Cover
Cover - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | May 24, 2024 | Sep. 30, 2023 | |
Entity Information [Line Items] | |||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Central Index Key | 0001757898 | ||
Document Period End Date | Mar. 31, 2024 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2024 | ||
Document Fiscal Period Focus | FY | ||
Entity Interactive Data Current | Yes | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
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 | ||
Local Phone Number | 232 2000 | ||
City Area Code | 1 | ||
Country Region | 353 | ||
Entity Shell Company | false | ||
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 Filer Category | Large Accelerated Filer | ||
Entity Tax Identification Number | 98-1455064 | ||
Entity Public Float | $ 21,614,000,000 | ||
Entity Common Stock, Shares Outstanding | 98,900,010 | ||
Current Fiscal Year End Date | --03-31 | ||
Document Financial Statement Error Correction [Flag] | false | ||
Ordinary Shares | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Ordinary Shares, $0.001 par value | ||
Trading Symbol | STE | ||
Security Exchange Name | NYSE | ||
STE Two700 Senior Notes Due2031 Member | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 2.700% Senior Notes due 2031 | ||
Trading Symbol | STE/31 | ||
Security Exchange Name | NYSE | ||
Two700 Senior Notes Due2051 Member | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 3.750% Senior Notes due 2051 | ||
Trading Symbol | STE/51 | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Mar. 31, 2024 | |
Audit Information [Abstract] | |
Auditor Firm ID | 42 |
Auditor Name | Ernst & Young LLP |
Auditor Location | Cleveland, Ohio |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 207,020 | $ 208,357 |
Accounts receivable (net of allowances of $XX,XXX and $19,284, respectively) | 1,008,315 | 864,988 |
Inventories, net | 674,535 | 604,410 |
Prepaid expenses and other current assets | 174,349 | 176,107 |
Current | 804,904 | 157,580 |
Total current assets | 2,869,123 | 2,011,442 |
Property, plant, and equipment, net | 1,765,180 | 1,632,775 |
Operating Lease, Right-of-Use Asset | 173,201 | 166,553 |
Goodwill | 4,070,712 | 3,879,219 |
Intangible Assets, Net (Excluding Goodwill) | 2,119,282 | 2,076,699 |
Other assets | 66,199 | 77,892 |
Non-current | 0 | 977,259 |
Assets | 11,063,697 | 10,821,839 |
Current liabilities: | ||
Accounts payable | 251,723 | 264,165 |
Accrued Income Taxes, Current | 13,640 | 40,477 |
Accrued payroll and other related liabilities | 164,831 | 118,463 |
Capital Lease Obligations, Current | 31,239 | 30,065 |
Current | 64,012 | 50,642 |
Accrued expenses and other | 319,744 | 298,032 |
Short-term Debt | 85,938 | 60,000 |
Total current liabilities | 931,127 | 861,844 |
Long-term indebtedness | 3,120,162 | 3,018,655 |
Deferred income taxes, net | 479,688 | 617,538 |
Capital Lease Obligations, Noncurrent | 145,828 | 139,557 |
Other Liabilities, Noncurrent | 71,546 | 76,137 |
Non-current | 0 | 20,936 |
Total liabilities | 4,748,351 | 4,734,667 |
Commitments and contingencies (see note 10) | ||
Ordinary shares, with $0.001 par value; 500,000 shares authorized; xx,xxx and 98,629 ordinary shares issued and outstanding, respectively | 4,543,176 | 4,486,375 |
Retained earnings | 2,087,645 | 1,911,533 |
Accumulated other comprehensive income | (328,657) | (320,710) |
Total shareholders' equity | 6,302,164 | 6,077,198 |
Noncontrolling interest | 13,182 | 9,974 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 6,315,346 | 6,087,172 |
Total liabilities and equity | $ 11,063,697 | $ 10,821,839 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 22,984 | $ 19,284 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | |
Common Stock, Shares Authorized | 500,000 | |
Common shares issued | 98,883 | 98,629 |
Common shares outstanding | 98,883 | 98,629 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues: | |||
Total revenues | $ 5,138,701 | $ 4,536,266 | $ 4,223,403 |
Cost of revenues: | |||
Cost of revenues | 2,920,541 | 2,555,540 | 2,340,396 |
Gross Profit | 2,218,160 | 1,980,726 | 1,883,007 |
Operating expenses: | |||
Selling, general, and administrative | 1,252,318 | 1,090,663 | 1,318,481 |
Research and development | 103,679 | 98,477 | 86,663 |
Restructuring Costs | 26,045 | 485 | 48 |
Total operating expenses | 1,382,042 | 1,189,625 | 1,405,192 |
Income (loss) from operations | 836,118 | 791,101 | 477,815 |
Non-operating expenses, net: | |||
Interest expense | 144,351 | 107,956 | 89,490 |
Fair value adjustment related to convertible debt liability | 0 | 0 | 27,806 |
Interest income and miscellaneous expense | (11,043) | 2,879 | (6,284) |
Total non-operating expenses, net | 133,308 | 110,835 | 111,012 |
Income (loss) before income tax expense (benefit) | 702,810 | 680,266 | 366,803 |
Income tax expense (benefit) | 149,530 | 124,069 | 82,344 |
Income from continuing operations, net of income tax | 553,280 | 556,197 | 284,459 |
Loss from discontinued operations, net of income tax | (173,201) | (450,384) | (41,589) |
Net income | 380,079 | 105,813 | 242,870 |
Less: Net income (loss) attributable to noncontrolling interests | 1,840 | (1,217) | (1,018) |
Net income attributable to shareholders | $ 378,239 | $ 107,030 | $ 243,888 |
Net income (loss) per common share | |||
Income (Loss) from Continuing Operations, Per Basic Share | $ 5.58 | $ 5.59 | $ 2.93 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | (1.75) | (4.52) | (0.43) |
Earnings Per Share, Basic | 3.83 | 1.07 | 2.50 |
Income (Loss) from Continuing Operations, Per Diluted Share | 5.55 | 5.56 | 2.90 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | (1.74) | (4.49) | (0.42) |
Earnings Per Share, Diluted | 3.81 | 1.07 | 2.48 |
Cash dividends declared per common share outstanding | $ 2.03 | $ 1.84 | $ 1.69 |
Product [Member] | |||
Revenues: | |||
Total revenues | $ 2,763,954 | $ 2,363,754 | $ 2,194,620 |
Cost of revenues: | |||
Cost of revenues | 1,516,082 | 1,271,363 | 1,191,619 |
Service [Member] | |||
Revenues: | |||
Total revenues | 2,374,747 | 2,172,512 | 2,028,783 |
Cost of revenues: | |||
Cost of revenues | $ 1,404,459 | $ 1,284,177 | $ 1,148,777 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Income from continuing operations, net of income tax | $ 380,079 | $ 105,813 | $ 242,870 |
Less: Net income (loss) attributable to noncontrolling interests | 1,840 | (1,217) | (1,018) |
Net income attributable to shareholders | 378,239 | 107,030 | 243,888 |
Pension and postretirement benefit plan changes (net of taxes of $X, $521, and $507, respectively) | (736) | (1,264) | 6,795 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (7,211) | (109,638) | (155,360) |
Total other comprehensive loss attributable to shareholders | (7,947) | (110,902) | (148,565) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 370,292 | $ (3,872) | $ 95,323 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | $ (155) | $ 521 | $ 507 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | ||
Statement of Cash Flows [Abstract] | ||||
Income from continuing operations, net of income tax | $ 380,079 | $ 105,813 | $ 242,870 | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||
Depreciation, depletion, and amortization | 565,244 | 552,897 | 553,104 | |
Deferred income taxes | (131,412) | (185,913) | (106,620) | |
Share-based compensation | 56,535 | 38,951 | 57,660 | |
Loss on the disposal of property, plant, equipment, and intangibles, net | 24,997 | 22,193 | 15,117 | |
Loss on classification as held for sale | 206,444 | 0 | 0 | |
Loss (Gain) on Disposition of Business | [1] | 873 | (67) | (874) |
Gain (Loss) on Sale of Investments | (546) | 0 | 0 | |
Fair value adjustment related to convertible debt liability | 0 | 0 | 27,806 | |
Amortization of inventory fair value adjustments | 4,822 | 7,363 | 66,663 | |
Goodwill, Impairment Loss | 0 | 490,565 | 0 | |
Other items | 12,316 | (24,832) | (21,639) | |
Changes in operating assets and liabilities: | ||||
Accounts receivable, net | (128,069) | (133,304) | (51,969) | |
Inventories, net | (37,450) | (123,921) | (102,922) | |
Other current assets | (1,552) | (24,086) | 7,126 | |
Accounts payable | (18,962) | 53,342 | 14,887 | |
Accruals and other, net | 39,955 | (22,054) | (16,398) | |
Net cash provided by operating activities | 973,274 | 756,947 | 684,811 | |
Investing activities: | ||||
Purchases of property, plant, equipment, and intangibles, net | (360,326) | (361,969) | (287,563) | |
Proceeds from the sale of property, plant, equipment, and intangibles | 7,381 | 14,587 | 1,741 | |
Proceeds from Divestiture of Businesses | 9,458 | 6,624 | 169,712 | |
Proceeds from Sale of Other Investments | 3,882 | 0 | 0 | |
Payments to Acquire Investments | (1,500) | 0 | 0 | |
Investments in businesses, net of cash acquired | (546,256) | (42,572) | (550,449) | |
Net cash used in investing activities | (887,361) | (383,330) | (666,559) | |
Financing activities: | ||||
Proceeds from Issuance of Senior Long-term Debt | 0 | 0 | 1,350,000 | |
Proceeds from Issuance of Debt | 0 | 0 | 650,000 | |
Repayments of Secured Debt | (60,000) | (156,875) | (345,000) | |
Repayments of Convertible Debt | 0 | 0 | (371,361) | |
Proceeds Under Credit Facility, net | 181,486 | 241,657 | (190,174) | |
Amortization of Financing Costs | 0 | 0 | (17,472) | |
Payments of Merger Related Costs, Financing Activities | (6,242) | (1,471) | (32,679) | |
Repurchases of ordinary shares | (11,765) | (308,565) | (55,777) | |
Cash dividends paid to common shareholders | (200,570) | (183,498) | (163,169) | |
Payments to Noncontrolling Interests | (1,561) | (794) | (997) | |
Proceeds from Noncontrolling Interests | 2,994 | 0 | 3,672 | |
Proceeds from (Payments for) Other Financing Activities | 10,472 | 1,828 | 10,071 | |
Net cash (used in) provided by financing activities | (85,186) | (498,718) | 115,830 | |
Effect of exchange rate changes on cash and cash equivalents | (2,064) | (14,862) | (6,293) | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (1,337) | (139,963) | 127,789 | |
Cash and cash equivalents at beginning of period | 208,357 | 348,320 | 220,531 | |
Cash and cash equivalents at end of period | 207,020 | 208,357 | 348,320 | |
Payments for Repurchase of Private Placement | $ 0 | $ (91,000) | $ (721,284) | |
[1] For more information regarding our recent acquisitions and divestitures, refer to Note 3 titled, "Business Acquisitions and Divestitures." |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Ordinary Shares | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest |
Common shares outstanding | 85,353 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 3,891,468 | $ 2,002,825 | $ 1,939,408 | $ (61,243) | $ 10,478 |
Income from continuing operations, net of income tax | 242,870 | 243,888 | (1,018) | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | (148,565) | (148,565) | |||
Stock Repurchased and Retired During Period, Shares | (353) | ||||
Stock Repurchased and Retired During Period, Value | (55,777) | $ (34,894) | (20,883) | ||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 770 | ||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 67,499 | $ 67,499 | |||
Dividends, Common Stock, Cash | (163,169) | (163,169) | |||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (997) | (997) | |||
Noncontrolling Interest, Increase from Contributions to Noncontrolling Interest Holders | 3,672 | 3,672 | |||
Changes In Noncontrolling Interests, Other | 146 | 146 | |||
Noncontrolling Interest, Increase from Business Combination | 14,297 | ||||
Stock Issued During Period, Value, Acquisitions | 2,689,317 | $ 2,689,317 | |||
Consideration related to equity component of Cantel Convertible Debt | 175,555 | 175,555 | |||
Consideration Related to Cantel Equity Compensation Programs | 18,173 | 18,173 | |||
