Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2021 | May 21, 2021 | Sep. 30, 2020 | |
Entity Information [Line Items] | |||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Central Index Key | 0001757898 | ||
Document Period End Date | Mar. 31, 2021 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 85,369,640 | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Current Fiscal Year End Date | --03-31 | ||
Local Phone Number | 232 2000 | ||
City Area Code | 1 | ||
Country Region | 353 | ||
Entity Shell Company | false | ||
Entity Public Float | $ 14,957.7 | ||
Entity Registrant Name | STERIS plc | ||
Document Type | 10-K | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity File Number | 001-38848 | ||
Entity Incorporation, State or Country Code | L2 | ||
Entity Tax Identification Number | 98-1455064 | ||
Ordinary Shares | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Ordinary Shares, $0.001 par value | ||
Trading Symbol | STE | ||
Security Exchange Name | NYSE | ||
STE Two700 Senior Notes Due2031 Member | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 2.700% Senior Notes due 2031 | ||
Trading Symbol | STE/31 | ||
Security Exchange Name | NYSE | ||
Two700 Senior Notes Due2051 Member | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 3.750% Senior Notes due 2051 | ||
Trading Symbol | STE/51 | ||
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | May 03, 2019 |
Statement of Financial Position [Abstract] | |||
Accounts Receivable, Allowance for Credit Loss, Current | $ 11,355 | $ 12,051 | |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 75 | |
Common Stock, Shares Authorized | 500,000 | ||
Common shares issued | 85,353 | 84,924 | |
Common shares outstanding | 85,353 | 84,924 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | [1] |
Current assets: | |||
Cash and cash equivalents | $ 220,531 | $ 319,581 | |
Accounts receivable (net of allowances of $11,355 and $12,051, respectively) | 609,406 | 586,481 | |
Inventories, net | 315,067 | 263,544 | |
Prepaid expenses and other current assets | 66,750 | 54,430 | |
Total current assets | 1,211,754 | 1,224,036 | |
Property, plant, and equipment, net | 1,235,400 | 1,111,855 | |
Operating Lease, Right-of-Use Asset | 150,142 | 131,837 | |
Goodwill | 3,026,049 | 2,356,085 | |
Intangible Assets, Net (Excluding Goodwill) | 898,406 | 565,473 | |
Other assets | 52,720 | 51,581 | |
Assets | 6,574,471 | 5,440,867 | |
Current liabilities: | |||
Accounts payable | 156,950 | 149,341 | |
Accrued Income Taxes, Current | 27,561 | 14,013 | |
Accrued payroll and other related liabilities | 150,078 | 128,261 | |
Capital Lease Obligations, Current | 22,774 | 19,809 | |
Accrued expenses and other | 220,557 | 192,183 | |
Total current liabilities | 577,920 | 503,607 | |
Long-term indebtedness | 1,650,540 | 1,150,521 | |
Deferred income taxes, net | 236,860 | 164,069 | |
Capital Lease Obligations, Noncurrent | 129,673 | 114,114 | |
Other Liabilities, Noncurrent | 88,010 | 90,346 | |
Total liabilities | 2,683,003 | 2,022,657 | |
Commitments and contingencies (see note 10) | |||
Ordinary shares, with $0.001 par value; 500,000 shares authorized; 85,353 and 84,924 ordinary shares issued and outstanding, respectively | 2,002,825 | 1,982,164 | |
Retained earnings | 1,939,408 | 1,658,661 | |
Accumulated other comprehensive income | (61,243) | (235,463) | |
Total shareholders' equity | 3,880,990 | 3,405,362 | |
Noncontrolling interest | 10,478 | 12,848 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,891,468 | 3,418,210 | |
Total liabilities and equity | $ 6,574,471 | $ 5,440,867 | |
[1] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 396,870 | $ 407,859 | [1] | $ 304,746 | [1] |
Net Income (Loss) Attributable to Parent | 397,400 | 407,659 | [2] | 303,721 | [2] |
Revenues: | |||||
Total revenues | 3,107,519 | 3,030,895 | [2] | 2,782,170 | [2] |
Cost of revenues: | |||||
Cost of Goods and Services Sold | 1,764,419 | 1,710,899 | [2] | 1,607,184 | [2] |
Gross Profit | 1,343,100 | 1,319,996 | [2] | 1,174,986 | [2] |
Operating expenses: | |||||
Selling, general, and administrative | 731,320 | 716,731 | [2] | 669,937 | [2] |
Research and development | 66,326 | 65,546 | [2] | 63,038 | [2] |
Restructuring Costs | (2,914) | 673 | [2] | 30,987 | [2] |
Total operating expenses | 794,732 | 782,950 | [2] | 763,962 | [2] |
Income (loss) from operations | 548,368 | 537,046 | [2] | 411,024 | [2] |
Non-operating expenses, net: | |||||
Interest expense | 37,180 | 40,279 | [2] | 45,015 | [2] |
Interest income and miscellaneous expense | (6,345) | (1,987) | [2] | (3,020) | [2] |
Total non-operating expenses, net | 30,835 | 38,292 | [2] | 41,995 | [2] |
Income (loss) before income tax expense (benefit) | 517,533 | 498,754 | [2] | 369,029 | [2] |
Income tax expense (benefit) | 120,663 | 90,895 | [2] | 64,283 | [2] |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 396,870 | 407,859 | [1] | 304,746 | [1] |
Net Income (Loss) Attributable to Noncontrolling Interest | (530) | 200 | [1] | 1,025 | [1] |
Net (loss) income | $ 397,400 | $ 407,659 | [2] | $ 303,721 | [2] |
Net income (loss) per common share | |||||
Basic | $ 4.66 | $ 4.81 | [2] | $ 3.59 | [2] |
Diluted | 4.63 | 4.76 | [2] | 3.55 | [2] |
Cash dividends declared per common share outstanding | $ 1.57 | $ 1.45 | [2] | $ 1.33 | [2] |
Product [Member] | |||||
Revenues: | |||||
Total revenues | $ 1,443,540 | $ 1,402,788 | [2] | $ 1,296,025 | [2] |
Cost of revenues: | |||||
Cost of Goods and Services Sold | 765,076 | 750,129 | [2] | 702,736 | [2] |
Service [Member] | |||||
Revenues: | |||||
Total revenues | 1,663,979 | 1,628,107 | [2] | 1,486,145 | [2] |
Cost of revenues: | |||||
Cost of Goods and Services Sold | $ 999,343 | $ 960,770 | [2] | $ 904,448 | [2] |
[1] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. | ||||
[2] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |||
Consolidated Statements of Comprehensive Income [Abstract] | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 396,870 | $ 407,859 | [1] | $ 304,746 | [1] |
Net Income (Loss) Attributable to Noncontrolling Interest | (530) | 200 | [1] | 1,025 | [1] |
Net Income (Loss) Attributable to Parent | 397,400 | 407,659 | [2] | 303,721 | [2] |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | 667 | 295 | (423) | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | 1,294 | (2,609) | [1] | 2,538 | [1] |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 172,926 | (73,076) | [1] | (172,031) | [1] |
Total other comprehensive (loss) income attributable to shareholders | 174,220 | (75,685) | [1] | (169,493) | [1] |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 571,620 | $ 331,974 | [1] | $ 134,228 | [1] |
[1] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. | ||||
[2] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | ||||
Statement of Cash Flows [Abstract] | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 396,870 | $ 407,859 | [1] | $ 304,746 | [1] | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||
Depreciation, depletion, and amortization | 219,237 | 197,235 | [2] | 225,921 | [2] | |
Deferred income taxes | 4,240 | 9,442 | [2] | (6,622) | [2] | |
Share-based compensation | 25,966 | 23,811 | [2] | 23,965 | [2] | |
Loss on the disposal of property, plant, equipment, and intangibles, net | (1,982) | (174) | [2] | 924 | [2] | |
Loss (Gain) on Disposition of Business | 2,030 | 1,770 | [2] | (1,370) | [2] | |
Other items | 24,273 | 426 | [2] | (18,397) | [2] | |
Changes in operating assets and liabilities: | ||||||
Accounts receivable, net | 12,076 | (17,866) | [2] | (48,486) | [2] | |
Inventories, net | 3,769 | (39,140) | [2] | (14,176) | [2] | |
Other current assets | 458 | 3,784 | [2] | (7,371) | [2] | |
Accounts payable | (7,213) | (2,779) | [2] | 21,244 | [2] | |
Accruals and other, net | 9,916 | 6,191 | [2] | 59,127 | [2] | |
Net cash provided by operating activities | 689,640 | 590,559 | [2] | 539,505 | [2] | |
Investing activities: | ||||||
Purchases of property, plant, equipment, and intangibles, net | (239,262) | (214,516) | [2] | (189,715) | [2] | |
Proceeds from the sale of property, plant, equipment, and intangibles | 569 | 4,156 | [2] | 5,567 | [2] | |
Proceeds from Divestiture of Businesses | 518 | 439 | [2] | 2,478 | [2] | |
Payments to Acquire Investments | (4,400) | 0 | [2] | (4,955) | [2] | |
Investments in businesses, net of cash acquired | (909,192) | (109,814) | [2] | (13,313) | [2] | |
Payments for (Proceeds from) Other Investing Activities | (2,392) | 0 | [2] | (13,286) | [2] | |
Net cash used in investing activities | (1,154,159) | (319,735) | [2] | (213,224) | [2] | |
Financing activities: | ||||||
Proceeds from Issuance of Debt | 550,000 | 0 | [2] | 0 | [2] | |
Repayments of Long-term Debt | (35,000) | 0 | [2] | (85,000) | [2] | |
Proceeds Under Credit Facility, net | (30,461) | (26,500) | [2] | (27,087) | [2] | |
Amortization of Financing Costs | (12,846) | (1,281) | [2] | (488) | [2] | |
Payments of Merger Related Costs, Financing Activities | (2,395) | (626) | [2] | (1,327) | [2] | |
Repurchases of ordinary shares | (14,646) | (51,241) | [2] | (81,494) | [2] | |
Cash dividends paid to common shareholders | (133,837) | (123,034) | [2] | (112,503) | [2] | |
Proceeds from Noncontrolling Interests | 2,258 | 6,050 | [2] | 0 | [2] | |
Payments to Noncontrolling Interests | (4,179) | (1,245) | [2] | (255) | [2] | |
Proceeds from (Payments for) Other Financing Activities | 26,726 | 34,731 | [2] | 13,362 | [2] | |
Net cash (used in) provided by financing activities | 345,620 | (163,146) | [2] | (294,792) | [2] | |
Effect of exchange rate changes on cash and cash equivalents | 19,849 | (8,730) | [2] | (12,390) | [2] | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (99,050) | 98,948 | [2] | 19,099 | [2] | |
Cash and cash equivalents at beginning of period | 319,581 | [3] | 220,633 | [2] | 201,534 | [2] |
Cash and cash equivalents at end of period | $ 220,531 | $ 319,581 | [3] | $ 220,633 | [2] | |
[1] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. | |||||
[2] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. | |||||
[3] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Previously Reported | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, AdjustmentRevision of Prior Period, Accounting Standards Update, Adjustment | [1] | Cumulative Effect, Period of Adoption, Adjusted Balance | Ordinary Shares | Ordinary SharesPreviously Reported | Ordinary SharesCumulative Effect, Period of Adoption, Adjusted Balance | Preferred Stock | Preferred StockPreviously Reported | Preferred StockCumulative Effect, Period of Adoption, Adjusted Balance | Retained Earnings [Member] | Retained Earnings [Member]Previously Reported | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings [Member]Cumulative Effect, Period of Adoption, AdjustmentRevision of Prior Period, Accounting Standards Update, Adjustment | [1] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjusted Balance | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)Previously Reported | Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjusted Balance | Noncontrolling Interest | Noncontrolling InterestPreviously Reported | Noncontrolling InterestCumulative Effect, Period of Adoption, Adjusted Balance | |
Common shares outstanding | 84,747 | 84,747 | ||||||||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 3,217,300 | $ (5,637) | $ 11,762 | $ 3,229,062 | $ 2,048,037 | $ 2,048,037 | $ 15 | $ 15 | $ 1,146,223 | $ (3,667) | $ 11,762 | $ 1,157,985 | $ 11,685 | $ (1,970) | $ 11,685 | $ 11,340 | $ 11,340 | |||||||||
Preferred Stock, Shares Outstanding | 100 | 100 | ||||||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 304,746 | [2] | $ 303,721 | $ 1,025 | ||||||||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | (169,493) | $ (169,493) | ||||||||||||||||||||||||
Stock Repurchased and Retired During Period, Shares | (763) | |||||||||||||||||||||||||
Stock Repurchased and Retired During Period, Value | (81,494) | $ (86,414) | 4,920 | |||||||||||||||||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 533 | |||||||||||||||||||||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 36,941 | $ 36,941 | ||||||||||||||||||||||||
Stock Retired During Period, Redomociliation, Shares | (84,514) | (100) | ||||||||||||||||||||||||
Stock Retired During Period, Redomociliation, Value | (10,592,132) | $ (10,592,117) | $ (15) | |||||||||||||||||||||||
Stock Issued During Period, Shares, Redomiciliation | 84,514 | |||||||||||||||||||||||||
Stock Issued During Period, Value, Redomiciliation | 10,592,117 | $ 10,592,117 | ||||||||||||||||||||||||
Dividends, Common Stock, Cash | (112,503) | (112,503) | ||||||||||||||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (255) | (255) | ||||||||||||||||||||||||
Changes In Noncontrolling Interests, Other | (4,122) | (4,122) | ||||||||||||||||||||||||
Common shares outstanding | 84,517 | |||||||||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,197,230 | $ 1,998,564 | $ 0 | 1,350,456 | (159,778) | 7,988 | ||||||||||||||||||||
Preferred Stock, Shares Outstanding | 0 | |||||||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 407,859 | [2] | 407,659 | 200 | ||||||||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | (75,685) | (75,685) | ||||||||||||||||||||||||
Stock Repurchased and Retired During Period, Shares | (396) | |||||||||||||||||||||||||
Stock Repurchased and Retired During Period, Value | (51,241) | $ (74,821) | 23,580 | |||||||||||||||||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | (803) | |||||||||||||||||||||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 58,421 | $ 58,421 | ||||||||||||||||||||||||
Dividends, Common Stock, Cash | (123,034) | (123,034) | ||||||||||||||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (1,245) | (1,245) | ||||||||||||||||||||||||
Noncontrolling Interest, Increase from Contributions to Noncontrolling Interest Holders | 6,050 | 6,050 | ||||||||||||||||||||||||
Changes In Noncontrolling Interests, Other | $ (145) | (145) | ||||||||||||||||||||||||
Common shares outstanding | 84,924 | 84,924 | ||||||||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 3,418,210 | [3] | $ 1,982,164 | $ 0 | 1,658,661 | (235,463) | 12,848 | |||||||||||||||||||
Preferred Stock, Shares Outstanding | 0 | |||||||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 396,870 | 397,400 | (530) | |||||||||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 174,220 | 174,220 | ||||||||||||||||||||||||
Stock Repurchased and Retired During Period, Shares | (127) | |||||||||||||||||||||||||
Stock Repurchased and Retired During Period, Value | (14,646) | $ (31,830) | 17,184 | |||||||||||||||||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | (556) | |||||||||||||||||||||||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 52,491 | $ 52,491 | ||||||||||||||||||||||||
Dividends, Common Stock, Cash | (133,837) | (133,837) | ||||||||||||||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (4,179) | (4,179) | ||||||||||||||||||||||||
Noncontrolling Interest, Increase from Contributions to Noncontrolling Interest Holders | 2,258 | 2,258 | ||||||||||||||||||||||||
Changes In Noncontrolling Interests, Other | $ 81 | 81 | ||||||||||||||||||||||||
Common shares outstanding | 85,353 | 85,353 | ||||||||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 3,891,468 | $ 2,002,825 | $ 0 | $ 1,939,408 | $ (61,243) | $ 10,478 | ||||||||||||||||||||
Preferred Stock, Shares Outstanding | 0 | |||||||||||||||||||||||||
[1] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. | |||||||||||||||||||||||||
[2] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. | |||||||||||||||||||||||||
[3] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Ordinary Shares, Dividends, Per Share, Cash Paid | $ 1.57 | $ 1.45 | $ 1.33 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | 1. 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. WE HELP OUR CUSTOMERS CREATE A HEALTHIER AND SAFER WORLD by providing innovative healthcare and life science products and services 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. We operate and report in three reportable business segments: Healthcare, Applied Sterilization Technologies and Life Sciences. We describe our business segments in Note 11 to our consolidated financial statements titled, "Business Segment Information." Our fiscal year ends on March 31. References in this Annual Report to a particular "year," "fiscal," "fiscal 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. 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. Cash Equivalents and Supplemental Cash Flow Information. Cash equivalents are all highly liquid investments with a maturity of three months or less when purchased. We invest our excess cash in short-term instruments including money market funds and time deposits with major banks and financial institutions. We select investments in accordance with the criteria established in our investment policy. Our investment policy specifies, among other things, maturity, credit quality and concentration restrictions with the objective of preserving capital and maintaining adequate liquidity. Information supplementing our Consolidated Statements of Cash Flows is as follows: Years Ended March 31, 2021 2020 2019 Cash paid during the year for: Interest $ 36,257 $ 38,021 $ 44,118 Income taxes 109,646 92,462 64,668 Cash received during the year for income tax refunds 4,631 4,378 2,189 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 totalin g $14,609 and $7,560, r espectively, 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 March 31, 2021, assets related to costs to fulfill a contract were not material to our Consolidated Financial Statements. Refer to Note 11, titled "Business Segment Information" for disaggregation of revenue. Product Revenues 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 Revenues 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. 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 fiscal 2021, we recognized revenue of $42,618 that was included in our contract liability balance at the beginning of the period. During fiscal 2020, we recognized revenue of $48,602 that was included in our contract liability balance at the beginning of the period. Refer to Note 7, titled "Additional Consolidated Balance Sheet Information" for Deferred revenue balances. Service Liabilities Payments received in advance of performance for cancelable preventative 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. Prior to the adoption of Accounting Standards Codification ("ASC") 606, these amounts were included in Deferred revenues. Refer to Note 7, 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 March 31, 2021, the transaction price allocated to remaining performance obligations was approximately $1,058,768. We expect to recognize approximately 51% of the transaction price within one year and approximately 40% beyond one year. The remainder has yet to be scheduled for delivery. Accounts Receivable. Accounts receivable are presented at their face amount, less allowances for sales returns and uncollectible accounts. Accounts receivable consist of amounts billed and currently due from Customers and amounts earned but unbilled. We generally obtain and perfect security interest in products sold in the United States when we have a concern with the Customer's risk profile. We maintain an allowance for uncollectible accounts receivable for estimated losses in the collection of amounts owed by Customers. We estimate the allowance based on analyzing a number of factors, including amounts written off historically, Customer payment practices, and general economic conditions. We also analyze significant Customer accounts on a regular basis and record a specific allowance when we become aware of a specific Customer’s inability to pay. As a result, the related accounts receivable are reduced to an amount that we reasonably believe is collectible. We maintain an allowance for sales returns based upon known returns and estimated returns for both capital equipment and consumables. We estimate returns of capital equipment and consumables based upon recent historical experience. Inventories, net. Inventories are stated at the lower of their cost and net realizable value determined by the first-in, first-out (“FIFO”) cost method. Inventory costs include material, labor, and overhead. We review inventory on an ongoing basis, considering factors such as deterioration, obsolescence, and other items. We record an allowance for estimated losses when the facts and circumstances indicate that particular inventories will not be usable. If future market conditions vary from those projected, and our estimates prove to be inaccurate, we may be required to write-down inventory values and record an adjustment to cost of revenues. Property, Plant, and Equipment. Our property, plant, and equipment consists of land and land improvements, buildings and leasehold improvements, machinery and equipment, information systems, radioisotope (cobalt-60), and construction in progress. Property, plant, and equipment are presented at cost less accumulated depreciation and depletion. We capitalize additions and improvements. Repairs and maintenance are charged to expense as they are incurred. Land is not depreciated and construction in progress is not depreciated until placed in service. Depreciation of most assets is computed on the cost less the estimated salvage value by using the straight-line method over the estimated remaining useful lives. Depletion of radioisotope is computed using the annual decay factor of the material, which is similar to the sum-of-the-years-digits method. We generally depreciate or deplete property, plant, and equipment over the useful lives presented in the following table: Asset Type Useful Life Land improvements 3-40 Buildings and leasehold improvements 2-50 Machinery and equipment 2-20 Information Systems 2-20 Radioisotope (cobalt-60) 20 When we sell, retire, or dispose of property, plant, and equipment, we remove the asset’s cost and accumulated depreciation from our Consolidated Balance Sheet. We recognize the net gain or loss on the sale or disposition in the Consolidated Statements of Income in the period when the transaction occurs. Interest. We capitalize interest costs incurred during the construction of long-lived assets. We capitalized interest costs of $1,998 and $428 for the years ended March 31, 2021 and 2020, respectively. Total interest expense for the years ended March 31, 2021, 2020, and 2019 was $37,180, $40,279, and $45,015, respectively. Identifiable Intangible Assets. Our identifiable intangible assets include product technology rights, trademarks, licenses, and Customer and vendor relationships. We record these assets at cost, or when acquired as part of a business acquisition, at estimated fair value. Determining the fair value of identifiable intangible requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to forecasted revenue growth rates, forecasted profit margins, and customer attrition rates, among other items. We generally amortize identifiable intangible assets over periods ranging from 5 to 20 years using the straight-line method. Our intangible assets also include indefinite lived assets including certain trademarks and tradenames that were acquired in connection with business combinations. These assets are tested at least annually for impairment. Investments. Investments in marketable securities are stated at fair value and are included in "Other assets" on the Consolidated Balance Sheets. Following the fiscal 2019 adoption of ASU 2016-01, "Financial Instruments - Overall - Recognition and Measurement of Financial Assets and Liabilities, changes in the fair value of these investments are recorded in the "Interest income and miscellaneous expense line" of the Consolidated Statement of Income. Asset Impairment Losses. Property, plant, equipment, and identifiable intangible assets are reviewed for impairment when indicators of impairment exist and circumstances indicate that the carrying value of such assets may not be recoverable. Impaired assets are recorded at the lower of carrying value or estimated fair value. We monitor for such indicators on an ongoing basis and if an impairment exists, we record the loss in the Consolidated Statements of Income during that period. Asset Retirement Obligations. We incur retirement obligations for certain assets. We record initial liabilities for the asset retirement obligations ("ARO") at fair value. Recognition of ARO includes: estimating the present value of a liability and offsetting asset, the subsequent accretion of that liability and depletion of the asset, and a periodic review of the ARO liability estimates and discount rates used in the analysis. We provide additional information about our asset retirement obligations in Note 5 to our consolidated financial statements titled, “Property, Plant and Equipment.” Acquisitions of Business. Assets acquired and liabilities assumed in a business combination are accounted for at fair value on the date of acquisition. Costs related to the acquisition are expensed as incurred. Goodwill. We perform our annual impairment test for goodwill in the third quarter of each year. We may consider qualitative indicators of the fair value of a reporting unit when it is unlikely that a reporting unit has impaired goodwill. We may also utilize a discounted cash flow analysis that requires certain assumptions and estimates be made regarding market conditions and our future profitability. We review the book value compared to the fair value at the reporting unit level. We calculate the fair value of our reporting units based on the present value of estimated future cash flows. Management's judgment is necessary to evaluate the impact of operating and macroeconomic changes and to estimate future cash flows to measure fair value. Assumptions used in our impairment evaluations, such as forecasted growth rates and cost of capital, are consistent with internal projections, strategic plans, and operating plans. We believe such assumptions and estimates are also comparable to those that would be used by other market place participants. Self-Insurance Liabilities. We record a liability for self-insured risks that we retain for general and product liabilities, workers’ compensation, and automobile liabilities based on actuarial calculations. We use our historical loss experience and actuarial methods to calculate the liability. This liability includes estimates for both losses and incurred but not reported claims. We review the assumptions used to calculate the estimated liability at least annually to evaluate the adequacy of the amount recorded. We maintain insurance policies to cover losses greater than our estimated liability, which are subject to the terms and conditions of those policies. We are also self-insured for certain employee medical claims. We estimate a liability for incurred but not reported claims based upon recent claims experience. Benefit Plans. We sponsor defined benefit pension plans. We also sponsor a post-retirement benefits plan for certain former employees. We determine our costs and obligations related to these plans by evaluating input from third-party professional advisers. These costs and obligations are affected by assumptions including the discount rate, expected long-term rate of return on plan assets, the annual rate of change in compensation for eligible employees, estimated changes in costs of healthcare benefits, and other factors. We review the assumptions used on an annual basis. We recognize an asset for the overfunded status or a liability for the underfunded status of defined benefit pension and post-retirement benefits plans in our consolidated balance sheets. This amount is measured as the difference between the fair value of plan assets and the benefit obligation (the projected benefit obligation for pension plans and the accumulated post-retirement benefit obligation for other post-retirement benefit plans). Changes in the funded status of the plans are recorded in other comprehensive income in the year they occur. We measure plan assets and obligations as of the balance sheet date. We provide additional information about our pension and other post-retirement benefits plans in Note 9 to our consolidated financial statements titled, “Benefit Plans.” Fair Value of Financial Instruments. Except for long-term debt, our financial instruments are highly liquid or have short-term maturities. We provide additional information about the fair value of our financial instruments in Note 17 titled, “Fair Value Measurements.” Foreign Currency Translation. Most of our operations use their local currency as their functional currency. Financial statements of subsidiaries are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and a weighted average exchange rate for each period for revenues, expenses, gains and losses. Translation adjustments for subsidiaries whose local currency is their functional currency are recorded as a component of accumulated other comprehensive income (loss) within equity. Transaction gains and losses resulting from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency are recognized as incurred in the accompanying Consolidated Statement of Income, except for certain inter-company balances designated as long-term in nature. Forward and Swap Contracts. We enter into foreign currency forward contracts to hedge assets and liabilities 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. We may also hold forward foreign exchange contracts to hedge a portion of our expected non-U.S. dollar denominated earnings against our reporting currency, the U.S. dollar. We do not use derivative financial instruments for speculative purposes. These contracts are marked to market, with gains and losses recognized within “Selling, general, and administrative expenses” or "Cost of revenues" in the accompanying Consolidated Statements of Income. Warranty. Warranties are provided on the sale of certain of our products and services and an accrual for estimated future claims is recorded at the time revenue is recognized. We estimate warranty expense based primarily on historical warranty claim experience. Shipping and Handling. We record shipping and handling costs in costs of revenues. Shipping and handling costs charged to Customers are recorded as revenues in the period the product revenues are recognized. Advertising Expenses. Costs incurred for communicating, advertising and promoting our products are generally expensed when incurred as a component of Selling, General and Administrative Expense. We incurred $6,795, $12,652, and $10,691 of advertising costs during the years ended March 31, 2021, 2020, and 2019, respectively. Research and Development. We incur research and development costs associated with commercial products and expense these costs as incurred. If a Customer reimburses us for research and development costs, the costs are charged to the related contracts as costs of revenues. Income Taxes. We defer income taxes for all temporary differences between pre-tax financial and taxable income and between the book and tax basis of assets and liabilities. We record valuation allowances to reduce net deferred tax assets to an amount that we expect will more-likely-than-not be realized. In making such a determination, we consider all available information, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and if applicable, any carryback claims that can be filed. In the event we were to determine that we would be able to realize our deferred income tax assets in the future in excess of their net recorded amount, we would make an adjustment to the valuation allowance which would reduce the provision for income taxes and the effective tax rate. We evaluate uncertain tax positions in accordance with a two-step process. The first step is recognition: The determination of whether or not it is more-likely-than-not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, we presume that the position will be examined by the appropriate tax authority and that the tax authority will have full knowledge of all relevant information. The second step is measurement: A tax position that meets the more-likely-than-not threshold is measured to determine the amount of benefit to recognize in the financial statements. The measurement process requires the determination of the range of possible settlement amounts and the probability of achieving each of the possible settlements. The tax position is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. No tax benefits are recognized for positions that do not meet the more-likely-than-not threshold. Tax positions that previously failed to meet the more-likely-than-not threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold are derecognized in the first subsequent financial reporting period in which the threshold is no longer met. We describe income taxes further in Note 8 to our consolidated financial statements titled, “Income Taxes.” Share-Based Compensation. We describe share-based compensation in Note 14 to our consolidated financial statements titled, “Share-Based Compensation.” We measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. We record liability awards at fair value each reporting period and the change in fair value is reflected as share-based compensation expense in our Consolidated Statements of Income. The expense is classified as cost of goods sold, selling, general and administrative expenses or research and development expenses in a manner consistent with the employee’s compensation and benefits. These costs are recognized in the Consolidated Statement of Income over the period during which an employee is required to provide service in exchange for the award. Restructuring. We recognize restructuring expenses as incurred. Asset impairment and accelerated depreciation expenses primarily relate to inventory write-downs for rationalized products and adjustments in the carrying value of the related facilities and machinery and equipment to their estimated fair value. In addition, the remaining useful lives of other property, plant, and equipment associated with the related operations are reevaluated based on the respective restructuring plan, which may result in the acceleration of depreciation and amortization of certain assets. 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. 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 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. ASU 2020-04 "Reference Rate Reform (Topic 848)" March 2020 The standard provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transaction |
