome of the final valuation. In addition to Key Surgical, we also completed two tuck-in acquisitions during the third quarter fiscal 2021, which continued to expand our product and service offerings in the Healthcare segment. The aggregate purchase price associated with these transactions was approximately $20,908, net of cash acquired and including deferred consideration of $1,194. Acquisition related costs are reported in the selling, general, and administrative expense line of the Consolidated Statements of Income and amounts are not mate rial. Purchase price allocations will be finalized within a measurement period not to exceed one year from closing. Fiscal 2020 During the first nine months of fiscal 2020, we completed several tuck-in acquisitions which continued to expand our product and service offerings in the Healthcare and Applied Sterilization Technologies segments. The aggregate purchase price associated with these transactions was approximately $117,259, net of cash acquired and including deferred consideration of $894. Acquisition related costs are reported in the selling, general, and administrative expense line of the Consolidated Statements of Income and amounts are not material. The purchase price for the acquisitions was financed with both cash on hand and with credit facility borrowings.

Inventories, Net (Notes)

Inventories, Net (Notes)	9 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
Inventories, Net	Inventories, Net We use the last-in, first-out (“LIFO”) and first-in, first-out (“FIFO”) cost methods to value inventory. Inventory valued using the LIFO cost method is stated at the lower of cost or market. Inventory valued using the FIFO cost method is stated at the lower of cost or net realizable value. An actual valuation of inventory under the LIFO method is made only at the end of the fiscal year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and are subject to the final fiscal year-end LIFO inventory valuation. Inventory costs include material, labor, and overhead. Inventories, net consisted of the following: December 31, March 31, Raw materials $ 102,212 $ 94,321 Work in process 42,109 35,643 Finished goods 185,762 151,381 LIFO reserve (18,753) (16,937) Reserve for excess and obsolete inventory (17,198) (16,149) Inventories, net $ 294,132 $ 248,259

Property, Plant and Equipment (

Property, Plant and Equipment (Notes)	9 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment Information related to the major categories of our depreciable assets is as follows: December 31, March 31, Land and land improvements (1) $ 69,591 $ 65,994 Buildings and leasehold improvements 567,113 531,267 Machinery and equipment 753,851 682,488 Information systems 186,421 181,112 Radioisotope 567,353 508,593 Construction in progress (1) 211,183 159,731 Total property, plant, and equipment 2,355,512 2,129,185 Less: accumulated depreciation and depletion (1,128,617) (1,017,330) Property, plant, and equipment, net $ 1,226,895 $ 1,111,855 (1) Land is not depreciated. Construction in progress is not depreciated until placed in service.

Debt (Notes)

Debt (Notes)	9 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt Indebtedness was as follows: December 31, March 31, Credit Agreement $ 304,618 $ 275,449 Term Loan 550,000 — Private Placement 864,425 878,409 Deferred financing costs (5,844) (3,337) Total long term debt $ 1,713,199 $ 1,150,521 On November 18, 2020, we entered into a Term Loan Agreement with various financial institutions as lenders, and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Credit Agreement”) providing for a $550,000 Term Loan (the “Term Loan”) in connection with our acquisition of Key Surgical. The proceeds of the Term Loan were used to fund a portion of the purchase price, to prepay and terminate existing indebtedness of Key Surgical and to pay fees and expenses incurred in connection with the Key Surgical acquisition and entry into the Credit Agreement. For more information on the Key Surgical acquisition refer to Note 2 titled, "Business Acquisitions and Divestitures". The Term Loan matures on November 20, 2023. No principal payments are due on the Term Loan for the period ending December 31, 2021. For the period beginning January 1, 2022 through December 31, 2022, quarterly principal payments, each in the amount of 1.25% of the original principal amount of the Term Loan, are due on the last business day of each fiscal quarter. For the period beginning January 1, 2023 through September 30, 2023, quarterly principal payments, each in the amount of 1.875% of the original principal amount of the Term Loan, are due on the last business day of each fiscal quarter. The remaining unpaid principal balance of the Term Loan, together with accrued and unpaid interest thereon, is due and payable on November 20, 2023. The Term Loan bears interest from time to time at either the Base Rate or the Eurocurrency Rate, plus the Applicable Margin, as calculated and defined in the Credit Agreement. The Applicable Margin is determined based on the ratio of Consolidated Total Debt to Consolidated EBITDA, each as defined in the Credit Agreement. Interest on borrowings made at the Base Rate (“Base Rate Advances”) is payable quarterly in arrears and interest on borrowings made at the Eurocurrency Rate (“Eurocurrency Rate Advances”) is payable at the end of the relevant interest period therefor, but in no event less frequently than every three months. There is no premium or penalty for prepayment of Base Rate Advances, but prepayments of Eurocurrency Rate Advances are subject to a breakage fee. All of the lenders under the Credit Agreement are also lenders under our revolving credit agreement dated as of March 23, 2018. Additional information regarding our indebtedness is included in the notes to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2020 dated May 29, 2020.

Additional Consolidated Balance

Additional Consolidated Balance Sheets Information (Notes)	9 Months Ended
	Dec. 31, 2020
Notes To Financial Statements [Abstract]
Additional Consolidated Balance Sheets Information	Additional Consolidated Balance Sheet Information Additional information related to our Consolidated Balance Sheets is as follows: December 31, March 31, Accrued payroll and other related liabilities: Compensation and related items $ 67,883 $ 42,205 Accrued vacation/paid time off 14,663 9,917 Accrued bonuses 51,100 53,041 Accrued employee commissions 14,591 19,298 Other postretirement benefit obligations-current portion 1,488 1,488 Other employee benefit plans obligations-current portion 2,606 2,312 Total accrued payroll and other related liabilities $ 152,331 $ 128,261 Accrued expenses and other: Deferred revenues $ 44,308 $ 53,299 Service liabilities 38,948 47,505 Self-insured risk reserves-current portion 9,711 7,342 Accrued dealer commissions 25,174 15,827 Accrued warranty 6,796 7,381 Asset retirement obligation-current portion 1,202 2,671 Other 58,494 58,158 Total accrued expenses and other $ 184,633 $ 192,183 Other liabilities: Self-insured risk reserves-long-term portion $ 17,452 $ 17,452 Other postretirement benefit obligations-long-term portion 8,587 9,880 Defined benefit pension plans obligations-long-term portion 10,152 10,987 Other employee benefit plans obligations-long-term portion 2,341 2,333 Accrued long-term income taxes 10,841 11,959 Asset retirement obligation-long-term portion 12,379 9,843 Other 27,512 27,892 Total other liabilities $ 89,264 $ 90,346

Income Tax Expense (Notes)

Income Tax Expense (Notes)	9 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Tax Expense	Income Tax Expense The Tax Cuts and Jobs Act (the “TCJA”) was enacted on December 22, 2017. The TCJA reduced the U.S. federal corporate income tax rate to 21.0%, required companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and created new taxes on certain foreign sourced earnings. The Company applied the guidance in Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cut and Jobs Act when accounting for the enactment-date effects of the TCJA. We consider the tax expense recorded for the TCJA to be complete at this time. However, it is possible that additional legislation, regulations and/or guidance may be issued in the future that may result in additional adjustments to the tax expense recorded related to the TCJA. We will continue to monitor and assess the impact of any new developments. The effective income tax rates for the three month periods ended December 31, 2020 and 2019 were 17.8% and 21.9%, respectively. The effective income tax rates for the nine month periods ended December 31, 2020 and 2019 were 18.8% and 18.8%, respectively. The fiscal 2021 effective tax rate for the current quarter decreased when compared to fiscal 2020, primarily due to an increase in favorable discrete items. Income tax expense is provided on an interim basis based upon our estimate of the annual effective income tax rate, adjusted each quarter for discrete items. In determining the estimated annual effective income tax rate, we analyze various factors, including projections of our annual earnings and taxing jurisdictions in which the earnings will be generated, the impact of state and local income taxes, our ability to use tax credits and net operating loss carry forwards, and available tax planning alternatives. We operate in numerous taxing jurisdictions and are subject to regular examinations by various United States federal, state and local, as well as foreign jurisdictions. We are no longer subject to United States federal examinations for years before fiscal 2016 and, with limited exceptions, we are no longer subject to United States state and local, or non-United States, income tax examinations by tax authorities for years before fiscal 2015. We remain subject to tax authority audits in various jurisdictions wherever we do business. In May 2019, we received two notices of proposed tax adjustment from the U.S. Internal Revenue Service (the “IRS”) regarding the deductibility of interest paid on certain intercompany debt. The notices relate to fiscal years 2016 and 2017. In September 2019, we received another notice of proposed adjustment for the same issue, for the 2018 fiscal year. The IRS adjustments would result in a cumulative tax liability of approximately $40,000. Notices have not been received for subsequent periods. We are contesting the IRS’s assertions. We have not established reserves related to these notices. An unfavorable outcome is not expected to have a material adverse impact on our consolidated financial position but could be material to our consolidated results of operations and cash flows for any one period.

Contingencies (Notes)

Contingencies (Notes)	9 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Commitments and Contingencies We are, and will likely continue to be, involved in a number of legal proceedings, government investigations, and claims, which we believe generally arise in the course of our business, given our size, history, complexity, and the nature of our business, products, Customers, regulatory environment, and industries in which we participate. These legal proceedings, investigations and claims generally involve a variety of legal theories and allegations, including, without limitation, personal injury (e.g., slip and falls, burns, vehicle accidents), product liability or regulation (e.g., based on product operation or claimed malfunction, failure to warn, failure to meet specification, or failure to comply with regulatory requirements), product exposure (e.g., claimed exposure to chemicals, asbestos, contaminants, radiation), property damage (e.g., claimed damage due to leaking equipment, fire, vehicles, chemicals), commercial claims (e.g., breach of contract, economic loss, warranty, misrepresentation), financial (e.g., taxes, reporting), employment (e.g., wrongful termination, discrimination, benefits matters), and other claims for damage and relief. We believe we have adequately reserved for our current litigation and claims that are probable and estimable, and further believe that the ultimate outcome of these pending lawsuits and claims will not have a material adverse effect on our consolidated financial position or results of operations taken as a whole. Due to their inherent uncertainty, however, there can be no assurance of the ultimate outcome or effect of current or future litigation, investigations, claims or other proceedings (including without limitation the matters discussed below). For certain types of claims, we presently maintain insurance coverage for personal injury and property damage and other liability coverages in amounts and with deductibles that we believe are prudent, but there can be no assurance that these coverages will be applicable or adequate to cover adverse outcomes of claims or legal proceedings against us. Civil, criminal, regulatory or other proceedings involving our products or services could possibly result in judgments, settlements or administrative or judicial decrees requiring us, among other actions, to pay damages or fines or effect recalls, or be subject to other governmental, Customer or other third party claims or remedies, which could materially effect our business, performance, prospects, value, financial condition, and results of operations. For additional information regarding these matters, see the following portions of our Annual Report on Form 10-K for the year ended March 31, 2020 dated May 29, 2020: Item 1 titled “Business - Information with respect to our Business in General - Government Regulation”, and the “Risk Factors” in Item 1A titled "Product related regulations and claims". From time to time, STERIS is also involved in legal proceedings as a plaintiff involving contract, patent protection, and other claims asserted by us. Gains, if any, from these proceedings are recognized when they are realized. We are subject to taxation from United States federal, state and local, and non-U.S. jurisdictions. Tax positions are settled primarily through the completion of audits within each individual jurisdiction or the closing of statutes of limitation. Changes in applicable tax law or other events may also require us to revise past estimates. We describe income taxes further in Note 7 to our consolidated financial statements titled, “Income Tax Expense” in this Quarterly Report on Form 10-Q.