Reclassification to Cantel convertible debt, premium liability | (175,555) | $ (175,555) | |||
Common shares outstanding | 100,067 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 6,544,637 | $ 4,742,920 | 1,999,244 | (209,808) | 12,281 |
Income from continuing operations, net of income tax | 105,813 | 107,030 | (1,217) | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | (110,902) | (110,902) | |||
Stock Repurchased and Retired During Period, Shares | (1,642) | ||||
Stock Repurchased and Retired During Period, Value | (308,565) | $ (297,322) | (11,243) | ||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 204 | ||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 40,777 | $ 40,777 | |||
Dividends, Common Stock, Cash | (183,498) | (183,498) | |||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (794) | (794) | |||
Changes In Noncontrolling Interests, Other | $ (296) | (296) | |||
Common shares outstanding | 98,629 | 98,629 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 6,087,172 | $ 4,486,375 | 1,911,533 | (320,710) | 9,974 |
Income from continuing operations, net of income tax | 380,079 | 378,239 | 1,840 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | (7,947) | (7,947) | |||
Stock Repurchased and Retired During Period, Shares | (77) | ||||
Stock Repurchased and Retired During Period, Value | (11,765) | $ (10,208) | (1,557) | ||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 331 | ||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 67,009 | $ 67,009 | |||
Dividends, Common Stock, Cash | (200,570) | (200,570) | |||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (1,562) | (1,562) | |||
Noncontrolling Interest, Increase from Contributions to Noncontrolling Interest Holders | 2,994 | 2,994 | |||
Changes In Noncontrolling Interests, Other | $ (64) | (64) | |||
Common shares outstanding | 98,883 | 98,883 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 6,315,346 | $ 4,543,176 | $ 2,087,645 | $ (328,657) | $ 13,182 |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | |||
Ordinary Shares, Dividends, Per Share, Cash Paid | $ 2.03 | $ 1.84 | $ 1.69 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Nature of Operations | 1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations. STERIS is a leading global provider of products and services that support patient care with an emphasis on infection prevention. 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 products and services. These include: consumable products, such as detergents, endoscopy accessories, barrier products, instruments and tools; and services, including equipment installation and maintenance, microbial reduction of medical devices, instrument and scope repair, laboratory testing, outsourced reprocessing; and capital equipment, such as sterilizers, surgical tables, and automated endoscope reprocessors, and connectivity solutions such as operating room (“OR”) integrati on. We operate and report our financial information in three reportable business segments: Healthcare, Applied Sterilization Technologies ("AST"), and Life Sciences. Previously, we had four reportable business segments, however, as a result of the agreement to divest our Dental segment, Dental is presented as discontinued operations. Historical information has been retrospectively adjusted to reflect these changes for comparability purposes, as required. We describe our business segments in Note 13 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 intercompany 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. Discontinued Operations. On April 11, 2024, the Company announced its plan to sell substantially all of the net assets of its Dental segment for total cash consideration of $787,500, subject to customary adjustments, and up to an additional $12.5 million in contingent payment should the Dental business achieve certain revenue targets in fiscal 2025. The transaction is structured as an equity sale. A component of an entity is reported in discontinued operations after meeting the criteria for held for sale classification if the disposition represents a strategic shift that has (or will have) a major effect on the entity's operations and financial results. We analyzed the quantitative and qualitative factors relevant to the divestiture of our Dental segment and determined that those conditions for discontinued operations presentation had been met prior to March 31, 2024. The Dental segment results of operations have been reclassified to income (loss) from discontinued operations in the Consolidated Statements of Income, and we have classified the Dental segment's assets and liabilities as held for sale for all periods presented in the accompanying Consolidated Balance Sheets. The transaction is anticipated to close in the first quarter of fiscal 2025. Therefore, the held for sale assets and liabilities are classified as current as of March 31, 2024. Our Consolidated Statements of Cash Flows include the financial results of the Dental segment for all periods presented. For additional information regarding this transaction and its effect on our financial reporting, refer to Note 4 titled, "Discontinued Operations" and Note 13 titled, "Business Segment Information." Use of Estimates. We make certain estimates and assumptions when preparing financial statements according to accounting principles generally accepted in the United States ("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, money market deposit accounts, bank savings accounts, 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, 2024 2023 2022 Cash paid during the year for: Interest $ 142,167 $ 108,470 $ 84,696 Income taxes 271,274 254,661 138,382 Cash received during the year for income tax refunds 19,175 2,315 4,605 Revenue Recognition and Associated Liabilities. 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, 2024, assets related to costs to fulfill a contract were not material to our consolidated financial statements. Refer to Note 13 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 products 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 include 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 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 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 AST segment, service revenues include contract sterilization and laboratory services. Sales contracts for contract sterilization and laboratory services are primarily based on a Customer’s purchase order and associated Customer agreement, and revenues are generally recognized upon completion of the service. Contract Liabilities Payments received from Customers are based on invoices or billing schedules as established in contracts with Customers. Deferred revenue is recorded when payment is received in advance of performance under the contract. Deferred revenue is recognized as revenue upon completion of the performance obligation, which generally occurs within one year. During fiscal 2024, we recognized revenue of $66,690 that was included in our contract liability balance at the beginning of the period. During fiscal 2023, we recognized revenue of $72,914 that was included in our contract liability balance at the beginning of the period. Refer to Note 9 titled, "Additional Consolidated Balance Sheet Information" for deferred revenue balances. Service Liabilities Payments received in advance of performance for cancellable preventive maintenance and separately priced extended warranty contracts are recorded as service liabilities. Service liabilities are recognized as revenue as performance is rendered under the contract. Refer to Note 9 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 orders for capital equipment and consumables where control of the products has not passed to the customer. With regard to service, these remaining performance obligations primarily include installation, certification, and outsourced reprocessing services. As of March 31, 2024, the transaction price allocated to remaining performance obligations was approximately $1,419,646 . We expect to recognize approximately 56% of the transaction price within one year and approximately 33% 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 may obtain and perfect a 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 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 $7,094 and $6,366 for the years ended March 31, 2024 and 2023, respectively. Total interest expense for the years ended March 31, 2024, 2023, and 2022 was $144,351, $107,956, and $89,490, respectively. Identifiable Intangible Assets. Our identifiable intangible assets include product technology rights, trademarks, licenses, non-compete agreements, 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 assets 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. Changes in the fair value of these investments are recorded in the Interest and miscellaneous (income) expense line of the Consolidated Statements 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 7 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 marketplace 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 known 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. Liability amounts are recorded in the "Accrued expenses and other" and "Other liabilities" line of our Consolidated Balance Sheets. 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 11 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 19 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 Statements of Income, except for certain intercompany 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 intercompany 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 Cost 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 expenses. We incurred $25,474, $21,668, and $15,599 of advertising costs during the years ended March 31, 2024, 2023, and 2022, 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 Cost 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 10 titled, “Income Taxes.” Share-Based Compensation. We describe share-based compensation in Note 16 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 revenues, 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 Statements of Income over the period during which an employee is required to provide service in exchange for the award. Restructuring. We recognize restructuring expenses associated with actions designed to enhance profitability and improve efficiency of our operations. Severance and other compensation related costs include severance, medical benefits, and other termination benefits. For ongoing benefit arrangements, a liability is recognized when it is probable that employees will be entitled to benefits and the amount can be reasonably estimated. For one-time benefit arrangements, a liability is incurred and must be accrued at the date the plan is communicated to employees, unless they will be retained beyond a minimum retention period. In this case, the liability is calculated at the date the plan is communicated to employees and is accrued ratably over the future service period. Asset impairment expenses primarily relate to adjustments in the carrying value of facilities and machinery and equipment associated with restructuring actions to their estimated fair value. In addition, the remaining useful lives of other property, plant, and equipment associated with the restructuring actions are re-evaluated, which may result in the acceleration of depreciation and amortization of certain assets. Other restructuring expenses are expensed as incurred. Product rationalization charges relate to inventory write-downs and are recognized in Cost of revenues in the Consolidated Statements of Income . For additional information regarding our recent restructurings, refer to Note 2 titled, "Restructuring." 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 2024 ASU 2022-04 "Liabilities - Supplier Finance Programs (Subtopic 405-50) Disclosure of Supplier Finance Program Obligations." September 2022 The standard provides guidance to enhance the transparency of disclosures for entities that utilize supplier finance programs to include information about the key terms of the programs and present a rollforward of any obligations under the program where those obligations are presented in the balance sheet. Fiscal 2024 We adopted this standard in fiscal 2024 with no material impact to our consolidated financial statements. Standards that have not yet been adopted. ASU 2023-07 "Segment Reporting (Topic 280) November 2023 The standard provides guidance to enhance disclosures related to reportable segment expenses, including requirements to disclose significant segment expenses that are regularly provided to the Chief Operating Decision Maker ("CODM"), the title and position of the CODM and a description of how the CODM uses the information to make decisions regarding the allocation of resources. The standard also requires disclosure of certain segment information currently required annually to be reported on an interim basis. The amendments in this standard are effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. NA We are currently assessing the impact of this standard update on our disclosures in the notes to the consolidated financial statements. ASU 2023-09 "Income Taxes (Topic 740) Improvements to Income Tax Disclosures." December 2023 The standard provides guidance to enhance disclosures related to income taxes paid (net of refunds), requiring disaggregation by federal, state, and foreign, and disclosure of income taxes paid (net of refunds received) by individual |