Restructuring (Notes)
Restructuring (Notes) | 12 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | 2. 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 $40,822 related to these restructuring actions, of which $28,746 was recorded as restructuring expenses and $12,076 was recorded in cost of revenues, with a total of $33,862, $4,491 and $668 related to the Healthcare, Applied Sterilization Technologies and Life Sciences segments, respectively. Corporate related restructuring charges were $1,801. Additional restructuring expenses related to this plan are not expected to be material to our results of operations. The following table summarizes our total pre-tax restructuring expenses for fiscal 2021 and 2020: Fiscal 2019 Restructuring Plan Year Ended March 31, 2021 Year Ended March 31, 2020 Severance and other compensation related (credits) costs $ (298) $ 1,554 (Gain) on disposal of asset (3,779) (1,164) Lease termination costs and other 1,163 283 Product rationalization (1) (115) 2,470 Total restructuring expenses (credit) $ (3,029) $ 3,143 (1) Recorded in cost of revenues on the Consolidated Statements of Income. 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 following table summarizes our restructuring liability balances. The remaining liability balances at March 31, 2021 were not material. Fiscal 2019 Restructuring Plan March 31, Provisions Payments /Impairments (1) March 31, Severance and termination benefits $ 4,102 $ 1,554 $ (4,659) $ 997 Lease termination obligations and other 2,029 283 (2,292) 20 Total $ 6,131 $ 1,837 $ (6,951) $ 1,017 (1) Certain amounts reported include the impact of foreign currency movements relative to the U.S. dollar. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 3. GOODWILL AND INTANGIBLE ASSETS Changes to the carrying amount of goodwill for the years ended March 31, 2021 and 2020 were as follows: Healthcare Applied Sterilization Technologies Segment Life Sciences Total Balance at March 31, 2019 772,194 1,402,939 147,795 2,322,928 Goodwill acquired or allocated 66,586 7,945 — 74,531 Divestitures (199) — — (199) Foreign currency translation adjustments and other (11,315) (30,622) 762 (41,175) Balance at March 31, 2020 $ 827,266 $ 1,380,262 $ 148,557 $ 2,356,085 Goodwill acquired or allocated 536,713 33,770 — 570,483 Foreign currency translation adjustments and other 20,784 78,207 490 99,481 Balance at March 31, 2021 $ 1,384,763 $ 1,492,239 $ 149,047 $ 3,026,049 See Note 18, titled "Business Acquisitions and Divestitures", for additional information regarding our recent business acquisitions and divestitures. We evaluate the recoverability of recorded goodwill amounts annually during the third fiscal quarter, or when evidence of potential impairment exists. As a result of our annual impairment review of goodwill for fiscal years 2021, 2020 and 2019, no indicators of impairment were identified. Information regarding our intangible assets is as follows: 2021 2020 March 31, Gross Accumulated Gross Accumulated Customer relationships $ 968,040 $ 291,802 $ 614,162 $ 227,581 Non-compete agreements 5,401 4,169 4,646 4,012 Patents and technology 318,424 171,952 259,101 145,457 Trademarks and tradenames 78,058 42,867 62,543 39,942 Supplier relationships 54,800 15,527 54,800 12,787 Total $ 1,424,723 $ 526,317 $ 995,252 $ 429,779 Certain trademarks and tradenames obtained as a result of business combinations are indefinite-lived assets. The approximate carrying value of these assets at March 31, 2021 and March 31, 2020 was $14,250 and $14,250, respectively. We evaluate our indefinite-lived intangible assets annually during the third quarter, or when evidence of potential impairment exists. No impairment was recognized for fiscal year 2021 or 2020. During the third quarter of fiscal 2019, management adopted a branding strategy that included phasing out the usage of a tradename associated with certain products in the Healthcare Products business segment. As a result, management recorded an impairment charge of $16,249, which is included within the Selling, general, and administrative line of the Consolidated Statements of Income. The remaining fair value of the asset was calculated using an income approach (the relief from royalty method). The remaining fair value was not material and will be amortized over the asset's remaining useful life. Fair value calculated using this approach is classified within Level 3 of the fair value hierarchy and requires several assumptions. Total amortization expense for intangible assets was $86,512, $74,528, and $98,747 for the years ended March 31, 2021, 2020, and 2019, respectively. Based upon the current amount of intangible assets subject to amortization, the amortization expense for each of the five succeeding fiscal years is estimated to be as follows: 2022 2023 2024 2025 2026 Estimated amortization expense $ 95,231 $ 89,023 $ 82,842 $ 78,141 $ 69,442 The estimated annual amortization expense presented in the preceding table has been calculated based upon March 31, 2021 currency exchange rates. |
Inventories, Net
Inventories, Net | 12 Months Ended |
Mar. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Inventories, Net | 4. INVENTORIES, NET Components of our inventories are presented in the following table. The March 31, 2020 amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 titled, "Nature of Operations and Summary of Significant Accounting Policies''. March 31, 2021 2020 (as adjusted) Raw materials $ 103,939 $ 94,321 Work in process 54,283 35,643 Finished goods 176,623 149,729 Reserve for excess and obsolete inventory (19,778) (16,149) Inventories, net $ 315,067 $ 263,544 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Mar. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Property, Plant and Equipment | Information related to the major categories of our depreciable assets is as follows: March 31, 2021 2020 Land and land improvements (1) $ 69,477 $ 65,994 Buildings and leasehold improvements 567,132 531,267 Machinery and equipment 779,044 682,488 Information systems 193,222 181,112 Radioisotope 565,681 508,593 Construction in progress (1) 211,381 159,731 Total property, plant, and equipment 2,385,937 2,129,185 Less: accumulated depreciation and depletion (1,150,537) (1,017,330) Property, plant, and equipment, net $ 1,235,400 $ 1,111,855 (1) Land is not depreciated. Construction in progress is not depreciated until placed in service. Depreciation and depletion expense were $132,725, $122,707 and $127,174, for the years ended March 31, 2021, 2020, and 2019, respectively. Asset Retirement Obligations We provide contract sterilization services including Gamma irradiation which utilizes cobalt-60 in the form of cobalt pencils. We have incurred asset retirement obligations (ARO) associated with the future disposal of these assets once depleted. Recognition of ARO includes: the present value of a liability and offsetting asset, the subsequent accretion of that liability and depletion of the asset, and the periodic review of the ARO liability estimates and discount rates used in the analysis. The following table summarizes the activity in the liability for asset retirement obligations. Asset Retirement Obligations Balance at March 31, 2019 $ 12,386 Liabilities incurred during the period 94 Liabilities settled during the period (168) Accretion expense and change in estimate 453 Foreign currency and other (251) Balance at March 31, 2020 $ 12,514 Liabilities incurred during the period 859 Liabilities settled during the period (251) Accretion expense and change in estimate 137 Foreign currency and other 71 Balance at March 31, 2021 $ 13,330 |
Debt
Debt | 12 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 6. DEBT Indebtedness as of March 31, 2021 and 2020 was as follows: 2021 2020 Revolving Credit Agreement $ 247,423 $ 275,449 Private Placement 860,308 878,409 New Term Loan 550,000 — Deferred Financing Fees (7,191) (3,337) Total long term debt $ 1,650,540 $ 1,150,521 On March 19, 2021, STERIS plc ("the Company"), STERIS Corporation, STERIS Limited (“Limited”), and STERIS Irish FinCo Unlimited Company ( "FinCo", "STERIS Irish FinCo") , each as a borrower and guarantor, entered into a credit agreement with various financial institutions as lenders, and JPMorgan Chase Bank, N.A., as administrative agent (the “Revolving Credit Agreement”) providing for a $1,250,000 revolving credit facility (the “Revolver”), which replaced a prior revolving credit agreement. The Revolver provides for revolving credit borrowings, swing line borrowings and letters of credit, with sublimits for swing line borrowings and letters of credit. The Revolver may be increased in specified circumstances by up to $625,000 in the discretion of the lenders. The Revolver matures on the date that is five years after March 19, 2021, and all unpaid borrowings, together with accrued and unpaid interest thereon, are repayable on that date. The Revolver bears interest from time to time, at either the Base Rate or the Eurocurrency Rate, as defined in and calculated under and as in effect from time to time under the Revolving Credit Agreement, plus the Applicable Margin, as defined in the Revolving Credit Agreement. The Applicable Margin is determined based on the Debt Rating of STERIS, as defined in the Credit Agreement. Base Rate Advances are payable quarterly in arrears and Eurocurrency Rate Advances are payable at the end of the relevant interest period therefor, but in no event less frequently than every three months. Swingline borrowings bear interest at a rate to be agreed by the applicable swingline lender and the applicable borrower, subject to a cap in the case of swingline borrowings denominated in U.S. Dollars equal to the Base Rate plus the Applicable Margin for Base Rate Advances plus the Facility Fee. Advances may be extended in U.S. Dollars or in specified alternative currencies. On March 19, 2021, the Company, STERIS Corporation, Limited, and FinCo, each as a borrower and guarantor, entered into a term loan agreement with various financial institutions as lenders, and JPMorgan Chase Bank, N.A., as Administrative agent (the “Term Loan Agreement”) providing for a $550,000 term loan facility (the “Term Loan”), which replaced an existing term loan agreement, dated as of November 18, 2020 (the “Existing Term Loan Agreement”). The proceeds of the Term Loan were used to refinance the Existing Term Loan Agreement. The Term Loan matures on the date that is five years after March 19, 2021 (the “Term Loan Closing Date”). No principal payments are due on the Term Loan for the period beginning from the first full fiscal quarter ended after the Term Loan Closing Date to and including the fourth full fiscal quarter ended after the Term Loan Closing Date. For the period beginning from the fifth full fiscal quarter ended after the Term Loan Closing Date to and including the twelfth full fiscal quarter ended after the Term Loan Closing Date, 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 from the thirteenth full fiscal quarter ended after the Term Loan Closing Date through the maturity of the loan, 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 is due and payable on the maturity date. The Term Loan bears interest from time to time, at either the Base Rate or the Eurocurrency Rate, as defined in and calculated under and as in effect from time to time under the Term Loan Agreement, plus the Applicable Margin, as defined in the Term Loan Agreement. The Applicable Margin is determined based on the Debt Rating of the Company, as defined in the Term Loan Agreement. Base Rate Advances are payable quarterly in arrears and Eurocurrency Rate Advances are payable at the end of the relevant interest period therefor, but in no event less frequently than every three months. Also on March 19, 2021, the Company, STERIS Corporation, Limited, and FinCo, each as a borrower and guarantor, entered into a delayed draw term loan agreement with various financial institutions as lenders, and JPMorgan Chase Bank, N.A., as administrative agent (the “Delayed Draw Term Loan Agreement”) provi ding for a delayed draw term loan facility of up to $750,000 (the “Delayed Draw Term Loan”) in connection with STERIS’s proposed acquisition of Cantel Medical Corp. (“Cantel”). The Delayed Draw Term Loan will be funded by the lenders upon the satisfaction of certain conditions, including the concurrent consummation of the acquisition (the “Acquisition Closing Date”). The proceeds of the Delayed Draw Term Loan are expected to be used, together with the proceeds from other new indebtedness, to fund the cash consideration for the acquisition, as well as for various other items. The Delayed Draw Term Loan matures on the date that is five years after the Acquisition Closing Date. No principal payments are due on the Delayed Draw Term Loan for the period beginning from the first full fiscal quarter ended after the Acquisition Closing Date to and including the fourth full fiscal quarter ended after the Acquisition Closing Date. For the period beginning from the fifth full fiscal quarter ended after the Acquisition Closing Date to and including the twelfth full fiscal quarter ended after the Acquisition Closing Date, quarterly principal payments, each in the amount of 1.25% of the original principal amount of the Delayed Draw Term Loan, are due on the last business day of each fiscal quarter. For the period beginning from the thirteenth full fiscal quarter ended after the Acquisition Closing Date through the maturity of the loan, quarterly principal payments, each in the amount of 1.875% of the original principal amount of the Delayed Draw Term Loan, are due on the last business day of each fiscal quarter. The remaining unpaid principal is due and payable on the maturity date. The Delayed Draw Term Loan bears interest from time to time, at either the Base Rate or the Eurocurrency Rate, as defined in and calculated under and as in effect from time to time under the Delayed Draw Term Loan Agreement, plus the Applicable Margin, as defined in the Delayed Draw Term Loan Agreement. The Applicable Margin is determined based on the Debt Rating of STERIS, as defined in the Delayed Draw Term Loan 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. As of March 31, 2021 a total of $247,423 of Credit Agreement and Swing Line Facility borrowings were outstanding under the Credit Agreement, based on currency exchange rates as of March 31, 2021. Our outstanding Private Placement Senior Notes at March 31, 2021 and 2020 were as follows: Applicable Note Purchase Agreement Maturity Date U.S. Dollar Value at March 31, 2021 U.S. Dollar Value at March 31, 2020 $35,000 Senior notes at 6.43% 2008 Private Placement August 2020 — 35,000 $91,000 Senior notes at 3.20% 2012 Private Placement December 2022 91,000 91,000 $80,000 Senior notes at 3.35% 2012 Private Placement December 2024 80,000 80,000 $25,000 Senior notes at 3.55% 2012 Private Placement December 2027 25,000 25,000 $125,000 Senior notes at 3.45% 2015 Private Placement May 2025 125,000 125,000 $125,000 Senior notes at 3.55% 2015 Private Placement May 2027 125,000 125,000 $100,000 Senior notes at 3.70% 2015 Private Placement May 2030 100,000 100,000 $50,000 Senior notes at 3.93% 2017 Private Placement February 2027 50,000 50,000 €60,000 Senior notes at 1.86% 2017 Private Placement February 2027 70,426 66,342 $45,000 Senior notes at 4.03% 2017 Private Placement February 2029 45,000 45,000 €20,000 Senior notes at 2.04% 2017 Private Placement February 2029 23,475 22,114 £45,000 Senior notes at 3.04% 2017 Private Placement February 2029 61,863 55,767 €19,000 Senior notes at 2.30% 2017 Private Placement February 2032 22,302 21,008 £30,000 Senior notes at 3.17% 2017 Private Placement February 2032 41,242 37,178 Total Senior Notes $ 860,308 $ 878,409 On February 27, 2017, Limited issued and sold an aggregate principal amount of $95,000, €99,000, and £75,000, of senior notes in a private placement to certain institutional investors in an offering that was exempt from the registration requirements of the Securities Act of 1933. These notes have maturities of between 10 years and 15 years from the issue date. The agreement governing these notes contains leverage and interest coverage covenants. On May 15, 2015, STERIS Corporation issued and sold $350,000 of senior notes, in a private placement to certain institutional investors in an offering that was exempt from the registration requirements of the Securities Act of 1933. These notes have maturities of 10 years to 15 years from the issue date. The agreement governing these notes contains leverage and interest coverage covenants. In December 2012, and in February 2013 STERIS Corporation issued and s old $200,000 of senior notes, in a private placement to certain institutional investors in offerings that were exempt from the registration requirements of the Securities Act of 1933. The agreement governing the notes contains leverage and interest coverage covenants. All of the note agreements for the senior notes were amended in March 2019, in connection with the Redomiciliation. The amendments waived certain repurchase rights for of the note holders and increased the size of certain baskets to more closely align with other than current credit agreement baskets. On March 19, 2021, STERIS Corporation as issuer, and the Company, Limited and FinCo, as guarantors, entered into (1) a First Amendment to Amended and Restated Note Purchase Agreement dated March 5, 2019 (which had amended and restated certain note purchase agreements originally dated December 4, 2012) per the 2012 and 2013 senior notes (the “2012 Amendment”), and (2) a First Amendment to Amended and Restated Note Purchase Agreement dated March 5, 2019 (which had amended and restated certain note purchase agreements originally dated March 31, 2015) for the 2015 senior notes (the “2015 Amendment”). Also on March 19, 2021, Limited, as Issuer, and the Company, STERIS Corporation and FinCo, as guarantors, entered into a First Amendment to Amended and Restated Note Purchase Agreement dated March 5, 2019 (which had amended and restated a certain note purchase agreement originally dated January 23, 2017) for the 2017 senior notes (together with the 2012 Amendment and the 2015 Amendment, the “NPA Amendments”). The NPA Amendments provide for, among other things, the netting of cash proceeds received from qualifying capital markets events under certain circumstances for purposes of calculating the leverage ratio financial covenant. At March 31, 2021, we were in compliance with all financial covenants associated with our indebtedness. The combined annual aggregate amount of maturities of our outstanding debt by fiscal year is as follows: 2022 $ — 2023 118,500 2024 27,500 2025 121,250 2026 and thereafter 1,390,481 Total $ 1,657,731 On April 1, 2021, STERIS Irish FinCo Unlimited Company ("FinCo", "STERIS Irish FinCo", the "Issuer") completed an offering of $1,350,000 in aggregate principal amount, of its senior notes in two separate tranches: (i) $675,000 aggregate principal amount of the Issuer’s 2.70% Senior Notes due 2031 (the “2031 Notes”) and (ii) $675,000 aggregate principal amount of the Issuer’s 3.750% Senior Notes due 2051 (the “2051 Notes” and, together with the 2031 Notes, the “Senior Public Notes”). The Senior Public Notes were issued pursuant to an Indenture, dated as of April 1, 2021 (the “Base Indenture”), among FinCo, the Company, STERIS Corporation and Limited (the “Guarantors”) and U.S. Bank National Association, as trustee (the “Trustee”), as supplemented by the First Supplemental Indenture, dated as of April 1, 2021 , among FinCo, the Guarantors and the Trustee (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”). Each of the Guarantors guaranteed the Senior Public Notes jointly and severally on a senior unsecured basis (the “Guarantees”). The 2031 Notes will mature on March 15, 2031 and the 2051 Notes will mature on March 15, 2051 . The Senior Public Notes will bear interest at the rates set forth above. Interest on the Senior Public Notes is payable on March 15 and September 15 of each year, beginning on September 15, 2021 until their respective maturities . |
Additional Consolidated Balance
Additional Consolidated Balance Sheets Information | 12 Months Ended |
Mar. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Additional Consolidated Balance Sheets Information | 7. ADDITIONAL CONSOLIDATED BALANCE SHEET INFORMATION Additional information related to our Consolidated Balance Sheet is as follows: March 31, 2021 2020 Accrued payroll and other related liabilities: Compensation and related items $ 47,157 $ 42,205 Accrued vacation/paid time off 12,389 9,917 Accrued bonuses 62,530 53,041 Accrued employee commissions 24,022 19,298 Other post-retirement benefits obligations-current portion 1,326 1,488 Other employee benefit plans' obligations-current portion 2,654 2,312 Total accrued payroll and other related liabilities $ 150,078 $ 128,261 Accrued expenses and other: Deferred revenues $ 62,492 $ 53,299 Service liabilities 46,720 47,505 Self-insured and related risk reserves-current portion 8,095 7,342 Accrued dealer commissions 27,348 15,827 Accrued warranty 9,406 7,381 Asset retirement obligation-current portion 1,193 2,671 Other 65,303 58,158 Total accrued expenses and other $ 220,557 $ 192,183 Other liabilities: Self-insured risk reserves-long-term portion $ 17,295 $ 17,452 Other post-retirement benefits obligations-long-term portion 8,690 9,880 Defined benefit pension plans obligations-long-term portion 3,748 10,987 Other employee benefit plans obligations-long-term portion 2,353 2,333 Accrued long-term income taxes 13,241 11,959 Asset retirement obligation-long-term portion 12,137 9,843 Other 30,546 27,892 Total other liabilities $ 88,010 $ 90,346 |
Income Tax Expense
Income Tax Expense | 12 Months Ended |
Mar. 31, 2021 | |
Income Tax Expense [Abstract] | |
Income Tax Expense (Benefit) | 8. INCOME TAXES The Tax Cuts and Jobs Act (the “TCJA”) was enacted on December 22, 2017. The TCJA reduced the maximum 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, interpretations 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. Certain March 31, 2020 and 2019 amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 titled, "Nature of Operations and Summary of Significant Accounting Policies". Income from continuing operations before income taxes was as follows: Years Ended March 31, 2021 2020 2019 (as adjusted) (as adjusted) United States operations $ 326,991 $ 325,595 $ 234,964 Ireland operations 73,442 29,543 13,693 Other locations operations 117,100 143,616 120,372 $ 517,533 $ 498,754 $ 369,029 The components of the provision for income taxes related to income from continuing operations consisted of the following: Years Ended March 31, 2021 2020 2019 (as adjusted) (as adjusted) Current: United States federal $ 57,550 $ 42,032 $ 29,943 United States state and local 16,272 9,971 12,484 Ireland 9,244 5,036 2,627 Other locations 36,699 24,600 26,824 119,765 81,639 71,878 Deferred: United States federal 7,523 10,089 5,682 United States state and local (550) 2,366 2,818 Ireland (787) (899) (546) Other locations (5,288) (2,300) (15,549) 898 9,256 (7,595) Total Provision for Income Taxes $ 120,663 $ 90,895 $ 64,283 The total provision for income taxes can be reconciled to the tax computed at the Ireland statutory tax rate as follows: Years Ended March 31, 2021 2020 2019 National statutory tax rate 12.5 % 12.5 % 12.5 % Increase (decrease) in accruals for uncertain tax positions (0.1) % (0.3) % — % U.S. state and local taxes, net of federal income tax benefit 2.4 % 2.0 % 3.1 % Increase in valuation allowances 0.3 % 0.5 % 0.4 % U.S. research and development credit (0.5) % (0.5) % (0.6) % U.S. foreign income tax credit (0.3) % (0.6) % (0.2) % Difference in non-Ireland tax rates 8.3 % 6.9 % 4.5 % U.S. federal audit adjustments 2.1 % — % — % Excess tax benefit for equity compensation (1.9) % (2.8) % (2.2) % Tax rate changes on deferred tax assets and liabilities 0.4 % 0.1 % (0.6) % U.S. transition tax on foreign earnings — % — % (0.3) % U.S. tax reform impact, GILTI and FDII (0.6) % 0.1 % 0.3 % Capitalized acquisition, redomiciliation costs 0.6 % 0.1 % 0.5 % All other, net 0.1 % 0.2 % 0.0 % Total Provision for Income Taxes 23.3 % 18.2 % 17.4 % Unrecognized Tax Benefits. We classify uncertain tax positions and related interest and penalties as long-term liabilities within “Other liabilities” in our accompanying Consolidated Balance Sheets, unless they are expected to be paid within 12 months, in which case, the uncertain tax positions would be classified as current liabilities within “Accrued income taxes.” We recognize interest and penalties related to unrecognized tax benefits within “Income tax expense” in our accompanying Consolidated Statements of Income. A reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits is as follows: 2021 2020 Unrecognized Tax Benefits Balance at April 1 $ 875 $ 2,314 Increases for tax provisions of current year 655 176 Decreases for tax provisions of prior year (896) (1,570) Balances related to acquired/disposed businesses 1,640 — Other, including currency translation 21 (45) Unrecognized Tax Benefits Balance at March 31 $ 2,295 $ 875 We recognized interest and penalties related to uncertain tax positions in the provision for income taxes. As of March 31, 2021, and 2020 we had $106 and $243 accrued for interest and penalties, respectively. If all unrecognized tax benefits were recognized, the net impact on the provision for income tax expense would be $2,401. The decrease in unrecognized tax benefits from prior year is due to the additions of new positions. It is reasonably possible that during the next 12 months, there will be no material reductions in unrecognized tax benefits as a result of the expiration of various statutes of limitations or other matters. 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 the fourth quarter of fiscal 2021, we completed an appeals process with the U.S. Internal Revenue Service (the “IRS”) regarding proposed audit adjustments related to deductibility of interest paid on intercompany debt for fiscal years 2016 through 2017. An agreement has been reached on final interest rates, and as of the end of the current fiscal year we are in the process of determining total impact on tax liability in each affected year. Fiscal years 2018 through 2020 will be addressed as part of the settlement, and the issue does not apply to years 2021 forward. We estimate the total federal, state, and local tax impact of the settlement to be approximately $12,000. In May 2021, we received two notices of proposed tax adjustment from the IRS regarding deemed dividend inclusions and associated withholding tax. The notices relate to the fiscal and calendar year 2018. The IRS adjustments would result in a cumulative tax liability of approximately $50,000. We intend to contest the IRS’s assertions, and pursue available remedies such as appeals and litigation, if necessary. 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. We estimate that the tax benefit from our Costa Rican Tax Holiday is $2,300 (or $0.03 per fully diluted share), annually. The Tax Holiday runs fully exempt, from income tax, through 2025 and partially exempt through 2029. Deferred Taxes. The significant components of the deferred tax assets and liabilities recorded in our accompanying balance sheets at March 31, 2021 and 2020 were as follows: March 31, 2021 2020 (as adjusted) Deferred Tax Assets: Post-retirement benefit accrual $ 2,422 $ 2,871 Compensation 13,208 12,560 Net operating loss carryforwards 15,151 16,149 Accrued expenses 6,360 5,490 Insurance 3,348 3,620 Deferred income 10,281 11,316 Bad debt 1,661 1,820 Pension 1,574 2,273 Operating leases (1) 34,020 28,945 Other 8,603 6,024 Deferred Tax Assets 96,628 91,068 Less: Valuation allowance 14,143 13,891 Total Deferred Tax Assets 82,485 77,177 Deferred Tax Liabilities: Depreciation and depletion 73,344 68,179 Operating leases (1) 33,401 29,268 Intangibles 199,242 129,951 Other 3,833 5,878 Total Deferred Tax Liabilities 309,820 233,276 Net Deferred Tax Assets (Liabilities) $ (227,335) $ (156,099) (1) For more information regarding our operating leases, see Note 10 titled, "Commitments and Contingencies". At March 31, 2021, we had U.S. federal operating loss carryforwards of $10,524, which remain subject to a 20 year carryforward period. Additionally, we had non-U.S. operating loss carry forwards of $43,189. Although the majority of the non-U.S. carryforwards have indefinite expiration periods, those carryforwards that have definite expiration periods will expire if unused between fiscal years 2022 and 2042. In addition, we have recorded pre-valuation allowance tax benefits of $1,254 related to state operating loss carryforwards. If unused, these state operating loss carryforwards will expire between fiscal years 2022 and 2042. At March 31, 2021, we had $5,442 of pre-valuation allowance tax credit carryforwards. These credit carryforwards can be used through fiscal 2031. We review the need for a valuation allowance against our deferred tax assets. A valuation allowance of $14,143 has been applied to a portion of the net deferred tax assets because we do not believe it is more-likely-than-not that we will receive future benefit. The valuation allowance increased during fiscal 2021 by $252. Other than the tax expense recorded for the one-time transition tax on unremitted earnings of non-US subsidiaries, no additional provision has been made for income taxes on undistributed earnings of foreign subsidiaries as the Company’s position is that these amounts continue to be indefinitely reinvested. The amount of undistributed earnings of subsidiaries was approximately $1,900,000 at March 31, 2021. It is not practicable to estimate the additional income taxes and applicable withholding taxes that would be payable on the remittance of such undistributed earnings. In October 2015, the Organization for Economic Cooperation and Development (OECD), in conjunction with the G20, finalized broad-based international tax policy guidelines that involve transfer pricing and other international tax subjects. While some member jurisdictions automatically adopt the new OECD guidelines, most member countries can adopt the guidelines only by new law or regulations. We are currently adopting processes to comply with the reporting requirements specified by the guidelines and are evaluating the other parts of the guidelines. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Mar. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Benefit Plans | 9. BENEFIT PLANS In the United States, we sponsor an unfunded post-retirement welfare benefits plan for two groups of United States retirees. Benefits under this plan include retiree life insurance and retiree medical insurance, including prescription drug coverage. During the second quarter of fiscal 2009, we amended our United States post-retirement welfare benefits plan, reducing the benefits to be provided to retirees under the plan and increasing their share of the costs. The amendments resulted in a decrease of $46,001 in the accumulated post-retirement benefit obligation. The impact of this change was recognized in our Consolidated Balance Sheets in fiscal 2009 and is being amortized as a component of the annual net periodic benefit cost over a period of approximately thirteen years. We sponsor several defined benefit pension schemes outside the United States: two in the UK, one in the Netherlands, two in Germany, and one in Switzerland. The Synergy Health plc Retirement Benefit Scheme is a defined benefit (final salary) funded pension scheme. In previous years, Synergy sponsored a funded defined benefit arrangement in the Netherlands. This was a separate fund holding the pension scheme assets to meet long-term pension liabilities for past and present employees. Accrual of benefits ceased under the scheme effective January 1, 2013. The Synergy Radeberg and Synergy Allershausen Schemes are unfunded defined pension schemes and are closed to new entrants. The Synergy Daniken Scheme is a defined benefit funded pension scheme. As a result of our fiscal 2018 acquisition of Harwell Dosimeters Ltd, we also sponsor in the Harwell Dosimeters Ltd Retirement Benefits Scheme which is a defined benefit funded pension scheme. We recognize the funded status of our defined benefit pension and post-retirement benefit plans in our Consolidated Balance Sheets, with a corresponding adjustment to accumulated other comprehensive income, net of tax. The funded status is measured as of March 31 each year and is calculated as the difference between the fair value of plan assets and the benefit obligation (which is the projected benefit obligation for pension plans and the accumulated post-retirement benefit obligation for post-retirement benefit plans). Accumulated comprehensive income (loss) represents the net unrecognized actuarial losses and unrecognized prior service cost. These amounts will be recognized in net periodic benefit cost as they are amortized. We will recognize future changes to the funded status of these plans in the year the change occurs, through other comprehensive income. Obligations and Funded Status. The following table reconciles the funded status of the defined benefit pension plans and the other post-retirement benefits plan to the amounts recorded on our Consolidated Balance Sheets at March 31, 2021 and 2020, respectively. Benefit obligation balances presented in the following table reflect the projected benefit obligations for our defined benefit pension plans and the accumulated other post-retirement benefit obligation for our post-retirement benefits plan. The measurement date of our defined benefit pension plans and other post-retirement benefits plan is March 31, for both periods presented. Defined Benefit Pension Plans Other 2021 2020 2021 2020 Change in Benefit Obligations: Benefit Obligations at Beginning of Year $ 123,190 $ 133,672 $ 11,368 $ 12,551 Service cost 1,357 1,380 — — Interest cost 2,816 2,955 317 408 Actuarial loss (gain) 12,622 (3,736) (114) 181 Benefits and expenses (4,714) (6,466) (1,555) (1,772) Employee contributions 1,031 1,046 — — Impact of foreign currency exchange rate changes 12,898 (5,661) — — Benefit Obligations at End of Year 149,200 123,190 10,016 11,368 Change in Plan Assets: Fair Value of Plan Assets at Beginning of Year 112,203 117,504 — — Actual return on plan assets 19,252 228 — — Employer contributions 5,329 5,071 1,555 1,772 Employee contributions 1,031 1,045 — — Benefits and expenses paid (4,714) (6,466) (1,555) (1,772) Impact of foreign currency exchange rate changes 12,351 (5,179) — — Fair Value of Plan Assets at End of Year 145,452 112,203 — — Funded Status of the Plans $ (3,748) $ (10,987) $ (10,016) $ (11,368) Amounts recognized in the consolidated balance sheets consist of the following: Defined Benefit Pension Plans Other Post-Retirement Benefits Plan 2021 2020 2021 2020 Current liabilities $ — $ — $ (1,326) $ (1,488) Noncurrent liabilities (3,748) (10,987) (8,690) (9,880) $ (3,748) $ (10,987) $ (10,016) $ (11,368) The pre-tax amount of unrecognized actuarial net loss and unamortized prior service cost included in accumulated other comprehensive (loss) income at March 31, 2021, was approximately $11,876 and $4,199, respectively. Defined benefit plans with an accumulated benefit obligation and projected benefit obligation exceeding the fair value of plan assets had the following plan assets and obligations at March 31, 2021 and 2020: Defined Benefit Pension Plans 2021 2020 Aggregate fair value of plan assets $ 145,452 $ 112,203 Aggregate accumulated benefit obligations 149,200 120,084 Aggregate projected benefit obligations 149,200 123,190 Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income. Components of the annual net periodic benefit cost of our defined benefit pension plans and our other post-retirement benefits plan were as follows: Defined Benefit Pension Plans Other Post-Retirement Benefits Plan 2021 2020 2019 2021 2020 2019 Service cost $ 1,357 $ 1,380 $ 2,394 $ — $ — $ — Interest cost 2,628 2,876 3,139 317 409 457 Expected return on plan assets (3,463) (4,735) (4,930) — — — Prior service cost recognition 71 69 51 (3,263) (3,263) (3,263) Net amortization and deferral 21 9 474 439 482 552 Net periodic benefit (credit) cost $ 614 $ (401) $ 1,128 $ (2,507) $ (2,372) $ (2,254) Recognized in other comprehensive loss (income) before tax: Net loss (gain) occurring during year $ (1,635) $ 890 $ (6,545) $ 114 $ (181) $ 106 Amortization of prior service credit (85) (78) 781 3,263 3,263 3,263 Amortization of net loss 7 — (468) (439) (482) (552) Total recognized in other comprehensive loss (income) (1,713) 812 (6,232) 2,938 2,600 2,817 Total recognized in total benefits cost and other comprehensive loss (income) $ (1,099) $ 411 $ (5,104) $ 431 $ 228 $ 563 Assumptions Used in Calculating Benefit Obligations and Net Periodic Benefit Cost. The following table presents significant assumptions used to determine the projected benefit obligations at March 31: 2021 2020 Discount Rate: Synergy Health plc Retirement Benefits Scheme 2.10 % 2.40 % Isotron BV Pension Plan 0.90 % 1.60 % Synergy Health Daniken AG 0.35 % 0.20 % Synergy Health Radeberg 1.60 % 1.60 % Synergy Health Allershausen 0.80 % 0.50 % Harwell Dosimeters Ltd Retirement Benefits Scheme 2.15 % 2.45 % Other post-retirement plan 2.50 % 3.00 % The following table presents significant assumptions used to determine the net periodic benefit costs for the years ended March 31: 2021 2020 2019 Discount Rate: Synergy Health plc Retirement Benefits Scheme 2.40 % 2.50 % 2.50 % Isotron BV Pension Plan 1.60 % 1.20 % 1.60 % Synergy Health Daniken AG 0.70 % 0.20 % 0.95 % Synergy Health Radeberg 1.50 % 1.60 % 1.60 % Synergy Health Allershausen 1.75 % 1.75 % 1.60 % Harwell Dosimeters Ltd Retirement Benefits Scheme 2.15 % 2.45 % 2.55 % Other post-retirement plan 3.00 % 3.50 % 3.50 % Expected Return on Plan Assets: Synergy Health plc Retirement Benefits Scheme 3.50 % 4.80 % 5.02 % Isotron BV Pension Plan 1.60 % 1.20 % 1.60 % Synergy Health Daniken AG 0.70 % 0.65 % 1.20 % The net periodic benefit cost and the actuarial present value of projected benefit obligations are based upon assumptions that we review on an annual basis. These assumptions may be revised annually based upon an evaluation of long-term trends, as well as market conditions that may have an impact on the cost of providing benefits. We develop our expected long-term rate of return on plan assets assumptions by evaluating input from third-party professional advisers, taking into consideration the asset allocation of the portfolios and the long-term asset class return expectations. We develop our discount rate assumptions by evaluating input from third-party professional advisers, taking into consideration the current yield on country specific investment grade long-term bonds which provide for similar cash flow streams as our projected obligations. We have made assumptions regarding healthcare costs in computing our other post-retirement benefit obligation. The assumed rates of increase generally decline ratably over a five-year period from the assumed current year healthcare cost trend rate to the assumed long-term healthcare cost trend rate noted below. 2021 2020 2019 Healthcare cost trend rate – medical 7.00 % 6.75 % 6.75 % Healthcare cost trend rate – prescription drug 7.00 % 6.75 % 6.75 % Long-term healthcare cost trend rate 4.50 % 4.50 % 4.50 % To determine the healthcare cost trend rates, we evaluate a combination of information, including ongoing claims cost monitoring, annual statistical analyses of claims data, reconciliation of forecasted claims against actual claims, review of trend assumptions of other plan sponsors and national health trends, and adjustments for plan design changes, workforce changes, and changes in plan participant behavior. Plan Assets. The investment policies for our plans are generally established by the local pension plan trustees and seek to maintain the plans' ability to meet liabilities and to comply with local minimum funding requirements. Plan assets are invested in diversified portfolios that provide adequate levels of return at an acceptable level of risk. The investment policies are reviewed at least annually and revised, as deemed appropriate to ensure that the objectives are being met. At March 31, 2021, the targeted allocation for the plans were approximately 75% equity investments and 25% fixed income investments. Financial instruments included in pension plan assets are categorized into three tiers. These tiers include a fair value hierarchy of three levels, based on the degree of subjectivity inherent in the valuation methodology as follows: Level 1 - Quoted prices for identical assets in active markets. Level 2 - Quoted prices for similar assets in active markets with inputs that are observable, either directly or indirectly. Level 3 - Unobservable prices or inputs in which little or no market data exists. The fair value of our pension benefits plan assets at March 31, 2021 and 2020 by asset category is as follows: Fair Value Measurements at March 31, 2021 (In thousands) Total Quoted Significant Significant Cash $ 657 $ 657 $ — $ — Insured annuities 17,950 — 17,950 — Insurance contracts 5,555 — — 5,555 Common and collective trusts valued at net asset value: Equity security trusts 60,960 — — — Debt security trusts 60,330 — — — Total Plan Assets $ 145,452 $ 657 $ 17,950 $ 5,555 Fair Value Measurements at March 31, 2020 (In thousands) Total Quoted Significant Significant Cash $ 302 $ 302 $ — $ — Insured annuities 14,522 — 14,522 — Insurance contracts 4,345 — — 4,345 Common and collective trusts valued at net asset value: Equity security trusts 47,187 — — — Debt security trusts 45,847 — — — Total Plan Assets $ 112,203 $ 302 $ 14,522 $ 4,345 Collective investment trusts are measured at fair value using the net asset value per share practical expedient. These trusts have not been categorized in the fair value hierarchy and are being presented in the tables above to permit a reconciliation of the fair value hierarchy to the total plan assets. The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during fiscal year 2021 due to the following: Insurance contracts Balance at March 31, 2019 $ 5,089 Gains (losses) related to assets still held at year-end 62 Transfers out of Level 3 (664) Foreign currency (142) Balance at March 31, 2020 $ 4,345 Gains (losses) related to assets still held at year-end 197 Transfers out of Level 3 853 Foreign currency 160 Balance at March 31, 2021 $ 5,555 Cash Flows. We contribute amounts to our defined benefit pension plans at least equal to the minimum amounts required by applicable employee benefit laws and local tax laws. We expect to make contributions of approximately $3,954 during fiscal 2022. Based upon the actuarial assumptions utilized to develop our benefit obligations at March 31, 2021, the following benefit payments are expected to be made to plan participants: Other Defined Benefit Pension Plans Other Post-Retirement Benefits Plan 2022 $ 5,137 $ 1,327 2023 5,731 1,198 2024 5,388 1,072 2025 5,543 969 2026 5,686 882 2027-2032 30,986 3,207 The Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the “Act”) provides a prescription drug benefit for Medicare beneficiaries, a benefit we provide to Medicare eligible retirees covered by our post-retirement benefits plan. We have concluded that the prescription drug benefit provided in our post-retirement benefit plan is considered to be actuarially equivalent to the benefit provided under the Act and thus qualifies for the subsidy under the Act. Benefits are subject to a per capita per month cost cap and any costs above the cap become the responsibility of the retiree. Under the plan, the subsidy is applied to reduce the retiree responsibility. As a result, the expected future subsidy no longer reduces our accumulated post-retirement benefit obligation and net periodic benefit cost. We collected subsidies totaling approximately $899 and $708, during fiscal 2021 and fiscal 2020, respectively, which reduced the retiree responsibility for costs in excess of the caps established in the post-retirement benefit plan. Defined Contribution Plans. We maintain a 401(k) defined contribution plan for eligible U.S. employees, a 401(k) defined contribution plan for eligible Puerto Rico employees and similar savings plans for certain employees in Canada, United Kingdom, Ireland, and Finland. We provide a match on a specified portion of an employee’s contribution. The U.S. plan assets are held in trust and invested as directed by the plan participants. The Canadian plan assets are held by insurance companies. The aggregate fair value of the U.S. plan assets was $986,222 at March 31, 2021. At March 31, 2021, the U.S. plan held 516,913 STERIS ordinary shares with a fair value of $98,462. We paid dividends of $839, $855, and $826 to the plan and participants on STERIS shares held by the plan for the years ended March 31, 2021, 2020, and 2019, respectively. We contributed approximately $29,853, $27,818, and $25,935, to the defined contribution plans for the years ended March 31, 2021, 2020, and 2019, respectively. |
Contingencies
Contingencies | 12 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Loss Contingencies by Contingency [Text Block] | 10. 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 risks and uncertainties described under the title "product related regulations and claims" in Item 1A. of this Annual Report on Form 10-K. 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 foreign 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 8 to our consolidated financial statements titled, “Income Taxes” in this Annual Report on Form 10-K. As of March 31, 2021 and 2020, our commercial commitments totaled $79,122 and $80,230 , respectively. Commercial commitments include standby letters of credit, letters of credit required as security under our self-insured risk retention policies, and other potential cash outflows resulting from an event that requires payment by us. Approxima tely $11,807 a nd $12,474 of the March 31, 2021 and 2020 totals, respectively, relate to letters of credit required as security under our self-insured risk retention policies. As of March 31, 2021, we had minimum purchase commitments with suppliers for raw material purchases totaling $39,714. As of March 31, 2021, we also had commitments of $171,042 for long term construction contracts. Leases We lease manufacturing, warehouse and office space, service facilities, vehicles, equipment and communication systems. Certain leases contain options that provide us with the ability to extend the lease term. Such options are included in the lease term when it is reasonably certain that the option will be exercised. We made an accounting policy election to not recognize lease assets or lease liabilities for leases with a lease term of twelve months or less. We determine if an agreement contains a lease and classify our leases as operating or finance at the lease commencement date. Finance leases are generally those leases for which we will pay substantially all the underlying asset’s fair value or will use the asset for all or a major part of its economic life, including circumstances in which we will ultimately own the asset. Lease assets arising from finance leases are included in property, plant and equipment, net and the liabilities are included in other liabilities. For finance leases, we recognize interest expense using the effective interest method and we recognize amortization expense on the lease asset over the shorter of the lease term or the useful life of the asset. Our finance leases are not material as of March 31, 2021 and for the twelve month period then ended. Operating lease assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. Lease assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. As most leases do not provide an implicit interest rate, we estimate an incremental borrowing rate to determine the present value of lease payments. Our estimated incremental borrowing rate reflects a secured rate based on recent debt issuances, our estimated credit rating, lease term, as well as publicly available data for instruments with similar characteristics. For operating leases, we recognize lease cost on a straight-line basis over the term of the lease. When accounting for leases, we combine payments for leased assets, related services and other components of a lease. The components of operating lease expense are as follows: Year Ended March 31, 2021 Year Ended March 31, 2020 Fixed operating lease expense $ 31,087 $ 28,252 Variable operating lease expense 9,326 5,449 Total operating lease expense $ 40,413 $ 33,701 Supplemental cash flow information related to operating leases is as follows: Year Ended March 31, 2021 Year Ended March 31, 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 29,808 $ 27,613 Right-of-use assets obtained in exchange for operating lease obligations, net $ 30,574 $ 44,636 Maturities of lease liabilities at March 31, 2021 are as follows : March 31, 2022 $ 28,675 2023 24,593 2024 19,160 2025 16,052 2026 and thereafter 106,593 Total operating lease payments 195,073 Less imputed interest 42,626 Total operating lease liabilities $ 152,447 In the preceding table, the future minimum annual rentals payable under noncancelable leases denominated in foreign currencies have been calculated using March 31, 2021 foreign currency exchange rates. Supplemental information related to operating leases is as follows: March 31, March 31, 2021 2020 Weighted-average remaining lease term of operating leases 11.6 years 11.5 years Weighted-average discount rate of operating leases 4.1 % 4.4 % |
Business Segment Information
Business Segment Information | 12 Months Ended |
Mar. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Business Segment Information | 11. 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 products and services 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 year ended March 31, 2021, revenues from a single Customer did not represent ten percent or more of any reportable segment’s revenues. Information regarding our segments is presented in the following tables. Certain March 31, 2020 and 2019 amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 titled, "Nature of Operations and Summary of Significant Accounting Policies". Years Ended March 31, 2021 2020 2019 Revenues: (as adjusted) (as adjusted) Healthcare $ 1,954,055 $ 1,986,809 $ 1,848,485 Applied Sterilization Technologies 685,912 627,147 555,127 Life Sciences 467,552 416,939 378,558 Total revenues $ 3,107,519 $ 3,030,895 $ 2,782,170 Operating income (loss): Healthcare 427,089 420,709 387,465 Applied Sterilization Technologies 310,648 270,917 221,828 Life Sciences 180,796 144,088 132,129 Total reportable segments 918,533 835,714 741,422 Corporate (219,153) (207,015) (184,900) Total operating income before adjustments $ 699,380 $ 628,699 $ 556,522 Less: Adjustments Amortization of acquired intangible assets (1) 83,892 71,675 86,878 Acquisition and integration related charges (2) 35,634 8,225 8,901 Redomiciliation and tax restructuring costs (3) 1,592 3,699 8,783 (Gain) on fair value adjustment of acquisition related contingent consideration (1) (500) — (842) Net loss (gain) on divestiture of businesses (1) 2,030 1,770 (1,370) Amortization of inventory and property "step up" to fair value (1) 5,600 2,392 2,440 Restructuring charges (4) (3,029) 3,143 40,708 COVID-19 incremental costs (6) 25,793 749 — Total operating income $ 548,368 $ 537,046 $ 411,024 (1) For more information regarding our recent acquisitions and divestitures see Note 18 titled, "Business Acquisitions and Divestitures". Amortization of purchased intangible assets fiscal 2019 total includes an impairment charge of $16,249, see Note 3 titled, "Goodwill and Intangible Assets", for more information. (2) Acquisition and integration related charges include transaction costs and integration expenses associated with acquisitions. (3) Costs incurred in connection with the Redomiciliation and subsequent tax restructuring. (4) For more information regarding our restructuring activities see Note 2 titled, "Restructuring". (5) Represents a one-time special employee bonus paid to most U.S. employees and associated professional fees. (6) 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. 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 Products and Life Sciences segments. Individual facilities, equipment, and intellectual properties are utilized for production by both the Healthcare Products 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 Products and Life Sciences segments. Therefore, their respective amounts are reported together. March 31, 2021 2020 Assets: (as adjusted) Healthcare and Life Sciences $ 3,600,182 $ 2,720,662 Applied Sterilization Technologies 2,974,289 2,720,205 Total assets $ 6,574,471 $ 5,440,867 Years Ended March 31, 2021 2020 2019 Capital Expenditures Healthcare and Life Sciences $ 74,446 $ 84,648 $ 89,638 Applied Sterilization Technologies 164,816 129,868 100,077 Total Capital Expenditures $ 239,262 $ 214,516 $ 189,715 Depreciation, Depletion, and Amortization Healthcare and Life Sciences (1) (2) $ 106,266 $ 92,193 $ 114,656 Applied Sterilization Technologies (1) 112,971 105,042 111,265 Total Depreciation, Depletion, and Amortization $ 219,237 $ 197,235 $ 225,921 (1) Totals include the impact of Restructuring see Note 2 titled, "Restructuring" for additional information. (2) The fiscal 2019 total includes an impairment charge see Note 3 titled, "Goodwill and Intangible Assets", for additional information. Financial information for each of our United States and international geographic areas is presented in the following table. Revenues are based on the location of these operations and their Customers. Property, plant and equipment, net are those assets that are identified within the operations in each geographic area. March 31, 2021 2020 Property, Plant, and Equipment, Net Ireland $ 52,140 $ 47,459 United States 673,784 632,333 Other locations 509,476 432,063 Property, Plant, and Equipment, Net $ 1,235,400 $ 1,111,855 Years Ended March 31, 2021 2020 2019 Revenues: Ireland $ 71,905 $ 63,821 $ 56,784 United States 2,227,038 2,211,722 1,976,814 Other locations 808,576 755,352 748,572 Total Revenues $ 3,107,519 $ 3,030,895 $ 2,782,170 Years Ended March 31, 2021 2020 2019 Healthcare: Capital equipment $ 588,864 $ 617,712 $ 587,680 Consumables 510,946 486,425 443,851 Service 854,245 882,672 816,954 Total Healthcare Revenues $ 1,954,055 $ 1,986,809 $ 1,848,485 Applied Sterilization Technologies: Total Applied Sterilization Technologies Service Revenues $ 685,912 $ 627,147 $ 555,127 Life Sciences: Capital equipment $ 128,356 $ 112,747 $ 102,714 Consumables 215,005 185,904 161,780 Service 124,191 118,288 114,064 Total Life Sciences Revenues 467,552 416,939 378,558 Total Revenues $ 3,107,519 $ 3,030,895 $ 2,782,170 |
Common Shares
Common Shares | 12 Months Ended |
Mar. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Earnings Per Share [Text Block] | 12. SHARES AND PREFERRED SHARES Ordinary Shares In connection with the Redomiciliation, STERIS UK shareholders received STERIS plc shares pursuant to a scheme of arrangement under UK law. Each STERIS UK ordinary shareholder received one ordinary share, par value $75.00, of STERIS plc for each STERIS UK ordinary share held, which STERIS UK shares were canceled. On May 3, 2019, the par value of STERIS plc shares issued pursuit to the scheme of arrangement was reduced to $0.001 per share. 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: Years ended March 31, 2021 2020 2019 Denominator ( shares in thousands ): Weighted average shares outstanding—basic 85,203 84,778 84,577 Dilutive effect of share equivalents 695 863 891 Weighted average shares outstanding and share equivalents—diluted 85,898 85,641 85,468 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: Years ended March 31, 2021 2020 2019 Number of ordinary share options ( shares in thousands ) 348 285 352 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. |
Repurchases of Common Shares
Repurchases of Common Shares | 12 Months Ended |
Mar. 31, 2021 | |
Repurchases of Common Shares [Abstract] | |
Schedule of Treasury Stock by Class [Text Block] | 13. REPURCHASE 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 March 31, 2021, 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. During fiscal 2021, we repurchased 35,000 of our ordinary shares for the aggregate amount of $5,047 (net of fees and commissions) pursuant to the 2019 authorizations. During fiscal 2020, we repurchased 273,259 of our ordinary shares for the aggregate amount of $40,000 (net of fees and commissions) pursuant to the authorizations. During fiscal 2019, we repurchased 651,093 of our ordinary shares for the aggregate amount of $72,082 (net of fees and commissions) pursuant to the authorizations. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | 14. 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 Compensation 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 March 31, 2021, 3,589,242 shares remained available for grant under the long-term incentive plan. The fair value of share-based stock option compensation 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 fiscal 2021, fiscal 2020 and fiscal 2019: Fiscal 2021 Fiscal 2020 Fiscal 2019 Risk-free interest rate 0.46 % 2.26 % 2.64 % Expected life of options 6.0 years 6.2 years 6.2 years Expected dividend yield of stock 0.96 % 1.22 % 1.47 % Expected volatility of stock 23.04 % 20.27 % 19.91 % 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%, 2.77% and 2.37% was applied in fiscal 2021, 2020 and 2019 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 (399,910) 67.87 Forfeited (48,105) 121.05 Outstanding at March 31, 2021 1,637,047 $ 112.03 6.7 years $ 128,426 Exercisable at March 31, 2021 883,133 $ 84.05 5.4 years $ 93,993 We estimate that 740,691 of the non-vested stock options outstanding at March 31, 2021 will ultimately vest. The aggregate intrinsic value in the table above represents the total pre-tax difference between the $190.48 closing price of our ordinary shares on March 31, 2021 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 our ordinary shares. The total intrinsic value of stock options exercised during the years ended March 31, 2021, 2020 and 2019 was $39,055, $57,683 and $25,371, respectively. Net cash proceeds from the exercise of stock options were $26,726, $34,731 and $13,308 for the years ended March 31, 2021, 2020 and 2019, respectively. The tax benefit from stock option exercises w as $11,559, $16,440 and $8,306 for the years ended March 31, 2021, 2020 and 2019, respectively. The weighted average grant date fair value of stock option grants was $27.66, $23.52 and $18.12 for the years ended March 31, 2021, 2020 and 2019, 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 March 31, 2021, 2020 and 2019 was $494, $544, and $889, respectively. The fair value of outstanding SARS is revalued at each reporting date and the related liability and expense are adjusted appropriately. A summary of the non-vested restricted share 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 146,009 16,140 165.86 Vested (158,913) (16,913) 84.52 Forfeited (29,603) (621) 108.10 Non-vested at March 31, 2021 533,323 29,500 $ 121.35 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 fiscal 2021 was $14,861. As of March 31, 2021, there was a total of $46,804 in unrecognized compensation cost related to non-vested share-based compensation granted under our share-based compensation plans. We expect to recognize the cost over a weighted average period of 2.1 years. |
Financial and Other Guarantees
Financial and Other Guarantees | 12 Months Ended |
Mar. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Product Warranty Disclosure [Text Block] | 15. 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 periods presented are as follows: Years Ended March 31, 2021 2020 2019 Balance, Beginning of Year $ 7,381 $ 7,194 $ 6,872 Warranties issued during the period 10,574 12,311 11,177 Settlements made during the period (8,549) (12,124) (10,855) Balance, End of Year $ 9,406 $ 7,381 $ 7,194 |
Forward and Swap Contracts
Forward and Swap Contracts | 12 Months Ended |
Mar. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 16. DERIVATIVES AND HEDGING From 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. Further, we may hold forward foreign exchange contracts to hedge a portion of our expected non-U.S. dollar denominated earnings against our reporting currency, the U.S dollar. We do not use derivative financial instruments for speculative purposes. These contracts are not 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 March 31, 2021, we held a foreign currency forward contract to buy 41.5 million British pounds. At March 31, 2021, we held commodity swap contracts to buy 768.0 thousand pounds of nickel. Asset Derivatives Liability Derivatives Fair Value at Fair Value at Fair Value at Fair Value at Balance Sheet Location March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 Prepaid & Other $ 57 $ 124 $ — $ — Accrued expenses and other — — 367 912 The following table presents the impact of derivative instruments and their location within the Consolidated Statements of Income: Location of (loss) gain recognized in income Amount of (loss) gain recognized in income Years Ended March 31, 2021 2020 2019 Foreign currency forward contracts Selling, general and administrative $ 1,178 $ 798 $ 235 Commodity swap contracts Cost of revenues 771 (660) 434 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Mar. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Fair Value Disclosures [Text Block] | 17. 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 March 31, 2021 and March 31, 2020: Fair Value Measurements At March 31, Carrying Value Quoted Prices Significant Other Significant Level 1 Level 2 Level 3 2021 2020 2021 2020 2021 2020 2021 2020 Assets: Cash and cash equivalents $ 220,531 $ 319,581 $ 220,531 $ 319,581 $ — $ — $ — $ — Forward and swap contracts (1) 57 124 — — 57 124 — — Equity investments (2) 10,301 9,624 10,301 9,624 — — — — Other investments 2,665 2,507 2,665 2,507 — — — — Liabilities: Forward and swap contracts (1) $ 367 $ 912 $ — $ — $ 367 $ 912 $ — $ — Deferred compensation plans (2) 1,715 1,475 1,715 1,475 — — — — Long term debt (3) 1,650,540 1,150,521 — — 1,722,459 1,143,978 — — Contingent consideration obligations (4) 19,642 15,988 — — — — 19,642 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 allowed 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. Beginning in fiscal 2019, 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 fiscal 2021 and fiscal 2020 we recorded gains (losses) of $594 and $(3,579), 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 prior 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 are summarized as follows: Contingent Consideration Balance at March 31, 2019 $ 5,950 Additions 9,907 Foreign currency translation adjustments 131 Balance at March 31, 2020 $ 15,988 Additions 3,486 Payments (984) Adjustments 1,175 Foreign currency translation adjustments (23) Balance at March 31, 2021 $ 19,642 Additions and payments of contingent consideration obligations during fiscal year 2021 and 2020 were primarily related to our fiscal year 2021 and 2020 acquisitio ns. Adjustments are recorded in the selling, general and administrative line of the Consolidated Statements of Income. |
Business Acquisitions and Dives
Business Acquisitions and Divestitures Business Acquisitions and Divestitures (Notes) | 12 Months Ended |
Mar. 31, 2021 | |
Business Combinations and Divestitures [Abstract] | |