Business Segment Information (N

Business Segment Information (Notes)	9 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Business Segment Information	Business Segment Information We operate and report our financial information in three reportable business segments: Healthcare, Applied Sterilization Technologies and Life Sciences. Non-allocated operating costs that support the entire Company and items not indicative of operating trends are excluded from segment operating income. Prior to April 1, 2020, we operated and reported our financial information in four reportable business segments: Healthcare Products, Healthcare Specialty Services, Life Sciences, and Applied Sterilization Technologies. The Healthcare Products and Healthcare Specialty Services segments were combined and are now reported as one segment, simply called Healthcare, consistent with the way management now operates and views the business. Prior periods have been recast in the financial tables below for comparability. Our Healthcare segment offers infection prevention and procedural solutions for healthcare providers worldwide, including consumable products, equipment maintenance and installation services, and capital equipment. The segment also provides a range of specialty services for healthcare providers including hospital sterilization services and instrument and scope repairs. Our Applied Sterilization Technologies ("AST") segment provides contract sterilization and testing services for medical device and pharmaceutical manufacturers. Our Life Sciences segment designs, manufactures and sells consumable products, equipment maintenance, specialty services and capital equipment primarily to pharmaceutical manufacturers around the world. We disclose a measure of segment income that is consistent with the way management operates and views the business. The accounting policies for reportable segments are the same as those for the consolidated Company. For the three and nine months ended December 31, 2020, revenues from a single Customer did not represent ten percent or more of any reportable segment’s revenues. Additional information regarding our segments is included in our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2020, dated May 29, 2020. Financial information for each of our segments is presented in the following table: Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Revenues: Healthcare $ 521,662 $ 509,222 $ 1,392,247 $ 1,440,237 Applied Sterilization Technologies 176,462 156,266 498,371 463,459 Life Sciences 110,800 108,773 343,370 304,208 Total revenues $ 808,924 $ 774,261 $ 2,233,988 $ 2,207,904 Operating income (loss): Healthcare $ 115,412 $ 105,227 $ 302,565 $ 298,777 Applied Sterilization Technologies 81,626 65,468 222,416 198,889 Life Sciences 41,541 37,731 136,435 103,085 Corporate (47,941) (45,260) (158,463) (151,613) Total operating income before adjustments $ 190,638 $ 163,166 $ 502,953 $ 449,138 Less: Adjustments Amortization of acquired intangible assets (1) $ 23,194 $ 17,508 $ 62,649 $ 53,407 Acquisition and integration related charges (2) 11,563 1,721 13,984 5,585 Redomiciliation and tax restructuring costs (3) 296 487 850 3,274 (Gain) on fair value adjustment of acquisition related contingent consideration (500) — (500) — Net loss on divestiture of businesses (1) — 76 5 2,553 Amortization of inventory and property "step up" to fair value (1) 1,784 602 3,101 1,783 COVID-19 incremental costs (4) 7,251 — 20,460 — Restructuring charges (5) 20 385 110 3,328 Total operating income $ 147,030 $ 142,387 $ 402,294 $ 379,208 (1) For more information regarding our recent acquisitions and divestitures refer to Note 2 titled" Business Acquisitions and Divestitures" and our Annual Report on Form 10-K for the year ended March 31, 2020, dated May 29, 2020. (2) Acquisition and integration related charges include transaction costs and integration expenses associated with acquisitions. (3) Costs incurred in connection with the Redomiciliation and tax restructuring. (4) COVID-19 incremental costs includes the additional costs attributable to COVID-19 such as enhanced cleaning protocols, personal protective equipment for our employees, event cancellation fees, and payroll costs associated with our response to COVID-19, net of any government subsidies available. (5) For more information regarding our restructuring efforts refer to Note 17 titled, "Restructuring". Additional information regarding our fiscal 2021 and fiscal 2020 revenue is disclosed in the following tables: Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Healthcare: Capital equipment $ 147,855 $ 155,408 $ 407,610 428,894 Consumables 148,839 130,255 355,390 362,370 Service 224,968 223,559 629,247 648,973 Total Healthcare Revenues $ 521,662 $ 509,222 $ 1,392,247 $ 1,440,237 Applied Sterilization Technologies Service Revenues $ 176,462 $ 156,266 $ 498,371 $ 463,459 Life Sciences: Capital equipment $ 28,993 $ 31,762 $ 88,664 $ 84,993 Consumables 49,627 46,370 164,262 132,939 Service 32,180 30,641 90,444 86,276 Total Life Sciences Revenues $ 110,800 $ 108,773 $ 343,370 $ 304,208 Total Revenues $ 808,924 $ 774,261 $ 2,233,988 $ 2,207,904 Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Revenues: Ireland $ 20,316 $ 16,126 $ 51,779 $ 46,405 United States 572,397 562,502 1,613,554 1,611,755 Other locations 216,211 195,633 568,655 549,744 Total Revenues $ 808,924 $ 774,261 $ 2,233,988 $ 2,207,904 Assets include the current and long-lived assets directly attributable to the segment based on the management of the location or on utilization. Certain corporate assets were allocated to the reportable segments based on revenues. Assets attributed to sales and distribution locations are only allocated to the Healthcare and Life Sciences segments. Individual facilities, equipment, and intellectual properties are utilized for production by both the Healthcare and Life Sciences segments at varying levels over time. As a result, an allocation of total assets, capital expenditures, and depreciation and amortization is not meaningful to the individual performance of the Healthcare and Life Sciences segments. Therefore, their respective amounts are reported together. December 31, 2020 March 31, 2020 Assets: Healthcare and Life Sciences $ 3,595,753 $ 2,705,377 Applied Sterilization Technologies 2,985,027 2,720,205 Total assets $ 6,580,780 $ 5,425,582 The fiscal 2021 increase in Healthcare and Life Sciences was primarily due to the acquisition of Key Surgical.

Shares and Preferred Shares (No

Shares and Preferred Shares (Notes)	9 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Shares and Preferred Shares Ordinary shares We calculate basic earnings per share based upon the weighted average number of shares outstanding. We calculate diluted earnings per share based upon the weighted average number of shares outstanding plus the dilutive effect of share equivalents calculated using the treasury stock method. The following is a summary of shares and share equivalents outstanding used in the calculations of basic and diluted earnings per share: Three Months Ended December 31, Nine Months Ended December 31, Denominator (shares in thousands): 2020 2019 2020 2019 Weighted average shares outstanding—basic 85,330 84,788 85,153 84,740 Dilutive effect of share equivalents 702 840 698 890 Weighted average shares outstanding and share equivalents—diluted 86,032 85,628 85,851 85,630 Options to purchase the following number of shares were outstanding but excluded from the computation of diluted earnings per share because the combined exercise prices, unamortized fair values, and assumed tax benefits upon exercise were greater than the average market price for the shares during the periods, so including these options would be anti-dilutive: Three Months Ended December 31, Nine Months Ended December 31, (shares in thousands) 2020 2019 2020 2019 Number of share options 278 347 370 270 Additional Authorized Shares The Company has an additional authorized share capital of 50,000,000 preferred shares of $0.001 par value each, plus 25,000 deferred ordinary shares of €1.00 par value each, in order to satisfy minimum statutory capital requirements for all Irish public limited companies.

Equity

Equity	9 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Treasury Stock	Repurchases of Ordinary Shares On May 7, 2019, our Board of Directors authorized a share repurchase program resulting in a share repurchase authorization of approximately $78,979 (net of taxes, fees and commissions). On July 30, 2019, our Board of Directors approved an increase in the May 7, 2019 authorization of an additional amount of $300,000 (net of taxes, fees and commissions). As of December 31, 2020, there was approximately $333,932 (net of taxes, fees and commissions) of remaining availability under the Board authorized share repurchase program. The share repurchase program has no specified expiration date. Under the authorization, the Company may repurchase its shares from time to time through open market purchases, including 10b5-1 plans. Any share repurchases may be activated, suspended or discontinued at any time. Due to the uncertainty surrounding the COVID-19 pandemic, share repurchases were suspended on April 9, 2020. From the start of fiscal 2021 through April 9, 2020, we repurchased 35,000 of our ordinary shares for the aggregate amount of $5,047 (net of fees and commissions) pursuant to the authorizations. During the first nine months of fiscal 2020, we repurchased 205,059 of our ordinary shares for the aggregate amount of $30,000 (net of fees and commissions) pursuant to the authorizations.

Share-Based Compensation (Notes

Share-Based Compensation (Notes)	9 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation We maintain a long-term incentive plan that makes available shares for grants, at the discretion of the Board of Directors or the Compensation and Organizational Development Committee of the Board of Directors, to officers, directors, and key employees in the form of stock options, restricted shares, restricted share units, stock appreciation rights and share grants. We satisfy share award incentives through the issuance of new ordinary shares. Stock options provide the right to purchase our shares at the market price on the date of grant, or for options granted to employees in fiscal 2019 and thereafter, 110% of the market price on the date of grant, subject to the terms of the plan and agreements. Generally, one-fourth of the stock options granted to employees become exercisable for each full year of employment following the grant date. Stock options granted generally expire 10 years after the grant date, or in some cases earlier if the option holder is no longer employed by us. Restricted shares and restricted share units generally cliff vest after a four year period or vest in tranches of one-fourth of the number granted for each year of employment after the grant date. As of December 31, 2020, 3,592,261 ordinary shares remained available for grant under the long-term incentive plan. The fair value of stock option awards was estimated at their grant date using the Black-Scholes-Merton option pricing model. This model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable, characteristics that are not present in our option grants. If the model permitted consideration of the unique characteristics of employee stock options, the resulting estimate of the fair value of the stock options could be different. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in our Consolidated Statements of Income. The expense is classified as cost of goods sold or selling, general and administrative expenses in a manner consistent with the employee’s compensation and benefits. The following weighted-average assumptions were used for options granted during the first nine months of fiscal 2021 and 2020: Fiscal 2021 Fiscal 2020 Risk-free interest rate 0.46 % 2.26 % Expected life of options 6.0 years 6.2 years Expected dividend yield of stock 0.96 % 1.22 % Expected volatility of stock 23.04 % 20.27 % The risk-free interest rate is based upon the U.S. Treasury yield curve. The expected life of options is reflective of historical experience, vesting schedules and contractual terms. The expected dividend yield of stock represents our best estimate of the expected future dividend yield. The expected volatility of stock is derived by referring to our historical stock prices over a time frame similar to that of the expected life of the grant. An estimated forfeiture rate of 2.78% and 2.77% was applied in fiscal 2021 and 2020, respectively. This rate is calculated based upon historical activity and represents an estimate of the granted options not expected to vest. If actual forfeitures differ from this calculated rate, we may be required to make additional adjustments to compensation expense in future periods. The assumptions used above are reviewed at the time of each significant option grant, or at least annually. A summary of share option activity is as follows: Number of Weighted Average Aggregate Outstanding at March 31, 2020 1,796,126 $ 91.29 Granted 288,936 181.33 Exercised (385,090) 68.75 Forfeited (47,955) 121.18 Outstanding at December 31, 2020 1,652,017 $ 111.43 6.9 years $ 129,044 Exercisable at December 31, 2020 897,953 $ 83.41 5.6 years $ 95,303 We estimate that 736,801 of the non-vested stock options outstanding at December 31, 2020 will ultimately vest. The aggregate intrinsic value in the table above represents the total pre-tax difference between the $189.54 closing price of our ordinary shares on December 31, 2020 over the exercise prices of the stock options, multiplied by the number of options outstanding or outstanding and exercisable, as applicable. The aggregate intrinsic value is not recorded for financial accounting purposes and the value changes daily based on the daily changes in the fair market value of ordinary shares. The total intrinsic value of stock options exercised during the first nine months of fiscal 2021 and fiscal 2020 was $36,850 and $36,939, respectively. Net cash proceeds from the exercise of stock options were $26,018 and $22,958 for the first nine months of fiscal 2021 and fiscal 2020, respectively. The weighted average grant date fair value of stock option grants was $27.66 and $23.52 for the first nine months of fiscal 2021 and fiscal 2020, respectively. Stock appreciation rights (“SARS”) carry generally the same terms and vesting requirements as stock options except that they are settled in cash upon exercise and therefore, are classified as liabilities. The fair value of the outstanding SARS as of December 31, 2020 and 2019 was $491 and $629, respectively. A summary of the non-vested restricted share and share unit activity is presented below: Number of Number of Restricted Share Units Weighted-Average Non-vested at March 31, 2020 575,830 30,894 $ 98.07 Granted 139,229 14,208 164.58 Vested (158,250) (16,238) 84.61 Forfeited (23,997) (228) 103.36 Non-vested at December 31, 2020 532,812 28,636 $ 120.26 Restricted shares granted are valued based on the closing stock price at the grant date. The value of restricted shares and units that vested during the first nine months of fiscal 2021 at the time of grant was $14,764. As of December 31, 2020, there was a total of $51,583 in unrecognized compensation cost related to non-vested share-based compensation granted under our share-based compensation plan. We expect to recognize the cost over a weighted average period of 2.1 years.