Restructuring and Related Activ
Restructuring and Related Activities | 12 Months Ended |
Mar. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | 2. RESTRUCTURING We adopted and announced a targeted restructuring plan (the "Restructuring Plan"). This plan includes a strategic shift in our approach to the Healthcare surgical business in Europe, as well as other actions including the impairment of an internally developed X-ray accelerator, product rationalizations and facility consolidations. Less than 300 positions are being eliminated. These restructuring actions are designed to enhance profitability and improve efficiency, and we expect to be substantially complete with the actions by the end of fiscal 2025. We have incurred pre-tax expenses totaling $44,390 related to these restructurings in fiscal 2024, of which $26,070 was recorded as restructuring expenses and $18,320 was recorded in Cost of revenues. A total of $18,995 and $25,355 was related to the Healthcare and AST segments, respectively, while a total of $40 was related to Corporate. We expect to incur additional restructuring expenses related to this plan of approximately $55,300, which includes approximately $51,300 related to Healthcare, $3,000 related to AST, $800 related to Life Sciences, and $200 related to Corporate. The expected additional restructuring charges of $55,300 is comprised of approximately $36,200 related to severance and other compensation related costs, $15,300 related to lease and other contract termination and other costs, and $3,800 related to accelerated depreciation and amortization. The following table summarizes our total pre-tax restructuring expenses recorded in fiscal 2024 related to the Restructuring Plan: Year Ended March 31, 2024 Restructuring Plan Asset impairment $ 25,392 Product rationalization (1) 18,320 Severance and other compensation related costs 678 Total Restructuring Expense $ 44,390 (1) Recorded in Cost of revenues on the Consolidated Statements of Income. |
Business Acquisitions and Dives
Business Acquisitions and Divestitures Business Acquisitions and Divestitures (Notes) | 12 Months Ended |
Mar. 31, 2024 | |
Business Combinations and Divestitures [Abstract] | |
Business Combination Disclosure [Text Block] | 3. BUSINESS ACQUISITIONS AND DIVESTITURES Fiscal 2024 Acquisitions On August 2, 2023 we purchased the surgical instrumentation, laparoscopic instrumentation and sterilization container assets from Becton, Dickinson and Company (BD) (NYSE: BDX). The acquired assets from BD are being integrated into our Healthcare segment. The acquisition is being accounted for as a business combination in accordance with ASC 805. The purchase price of the acquisition was $539,758. The acquisition also qualified for a tax benefit related to tax deductible goodwill, with a present value of approximately $60,000. The purchase price of the acquisition was financed with borrowings from our existing credit facility. For more information, refer to Note 8 titled, " Debt." The table below summarizes the allocation of the purchase price to the net assets acquired from BD based on fair values at the acquisition date. September 30, 2023 (As Previously Reported) Adjustments March 31, 2024 Inventory 27,006 4,821 $ 31,827 Property, plant, and equipment 6,755 1,109 7,864 Lease right-of-use assets, net — 1,737 1,737 Intangible assets (1) 303,598 (598) 303,000 Goodwill 202,399 (5,332) 197,067 Total assets acquired 539,758 1,737 541,495 Lease obligations — 1,737 1,737 Total liabilities assumed — 1,737 1,737 Net assets acquired $ 539,758 $ — $ 539,758 (1) Includes estimated fair values of $238,000 for Customer relationships (13 years estimated useful life), $50,000 for Patents and technology (13 years estimated useful life), and $15,000 for Trademarks and tradenames (15 years estimated useful life) as of March 31, 2024. In addition to the acquisition of BD, we completed two other tuck-in acquisitions during fiscal 2024, which expanded our product and service offerings in the AST and Healthcare segments. Total aggregate consideration was approximately $6,498, net of cash acquired. Purchase price allocations are based on the latest draft valuations and remain preliminary. As we finalize the fair value of assets acquired and liabilities assumed, additional purchase price adjustments and associated deferred taxes may be recorded during the remaining measurement period, not to exceed one year from closing. Fiscal 2023 Acquisitions During fiscal 2023, we completed several tuck-in acquisitions which continued to expand our product and service offerings in the AST and Healthcare segments. Total aggregate consideration was approximately $49,842, including contingent consideration of $7,269. Fiscal 2022 Acquisition of Cantel Medical LLC On June 2, 2021, we acquired all outstanding equity interests in Cantel Medical LLC ("Cantel") through a U.S. subsidiary. Cantel, formerly headquartered in Little Falls, New Jersey, with approximately 3,700 employees, is a global provider of infection prevention products and services primarily to endoscopy and dental Customers. We believe that the acquisition has strengthened STERIS’s leadership in infection prevention by bringing together two complementary businesse s able to offer a broader set of Customers a more diversified selection of infection prevention, endoscopy and sterilization products and services. Additionally, the integration has resulted in cost savings from optimizing global back-office infrastructure, leveraging best-demonstrated practices across locations and eliminating redundant public company costs. Cantel’s Dental business extended our business into a new Customer segment. This business was reported as the Dental segment, but has since been reclassified as held for sale and is presented as a discontinued operation. The rest of Cantel was integrated into our existing Healthcare and Life Sciences segments. Total Purchase Consideration The total consideration for Cantel Common Stock and stock equivalents was $3,599,471. The consideration was comprised of the following: (shares in thousands) Cash consideration $16.93 per Cantel share (42,816 shares) $ 716,412 Cash consideration for fractional shares 14 STERIS plc ordinary shares 14,297 shares at ($188.07 per share) 2,689,317 Consideration related to Cantel equity compensation programs 18,173 Consideration related to equity component of Cantel convertible debt 175,555 Total purchase consideration $ 3,599,471 In addition, STERIS assumed and repaid $721,284 of existing Cantel debt obligations and assumed Cantel's obligations associated with convertible senior notes issued on May 15, 2020, which is described in Note 8 titled, " Debt ." We funded the cash portion of the transaction consideration and repayment of a significant amount of Cantel’s existing debt obligations with a portion of the proceeds from new debt, which is described in Note 8 titled, " Debt. " Additional information regarding the Cantel acquisition is included in our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2023, which was filed with the SEC on May 26, 2023. Other Fiscal 2022 Acquisitions In addition to the acquisition of Cantel, we completed three other tuck-in acquisitions during fiscal 2022, which continued to expand our product and service offerings in the Healthcare segment. Total aggregate consideration for these transactions was approximately $3,146, net of cash acquired and including deferred consideration of $50. 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 2024 and 2023 acquisitions. Fiscal Year 2024 (1) Fiscal Year 2023 (2) (dollars in thousands) Other Acquisitions (Excluding BD) All Acquisitions Cash $ 417 $ — Accounts receivable 1,497 2,405 Inventory 654 12,342 Property, plant, and equipment — 2,131 Lease right-of-use assets, net — 667 Other assets 5 177 Intangible assets 2,602 30,185 Goodwill 2,369 4,863 Total assets 7,544 52,770 Current liabilities (629) (2,170) Non-current liabilities — (473) Total liabilities (629) (2,643) Net assets $ 6,915 $ 50,127 ( 1) Purchase price allocation is preliminary as of March 31, 2024, as valuations have not been finalized. (2) The purchase price allocation for fiscal 2023 acquisitions include certain measurement period adjustments recorded during fiscal 2024, increasing net assets acquired by $200 . 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 2024, 2023 and fiscal 2022 acqu isitions wa s $195,667, $4,863 and $427,035, respectively. Acquisition related transaction and integration costs totaled $25,526, $23,486 , and $201,905 for the fiscal years ended March 31, 2024 , 2023, and 2022, respectively. Fiscal 2024 acquisition and integration expenses were primarily related to the acquisition of assets from BD while fiscal 2023 and 2022 acquisition and integration expenses were primarily related to the acquisition of Cantel. These costs are included in Selling, general, and administrative expenses in the Consolidated Statements of Income. Divestitures Fiscal 2024 On April 11, 2024, the Company announced its plan to sell its Dental segment for total cash consideration of $787,500, subject to customary adjustments. The transaction is structured as an equity sale. The sale is expected to close in the first quarter of fiscal 2025. The disposal of the Dental segment met the criteria to be presented as a discontinued operation during the fourth quarter of fiscal 2024. For more information refer to Note 4 titled "Discontinued Operations." On April 1, 2024, we completed the sale of the Controlled Environment Certification Services business. In fiscal 2025, we recorded net proceeds of $41,546. The business generated approximately $35,000 in revenues during fiscal 2024. Fiscal 2023 In April 2022, we entered into an Asset Purchase Agreement to sell certain assets of our Animal Health business to Veterinary Orthopedic Implants, LLC. We recorded net proceeds of $5,228 and recognized a pre-tax loss on the sale of $4,852 in the Selling, general, and administrative expenses line of the Consolidated Statements of Income. The business generated annual revenues of approximately $12,000. Fiscal 2022 In December 2021, we entered into an Asset Purchase Agreement to sell our Renal Care business to Evoqua Water Technologies Corp., for cash consideration of approximately $196,000, subject to certain potential adjustments, including a customary working capital adjustment and contingent consideration of $12,300. We recognized a pre-tax gain on the sale of $4,919. The transaction closed on January 3, 2022. We acquired the Renal Care business as part of the Cantel transaction, which closed on June 2, 2021, and had been integrated into STERIS's Healthcare segment. The Renal Care business generated annual revenues of approximately $180,000. The proceeds from the sale received at closing were used to repay outstanding debt. During the third quarter of fiscal 2023, we received an additional $1,396 in working capital settlements related to the sale of this business. During the second quarter of fiscal 2024, we received an additional $9,458 out of escrow. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Mar. 31, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 4. DISCONTINUED OPERATIONS The Company concluded that our Dental segment met the criteria to be classified as held for sale. On April 11, 2024, the Company announced its plan to sell its Dental segment for total cash consideration of $787,500, subject to customary adjustments, and up to an additional $12,500 in contingent payment should the Dental business achieve certain revenue targets in fiscal 2025. The transaction is structured as an equity sale. A component of an entity is reported in discontinued operations after meeting the criteria for held for sale classification if the disposition represents a strategic shift that has (or will have) a major effect on the entity's operations and financial results. We analyzed the quantitative and qualitative factors relevant to the divestiture of our Dental segment and determined that those conditions for discontinued operations presentation had been met prior to March 31, 2024 . The Dental segment results of operations have been reclassified to income (loss) from discontinued operations in the Consolidated Statements of Income (Loss), and we have classified our Dental segment assets and liabilities as held for sale for all periods presented in the accompanying Consolidated Balance Sheets. Our Consolidated Statements of Cash Flows include the financial results of the Dental segment for all periods presented. Proceeds received from the sale will be used to pay off existing debt. The following tables summarize the major classes of assets and liabilities of the Dental segment that were classified as held for sale in the Consolidated Balance Sheets as of March 31, 2024 and 2023: 2024 2023 Assets Assets held for sale: Accounts receivable, net 48,590 63,327 Inventories, net 89,345 91,083 Property, plant, and equipment, net 73,395 72,737 Lease right-of-use assets, net 22,822 25,188 Intangibles, net 770,731 879,081 Prepaid expenses and other assets 2,953 3,423 Loss accrued on classification as held for sale (202,932) — Total assets held for sale $ 804,904 $ 1,134,839 Liabilities Liabilities held for sale: Accounts payable $ 10,580 $ 15,455 Accrued income taxes 433 3,327 Accrued payroll and other related liabilities 13,683 7,179 Lease obligations 23,722 25,832 Accrued expenses and other 15,594 19,785 Total liabilities held for sale $ 64,012 $ 71,578 2024 2023 Assets held for sale: Current $ 804,904 $ 157,580 Non-current — 977,259 Liabilities held for sale: Current $ 64,012 $ 50,642 Non-current — 20,936 As of March 31, 2024, the Dental segment met the held for sale criteria, and the sale is expected to be completed in the first quarter of fiscal 2025. As a result, all assets and liabilities during the period are reported as current. The following table summarizes the major line items constituting income (loss) of discontinued operations associated with the Dental segment for the years ended March 31, 2024, 2023, and 2022: Years Ended March 31, 2024 2023 2022 Revenues: Product $ 407,027 $ 421,573 $ 361,661 Cost of revenues: Product 226,934 242,607 228,306 Gross profit: 180,093 178,966 133,355 Operating expenses: Selling, general, and administrative 199,511 208,213 184,271 Goodwill impairment loss — 490,565 — Research and development 2,960 3,104 1,281 Loss from operations (22,378) (522,916) (52,197) Non-operating expenses, net (10) 2 103 Pre-tax loss on classification as held for sale (1) (206,444) — — Loss before income tax expense (228,812) (522,918) (52,300) Income tax benefit (55,611) (72,534) (10,711) Loss from discontinued operations, net of income tax $ (173,201) $ (450,384) $ (41,589) (1) Amount includes additional transaction costs and the estimated accrued loss totaling $202,932 included in held for sale as of March 31, 2024 In connection with the preparation of our second quarter consolidated financial statements in fiscal 2023, we considered the risk of impairment due to deteriorating macroeconomic conditions including rising interest rates and inflationary pressures on material and labor costs, as well as uncertainty regarding the impact such economic strains will have on patient and Customer behavior in the short-term. Our conclusion, based on the qualitative assessment of these factors, was that it was more likely than not that the goodwill allocated to the Dental segment as of September 30, 2022 was impaired. Our quantitative analysis to measure the extent of goodwill impairment compared the estimated fair value to the carrying value of the Dental segment. The fair value is estimated as the present value of future cash flows. Future cash flow projections are consistent with those used in our forecasting and strategic planning processes. The determination of the discount rate requires judgement and assumptions to be developed about the weighted average cost of capital that market participants would employ in evaluating the current fair value of the business. The macroeconomic factors that triggered the interim review are also the drivers of the increase in the weighted average cost of capital assumption. We concluded that the estimated fair value of the Dental segment was below the carrying value and recognized a non-cash goodwill impairment charge of $490,565. The effective income tax rates for the years ended March 31, 2024, 2023, and 2022 were 24.3%, 13.9%, and 20.5%, respectively. In fiscal 2023, the impairment of goodwill impacted the operations in the United States and other locations by $441,643 and $48,922, respectively. Approximately $207,367 of this impairment was non-deductible. Significant non-cash operating items and capital expenditures related to discontinued operations are reflected in the statement of cash flows as follows: 2024 2023 2022 Operating activities of discontinued operations: Depreciation, depletion, and amortization (1) $ 115,177 $ 130,367 $ 120,957 Goodwill impairment loss — 490,565 — Investing activities of discontinued operations: Purchases of property, plant, equipment, and intangibles, net $ (9,150) $ (9,470) $ (4,726) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 5. GOODWILL AND INTANGIBLE ASSETS Changes to the carrying amount of goodwill for the years ended March 31, 2024 and 2023 were as follows: Healthcare AST Segment Life Sciences Total Balance at March 31, 2022 2,326,830 1,432,858 179,288 3,938,976 Goodwill acquired 6,221 803 — 7,024 Measurement period adjustments to acquired goodwill (21,624) — 3,147 (18,477) Divestiture (2,358) — — (2,358) Foreign currency translation adjustments and other (7,796) (37,527) (623) (45,946) Balance at March 31, 2023 $ 2,301,273 $ 1,396,134 $ 181,812 $ 3,879,219 Goodwill acquired 199,452 634 — 200,086 Measurement period adjustments to acquired goodwill (2,573) — — (2,573) Foreign currency translation adjustments and other 2,758 (9,139) 361 (6,020) Balance at March 31, 2024 $ 2,500,910 $ 1,387,629 $ 182,173 $ 4,070,712 See Note 3 titled, "Business Acquisitions and Divestitures," for additional information regarding our recent business acquisitions and divestitures. We evaluate the recoverability of recorded goodwill and indefinite-lived intangible assets annually during the third fiscal quarter, or when indicators of potential impairment exist. Our goodwill is assessed at the reporting unit level which is equivalent to the Company's reportable operating segments. During our annual reviews for fiscal 2024, 2023, and 2022, there were no indicators that impairment of goodwill or indefinite-lived intangible assets was more likely than not. Identifiable intangible assets are also reviewed for impairment when events 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 conduct this review on an ongoing basis, and, if impairment exists, we record the loss in the Consolidated Statements of Income during that period. When we evaluate these assets for impairment, we make certain judgments and estimates, including interpreting current economic indicators and market valuations, evaluating our strategic plans with regards to operations, historical and anticipated performance of operations, and other factors. It is possible that unfavorable developments related to these factors in the near term could result in an impairment loss relative to intangible assets. Such an impairment loss may be material to our results of operations in the period recorded. Information regarding our intangible assets is as follows: 2024 2023 March 31, Gross Accumulated Gross Accumulated Customer relationships $ 2,552,913 $ 863,662 $ 2,313,441 $ 658,569 Non-compete agreements 15,511 15,234 15,486 14,202 Patents and technology 516,457 278,492 461,539 237,939 Trademarks and tradenames 251,098 90,362 235,554 72,405 Supplier relationships 54,800 23,747 54,800 21,006 Total $ 3,390,779 $ 1,271,497 $ 3,080,820 $ 1,004,121 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, 2024 and March 31, 2023 was $14,250. 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 years 2024, 2023 or 2022. Total amortization expense for intangible assets was $268,319, $259,676, and $264,607 for the years ended March 31, 2024, 2023, and 2022, 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: 2025 2026 2027 2028 2029 Estimated amortization expense $ 270,365 $ 261,498 $ 255,383 $ 250,617 $ 248,061 The estimated annual amortization expense presented in the preceding table has been calculated based upon March 31, 2024 currency exchange rates. |
Inventories, Net
Inventories, Net | 12 Months Ended |
Mar. 31, 2024 | |
Notes To Financial Statements [Abstract] | |
Inventories, Net | 6. INVENTORIES, NET Components of our inventories are presented in the following table. March 31, 2024 2023 Raw materials $ 245,942 $ 220,431 Work in process 98,304 93,971 Finished goods 374,182 325,609 Reserve for excess and obsolete inventory (43,893) (35,601) Inventories, net $ 674,535 $ 604,410 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Mar. 31, 2024 | |
Notes To Financial Statements [Abstract] | |
Property, Plant and Equipment | 7. PROPERTY, PLANT, AND EQUIPMENT Information related to the major categories of our depreciable assets is as follows: March 31, 2024 2023 Land and land improvements (1) $ 90,134 $ 77,757 Buildings and leasehold improvements 724,492 658,108 Machinery and equipment 1,075,082 959,952 Information systems 256,671 240,933 Radioisotope 692,642 637,920 Construction in progress (1) 500,106 472,206 Total property, plant, and equipment 3,339,127 3,046,876 Less: accumulated depreciation and depletion (1,573,947) (1,414,101) Property, plant, and equipment, net $ 1,765,180 $ 1,632,775 (1) Land is not depreciated. Construction in progress is not depreciated until placed in service. Depreciation and depletion expense were $181,722, $165,019 and $176,298, for the years ended March 31, 2024, 2023, and 2022, 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, 2022 $ 13,543 Liabilities incurred during the period 86 Liabilities settled during the period (625) Accretion expense and change in estimate 104 Foreign currency and other 23 Balance at March 31, 2023 $ 13,131 Liabilities incurred during the period 253 Liabilities settled during the period (144) Accretion expense and change in estimate 311 Foreign currency and other 107 Balance at March 31, 2024 $ 13,658 |