Business Combination Disclosure [Text Block] | 18. BUSINESS ACQUISITIONS AND DIVESTITURES Fiscal 2021 Acquisitions 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 $853,203, net of cash acquired and remains subject to customary working capital adjustments. 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 6 titled, "Debt" for more information. On January 4, 2021 , we purchased the remaining outstanding shares of an equity investment that we made in fiscal 2019. Total consideration was approximately $78,045, net of cash acquired and subject to any working capital adjustments. Total non-cash consideration for this transaction was $41,771, which consisted of the settlement of outstanding principal and interest on a loan receivable, the initial equity investment, and receivables related to capital equipment purchases that existed at the acquisition date. The business is being integrated into our Applied Sterilization Technologies business segment and we funded the transaction through a combination of cash on hand and credit facility borrowings. We also completed two other tuck-in acquisitions during fiscal 2021, which continued to expand our product and service offerings in the Healthcare segment. Total aggregate consideration for these transactions was approximately $20,909, net of cash acquired and including deferred consideration of $1,194. Purchase price allocations will be finalized within a measurement period not to exceed one year from closing. Fiscal 2020 Acquisitions During fiscal 2020, we completed several tuck-in acquisitions which continued to expand our product and service offerings in the Healthcare, Applied Sterilization Technologies and Life Sciences segments. The aggregate purchase price associated with these transactions was approximately $120,537, net of cash acquired and including potential contingent consideration of $9,830 and deferred consideration of $893. Fiscal 2019 Acquisitions During fiscal 2019, we completed a minor purchase to expand our service offerings in the Applied Sterilization Technologies segment. The total purchase price was $13,313, and was financed with both cash on hand and with credit facility borrowings. Fair Value of Assets Acquired and Liabilities Assumed The table below summarizes the allocation of the purchase price to the net assets acquired based on fair values at the acquisition dates for our fiscal 2021, 2020 and 2019 acquisitions. Fiscal Year 2021 (1) Fiscal Year 2020 Fiscal Year 2019 (dollars in thousands) Key Surgical Other Acquisitions All Acquisitions All Acquisitions Cash $ 12,615 $ 9,159 $ 8,811 $ — Accounts receivable 13,967 9,621 10,331 750 Inventory 21,414 22,123 8,999 51 Property, plant and equipment 6,030 26,363 9,241 2,004 Lease right-of-use assets, net 4,907 4,420 4,462 — Other assets 6,680 3,378 1,133 479 Intangible assets (2) 356,999 28,188 36,500 4,070 Goodwill (3) 527,675 42,808 74,531 6,614 Total Assets 950,287 146,060 154,008 13,968 Current liabilities (21,599) (28,245) (20,659) (146) Non-current liabilities (62,870) (9,704) (4,000) (509) Total Liabilities (84,469) (37,949) (24,659) (655) Net Assets $ 865,818 $ 108,111 $ 129,349 $ 13,313 (1) Purchase price allocation is still preliminary as of March 31, 2021, as valuations have not been finalized, pending further analyses of the significant drivers of fair value. (2) Includes $315,575, related to the fair value of the customer relationships intangible asset, obtained in the acquisition of Key Surgical. The estimation of fair value was determined under an income approach using discounted cash flows. The estimate requires assumptions including forecasted revenue growth rates, forecasted profit margins, and Customer attrition rates. (3) Goodwill is the excess of the consideration transferred over the net assets recognized and represents the expected revenue and cost synergies of the combined company and assembled workforce. The deductible portion of goodwill for tax purposes recognized as a result of the fiscal 2021 acquisitions is $180,005 . Acquisition related transaction and integration costs totaled $35,634, $8,225, and $8,901 for the fiscal years ended March 31, 2021, 2020, and 2019, respectively. The fiscal 2021 total includes $18,072 of costs related to the pending acquisition of Cantel Medical Corp. For more information see Note 21 titled, "Pending Acquisition of Cantel Medical Corp". These costs are included in Selling, general, and administrative expenses in the Consolidated Statements of Income. Divestitures Fiscal 2021 During fiscal 2021, we sold an Applied Sterilization Technologies laboratory that was located in the Netherlands. We recorded proceeds of $518, net of cash divested, and recognized a pre-tax loss on the sale of $2,024 in the selling, general and administrative expense line of the Consolidated Statements of Income. The business generated annual revenues of approximately $6,000. Fiscal 2020 During fiscal 2020, we sold the operations of our Healthcare services business that were located in China. We recorded proceeds of $439, net of cash divested, and recognized a pre-tax loss on the sale of $2,365 in the selling, general and administrative expense line of the Consolidated Statements of Income. The business generated annual revenues of approximately $5,000. 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 carried an interest rate of 4% compounded daily and interest was payable annually. Outstanding borrowings under the agreement totaled $7,084 at March 31, 2020. During fiscal 2021, we purchased the remaining shares of the equity investment. In addition to the purchase price, the acquisition agreement included the capitalization of the outstanding principal and accumulated interest under this credit facility in the amount of $11,708. 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. Outstanding principal borrowings under the agreement totaled $8,568 (or €7,300) at March 31, 2021 and $8,072 (or €7,300) at March 31, 2020. 22. PENDING ACQUISTION OF CANTEL MEDICAL CORP. On January 12, 2021, we announced the signing of a definitive agreement to acquire Cantel Medical Corp. ("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. Cantel shareholder vote and regulatory approvals have been obtained and the acquisition is expected to occur on June 2, 2021. 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 $2.1 billion of new debt, which is described in Note 6, titled "Debt". Fiscal 2021 acquisition expenses that were related to the pending Cantel acquisition totaled $18,072. As a result of limited access to the information required to prepare the initial accounting, we are unable to provide the amounts that will be recognized at the acquisition date for the major classes of assets acquired and liabilities assumed, pre-existing contingencies, goodwill or other intangible assets at the time of this Form 10-K filing. |
Reclassifications out of AOCI (
Reclassifications out of AOCI (Notes) | 12 Months Ended |
Mar. 31, 2021 | |
Reclassifications out of AOCI Equity [Abstract] | |
Reclassifications Out of AOCI [Text Block] | 19. RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Amounts in Accumulated Other Comprehensive Income (Loss) are presented net of the related tax. Foreign Currency Translation is not adjusted for income taxes. Accumulated other comprehensive income (loss) shown in our Consolidated Statements of Shareholders' Equity and changes in our balances, net of tax, for the years ended March 31, 2021, 2020 and 2019 were as follows: Gain (Loss) on Available for Sale Securities Defined Benefit Plans (1) Foreign Currency Translation (2) Total Accumulated Other Comprehensive Income (Loss) 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Beginning Balance $ — $ — $ 1,970 $ (6,813) $ (4,204) $ (6,742) $ (228,650) $ (155,574) $ 16,457 $ (235,463) $ (159,778) $ 11,685 Other Comprehensive Income (Loss) before reclassifications — — — 4,622 1,505 3,920 172,926 (73,076) (172,031) 177,548 (71,571) (168,111) Reclassified from Accumulated Other Comprehensive Income (Loss) — — — (3,328) (4,114) (1,382) — — — (3,328) (4,114) (1,382) Net current-period Other Comprehensive Income (Loss) — — — 1,294 (2,609) 2,538 172,926 (73,076) (172,031) 174,220 (75,685) (169,493) Cumulative adjustment to Retained Earnings (3) $ — $ — $ (1,970) $ — $ — $ — $ — $ — $ — $ — $ — $ (1,970) Ending Balance $ — $ — $ — $ (5,519) $ (6,813) $ (4,204) $ (55,724) $ (228,650) $ (155,574) $ (61,243) $ (235,463) $ (159,778) (1) Amortization (gain) of defined benefit plan items are 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. |
Quarterly Results (Unaudited)
Quarterly Results (Unaudited) | 12 Months Ended |
Mar. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | 20. QUARTERLY RESULTS (UNAUDITED) Quarters Ended March 31, December 31, September 30, June 30, Fiscal 2021* Revenues: Product $ 427,614 $ 375,314 $ 339,504 $ 301,108 Service 445,917 433,610 416,628 367,824 Total Revenues 873,531 808,924 756,132 668,932 Cost of Revenues: Product 231,658 202,881 175,798 154,739 Service 262,055 260,182 250,297 226,809 Total Cost of Revenues 493,713 463,063 426,095 381,548 Gross Profit 379,818 345,861 330,037 287,384 Percentage of Revenues 43.5 % 42.8 % 43.6 % 43.0 % Restructuring Expenses (3,024) 20 (76) 166 Net Income Attributable to Shareholders $ 87,443 $ 114,501 $ 105,858 $ 89,598 Basic Income Per Ordinary Share Attributable to Shareholders: Net income $ 1.02 $ 1.34 $ 1.24 $ 1.05 Diluted Income Per Ordinary Share Attributable to Shareholders: Net income $ 1.02 $ 1.33 $ 1.23 $ 1.05 Fiscal 2020* Revenues: Product $ 393,592 $ 363,795 $ 337,666 $ 307,735 Service 429,399 410,466 399,174 389,068 Total Revenues 822,991 774,261 736,840 696,803 Cost of Revenues: Product 211,513 195,105 183,600 159,912 Service 248,392 247,803 234,573 230,001 Total Cost of Revenues 459,905 442,908 418,173 389,913 Gross Profit 363,086 331,353 318,667 306,890 Percentage of Revenues 44.1 % 42.8 % 43.2 % 44.0 % Restructuring Expenses 6 (448) (274) 1,389 Net Income Attributable to Shareholders $ 122,589 $ 104,930 $ 94,769 $ 85,371 Basic Income Per Ordinary Share Attributable to Shareholders: Net income $ 1.44 $ 1.24 $ 1.12 $ 1.01 Diluted Income Per Ordinary Share Attributable to Shareholders: Net income $ 1.43 $ 1.23 $ 1.11 $ 1.00 |
COVID-19 Pandemic
COVID-19 Pandemic | 12 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
COVID-19 Pandemic | 21. COVID-19 PANDEMIC The 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 surgical 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 material 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. During fiscal 2021, in response to the to the pandemic, we implemented several measures that we believe helped us protect the health and safety of our employees, preserve liquidity and enhance our financial flexibility.We allowed employees to work remotely when possible and 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 suspended our stock repurchase program and deferred certain planned capital expenditures; however, we 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. |
Pending Acquisition of Cantel M
Pending Acquisition of Cantel Medical Corp (Notes) | 12 Months Ended |
Mar. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Pending Acquisition of Cantel Medical Corp | 18. BUSINESS ACQUISITIONS AND DIVESTITURES Fiscal 2021 Acquisitions 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 $853,203, net of cash acquired and remains subject to customary working capital adjustments. 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 6 titled, "Debt" for more information. On January 4, 2021 , we purchased the remaining outstanding shares of an equity investment that we made in fiscal 2019. Total consideration was approximately $78,045, net of cash acquired and subject to any working capital adjustments. Total non-cash consideration for this transaction was $41,771, which consisted of the settlement of outstanding principal and interest on a loan receivable, the initial equity investment, and receivables related to capital equipment purchases that existed at the acquisition date. The business is being integrated into our Applied Sterilization Technologies business segment and we funded the transaction through a combination of cash on hand and credit facility borrowings. We also completed two other tuck-in acquisitions during fiscal 2021, which continued to expand our product and service offerings in the Healthcare segment. Total aggregate consideration for these transactions was approximately $20,909, net of cash acquired and including deferred consideration of $1,194. Purchase price allocations will be finalized within a measurement period not to exceed one year from closing. Fiscal 2020 Acquisitions During fiscal 2020, we completed several tuck-in acquisitions which continued to expand our product and service offerings in the Healthcare, Applied Sterilization Technologies and Life Sciences segments. The aggregate purchase price associated with these transactions was approximately $120,537, net of cash acquired and including potential contingent consideration of $9,830 and deferred consideration of $893. Fiscal 2019 Acquisitions During fiscal 2019, we completed a minor purchase to expand our service offerings in the Applied Sterilization Technologies segment. The total purchase price was $13,313, and was financed with both cash on hand and with credit facility borrowings. Fair Value of Assets Acquired and Liabilities Assumed The table below summarizes the allocation of the purchase price to the net assets acquired based on fair values at the acquisition dates for our fiscal 2021, 2020 and 2019 acquisitions. Fiscal Year 2021 (1) Fiscal Year 2020 Fiscal Year 2019 (dollars in thousands) Key Surgical Other Acquisitions All Acquisitions All Acquisitions Cash $ 12,615 $ 9,159 $ 8,811 $ — Accounts receivable 13,967 9,621 10,331 750 Inventory 21,414 22,123 8,999 51 Property, plant and equipment 6,030 26,363 9,241 2,004 Lease right-of-use assets, net 4,907 4,420 4,462 — Other assets 6,680 3,378 1,133 479 Intangible assets (2) 356,999 28,188 36,500 4,070 Goodwill (3) 527,675 42,808 74,531 6,614 Total Assets 950,287 146,060 154,008 13,968 Current liabilities (21,599) (28,245) (20,659) (146) Non-current liabilities (62,870) (9,704) (4,000) (509) Total Liabilities (84,469) (37,949) (24,659) (655) Net Assets $ 865,818 $ 108,111 $ 129,349 $ 13,313 (1) Purchase price allocation is still preliminary as of March 31, 2021, as valuations have not been finalized, pending further analyses of the significant drivers of fair value. (2) Includes $315,575, related to the fair value of the customer relationships intangible asset, obtained in the acquisition of Key Surgical. The estimation of fair value was determined under an income approach using discounted cash flows. The estimate requires assumptions including forecasted revenue growth rates, forecasted profit margins, and Customer attrition rates. (3) Goodwill is the excess of the consideration transferred over the net assets recognized and represents the expected revenue and cost synergies of the combined company and assembled workforce. The deductible portion of goodwill for tax purposes recognized as a result of the fiscal 2021 acquisitions is $180,005 . Acquisition related transaction and integration costs totaled $35,634, $8,225, and $8,901 for the fiscal years ended March 31, 2021, 2020, and 2019, respectively. The fiscal 2021 total includes $18,072 of costs related to the pending acquisition of Cantel Medical Corp. For more information see Note 21 titled, "Pending Acquisition of Cantel Medical Corp". These costs are included in Selling, general, and administrative expenses in the Consolidated Statements of Income. Divestitures Fiscal 2021 During fiscal 2021, we sold an Applied Sterilization Technologies laboratory that was located in the Netherlands. We recorded proceeds of $518, net of cash divested, and recognized a pre-tax loss on the sale of $2,024 in the selling, general and administrative expense line of the Consolidated Statements of Income. The business generated annual revenues of approximately $6,000. Fiscal 2020 During fiscal 2020, we sold the operations of our Healthcare services business that were located in China. We recorded proceeds of $439, net of cash divested, and recognized a pre-tax loss on the sale of $2,365 in the selling, general and administrative expense line of the Consolidated Statements of Income. The business generated annual revenues of approximately $5,000. 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 carried an interest rate of 4% compounded daily and interest was payable annually. Outstanding borrowings under the agreement totaled $7,084 at March 31, 2020. During fiscal 2021, we purchased the remaining shares of the equity investment. In addition to the purchase price, the acquisition agreement included the capitalization of the outstanding principal and accumulated interest under this credit facility in the amount of $11,708. 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. Outstanding principal borrowings under the agreement totaled $8,568 (or €7,300) at March 31, 2021 and $8,072 (or €7,300) at March 31, 2020. 22. PENDING ACQUISTION OF CANTEL MEDICAL CORP. On January 12, 2021, we announced the signing of a definitive agreement to acquire Cantel Medical Corp. ("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. Cantel shareholder vote and regulatory approvals have been obtained and the acquisition is expected to occur on June 2, 2021. 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 $2.1 billion of new debt, which is described in Note 6, titled "Debt". Fiscal 2021 acquisition expenses that were related to the pending Cantel acquisition totaled $18,072. As a result of limited access to the information required to prepare the initial accounting, we are unable to provide the amounts that will be recognized at the acquisition date for the major classes of assets acquired and liabilities assumed, pre-existing contingencies, goodwill or other intangible assets at the time of this Form 10-K filing. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS Description Balance at Charges Charges Deductions Balance at (in thousands) Year ended March 31, 2021 Deducted from asset accounts: Allowance for trade accounts receivable (1) $ 12,051 $ 3,097 $ 349 (3) $ (4,142) (4) $ 11,355 Inventory valuation reserve 16,149 4,423 (2) (794) (3) — 19,778 Deferred tax asset valuation allowance 13,891 2,684 277 (3) (2,709) 14,143 Recorded within liabilities: Casualty loss reserves $ 23,228 $ 5,550 $ 2,542 $ (8,037) $ 23,283 Year ended March 31, 2020 Deducted from asset accounts: Allowance for trade accounts receivable (1) $ 9,645 $ 6,760 $ (247) (3) $ (4,107) (4) $ 12,051 Inventory valuation reserve 19,754 (4,105) (2) 500 (3) — 16,149 Deferred tax asset valuation allowance 13,478 3,327 (1,927) (3) (987) 13,891 Recorded within liabilities: Casualty loss reserves $ 19,742 $ 6,000 $ 3,007 $ (5,521) $ 23,228 Year ended March 31, 2019 Deducted from asset accounts: Allowance for trade accounts receivable (1) $ 12,472 $ 356 $ (327) (3) $ (2,856) (4) $ 9,645 Inventory valuation reserve 19,639 (673) (2) 788 (3) — 19,754 Deferred tax asset valuation allowance 13,596 4,055 (1,653) (3) (2,520) 13,478 Recorded within liabilities: Casualty loss reserves $ 20,949 $ 4,456 $ (1,158) $ (4,505) $ 19,742 (1) Net allowance for doubtful accounts and allowance for sales and returns. (2) Provision for excess and obsolete inventory, net of inventory written off. (3) Change in foreign currency exchange rates and acquired reserves. (4) Uncollectible accounts written off, net of recoveries. |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Property, Plant and Equipment, Impairment [Policy Text Block] | Asset Impairment Losses. Property, plant, equipment, and identifiable intangible assets are reviewed for impairment when indicators of impairment exist and circumstances indicate that the carrying value of such assets may not be recoverable. Impaired assets are recorded at the lower of carrying value or estimated fair value. We monitor for such indicators on an ongoing basis and if an impairment exists, we record the loss in the Consolidated Statements of Income during that period. |
Revenue from Contract with Customer [Policy Text Block] | 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 totalin g $14,609 and $7,560, r espectively, 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 March 31, 2021, assets related to costs to fulfill a contract were not material to our Consolidated Financial Statements. Refer to Note 11, titled "Business Segment Information" for disaggregation of revenue. Product Revenues 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 Revenues 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. 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 fiscal 2021, we recognized revenue of $42,618 that was included in our contract liability balance at the beginning of the period. During fiscal 2020, we recognized revenue of $48,602 that was included in our contract liability balance at the beginning of the period. Refer to Note 7, titled "Additional Consolidated Balance Sheet Information" for Deferred revenue balances. Service Liabilities Payments received in advance of performance for cancelable preventative 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. Prior to the adoption of Accounting Standards Codification ("ASC") 606, these amounts were included in Deferred revenues. Refer to Note 7, 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 March 31, 2021, the transaction price allocated to remaining performance obligations was approximately $1,058,768. We expect to recognize approximately 51% of the transaction price within one year and approximately 40% beyond one year. The remainder has yet to be scheduled for delivery. |
Consolidation, Policy | 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, Policy | 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. |
Cash and Cash Equivalents, Policy | Cash Equivalents and Supplemental Cash Flow Information. Cash equivalents are all highly liquid investments with a maturity of three months or less when purchased. We invest our excess cash in short-term instruments including money market funds and time deposits with major banks and financial institutions. We select investments in accordance with the criteria established in our investment policy. Our investment policy specifies, among other things, maturity, credit quality and concentration restrictions with the objective of preserving capital and maintaining adequate liquidity. |
Trade and Other Accounts Receivable, Policy | Accounts Receivable. Accounts receivable are presented at their face amount, less allowances for sales returns and uncollectible accounts. Accounts receivable consist of amounts billed and currently due from Customers and amounts earned but unbilled. We generally obtain and perfect security interest in products sold in the United States when we have a concern with the Customer's risk profile. We maintain an allowance for uncollectible accounts receivable for estimated losses in the collection of amounts owed by Customers. We estimate the allowance based on analyzing a number of factors, including amounts written off historically, Customer payment practices, and general economic conditions. We also analyze significant Customer accounts on a regular basis and record a specific allowance when we become aware of a specific Customer’s inability to pay. As a result, the related accounts receivable are reduced to an amount that we reasonably believe is collectible. We maintain an allowance for sales returns based upon known returns and estimated returns for both capital equipment and consumables. We estimate returns of capital equipment and consumables based upon recent historical experience. |
Inventory, Policy | Inventories, net. Inventories are stated at the lower of their cost and net realizable value determined by the first-in, first-out (“FIFO”) cost method. Inventory costs include material, labor, and overhead. We review inventory on an ongoing basis, considering factors such as deterioration, obsolescence, and other items. We record an allowance for estimated losses when the facts and circumstances indicate that particular inventories will not be usable. If future market conditions vary from those projected, and our estimates prove to be inaccurate, we may be required to write-down inventory values and record an adjustment to cost of revenues. |
Property, Plant and Equipment, Policy | Property, Plant, and Equipment. Our property, plant, and equipment consists of land and land improvements, buildings and leasehold improvements, machinery and equipment, information systems, radioisotope (cobalt-60), and construction in progress. Property, plant, and equipment are presented at cost less accumulated depreciation and depletion. We capitalize additions and improvements. Repairs and maintenance are charged to expense as they are incurred. Land is not depreciated and construction in progress is not depreciated until placed in service. Depreciation of most assets is computed on the cost less the estimated salvage value by using the straight-line method over the estimated remaining useful lives. Depletion of radioisotope is computed using the annual decay factor of the material, which is similar to the sum-of-the-years-digits method. We generally depreciate or deplete property, plant, and equipment over the useful lives presented in the following table: Asset Type Useful Life Land improvements 3-40 Buildings and leasehold improvements 2-50 Machinery and equipment 2-20 Information Systems 2-20 Radioisotope (cobalt-60) 20 When we sell, retire, or dispose of property, plant, and equipment, we remove the asset’s cost and accumulated depreciation from our Consolidated Balance Sheet. We recognize the net gain or loss on the sale or disposition in the Consolidated Statements of Income in the period when the transaction occurs. |
Investment, Policy | Interest. We capitalize interest costs incurred during the construction of long-lived assets. We capitalized interest costs of $1,998 and $428 for the years ended March 31, 2021 and 2020, respectively. Total interest expense for the years ended March 31, 2021, 2020, and 2019 was $37,180, $40,279, and $45,015, respectively. Investments. Investments in marketable securities are stated at fair value and are included in "Other assets" on the Consolidated Balance Sheets. Following the fiscal 2019 adoption of ASU 2016-01, "Financial Instruments - Overall - Recognition and Measurement of Financial Assets and Liabilities, changes in the fair value of these investments are recorded in the "Interest income and miscellaneous expense line" of the Consolidated Statement of Income. |
Asset Retirement Obligation [Policy Text Block] | Asset Retirement Obligations. We incur retirement obligations for certain assets. We record initial liabilities for the asset retirement obligations ("ARO") at fair value. Recognition of ARO includes: estimating the present value of a liability and offsetting asset, the subsequent accretion of that liability and depletion of the asset, and a periodic review of the ARO liability estimates and discount rates used in the analysis. We provide additional information about our asset retirement obligations in Note 5 to our consolidated financial statements titled, “Property, Plant and Equipment.” |
Business Combinations Policy | Acquisitions of Business. Assets acquired and liabilities assumed in a business combination are accounted for at fair value on the date of acquisition. Costs related to the acquisition are expensed as incurred. |
Foreign Currency Transactions and Translations Policy | Foreign Currency Translation. Most of our operations use their local currency as their functional currency. Financial statements of subsidiaries are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and a weighted average exchange rate for each period for revenues, expenses, gains and losses. Translation adjustments for subsidiaries whose local currency is their functional currency are recorded as a component of accumulated other comprehensive income (loss) within equity. Transaction gains and losses resulting from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency are recognized as incurred in the accompanying Consolidated Statement of Income, except for certain inter-company balances designated as long-term in nature. |
Derivatives, Policy | Forward and Swap Contracts. We enter into foreign currency forward contracts to hedge assets and liabilities 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. We may also hold forward foreign exchange contracts to hedge a portion of our expected non-U.S. dollar denominated earnings against our reporting currency, the U.S. dollar. We do not use derivative financial instruments for speculative purposes. These contracts are marked to market, with gains and losses recognized within “Selling, general, and administrative expenses” or "Cost of revenues" in the accompanying Consolidated Statements of Income. |
Standard Product Warranty, Policy | Warranty. Warranties are provided on the sale of certain of our products and services and an accrual for estimated future claims is recorded at the time revenue is recognized. We estimate warranty expense based primarily on historical warranty claim experience. |
Shipping and Handling Cost, Policy | Shipping and Handling. We record shipping and handling costs in costs of revenues. Shipping and handling costs charged to Customers are recorded as revenues in the period the product revenues are recognized. |
Advertising Costs, Policy | Advertising Expenses. Costs incurred for communicating, advertising and promoting our products are generally expensed when incurred as a component of Selling, General and Administrative Expense. We incurred $6,795, $12,652, and $10,691 of advertising costs during the years ended March 31, 2021, 2020, and 2019, respectively. |
Accounting Standards Update and Change in Accounting Principle | 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. 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 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. ASU 2020-04 "Reference Rate Reform (Topic 848)" March 2020 The standard provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard is effective for all entities as of March 12, 2020 through December 31, 2022. Fourth Quarter Fiscal 2021 We adopted the standard effective January 1, 2021. The adoption of this standard did not have a material impact on our consolidated financial statements and disclosures. Standard Date of Issuance Description Date of Adoption Effect on the financial statements or other significant matters Standards that have not yet been adopted 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. Standard Date of Issuance Description Date of Adoption Effect on the financial statements or other significant matters 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 The adoption of the standard may have a material effect on our consolidated financial statements after the acquisition of Cantel Medical Corp. |
Intangible Assets, Finite-Lived, Policy | Identifiable Intangible Assets. Our identifiable intangible assets include product technology rights, trademarks, licenses, and Customer and vendor relationships. We record these assets at cost, or when acquired as part of a business acquisition, at estimated fair value. Determining the fair value of identifiable intangible requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to forecasted revenue growth rates, forecasted profit margins, and customer attrition rates, among other items. We generally amortize identifiable intangible assets over periods ranging from 5 to 20 years using the straight-line method. Our intangible assets also include indefinite lived assets including certain trademarks and tradenames that were acquired in connection with business combinations. These assets are tested at least annually for impairment. |
Goodwill and Intangible Assets, Goodwill, Policy | Goodwill. We perform our annual impairment test for goodwill in the third quarter of each year. We may consider qualitative indicators of the fair value of a reporting unit when it is unlikely that a reporting unit has impaired goodwill. We may also utilize a discounted cash flow analysis that requires certain assumptions and estimates be made regarding market conditions and our future profitability. We review the book value compared to the fair value at the reporting unit level. We calculate the fair value of our reporting units based on the present value of estimated future cash flows. Management's judgment is necessary to evaluate the impact of operating and macroeconomic changes and to estimate future cash flows to measure fair value. Assumptions used in our impairment evaluations, such as forecasted growth rates and cost of capital, are consistent with internal projections, strategic plans, and operating plans. We believe such assumptions and estimates are also comparable to those that would be used by other market place participants. |