Financial and Other Guarantees(

Financial and Other Guarantees(Notes)	9 Months Ended
	Dec. 31, 2020
Product Warranties Disclosures [Abstract]
Product Warranty Disclosure	Financial and Other Guarantees We generally offer a limited parts and labor warranty on capital equipment. The specific terms and conditions of those warranties vary depending on the product sold and the countries where we conduct business. We record a liability for the estimated cost of product warranties at the time product revenues are recognized. The amounts we expect to incur on behalf of our Customers for the future estimated cost of these warranties are recorded as a current liability on the accompanying Consolidated Balance Sheets. Factors that affect the amount of our warranty liability include the number and type of installed units, historical and anticipated rates of product failures, and material and service costs per claim. We periodically assess the adequacy of our recorded warranty liabilities and adjust the amounts as necessary. Changes in our warranty liability during the first nine months of fiscal 2021 were as follows: Warranties Balance, March 31, 2020 $ 7,381 Warranties issued during the period 7,411 Settlements made during the period (7,996) Balance, December 31, 2020 $ 6,796

Derivatives and Hedging (Notes)

Derivatives and Hedging (Notes)	9 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure	Derivatives and HedgingFrom time to time, we enter into forward contracts to hedge potential foreign currency gains and losses that arise from transactions denominated in foreign currencies, including inter-company transactions. We may also enter into commodity swap contracts to hedge price changes in nickel that impact raw materials included in our cost of revenues. During the third quarter of fiscal 2021, we also held forward foreign currency contracts to hedge a portion of our expected non-U.S. dollar denominated earnings against our reporting currency, the U.S. dollar. These foreign currency exchange contracts will mature during fiscal 2021. We did not elect hedge accounting for these forward foreign currency contracts; however, we may seek to apply hedge accounting in future scenarios. We do not use derivative financial instruments for speculative purposes. None of these contracts are designated as hedging instruments and do not receive hedge accounting treatment; therefore, changes in their fair value are not deferred but are recognized immediately in the Consolidated Statements of Income. At December 31, 2020, we held foreign currency forward contracts to buy 30.5 million British pounds, 35.0 million Mexican pesos and 2.2 million Canadian dollars; and to sell 4.0 million euros. At December 31, 2020 we held commodity swap contracts to buy 946.8 thousand pounds of nickel. Asset Derivatives Liability Derivatives Fair Value at Fair Value at Fair Value at Fair Value at Balance sheet location December 31, 2020 March 31, 2020 December 31, 2020 March 31, 2020 Prepaid & Other $ 1,377 $ 124 $ — $ — Accrued expenses and other $ — $ — $ 659 $ 912 The following table presents the impact of derivative instruments and their location within the Consolidated Statements of Income: Location of gain (loss) Amount of gain (loss) recognized in income Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Foreign currency forward contracts Selling, general and administrative $ 741 $ 79 $ 661 $ 784 Commodity swap contracts Cost of revenues $ 153 $ (398) $ 904 $ 271 Additionally, we hold our debt in multiple currencies to fund our operations and investments in certain subsidiaries. We designate portions of foreign currency denominated intercompany loans as hedges of portions of net investments in foreign operations. Net debt designated as non-derivative net investment hedging instruments totaled $51,323 at December 31, 2020. These hedges are designed to be fully effective and any associated gain or loss is recognized in Accumulated Other Comprehensive Income and will be reclassified to income in the same period when a gain or loss related to the net investment in the foreign operation is included in income.

Fair Value Measurements (Notes)

Fair Value Measurements (Notes)	9 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Disclosures	. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. We estimate the fair value of financial assets and liabilities using available market information and generally accepted valuation methodologies. The inputs used to measure fair value are classified into three tiers. These tiers include Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring the entity to develop its own assumptions. The following table shows the fair value of our financial assets and liabilities at December 31, 2020 and March 31, 2020: Fair Value Measurements Carrying Value Quoted Prices Significant Other Significant Level 1 Level 2 Level 3 December 31, March 31, December 31, March 31, December 31, March 31, December 31, March 31, Assets: Cash and cash equivalents $ 252,502 $ 319,581 $ 252,502 $ 319,581 $ — $ — $ — $ — Forward and swap contracts (1) 1,377 124 — — 1,377 124 — — Equity investments (2) 10,484 9,624 10,484 9,624 — — — — Other investments 2,785 2,507 2,785 2,507 — — — — Liabilities: Forward and swap contracts (1) $ 659 $ 912 $ — $ — $ 659 $ 912 $ — $ — Deferred compensation plans (2) 1,822 1,475 1,822 1,475 — — — — Long term debt (3) 1,713,199 1,150,521 — — 1,781,304 1,143,978 — — Contingent consideration obligations (4) 17,931 15,988 — — — — 17,931 15,988 (1) The fair values of forward and swap contracts are based on period-end forward rates and reflect the value of the amount that we would pay or receive for the contracts involving the same notional amounts and maturity dates. (2) We maintain a frozen domestic non-qualified deferred compensation plan covering certain employees, which allows for the deferral of payment of previously earned compensation for an employee-specified term or until retirement or termination. Amounts deferred can be allocated to various hypothetical investment options (compensation deferrals have been frozen under the plan). We hold investments to satisfy the future obligations of the plan. Employees who made deferrals are entitled to receive distributions of their hypothetical account balances (amounts deferred, together with earnings (losses)). We also hold an investment in the common stock of Servizi Italia, S.p.A, a leading provider of integrated linen washing and outsourced sterile processing services to hospital Customers. Changes in the fair value of these investments are recorded in the "Interest income and miscellaneous expense line" of the Consolidated Statement of Income. During the third quarter and first nine months of fiscal 2021, we recorded gains of $210 and $138, respectively, related to these investments. During the third quarter and first nine months of fiscal 2020, we recorded gains (losses) of $636 and $(1,843), respectively, related to these investments. (3) We estimate the fair value of our long-term debt using discounted cash flow analyses, based on our current incremental borrowing rates for similar types of borrowing arrangements. (4) Contingent consideration obligations arise from business acquisitions. The fair values are based on discounted cash flow analyses reflecting the possible achievement of specified performance measures or events and captures the contractual nature of the contingencies, commercial risk, and the time value of money. Contingent consideration obligations are classified in the consolidated balance sheets as accrued expense (short-term) and other liabilities (long-term), as appropriate based on the contractual payment dates. The changes in Level 3 assets and liabilities measured at fair value on a recurring basis at December 31, 2020 are summarized as follows: Contingent Consideration Balance at March 31, 2020 $ 15,988 Additions 334 Assumed in acquisition of Key Surgical 2,940 Payments (917) Reversal (500) Currency translation adjustments 86 Balance at December 31, 2020 $ 17,931

Reclassifications out of Accumu

Reclassifications out of Accumulated Other Comprehensive Income Reclassification out of Accumulated Other Comprehensive Income (Notes)	9 Months Ended
	Dec. 31, 2020
Reclassifications out of AOCI [Abstract]
Comprehensive Income (Loss) Note [Text Block]	Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Amounts in Accumulated Other Comprehensive Income (Loss) are presented net of the related tax. Currency Translation is not adjusted for income taxes. Changes in our Accumulated Other Comprehensive Income (Loss) balances, net of tax, for the three months ended December 31, 2020 and 2019 were as follows: Defined Benefit Plans (1) Currency Translation (2) Total Accumulated Other Comprehensive Income (Loss) Three Months Nine Months Three Months Nine Months Three Months Nine Months Beginning Balance $ (7,833) $ (6,813) $ (122,780) $ (228,650) $ (130,613) $ (235,463) Other Comprehensive Income before reclassifications 323 972 128,737 234,607 129,060 235,579 Amounts reclassified from Accumulated Other Comprehensive (Loss) (833) (2,502) — — (833) (2,502) Net current-period Other Comprehensive (Loss) Income (510) (1,530) 128,737 234,607 128,227 233,077 Balance at December 31, 2020 $ (8,343) $ (8,343) $ 5,957 $ 5,957 $ (2,386) $ (2,386) (1) The amortization (gain) of defined benefit pension items is reported in the Interest income and miscellaneous expense line of our Consolidated Statements of Income. (2) The effective portion of gain or loss on net debt designated as non-derivative net investment hedging instruments is recognized in Accumulated Other Comprehensive Income and is reclassified to income in the same period when a gain or loss related to the net investment is included in income. Defined Benefit Plans (1) Currency Translation (2) Total Accumulated Other Comprehensive Income (Loss) Three Months Nine Months Three Months Nine Months Three Months Nine Months Beginning Balance $ (5,215) $ (4,204) $ (220,502) $ (155,574) $ (225,717) $ (159,778) Other Comprehensive Income (Loss) before reclassifications 195 576 77,299 12,371 77,494 12,947 Amounts reclassified from Accumulated Other Comprehensive (Loss) (699) (2,091) — — (699) (2,091) Net current-period Other Comprehensive (Loss) (504) (1,515) 77,299 12,371 76,795 10,856 Balance at December 31, 2019 $ (5,719) $ (5,719) $ (143,203) $ (143,203) $ (148,922) $ (148,922) (1) The amortization (gain) of defined benefit pension items is reported in the Interest income and miscellaneous expense line of our Consolidated Statements of Income.

Loans Receivable (Notes)

Loans Receivable (Notes)	9 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	Loans Receivable In connection with an equity investment of $4,955, we agreed to provide a credit facility of up to approximately $11,606 for a term of up to seven years ending in 2025. The loan carries an interest rate of 4% compounded daily and payable annually. Outstanding principal borrowings under the agreement totaled $10,326 at December 31, 2020 and $7,084 at March 31, 2020. On January 4, 2021, we purchased the remaining outstanding shares of this equity investment. The acquisition agreement included the capitalization of the outstanding principal and interest borrowings of this credit facility in the amount of $10,536. For more information refer to Note 20, titled, "Subsequent Events". In connection with the fiscal 2017 divestiture of Synergy Health Netherlands Linen Management Services, we entered into a loan agreement to provide financing of up to €15,000 for a term of up to 15 years. The loan carried an interest rate of 4% for the first four years and 12% thereafter. The loan was renegotiated during the third quarter of fiscal 2020. According to the new terms of the loan agreement, the outstanding balance at October 31, 2019, of €7,300, will be repaid in six equal annual installments beginning on October 18, 2022. The loan carries an interest rate of 4% for the first four years and 8% thereafter. Outstan ding principal bo rrowings under the agreement totaled $8,966 (or €7,300) at December 31, 2020 and $8,072 (or €7,300) at March 31, 2020. Amounts for loan receivables as noted above are recorded in the "Other assets" line of our Consolidated balance sheets. Interest income is not material.

Restructuring (Notes)

Restructuring (Notes)	9 Months Ended
	Dec. 31, 2020
Restructuring [Abstract]
Restructuring and Related Activities Disclosure [Text Block]	Restructuring Fiscal 2019 Restructuring Plan. During the third quarter of fiscal 2019, we adopted and announced a targeted restructuring plan (the "Fiscal 2019 Restructuring Plan"), which included the closure of two manufacturing facilities, one in Brazil and one in England, as well as other actions including the rationalization of certain products. Fewer than 200 positions were eliminated. The Company relocated the production of certain impacted products to other existing manufacturing operations during fiscal 2020. These restructuring actions were designed to enhance profitability and improve efficiency. Since inception of the Fiscal 2019 Restructuring Plan we have incurred pre-tax expenses totaling $43,961 related to these restructuring actions, of which $31,660 was recorded as restructuring expenses and $12,301 was recorded in cost of revenues, with a total of $34,062, $7,568 and $668 related to the Healthcare, Applied Sterilization Technologies and Life Sciences segments, respectively. Corporate related restructuring charges were $1,663. Additional restructuring expenses related to this plan are not expected to be material to our results of operations. Liabilities related to restructuring activities are recorded as current liabilities on the accompanying Consolidated Balance Sheets within “Accrued payroll and other related liabilities” and “Accrued expenses and other.” The remaining liability balances at December 31, 2020 and March 31, 2020 are not material.