Debt
Debt | 12 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt | 8. DEBT Indebtedness as of March 31, 2024 and 2023 was as follows: March 31, March 31, Short-term debt Term loan, current portion $ 41,250 $ 27,500 Delayed draw term loan, current portion 44,688 32,500 Total short-term debt $ 85,938 $ 60,000 Long-term debt Private Placement Senior Notes $ 751,433 $ 750,302 Revolving Credit Facility 484,529 301,672 Deferred financing costs (17,988) (21,444) Term loan 3,750 45,000 Delayed draw term loan 548,438 593,125 Senior Public Notes 1,350,000 1,350,000 Total long-term debt $ 3,120,162 $ 3,018,655 Total debt $ 3,206,100 $ 3,078,655 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, the applicable Relevant Rate, or the applicable Adjusted Daily Simple RFR, 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. Interest on Base Rate Advances is payable quarterly in arrears, interest on Term Benchmark Advances is payable at the end of the relevant interest period therefor, but in no event less frequently than every three months, and interest on RFR Advances is payable monthly after the date of borrowing. Swingline borrowings bear interest at a rate to be agreed upon 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. In connection with the cessation of British Pound Sterling LIBOR and Swiss Franc LIBOR as of December 31, 2021, JPMorgan Chase Bank, N.A. as administrative agent, pursuant to authority contained in the Revolver, amended the Revolver on January 1, 2022 to make Benchmark Replacement Conforming Changes (as defined in the Revolver). The amendment concerns technical, administrative or operational changes related to borrowings in British Pounds Sterling and Swiss Francs. As of March 31, 2024 a total of $484,529 of Credit Agreement and Swing Line Facility borrowings were outstanding under the Credit Agreement, based on currency exchange rates as of March 31, 2024. 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 Adjusted Term SOFR 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 STERIS, as defined in the Term Loan Agreement. Interest on Base Rate Advances is payable quarterly in arrears and interest on Term Benchmark Advances is payable in arrears 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”) providing for a delayed draw term loan facility of up to $750,000 (the “Delayed Draw Term Loan”) in connection with STERIS’s acquisition of Cantel. During the first quarter of fiscal 2022, we borrowed $650,000 under our Delayed Draw Term Loan Agreement. The Delayed Draw Term Loan was funded by the lenders upon consummation of the Cantel acquisition (the “Acquisition Closing Date”). The proceeds of the Delayed Draw Term Loan were 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 Adjusted Term SOFR 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 Base Rate Advances is payable quarterly in arrears and interest on Term Benchmark Advances is payable in arrears at the end of the relevant interest period therefor, but in no event less frequently than every three months. On May 3, 2023, in connection with the upcoming replacement of U.S. dollar LIBOR with SOFR, the Borrower, Guarantors, Lenders, and JPMorgan Chase Bank, N.A., each as defined in each of the agreements, amended the Revolving Credit Agreement, the Term Loan Agreement, and the Delayed Draw Term Loan Agreement. The amendments concern pricing, technical, administrative, and operational changes related to borrowings in U.S. dollars. The above descriptions reflect those amendments. Senior Public Notes 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, and STERIS plc, STERIS Corporation and STERIS 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. Cantel's Convertible Debt On May 15, 2020, Cantel issued $168,000 aggregate principal amount of 3.25% convertible senior notes due 2025 (the “Notes”) in a private placement. The initial conversion price was $41.51 per share of Cantel common stock (based on an initial conversion rate of 24.0912 shares of Cantel common stock per one thousand dollars in principal amount of Notes) and was, along with the conversion rate, subject to adjustment if certain events occurred. Because each of the consummation of STERIS's acquisition of Cantel and the delisting of Cantel common stock from the New York Stock Exchange (the "NYSE") constituted a “Make-Whole Fundamental Change” under the indenture governing the notes (as supplemented, the "Cantel Indenture"), any Notes surrendered for conversion from and including June 2, 2021 until July 2, 2021 (the “Make-Whole Conversion Period”) were subject to conversion at the conversion rate of 25.0843 units of Reference Property (as defined in the Cantel Indenture) (the “Make-Whole Conversion Rate”), which corresponded to 8.4752 STERIS ordinary shares and approximately $424.68 in cash per one thousand dollars in principal amount of Cantel Notes. The Make-Whole Conversion Rate was based on an increase in the Conversion Rate by 0.9931 Additional Shares based on a Make-Whole Effective Date of June 2, 2021 and a Stock Price (each as defined in the Cantel Indenture) of $81.3520. Cantel settled all conversions of Notes in connection with the Make-Whole Fundamental Changes that constituted STERIS's acquisition of Cantel and the delisting of Cantel common stock from the NYSE pursuant to the Cash Settlement provisions of the Cantel Indenture. The Cantel Trustee, acting as conversion agent, informed Cantel that holders of 100% of the outstanding Notes elected to convert their Notes during the Make-Whole Conversion Period. The fair value of the Notes exceeded their aggregate par value of $168,000 at the date of consummation of STERIS's acquisition of Cantel. The fair value was estimated utilizing the closing price of STERIS ordinary shares on June 2, 2021. A premium of approximately $175,555 in excess of the aggregate par value of the Notes represented purchase consideration and was initially classified in additional paid-in capital in accordance with ASC 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)." Because all Holders elected to convert during the Make-Whole Conversion Period, the aggregate par value outstanding was reclassified to current liabilities in the balance sheet. The premium initially recorded as additional paid in capital at the effective time of STERIS's acquisition of Cantel was reclassified to "Convertible debt, premium liability," also classified as a current liability, and was settled in cash. The final total Cash Settlement value of the Notes was approximately $371,361, comprised of the aggregate par value of $168,000 and the fair value of the liability representing the premium over par of approximately $203,361. The liability representing the premium over par value increased between the effective date of STERIS's acquisition of Cantel and settlement because of the movement in trading prices of STERIS Ordinary Shares during the Observation Periods (as defined in the Cantel Indenture). The fluctuation in fair value during such Observation Periods is reported in the statement of income as a component of “Non-operating expense, net.” Our outstanding Private Placement Senior Notes at March 31, 2024 and 2023 were as follows: Applicable Note Purchase Agreement Maturity Date U.S. Dollar Value at March 31, 2024 U.S. Dollar Value at March 31, 2023 $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 64,708 65,254 $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 21,569 21,752 £45,000 Senior notes at 3.04% 2017 Private Placement February 2029 56,799 55,579 €19,000 Senior notes at 2.30% 2017 Private Placement February 2032 20,491 20,664 £30,000 Senior notes at 3.17% 2017 Private Placement February 2032 37,866 37,053 Total Senior Notes $ 751,433 $ 750,302 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 sold $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. 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 provided, among other things, for the waiver of certain repurchase rights of the note holders and increased the size of certain baskets to more closely align with other current credit agreement baskets. At March 31, 2024, 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: 2025 $ 165,938 2026 662,029 2027 614,396 2028 150,000 2029 and thereafter 1,631,725 Total $ 3,224,088 |
Additional Consolidated Balance
Additional Consolidated Balance Sheets Information | 12 Months Ended |
Mar. 31, 2024 | |
Notes To Financial Statements [Abstract] | |
Additional Consolidated Balance Sheets Information | 9. ADDITIONAL CONSOLIDATED BALANCE SHEET INFORMATION Additional information related to our Consolidated Balance Sheets is as follows: March 31, 2024 2023 Accrued payroll and other related liabilities: Compensation and related items $ 48,152 $ 43,960 Accrued vacation/paid time off 16,140 13,348 Accrued bonuses 61,669 31,096 Accrued employee commissions 35,980 26,924 Other post-retirement benefits obligations-current portion 994 1,121 Other employee benefit plans' obligations-current portion 1,896 2,014 Total accrued payroll and other related liabilities $ 164,831 $ 118,463 Accrued expenses and other: Deferred revenues $ 70,460 $ 85,727 Service liabilities 92,590 72,033 Self-insured and related risk reserves-current portion 13,303 11,325 Accrued dealer commissions 33,277 27,078 Accrued warranty 15,388 13,394 Asset retirement obligation-current portion 510 543 Accrued interest 11,109 9,243 Other 83,107 78,689 Total accrued expenses and other $ 319,744 $ 298,032 Other liabilities: Self-insured risk reserves-long-term portion $ 21,646 $ 22,171 Other post-retirement benefits obligations-long-term portion 5,159 6,070 Defined benefit pension plans obligations-long-term portion 2,727 2,876 Other employee benefit plans obligations-long-term portion 1,321 1,153 Accrued long-term income taxes 6,508 10,082 Asset retirement obligation-long-term portion 13,148 12,588 Other 21,037 21,197 Total other liabilities $ 71,546 $ 76,137 |
Income Tax Expense
Income Tax Expense | 12 Months Ended |
Mar. 31, 2024 | |
Income Tax Expense [Abstract] | |