Self Insurance Liabilities, Policy | Self-Insurance Liabilities. We record a liability for self-insured risks that we retain for general and product liabilities, workers’ compensation, and automobile liabilities based on actuarial calculations. We use our historical loss experience and actuarial methods to calculate the liability. This liability includes estimates for both losses and incurred but not reported claims. We review the assumptions used to calculate the estimated liability at least annually to evaluate the adequacy of the amount recorded. We maintain insurance policies to cover losses greater than our estimated liability, which are subject to the terms and conditions of those policies. We are also self-insured for certain employee medical claims. We estimate a liability for incurred but not reported claims based upon recent claims experience. |
Postemployment Benefit Plans, Policy | Benefit Plans. We sponsor defined benefit pension plans. We also sponsor a post-retirement benefits plan for certain former employees. We determine our costs and obligations related to these plans by evaluating input from third-party professional advisers. These costs and obligations are affected by assumptions including the discount rate, expected long-term rate of return on plan assets, the annual rate of change in compensation for eligible employees, estimated changes in costs of healthcare benefits, and other factors. We review the assumptions used on an annual basis. We recognize an asset for the overfunded status or a liability for the underfunded status of defined benefit pension and post-retirement benefits plans in our consolidated balance sheets. This amount is measured as the difference between the fair value of plan assets and the benefit obligation (the projected benefit obligation for pension plans and the accumulated post-retirement benefit obligation for other post-retirement benefit plans). Changes in the funded status of the plans are recorded in other comprehensive income in the year they occur. We measure plan assets and obligations as of the balance sheet date. We provide additional information about our pension and other post-retirement benefits plans in Note 9 to our consolidated financial statements titled, “Benefit Plans.” |
Fair Value Measurement, Policy | Fair Value of Financial Instruments. Except for long-term debt, our financial instruments are highly liquid or have short-term maturities. We provide additional information about the fair value of our financial instruments in Note 17 titled, “Fair Value Measurements.” |
Research and Development Expense, Policy | Research and Development. We incur research and development costs associated with commercial products and expense these costs as incurred. If a Customer reimburses us for research and development costs, the costs are charged to the related contracts as costs of revenues. |
Income Tax, Policy | Income Taxes. We defer income taxes for all temporary differences between pre-tax financial and taxable income and between the book and tax basis of assets and liabilities. We record valuation allowances to reduce net deferred tax assets to an amount that we expect will more-likely-than-not be realized. In making such a determination, we consider all available information, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and if applicable, any carryback claims that can be filed. In the event we were to determine that we would be able to realize our deferred income tax assets in the future in excess of their net recorded amount, we would make an adjustment to the valuation allowance which would reduce the provision for income taxes and the effective tax rate. We evaluate uncertain tax positions in accordance with a two-step process. The first step is recognition: The determination of whether or not it is more-likely-than-not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, we presume that the position will be examined by the appropriate tax authority and that the tax authority will have full knowledge of all relevant information. The second step is measurement: A tax position that meets the more-likely-than-not threshold is measured to determine the amount of benefit to recognize in the financial statements. The measurement process requires the determination of the range of possible settlement amounts and the probability of achieving each of the possible settlements. The tax position is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. No tax benefits are recognized for positions that do not meet the more-likely-than-not threshold. Tax positions that previously failed to meet the more-likely-than-not threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold are derecognized in the first subsequent financial reporting period in which the threshold is no longer met. We describe income taxes further in Note 8 to our consolidated financial statements titled, “Income Taxes.” |
Share-based Compensation, Option and Incentive Plans Policy | Share-Based Compensation. We describe share-based compensation in Note 14 to our consolidated financial statements titled, “Share-Based Compensation.” We measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. We record liability awards at fair value each reporting period and the change in fair value is reflected as share-based compensation expense in our Consolidated Statements of Income. The expense is classified as cost of goods sold, selling, general and administrative expenses or research and development expenses in a manner consistent with the employee’s compensation and benefits. These costs are recognized in the Consolidated Statement of Income over the period during which an employee is required to provide service in exchange for the award. |
Costs Associated with Exit or Disposal Activity or Restructuring | Restructuring. We recognize restructuring expenses as incurred. Asset impairment and accelerated depreciation expenses primarily relate to inventory write-downs for rationalized products and adjustments in the carrying value of the related facilities and machinery and equipment to their estimated fair value. In addition, the remaining useful lives of other property, plant, and equipment associated with the related operations are reevaluated based on the respective restructuring plan, which may result in the acceleration of depreciation and amortization of certain assets. |
Contingencies Lease Policy (Pol
Contingencies Lease Policy (Policies) | 12 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Lessee, Leases [Policy Text Block] | Leases We lease manufacturing, warehouse and office space, service facilities, vehicles, equipment and communication systems. Certain leases contain options that provide us with the ability to extend the lease term. Such options are included in the lease term when it is reasonably certain that the option will be exercised. We made an accounting policy election to not recognize lease assets or lease liabilities for leases with a lease term of twelve months or less. We determine if an agreement contains a lease and classify our leases as operating or finance at the lease commencement date. Finance leases are generally those leases for which we will pay substantially all the underlying asset’s fair value or will use the asset for all or a major part of its economic life, including circumstances in which we will ultimately own the asset. Lease assets arising from finance leases are included in property, plant and equipment, net and the liabilities are included in other liabilities. For finance leases, we recognize interest expense using the effective interest method and we recognize amortization expense on the lease asset over the shorter of the lease term or the useful life of the asset. Our finance leases are not material as of March 31, 2021 and for the twelve month period then ended. Operating lease assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. Lease assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. As most leases do not provide an implicit interest rate, we estimate an incremental borrowing rate to determine the present value of lease payments. Our estimated incremental borrowing rate reflects a secured rate based on recent debt issuances, our estimated credit rating, lease term, as well as publicly available data for instruments with similar characteristics. For operating leases, we recognize lease cost on a straight-line basis over the term of the lease. When accounting for leases, we combine payments for leased assets, related services and other components of a lease. |
Schedule of Rent Expense [Table Text Block] | The components of operating lease expense are as follows: Year Ended March 31, 2021 Year Ended March 31, 2020 Fixed operating lease expense $ 31,087 $ 28,252 Variable operating lease expense 9,326 5,449 Total operating lease expense $ 40,413 $ 33,701 |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Cash Flow, Supplemental Disclosures | Information supplementing our Consolidated Statements of Cash Flows is as follows: Years Ended March 31, 2021 2020 2019 Cash paid during the year for: Interest $ 36,257 $ 38,021 $ 44,118 Income taxes 109,646 92,462 64,668 Cash received during the year for income tax refunds 4,631 4,378 2,189 |
Property, Plant and Equipment | We generally depreciate or deplete property, plant, and equipment over the useful lives presented in the following table: Asset Type Useful Life Land improvements 3-40 Buildings and leasehold improvements 2-50 Machinery and equipment 2-20 Information Systems 2-20 Radioisotope (cobalt-60) 20 Information related to the major categories of our depreciable assets is as follows: March 31, 2021 2020 Land and land improvements (1) $ 69,477 $ 65,994 Buildings and leasehold improvements 567,132 531,267 Machinery and equipment 779,044 682,488 Information systems 193,222 181,112 Radioisotope 565,681 508,593 Construction in progress (1) 211,381 159,731 Total property, plant, and equipment 2,385,937 2,129,185 Less: accumulated depreciation and depletion (1,150,537) (1,017,330) Property, plant, and equipment, net $ 1,235,400 $ 1,111,855 (1) Land is not depreciated. Construction in progress is not depreciated until placed in service. |
Accounting Standards Update and Change in Accounting Principle | 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. 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 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. ASU 2020-04 "Reference Rate Reform (Topic 848)" March 2020 The standard provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard is effective for all entities as of March 12, 2020 through December 31, 2022. Fourth Quarter Fiscal 2021 We adopted the standard effective January 1, 2021. The adoption of this standard did not have a material impact on our consolidated financial statements and disclosures. Standard Date of Issuance Description Date of Adoption Effect on the financial statements or other significant matters Standards that have not yet been adopted 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. Standard Date of Issuance Description Date of Adoption Effect on the financial statements or other significant matters 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 The adoption of the standard may have a material effect on our consolidated financial statements after the acquisition of Cantel Medical Corp. |
Schedule of Change in Accounting Estimate | The following table reflects the effect of the change in the accounting principle on the fiscal 2021 Consolidated Financial Statements: For the year ended March 31, 2021 As computed under LIFO As reported under FIFO Effect of change Consolidated Statements of Income Cost of revenues: Product $ 767,102 $ 765,076 $ (2,026) Cost of revenues 1,766,445 1,764,419 (2,026) Gross profit 1,341,074 1,343,100 2,026 Income from operations 546,342 548,368 2,026 Income before income tax expense 515,507 517,533 2,026 Income tax (benefit) expense 120,152 120,663 511 Net income 395,355 396,870 1,515 Net income attributable to shareholders 395,885 397,400 1,515 Net income per share attributable to shareholders: Basic $ 4.63 $ 4.66 $ 0.03 Diluted $ 4.60 $ 4.63 $ 0.03 For the year ended March 31, 2021 As computed under LIFO As reported under FIFO Effect of change Consolidated Statements of Comprehensive Income Net income $ 395,355 $ 396,870 $ 1,515 Net income attributable to shareholders 395,885 397,400 1,515 Comprehensive income attributable to shareholders 570,105 571,620 1,515 As of March 31, 2021 As computed under LIFO As reported under FIFO Effect of change Consolidated Balance Sheets Inventories, net $ 297,088 $ 315,067 $ 17,979 Accrued income taxes 25,528 27,561 2,033 Deferred income taxes, net 239,198 236,860 (2,338) Retained earnings 1,957,387 1,939,408 (17,979) As of March 31, 2021 As computed under LIFO As reported under FIFO Effect of change Consolidated Statement of Cash Flows Net income $ 395,355 $ 396,870 $ 1,515 Changes in operating assets and liabilities, net of effects of acquisitions: Inventories, net 21,748 3,769 (17,979) Accruals and other, net (10,652) 9,916 20,568 Deferred income taxes 8,344 4,240 (4,104) The following tables reflect the impact to the financial statement line items that result from the change in accounting principle on the prior periods presented in the accompanying financial statements. Consolidated Statements of Income Year ended March 31, 2020 Year ended March 31, 2019 Previously reported As adjusted Adjustments Previously reported As adjusted Adjustments Cost of revenues: Product $ 750,202 $ 750,129 $ (73) $ 702,295 $ 702,736 $ 441 Cost of revenues 1,710,972 1,710,899 (73) 1,606,743 1,607,184 441 Gross profit 1,319,923 1,319,996 73 1,175,427 1,174,986 (441) Income from operations 536,973 537,046 73 411,465 411,024 (441) Income before income tax expense 498,681 498,754 73 369,470 369,029 (441) Income tax expense (benefit) 90,876 90,895 19 64,394 64,283 (111) Net income 407,805 407,859 54 305,076 304,746 (330) Net income attributable to shareholders 407,605 407,659 54 304,051 303,721 (330) Net income per share attributable to shareholders: Basic $ 4.81 $ 4.81 $ — $ 3.59 $ 3.59 $ — Diluted $ 4.76 $ 4.76 $ — $ 3.56 $ 3.55 $ (0.01) Consolidated Statements of Comprehensive Income Year ended March 31, 2020 Year ended March 31, 2019 Previously reported As adjusted Adjustments Previously reported As adjusted Adjustments Net income $ 407,805 $ 407,859 $ 54 $ 305,076 $ 304,746 $ (330) Net income attributable to shareholders 407,605 407,659 54 304,051 303,721 (330) Comprehensive income attributable to shareholders 331,920 331,974 54 134,558 134,228 (330) Consolidated Balance Sheets Year ended March 31, 2020 Year ended March 31, 2019 Previously reported As adjusted Adjustments Previously reported As adjusted Adjustments Inventories, net $ 248,259 $ 263,544 $ 15,285 $ 208,243 $ 223,455 $ 15,212 Deferred income taxes, net 160,270 164,069 3,799 151,038 154,818 3,780 Retained earnings 1,647,175 1,658,661 11,486 1,339,024 1,350,456 11,432 Consolidated Statement of Cash Flows Year ended March 31, 2020 Year ended March 31, 2019 Previously reported As adjusted Adjustments Previously reported As adjusted Adjustments Net income $ 407,805 $ 407,859 $ 54 $ 305,076 $ 304,746 $ (330) Changes in operating assets and liabilities, net of effects of acquisitions: Deferred income taxes 9,423 9,442 19 (6,511) (6,622) (111) Inventories, net (39,067) (39,140) (73) (14,617) (14,176) 441 Fiscal 2021 Selected Data (Unaudited) First Quarter Second Quarter Previously reported As adjusted Adjustments Previously reported As adjusted Adjustments Cost of revenues: Product $ 156,555 $ 154,739 $ (1,816) $ 175,798 $ 175,798 $ — Cost of revenues 383,364 381,548 (1,816) 426,095 426,095 — Gross profit 285,568 287,384 1,816 330,037 330,037 — Income from operations 114,001 115,817 1,816 141,263 141,263 — Income before income tax expense 106,798 108,614 1,816 133,786 133,786 — Income tax expense (benefit) 18,674 19,082 408 27,778 27,778 — Net income 88,124 89,532 1,408 106,008 106,008 — Net income attributable to shareholders 88,190 89,598 1,408 105,858 105,858 — Net income per share attributable to shareholders: Basic $ 1.04 $ 1.05 $ 0.01 $ 1.24 $ 1.24 $ — Diluted $ 1.03 $ 1.05 $ 0.02 $ 1.23 $ 1.23 $ — Third Quarter Fourth Quarter Previously reported As adjusted Adjustments As reported As computed under LIFO Adjustments Cost of revenues: Product $ 202,881 $ 202,881 $ — $ 231,658 $ 231,868 $ 210 Cost of revenues 463,063 463,063 — 493,713 493,923 210 Gross profit 345,861 345,861 — 379,818 379,608 (210) Income from operations 147,030 147,030 — 144,258 144,048 (210) Income before income tax expense 139,430 139,430 — 135,703 135,493 (210) Income tax expense (benefit) 24,842 24,842 — 48,961 48,858 (103) Net income 114,588 114,588 — 86,742 86,635 (107) Net income attributable to shareholders 114,501 114,501 — 87,443 87,336 (107) Net income per share attributable to shareholders: Basic $ 1.34 $ 1.34 $ — $ 1.02 $ 1.02 $ — Diluted $ 1.33 $ 1.33 $ — $ 1.02 $ 1.01 $ 0.01 Fiscal 2020 Selected Data (Unaudited) First Quarter Second Quarter Previously reported As adjusted Adjustments Previously reported As adjusted Adjustments Cost of revenues: Product $ 160,959 $ 159,912 $ (1,047) $ 183,600 $ 183,600 $ — Cost of revenues 390,960 389,913 (1,047) 418,173 418,173 — Gross profit 305,843 306,890 1,047 318,667 318,667 — Income from operations 110,088 111,135 1,047 126,733 126,733 — Income before income tax expense 99,410 100,457 1,047 117,307 117,307 — Income tax expense (benefit) 14,633 14,899 266 22,165 22,165 — Net income 84,777 85,558 781 95,142 95,142 — Net income attributable to shareholders 84,590 85,371 781 94,769 94,769 — Net income per share attributable to shareholders: Basic $ 1.00 $ 1.01 $ 0.01 $ 1.12 $ 1.12 $ — Diluted $ 0.99 $ 1.00 $ 0.01 $ 1.11 $ 1.11 $ — Third Quarter Fourth Quarter Previously reported As adjusted Adjustments Previously reported As adjusted Adjustments Cost of revenues: Product $ 195,105 $ 195,105 $ — $ 210,539 $ 211,513 $ 974 Cost of revenues 442,908 442,908 — 458,931 459,905 974 Gross profit 331,353 331,353 — 364,060 363,086 (974) Income from operations 142,387 142,387 — 157,765 156,791 (974) Income before income tax expense 133,952 133,952 — 148,012 147,038 (974) Income tax expense (benefit) 29,285 29,285 — 24,793 24,546 (247) Net income 104,667 104,667 — 123,219 122,492 (727) Net income attributable to shareholders 104,930 104,930 — 123,316 122,589 (727) Net income per share attributable to shareholders: Basic $ 1.24 $ 1.24 $ — $ 1.45 $ 1.44 $ (0.01) Diluted $ 1.23 $ 1.23 $ — $ 1.44 $ 1.43 $ (0.01) |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs [Table Text Block] | The following table summarizes our total pre-tax restructuring expenses for fiscal 2021 and 2020: Fiscal 2019 Restructuring Plan Year Ended March 31, 2021 Year Ended March 31, 2020 Severance and other compensation related (credits) costs $ (298) $ 1,554 (Gain) on disposal of asset (3,779) (1,164) Lease termination costs and other 1,163 283 Product rationalization (1) (115) 2,470 Total restructuring expenses (credit) $ (3,029) $ 3,143 (1) Recorded in cost of revenues on the Consolidated Statements of Income. |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Fiscal 2019 Restructuring Plan March 31, Provisions Payments /Impairments (1) March 31, Severance and termination benefits $ 4,102 $ 1,554 $ (4,659) $ 997 Lease termination obligations and other 2,029 283 (2,292) 20 Total $ 6,131 $ 1,837 $ (6,951) $ 1,017 (1) Certain amounts reported include the impact of foreign currency movements relative to the U.S. dollar. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Finite-Lived and Indefinite-Lived Intangible Assets [Table Text Block] | Information regarding our intangible assets is as follows: 2021 2020 March 31, Gross Accumulated Gross Accumulated Customer relationships $ 968,040 $ 291,802 $ 614,162 $ 227,581 Non-compete agreements 5,401 4,169 4,646 4,012 Patents and technology 318,424 171,952 259,101 145,457 Trademarks and tradenames 78,058 42,867 62,543 39,942 Supplier relationships 54,800 15,527 54,800 12,787 Total $ 1,424,723 $ 526,317 $ 995,252 $ 429,779 |
Schedule of Goodwill [Table Text Block] | Changes to the carrying amount of goodwill for the years ended March 31, 2021 and 2020 were as follows: Healthcare Applied Sterilization Technologies Segment Life Sciences Total Balance at March 31, 2019 772,194 1,402,939 147,795 2,322,928 Goodwill acquired or allocated 66,586 7,945 — 74,531 Divestitures (199) — — (199) Foreign currency translation adjustments and other (11,315) (30,622) 762 (41,175) Balance at March 31, 2020 $ 827,266 $ 1,380,262 $ 148,557 $ 2,356,085 Goodwill acquired or allocated 536,713 33,770 — 570,483 Foreign currency translation adjustments and other 20,784 78,207 490 99,481 Balance at March 31, 2021 $ 1,384,763 $ 1,492,239 $ 149,047 $ 3,026,049 |
Schedule of Expected Amortization Expense | Based upon the current amount of intangible assets subject to amortization, the amortization expense for each of the five succeeding fiscal years is estimated to be as follows: 2022 2023 2024 2025 2026 Estimated amortization expense $ 95,231 $ 89,023 $ 82,842 $ 78,141 $ 69,442 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Schedule of Inventory, Current | nventories are presented in the following table. The March 31, 2020 amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 titled, "Nature of Operations and Summary of Significant Accounting Policies''. March 31, 2021 2020 (as adjusted) Raw materials $ 103,939 $ 94,321 Work in process 54,283 35,643 Finished goods 176,623 149,729 Reserve for excess and obsolete inventory (19,778) (16,149) Inventories, net $ 315,067 $ 263,544 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | The following table summarizes the activity in the liability for asset retirement obligations. Asset Retirement Obligations Balance at March 31, 2019 $ 12,386 Liabilities incurred during the period 94 Liabilities settled during the period (168) Accretion expense and change in estimate 453 Foreign currency and other (251) Balance at March 31, 2020 $ 12,514 Liabilities incurred during the period 859 Liabilities settled during the period (251) Accretion expense and change in estimate 137 Foreign currency and other 71 Balance at March 31, 2021 $ 13,330 |
Property, Plant and Equipment | We generally depreciate or deplete property, plant, and equipment over the useful lives presented in the following table: Asset Type Useful Life Land improvements 3-40 Buildings and leasehold improvements 2-50 Machinery and equipment 2-20 Information Systems 2-20 Radioisotope (cobalt-60) 20 Information related to the major categories of our depreciable assets is as follows: March 31, 2021 2020 Land and land improvements (1) $ 69,477 $ 65,994 Buildings and leasehold improvements 567,132 531,267 Machinery and equipment 779,044 682,488 Information systems 193,222 181,112 Radioisotope 565,681 508,593 Construction in progress (1) 211,381 159,731 Total property, plant, and equipment 2,385,937 2,129,185 Less: accumulated depreciation and depletion (1,150,537) (1,017,330) Property, plant, and equipment, net $ 1,235,400 $ 1,111,855 (1) Land is not depreciated. Construction in progress is not depreciated until placed in service. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Senior Notes in Private Placement [Table Text Block] | Applicable Note Purchase Agreement Maturity Date U.S. Dollar Value at March 31, 2021 U.S. Dollar Value at March 31, 2020 $35,000 Senior notes at 6.43% 2008 Private Placement August 2020 — 35,000 $91,000 Senior notes at 3.20% 2012 Private Placement December 2022 91,000 91,000 $80,000 Senior notes at 3.35% 2012 Private Placement December 2024 80,000 80,000 $25,000 Senior notes at 3.55% 2012 Private Placement December 2027 25,000 25,000 $125,000 Senior notes at 3.45% 2015 Private Placement May 2025 125,000 125,000 $125,000 Senior notes at 3.55% 2015 Private Placement May 2027 125,000 125,000 $100,000 Senior notes at 3.70% 2015 Private Placement May 2030 100,000 100,000 $50,000 Senior notes at 3.93% 2017 Private Placement February 2027 50,000 50,000 €60,000 Senior notes at 1.86% 2017 Private Placement February 2027 70,426 66,342 $45,000 Senior notes at 4.03% 2017 Private Placement February 2029 45,000 45,000 €20,000 Senior notes at 2.04% 2017 Private Placement February 2029 23,475 22,114 £45,000 Senior notes at 3.04% 2017 Private Placement February 2029 61,863 55,767 €19,000 Senior notes at 2.30% 2017 Private Placement February 2032 22,302 21,008 £30,000 Senior notes at 3.17% 2017 Private Placement February 2032 41,242 37,178 Total Senior Notes $ 860,308 $ 878,409 |
Schedule of Maturities of Long-term Debt [Table Text Block] | The combined annual aggregate amount of maturities of our outstanding debt by fiscal year is as follows: 2022 $ — 2023 118,500 2024 27,500 2025 121,250 2026 and thereafter 1,390,481 Total $ 1,657,731 |
Schedule of Debt | Indebtedness as of March 31, 2021 and 2020 was as follows: 2021 2020 Revolving Credit Agreement $ 247,423 $ 275,449 Private Placement 860,308 878,409 New Term Loan 550,000 — Deferred Financing Fees (7,191) (3,337) Total long term debt $ 1,650,540 $ 1,150,521 |
Additional Consolidated Balan_2
Additional Consolidated Balance Sheets Information (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Schedule of Accrued Liabilities | Additional information related to our Consolidated Balance Sheet is as follows: March 31, 2021 2020 Accrued payroll and other related liabilities: Compensation and related items $ 47,157 $ 42,205 Accrued vacation/paid time off 12,389 9,917 Accrued bonuses 62,530 53,041 Accrued employee commissions 24,022 19,298 Other post-retirement benefits obligations-current portion 1,326 1,488 Other employee benefit plans' obligations-current portion 2,654 2,312 Total accrued payroll and other related liabilities $ 150,078 $ 128,261 Accrued expenses and other: Deferred revenues $ 62,492 $ 53,299 Service liabilities 46,720 47,505 Self-insured and related risk reserves-current portion 8,095 7,342 Accrued dealer commissions 27,348 15,827 Accrued warranty 9,406 7,381 Asset retirement obligation-current portion 1,193 2,671 Other 65,303 58,158 Total accrued expenses and other $ 220,557 $ 192,183 Other liabilities: Self-insured risk reserves-long-term portion $ 17,295 $ 17,452 Other post-retirement benefits obligations-long-term portion 8,690 9,880 Defined benefit pension plans obligations-long-term portion 3,748 10,987 Other employee benefit plans obligations-long-term portion 2,353 2,333 Accrued long-term income taxes 13,241 11,959 Asset retirement obligation-long-term portion 12,137 9,843 Other 30,546 27,892 Total other liabilities $ 88,010 $ 90,346 |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Income Tax Expense [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | The significant components of the deferred tax assets and liabilities recorded in our accompanying balance sheets at March 31, 2021 and 2020 were as follows: March 31, 2021 2020 (as adjusted) Deferred Tax Assets: Post-retirement benefit accrual $ 2,422 $ 2,871 Compensation 13,208 12,560 Net operating loss carryforwards 15,151 16,149 Accrued expenses 6,360 5,490 Insurance 3,348 3,620 Deferred income 10,281 11,316 Bad debt 1,661 1,820 Pension 1,574 2,273 Operating leases (1) 34,020 28,945 Other 8,603 6,024 Deferred Tax Assets 96,628 91,068 Less: Valuation allowance 14,143 13,891 Total Deferred Tax Assets 82,485 77,177 Deferred Tax Liabilities: Depreciation and depletion 73,344 68,179 Operating leases (1) 33,401 29,268 Intangibles 199,242 129,951 Other 3,833 5,878 Total Deferred Tax Liabilities 309,820 233,276 Net Deferred Tax Assets (Liabilities) $ (227,335) $ (156,099) |
Schedule of Income before Income Tax, Domestic and Foreign | Income from continuing operations before income taxes was as follows: Years Ended March 31, 2021 2020 2019 (as adjusted) (as adjusted) United States operations $ 326,991 $ 325,595 $ 234,964 Ireland operations 73,442 29,543 13,693 Other locations operations 117,100 143,616 120,372 $ 517,533 $ 498,754 $ 369,029 |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision for income taxes related to income from continuing operations consisted of the following: Years Ended March 31, 2021 2020 2019 (as adjusted) (as adjusted) Current: United States federal $ 57,550 $ 42,032 $ 29,943 United States state and local 16,272 9,971 12,484 Ireland 9,244 5,036 2,627 Other locations 36,699 24,600 26,824 119,765 81,639 71,878 Deferred: United States federal 7,523 10,089 5,682 United States state and local (550) 2,366 2,818 Ireland (787) (899) (546) Other locations (5,288) (2,300) (15,549) 898 9,256 (7,595) Total Provision for Income Taxes $ 120,663 $ 90,895 $ 64,283 |
provision for taxes rate reconciliation | The total provision for income taxes can be reconciled to the tax computed at the Ireland statutory tax rate as follows: Years Ended March 31, 2021 2020 2019 National statutory tax rate 12.5 % 12.5 % 12.5 % Increase (decrease) in accruals for uncertain tax positions (0.1) % (0.3) % — % U.S. state and local taxes, net of federal income tax benefit 2.4 % 2.0 % 3.1 % Increase in valuation allowances 0.3 % 0.5 % 0.4 % U.S. research and development credit (0.5) % (0.5) % (0.6) % U.S. foreign income tax credit (0.3) % (0.6) % (0.2) % Difference in non-Ireland tax rates 8.3 % 6.9 % 4.5 % U.S. federal audit adjustments 2.1 % — % — % Excess tax benefit for equity compensation (1.9) % (2.8) % (2.2) % Tax rate changes on deferred tax assets and liabilities 0.4 % 0.1 % (0.6) % U.S. transition tax on foreign earnings — % — % (0.3) % U.S. tax reform impact, GILTI and FDII (0.6) % 0.1 % 0.3 % Capitalized acquisition, redomiciliation costs 0.6 % 0.1 % 0.5 % All other, net 0.1 % 0.2 % 0.0 % Total Provision for Income Taxes 23.3 % 18.2 % 17.4 % |
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible | A reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits is as follows: 2021 2020 Unrecognized Tax Benefits Balance at April 1 $ 875 $ 2,314 Increases for tax provisions of current year 655 176 Decreases for tax provisions of prior year (896) (1,570) Balances related to acquired/disposed businesses 1,640 — Other, including currency translation 21 (45) Unrecognized Tax Benefits Balance at March 31 $ 2,295 $ 875 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Schedule of Expected Benefit Payments | Based upon the actuarial assumptions utilized to develop our benefit obligations at March 31, 2021, the following benefit payments are expected to be made to plan participants: Other Defined Benefit Pension Plans Other Post-Retirement Benefits Plan 2022 $ 5,137 $ 1,327 2023 5,731 1,198 2024 5,388 1,072 2025 5,543 969 2026 5,686 882 2027-2032 30,986 3,207 |
Schedule of Accrued Liabilities | Amounts recognized in the consolidated balance sheets consist of the following: Defined Benefit Pension Plans Other Post-Retirement Benefits Plan 2021 2020 2021 2020 Current liabilities $ — $ — $ (1,326) $ (1,488) Noncurrent liabilities (3,748) (10,987) (8,690) (9,880) $ (3,748) $ (10,987) $ (10,016) $ (11,368) |
Schedule of Accumulated and Projected Benefit Obligations | Defined benefit plans with an accumulated benefit obligation and projected benefit obligation exceeding the fair value of plan assets had the following plan assets and obligations at March 31, 2021 and 2020: Defined Benefit Pension Plans 2021 2020 Aggregate fair value of plan assets $ 145,452 $ 112,203 Aggregate accumulated benefit obligations 149,200 120,084 Aggregate projected benefit obligations 149,200 123,190 |
Components of Net Periodic Benefits Cost and Other Amounts Recognized in Other Comprehensive Income [Table Text Block] | Components of the annual net periodic benefit cost of our defined benefit pension plans and our other post-retirement benefits plan were as follows: Defined Benefit Pension Plans Other Post-Retirement Benefits Plan 2021 2020 2019 2021 2020 2019 Service cost $ 1,357 $ 1,380 $ 2,394 $ — $ — $ — Interest cost 2,628 2,876 3,139 317 409 457 Expected return on plan assets (3,463) (4,735) (4,930) — — — Prior service cost recognition 71 69 51 (3,263) (3,263) (3,263) Net amortization and deferral 21 9 474 439 482 552 Net periodic benefit (credit) cost $ 614 $ (401) $ 1,128 $ (2,507) $ (2,372) $ (2,254) Recognized in other comprehensive loss (income) before tax: Net loss (gain) occurring during year $ (1,635) $ 890 $ (6,545) $ 114 $ (181) $ 106 Amortization of prior service credit (85) (78) 781 3,263 3,263 3,263 Amortization of net loss 7 — (468) (439) (482) (552) Total recognized in other comprehensive loss (income) (1,713) 812 (6,232) 2,938 2,600 2,817 Total recognized in total benefits cost and other comprehensive loss (income) $ (1,099) $ 411 $ (5,104) $ 431 $ 228 $ 563 |