Unusual or Infrequently Occurri

Unusual or Infrequently Occurring Items	9 Months Ended
	Dec. 31, 2020
Unusual or Infrequent Items, or Both [Abstract]
COVID-19 Pandemic	COVID-19 PandemicThe COVID-19 pandemic began to impact our business late in fiscal 2020. The pandemic and related public health recommendations and mandated precautions to mitigate the spread of COVID-19, including deferral of medical procedures and treatments and shelter-in-place orders or similar measures, have negatively affected and are expected to continue to negatively affect some of our operations, which may impact our financial position and cash flows. We have experienced and expect to continue to experience unpredictable fluctuations in demand for certain of our products and services, including some products and services that are experiencing increased demand. To date, we do not believe that the COVID-19 pandemic has had a significant impact on our operations, as we have been able to continue to operate our manufacturing facilities and meet the demand for essential products and services of our Customers. In response to the pandemic, we have implemented several measures that we believe will help us to protect the health and safety of our employees, preserve liquidity and enhance our financial flexibility. For our employees, we allowed employees to work remotely when possible and have implemented additional safety measures in compliance with applicable regulations to allow personnel to continue to work in our facilities. We suspended all non-essential travel and enacted a temporary hiring freeze on certain positions. To manage liquidity, we have suspended our stock repurchase program and deferred certain planned capital expenditures; however, we have continued to invest in expansion projects as planned. We do not believe that these actions will negatively impact our long-term ability to generate revenues or meet existing and future financial obligations. While we have been impacted and expect this situation to continue to have an impact on our business, the full impact to our results of operations and financial position cannot be reasonably estimated at this time. For additional information and our risk factors related to the COVID-19 pandemic, please refer to our Annual Report on Form 10-K for the year ended March 31, 2020 dated May 29, 2020.

Subsequent Events

Subsequent Events	9 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 12, 2021, we announced the signing of a definitive agreement to acquire Cantel Medical Corp. (NYSE: CMD "Cantel"), through a U.S. subsidiary. Cantel is a global provider of infection prevention products and services primarily to endoscopy and dental Customers. Under the terms of the agreement, we will acquire Cantel in a cash and stock transaction valued at $84.66 per Cantel common share, based on STERIS’s closing share price of $200.46 on January 11, 2021. This represents a total equity value of approximately $3.6 billion and a total enterprise value of approximately $4.6 billion. The agreement has been unanimously approved by the Boards of Directors of both companies. The acquisition is subject to certain closing conditions, including Cantel shareholder vote and regulatory approvals. We expect to fund the cash portion of the transaction consideration and repay or otherwise satisfy a significant amount of Cantel’s existing debt obligations with approximately $2.0 billion of new debt. We have fully committed bridge financing and are working with our lenders and advisors on a long-term plan. On January 4, 2021 , we purchased the remaining outstanding shares of an equity investment that we made in fiscal 2019, for approximately $44,255, subject to any working capital adjustments. In addition to the purchase price, the acquisition agreement included the capitalization of the outstanding principal and accumulated interest under a credit facility in the amount of $10,536. For more information refer to Note 18 titled, "Loans Receivable". We plan to integrate the business into our Applied Sterilization Technologies business segment and to fund the transaction through a combination of

Nature of Operations and Summ_2

Nature of Operations and Summary of Significant Accounting Policies Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation We use the consolidation method to report our investment in our subsidiaries. Therefore, the accompanying consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. We eliminate inter-company accounts and transactions when we consolidate these accounts. Investments in equity of unconsolidated affiliates, over which the Company has significant influence, but not control, over the financial and operating polices, are accounted for primarily using the equity method. These investments are immaterial to the Company's Consolidated Financial Statements.
Use of Estimates	Use of Estimates We make certain estimates and assumptions when preparing financial statements according to U.S. GAAP that affect the reported amounts of assets and liabilities at the financial statement dates and the reported amounts of revenues and expenses during the periods presented. These estimates and assumptions involve judgments with respect to many factors that are difficult to predict and are beyond our control. Actual results could be materially different from these estimates. We revise the estimates and assumptions as new information becomes available. This means that operating results for the three and nine month periods ended December 31, 2020 are not necessarily indicative of results that may be expected for future quarters or for the full fiscal year ending March 31, 2021.
Revenue	Revenue Recognition and Associated Liabilities We adopted Accounting Standards Update ("ASU") 2014-09 “Revenue from Contracts with Customers” and the subsequently issued amendments on April 1, 2018. At the time of adoption, certain of our capital equipment contracts were comprised of a single integrated performance obligation, which resulted in the deferral of the corresponding capital equipment revenue and cost of revenues until installation was complete. Since the adoption of the standard, there have been changes made in our selling philosophy, product architecture, and manufacturing processes with respect to this product line, that impact whether the promises to transfer the individual goods or services to the Customer are separately identifiable from other promises in the contract. After review of these changes, we have concluded that these contracts consist of multiple performance obligations that are capable of being distinct and meet the criteria for revenue to be recognized when the Customer obtains control of the asset, which is upon delivery of each performance obligation. Revenues and costs of revenues related to these contracts totaling $14,609 and $7,560, respectively, that had previously been deferred were recognized in our fiscal 2021 first quarter. Revenue is recognized when obligations under the terms of the contract are satisfied and control of the promised products or services have transferred to the Customer. Revenues are measured at the amount of consideration that we expect to be paid in exchange for the products or services. Product revenue is recognized when control passes to the Customer, which is generally based on contract or shipping terms. Service revenue is recognized when the Customer benefits from the service, which occurs either upon completion of the service or as it is provided to the Customer. Our Customers include end users as well as dealers and distributors who market and sell our products. Our revenue is not contingent upon resale by the dealer or distributor, and we have no further obligations related to bringing about resale. Our standard return and restocking fee policies are applied to sales of products. Shipping and handling costs charged to Customers are included in Product revenues. The associated expenses are treated as fulfillment costs and are included in Cost of revenues. Revenues are reported net of sales and value-added taxes collected from Customers. We have individual Customer contracts that offer discounted pricing. Dealers and distributors may be offered sales incentives in the form of rebates. We reduce revenue for discounts and estimated returns, rebates, and other similar allowances in the same period the related revenues are recorded. The reduction in revenue for these items is estimated based on historical experience and trend analysis to the extent that it is probable that a significant reversal of revenue will not occur. Estimated returns are recorded gross on the Consolidated Balance Sheets. In transactions that contain multiple performance obligations, such as when products, maintenance services, and other services are combined, we recognize revenue as each product is delivered or service is provided to the Customer. We allocate the total arrangement consideration to each performance obligation based on its relative standalone selling price, which is the price for the product or service when it is sold separately. Payment terms vary by the type and location of the Customer and the products or services offered. Generally, the time between when revenue is recognized and when payment is due is not significant. We do not evaluate whether the selling price contains a financing component for contracts that have a duration of less than one year. We do not capitalize sales commissions as substantially all of our sales commission programs have an amortization period of one year or less. Certain costs to fulfill a contract are capitalized and amortized over the term of the contract if they are recoverable, directly related to a contract and generate resources that we will use to fulfill the contract in the future. At December 31, 2020, assets related to costs to fulfill a contract were not material to our Consolidated Financial Statements. Refer to Note 9, titled "Business Segment Information" for disaggregation of revenue. Product Revenue Product revenues consist of revenues generated from sales of consumables and capital equipment. These contracts are primarily based on a Customer’s purchase order and may include a Distributor, Dealer or Group Purchasing Organization ("GPO") agreement. We recognize revenue for sales of product when control passes to the Customer, which generally occurs either when the products are shipped or when they are received by the Customer. Revenue related to capital equipment products is deferred until installation is complete if the capital equipment and installation are highly integrated and form a single performance obligation. Service Revenue Within our Healthcare and Life Sciences segments, service revenues consist of revenue generated from parts and labor associated with the maintenance, repair and installation of capital equipment. These contracts are primarily based on a Customer’s purchase order and may include a Distributor, Dealer, or Group Purchasing Organization ("GPO") agreement. For maintenance, repair and installation of capital equipment, revenue is recognized upon completion of the service. Healthcare service revenues also include outsourced reprocessing services and instrument repairs. Contracts for outsourced reprocessing services are primarily based on an agreement with a Customer, ranging in length from several months to 15 years. Outsourced reprocessing services revenue is recognized ratably over the contract term using a time-based input measure, adjusted for volume and other performance metrics, to the extent that it is probable that a significant reversal of revenue will not occur. Contracts for instrument repairs are primarily based on a Customer’s purchase order, and the associated revenue is recognized upon completion of the repair. We also offer preventive maintenance and separately priced extended warranty agreements to our Customers, which require us to maintain and repair our products over the duration of the contract. Generally, these contract terms are cancellable without penalty and range from one to five years. Amounts received under these Customer contracts are initially recorded as a service liability and are recognized as service revenue ratably over the contract term using a time-based input measure. Within our Applied Sterilization Technologies segment, service revenues include contract sterilization and laboratory services. Sales contracts for contract sterilization and laboratory services are primarily based on a Customer’s purchase order and associated Customer agreement and revenues are generally recognized upon completion of the service. Contract Liabilities Payments received from Customers are based on invoices or billing schedules as established in contracts with Customers. Deferred revenue is recorded when payment is received in advance of performance under the contract. Deferred revenue is recognized as revenue upon completion of the performance obligation, which generally occurs within one year. During the first nine months of fiscal 2021, $38,181 of the March 31, 2020 deferred revenue balance was recorded as revenue. During the first nine months of fiscal 2020, $46,744 of the March 31, 2019 deferred revenue balance was recorded as revenue. Refer to Note 6, titled "Additional Consolidated Balance Sheet Information" for Deferred revenue balances. Service Liabilities Payments received in advance of performance for cancellable preventive maintenance and separately priced extended warranty contracts are recorded as service liabilities. Service liabilities are recognized as revenue as performance is rendered under the contract. Refer to Note 6, titled "Additional Consolidated Balance Sheet Information" for Service liability balances. Remaining Performance Obligations

Accounting Policies (Tables)

Accounting Policies (Tables)	9 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
New Accounting Pronouncement, Early Adoption	Recently Issued Accounting Standards Impacting the Company are presented in the following table: Standard Date of Issuance Description Date of Adoption Effect on the financial statements or other significant matters Standards that have been adopted in fiscal 2021 ASU 2016-13, "Measurement of Credit Losses on Financial Instruments" June 2016 The standard required a financial asset (or group of financial assets) measured at amortized cost to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. Credit losses relating to available-for-sale debt securities should be recorded through an allowance for credit losses. The standard was effective for annual periods beginning after December 15, 2019. First Quarter Fiscal 2021 We adopted this standard effective April 1, 2020 with no material impact to our consolidated financial statements. ASU 2018-13 "Fair Value Measurement (Topic 820) Disclosure Framework- Changes to Disclosure Requirements for Fair Value Measurement” August 2018 The standard modified the disclosure requirements by adding, removing, and modifying certain required disclosures for fair value measurements for assets and liabilities disclosed within the fair value hierarchy. The standard was effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. First Quarter Fiscal 2021 We adopted this standard effective April 1, 2020 with no material impact on our consolidated financial statements as it modifies disclosure requirements only. ASU 2018-14 "Compensation- Retirement Benefits - Defined Benefit Plans- General Topic (715-20): Disclosure Framework- Changes to the Disclosure Requirements for Defined Benefit Plans" August 2018 The standard modified the disclosure requirements by adding, removing, and modifying certain required disclosures for employers that sponsor defined benefit pension or other post-retirement benefit plans. The standard also clarified disclosure requirements for defined benefit pension plans relating to the projected benefit obligation and accumulated benefit obligation. The standard was effective for fiscal years ending after December 15, 2019. First Quarter Fiscal 2021 We adopted this standard effective April 1, 2020 with no material impact on our consolidated financial statements as it modifies disclosure requirements only. ASU 2018-15 "Intangibles- Goodwill and Other- Internal Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract" August 2018 The standard aligned the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or First Quarter Fiscal 2021 We adopted this standard on April 1, 2020 using the prospective method. The adoption of this standard did not have a material impact on our consolidated financial statements and disclosures. Standards that have not yet been adopted ASU 2020-06 "Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40)" August 2020 This standard simplifies the accounting for convertible instruments and its application of the derivatives scope exception for contracts in an entity’s own equity. The standard reduces the number of accounting models that require separating embedded conversion features from convertible instruments. As a result, only conversion features accounted for under the substantial premium model and those that require bifurcation will be accounted for separately. For contracts in an entity’s own equity, the new standard eliminates some of the current requirements for equity classification. The standard also addresses how convertible instruments are accounted for in the diluted earnings per share calculation and requires enhanced disclosures about the terms of convertible instruments and contracts in an entity’s own equity. The standard is effective for annual periods beginning after December 15, 2021 and interim periods within that year. Early adoption is permitted for annual periods beginning after December 15, 2020 and interim periods within that year. N/A We are in the process of evaluating the impact that the standard will have on our consolidated financial statements. ASU 2019-12 "Income Taxes (Topic 740)" December 2019 The standard provides final guidance that simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The guidance simplifies accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for fiscal years beginning after December 15, 2020 and early adoption is permitted. N/A We are in the process of evaluating the impact that the standard will have on our consolidated financial statements.