Income Tax Expense (Benefit) | 10. INCOME TAXES 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, 2024 2023 2022 National statutory tax rate 12.5 % 12.5 % 12.5 % Increase in accruals for uncertain tax positions — % — % 0.1 % U.S. state and local taxes, net of federal income tax expense (benefit) 2.2 % (1.1) % 1.6 % Increase in valuation allowances 0.9 % — % 0.7 % U.S. research and development credit (0.7) % (0.4) % (0.7) % U.S. foreign income tax credit (0.9) % (0.8) % (1.8) % Difference in non-Ireland tax rates 8.5 % 8.9 % 14.2 % U.S. federal audit adjustments 0.1 % — % — % Excess tax benefit for equity compensation (0.7) % (0.6) % (4.3) % Tax rate changes on deferred tax assets and liabilities (0.3) % — % — % U.S. tax reform impact, GILTI and FDII (0.2) % (0.3) % (0.8) % Capitalized acquisition, redomiciliation costs — % — % 1.5 % All other, net (0.1) % — % (0.6) % Total Provision for Income Taxes 21.3 % 18.2 % 22.4 % Our effective tax rate is affected by i) the tax rates in Ireland (our country of domicile), the United States, and other jurisdictions in which we operate, and ii) the relative amount of income before income taxes by geography. Income before income taxes by geography are based on the geographic location of our operations to which such earnings are attributable. Transactions between two or more of the entities within our group occur routinely and involve the sale of goods and services, loans and related interest, intellectual property and related royalties, and shared costs. The pricing used in these transactions is consistent with the prices that would be charged between unrelated parties in accordance with our interpretation of current tax regulations. Income before income taxes by geography includes the transfer of income before income taxes that results from these transactions. We operate a global financing structure using a wholly-owned financing company domiciled in Ireland, STERIS Irish FinCo, which has a material impact on the relative amount of income before income taxes by geography. In each of the years presented, STERIS Irish FinCo contributed more than 90% of the pre-tax income of Ireland operations. Its activities are driven by funding needs for acquisitions, capital investments, and working capital. A significant majority of STERIS Irish FinCo’s income before income taxes during the years presented was driven by loans to our operations in the United States in response to such funding needs. Significant transactions not indicative of operating trends that impacted the amount of income before income taxes by geography and resulting provision for income tax and effective tax rate include: • In fiscal 2024, income from continuing operations before income taxes, in the United States and Other locations, was impacted by $44,390 of expenses associated with restructuring. This resulted in approximately $2,600 of an increase to our valuation allowance in Other locations. • In fiscal 2023, there was a $23,389 favorable tax impact from changes in U.S. state and local tax rates applied to existing deferred tax assets and liabilities. • In fiscal 2022, income in the United States was affected by costs associated with the completion of the Cantel Medical acquisition. These include $205,788 of acquisition and integration related expenses and the negative impact of a fair value adjustment of $27,806 related to the premium liability associated with the Cantel Medical convertible debt. Approximately $67,000 of these costs were non-deductible. Income from continuing operations before income taxes of our domestic and foreign operations based on the geographic locations of our operations was as follows: Years Ended March 31, 2024 2023 2022 United States operations $ 491,890 $ 451,901 $ 127,507 Ireland operations 51,510 62,664 88,078 Other locations operations 159,410 165,701 151,218 $ 702,810 $ 680,266 $ 366,803 The components of the provision for income taxes related to income from continuing operations consisted of the following: Years Ended March 31, 2024 2023 2022 Current: United States federal $ 133,498 $ 128,793 $ 81,111 United States state and local 26,230 31,073 20,925 Ireland 7,639 8,837 12,002 Other locations 51,283 59,422 54,581 218,650 228,125 168,619 Deferred: United States federal (43,484) (39,030) (63,087) United States state and local (11,222) (43,843) (15,108) Ireland (923) (864) (739) Other locations (13,491) (20,319) (7,341) (69,120) (104,056) (86,275) Total Provision for Income Taxes $ 149,530 $ 124,069 $ 82,344 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 the "Accrued income taxes" line in our accompanying Consolidated Balance Sheets. We recognize interest and penalties related to unrecognized tax benefits within the “Income tax expense” line 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: 2024 2023 Unrecognized Tax Benefits Balance at April 1 $ 2,230 $ 2,160 Increases for tax provisions of current year — 70 Decreases for tax provisions of prior year (80) — Unrecognized Tax Benefits Balance at March 31 $ 2,150 $ 2,230 We recognized interest and penalties related to uncertain tax positions in the provision for income taxes. As of March 31, 2024 and 2023, we had $143 and $140 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 $2,293. The decrease in unrecognized tax benefits from prior year is due to the expiration of old 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 2018 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 2018. 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 was reached on final interest rates, which also impacted subsequent years through 2020. The total federal, state, and local tax impact of the settlement including interest is approximately $12,000 for the fiscal years 2016 through 2020, materially all of which has been paid through March 31, 2024. In November 2023, we received two Notices of Deficiency from the IRS regarding the previously disclosed deemed dividend inclusions and associated withholding tax matter. 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 are contesting the IRS’s assertions and have filed petitions with the U.S. Tax Court. 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 $4,800 (or $0.05 per fully diluted share), annually. The Tax Holiday runs fully exempt from income tax through 2031. Deferred Taxes. The significant components of the deferred tax assets and liabilities recorded in our accompanying balance sheets at March 31, 2024 and 2023 were as follows: March 31, 2024 2023 Deferred Tax Assets: Post-retirement benefit accrual $ 1,480 $ 1,737 Compensation 19,582 15,858 Net operating loss carryforwards 37,096 37,667 Accrued expenses 13,667 13,150 Insurance 2,817 2,268 Deferred income 20,393 23,967 Bad debt 3,868 3,763 Research & experimental expenditures 28,347 15,382 Operating leases (1) 47,625 46,781 Foreign tax credit carryforwards 32,137 33,559 Other 21,258 11,701 Deferred Tax Assets 228,270 205,833 Less: Valuation allowance 26,374 20,315 Total Deferred Tax Assets 201,896 185,518 Deferred Tax Liabilities: Depreciation and depletion 92,358 98,601 Operating leases (1) 46,657 45,834 Intangibles 518,814 630,589 Pension 3,889 2,644 Other 2,559 3,186 Total Deferred Tax Liabilities 664,277 780,854 Net Deferred Tax Liabilities $ (462,381) $ (595,336) (1) For more information regarding our operating leases, see Note 12 titled, "Commitments and Contingencies." At March 31, 2024, we had U.S. federal operating loss carryforwards of $8,026, which remain subject to a 20 year carryforward period. Additionally, we had non-U.S. operating loss carry forwards of $128,159. 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 2025 and 2045. In addition, we have recorded pre-valuation allowance tax benefits of $2,269 related to U.S. state operating loss carryforwards. If unused, these state operating loss carryforwards will expire between fiscal years 2025 and 2045. At March 31, 2024, we had $33,297 of pre-valuation allowance tax credit carryforwards of which $23,954 relates to offsets of deferred tax liabilities related to German branches of a U.S. subsidiary. These credit carryforwards can be used through fiscal 2034. We review the need for a valuation allowance against our deferred tax assets. A valuation allowance of $26,374 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 2024 by $6,059. Other than the tax expense previously 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 $2,850,000 at March 31, 2024. 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. On October 8, 2021, the Organization for Economic Co-operation and Development ("OECD") announced the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting which agreed to a two-pillar solution to address tax challenges arising from digitalization of the economy. On December 20, 2021, the OECD released Pillar Two Model Rules defining the global minimum tax, which calls for the taxation of large corporations at a minimum rate of 15%. The OECD continues to release additional guidance on the two-pillar framework with widespread implementation anticipated by 2024. We are continuing to evaluate the potential impact on future periods of the Pillar Two Framework, pending legislative adoption by individual countries. The legislation is anticipated to be effective for our fiscal year beginning April 1, 2024. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Mar. 31, 2024 | |
Notes To Financial Statements [Abstract] | |
Benefit Plans | 11. 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. 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 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, 2024 and 2023, 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 2024 2023 2024 2023 Change in Benefit Obligations: Benefit Obligations at Beginning of Year $ 93,640 $ 129,772 $ 7,191 $ 8,525 Service cost 659 1,276 — — Interest cost 4,120 3,054 313 256 Actuarial gain (140) (27,046) (441) (807) Benefits and expenses (4,327) (5,817) (910) (783) Employee contributions 1,028 501 — — Curtailments/settlements (355) (421) — — Impact of foreign currency exchange rate changes 1,750 (7,679) — — Benefit Obligations at End of Year 96,375 93,640 6,153 7,191 Change in Plan Assets: Fair Value of Plan Assets at Beginning of Year 107,089 142,172 — — Actual return on plan assets 3,043 (25,828) — — Employer contributions 5,253 4,936 910 783 Employee contributions 1,028 501 — — Benefits and expenses paid (4,280) (5,772) (910) (783) Curtailments/settlements (324) (421) — — Impact of foreign currency exchange rate changes 2,104 (8,499) — — Fair Value of Plan Assets at End of Year 113,913 107,089 — — Funded Status of the Plans $ 17,538 $ 13,449 $ (6,153) $ (7,191) Amounts recognized in the Consolidated Balance Sheets consist of the following: Defined Benefit Pension Plans Other Post-Retirement Benefits Plan 2024 2023 2024 2023 Non-current assets $ 20,265 $ 16,325 $ — $ — Current liabilities — — (994) (1,121) Non-current liabilities (2,727) (2,876) (5,159) (6,070) Net assets (liabilities) $ 17,538 $ 13,449 $ (6,153) $ (7,191) The pre-tax amount of unrecognized actuarial net loss and unamortized prior service cost included in accumulated other comprehensive (loss) at March 31, 2024, was approximately $3,982 and $(584), 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, 2024 and 2023: Defined Benefit Pension Plans 2024 2023 Aggregate fair value of plan assets $ 113,913 $ 107,089 Aggregate accumulated benefit obligations 96,375 93,640 Aggregate projected benefit obligations 96,375 93,640 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 2024 2023 2022 2024 2023 2022 Service cost $ 659 $ 1,276 $ 1,616 $ — $ — $ — Interest cost 4,120 3,054 2,699 313 256 232 Expected return on plan assets (6,051) (3,817) (4,412) — — — Prior service cost recognition 47 48 61 — — (267) Net amortization and deferral 15 19 18 209 329 444 Curtailments/settlements (1) (49) (31) — — — Net periodic benefit (credit) cost $ (1,211) $ 531 $ (49) $ 522 $ 585 $ 409 Recognized in other comprehensive loss (income) before tax: Net loss (gain) occurring during year $ 2,562 $ 1,716 $ (11,028) $ 441 $ 807 $ 640 Amortization of prior service credit (102) (263) (222) — — 267 Amortization of net loss 10 — — (209) (329) (444) Total recognized in other comprehensive loss (income) 2,470 1,453 (11,250) 232 478 463 Total recognized in total benefits cost and other comprehensive loss (income) $ 1,259 $ 1,984 $ (11,299) $ 754 $ 1,063 $ 872 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: 2024 2023 Discount Rate: Synergy Health plc Retirement Benefits Scheme 4.80 % 4.70 % Isotron BV Pension Plan 3.40 % 3.70 % Synergy Health Daniken AG 1.50 % 2.05 % Synergy Health Radeberg 3.80 % 3.80 % Synergy Health Allershausen 3.50 % 3.70 % Harwell Dosimeters Ltd Retirement Benefits Scheme 4.80 % 4.80 % Other post-retirement plan 5.00 % 4.75 % The following table presents significant assumptions used to determine the net periodic benefit costs for the years ended March 31: 2024 2023 2022 Discount Rate: Synergy Health plc Retirement Benefits Scheme 4.70 % 2.80 % 2.10 % Isotron BV Pension Plan 3.70 % 1.80 % 0.90 % Synergy Health Daniken AG 1.50 % 2.05 % 1.00 % Synergy Health Radeberg 2.00 % 2.00 % 1.50 % Synergy Health Allershausen 2.20 % 2.20 % 2.00 % Harwell Dosimeters Ltd Retirement Benefits Scheme 4.85 % 4.80 % 2.85 % Other post-retirement plan 4.75 % 3.25 % 2.50 % Expected Return on Plan Assets: Synergy Health plc Retirement Benefits Scheme 6.10 % 3.20 % 3.60 % Isotron BV Pension Plan 3.70 % 1.80 % 0.90 % Synergy Health Daniken AG 1.50 % 1.95 % 1.00 % 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. 