Schedule of Net Benefit Costs | The following table presents significant assumptions used to determine the net periodic benefit costs for the years ended March 31: 2021 2020 2019 Discount Rate: Synergy Health plc Retirement Benefits Scheme 2.40 % 2.50 % 2.50 % Isotron BV Pension Plan 1.60 % 1.20 % 1.60 % Synergy Health Daniken AG 0.70 % 0.20 % 0.95 % Synergy Health Radeberg 1.50 % 1.60 % 1.60 % Synergy Health Allershausen 1.75 % 1.75 % 1.60 % Harwell Dosimeters Ltd Retirement Benefits Scheme 2.15 % 2.45 % 2.55 % Other post-retirement plan 3.00 % 3.50 % 3.50 % Expected Return on Plan Assets: Synergy Health plc Retirement Benefits Scheme 3.50 % 4.80 % 5.02 % Isotron BV Pension Plan 1.60 % 1.20 % 1.60 % Synergy Health Daniken AG 0.70 % 0.65 % 1.20 % |
Schedule of Assumptions Used | The following table presents significant assumptions used to determine the projected benefit obligations at March 31: 2021 2020 Discount Rate: Synergy Health plc Retirement Benefits Scheme 2.10 % 2.40 % Isotron BV Pension Plan 0.90 % 1.60 % Synergy Health Daniken AG 0.35 % 0.20 % Synergy Health Radeberg 1.60 % 1.60 % Synergy Health Allershausen 0.80 % 0.50 % Harwell Dosimeters Ltd Retirement Benefits Scheme 2.15 % 2.45 % Other post-retirement plan 2.50 % 3.00 % |
Schedule of Health Care Cost Trend Rates | The assumed rates of increase generally decline ratably over a five-year period from the assumed current year healthcare cost trend rate to the assumed long-term healthcare cost trend rate noted below. 2021 2020 2019 Healthcare cost trend rate – medical 7.00 % 6.75 % 6.75 % Healthcare cost trend rate – prescription drug 7.00 % 6.75 % 6.75 % Long-term healthcare cost trend rate 4.50 % 4.50 % 4.50 % |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The fair value of our pension benefits plan assets at March 31, 2021 and 2020 by asset category is as follows: Fair Value Measurements at March 31, 2021 (In thousands) Total Quoted Significant Significant Cash $ 657 $ 657 $ — $ — Insured annuities 17,950 — 17,950 — Insurance contracts 5,555 — — 5,555 Common and collective trusts valued at net asset value: Equity security trusts 60,960 — — — Debt security trusts 60,330 — — — Total Plan Assets $ 145,452 $ 657 $ 17,950 $ 5,555 Fair Value Measurements at March 31, 2020 (In thousands) Total Quoted Significant Significant Cash $ 302 $ 302 $ — $ — Insured annuities 14,522 — 14,522 — Insurance contracts 4,345 — — 4,345 Common and collective trusts valued at net asset value: Equity security trusts 47,187 — — — Debt security trusts 45,847 — — — Total Plan Assets $ 112,203 $ 302 $ 14,522 $ 4,345 |
Schedule of Defined Benefit Plans Disclosures | Defined Benefit Pension Plans Other 2021 2020 2021 2020 Change in Benefit Obligations: Benefit Obligations at Beginning of Year $ 123,190 $ 133,672 $ 11,368 $ 12,551 Service cost 1,357 1,380 — — Interest cost 2,816 2,955 317 408 Actuarial loss (gain) 12,622 (3,736) (114) 181 Benefits and expenses (4,714) (6,466) (1,555) (1,772) Employee contributions 1,031 1,046 — — Impact of foreign currency exchange rate changes 12,898 (5,661) — — Benefit Obligations at End of Year 149,200 123,190 10,016 11,368 Change in Plan Assets: Fair Value of Plan Assets at Beginning of Year 112,203 117,504 — — Actual return on plan assets 19,252 228 — — Employer contributions 5,329 5,071 1,555 1,772 Employee contributions 1,031 1,045 — — Benefits and expenses paid (4,714) (6,466) (1,555) (1,772) Impact of foreign currency exchange rate changes 12,351 (5,179) — — Fair Value of Plan Assets at End of Year 145,452 112,203 — — Funded Status of the Plans $ (3,748) $ (10,987) $ (10,016) $ (11,368) |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during fiscal year 2021 due to the following: Insurance contracts Balance at March 31, 2019 $ 5,089 Gains (losses) related to assets still held at year-end 62 Transfers out of Level 3 (664) Foreign currency (142) Balance at March 31, 2020 $ 4,345 Gains (losses) related to assets still held at year-end 197 Transfers out of Level 3 853 Foreign currency 160 Balance at March 31, 2021 $ 5,555 |
Contingencies lease tables (Tab
Contingencies lease tables (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Lessee, Operating Lease, Disclosure [Table Text Block] | Supplemental cash flow information related to operating leases is as follows: Year Ended March 31, 2021 Year Ended March 31, 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 29,808 $ 27,613 Right-of-use assets obtained in exchange for operating lease obligations, net $ 30,574 $ 44,636 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturities of lease liabilities at March 31, 2021 are as follows : March 31, 2022 $ 28,675 2023 24,593 2024 19,160 2025 16,052 2026 and thereafter 106,593 Total operating lease payments 195,073 Less imputed interest 42,626 Total operating lease liabilities $ 152,447 In the preceding table, the future minimum annual rentals payable under noncancelable leases denominated in foreign currencies have been calculated using March 31, 2021 foreign currency exchange rates. Supplemental information related to operating leases is as follows: March 31, March 31, 2021 2020 Weighted-average remaining lease term of operating leases 11.6 years 11.5 years Weighted-average discount rate of operating leases 4.1 % 4.4 % |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Years Ended March 31, 2021 2020 2019 Revenues: (as adjusted) (as adjusted) Healthcare $ 1,954,055 $ 1,986,809 $ 1,848,485 Applied Sterilization Technologies 685,912 627,147 555,127 Life Sciences 467,552 416,939 378,558 Total revenues $ 3,107,519 $ 3,030,895 $ 2,782,170 Operating income (loss): Healthcare 427,089 420,709 387,465 Applied Sterilization Technologies 310,648 270,917 221,828 Life Sciences 180,796 144,088 132,129 Total reportable segments 918,533 835,714 741,422 Corporate (219,153) (207,015) (184,900) Total operating income before adjustments $ 699,380 $ 628,699 $ 556,522 Less: Adjustments Amortization of acquired intangible assets (1) 83,892 71,675 86,878 Acquisition and integration related charges (2) 35,634 8,225 8,901 Redomiciliation and tax restructuring costs (3) 1,592 3,699 8,783 (Gain) on fair value adjustment of acquisition related contingent consideration (1) (500) — (842) Net loss (gain) on divestiture of businesses (1) 2,030 1,770 (1,370) Amortization of inventory and property "step up" to fair value (1) 5,600 2,392 2,440 Restructuring charges (4) (3,029) 3,143 40,708 COVID-19 incremental costs (6) 25,793 749 — Total operating income $ 548,368 $ 537,046 $ 411,024 (1) For more information regarding our recent acquisitions and divestitures see Note 18 titled, "Business Acquisitions and Divestitures". Amortization of purchased intangible assets fiscal 2019 total includes an impairment charge of $16,249, see Note 3 titled, "Goodwill and Intangible Assets", for more information. (2) Acquisition and integration related charges include transaction costs and integration expenses associated with acquisitions. (3) Costs incurred in connection with the Redomiciliation and subsequent tax restructuring. (4) For more information regarding our restructuring activities see Note 2 titled, "Restructuring". (5) Represents a one-time special employee bonus paid to most U.S. employees and associated professional fees. (6) 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. March 31, 2021 2020 Assets: (as adjusted) Healthcare and Life Sciences $ 3,600,182 $ 2,720,662 Applied Sterilization Technologies 2,974,289 2,720,205 Total assets $ 6,574,471 $ 5,440,867 Years Ended March 31, 2021 2020 2019 Capital Expenditures Healthcare and Life Sciences $ 74,446 $ 84,648 $ 89,638 Applied Sterilization Technologies 164,816 129,868 100,077 Total Capital Expenditures $ 239,262 $ 214,516 $ 189,715 Depreciation, Depletion, and Amortization Healthcare and Life Sciences (1) (2) $ 106,266 $ 92,193 $ 114,656 Applied Sterilization Technologies (1) 112,971 105,042 111,265 Total Depreciation, Depletion, and Amortization $ 219,237 $ 197,235 $ 225,921 (1) Totals include the impact of Restructuring see Note 2 titled, "Restructuring" for additional information. (2) The fiscal 2019 total includes an impairment charge see Note 3 titled, "Goodwill and Intangible Assets", for additional information. |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | March 31, 2021 2020 Property, Plant, and Equipment, Net Ireland $ 52,140 $ 47,459 United States 673,784 632,333 Other locations 509,476 432,063 Property, Plant, and Equipment, Net $ 1,235,400 $ 1,111,855 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Years Ended March 31, 2021 2020 2019 Revenues: Ireland $ 71,905 $ 63,821 $ 56,784 United States 2,227,038 2,211,722 1,976,814 Other locations 808,576 755,352 748,572 Total Revenues $ 3,107,519 $ 3,030,895 $ 2,782,170 |
Revenue from External Customers by Products and Services [Table Text Block] | Years Ended March 31, 2021 2020 2019 Healthcare: Capital equipment $ 588,864 $ 617,712 $ 587,680 Consumables 510,946 486,425 443,851 Service 854,245 882,672 816,954 Total Healthcare Revenues $ 1,954,055 $ 1,986,809 $ 1,848,485 Applied Sterilization Technologies: Total Applied Sterilization Technologies Service Revenues $ 685,912 $ 627,147 $ 555,127 Life Sciences: Capital equipment $ 128,356 $ 112,747 $ 102,714 Consumables 215,005 185,904 161,780 Service 124,191 118,288 114,064 Total Life Sciences Revenues 467,552 416,939 378,558 Total Revenues $ 3,107,519 $ 3,030,895 $ 2,782,170 |
Common Shares (Tables)
Common Shares (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Years ended March 31, 2021 2020 2019 Denominator ( shares in thousands ): Weighted average shares outstanding—basic 85,203 84,778 84,577 Dilutive effect of share equivalents 695 863 891 Weighted average shares outstanding and share equivalents—diluted 85,898 85,641 85,468 |
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: Years ended March 31, 2021 2020 2019 Number of ordinary share options ( shares in thousands ) 348 285 352 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Assumptions Used | The following weighted-average assumptions were used for options granted during fiscal 2021, fiscal 2020 and fiscal 2019: Fiscal 2021 Fiscal 2020 Fiscal 2019 Risk-free interest rate 0.46 % 2.26 % 2.64 % Expected life of options 6.0 years 6.2 years 6.2 years Expected dividend yield of stock 0.96 % 1.22 % 1.47 % Expected volatility of stock 23.04 % 20.27 % 19.91 % |
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 (399,910) 67.87 Forfeited (48,105) 121.05 Outstanding at March 31, 2021 1,637,047 $ 112.03 6.7 years $ 128,426 Exercisable at March 31, 2021 883,133 $ 84.05 5.4 years $ 93,993 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of the non-vested restricted share 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 146,009 16,140 165.86 Vested (158,913) (16,913) 84.52 Forfeited (29,603) (621) 108.10 Non-vested at March 31, 2021 533,323 29,500 $ 121.35 |
Financial and Other Guarantees
Financial and Other Guarantees (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Schedule of Guarantor Obligations | Changes in our warranty liability during the periods presented are as follows: Years Ended March 31, 2021 2020 2019 Balance, Beginning of Year $ 7,381 $ 7,194 $ 6,872 Warranties issued during the period 10,574 12,311 11,177 Settlements made during the period (8,549) (12,124) (10,855) Balance, End of Year $ 9,406 $ 7,381 $ 7,194 |
Forward and Swap Contracts (Tab
Forward and Swap Contracts (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Notes To Financial Statements [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 March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 Prepaid & Other $ 57 $ 124 $ — $ — Accrued expenses and other — — 367 912 |
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 (loss) gain recognized in income Amount of (loss) gain recognized in income Years Ended March 31, 2021 2020 2019 Foreign currency forward contracts Selling, general and administrative $ 1,178 $ 798 $ 235 Commodity swap contracts Cost of revenues 771 (660) 434 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value, Measurement Inputs, Disclosure [Table Text Block] | The following table shows the fair value of our financial assets and liabilities at March 31, 2021 and March 31, 2020: Fair Value Measurements At March 31, Carrying Value Quoted Prices Significant Other Significant Level 1 Level 2 Level 3 2021 2020 2021 2020 2021 2020 2021 2020 Assets: Cash and cash equivalents $ 220,531 $ 319,581 $ 220,531 $ 319,581 $ — $ — $ — $ — Forward and swap contracts (1) 57 124 — — 57 124 — — Equity investments (2) 10,301 9,624 10,301 9,624 — — — — Other investments 2,665 2,507 2,665 2,507 — — — — Liabilities: Forward and swap contracts (1) $ 367 $ 912 $ — $ — $ 367 $ 912 $ — $ — Deferred compensation plans (2) 1,715 1,475 1,715 1,475 — — — — Long term debt (3) 1,650,540 1,150,521 — — 1,722,459 1,143,978 — — Contingent consideration obligations (4) 19,642 15,988 — — — — 19,642 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 allowed 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. Beginning in fiscal 2019, 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 fiscal 2021 and fiscal 2020 we recorded gains (losses) of $594 and $(3,579), 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 prior 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, by Balance Sheet Grouping [Table Text Block] | The changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows: Contingent Consideration Balance at March 31, 2019 $ 5,950 Additions 9,907 Foreign currency translation adjustments 131 Balance at March 31, 2020 $ 15,988 Additions 3,486 Payments (984) Adjustments 1,175 Foreign currency translation adjustments (23) Balance at March 31, 2021 $ 19,642 |
Business Acquisitions and Div_2
Business Acquisitions and Divestitures Business Acquisitions and Divestitures (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Business Combinations and Divestitures [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The table below summarizes the allocation of the purchase price to the net assets acquired based on fair values at the acquisition dates for our fiscal 2021, 2020 and 2019 acquisitions. Fiscal Year 2021 (1) Fiscal Year 2020 Fiscal Year 2019 (dollars in thousands) Key Surgical Other Acquisitions All Acquisitions All Acquisitions Cash $ 12,615 $ 9,159 $ 8,811 $ — Accounts receivable 13,967 9,621 10,331 750 Inventory 21,414 22,123 8,999 51 Property, plant and equipment 6,030 26,363 9,241 2,004 Lease right-of-use assets, net 4,907 4,420 4,462 — Other assets 6,680 3,378 1,133 479 Intangible assets (2) 356,999 28,188 36,500 4,070 Goodwill (3) 527,675 42,808 74,531 6,614 Total Assets 950,287 146,060 154,008 13,968 Current liabilities (21,599) (28,245) (20,659) (146) Non-current liabilities (62,870) (9,704) (4,000) (509) Total Liabilities (84,469) (37,949) (24,659) (655) Net Assets $ 865,818 $ 108,111 $ 129,349 $ 13,313 (1) Purchase price allocation is still preliminary as of March 31, 2021, as valuations have not been finalized, pending further analyses of the significant drivers of fair value. (2) Includes $315,575, related to the fair value of the customer relationships intangible asset, obtained in the acquisition of Key Surgical. The estimation of fair value was determined under an income approach using discounted cash flows. The estimate requires assumptions including forecasted revenue growth rates, forecasted profit margins, and Customer attrition rates. (3) Goodwill is the excess of the consideration transferred over the net assets recognized and represents the expected revenue and cost synergies of the combined company and assembled workforce. The deductible portion of goodwill for tax purposes recognized as a result of the fiscal 2021 acquisitions is $180,005 . |
Reclassifications out of AOCI_2
Reclassifications out of AOCI (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Reclassifications out of AOCI Equity [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Amounts in Accumulated Other Comprehensive Income (Loss) are presented net of the related tax. Foreign Currency Translation is not adjusted for income taxes. Accumulated other comprehensive income (loss) shown in our Consolidated Statements of Shareholders' Equity and changes in our balances, net of tax, for the years ended March 31, 2021, 2020 and 2019 were as follows: Gain (Loss) on Available for Sale Securities Defined Benefit Plans (1) Foreign Currency Translation (2) Total Accumulated Other Comprehensive Income (Loss) 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Beginning Balance $ — $ — $ 1,970 $ (6,813) $ (4,204) $ (6,742) $ (228,650) $ (155,574) $ 16,457 $ (235,463) $ (159,778) $ 11,685 Other Comprehensive Income (Loss) before reclassifications — — — 4,622 1,505 3,920 172,926 (73,076) (172,031) 177,548 (71,571) (168,111) Reclassified from Accumulated Other Comprehensive Income (Loss) — — — (3,328) (4,114) (1,382) — — — (3,328) (4,114) (1,382) Net current-period Other Comprehensive Income (Loss) — — — 1,294 (2,609) 2,538 172,926 (73,076) (172,031) 174,220 (75,685) (169,493) Cumulative adjustment to Retained Earnings (3) $ — $ — $ (1,970) $ — $ — $ — $ — $ — $ — $ — $ — $ (1,970) Ending Balance $ — $ — $ — $ (5,519) $ (6,813) $ (4,204) $ (55,724) $ (228,650) $ (155,574) $ (61,243) $ (235,463) $ (159,778) (1) Amortization (gain) of defined benefit plan items are 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. |
Quarterly Results (Unaudited) (
Quarterly Results (Unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Effect of Fourth Quarter Events [Table Text Block] | Quarters Ended March 31, December 31, September 30, June 30, Fiscal 2021* Revenues: Product $ 427,614 $ 375,314 $ 339,504 $ 301,108 Service 445,917 433,610 416,628 367,824 Total Revenues 873,531 808,924 756,132 668,932 Cost of Revenues: Product 231,658 202,881 175,798 154,739 Service 262,055 260,182 250,297 226,809 Total Cost of Revenues 493,713 463,063 426,095 381,548 Gross Profit 379,818 345,861 330,037 287,384 Percentage of Revenues 43.5 % 42.8 % 43.6 % 43.0 % Restructuring Expenses (3,024) 20 (76) 166 Net Income Attributable to Shareholders $ 87,443 $ 114,501 $ 105,858 $ 89,598 Basic Income Per Ordinary Share Attributable to Shareholders: Net income $ 1.02 $ 1.34 $ 1.24 $ 1.05 Diluted Income Per Ordinary Share Attributable to Shareholders: Net income $ 1.02 $ 1.33 $ 1.23 $ 1.05 Fiscal 2020* Revenues: Product $ 393,592 $ 363,795 $ 337,666 $ 307,735 Service 429,399 410,466 399,174 389,068 Total Revenues 822,991 774,261 736,840 696,803 Cost of Revenues: Product 211,513 195,105 183,600 159,912 Service 248,392 247,803 234,573 230,001 Total Cost of Revenues 459,905 442,908 418,173 389,913 Gross Profit 363,086 331,353 318,667 306,890 Percentage of Revenues 44.1 % 42.8 % 43.2 % 44.0 % Restructuring Expenses 6 (448) (274) 1,389 Net Income Attributable to Shareholders $ 122,589 $ 104,930 $ 94,769 $ 85,371 Basic Income Per Ordinary Share Attributable to Shareholders: Net income $ 1.44 $ 1.24 $ 1.12 $ 1.01 Diluted Income Per Ordinary Share Attributable to Shareholders: Net income $ 1.43 $ 1.23 $ 1.11 $ 1.00 |
Nature of Operations and Summ_4
Nature of Operations and Summary of Siginificant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | ||||
Loss Contingencies [Line Items] | ||||||||||||||
Deferred Revenue, Revenue Recognized | $ 42,618 | $ 48,602 | ||||||||||||
Interest Costs, Capitalized During Period | 1,998 | 428 | ||||||||||||
Interest Costs Incurred | 37,180 | 40,279 | $ 45,015 | |||||||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 36,257 | 38,021 | 44,118 | |||||||||||
Income Taxes Paid, Net | 109,646 | 92,462 | 64,668 | |||||||||||
Advertising Expense | 6,795 | 12,652 | 10,691 | |||||||||||
Proceeds from Income Tax Refunds | 4,631 | 4,378 | 2,189 | |||||||||||
Revenue, Remaining Performance Obligation, Amount | $ 1,058,768 | 1,058,768 | ||||||||||||
Cost of Goods and Services Sold | 1,764,419 | 1,710,899 | [1] | 1,607,184 | [1] | |||||||||
Gross Profit | 379,818 | $ 345,861 | $ 330,037 | $ 287,384 | $ 363,086 | $ 331,353 | $ 318,667 | $ 306,890 | 1,343,100 | 1,319,996 | [1] | 1,174,986 | [1] | |
Operating Income (Loss) | 548,368 | 537,046 | [1] | 411,024 | [1] | |||||||||
Income Tax Expense (Benefit) | 120,663 | 90,895 | [1] | 64,283 | [1] | |||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 396,870 | 407,859 | [2] | 304,746 | [2] | |||||||||
Net Income (Loss) Attributable to Parent | $ 87,443 | $ 114,501 | $ 105,858 | $ 89,598 | $ 122,589 | $ 104,930 | $ 94,769 | $ 85,371 | $ 397,400 | $ 407,659 | [1] | $ 303,721 | [1] | |
Earnings Per Share, Basic | $ 1.02 | $ 1.34 | $ 1.24 | $ 1.05 | $ 1.44 | $ 1.24 | $ 1.12 | $ 1.01 | $ 4.66 | $ 4.81 | [1] | $ 3.59 | [1] | |
Earnings Per Share, Diluted | $ 1.02 | $ 1.33 | $ 1.23 | $ 1.05 | $ 1.43 | $ 1.23 | $ 1.11 | $ 1 | $ 4.63 | $ 4.76 | [1] | $ 3.55 | [1] | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 571,620 | $ 331,974 | [2] | $ 134,228 | [2] | |||||||||
Inventory, Net | $ 315,067 | $ 263,544 | [3] | 315,067 | 263,544 | [3] | ||||||||
Retained earnings | 1,939,408 | 1,658,661 | [3] | 1,939,408 | 1,658,661 | [3] | ||||||||
Increase (Decrease) in Inventories | (3,769) | 39,140 | [4] | 14,176 | [4] | |||||||||
Accruals and other, net | 9,916 | 6,191 | [4] | 59,127 | [4] | |||||||||
Deferred income taxes | 4,240 | 9,442 | [4] | (6,622) | [4] | |||||||||
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 | |||||||||||||
Product [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Cost of Goods and Services Sold | $ 231,658 | $ 202,881 | $ 175,798 | $ 154,739 | $ 211,513 | $ 195,105 | $ 183,600 | $ 159,912 | $ 765,076 | $ 750,129 | [1] | $ 702,736 | [1] | |
Property, Plant and Equipment, Other Types [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Property, Plant and Equipment, Useful Life | 20 years | |||||||||||||
Minimum [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Finite-Lived Intangible Assets, Useful Life, Minimum | 5 years | |||||||||||||
Minimum [Member] | Land Improvements [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||||||||||
Minimum [Member] | Building [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Property, Plant and Equipment, Useful Life | 2 years | |||||||||||||
Minimum [Member] | Machinery and Equipment [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Property, Plant and Equipment, Useful Life | 2 years | |||||||||||||
Minimum [Member] | Computer Equipment [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Property, Plant and Equipment, Useful Life | 2 years | |||||||||||||
Maximum [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Finite-Lived Intangible Assets, Useful Life, Minimum | 20 years | |||||||||||||
Maximum [Member] | Land Improvements [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Property, Plant and Equipment, Useful Life | 40 years | |||||||||||||
Maximum [Member] | Building [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Property, Plant and Equipment, Useful Life | 50 years | |||||||||||||
Maximum [Member] | Machinery and Equipment [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Property, Plant and Equipment, Useful Life | 20 years | |||||||||||||
Maximum [Member] | Computer Equipment [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Property, Plant and Equipment, Useful Life | 20 years | |||||||||||||
Expected recognition within the next year [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Revenue, Remaining Performance Obligation, Percentage | 51.00% | 51.00% | ||||||||||||
Expected recognition beyond the next year [Member] [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Revenue, Remaining Performance Obligation, Percentage | 40.00% | 40.00% | ||||||||||||
[1] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. | |||||||||||||
[2] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. | |||||||||||||
[3] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. | |||||||||||||
[4] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. |
Nature of Operations and Summ_5
Nature of Operations and Summary of Significant Accounting Policies - Change in Accounting Principle (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | ||||
Loss Contingencies [Line Items] | ||||||||||||||
Cost of Goods and Services Sold | $ 1,764,419 | $ 1,710,899 | [1] | $ 1,607,184 | [1] | |||||||||
Gross Profit | $ 379,818 | $ 345,861 | $ 330,037 | $ 287,384 | $ 363,086 | $ 331,353 | $ 318,667 | $ 306,890 | 1,343,100 | 1,319,996 | [1] | 1,174,986 | [1] | |
Operating Income (Loss) | 548,368 | 537,046 | [1] | 411,024 | [1] | |||||||||
Income Tax Expense (Benefit) | 120,663 | 90,895 | [1] | 64,283 | [1] | |||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 396,870 | 407,859 | [2] | 304,746 | [2] | |||||||||
Net Income (Loss) Attributable to Parent | $ 87,443 | $ 114,501 | $ 105,858 | $ 89,598 | $ 122,589 | $ 104,930 | $ 94,769 | $ 85,371 | $ 397,400 | $ 407,659 | [1] | $ 303,721 | [1] | |
Earnings Per Share, Basic | $ 1.02 | $ 1.34 | $ 1.24 | $ 1.05 | $ 1.44 | $ 1.24 | $ 1.12 | $ 1.01 | $ 4.66 | $ 4.81 | [1] | $ 3.59 | [1] | |
Earnings Per Share, Diluted | $ 1.02 | $ 1.33 | $ 1.23 | $ 1.05 | $ 1.43 | $ 1.23 | $ 1.11 | $ 1 | $ 4.63 | $ 4.76 | [1] | $ 3.55 | [1] | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 571,620 | $ 331,974 | [2] | $ 134,228 | [2] | |||||||||
Inventory, Net | $ 315,067 | $ 263,544 | [3] | 315,067 | 263,544 | [3] | ||||||||
Retained earnings | 1,939,408 | 1,658,661 | [3] | 1,939,408 | 1,658,661 | [3] | ||||||||
Increase (Decrease) in Inventories | 3,769 | (39,140) | [4] | (14,176) | [4] | |||||||||
Accruals and other, net | 9,916 | 6,191 | [4] | 59,127 | [4] | |||||||||
Deferred income taxes | 4,240 | 9,442 | [4] | (6,622) | [4] | |||||||||
Change in Accounting Principle, Indirect Effect | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Cost of Goods and Services Sold | 493,923 | $ 463,063 | $ 426,095 | $ 381,548 | 459,905 | $ 442,908 | $ 418,173 | $ 389,913 | 1,764,419 | 1,710,899 | 1,607,184 | |||
Gross Profit | 379,608 | 345,861 | 330,037 | 287,384 | 363,086 | 331,353 | 318,667 | 306,890 | 1,343,100 | 1,319,996 | 1,174,986 | |||
Operating Income (Loss) | 144,048 | 147,030 | 141,263 | 115,817 | 156,791 | 142,387 | 126,733 | 111,135 | 548,368 | 537,046 | 411,024 | |||
Results of Operations, Income before Income Taxes | 135,493 | 139,430 | 133,786 | 108,614 | 147,038 | 133,952 | 117,307 | 100,457 | 517,533 | 498,754 | 369,029 | |||
Income Tax Expense (Benefit) | 48,858 | 24,842 | 27,778 | 19,082 | 24,546 | 29,285 | 22,165 | 14,899 | 120,663 | 90,895 | 64,283 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 86,635 | 114,588 | 106,008 | 89,532 | 122,492 | 104,667 | 95,142 | 85,558 | 396,870 | 407,859 | 304,746 | |||
Net Income (Loss) Attributable to Parent | $ 87,336 | $ 114,501 | $ 105,858 | $ 89,598 | $ 122,589 | $ 104,930 | $ 94,769 | $ 85,371 | $ 397,400 | $ 407,659 | $ 303,721 | |||
Earnings Per Share, Basic | $ 1.02 | $ 1.34 | $ 1.24 | $ 1.05 | $ 1.44 | $ 1.24 | $ 1.12 | $ 1.01 | $ 4.66 | $ 4.81 | $ 3.59 | |||
Earnings Per Share, Diluted | $ 1.01 | $ 1.33 | $ 1.23 | $ 1.05 | $ 1.43 | $ 1.23 | $ 1.11 | $ 1 | $ 4.63 | $ 4.76 | $ 3.55 | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 571,620 | $ 331,974 | $ 134,228 | |||||||||||
Inventory, Net | $ 315,067 | $ 263,544 | 315,067 | 263,544 | 223,455 | |||||||||
Accrued Income Taxes | 27,561 | 164,069 | 27,561 | 164,069 | 154,818 | |||||||||
Deferred Tax Liabilities, Tax Deferred Income | 236,860 | 1,658,661 | 236,860 | 1,658,661 | 1,350,456 | |||||||||
Retained earnings | 1,939,408 | 1,939,408 | ||||||||||||
Increase (Decrease) in Inventories | 3,769 | (39,140) | (14,176) | |||||||||||
Accruals and other, net | 9,916 | |||||||||||||
Deferred income taxes | 4,240 | 9,442 | (6,622) | |||||||||||
Previously Reported | Change in Accounting Principle, Indirect Effect | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Cost of Goods and Services Sold | 493,713 | $ 463,063 | $ 426,095 | $ 383,364 | 458,931 | $ 442,908 | $ 418,173 | $ 390,960 | 1,766,445 | 1,710,972 | 1,606,743 | |||
Gross Profit | 379,818 | 345,861 | 330,037 | 285,568 | 364,060 | 331,353 | 318,667 | 305,843 | 1,341,074 | 1,319,923 | 1,175,427 | |||
Operating Income (Loss) | 144,258 | 147,030 | 141,263 | 114,001 | 157,765 | 142,387 | 126,733 | 110,088 | 546,342 | 536,973 | 411,465 | |||
Results of Operations, Income before Income Taxes | 135,703 | 139,430 | 133,786 | 106,798 | 148,012 | 133,952 | 117,307 | 99,410 | 515,507 | 498,681 | 369,470 | |||
Income Tax Expense (Benefit) | 48,961 | 24,842 | 27,778 | 18,674 | 24,793 | 29,285 | 22,165 | 14,633 | 120,152 | 90,876 | 64,394 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 86,742 | 114,588 | 106,008 | 88,124 | 123,219 | 104,667 | 95,142 | 84,777 | 395,355 | 407,805 | 305,076 | |||
Net Income (Loss) Attributable to Parent | $ 87,443 | $ 114,501 | $ 105,858 | $ 88,190 | $ 123,316 | $ 104,930 | $ 94,769 | $ 84,590 | $ 395,885 | $ 407,605 | $ 304,051 | |||
Earnings Per Share, Basic | $ 1.02 | $ 1.34 | $ 1.24 | $ 1.04 | $ 1.45 | $ 1.24 | $ 1.12 | $ 1 | $ 4.63 | $ 4.81 | $ 3.59 | |||
Earnings Per Share, Diluted | $ 1.02 | $ 1.33 | $ 1.23 | $ 1.03 | $ 1.44 | $ 1.23 | $ 1.11 | $ 0.99 | $ 4.60 | $ 4.76 | $ 3.56 | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 570,105 | $ 331,920 | $ 134,558 | |||||||||||
Inventory, Net | $ 297,088 | $ 248,259 | 297,088 | 248,259 | 208,243 | |||||||||
Accrued Income Taxes | 25,528 | 160,270 | 25,528 | 160,270 | 151,038 | |||||||||
Deferred Tax Liabilities, Tax Deferred Income | 239,198 | 1,647,175 | 239,198 | 1,647,175 | 1,339,024 | |||||||||
Retained earnings | 1,957,387 | 1,957,387 | ||||||||||||
Increase (Decrease) in Inventories | 21,748 | (39,067) | (14,617) | |||||||||||
Accruals and other, net | (10,652) | |||||||||||||
Deferred income taxes | 8,344 | 9,423 | (6,511) | |||||||||||
Revision of Prior Period, Adjustment | Change in Accounting Principle, Indirect Effect | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Cost of Goods and Services Sold | 210 | $ 0 | $ 0 | $ (1,816) | 974 | $ 0 | $ 0 | $ (1,047) | (2,026) | (73) | 441 | |||
Gross Profit | (210) | 0 | 0 | 1,816 | (974) | 0 | 0 | 1,047 | 2,026 | 73 | (441) | |||
Operating Income (Loss) | (210) | 0 | 0 | 1,816 | (974) | 0 | 0 | 1,047 | 2,026 | 73 | (441) | |||
Results of Operations, Income before Income Taxes | (210) | 0 | 0 | 1,816 | (974) | 0 | 0 | 1,047 | 2,026 | 73 | (441) | |||
Income Tax Expense (Benefit) | (103) | 0 | 0 | 408 | (247) | 0 | 0 | 266 | 511 | 19 | (111) | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (107) | 0 | 0 | 1,408 | (727) | 0 | 0 | 781 | 1,515 | 54 | (330) | |||
Net Income (Loss) Attributable to Parent | $ (107) | $ 0 | $ 0 | $ 1,408 | $ (727) | $ 0 | $ 0 | $ 781 | $ 1,515 | $ 54 | $ (330) | |||
Earnings Per Share, Basic | $ 0 | $ 0 | $ 0 | $ 0.01 | $ (0.01) | $ 0 | $ 0 | $ 0.01 | $ 0.03 | $ 0 | $ 0 | |||
Earnings Per Share, Diluted | $ 0.01 | $ 0 | $ 0 | $ 0.02 | $ (0.01) | $ 0 | $ 0 | $ 0.01 | $ 0.03 | $ 0 | $ (0.01) | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 1,515 | $ 54 | $ (330) | |||||||||||
Inventory, Net | $ 17,979 | $ 15,285 | 17,979 | 15,285 | 15,212 | |||||||||
Accrued Income Taxes | 2,033 | 3,799 | 2,033 | 3,799 | 3,780 | |||||||||
Deferred Tax Liabilities, Tax Deferred Income | (2,338) | 11,486 | (2,338) | 11,486 | 11,432 | |||||||||
Retained earnings | (17,979) | (17,979) | ||||||||||||
Increase (Decrease) in Inventories | (17,979) | (73) | 441 | |||||||||||
Accruals and other, net | 20,568 | |||||||||||||
Deferred income taxes | (4,104) | 19 | (111) | |||||||||||
Product [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Cost of Goods and Services Sold | 231,658 | $ 202,881 | $ 175,798 | $ 154,739 | 211,513 | $ 195,105 | $ 183,600 | $ 159,912 | 765,076 | 750,129 | [1] | 702,736 | [1] | |
Product [Member] | Change in Accounting Principle, Indirect Effect | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Cost of Goods and Services Sold | 231,868 | 202,881 | 175,798 | 154,739 | 211,513 | 195,105 | 183,600 | 159,912 | 765,076 | 750,129 | 702,736 | |||
Product [Member] | Previously Reported | Change in Accounting Principle, Indirect Effect | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Cost of Goods and Services Sold | 231,658 | 202,881 | 175,798 | 156,555 | 210,539 | 195,105 | 183,600 | 160,959 | 767,102 | 750,202 | 702,295 | |||
Product [Member] | Revision of Prior Period, Adjustment | Change in Accounting Principle, Indirect Effect | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Cost of Goods and Services Sold | $ 210 | $ 0 | $ 0 | $ (1,816) | $ 974 | $ 0 | $ 0 | $ (1,047) | $ (2,026) | $ (73) | $ 441 | |||
[1] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. | |||||||||||||
[2] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. | |||||||||||||
[3] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. | |||||||||||||
[4] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. |
Restructuring (Details)
Restructuring (Details) $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2021USD ($)plan | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | |||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Expected Number of Positions Eliminated | plan | 200 | ||||