Business Acquisitions and Div_2

Business Acquisitions and Divestitures Business Acquisitions and Divestitures (Tables)	9 Months Ended
	Dec. 31, 2020
Business Acquisitions and Divestitures [Abstract]
Schedule of Business Acquisitions, by Acquisition	The table below summarizes the preliminary allocation of the purchase price to the net assets acquired for the Key Surgical acquisition based on fair values at the acquisition date. (dollars in thousands) Key Surgical (1) Cash $ 12,615 Accounts receivable 13,967 Inventory 22,167 Property, plant and equipment 6,032 Other assets 6,680 Intangible assets (2) 491,009 Goodwill 423,239 Total Assets $ 975,709 Current liabilities (17,683) Non-current liabilities (95,694) Total Liabilities (113,377) Net Assets $ 862,332 (1) P urchase price allocation is still preliminary as of December 31, 2020, as valuation has not been finalized.

Inventories, Net Inventories, N

Inventories, Net Inventories, Net (Tables)	9 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory costs include material, labor, and overhead. Inventories, net consisted of the following: December 31, March 31, Raw materials $ 102,212 $ 94,321 Work in process 42,109 35,643 Finished goods 185,762 151,381 LIFO reserve (18,753) (16,937) Reserve for excess and obsolete inventory (17,198) (16,149) Inventories, net $ 294,132 $ 248,259

Additional Consolidated Balan_2

Additional Consolidated Balance Sheets Information Additional Consolidated Balance Sheets Information (Tables)	9 Months Ended
	Dec. 31, 2020
Notes To Financial Statements [Abstract]
Additional Consolidated Balance Sheets Information	Additional Consolidated Balance Sheet Information Additional information related to our Consolidated Balance Sheets is as follows: December 31, March 31, Accrued payroll and other related liabilities: Compensation and related items $ 67,883 $ 42,205 Accrued vacation/paid time off 14,663 9,917 Accrued bonuses 51,100 53,041 Accrued employee commissions 14,591 19,298 Other postretirement benefit obligations-current portion 1,488 1,488 Other employee benefit plans obligations-current portion 2,606 2,312 Total accrued payroll and other related liabilities $ 152,331 $ 128,261 Accrued expenses and other: Deferred revenues $ 44,308 $ 53,299 Service liabilities 38,948 47,505 Self-insured risk reserves-current portion 9,711 7,342 Accrued dealer commissions 25,174 15,827 Accrued warranty 6,796 7,381 Asset retirement obligation-current portion 1,202 2,671 Other 58,494 58,158 Total accrued expenses and other $ 184,633 $ 192,183 Other liabilities: Self-insured risk reserves-long-term portion $ 17,452 $ 17,452 Other postretirement benefit obligations-long-term portion 8,587 9,880 Defined benefit pension plans obligations-long-term portion 10,152 10,987 Other employee benefit plans obligations-long-term portion 2,341 2,333 Accrued long-term income taxes 10,841 11,959 Asset retirement obligation-long-term portion 12,379 9,843 Other 27,512 27,892 Total other liabilities $ 89,264 $ 90,346
Schedule of Accrued Liabilities [Table Text Block]	Additional information related to our Consolidated Balance Sheets is as follows: December 31, March 31, Accrued payroll and other related liabilities: Compensation and related items $ 67,883 $ 42,205 Accrued vacation/paid time off 14,663 9,917 Accrued bonuses 51,100 53,041 Accrued employee commissions 14,591 19,298 Other postretirement benefit obligations-current portion 1,488 1,488 Other employee benefit plans obligations-current portion 2,606 2,312 Total accrued payroll and other related liabilities $ 152,331 $ 128,261 Accrued expenses and other: Deferred revenues $ 44,308 $ 53,299 Service liabilities 38,948 47,505 Self-insured risk reserves-current portion 9,711 7,342 Accrued dealer commissions 25,174 15,827 Accrued warranty 6,796 7,381 Asset retirement obligation-current portion 1,202 2,671 Other 58,494 58,158 Total accrued expenses and other $ 184,633 $ 192,183 Other liabilities: Self-insured risk reserves-long-term portion $ 17,452 $ 17,452 Other postretirement benefit obligations-long-term portion 8,587 9,880 Defined benefit pension plans obligations-long-term portion 10,152 10,987 Other employee benefit plans obligations-long-term portion 2,341 2,333 Accrued long-term income taxes 10,841 11,959 Asset retirement obligation-long-term portion 12,379 9,843 Other 27,512 27,892 Total other liabilities $ 89,264 $ 90,346

Business Segment Information Bu

Business Segment Information Business Segment Information (Tables)	9 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Financial information for each of our segments is presented in the following table: Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Revenues: Healthcare $ 521,662 $ 509,222 $ 1,392,247 $ 1,440,237 Applied Sterilization Technologies 176,462 156,266 498,371 463,459 Life Sciences 110,800 108,773 343,370 304,208 Total revenues $ 808,924 $ 774,261 $ 2,233,988 $ 2,207,904 Operating income (loss): Healthcare $ 115,412 $ 105,227 $ 302,565 $ 298,777 Applied Sterilization Technologies 81,626 65,468 222,416 198,889 Life Sciences 41,541 37,731 136,435 103,085 Corporate (47,941) (45,260) (158,463) (151,613) Total operating income before adjustments $ 190,638 $ 163,166 $ 502,953 $ 449,138 Less: Adjustments Amortization of acquired intangible assets (1) $ 23,194 $ 17,508 $ 62,649 $ 53,407 Acquisition and integration related charges (2) 11,563 1,721 13,984 5,585 Redomiciliation and tax restructuring costs (3) 296 487 850 3,274 (Gain) on fair value adjustment of acquisition related contingent consideration (500) — (500) — Net loss on divestiture of businesses (1) — 76 5 2,553 Amortization of inventory and property "step up" to fair value (1) 1,784 602 3,101 1,783 COVID-19 incremental costs (4) 7,251 — 20,460 — Restructuring charges (5) 20 385 110 3,328 Total operating income $ 147,030 $ 142,387 $ 402,294 $ 379,208
Revenue from External Customers by Products and Services [Table Text Block]	Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Healthcare: Capital equipment $ 147,855 $ 155,408 $ 407,610 428,894 Consumables 148,839 130,255 355,390 362,370 Service 224,968 223,559 629,247 648,973 Total Healthcare Revenues $ 521,662 $ 509,222 $ 1,392,247 $ 1,440,237 Applied Sterilization Technologies Service Revenues $ 176,462 $ 156,266 $ 498,371 $ 463,459 Life Sciences: Capital equipment $ 28,993 $ 31,762 $ 88,664 $ 84,993 Consumables 49,627 46,370 164,262 132,939 Service 32,180 30,641 90,444 86,276 Total Life Sciences Revenues $ 110,800 $ 108,773 $ 343,370 $ 304,208 Total Revenues $ 808,924 $ 774,261 $ 2,233,988 $ 2,207,904
Revenue from External Customers by Geographic Areas [Table Text Block]	Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Revenues: Ireland $ 20,316 $ 16,126 $ 51,779 $ 46,405 United States 572,397 562,502 1,613,554 1,611,755 Other locations 216,211 195,633 568,655 549,744 Total Revenues $ 808,924 $ 774,261 $ 2,233,988 $ 2,207,904
Reconciliation of Assets from Segment to Consolidated	Assets include the current and long-lived assets directly attributable to the segment based on the management of the location or on utilization. Certain corporate assets were allocated to the reportable segments based on revenues. Assets attributed to sales and distribution locations are only allocated to the Healthcare and Life Sciences segments. Individual facilities, equipment, and intellectual properties are utilized for production by both the Healthcare and Life Sciences segments at varying levels over time. As a result, an allocation of total assets, capital expenditures, and depreciation and amortization is not meaningful to the individual performance of the Healthcare and Life Sciences segments. Therefore, their respective amounts are reported together. December 31, 2020 March 31, 2020 Assets: Healthcare and Life Sciences $ 3,595,753 $ 2,705,377 Applied Sterilization Technologies 2,985,027 2,720,205 Total assets $ 6,580,780 $ 5,425,582

Shares and Preferred Shares Sha

Shares and Preferred Shares Shares and Preferred Shares (Tables)	9 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Schedule of Weighted Average Number of Shares [Table Text Block]	Three Months Ended December 31, Nine Months Ended December 31, Denominator (shares in thousands): 2020 2019 2020 2019 Weighted average shares outstanding—basic 85,330 84,788 85,153 84,740 Dilutive effect of share equivalents 702 840 698 890 Weighted average shares outstanding and share equivalents—diluted 86,032 85,628 85,851 85,630
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Options to purchase the following number of shares were outstanding but excluded from the computation of diluted earnings per share because the combined exercise prices, unamortized fair values, and assumed tax benefits upon exercise were greater than the average market price for the shares during the periods, so including these options would be anti-dilutive: Three Months Ended December 31, Nine Months Ended December 31, (shares in thousands) 2020 2019 2020 2019 Number of share options 278 347 370 270

Share-Based Compensation Share-

Share-Based Compensation Share-Based Compensation (Tables)	9 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Assumptions Used	The following weighted-average assumptions were used for options granted during the first nine months of fiscal 2021 and 2020: Fiscal 2021 Fiscal 2020 Risk-free interest rate 0.46 % 2.26 % Expected life of options 6.0 years 6.2 years Expected dividend yield of stock 0.96 % 1.22 % Expected volatility of stock 23.04 % 20.27 %
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding	A summary of share option activity is as follows: Number of Weighted Average Aggregate Outstanding at March 31, 2020 1,796,126 $ 91.29 Granted 288,936 181.33 Exercised (385,090) 68.75 Forfeited (47,955) 121.18 Outstanding at December 31, 2020 1,652,017 $ 111.43 6.9 years $ 129,044 Exercisable at December 31, 2020 897,953 $ 83.41 5.6 years $ 95,303
Share-based Compensation Arrangements by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest	A summary of the non-vested restricted share and share unit activity is presented below: Number of Number of Restricted Share Units Weighted-Average Non-vested at March 31, 2020 575,830 30,894 $ 98.07 Granted 139,229 14,208 164.58 Vested (158,250) (16,238) 84.61 Forfeited (23,997) (228) 103.36 Non-vested at December 31, 2020 532,812 28,636 $ 120.26

Financial and Other Guarantees

Financial and Other Guarantees Financial and Other Gurantees (Tables)	9 Months Ended
	Dec. 31, 2020
Product Warranties Disclosures [Abstract]
Schedule of Product Warranty Liability	Changes in our warranty liability during the first nine months of fiscal 2021 were as follows: Warranties Balance, March 31, 2020 $ 7,381 Warranties issued during the period 7,411 Settlements made during the period (7,996) Balance, December 31, 2020 $ 6,796

Derivatives and Hedging Derivat

Derivatives and Hedging Derivatives and Hedging (Tables)	9 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	Asset Derivatives Liability Derivatives Fair Value at Fair Value at Fair Value at Fair Value at Balance sheet location December 31, 2020 March 31, 2020 December 31, 2020 March 31, 2020 Prepaid & Other $ 1,377 $ 124 $ — $ — Accrued expenses and other $ — $ — $ 659 $ 912
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The following table presents the impact of derivative instruments and their location within the Consolidated Statements of Income: Location of gain (loss) Amount of gain (loss) recognized in income Three Months Ended December 31, Nine Months Ended December 31, 2020 2019 2020 2019 Foreign currency forward contracts Selling, general and administrative $ 741 $ 79 $ 661 $ 784 Commodity swap contracts Cost of revenues $ 153 $ (398) $ 904 $ 271