2024 2023 2022 Healthcare cost trend rate – medical 7.50 % 7.50 % 7.00 % Healthcare cost trend rate – prescription drug 7.50 % 7.50 % 7.00 % 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 d eemed appropriate to ensure that the objectives are being met. At March 31, 2024, 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, 2024 and 2023 by asset category is as follows: Fair Value Measurements at March 31, 2024 (In thousands) Total Quoted Significant Significant Cash $ 372 $ 372 $ — $ — Insured annuities 10,468 — 10,468 — Insurance contracts 6,110 — — 6,110 Common and collective trusts valued at net asset value: Equity security trusts 37,190 — — — Debt security trusts 59,773 — — — Total Plan Assets $ 113,913 $ 372 $ 10,468 $ 6,110 Fair Value Measurements at March 31, 2023 (In thousands) Total Quoted Significant Significant Cash $ 338 $ 338 $ — $ — Insured annuities 10,285 — 10,285 — Insurance contracts 5,387 — — 5,387 Common and collective trusts valued at net asset value: Equity security trusts 48,137 — — — Debt security trusts 42,942 — — — Total Plan Assets $ 107,089 $ 338 $ 10,285 $ 5,387 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 2024 due to the following: Insurance contracts Balance at March 31, 2022 $ 5,383 Gains (losses) related to assets still held at year-end (157) Transfers out of Level 3 320 Foreign currency (159) Balance at March 31, 2023 $ 5,387 Gains (losses) related to assets still held at year-end 28 Transfers out of Level 3 631 Foreign currency 64 Balance at March 31, 2024 $ 6,110 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. As of March 31, 2024, we were no longer in a position where future contributions are required. Planned contribution amounts for fiscal 2025 have been cancelled. Based upon the actuarial assumptions utilized to develop our benefit obligations at March 31, 2024, the following benefit payments are expected to be made to plan participants: Other Defined Benefit Pension Plans Other Post-Retirement Benefits Plan 2025 $ 4,842 $ 994 2026 4,761 890 2027 4,901 804 2028 5,017 712 2029 5,197 638 2030 and thereafter 28,137 2,268 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 $339 and $477, during fiscal 2024 and fiscal 2023, 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 401(k) defined contribution plans 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 a ssets was $1,382,313 a t March 31, 2024. At March 31, 2024, the U.S. plan held 446,128 STERIS ordinary shares with a fair value of $97,635. We paid dividends of $915, $886, and $852 to the plan and participants on STERIS shares held by the plan for the years ended March 31, 2024, 2023, and 2022, respectively. We contributed approxima tely $39,600 , $36,564, and $38,600, to the defined contribution plans for the years ended March 31, 2024, 2023, and 2022 , respectively. We also maintain a domestic non-qualified deferred compensation plan covering certain employees, which formerly allowed for the deferral of compensation for an employee-specified term or until retirement or termination. There have been no employee contributions made to this plan since fiscal 2012. The Plan was amended in fiscal 2012 to disallow deferrals of salary payable in 2012 and subsequent calendar years and of commissions and other incentive compensation payable in respect of the 2013 and subsequent fiscal years. We hold investments in mutual funds to satisfy future obligations of the plan. We account for these assets as available-for-sale securities and they are included in “Other assets” on our accompanying Consolidated Balance Sheets, with a corresponding liability for the plan’s obligation recorded in Accrued expenses and other. The aggregate value of the assets was $1,129 and $938 at March 31, 2024 and March 31, 2023, respectively. Realized gains and losses on these investments are recorded in Interest income and miscellaneous expense (income) within Non-operating expenses, net on our accompanying Consolidated Statements of Income. Changes in the fair value of the assets are recorded in Accumulated other comprehensive income (loss) on our accompanying Consolidated Balance Sheets. |
Contingencies
Contingencies | 12 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Loss Contingencies by Contingency [Text Block] | 12. 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, gases, 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 affect 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 and service 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 10 to our consolidated financial statements titled, “Income Taxes” in t his Annual Report on Form 10-K. As of March 31, 2024 and 2023, our commercial commitments totaled $110,402 and $108,370, 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. Approximately $9,975 and $8,036 of the March 31, 2024 and 2023 totals, respectively, relate to letters of credit required as security under our self-ins ured risk retention policies. As of March 31, 2024, we had minimum purchase commitments with suppliers for raw material purchases totaling $61,941 . As of March 31, 2024, we also had commitments of $154,125 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, 2024 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 recognized in income from continuing operations in the consolidated statements of income are as follows: Year Ended Year Ended Year Ended March 31, 2024 March 31, 2023 March 31, 2022 Fixed operating lease expense $ 41,330 $ 39,473 $ 40,513 Variable operating lease expense 24,441 18,581 12,032 Total operating lease expense $ 65,771 $ 58,054 $ 52,545 Supplemental cash flow information related to operating leases is as follows: Year Ended Year Ended Year Ended March 31, 2024 March 31, 2023 March 31, 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 46,946 $ 45,249 $ 45,144 Right-of-use assets obtained in exchange for operating lease obligations, net $ 24,668 $ 53,099 $ 79,241 Maturities of lease liabilities at March 31, 2024 are as follows : March 31, 2025 $ 37,947 2026 32,598 2027 23,094 2028 18,662 2029 and thereafter 104,609 Total operating lease payments 216,910 Less imputed interest 39,843 Total operating lease liabilities $ 177,067 In the preceding table, the future minimum annual rentals payable under noncancelable leases denominated in foreign currencies have been calculated using March 31, 2024 foreign currency exchange rates. Supplemental information related to operating leases is as follows: March 31, March 31, 2024 2023 Weighted-average remaining lease term of operating leases 9.9 years 10.6 years Weighted-average discount rate of operating leases 4.4 % 3.8 % |
Business Segment Information
Business Segment Information | 12 Months Ended |
Mar. 31, 2024 | |
Notes To Financial Statements [Abstract] | |
Business Segment Information | 13. BUSINESS SEGMENT INFORMATION We operate and report our financial information in three reportable business segments: Healthcare, AST, and Life Sciences. Previously, we had four reportable business segments, however, as a result of the agreement to divest our Dental segment, Dental is presented as discontinued operations. Historical information has been retrospectively adjusted to reflect these changes for comparability, as required. For more information, refer to Note 4 titled, "Discontinued Operations." Non-allocated operating costs that support the entire Company and items not indicative of operating trends are excluded from segment operating income. Our Healthcare segment provides a comprehensive offering for healthcare providers worldwide, focused on sterile processing departments and procedural centers, such as operating rooms and endoscopy suites. Our products and services range from infection prevention consumables and capital equipment, as well as services to maintain that equipment; to the repair of re-usable procedural instruments; to outsourced instrument reprocessing services. In addition, our procedural solutions also include endoscopy accessories, instruments, and capital equipment infrastructure used primarily in operating rooms, ambulatory surgery centers, endoscopy suites, and other procedural areas. Our AST segment supports medical device and pharmaceutical manufacturers through a global network of contract sterilization and laboratory testing facilities, and integrated sterilization equipment and control systems. Our technology-neutral offering supports Customers every step of the way, from testing through sterilization. Our Life Sciences segment provides a comprehensive offering of products and services designed to support biopharmaceutical and medical device research and manufacturing facilities, in particular those focused on aseptic manufacturing. Our portfolio includes a full suite of capital equipment, consumable products, equipment maintenance and specialty services. We d isclose a measure of segment income that is consistent with the way management operates and views the business. The accounting policies for reportable segments are the same as those for the consolidated Company. For the three years ended March 31, 2024, revenues from a single Customer did not represent ten percent or more of the Healthcare, AST or Life Sciences segment revenues. Information regarding our segments is presented in the following tables. Years Ended March 31, 2024 2023 2022 Revenues: Healthcare $ 3,613,019 $ 3,085,131 $ 2,845,467 AST 953,980 914,431 852,972 Life Sciences 571,702 536,704 524,964 Total revenues $ 5,138,701 $ 4,536,266 $ 4,223,403 Operating income (loss): Healthcare 871,358 706,020 649,704 AST 439,744 429,020 410,101 Life Sciences 221,349 210,225 216,188 Corporate (348,497) (264,974) (283,665) Total operating income before adjustments $ 1,183,954 $ 1,080,291 $ 992,328 Less: Adjustments Amortization of acquired intangible assets (1) 266,420 256,355 262,344 Acquisition and integration related charges (2) 25,526 23,486 201,905 Tax restructuring costs (3) 620 661 301 Gain on fair value adjustment of acquisition related contingent consideration (1) — (3,100) (2,350) Net loss (gain) on divestiture of businesses (1) 873 (67) (874) Amortization of inventory and property "step up" to fair value (1) 10,032 11,370 53,139 Restructuring charges (4) 44,365 485 48 Income from Operations $ 836,118 $ 791,101 $ 477,815 (1) For more information regarding our recent acquisitions and divestitures, refer to Note 3 titled, "Business Acquisitions and Divestitures." (2) Acquisition and integration related charges include transaction costs and integration expenses associated with acquisitions. (3) Costs incurred in tax restructuring. (4) For more information regarding our restructuring efforts, refer to Note 2 titled, "Restructuring ." Assets include the current and long-lived assets directly attributable to the segment based on the management of the location or on utilization. Certain corporate assets were allocated to the reportable segments based on revenues. Assets attributed to sales and distribution locations are only allocated to the Healthcare and Life Sciences segments. Individual facilities, equipment, and intellectual properties are utilized for production by both the Healthcare and Life Sciences segments at varying levels over time. As a result, an allocation of total assets, capital expenditures, and depreciation and amortization is not meaningful to the individual performance of the Healthcare and Life Sciences segments. Therefore, their respective amounts are reported together. March 31, 2024 2023 Assets Healthcare and Life Sciences $ 7,055,576 $ 6,557,742 AST 3,203,217 3,129,258 Assets excluding assets held for sale $ 10,258,793 $ 9,687,000 Years Ended March 31, 2024 2023 2022 Capital Expenditures Healthcare and Life Sciences $ 114,164 $ 98,585 $ 84,487 AST 237,012 253,914 198,350 Total Capital Expenditures $ 351,176 $ 352,499 $ 282,837 Depreciation, Depletion, and Amortization (1) Healthcare and Life Sciences $ 322,244 $ 306,377 $ 316,222 AST 127,823 116,153 115,925 Total Depreciation, Depletion, and Amortization $ 450,067 $ 422,530 $ 432,147 (1) Fiscal 2022 totals include approximately $229,052 and $35,531 for Healthcare and Life Sciences, and AST, respectively, of amortization of acquired intangible assets and amortization of property "step-up" to fair value. For more information regarding our recent acquisitions and divestitures see Note 3 titled, "Business Acquisitions and Divestitures." 