Restructuring Reserve | $ 1,017 | $ 6,131 | |||
Restructuring Reserve, Accrual Adjustment | 1,837 | ||||
Payments for Restructuring | 6,951 | ||||
Restructuring Costs | $ (2,914) | 673 | [1] | 30,987 | [1] |
Operating Segments [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense incurred since Plan inception | 40,822 | ||||
Corporate, Non-Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense incurred since Plan inception | 1,801 | ||||
Cost of Sales [Member] | Operating Segments [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense incurred since Plan inception | 12,076 | ||||
Operating Expense [Member] | Operating Segments [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense incurred since Plan inception | 28,746 | ||||
Contract Termination [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | 20 | 2,029 | |||
Restructuring Reserve, Accrual Adjustment | 283 | ||||
Payments for Restructuring | 2,292 | ||||
Restructuring Costs | 1,163 | 283 | |||
Employee Severance [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | 997 | $ 4,102 | |||
Restructuring Reserve, Accrual Adjustment | 1,554 | ||||
Payments for Restructuring | 4,659 | ||||
Restructuring Costs | (298) | 1,554 | |||
Product Rationalization [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Costs | (115) | 2,470 | |||
Accelerated depreciation and amortization [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Costs | (3,779) | $ (1,164) | |||
Life Science Member [Member] | Operating Segments [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense incurred since Plan inception | 668 | ||||
Applied Sterilization Technologies [Member] | Operating Segments [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense incurred since Plan inception | 4,491 | ||||
Healthcare [Member] | Operating Segments [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense incurred since Plan inception | $ 33,862 | ||||
[1] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | ||
Goodwill [Line Items] | |||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 14,250 | $ 14,250 | |||
Asset Impairment Charges | $ 16,249 | ||||
Goodwill | 3,026,049 | 2,356,085 | [1] | $ 2,322,928 | |
Goodwill, Acquired During Period | 570,483 | 74,531 | |||
Finite-Lived Intangible Assets, Amortization Expense | 86,512 | 74,528 | $ 98,747 | ||
Finite-Lived Intangible Assets, Gross | 1,424,723 | 995,252 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 526,317 | 429,779 | |||
Trademarks and Trade Names [Member] | |||||
Goodwill [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 78,058 | 62,543 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 42,867 | $ 39,942 | |||
[1] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets Goodwill Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | ||
Goodwill [Line Items] | ||||
Goodwill | $ 3,026,049 | $ 2,356,085 | [1] | $ 2,322,928 |
Goodwill, Acquired During Period | 570,483 | 74,531 | ||
Goodwill Decrease from Divestitures | (199) | |||
Goodwill, Foreign Currency Translation Gain (Loss) | 99,481 | (41,175) | ||
Healthcare [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 1,384,763 | 827,266 | 772,194 | |
Goodwill, Acquired During Period | 536,713 | 66,586 | ||
Goodwill Decrease from Divestitures | (199) | |||
Goodwill, Foreign Currency Translation Gain (Loss) | 20,784 | (11,315) | ||
Applied Sterilization Technologies [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 1,492,239 | 1,380,262 | 1,402,939 | |
Goodwill, Acquired During Period | 33,770 | 7,945 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | 78,207 | (30,622) | ||
Healthcare and Life Sciences | ||||
Goodwill [Line Items] | ||||
Goodwill | 149,047 | 148,557 | $ 147,795 | |
Goodwill, Acquired During Period | 0 | 0 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | $ 490 | $ 762 | ||
[1] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets Other Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Dec. 31, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | |
Summary of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Asset Impairment Charges | $ 16,249 | ||
Finite-Lived Intangible Assets, Gross | $ 1,424,723 | $ 995,252 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 526,317 | 429,779 | |
Customer Relationships [Member] | |||
Summary of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 968,040 | 614,162 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 291,802 | 227,581 | |
Noncompete Agreements [Member] | |||
Summary of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 5,401 | 4,646 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 4,169 | 4,012 | |
Patented Technology [Member] | |||
Summary of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 318,424 | 259,101 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 171,952 | 145,457 | |
Trademarks and Trade Names [Member] | |||
Summary of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 78,058 | 62,543 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 42,867 | 39,942 | |
supplier relationships [Member] | |||
Summary of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 54,800 | 54,800 | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 15,527 | $ 12,787 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets Future Amortization of Intangible Assets (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Other Intangible Assets [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 95,231 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 89,023 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 82,842 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 78,141 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 69,442 |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | |
Notes To Financial Statements [Abstract] | |||
Inventory, Raw Materials | $ 103,939 | $ 94,321 | |
Inventory, Work in Process | 54,283 | 35,643 | |
Inventory, Finished Goods | 176,623 | 149,729 | |
Inventory Valuation Reserves | (19,778) | (16,149) | |
Inventories, net | $ 315,067 | $ 263,544 | [1] |
[1] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | ||
Property, Plant and Equipment [Line Items] | ||||
Document Period End Date | Mar. 31, 2021 | |||
Asset Retirement Obligation | $ 13,330 | $ 12,514 | $ 12,386 | |
Asset Retirement Obligation, Liabilities Incurred | 859 | 94 | ||
Asset Retirement Obligation, Liabilities Settled | (251) | (168) | ||
Asset Retirement Obligation, Accretion Expense | 137 | 453 | ||
Asset Retirement Obligation, Foreign Currency Translation Gain (Loss) | 71 | (251) | ||
Land | 69,477 | 65,994 | ||
Buildings and Improvements, Gross | 567,132 | 531,267 | ||
Machinery and Equipment, Gross | 779,044 | 682,488 | ||
Capitalized Computer Software, Gross | 193,222 | 181,112 | ||
Materials, Supplies, and Other | 565,681 | 508,593 | ||
Construction in Progress, Gross | 211,381 | 159,731 | ||
Property, Plant and Equipment, Gross | 2,385,937 | 2,129,185 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (1,150,537) | (1,017,330) | ||
Property, Plant and Equipment, Net | 1,235,400 | 1,111,855 | [1] | |
Depreciation | $ 132,725 | $ 122,707 | $ 127,174 | |
[1] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. |
Debt (Details)
Debt (Details) € in Thousands, £ in Thousands, $ in Thousands | May 15, 2015USD ($) | Mar. 31, 2018 | Apr. 01, 2021USD ($) | Mar. 31, 2021USD ($) | Mar. 19, 2021USD ($) | Mar. 31, 2020USD ($) | Feb. 27, 2017USD ($) | Feb. 27, 2017EUR (€) | Feb. 27, 2017GBP (£) | Dec. 31, 2012USD ($) |
Debt Instrument [Line Items] | ||||||||||
Senior Notes | $ 860,308 | $ 878,409 | ||||||||
Long-term Debt, Current Maturities | 0 | |||||||||
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Net | (7,191) | (3,337) | ||||||||
Other Long-term Debt, Noncurrent | 550,000 | 0 | ||||||||
Line of Credit Facility, Amount Outstanding | 247,423 | 275,449 | ||||||||
Long-term Debt | 1,657,731 | |||||||||
Long-term Debt | 1,650,540 | 1,150,521 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 118,500 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 27,500 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 121,250 | |||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,390,481 | |||||||||
10 year maturity | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Term | 10 years | 10 years | ||||||||
15 year maturity | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Term | 15 years | |||||||||
Debt Instrument, Maturity Date, Description | 15 years | |||||||||
Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior Notes | $ 350,000 | $ 200,000 | ||||||||
Long-term Debt | $ 860,308 | $ 878,409 | ||||||||
Senior Notes | Subsequent Event [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 1,350,000 | |||||||||
United States of America, Dollars | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior Notes | $ 95,000 | |||||||||
United Kingdom, Pounds | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior Notes | £ | £ 75,000 | |||||||||
Euro Member Countries, Euro | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior Notes | € | € 99,000 | |||||||||
2031 Notes | Senior Notes | Subsequent Event [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.70% | |||||||||
Debt Instrument, Face Amount | $ 675,000 | |||||||||
2051 Notes | Senior Notes | Subsequent Event [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |||||||||
Debt Instrument, Face Amount | $ 675,000 | |||||||||
Term Loan Facility | Line of Credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 550,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.875% | 1.25% | ||||||||
Revolving Credit Facility [Member] | Line of Credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,250,000 | |||||||||
Bridge Loan | Line of Credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 625,000 | |||||||||
Delayed Draw Term Loan | Line of Credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 750,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.875% | 1.25% |
Debt 2017 Senior Notes (Details
Debt 2017 Senior Notes (Details) € in Thousands, £ in Thousands | Mar. 31, 2021USD ($) | Mar. 31, 2021EUR (€) | Mar. 31, 2021GBP (£) | Mar. 31, 2020USD ($) |
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 1,650,540,000 | $ 1,150,521,000 | ||
Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 860,308,000 | 878,409,000 | ||
STE 6.93% due 2020 Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 0 | $ 35,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.43% | |||
STE 3.70% due 2022 Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 91,000,000 | $ 91,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | 3.20% | 3.20% | |
STE 3.85% due 2024 Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 80,000,000 | 80,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.35% | 3.35% | 3.35% | |
STE 4.05% due 2027 Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 25,000,000 | 25,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.55% | 3.55% | 3.55% | |
STE 3.45% due 2025 Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 125,000,000 | 125,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.45% | 3.45% | 3.45% | |
STE 3.55% due 2027 Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 125,000,000 | 125,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.55% | 3.55% | 3.55% | |
STE 3.70% due 2030 Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 100,000,000 | 100,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | 3.70% | 3.70% | |
STE 3.93% due 2027 Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 50,000,000 | 50,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.93% | 3.93% | 3.93% | |
STE 1.86% due 2027 Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 70,426,000 | € 60,000 | 66,342,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 1.86% | 1.86% | 1.86% | |
STE 4.03% due 2029 Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 45,000,000 | 45,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.03% | 4.03% | 4.03% | |
STE 2.04% due 2029 Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 23,475,000 | € 20,000 | 22,114,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 2.04% | 2.04% | 2.04% | |
STE 3.04% due 2029 Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 61,863,000 | £ 45,000 | 55,767,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.04% | 3.04% | 3.04% | |
STE 2.30% due 2032 Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 22,302,000 | € 19,000 | 21,008,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 2.30% | 2.30% | 2.30% | |
STE 3.17% due 2032 Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 41,242,000 | £ 30,000 | $ 37,178,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.17% | 3.17% | 3.17% |
Additional Consolidated Balan_3
Additional Consolidated Balance Sheets Information (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Notes To Financial Statements [Abstract] | |||||
Employee-related Liabilities | $ 47,157 | $ 42,205 | |||
Accrued Vacation | 12,389 | 9,917 | |||
Accrued Bonuses | 62,530 | 53,041 | |||
Accrued Liabilities for Commissions, Expense and Taxes | 24,022 | 19,298 | |||
Liability, Other Retirement Benefits | 1,326 | 1,488 | |||
Liability, Retirement and Postemployment Benefits | 2,654 | 2,312 | |||
Employee-related Liabilities, Current | 150,078 | 128,261 | [1] | ||
Deferred Revenue | 62,492 | 53,299 | |||
Service liabilities | 46,720 | 47,505 | |||
Self Insurance Reserve, Current | 8,095 | 7,342 | |||
Accrued Sales Commission | 27,348 | 15,827 | |||
Standard and Extended Product Warranty Accrual | 9,406 | 7,381 | $ 7,194 | $ 6,872 | |
Asset Retirement Obligation, Current | 1,193 | 2,671 | |||
Other Accrued Liabilities | 65,303 | 58,158 | |||
Accrued Liabilities | 220,557 | 192,183 | |||
Self Insurance Reserve, Noncurrent | 17,295 | 17,452 | |||
Liability, Other Retirement Benefits, Noncurrent | 8,690 | 9,880 | |||
Liability, Defined Benefit Pension Plan, Noncurrent | 3,748 | 10,987 | |||
Liability, Pension and Other Postretirement and Postemployment Benefits, Noncurrent | 2,353 | 2,333 | |||
Accrued Income Taxes, Noncurrent | 13,241 | 11,959 | |||
Asset Retirement Obligations, Noncurrent | 12,137 | 9,843 | |||
Other Liabilities | 30,546 | 27,892 | |||
Other Liabilities, Noncurrent | $ 88,010 | $ 90,346 | [1] | ||
[1] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. |
Income Tax Expense (Details)
Income Tax Expense (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Mar. 31, 2021USD ($)$ / shares | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | May 21, 2021USD ($) | |||
Operating Loss Carryforwards [Line Items] | ||||||
TCJA Effective U.S. Federal Tax Rate | 0.210 | |||||
Income Tax Examination, Penalties and Interest Accrued | $ 106 | $ 243 | ||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 2,401 | |||||
Uncertain Tax Liability Resulting From IRS Notice | 12,000 | $ 50,000 | ||||
Deferred Tax Assets, Tax Credit Carryforwards | 5,442 | |||||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Postretirement Benefits | $ 2,422 | $ 2,871 | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 12.50% | 12.50% | 12.50% | |||
Current Federal Tax Expense (Benefit) | $ 9,244 | $ 5,036 | $ 2,627 | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 73,442 | $ 29,543 | $ 13,693 | |||
Effective Income Tax Rate, Continuing Operations | 23.30% | 18.20% | 17.40% | |||
Unrecognized Tax Benefits | $ 2,295 | $ 875 | $ 2,314 | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 517,533 | 498,754 | [1] | 369,029 | [1] | |
Current State and Local Tax Expense (Benefit) | 16,272 | 9,971 | 12,484 | |||
Current Income Tax Expense (Benefit) | 119,765 | 81,639 | 71,878 | |||
Deferred Federal Income Tax Expense (Benefit) | (787) | (899) | (546) | |||
Deferred State and Local Income Tax Expense (Benefit) | (550) | 2,366 | 2,818 | |||
Increase (Decrease) in Deferred Income Taxes | 898 | 9,256 | (7,595) | |||
Income Tax Expense (Benefit) | $ 120,663 | $ 90,895 | [1] | $ 64,283 | [1] | |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes | 2.40% | 2.00% | 3.10% | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 0.30% | 0.50% | 0.40% | |||
Effective Tax Rate Reconciliation, Increase (decrease) in Valuation Allowances | (0.10%) | (0.30%) | 0.00% | |||
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Percent | (0.50%) | (0.50%) | (0.60%) | |||
Effective Income Tax Rate Reconciliation, Tax Credits, Foreign | (0.30%) | (0.60%) | (0.20%) | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential | 8.30% | 6.90% | 4.50% | |||
Effective Tax Rate Reconciliation, UK Tax Rate Differential | 2.10% | 0.00% | 0.00% | |||
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Percent | (1.90%) | (2.80%) | (2.20%) | |||
Effective Tax Reconciliation, deferred tax assets and liabilities | 0.40% | 0.10% | (0.60%) | |||
Change in Effective Income Tax US Transition tax | 0.00% | 0.00% | (0.30%) | |||
U.S. tax reform impact GILTI and FDII | (0.60%) | 0.10% | 0.30% | |||
Capitalized Interest Costs- Effective tax rate | 0.60% | 0.10% | 0.50% | |||
Effective Income Tax Rate Reconciliation, Other Adjustments | 0.10% | 0.20% | 0.00% | |||
Unrecognized Tax Benefits, Increases Resulting from Current Period Tax Positions | $ 655 | $ 176 | ||||
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions | (896) | (1,570) | ||||
Unrecognized Tax Benefits, Increase Resulting from Acquisition | (1,640) | 0 | ||||
Unrecognized Tax Benefits, Increase Resulting from Foreign Currency Translation | 21 | |||||
Unrecognized Tax Benefits, Decrease Resulting from Foreign Currency Translation | (45) | |||||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | 13,208 | 12,560 | ||||
Deferred Tax Assets, Operating Loss Carryforwards | 10,524 | |||||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 6,360 | 5,490 | ||||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Self Insurance | 3,348 | 3,620 | ||||
Deferred Tax Assets, Deferred Income | 10,281 | 11,316 | ||||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts | 1,661 | 1,820 | ||||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions | 1,574 | 2,273 | ||||
Deferred Tax Assets, Operating leases | 34,020 | 28,945 | ||||
Deferred Tax Liabilities, Leasing Arrangements | 33,401 | 29,268 | ||||
Deferred Tax Assets, Other | 8,603 | 6,024 | ||||
Deferred Tax Assets, Gross, Current | 96,628 | 91,068 | ||||
Deferred Tax Assets, Valuation Allowance | 14,143 | 13,891 | ||||
Deferred Tax Assets, Net of Valuation Allowance | 82,485 | 77,177 | ||||
Deferred Tax Liabilities, Property, Plant and Equipment | 73,344 | 68,179 | ||||
Deferred Tax Liabilities, Goodwill and Intangible Assets, Intangible Assets | 199,242 | 129,951 | ||||
Deferred Tax and Other Liabilities, Noncurrent | 3,833 | 5,878 | ||||
Deferred tax liabilities, net of deferred tax assets | 309,820 | 233,276 | ||||
Deferred Tax Liabilities | (227,335) | (156,099) | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 43,189 | |||||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 1,254 | |||||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 252 | |||||
Deferred Tax Assets, Operating Loss Carryforwards | 15,151 | 16,149 | ||||
Undistributed Earnings of Foreign Subsidiaries | 1,900,000 | |||||
Costa Rica Exempt thorugh 2025 and partially exempt through 2029 [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Income Tax Holiday, Aggregate Dollar Amount | $ 2,300 | |||||
Income Tax Holiday, Income Tax Benefits Per Share | $ / shares | $ 0.03 | |||||
UNITED STATES | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | $ 326,991 | 325,595 | $ 234,964 | |||
Current Foreign Tax Expense (Benefit) | 57,550 | 42,032 | 29,943 | |||
Deferred Foreign Income Tax Expense (Benefit) | 7,523 | 10,089 | 5,682 | |||
Other Foreign Entities [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 117,100 | 143,616 | 120,372 | |||
Current Foreign Tax Expense (Benefit) | 36,699 | 24,600 | 26,824 | |||
Deferred Foreign Income Tax Expense (Benefit) | $ (5,288) | $ (2,300) | $ (15,549) | |||
[1] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. |
Benefit Plans (Change in benefi
Benefit Plans (Change in benefit obligations funded status) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | $ 160 | $ (142) | |
Defined benefit plan repayment of obligation [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 3,954 | ||
Other Postretirement Benefit Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 1,327 | ||
Defined Benefit Plan, Benefit Obligation | 10,016 | 11,368 | $ 12,551 |
Defined Benefit Plan, Service Cost | 0 | 0 | 0 |
Defined benefit plan, change in benefit obligation, interest cost | 317 | 408 | |
Defined Benefit Plan, Actuarial Net (Gains) Losses | (114) | 181 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 1,555 | 1,772 | |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 0 | 0 | |
Defined Benefit Plan, Benefits Paid (Deprecated 2017-01-31) | (1,555) | (1,772) | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | 0 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 1,555 | 1,772 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (10,016) | (11,368) | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | 0 | 0 | |
Other Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 5,137 | ||
Defined Benefit Plan, Benefit Obligation | 149,200 | 123,190 | 133,672 |
Defined Benefit Plan, Service Cost | 1,357 | 1,380 | 2,394 |
Defined benefit plan, change in benefit obligation, interest cost | 2,816 | 2,955 | |
Defined Benefit Plan, Actuarial Net (Gains) Losses | 12,622 | (3,736) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 4,714 | 6,466 | |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 1,031 | 1,046 | |
Defined Benefit Plan, Benefits Paid (Deprecated 2017-01-31) | (4,714) | (6,466) | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 1,031 | 1,045 | |
Defined Benefit Plan, Plan Assets, Amount | 145,452 | 112,203 | $ 117,504 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 19,252 | 228 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 5,329 | 5,071 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (3,748) | (10,987) | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 12,351 | (5,179) | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | $ 12,898 | $ (5,661) |
Benefit Plans (Amounts recogniz
Benefit Plans (Amounts recognized in balance sheets) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Other Postretirement Benefit Plans, Defined Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Liability, Defined Benefit Plan, Current | $ (1,326) | $ (1,488) |
Liability, Defined Benefit Plan, Noncurrent | (8,690) | (9,880) |
Liability, Defined Benefit Pension Plan | (10,016) | (11,368) |
Other Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Liability, Defined Benefit Plan, Current | 0 | 0 |
Liability, Defined Benefit Plan, Noncurrent | (3,748) | (10,987) |
Liability, Defined Benefit Pension Plan | $ (3,748) | $ (10,987) |
Benefit Plans (Amortize pre-tax
Benefit Plans (Amortize pre-tax amount AOCI) (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2021USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | $ 11,876 |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | $ 4,199 |
Benefit Plans (Accumulated bene
Benefit Plans (Accumulated benefit obligation exceeding the fair value of plan assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2008 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 46,001 | |||
Other Defined Benefit Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | $ 145,452 | $ 112,203 | $ 117,504 | |
Defined Benefit Plan, Accumulated Benefit Obligation | 149,200 | 120,084 | ||
defined benefit plans, aggregate projected benefit obligation | $ 149,200 | $ 123,190 |
Benefit Plans (Projected benefi
Benefit Plans (Projected benefit obligation exceeding the fair value of plan assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2008 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 46,001 | |||
Other Defined Benefit Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Benefit Obligation | $ 149,200 | $ 123,190 | $ 133,672 | |
Defined Benefit Plan, Plan Assets, Amount | 145,452 | 112,203 | 117,504 | |
Defined Benefit Plan, Accumulated Benefit Obligation | 149,200 | 120,084 | ||
Defined Benefit Plan, Service Cost | 1,357 | 1,380 | 2,394 | |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 71 | 69 | 51 | |
Defined Benefit Plan, Interest Cost | 2,628 | 2,876 | 3,139 | |
Defined Benefit Plan, Actuarial Net (Gains) Losses | 12,622 | (3,736) | ||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 4,714 | 6,466 | ||
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 1,031 | 1,046 | ||
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | 12,898 | (5,661) | ||
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 19,252 | 228 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 5,329 | 5,071 | ||
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 1,031 | 1,045 | ||
Defined Benefit Plan, Plan Assets, Benefits Paid | 4,714 | 6,466 | ||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (3,748) | (10,987) | ||
Other Postretirement Benefit Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Benefit Obligation | 10,016 | 11,368 | 12,551 | |
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | 0 | |
Defined Benefit Plan, Service Cost | 0 | 0 | 0 | |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (3,263) | (3,263) | (3,263) | |
Defined Benefit Plan, Interest Cost | 317 | 409 | $ 457 | |
Defined Benefit Plan, Actuarial Net (Gains) Losses | (114) | 181 | ||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 1,555 | 1,772 | ||
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 0 | 0 | ||
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | 0 | 0 | ||
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 0 | 0 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 1,555 | 1,772 | ||
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 0 | 0 | ||
Defined Benefit Plan, Plan Assets, Benefits Paid | 1,555 | 1,772 | ||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ (10,016) | $ (11,368) |
Benefit Plans (Components of th
Benefit Plans (Components of the annual net periodic benefit cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | $ 11,876 | ||
Other Postretirement Benefit Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (114) | $ 181 | |
Defined Benefit Plan, Service Cost | 0 | 0 | $ 0 |
Defined Benefit Plan, Interest Cost | 317 | 409 | 457 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 0 | 0 | 0 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (3,263) | (3,263) | (3,263) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (2,507) | (2,372) | (2,254) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 439 | 482 | 552 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 114 | (181) | 106 |
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | 3,263 | 3,263 | 3,263 |
Defined Benefit Plan, Amortization of Net Gains (Losses) | (439) | (482) | (552) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 2,938 | 2,600 | 2,817 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | 431 | 228 | 563 |
Other Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 12,622 | (3,736) | |
Defined Benefit Plan, Service Cost | 1,357 | 1,380 | 2,394 |
Defined Benefit Plan, Interest Cost | 2,628 | 2,876 | 3,139 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (3,463) | (4,735) | (4,930) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 71 | 69 | 51 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 614 | (401) | 1,128 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 21 | 9 | 474 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (1,635) | 890 | (6,545) |
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | (85) | (78) | 781 |
Defined Benefit Plan, Amortization of Net Gains (Losses) | 7 | 0 | (468) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | (1,713) | 812 | (6,232) |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | $ (1,099) | $ 411 | $ (5,104) |
Benefit Plans (Assumptions used
Benefit Plans (Assumptions used in calculating benefit obligations and net periodic benefit cost) (Details) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Synergy Health PLC Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.10% | 2.40% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 3.50% | 4.80% | 5.02% |
Isotron [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 0.90% | 1.60% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 1.60% | 1.20% | 1.60% |
Daniken [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 0.35% | 0.20% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 0.70% | 0.65% | 1.20% |
Radeberg [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 1.60% | 1.60% | |
Allershausen [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 0.80% | 0.50% | |
Harwell Dosimeters [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.15% | 2.45% | |
Other Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.50% | 3.00% |
Benefit Plans (Significant assu
Benefit Plans (Significant assumptions used to determine the net periodic benefit costs) (Details) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Synergy Health PLC Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.40% | 2.50% | 2.50% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 3.50% | 4.80% | 5.02% |
Isotron [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 1.60% | 1.20% | 1.60% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 1.60% | 1.20% | 1.60% |
Daniken [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 0.70% | 0.20% | 0.95% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 0.70% | 0.65% | 1.20% |
Radeberg [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 1.50% | 1.60% | 1.60% |
Allershausen [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 1.75% | 1.75% | 1.60% |
Harwell Dosimeters [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.15% | 2.45% | 2.55% |
Other Post-Retirement Benefit Plans, Net | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.00% | 3.50% | 3.50% |
Benefit Plans (Assumed long-ter
Benefit Plans (Assumed long-term healthcare cost trend rate) (Details) | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Postemployment Benefits [Abstract] | |||
Healthcare cost trend rate medical | 7.00% | 6.75% | 6.75% |
Healthcare prescription drug | 7.00% | 6.75% | 6.75% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% | 4.50% |
Benefit Plans (Targeted asset a
Benefit Plans (Targeted asset allocation of plan assets and the actual allocation of plan assets) (Details) | Mar. 31, 2021 |
Equity Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 75.00% |
Debt Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 25.00% |
Benefit Plans (Fair value of ou
Benefit Plans (Fair value of our pension benefits plan assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | |||
Other Investments | $ 5,555 | $ 4,345 | $ 5,089 |
Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 220,531 | 319,581 | |
Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | |
Other Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Insurance Contract | 5,555 | 4,345 | |
Cash and Cash Equivalents, Fair Value Disclosure | 657 | 302 | |
Other Investments | 17,950 | 14,522 | |
Equity Securities, FV-NI | 60,960 | 47,187 | |
Defined Benefit Plan, Plan Assets, Amount | 145,452 | 112,203 | $ 117,504 |
Debt Securities, Trading | 60,330 | 45,847 | |
Other Defined Benefit Pension Plans [Member] | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Insurance Contract | 0 | 0 | |
Cash and Cash Equivalents, Fair Value Disclosure | 657 | 302 | |
Other Investments | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Amount | 657 | 302 | |
Other Defined Benefit Pension Plans [Member] | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Insurance Contract | 0 | 0 | |
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | |
Other Investments | 17,950 | 14,522 | |
Defined Benefit Plan, Plan Assets, Amount | 17,950 | 14,522 | |
Other Defined Benefit Pension Plans [Member] | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Insurance Contract | 5,555 | 4,345 | |
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | |
Other Investments | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Amount | $ 5,555 | $ 4,345 |
Benefit Plans (Expected payment
Benefit Plans (Expected payments to be made to plan participants) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Gross Prescription Drug Subsidy Receipts Received (Deprecated 2017-01-31) | $ 899 | $ 708 | |
Other Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 12,622 | (3,736) | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 5,137 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 5,731 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 5,388 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 5,543 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 5,686 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | 30,986 | ||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 71 | 69 | $ 51 |