Fair Value Measurements Fair Va

Fair Value Measurements Fair Value Measurements (Tables)	9 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	The changes in Level 3 assets and liabilities measured at fair value on a recurring basis at December 31, 2020 are summarized as follows: Contingent Consideration Balance at March 31, 2020 $ 15,988 Additions 334 Assumed in acquisition of Key Surgical 2,940 Payments (917) Reversal (500) Currency translation adjustments 86 Balance at December 31, 2020 $ 17,931
Fair Value Option, Disclosures	The following table shows the fair value of our financial assets and liabilities at December 31, 2020 and March 31, 2020: Fair Value Measurements Carrying Value Quoted Prices Significant Other Significant Level 1 Level 2 Level 3 December 31, March 31, December 31, March 31, December 31, March 31, December 31, March 31, Assets: Cash and cash equivalents $ 252,502 $ 319,581 $ 252,502 $ 319,581 $ — $ — $ — $ — Forward and swap contracts (1) 1,377 124 — — 1,377 124 — — Equity investments (2) 10,484 9,624 10,484 9,624 — — — — Other investments 2,785 2,507 2,785 2,507 — — — — Liabilities: Forward and swap contracts (1) $ 659 $ 912 $ — $ — $ 659 $ 912 $ — $ — Deferred compensation plans (2) 1,822 1,475 1,822 1,475 — — — — Long term debt (3) 1,713,199 1,150,521 — — 1,781,304 1,143,978 — — Contingent consideration obligations (4) 17,931 15,988 — — — — 17,931 15,988

Reclassifications out of Accu_2

Reclassifications out of Accumulated Other Comprehensive Income Reclassification out of Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Dec. 31, 2020
Reclassifications out of AOCI [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Changes in our Accumulated Other Comprehensive Income (Loss) balances, net of tax, for the three months ended December 31, 2020 and 2019 were as follows: Defined Benefit Plans (1) Currency Translation (2) Total Accumulated Other Comprehensive Income (Loss) Three Months Nine Months Three Months Nine Months Three Months Nine Months Beginning Balance $ (7,833) $ (6,813) $ (122,780) $ (228,650) $ (130,613) $ (235,463) Other Comprehensive Income before reclassifications 323 972 128,737 234,607 129,060 235,579 Amounts reclassified from Accumulated Other Comprehensive (Loss) (833) (2,502) — — (833) (2,502) Net current-period Other Comprehensive (Loss) Income (510) (1,530) 128,737 234,607 128,227 233,077 Balance at December 31, 2020 $ (8,343) $ (8,343) $ 5,957 $ 5,957 $ (2,386) $ (2,386) (1) The amortization (gain) of defined benefit pension items is reported in the Interest income and miscellaneous expense line of our Consolidated Statements of Income. (2) The effective portion of gain or loss on net debt designated as non-derivative net investment hedging instruments is recognized in Accumulated Other Comprehensive Income and is reclassified to income in the same period when a gain or loss related to the net investment is included in income. Defined Benefit Plans (1) Currency Translation (2) Total Accumulated Other Comprehensive Income (Loss) Three Months Nine Months Three Months Nine Months Three Months Nine Months Beginning Balance $ (5,215) $ (4,204) $ (220,502) $ (155,574) $ (225,717) $ (159,778) Other Comprehensive Income (Loss) before reclassifications 195 576 77,299 12,371 77,494 12,947 Amounts reclassified from Accumulated Other Comprehensive (Loss) (699) (2,091) — — (699) (2,091) Net current-period Other Comprehensive (Loss) (504) (1,515) 77,299 12,371 76,795 10,856 Balance at December 31, 2019 $ (5,719) $ (5,719) $ (143,203) $ (143,203) $ (148,922) $ (148,922) (1) The amortization (gain) of defined benefit pension items is reported in the Interest income and miscellaneous expense line of our Consolidated Statements of Income.

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
	Dec. 31, 2020
Restructuring [Abstract]
Restructuring and Related Activities Disclosure [Text Block]	Restructuring Fiscal 2019 Restructuring Plan. During the third quarter of fiscal 2019, we adopted and announced a targeted restructuring plan (the "Fiscal 2019 Restructuring Plan"), which included the closure of two manufacturing facilities, one in Brazil and one in England, as well as other actions including the rationalization of certain products. Fewer than 200 positions were eliminated. The Company relocated the production of certain impacted products to other existing manufacturing operations during fiscal 2020. These restructuring actions were designed to enhance profitability and improve efficiency. Since inception of the Fiscal 2019 Restructuring Plan we have incurred pre-tax expenses totaling $43,961 related to these restructuring actions, of which $31,660 was recorded as restructuring expenses and $12,301 was recorded in cost of revenues, with a total of $34,062, $7,568 and $668 related to the Healthcare, Applied Sterilization Technologies and Life Sciences segments, respectively. Corporate related restructuring charges were $1,663. Additional restructuring expenses related to this plan are not expected to be material to our results of operations. Liabilities related to restructuring activities are recorded as current liabilities on the accompanying Consolidated Balance Sheets within “Accrued payroll and other related liabilities” and “Accrued expenses and other.” The remaining liability balances at December 31, 2020 and March 31, 2020 are not material.

Nature of Operations and Summ_3

Nature of Operations and Summary of Significant Accounting Policies Revenue Table (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Revenue, Remaining Performance Obligation, Amount		$ 1,014,800
Deferred Revenues, Amount recognized in period from certain capital contracts	$ 14,609
Deferred Cost of Revenues, Amount recognized in period from certain capital contracts	$ 7,560
Deferred Revenue, Revenue Recognized		$ 38,181	$ 46,744
Expected recognition within the next year [Member]
Revenue, Remaining Performance Obligation, Percentage		50.00%
Expected recognition beyond the next year [Member] [Member]
Revenue, Remaining Performance Obligation, Percentage		42.00%

Business Acquisitions and Div_3

Business Acquisitions and Divestitures Fiscal 2018 Acquisitions (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Business Acquisition [Line Items]
Contingent consideration		$ 17,931		$ 17,931		$ 15,988
Deferred consideration		1,194	$ 894	1,194	$ 894
Proceeds from Sales of Business, Affiliate and Productive Assets					439
Gain (Loss) on Disposition of Business	[1]	$ 0	$ (76)	(5)	(2,553)
Approximate annual revenues of divested entity					5,000
Business Combination, Acquisition Related Costs				$ 10,842
Business Acquisition, Date of Acquisition [Abstract]
Business Acquisition, Effective Date of Acquisition				Nov. 18, 2020
Payments to Acquire Businesses, Net of Cash Acquired				$ 869,431	107,166
Series of Individually Immaterial Business Acquisitions
Business Acquisition, Date of Acquisition [Abstract]
Payments to Acquire Businesses, Net of Cash Acquired				20,908	$ 117,259
Key Surgical [Domain]
Business Acquisition, Date of Acquisition [Abstract]
Payments to Acquire Businesses, Net of Cash Acquired				$ 849,717
[1]	For more information regarding our recent acquisitions and divestitures refer to Note 2 titled" Business Acquisitions and Divestitures" and our Annual Report on Form 10-K for the year ended March 31, 2020, dated May 29, 2020.

Business Acquisitions and Div_4

Business Acquisitions and Divestitures Fiscal 2017 Acquisitions (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Business Acquisition [Line Items]
Revenues		$ 808,924	$ 774,261	$ 2,233,988	$ 2,207,904
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash	[1]	12,615		12,615
Accounts receivable	[1]	13,967		13,967
Inventory	[1]	22,167		22,167
Property, plant, and equipment	[1]	6,032		6,032
Other assets	[1]	6,680		6,680
Goodwill		2,926,551		2,926,551		$ 2,356,085
Total Assets	[1]	975,709		975,709
Current liabilities	[1]	17,683		17,683
Non-current liabilities	[1]	95,694		95,694
Total Liabilities	[1]	113,377		113,377
Net Assets	[1]	$ 862,332		$ 862,332
[1]	P urchase price allocation is still preliminary as of December 31, 2020, as valuation has not been finalized.

Business Acquisitions and Div_5

Business Acquisitions and Divestitures Fiscal 2017 Divestitures (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues		$ 808,924	$ 774,261	$ 2,233,988	$ 2,207,904
Pre-tax gain or loss on sale of business	[1]	0	76	5	2,553
Deferred consideration		$ 1,194	$ 894	$ 1,194	$ 894
[1]	For more information regarding our recent acquisitions and divestitures refer to Note 2 titled" Business Acquisitions and Divestitures" and our Annual Report on Form 10-K for the year ended March 31, 2020, dated May 29, 2020.

Business Acquisitions and Div_6

Business Acquisitions and Divestitures Revenues by Type (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2019USD ($)
Business Combinations [Abstract]
Loss on sale of HSS China Operations	$ 2,330

Business Acquisitions and Div_7

Business Acquisitions and Divestitures (Details) 2020 $ in Thousands	Dec. 31, 2020USD ($)	[1]
Business Acquisitions and Divestitures [Abstract]
Cash	$ 12,615
Accounts receivable	13,967
Inventory	22,167
Property, plant, and equipment	6,032
Other assets	6,680
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	491,009	[2]
Business Acquisition, Goodwill, Expected Tax Deductible Amount	423,239
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	975,709
Current liabilities	(17,683)
Non-current liabilities	(95,694)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	(113,377)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	$ 862,332
[1]	P urchase price allocation is still preliminary as of December 31, 2020, as valuation has not been finalized.
[2]	Intangible assets resulting from the Key Surgical acquisition may consists of patents, trade names, Customer Relationships, non-compete agreements, and technologies, pending the outcome of the final valuation

Inventories, Net Inventories,_2

Inventories, Net Inventories, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Raw materials	$ 102,212	$ 94,321
Work in process	42,109	35,643
Finished goods	185,762	151,381
LIFO reserve	(18,753)	(16,937)
Reserve for excess and obsolete inventory	(17,198)	(16,149)
Inventories, net	$ 294,132	$ 248,259

Property, Plant and Equipment P

Property, Plant and Equipment Property, Plant and Equipment (Details) - USD ($) $ in Thousands		9 Months Ended
		Dec. 31, 2020	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment		Information related to the major categories of our depreciable assets is as follows: December 31, March 31, Land and land improvements (1) $ 69,591 $ 65,994 Buildings and leasehold improvements 567,113 531,267 Machinery and equipment 753,851 682,488 Information systems 186,421 181,112 Radioisotope 567,353 508,593 Construction in progress (1) 211,183 159,731 Total property, plant, and equipment 2,355,512 2,129,185 Less: accumulated depreciation and depletion (1,128,617) (1,017,330) Property, plant, and equipment, net $ 1,226,895 $ 1,111,855 (1) Land is not depreciated. Construction in progress is not depreciated until placed in service.
Property, Plant and Equipment [Line Items]
Land and land improvements	[1]	$ 69,591	$ 65,994
Buildings and leasehold improvements		567,113	531,267
Machinery and equipment		753,851	682,488
Radioisotope		567,353	508,593
Construction in progress	[1]	211,183	159,731
Total property, plant, and equipment		2,355,512	2,129,185
Less: accumulated depreciation and depletion		(1,128,617)	(1,017,330)
Property, plant, and equipment, net		1,226,895	1,111,855
Capitalized Computer Hardware/Software, Gross		$ 186,421	$ 181,112
[1]	Land is not depreciated. Construction in progress is not depreciated until placed in service.

Debt Debt (Details)

Debt Debt (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2020	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Debt	Indebtedness was as follows: December 31, March 31, Credit Agreement $ 304,618 $ 275,449 Term Loan 550,000 — Private Placement 864,425 878,409 Deferred financing costs (5,844) (3,337) Total long term debt $ 1,713,199 $ 1,150,521
Debt Instrument [Line Items]
Private Placement	$ 864,425	$ 878,409
Deferred financing costs	5,844	3,337
Credit Agreement	304,618	275,449
Loans Payable to Bank	550,000	0
Total long term debt	$ 1,713,199	$ 1,150,521
Principal repayment rate year 1	1.25%
Term loan quarterly principal repayment rate year 2023	1.875%

Additional Consolidated Balan_3

Additional Consolidated Balance Sheets Information Additional Consolidated Balance Sheets Information (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Accrued payroll and other related liabilities:
Compensation and related items	$ 67,883	$ 42,205
Accrued vacation/paid time off	14,663	9,917
Accrued bonuses	51,100	53,041
Accrued employee commissions	14,591	19,298
Other postretirement benefit obligations-current portion	1,488	1,488
Other employee benefit plans obligations-current portion	2,606	2,312
Accrued expenses and other:
Deferred revenues	44,308	53,299
Service liabilities	38,948	47,505
Self-insured risk reserves-current portion	9,711	7,342
Accrued dealer commissions	25,174	15,827
Accrued warranty	6,796	7,381
Asset retirement obligation-current portion	1,202	2,671
Other	58,494	58,158
Total accrued expenses and other	184,633	192,183
Other liabilities:
Self-insured risk reserves-long-term portion	17,452	17,452
Other postretirement benefit obligations-long-term portion	8,587	9,880
Defined benefit pension plans obligations-long-term portion	10,152	10,987
Other employee benefit plans obligations-long-term portion	2,341	2,333
Accrued long-term income taxes	10,841	11,959
Asset retirement obligation-long-term portion	12,379	9,843
Long-term liabilities, other	27,512	27,892
Other Liabilities, Noncurrent	89,264	90,346
Employee-related Liabilities, Current	$ 152,331	$ 128,261

Income Tax Expense Income Tax E

Income Tax Expense Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Effective Income Tax Rate, Continuing Operations	17.80%	21.90%	18.80%	18.80%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%
Uncertain Tax Liability Resulting From IRS Notice	$ 40,000		$ 40,000

Business Segment Information _2

Business Segment Information Business Segment Information (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Segment Reporting Information [Line Items]
Revenues		$ 808,924	$ 774,261	$ 2,233,988	$ 2,207,904
Segment operating income		147,030	142,387	402,294	379,208
Restructuring Charges	[1]	20	385	110	3,328
Amortization of acquired intangible assets	[2]	23,194	17,508	62,649	53,407
Business Combination, Acquisition Related Costs	[3]	11,563	1,721	13,984	5,585
loss (gain) on fair value contingent consideration adjustments		(500)	0	(500)	0
Impact of TCJA	[4]	296	487	850	3,274
Net loss on divestiture of businesses	[2]	0	76	5	2,553
Amortization of inventory and property step-up to fair value	[2]	1,784	602	3,101	1,783
COVID-19 incremental costs	[5]	7,251	0	20,460	0
Assets		6,580,780		6,580,780		$ 5,425,582
Life Sciences
Segment Reporting Information [Line Items]
Revenues		110,800	108,773	343,370	304,208
Segment operating income		41,541	37,731	136,435	103,085
Applied Sterilization Technologies
Segment Reporting Information [Line Items]
Revenues		176,462	156,266	498,371	463,459
Segment operating income		81,626	65,468	222,416	198,889
Assets		2,985,027		2,985,027		2,720,205
Segment operating income
Segment Reporting Information [Line Items]
Revenues		808,924	774,261	2,233,988	2,207,904
Segment operating income		190,638	163,166	502,953	449,138
Healthcare [Member] [Member]
Segment Reporting Information [Line Items]
Revenues		521,662	509,222	1,392,247	1,440,237
Segment operating income		115,412	105,227	302,565	298,777
Healthcare and Life Sciences [Member]
Segment Reporting Information [Line Items]
Assets		3,595,753		3,595,753		$ 2,705,377
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Segment operating income		(47,941)	(45,260)	(158,463)	(151,613)
Other foreign locations [Member]
Segment Reporting Information [Line Items]
Revenues		216,211	195,633	568,655	549,744
UNITED STATES
Segment Reporting Information [Line Items]
Revenues		572,397	562,502	1,613,554	1,611,755
UNITED KINGDOM
Segment Reporting Information [Line Items]
Revenues		20,316	16,126	51,779	46,405
Consumable revenues [Member] | Life Sciences
Segment Reporting Information [Line Items]
Revenues		49,627	46,370	164,262	132,939
Consumable revenues [Member] | Healthcare [Member] [Member]
Segment Reporting Information [Line Items]
Revenues		148,839	130,255	355,390	362,370
Sales Revenue, Services, Net [Member] | Life Sciences
Segment Reporting Information [Line Items]
Revenues		32,180	30,641	90,444	86,276
Sales Revenue, Services, Net [Member] | Healthcare [Member] [Member]
Segment Reporting Information [Line Items]
Revenues		224,968	223,559	629,247	648,973
Capital equipment revenues [Member] | Life Sciences
Segment Reporting Information [Line Items]
Revenues		28,993	31,762	88,664	84,993
Capital equipment revenues [Member] | Healthcare [Member] [Member]
Segment Reporting Information [Line Items]
Revenues		$ 147,855	$ 155,408	$ 407,610	$ 428,894
[1]	For more information regarding our restructuring efforts refer to Note 17 titled, "Restructuring"
[2]	For more information regarding our recent acquisitions and divestitures refer to Note 2 titled" Business Acquisitions and Divestitures" and our Annual Report on Form 10-K for the year ended March 31, 2020, dated May 29, 2020.
[3]	Acquisition and integration related charges include transaction costs and integration expenses associated with acquisitions.
[4]	Costs incurred in connection with the Redomiciliation and tax restructuring.
[5]	COVID-19 incremental costs includes the additional costs attributable to COVID-19 such as enhanced cleaning protocols, personal protective equipment for our employees, event cancellation fees, and payroll costs associated with our response to COVID-19, net of any government subsidies available.

Shares and Preferred Shares Ord

Shares and Preferred Shares Ordinary Shares (Details)	3 Months Ended		9 Months Ended
	Dec. 31, 2020$ / sharesshares	Dec. 31, 2019shares	Dec. 31, 2020$ / sharesshares	Dec. 31, 2019shares	Dec. 31, 2020EUR (€)shares	Mar. 31, 2020$ / shares
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted average shares outstanding - basic	85,330,000	84,788,000	85,153,000	84,740,000
Dilutive effect of share equivalents	702,000	840,000	698,000	890,000
Weighted average shares outstanding and share equivalents - diluted	86,032,000	85,628,000	85,851,000	85,630,000
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred Stock, Shares Authorized					50,000,000
Common Stock, Par or Stated Value Per Share | $ / shares	$ 0.001		$ 0.001			$ 0.001
Preferred Stock, Par or Stated Value Per Share | $ / shares	$ 0.001		$ 0.001
Deferred Ordinary Shares					25,000
Employee share option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of share options that are antidilutive	278,000	347,000	370,000	270,000
Euro Member Countries, Euro
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Par Value (Euros) of Deferred Ordinary Shares | €					€ 1

Shares and Preferred Shares Pre

Shares and Preferred Shares Preferred Shares (Details)	Dec. 31, 2020$ / shares
Class of Stock [Line Items]
Preferred shares, par value	$ 0.001

Repurchases of Shares (Details)

Repurchases of Shares (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Jul. 30, 2019	May 07, 2019
Equity, Class of Treasury Stock [Line Items]
Share repurchase program, number of shares authorized	$ 333,932		$ 300,000	$ 78,979
Shares repurchased during period, number	35,000	205,059
Aggregate value of shares repurchased pursuant to authorization	$ 5,047	$ 30,000
Shares obtained in connection with share based compensation award programs	85,574	100,124
Payments for shares obtained in connection with share based compensation programs	$ 9,512	$ 10,318

Share-Based Compensation Shar_2

Share-Based Compensation Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Item]
Remaining shares available for grant	3,592,261
Weighted-average assumptions used for options granted:
Risk-free interest rate	0.46%	2.26%
Expected life of options	6 years	6 years 2 months 12 days
Exptected dividend yield of stock	0.96%	1.22%
Expected volatility of stock	23.04%	20.27%
Estimated forfeiture rate	2.78%	2.77%
Summary of share option activity:
Outstanding at March 31, 2017	1,796,126
Granted	288,936
Exercised	(385,090)
Forfeited	(47,955)
Outstanding at June 30, 2017	1,652,017
Exercisable at June 30, 2017	897,953
Weighted average exercise price:
Outstanding at March 31, 2017	$ 91.29
Granted	181.33
Exercised	68.75
Forfeited	121.18
Outstanding at June 30, 2017	111.43
Exercisable at June 30, 2017	$ 83.41
Average Remaining Contractual Term, Outstanding at June 30, 2017	6 years 10 months 24 days
Aggregate Intrinsic Value, Outstanding at June 30, 2017	$ 129,044
Average Remaining Contractual Term, Exercisable at June 30, 2017	5 years 7 months 6 days
Aggregate Intrinsic Value, Exercisable at June 30, 2017	$ 95,303
Non-vested stock options outstanding expected to vest	736,801
Ordinary shares, closing price	$ 189.54
Total intrinsic value of stock options exercised	$ 36,850	$ 36,939
Net cash proceeds from the exercise of stock options	$ 26,018	$ 22,958
Weighted average grant date fair value of stock option grants, per share	$ 27.66	$ 23.52
Summary of non-vested restricted share activity:
Unrecognized compensation cost related to nonvested share-based compensation granted	$ 51,583
Weighted Average Period For Total Compensation Expense Not Yet Recognized	2 years 1 month 6 days
Stock Appreciation Rights (SARs) [Member]
Weighted average exercise price:
FairValueOfOutstandingStockAppreciationRights	$ 491	$ 629
Restricted Stock
Summary of non-vested restricted share activity:
Number of Restricted Shares, Non-vested at Beginning of Period	575,830
Weighted-Average Grant Date Fair Value, Non-vested at Beginning of Period	$ 98.07
Number of Restricted Shares, Granted	139,229
Weighted-Average Grant Date Fair Value, Granted	$ 164.58
Number of Restricted Shares, Vested	(158,250)
Weighted-Average Grant Date Fair Value, Vested	$ 84.61
Number of Restricted Shares, Canceled	(23,997)
Weighted-Average Grant Date Fair Value, Canceled	$ 103.36
Number of Restricted Shares, Non-vested at End of Period	532,812
Weighted-Average Grant Date Fair Value, Non-vested at End of Period	$ 120.26
Fair Value, Share-based Payment Awards, Other than Options	$ 14,764
Restricted Stock Units (RSUs)
Summary of non-vested restricted share activity:
Number of Restricted Shares, Non-vested at Beginning of Period	30,894
Number of Restricted Shares, Granted	14,208
Number of Restricted Shares, Vested	(16,238)
Number of Restricted Shares, Canceled	(228)
Number of Restricted Shares, Non-vested at End of Period	28,636

Financial and Other Guarantee_2

Financial and Other Guarantees Financial and Other Guarantees (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2020USD ($)
Product Warranty Liability [Line Items]
Balance, March 31, 2017	$ 7,381
Warranties issued during the period	7,411
Settlement made during the period	(7,996)
Balance, June 30, 2017	$ 6,796

Derivatives and Hedging Fair Va

Derivatives and Hedging Fair Value of Derivatives, Balance Sheet Location (Details) € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)lb	Dec. 31, 2019USD ($)	Dec. 31, 2020GBP (£)	Dec. 31, 2020MXN ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2020EUR (€)	Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)
Derivative [Line Items]
Non-derivative Net Investment Hedge									$ 51,323
Prepaid & Other
Derivative [Line Items]
Asset derivatives									1,377	$ 124
Liability derivatives									0	0
Accrued expenses and other
Derivative [Line Items]
Asset derivatives									0	0
Liability derivatives									$ 659	$ 912
Foreign currency forward contracts | Selling, general, and administrative expense
Derivative [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax	$ 741	$ 79	$ 661	$ 784
Commodity swap contracts
Derivative [Line Items]
Derivative, notional amount, weight | lb			946,800
Commodity swap contracts | Cost of Sales [Member]
Derivative [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax	$ (153)	$ 398	$ (904)	$ (271)
Mexican peso | Foreign currency forward contracts
Derivative [Line Items]
Liability derivatives						$ 35,000
Canadian dollar | Foreign currency forward contracts
Derivative [Line Items]
Liability derivatives							$ 2,200
euro | Foreign currency forward contracts
Derivative [Line Items]
Derivative Asset, Notional Amount | €								€ 4,000
British pounds sterling | Foreign currency forward contracts
Derivative [Line Items]
Liability derivatives | £					£ 30,500

Derivatives and Hedging Gain (L

Derivatives and Hedging Gain (Loss) on Derivatives, Income Statement Location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Foreign currency forward contracts | Selling, general, and administrative expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in income	$ (741)	$ (79)	$ (661)	$ (784)
Commodity swap contracts | Cost of revenues
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in income	$ 153	$ (398)	$ 904	$ 271