Other Postretirement Benefit Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (114) | 181 | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 1,327 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 1,198 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 1,072 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 969 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 882 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | 3,207 | ||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | $ (3,263) | $ (3,263) | $ (3,263) |
Benefit Plans (Details Textual)
Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 29,853 | $ 27,818 | $ 25,935 |
Defined Contribution Plan, Fair Value of Plan Assets | $ 986,222 | ||
STERIS Corporation shares held in defined contribution plan | 516,913 | ||
Fair value of STERIS Corporatio stock held in defined contribution plan | $ 98,462 | ||
Defined Contribution Plan, Dividends Paid | 839 | 855 | $ 826 |
Deferred Compensation Plan Assets | $ 1,682 | $ 1,273 | |
Equity Securities [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 75.00% | ||
Debt Securities | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 25.00% |
Benefit Plans Benefit Plans (Ro
Benefit Plans Benefit Plans (Rollforward of Level 3 assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Other Investments | $ 5,555 | $ 4,345 | $ 5,089 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Period Increase (Decrease) | 197 | 62 | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 160 | (142) | |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3 | $ 853 | $ (664) |
Contingencies (Details)
Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Loss Contingencies [Line Items] | |||
Operating Lease, Weighted Average Remaining Lease Term | 11 years 7 months 6 days | 11 years 6 months | |
Operating Lease, Payments | $ 29,808 | $ 27,613 | |
Fixed Operating Lease Expense | 31,087 | 28,252 | |
Commitments and Contingencies | [1] | ||
Letters of credit as security for self insurance risk and retention policies | 11,807 | 12,474 | |
Purchase Commitment, Remaining Minimum Amount Committed | 39,714 | ||
Variable Operating Lease Expense | 9,326 | 5,449 | |
Operating Lease, Expense | 40,413 | 33,701 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 30,574 | $ 44,636 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 24,593 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 19,160 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 16,052 | ||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 106,593 | ||
Lessee, Operating Lease, Liability, Payments, Due | 195,073 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | $ 42,626 | ||
Operating Lease, Weighted Average Discount Rate, Percent | 4.10% | 4.40% | |
Operating Lease, Liability | $ 152,447 | ||
Lessee, Operating Lease, Liability, to be Paid, Year One | 28,675 | ||
Commercial commitments [Member] | |||
Loss Contingencies [Line Items] | |||
Commitments and Contingencies | 79,122 | $ 80,230 | |
Long term Construction Contracts [Member] [Member] | |||
Loss Contingencies [Line Items] | |||
Commitments and Contingencies | $ 171,042 | ||
[1] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. |
Business Segment Information (D
Business Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||
amortization of inventory and property step up to fair value | $ 5,600 | $ 2,392 | $ 2,440 | |||||||||||
amortization and impairment of acquired intangible assets | 83,892 | 71,675 | 86,878 | |||||||||||
Business Combination, Acquisition Related Costs | 35,634 | 8,225 | 8,901 | |||||||||||
loss (gain) on fair value contingent consideration adjustments | (500) | 0 | (842) | |||||||||||
Gain (Loss) on Disposition of Business | 2,030 | 1,770 | [1] | (1,370) | [1] | |||||||||
COVID-19 incremental costs | 25,793 | 749 | 0 | |||||||||||
redomiciliation costs | 1,592 | 3,699 | 8,783 | |||||||||||
Restructuring expenses | (3,029) | 3,143 | 40,708 | |||||||||||
Assets | $ 6,574,471 | $ 5,440,867 | [2] | 6,574,471 | 5,440,867 | [2] | ||||||||
Payments to Acquire Productive Assets | 239,262 | 214,516 | 189,715 | |||||||||||
Depreciation, Depletion and Amortization | 219,237 | 197,235 | [1] | 225,921 | [1] | |||||||||
Property, Plant and Equipment, Net | 1,235,400 | 1,111,855 | [2] | 1,235,400 | 1,111,855 | [2] | ||||||||
Revenues | 873,531 | $ 808,924 | $ 756,132 | $ 668,932 | 822,991 | $ 774,261 | $ 736,840 | $ 696,803 | 3,107,519 | 3,030,895 | [3] | 2,782,170 | [3] | |
Operating Income (Loss) | 548,368 | 537,046 | [3] | 411,024 | [3] | |||||||||
Adjustments to Liability | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 1,175 | |||||||||||||
Applied Sterilization Technologies [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Assets | 2,974,289 | 2,720,205 | 2,974,289 | 2,720,205 | ||||||||||
Payments to Acquire Productive Assets | 164,816 | 129,868 | 100,077 | |||||||||||
Depreciation, Depletion and Amortization | 112,971 | 105,042 | 111,265 | |||||||||||
Revenues | 685,912 | 627,147 | 555,127 | |||||||||||
Operating Income (Loss) | 310,648 | 270,917 | 221,828 | |||||||||||
Life Science Member [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 467,552 | 416,939 | 378,558 | |||||||||||
Operating Income (Loss) | 180,796 | 144,088 | 132,129 | |||||||||||
Life Science Member [Member] | Consumable revenues [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 215,005 | 185,904 | 161,780 | |||||||||||
Life Science Member [Member] | Capital equipment revenues [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 128,356 | 112,747 | 102,714 | |||||||||||
Life Science Member [Member] | Service revenues [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 124,191 | 118,288 | 114,064 | |||||||||||
OperatingSegmentAllExceptCorpandOther [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 3,107,519 | 3,030,895 | 2,782,170 | |||||||||||
Operating Income (Loss) | 918,533 | 835,714 | 741,422 | |||||||||||
OperatingSegmentCorpandOther [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Income (Loss) | (219,153) | (207,015) | (184,900) | |||||||||||
OperatingSegmentAll [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 3,107,519 | 3,030,895 | 2,782,170 | |||||||||||
Operating Income (Loss) | 699,380 | 628,699 | 556,522 | |||||||||||
Healthcare and Life Sciences [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Assets | 3,600,182 | 2,720,662 | 3,600,182 | 2,720,662 | ||||||||||
Payments to Acquire Productive Assets | 74,446 | 84,648 | 89,638 | |||||||||||
Depreciation, Depletion and Amortization | 106,266 | 92,193 | 114,656 | |||||||||||
Healthcare [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 1,954,055 | 1,986,809 | 1,848,485 | |||||||||||
Operating Income (Loss) | 427,089 | 420,709 | 387,465 | |||||||||||
Healthcare [Member] | Consumable revenues [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 510,946 | 486,425 | 443,851 | |||||||||||
Healthcare [Member] | Capital equipment revenues [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 588,864 | 617,712 | 587,680 | |||||||||||
Healthcare [Member] | Service revenues [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 854,245 | 882,672 | 816,954 | |||||||||||
IRELAND | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Property, Plant and Equipment, Net | 52,140 | 47,459 | 52,140 | 47,459 | ||||||||||
Revenues | 71,905 | 63,821 | 56,784 | |||||||||||
UNITED STATES | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Property, Plant and Equipment, Net | 673,784 | 632,333 | 673,784 | 632,333 | ||||||||||
Revenues | 2,227,038 | 2,211,722 | 1,976,814 | |||||||||||
Other foreign locations [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 808,576 | 755,352 | $ 748,572 | |||||||||||
Other Foreign Entities [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Property, Plant and Equipment, Net | $ 509,476 | $ 432,063 | $ 509,476 | $ 432,063 | ||||||||||
[1] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. | |||||||||||||
[2] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. | |||||||||||||
[3] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. |
Common Shares (Details)
Common Shares (Details) - $ / shares | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | May 03, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 75 | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | |||
Value (EUROS) Ordinary Shares Deferred | 25,000 | |||
Weighted Average Number of Shares Outstanding, Basic | 85,203,000 | 84,778,000 | 84,577,000 | |
Weighted Average Number Diluted Shares Outstanding Adjustment | 695,000 | 863,000 | 891,000 | |
Weighted Average Number of Shares Outstanding, Diluted | 85,898,000 | 85,641,000 | 85,468,000 | |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 348,000 | 285,000 | 352,000 |
Repurchases of Common Shares (D
Repurchases of Common Shares (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||
Mar. 31, 2021USD ($)shares | Mar. 31, 2020USD ($)shares | Mar. 31, 2019USD ($)shares | Mar. 31, 2021EUR (€)shares | Mar. 31, 2021USD ($)$ / sharesshares | Jul. 30, 2019USD ($) | May 07, 2019USD ($) | May 03, 2019$ / shares | |
Debt Securities, Available-for-sale [Line Items] | ||||||||
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 | ||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | |||||||
Stock Repurchase Program, Authorized Amount | $ | $ 333,932 | $ 300,000 | $ 78,979 | |||||
Stock Repurchased During Period, Shares | 35,000 | 273,259 | 651,093 | |||||
Stock Repurchased and Retired During Period, Value | $ | $ 5,047 | $ 40,000 | $ 72,082 | |||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | $ 75 | ||||||
Deferred Ordinary Shares | 25,000 | 25,000 | ||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 91,567 | 122,884 | 112,356 | |||||
Payment, Tax Withholding, Share-based Payment Arrangement | $ | $ 9,599 | $ 11,235 | $ 8,262 | |||||
Euro Member Countries, Euro | ||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||
Par Value (Euros) of Deferred Ordinary Shares | € | € 1 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Item] | |||
Remaining shares available for grant | 3,589,242 | ||
Weighted-average assumptions used for options granted: | |||
Risk-free interest rate | 0.46% | 2.26% | 2.64% |
Expected life of options | 6 years | 6 years 2 months 12 days | 6 years 2 months 12 days |
Exptected dividend yield of stock | 0.96% | 1.22% | 1.47% |
Expected volatility of stock | 23.04% | 20.27% | 19.91% |
Estimated forfeiture rate | 2.78% | 2.77% | 2.37% |
Summary of share option activity: | |||
Number of Options, Outstanding, Beginning of Period | 1,796,126 | ||
Weighted Average Exercise Price, Outstanding, Beginning of Period | $ 91.29 | ||
Number of Options, Granted | 288,936 | ||
Weighted Average Exercise Price, Granted | $ 181.33 | ||
Number of Options, Exercised | (399,910) | ||
Weighted Average Exercise Price, Exercised | $ 67.87 | ||
Number of Options, Forfeited | (48,105) | ||
Weighted Average Exercise Price, Forfeited | $ 121.05 | ||
Number of Options, Outstanding, End of Period | 1,637,047 | 1,796,126 | |
Weighted Average Exercise Price, Outstanding, End of Period | $ 112.03 | $ 91.29 | |
Average Remaining Contractual Term, Outstanding | 6 years 8 months 12 days | ||
Aggregate Intrinsic Value, Outstanding | $ 128,426 | ||
Number of Options, Exercisable | 883,133 | ||
Weighted Average Exercise Price, Exercisable | $ 84.05 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 4 months 24 days | ||
Aggregate Intrinsic Value, Exercisable | $ 93,993 | ||
Non-vested stock options outstanding expected to vest | 740,691 | ||
Common Stock, Fair Market Value Per Share | $ 190.48 | ||
Total intrinsic value of stock options exercised | $ 39,055 | $ 57,683 | $ 25,371 |
Net cash proceeds from the exercise of stock options | 26,726 | 34,731 | 13,308 |
Tax benefit from stock option exercises | $ 11,559 | $ 16,440 | $ 8,306 |
Weighted average grant date fair value of stock option grants, per share | $ 27.66 | $ 23.52 | $ 18.12 |
Summary of non-vested restricted share activity: | |||
Number of Restricted Shares, Non-vested at Beginning of Period | 30,894 | ||
Number of Restricted Shares, Granted | 16,140 | ||
Number of Restricted Shares, Vested | (16,913) | ||
Number of Restricted Shares, Canceled | (621) | ||
Number of Restricted Shares, Non-vested at End of Period | 29,500 | 30,894 | |
Unrecognized compensation cost related to nonvested share-based compensation granted | $ 46,804 | ||
Weighted average period for recognition of unrecognized compensation cost | 2 years 1 month 6 days | ||
Stock Appreciation Rights (SARs) | |||
Summary of non-vested restricted share activity: | |||
FairValueOfOutstandingStockAppreciationRights | $ 494 | $ 544 | $ 889 |
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 | 146,009 | ||
Weighted-Average Grant Date Fair Value, Granted | $ 165.86 | ||
Number of Restricted Shares, Vested | (158,913) | ||
Weighted-Average Grant Date Fair Value, Vested | $ 84.52 | ||
Number of Restricted Shares, Canceled | (29,603) | ||
Weighted-Average Grant Date Fair Value, Canceled | $ 108.10 | ||
Number of Restricted Shares, Non-vested at End of Period | 533,323 | 575,830 | |
Weighted-Average Grant Date Fair Value, Non-vested at End of Period | $ 121.35 | $ 98.07 | |
Fair Value, Share-based Payment Awards, Other than Options | $ 14,861 |
Financial and Other Guarantee_2
Financial and Other Guarantees (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Standard and Extended Product Warranty Accrual | $ 9,406 | $ 7,381 | $ 7,194 | $ 6,872 |
Standard and Extended Product Warranty Accrual, Increase for Warranties Issued | 10,574 | 12,311 | 11,177 | |
Standard Product Warranty Accrual, Decrease for Payments | $ (8,549) | $ (12,124) | $ (10,855) |
Forward and Swap Contracts (Det
Forward and Swap Contracts (Details) £ in Thousands, $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2021USD ($)lb | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2021GBP (£) | Mar. 31, 2021USD ($) | |
Derivative [Line Items] | |||||
Non-derivative Net Investment Hedge | $ 49,208 | ||||
Other Assets | |||||
Derivative [Line Items] | |||||
Derivative Assets | $ 124 | 57 | |||
Derivative Liabilities | 0 | 0 | |||
Accrued Liabilities | |||||
Derivative [Line Items] | |||||
Derivative Assets | 0 | 0 | |||
Derivative Liabilities | 912 | $ 367 | |||
Selling, General and Administrative Expenses | |||||
Derivative [Line Items] | |||||
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net | $ 1,178 | 798 | $ 235 | ||
Cost of Sales | |||||
Derivative [Line Items] | |||||
Gain (Loss) on Sale of Commodity Contracts | $ 771 | $ (660) | $ 434 | ||
Euro Member Countries, Euro | |||||
Derivative [Line Items] | |||||
Notional Amount of Foreign Currency Derivative Purchase Contracts (Deprecated 2013-01-31) | £ | £ 41,500 | ||||
212230 Copper, Nickel, Lead, and Zinc Mining [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Nonmonetary Notional Amount, Mass | lb | 768,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Document Period End Date | Mar. 31, 2021 | ||||
Equity Securities, FV-NI, Gain (Loss) | $ 594 | $ (3,579) | |||
Business Acquisition, Contingent Consideration, at Fair Value | 19,642 | 15,988 | $ 5,950 | ||
Fair Value, Inputs, Level 1 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Investments, Fair Value Disclosure | 2,665 | 2,507 | |||
Cash and Cash Equivalents, Fair Value Disclosure | 220,531 | 319,581 | |||
Foreign Currency Contract, Asset, Fair Value Disclosure | [1] | 0 | 0 | ||
Equity Securities, FV-NI | [2] | 10,301 | 9,624 | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | [1] | 0 | 0 | ||
Deferred Compensation Plan Assets | [2] | 1,715 | 1,475 | ||
Long-term Debt, Fair Value | [3] | 0 | 0 | ||
Business Acquisition, Contingent Consideration, at Fair Value | 0 | [4] | 0 | ||
Fair Value, Inputs, Level 2 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Investments, Fair Value Disclosure | 0 | [2] | 0 | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | |||
Foreign Currency Contract, Asset, Fair Value Disclosure | [1] | 57 | 124 | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | [1] | 367 | 912 | ||
Deferred Compensation Plan Assets | 0 | [2] | 0 | ||
Long-term Debt, Fair Value | [3] | 1,722,459 | 1,143,978 | ||
Business Acquisition, Contingent Consideration, at Fair Value | 0 | [4] | 0 | ||
Fair Value, Inputs, Level 3 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Investments, Fair Value Disclosure | 0 | [2] | 0 | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | |||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | [1] | 0 | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | [1] | 0 | ||
Deferred Compensation Plan Assets | 0 | [2] | 0 | ||
Long-term Debt, Fair Value | [3] | 0 | 0 | ||
Business Acquisition, Contingent Consideration, at Fair Value | [4] | 19,642 | 15,988 | ||
Additions [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 3,486 | 9,907 | |||
Foreign Currency Gain (Loss) | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (23) | 131 | |||
Reductions and Payout | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (984) | ||||
Cost of Sales | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Gain (Loss) on Sale of Commodity Contracts | 771 | (660) | $ 434 | ||
Reported Value Measurement [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Investments, Fair Value Disclosure | 2,665 | 2,507 | |||
Cash and Cash Equivalents, Fair Value Disclosure | 220,531 | 319,581 | |||
Foreign Currency Contract, Asset, Fair Value Disclosure | [1] | 57 | 124 | ||
Equity Securities, FV-NI | [2] | 10,301 | 9,624 | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | [1] | 367 | 912 | ||
Deferred Compensation Plan Assets | [2] | 1,715 | 1,475 | ||
Long-term Debt, Fair Value | [3] | 1,650,540 | 1,150,521 | ||
Business Acquisition, Contingent Consideration, at Fair Value | [4] | $ 19,642 | $ 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 allowed 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. Beginning in fiscal 2019, changes in the fair value of these investments are recorded in the "Interest income and miscellaneous expense line" of the Consolidated Statement of Income | ||||
[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 prior 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. |
Business Acquisitions and Div_3
Business Acquisitions and Divestitures Business Acquisitions and Divestitures Narrative (Details) € in Thousands, $ in Thousands | Jan. 04, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2021EUR (€) | Mar. 31, 2020EUR (€) | Oct. 31, 2019EUR (€) | Mar. 31, 2017EUR (€) | ||
Business Acquisition [Line Items] | ||||||||||||||||||
Business Combination, Contingent Consideration, Liability | $ 19,642 | $ 15,988 | $ 19,642 | $ 15,988 | $ 5,950 | |||||||||||||
Revenues | 873,531 | $ 808,924 | $ 756,132 | $ 668,932 | 822,991 | $ 774,261 | $ 736,840 | $ 696,803 | 3,107,519 | 3,030,895 | [1] | 2,782,170 | [1] | |||||
Business Combination, Acquisition Related Costs | 35,634 | 8,225 | 8,901 | |||||||||||||||
Proceeds from Divestiture of Businesses | 518 | 439 | [2] | 2,478 | [2] | |||||||||||||
Gain (Loss) on Disposition of Business | 2,030 | 1,770 | [2] | (1,370) | [2] | |||||||||||||
Investment Owned, at Cost | $ 4,955 | |||||||||||||||||
Line of Credit Provided to Investee | 11,606 | 11,606 | ||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 909,192 | 109,814 | [2] | 13,313 | [2] | |||||||||||||
Deferred consideration | 1,194 | 893 | 1,194 | 893 | ||||||||||||||
Subsequent event- Forgiveness of Loan Receivable | 11,708 | 11,708 | ||||||||||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 180,005 | 180,005 | ||||||||||||||||
Series of Individually Immaterial Business Acquisitions [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Business Combination, Contingent Consideration, Liability | 9,830 | 9,830 | ||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 78,045 | 20,909 | 120,537 | $ 13,313 | ||||||||||||||
Key Surgical [Domain] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 853,203 | |||||||||||||||||
Equity Investments [Domain] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Non cash consideration paid in acquisition | 41,771 | |||||||||||||||||
Cantel [Domain] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Business Combination, Acquisition Related Costs | 18,072 | |||||||||||||||||
Dutch Linen Loan [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Other Loan Receivable | € | € 15,000 | |||||||||||||||||
Financing Receivable, after Allowance for Credit Loss | $ 8,568 | 8,072 | 8,568 | 8,072 | € 7,300 | € 7,300 | ||||||||||||
Other Receivables | € | € 7,300 | |||||||||||||||||
Equity Investee Loan [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Interest Rate First Four Years | 7 years | |||||||||||||||||
Financing Receivable, after Allowance for Credit Loss | $ 7,084 | 7,084 | ||||||||||||||||
Loan Rate 4% [Member] [Domain] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Interest rate on loan receivable | 4.00% | |||||||||||||||||
Years 5-6,8% Int Rate [Member] [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Interest rate on loan receivable | 8.00% | |||||||||||||||||
Years 1-4, 4% Int Rate [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Interest rate on loan receivable | 4.00% | 4.00% | ||||||||||||||||
Years 5-15, 12% Int Rate [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Interest rate on loan receivable | 12.00% | |||||||||||||||||
China HCS [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Gain (Loss) on Disposition of Business | 2,365 | |||||||||||||||||
AST Lab Divestiture [Domain] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Revenues | 6,000 | |||||||||||||||||
Proceeds from Divestiture of Businesses | 518 | |||||||||||||||||
Gain (Loss) on Disposition of Business | $ 2,024 | |||||||||||||||||
HCS China Divestiture [Domain] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Revenues | $ 5,000 | |||||||||||||||||
[1] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. | |||||||||||||||||
[2] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. |
Business Acquisitions and Div_4
Business Acquisitions and Divestitures Synergy Consideration (Details) - USD ($) $ in Thousands | Jan. 04, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | ||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 909,192 | $ 109,814 | [1] | $ 13,313 | [1] | |
Series of Individually Immaterial Business Acquisitions [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 78,045 | $ 20,909 | $ 120,537 | $ 13,313 | ||
[1] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. |
Business Acquisitions and Div_5
Business Acquisitions and Divestitures Synergy Acquisition (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 3,026,049 | $ 2,356,085 | [1] | $ 2,322,928 |
[1] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. |
Business Acquisitions and Div_6
Business Acquisitions and Divestitures Business Acquisition Summary (Details) - USD ($) $ in Thousands | Oct. 31, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2017 | ||
Business Acquisition [Line Items] | |||||||
Proceeds from Divestiture of Businesses | $ 518 | $ 439 | [1] | $ 2,478 | [1] | ||
Business Combination, Acquisition Related Costs | 35,634 | 8,225 | 8,901 | ||||
Gain (Loss) on Disposition of Business | (2,030) | (1,770) | [1] | 1,370 | [1] | ||
Operating Lease, Right-of-Use Asset | 150,142 | 131,837 | [2] | ||||
Goodwill | 3,026,049 | 2,356,085 | [2] | 2,322,928 | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 180,005 | ||||||
Dutch Linen Loan [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Interest Rate Period | 4 years | 15 years | |||||
Series of Individually Immaterial Business Acquisitions [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 9,159 | 8,811 | 0 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 9,621 | 10,331 | 750 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 22,123 | 8,999 | 51 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 26,363 | 9,241 | 2,004 | ||||
Operating Lease, Right-of-Use Asset | 4,420 | 4,462 | 0 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 3,378 | 1,133 | 479 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 28,188 | 36,500 | 4,070 | ||||
Goodwill | 42,808 | 74,531 | 6,614 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 146,060 | 154,008 | 13,968 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (28,245) | (20,659) | (146) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | (9,704) | (4,000) | (509) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (37,949) | (24,659) | (655) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 108,111 | $ 129,349 | $ 13,313 | ||||
Key Surgical | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 12,615 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 13,967 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 21,414 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 6,030 | ||||||
Operating Lease, Right-of-Use Asset | 4,907 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 6,680 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 356,999 | ||||||
Goodwill | 527,675 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 950,287 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (21,599) | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | (62,870) | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (84,469) | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 865,818 | ||||||
Finite-Lived Customer Relationships, Gross | $ 315,575 | ||||||
[1] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. | ||||||
[2] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. |
Reclassifications out of AOCI_3
Reclassifications out of AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (61,243) | $ (235,463) | [1] | $ (159,778) | $ 11,685 | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | (177,548) | 71,571 | 168,111 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (3,328) | (4,114) | (1,382) | |||
Total other comprehensive (loss) income attributable to shareholders | (174,220) | 75,685 | [2] | 169,493 | [2] | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||||
AOCI, Debt Securities, Available-for-sale, Adjustment, after Tax | 0 | 0 | 0 | 1,970 | ||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 0 | 0 | 0 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | |||
Total other comprehensive (loss) income attributable to shareholders | 0 | 0 | ||||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Total other comprehensive (loss) income attributable to shareholders | 0 | (1,970) | ||||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | (5,519) | (6,813) | (4,204) | (6,742) | ||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 4,622 | 1,505 | 3,920 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 3,328 | 4,114 | 1,382 | |||
Total other comprehensive (loss) income attributable to shareholders | 1,294 | (2,609) | 2,538 | |||
Accumulated Translation Adjustment [Member] | ||||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (55,724) | (228,650) | (155,574) | $ 16,457 | ||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 172,926 | (73,076) | (172,031) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | |||
Total other comprehensive (loss) income attributable to shareholders | $ 172,926 | $ (73,076) | $ (172,031) | |||
[1] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. | |||||
[2] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Incom (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Equity [Abstract] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (61,243) | $ (235,463) | [1] | $ (159,778) | $ 11,685 |
[1] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. |
Quarterly Results (Unaudited)_2
Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |||
Effect of Fourth Quarter Events [Line Items] | |||||||||||||
Revenues | $ 873,531 | $ 808,924 | $ 756,132 | $ 668,932 | $ 822,991 | $ 774,261 | $ 736,840 | $ 696,803 | $ 3,107,519 | $ 3,030,895 | [1] | $ 2,782,170 | [1] |
Cost of revenues: | |||||||||||||
Cost of Goods and Services Sold | 1,764,419 | 1,710,899 | [1] | 1,607,184 | [1] | ||||||||
Cost of Revenue | 493,713 | 463,063 | 426,095 | 381,548 | 459,905 | 442,908 | 418,173 | 389,913 | |||||
Gross Profit | $ 379,818 | $ 345,861 | $ 330,037 | $ 287,384 | $ 363,086 | $ 331,353 | $ 318,667 | $ 306,890 | 1,343,100 | 1,319,996 | [1] | 1,174,986 | [1] |
Gross Profit Percentage | 43.50% | 42.80% | 43.60% | 43.00% | 44.10% | 42.80% | 43.20% | 44.00% | |||||
Restructuring expenses | (3,029) | 3,143 | 40,708 | ||||||||||
Net Income (Loss) Attributable to Parent | $ 87,443 | $ 114,501 | $ 105,858 | $ 89,598 | $ 122,589 | $ 104,930 | $ 94,769 | $ 85,371 | $ 397,400 | $ 407,659 | [1] | $ 303,721 | [1] |
Earnings Per Share, Basic | $ 1.02 | $ 1.34 | $ 1.24 | $ 1.05 | $ 1.44 | $ 1.24 | $ 1.12 | $ 1.01 | $ 4.66 | $ 4.81 | [1] | $ 3.59 | [1] |
Earnings Per Share, Diluted | $ 1.02 | $ 1.33 | $ 1.23 | $ 1.05 | $ 1.43 | $ 1.23 | $ 1.11 | $ 1 | $ 4.63 | $ 4.76 | [1] | $ 3.55 | [1] |
Operating Expense [Member] | |||||||||||||
Cost of revenues: | |||||||||||||
Restructuring expenses | $ (3,024) | $ 20 | $ (76) | $ 166 | $ 6 | $ (448) | $ (274) | $ 1,389 | |||||
Service [Member] | |||||||||||||
Effect of Fourth Quarter Events [Line Items] | |||||||||||||
Revenues | 445,917 | 433,610 | 416,628 | 367,824 | 429,399 | 410,466 | 399,174 | 389,068 | $ 1,663,979 | $ 1,628,107 | [1] | $ 1,486,145 | [1] |
Cost of revenues: | |||||||||||||
Cost of Goods and Services Sold | 262,055 | 260,182 | 250,297 | 226,809 | 248,392 | 247,803 | 234,573 | 230,001 | 999,343 | 960,770 | [1] | 904,448 | [1] |
Product [Member] | |||||||||||||
Effect of Fourth Quarter Events [Line Items] | |||||||||||||
Revenues | 427,614 | 375,314 | 339,504 | 301,108 | 393,592 | 363,795 | 337,666 | 307,735 | 1,443,540 | 1,402,788 | [1] | 1,296,025 | [1] |
Cost of revenues: | |||||||||||||
Cost of Goods and Services Sold | $ 231,658 | $ 202,881 | $ 175,798 | $ 154,739 | $ 211,513 | $ 195,105 | $ 183,600 | $ 159,912 | $ 765,076 | $ 750,129 | [1] | $ 702,736 | [1] |
[1] | *Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in Note 1 to our Consolidated Financial Statements. |
Pending Acquisition of Cantel_2
Pending Acquisition of Cantel Medical Corp (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 11, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Jan. 12, 2021 |
Business Acquisition [Line Items] | |||||
Business Combination, Acquisition Related Costs | $ 35,634 | $ 8,225 | $ 8,901 | ||
Cantel [Domain] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Share Price | $ 200.46 | $ 84.66 | |||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 3,600,000 | ||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable, Enterprise Value | $ 4,600,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | $ 2,100,000 | ||||
Business Combination, Acquisition Related Costs | $ 18,072 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Beginning Balance | $ 13,891 | $ 13,478 | $ 13,596 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | 2,684 | 3,327 | 4,055 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Increase (Decrease) Adjustment | 277 | (1,927) | (1,653) |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | (2,709) | (987) | (2,520) |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance | 14,143 | 13,891 | 13,478 |
SEC Schedule, 12-09, Allowance, Loss on Finance Receivable | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Beginning Balance | 12,051 | 9,645 | 12,472 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | 3,097 | 6,760 | 356 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Increase (Decrease) Adjustment | 349 | (247) | (327) |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | (4,142) | (4,107) | (2,856) |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance | 11,355 | 12,051 | 9,645 |
SEC Schedule, 12-09, Reserve, Inventory | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Beginning Balance | 16,149 | 19,754 | 19,639 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | 4,423 | (4,105) | (673) |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Increase (Decrease) Adjustment | (794) | 500 | 788 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | 0 | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance | 19,778 | 16,149 | 19,754 |
SEC Schedule, 12-09, Reserve, Casualty Loss | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Beginning Balance | 23,228 | 19,742 | 20,949 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | 5,550 | 6,000 | 4,456 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Increase (Decrease) Adjustment | 2,542 | 3,007 | (1,158) |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | (8,037) | (5,521) | (4,505) |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance | $ 23,283 | $ 23,228 | $ 19,742 |