Fair Value Measurements Fair _2

Fair Value Measurements Fair Value Hierarchy (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Reported Value Measurement [Member]
Assets:
Cash and cash equivalents		$ 252,502		$ 252,502		$ 319,581
Forward and swap contracts	[1]	1,377		1,377		124
Equity Securities, FV-NI	[2]	10,484		10,484		9,624
Investments		2,785		2,785		2,507
Liabilities:
Forward and swap contracts	[1]	659		659		912
Deferred compensation plans	[2]	1,822		1,822		1,475
Contingent consideration obligations		17,931		17,931		15,988
Debt Instrument, Fair Value Disclosure	[3]	1,713,199		1,713,199		1,150,521
Debt and Equity Securities, Gain (Loss)		(210)	$ (636)	(138)	$ 1,843
Investment Owned, at Cost		4,955		4,955
Contingent consideration obligations		17,931		17,931		15,988
Level 1
Assets:
Cash and cash equivalents		252,502		252,502		319,581
Forward and swap contracts		0		0		0
Equity Securities, FV-NI	[2]	10,484		10,484		9,624
Investments		2,785		2,785		2,507
Liabilities:
Forward and swap contracts		0		0		0
Deferred compensation plans	[2]	1,822		1,822		1,475
Contingent consideration obligations		0		0		0
Debt Instrument, Fair Value Disclosure		0		0		0
Level 2
Assets:
Cash and cash equivalents		0		0		0
Forward and swap contracts	[1]	1,377		1,377		124
Equity Securities, FV-NI		0		0		0
Investments		0		0		0
Liabilities:
Forward and swap contracts	[1]	659		659		912
Deferred compensation plans		0		0		0
Contingent consideration obligations		0		0		0
Debt Instrument, Fair Value Disclosure	[3]	1,781,304		1,781,304		1,143,978
Level 3
Assets:
Cash and cash equivalents		0		0		0
Forward and swap contracts		0		0		0
Equity Securities, FV-NI		0		0		0
Investments		0		0		0
Liabilities:
Forward and swap contracts		0		0		0
Deferred compensation plans		0		0		0
Contingent consideration obligations	[4]	17,931		17,931		15,988
Debt Instrument, Fair Value Disclosure		$ 0		$ 0		$ 0
[1]	The fair values of forward and swap contracts are based on period-end forward rates and reflect the value of the amount that we would pay or receive for the contracts involving the same notional amounts and maturity dates.
[2]	We maintain a frozen domestic non-qualified deferred compensation plan covering certain employees, which allows for the deferral of payment of previously earned compensation for an employee-specified term or until retirement or termination. Amounts deferred can be allocated to various hypothetical investment options (compensation deferrals have been frozen under the plan). We hold investments to satisfy the future obligations of the plan. Employees who made deferrals are entitled to receive distributions of their hypothetical account balances (amounts deferred, together with earnings (losses)). We also hold an investment in the common stock of Servizi Italia, S.p.A, a leading provider of integrated linen washing and outsourced sterile processing services to hospital Customers. Changes in the fair value of these investments are recorded in the "Interest income and miscellaneous expense line" of the Consolidated Statement of Income. During the third quarter and first nine months of fiscal 2021, we recorded gains of $210 and $138, respectively, related to these investments
[3]	We estimate the fair value of our long-term debt using discounted cash flow analyses, based on our current incremental borrowing rates for similar types of borrowing arrangements.
[4]	Contingent consideration obligations arise from business acquisitions. The fair values are based on discounted cash flow analyses reflecting the possible achievement of specified performance measures or events and captures the contractual nature of the contingencies, commercial risk, and the time value of money. Contingent consideration obligations are classified in the consolidated balance sheets as accrued expense (short-term) and other liabilities (long-term), as appropriate based on the contractual payment dates

Fair Value Measurements Conting

Fair Value Measurements Contingent Consideration Rollforward (Details) - USD ($) $ in Thousands		9 Months Ended
		Dec. 31, 2020	Mar. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration		$ 17,931	$ 15,988
Additions
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in contingent consideration		334
Contingent consideration gain loss [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in contingent consideration		2,940
Payments
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in contingent consideration		(917)
Foreign currency translation adjustment
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in contingent consideration		86
Reversal of Liability Balance
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in contingent consideration		(500)
Fair Value, Inputs, Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration	[1]	17,931	15,988
Fair value		$ 0	$ 0
[1]	Contingent consideration obligations arise from business acquisitions. The fair values are based on discounted cash flow analyses reflecting the possible achievement of specified performance measures or events and captures the contractual nature of the contingencies, commercial risk, and the time value of money. Contingent consideration obligations are classified in the consolidated balance sheets as accrued expense (short-term) and other liabilities (long-term), as appropriate based on the contractual payment dates

Fair Value Measurements Availab

Fair Value Measurements Available-for-sale securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Equity Securities, FV-NI, Gain (Loss)	$ 210	$ 636	$ 138	$ (1,843)

Reclassifications out of Accu_3

Reclassifications out of Accumulated Other Comprehensive Income Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands		3 Months Ended				9 Months Ended
		Dec. 31, 2020		Dec. 31, 2019		Dec. 31, 2020		Dec. 31, 2019		Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax		$ (2,386)		$ (148,922)		$ (2,386)		$ (148,922)		$ (130,613)	$ (235,463)	$ (225,717)	$ (159,778)
Other Comprehensive Income (Loss), Net of Tax		129,060		77,494		235,579		12,947
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		(833)		(699)	[1]	(2,502)		(2,091)
Other Comprehensive (Loss) Income, Net of Tax, Portion Attributable to Parent		(128,227)		(76,795)		(233,077)		(10,856)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax		(8,343)		(5,719)		(8,343)		(5,719)		(7,833)	(6,813)	(5,215)	(4,204)
Other Comprehensive Income (Loss), Net of Tax		323		195		972		576
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	[2]	(833)		(699)		(2,502)		(2,091)
Other Comprehensive (Loss) Income, Net of Tax, Portion Attributable to Parent		510		504		1,530		1,515
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax		5,957		(143,203)		5,957		(143,203)		$ (122,780)	$ (228,650)	$ (220,502)	$ (155,574)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax		128,737		77,299		234,607		12,371
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		0	[1]	0		0	[1]	0	[1]
Other Comprehensive (Loss) Income, Net of Tax, Portion Attributable to Parent		$ (128,737)		$ (77,299)		$ (234,607)		$ (12,371)
[1]	The effective portion of gain or loss on net debt designated as non-derivative net investment hedging instruments is recognized in Accumulated Other Comprehensive Income and is reclassified to income in the same period when a gain or loss related to the net investment is included in income.
[2]	The amortization (gain) of defined benefit pension items is reported in the Interest income and miscellaneous expense line of our Consolidated Statements of Income.

Loans Receivable (Details)

Loans Receivable (Details) € in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2017	Dec. 31, 2020USD ($)	Dec. 31, 2020EUR (€)	Mar. 31, 2020USD ($)	Mar. 31, 2020EUR (€)	Oct. 31, 2019EUR (€)	Mar. 31, 2017EUR (€)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investments		$ 4,955
Line of Credit Provide		11,606
Loan Agreement Max Borrowing Amount Dutch Linen Sale | €							€ 15,000
Balance under credit facility expected to be forgiven in acquisition		10,536
Financing Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable, Net		10,326		$ 7,084
Loans Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest Rate Period	15 years
Other Receivables		$ 8,966	€ 7,300	$ 8,072	€ 7,300	€ 7,300
Years 1-4, 4% Int Rate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate on loan receivable						4.00%	4.00%
Years 5-6,8% Int Rate [Member] [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate on loan receivable						8.00%
Loan Rate 4% [Member] [Domain]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate on loan receivable		4.00%	4.00%
Years 5-15, 12% Int Rate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate on loan receivable							12.00%

Restructuring (Details)

Restructuring (Details) $ in Thousands		3 Months Ended		9 Months Ended
		Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)plan	Dec. 31, 2019USD ($)
Restructuring and Related Cost, Expected Number of Positions Eliminated | plan				200
Restructuring Charges	[1]	$ 20	$ 385	$ 110	$ 3,328
Restructuring Costs		20	(448)	110	667
Restructuring Costs LTD Since Plan Inception				43,961
Restructuring Costs		20	(448)	110	667
Restructuring Charges	[1]	$ 20	$ 385	$ 110	$ 3,328
Restructuring and Related Activities Disclosure [Text Block]				Restructuring Fiscal 2019 Restructuring Plan. During the third quarter of fiscal 2019, we adopted and announced a targeted restructuring plan (the "Fiscal 2019 Restructuring Plan"), which included the closure of two manufacturing facilities, one in Brazil and one in England, as well as other actions including the rationalization of certain products. Fewer than 200 positions were eliminated. The Company relocated the production of certain impacted products to other existing manufacturing operations during fiscal 2020. These restructuring actions were designed to enhance profitability and improve efficiency. Since inception of the Fiscal 2019 Restructuring Plan we have incurred pre-tax expenses totaling $43,961 related to these restructuring actions, of which $31,660 was recorded as restructuring expenses and $12,301 was recorded in cost of revenues, with a total of $34,062, $7,568 and $668 related to the Healthcare, Applied Sterilization Technologies and Life Sciences segments, respectively. Corporate related restructuring charges were $1,663. Additional restructuring expenses related to this plan are not expected to be material to our results of operations. Liabilities related to restructuring activities are recorded as current liabilities on the accompanying Consolidated Balance Sheets within “Accrued payroll and other related liabilities” and “Accrued expenses and other.” The remaining liability balances at December 31, 2020 and March 31, 2020 are not material.
Operating Income (Loss) [Member]
Restructuring Costs				$ 31,660
Restructuring Costs				31,660
Cost of Sales [Member]
Restructuring Costs				12,301
Restructuring Costs				12,301
Applied Sterilization Technologies [Member]
Restructuring Costs				7,568
Restructuring Costs				7,568
Life Science Member [Member]
Restructuring Costs				668
Restructuring Costs				668
Healthcare
Restructuring Costs				34,062
Restructuring Costs				34,062
Corporate Segment [Member]
Restructuring Costs				1,663
Restructuring Costs				$ 1,663
[1]	For more information regarding our restructuring efforts refer to Note 17 titled, "Restructuring"

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended		12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2021	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 12, 2021, we announced the signing of a definitive agreement to acquire Cantel Medical Corp. (NYSE: CMD "Cantel"), through a U.S. subsidiary. Cantel is a global provider of infection prevention products and services primarily to endoscopy and dental Customers. Under the terms of the agreement, we will acquire Cantel in a cash and stock transaction valued at $84.66 per Cantel common share, based on STERIS’s closing share price of $200.46 on January 11, 2021. This represents a total equity value of approximately $3.6 billion and a total enterprise value of approximately $4.6 billion. The agreement has been unanimously approved by the Boards of Directors of both companies. The acquisition is subject to certain closing conditions, including Cantel shareholder vote and regulatory approvals. We expect to fund the cash portion of the transaction consideration and repay or otherwise satisfy a significant amount of Cantel’s existing debt obligations with approximately $2.0 billion of new debt. We have fully committed bridge financing and are working with our lenders and advisors on a long-term plan. On January 4, 2021 , we purchased the remaining outstanding shares of an equity investment that we made in fiscal 2019, for approximately $44,255, subject to any working capital adjustments. In addition to the purchase price, the acquisition agreement included the capitalization of the outstanding principal and accumulated interest under a credit facility in the amount of $10,536. For more information refer to Note 18 titled, "Loans Receivable". We plan to integrate the business into our Applied Sterilization Technologies business segment and to fund the transaction through a combination of
Business Acquisition, Date of Acquisition [Abstract]
Payments to Acquire Businesses, Net of Cash Acquired	$ 869,431	$ 107,166
Common Stock, Par or Stated Value Per Share	$ 0.001			$ 0.001
Proceeds from Issuance of Private Placement	$ 550,000	$ 0
Subsequent Event [Member]
Subsequent Event [Line Items]
Subsequent Event - Business Acquisition Equity Value of Acquiree			$ 3,600,000
Subsequent Event - Business Acquisition Enterprise Value of Acquiree			4,600,000
Subsequent event- Forgiveness of Loan Receivable			10,536
Business Acquisition, Date of Acquisition [Abstract]
Payments to Acquire Businesses, Net of Cash Acquired			44,255
Proceeds from Issuance of Private Placement			$ 2,000,000
Subsequent Event [Member] | Equity Investment [Domain]
Subsequent Events [Abstract]
Subsequent Event, Date			Jan. 4, 2021
Subsequent Event [Line Items]
Subsequent Event, Date			Jan. 4, 2021
Subsequent Event [Member] | Cantel [Domain]
Subsequent Events [Abstract]
Subsequent Event, Date			Jan. 12, 2021
Subsequent Event [Line Items]
Subsequent Event, Date			Jan. 12, 2021
Business Acquisition, Date of Acquisition [Abstract]
Common Stock, Par or Stated Value Per Share			$ 84.66
Business Acquisition, Share Price			$ 200.46