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, 2024 2023 Property, Plant, and Equipment, Net Ireland $ 68,603 $ 60,570 United States 1,009,979 877,950 Other locations 686,598 694,255 Property, Plant, and Equipment, Net $ 1,765,180 $ 1,632,775 Years Ended March 31, 2024 2023 2022 Revenues: Ireland $ 82,695 $ 74,292 $ 81,864 United States 3,751,437 3,254,373 2,943,950 Other locations 1,304,569 1,207,601 1,197,589 Total Revenues $ 5,138,701 $ 4,536,266 $ 4,223,403 Years Ended March 31, 2024 2023 2022 Healthcare: Capital equipment 1,091,537 $ 896,590 $ 782,505 Consumables 1,248,424 1,050,316 1,004,605 Service 1,273,058 1,138,225 1,058,357 Total Healthcare Revenues $ 3,613,019 $ 3,085,131 $ 2,845,467 AST: Capital equipment $ 14,519 $ 26,460 $ 24,394 Service $ 939,461 $ 887,971 $ 828,578 Total AST Revenues $ 953,980 $ 914,431 $ 852,972 Life Sciences: Capital equipment $ 155,520 $ 147,420 $ 142,281 Consumables 251,580 241,114 239,365 Service 164,602 148,170 143,318 Total Life Sciences Revenues $ 571,702 536,704 524,964 Total Revenues $ 5,138,701 $ 4,536,266 $ 4,223,403 |
Common Shares
Common Shares | 12 Months Ended |
Mar. 31, 2024 | |
Notes To Financial Statements [Abstract] | |
Earnings Per Share [Text Block] | 14. SHARES AND PREFERRED SHARES Ordinary Shares We calculate basic earnings per share based upon the weighted average number of shares outstanding. We calculate diluted earnings per share based upon the weighted average number of shares outstanding plus the dilutive effect of share equivalents calculated using the treasury stock method. Income from continuing operations is used as the benchmark to determine whether share equivalents are dilutive or anti-dilutive. 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, 2024 2023 2022 Denominator ( shares in thousands ): Weighted average shares outstanding—basic 98,787 99,706 97,535 Dilutive effect of share equivalents 572 540 791 Weighted average shares outstanding and share equivalents—diluted 99,359 100,246 98,326 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, 2024 2023 2022 Number of ordinary share options ( shares in thousands ) 606 578 243 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, 2024 | |
Repurchases of Common Shares [Abstract] | |
Schedule of Treasury Stock by Class [Text Block] | 15. REPURCHASES OF ORDINARY SHARES On May 3, 2023 our Board of Directors terminated the previous share repurchase program and authorized a new share repurchase program for the purchase of up to $500,000 (net of taxes, fees and commissions). As of March 31, 2024, there was $500,000 (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. The suspension was lifted effective February 10, 2022, enabling the Company to resume stock repurchases pursuant to the prior authorizations. During fiscal 2024, we had no share repurchase activity pursuant to share repurchase program authorizations. During fiscal 2023, we repurchased 1,563,983 of our ordinary shares for the aggregate amount of $295,000 (net of fees and commissions) pursuant to authorizations under the share repurchase program. From February 14, 2022, through March 31, 2022, we repurchased 108,368 of our ordinary shares for the aggregate amount of $25,000 (net of fees and commissions) pursuant to the authorizations under the share repurchase program. During fiscal 2024, we obtained 76,645 of our ordinary shares in the aggregate amount of $11,765 in connection with share-based compensation award programs. During fiscal 2023, we obtained 79,169 of our ordinary shares in the aggregate amount of $13,534 in connection with share-based compensation award programs. During fiscal 2022, we obtained 244,395 of our ordinary shares in the aggregate amount of $30,775 in connection with share-based compensation award programs. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | 16. 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 and Organizational Development Committee of the Board of Directors, to officers, directors, and key employees in the form of stock options, restricted shares, restricted share units, stock appreciation rights and share grants. We satisfy share award incentives through the issuance of new ordinary shares. Stock option awards to employees generally vest and become nonforfeitable in increments of 25% per year over a four-year period, with full vesting four years after the date of grant. Historically, restricted stock awards to employee recipients generally cliff vested on the fourth anniversary of the grant date if the recipient remained in continuous employment through that date. Beginning with fiscal 2024 grants, Company restricted stock (and restricted stock units) generally cliff vest over a three year period after the grant date. However, employees who are grantees of restricted stock and have attained age 55 and been employed for at least 5 years at the time of the grant or meet these criteria during the term of the grant and are employed in the U.S. or in a few other foreign jurisdictions, or employees who have 25 years of service at the time of grant or meet that criterion during the term of the grant, will be subject to installment vesting rules over the applicable vesting period. Awards to certain employees in the U.S. or a few other jurisdictions may provide for continued vesting after “retirement,” if certain conditions are met. As of March 31, 2024, 2,370,422 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 revenues 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 2024, fiscal 2023 and fiscal 2022: Fiscal 2024 Fiscal 2023 Fiscal 2022 Risk-free interest rate 3.59 % 2.44 % 1.10 % Expected life of options 6.0 years 5.9 years 5.9 years Expected dividend yield of stock 1.08 % 0.80 % 0.95 % Expected volatility of stock 27.92 % 24.49 % 24.27 % The risk-free interest rate is based upon the U.S. Treasury yield curve. The expected life of options is reflective of historical experience, vesting schedules and contractual terms. The expected dividend yield of stock represents our best estimate of the expected future dividend yield. The expected volatility of stock is derived by referring to our historical stock prices over a time frame similar to that of the expected life of the grant. An estimated forfeiture rate of 2.22%, 2.54% and 2.85% was applied in fiscal 2024, 2023 and 2022 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, 2023 1,749,729 $ 154.60 Granted 253,946 220.24 Exercised (126,393) 81.27 Forfeited (7,411) 217.73 Outstanding at March 31, 2024 1,869,871 $ 168.22 6.0 years $ 111,633 Exercisable at March 31, 2024 1,270,907 $ 142.42 4.9 years $ 106,246 We estimate that 590,113 of the non-vested stock options outstanding at March 31, 2024 will ultimately vest. The aggregate intrinsic value in the table above represents the total pre-tax difference between the $224.82 closing price of our ordinary shares on March 31, 2024 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, 2024, 2023 and 2022 was $18,177, $6,502 and $52,952, respectively. Net cash proceeds from the exercise of stock options were $10,472, $1,828 and $10,071 for the years ended March 31, 2024, 2023 and 2022, respectively. The tax benefit from stock option exercises w as $5,470 , $4,945 and $18,143 for the years ended March 31, 2024, 2023 and 2022, respectively. The weighted average grant date fair value of stock option grants was $54.60, $50.72 and $37.52 for the years ended March 31, 2024, 2023 and 2022, respectively. A summary of the non-vested restricted share and restricted share unit activity is presented below: Number of Number of Restricted Share Units Weighted-Average Non-vested at March 31, 2023 450,793 28,542 $ 186.60 Granted 180,529 18,476 202.13 Vested (148,283) (17,041) 164.14 Forfeited (19,658) (1,629) 196.29 Non-vested at March 31, 2024 463,381 28,348 $ 200.04 Restricted shares and restricted share unit grants are valued based on the closing stock price at the grant date. The value of restricted shares and units at the time of grant that vested during fiscal 2024 was $27,149. As of March 31, 2024, there was a total of $60,130 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 1.7 years. Cantel Share-Based Compensation Plan In connection with the June 2, 2021 acquisition of Cantel, outstanding, non-vested Cantel restricted share units were replaced with STERIS restricted share units. As of March 31, 2024, there was a total of $3 in unrecognized compensation cost related to non-vested STERIS restricted share units awarded to replace Cantel restricted share units. We expect to recognize the remaining cost in fiscal 2025. A summary of the non-vested restricted share units activity associated with the Cantel share-based compensation plans is presented below: Number of Restricted Share Units Weighted-Average Non-vested at March 31, 2023 15,670 $ 191.18 Granted — — Vested (14,763) 191.18 Forfeited (762) 191.18 Non-vested at March 31, 2024 145 $ 191.18 |
Financial and Other Guarantees
Financial and Other Guarantees | 12 Months Ended |
Mar. 31, 2024 | |
Notes To Financial Statements [Abstract] | |
Product Warranty Disclosure [Text Block] | 17. 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, 2024 2023 2022 Balance, Beginning of Year $ 13,394 $ 13,892 $ 9,406 Liabilities assumed in acquisition of Cantel — — 4,553 Warranties issued during the period 18,051 13,195 12,571 Settlements made during the period (16,057) (13,693) (12,638) Balance, End of Year $ 15,388 $ 13,394 $ 13,892 |
Forward and Swap Contracts
Forward and Swap Contracts | 12 Months Ended |
Mar. 31, 2024 | |
Notes To Financial Statements [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 18. 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 intercompany transactions. We may also enter into commodity swap contracts to hedge price changes in nickel that impact raw materials included in our Cost of revenues. During fiscal 2024, we also held forward foreign currency contracts to hedge a portion of our expected non-U.S. dollar-denominated earnings against our reporting currency, the U.S. dollar. These foreign currency exchange contracts matured during fiscal 2024. We did not elect hedge accounting for these forward foreign currency contracts; however, we may seek to apply hedge accounting in future scenarios. We do not use derivative financial instruments for speculative purposes. 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, 2024, we held foreign currency forward contracts to buy 48.0 million British pounds sterling and 4.0 million euros; and to sell 150.0 million Mexican pesos, and 18.0 million Australian dollars. At March 31, 2024, we held commodity swap contracts to buy 789.0 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, 2024 March 31, 2023 March 31, 2024 March 31, 2023 Prepaid & Other $ 208 $ 378 $ — $ — Accrued expenses and other — — 1,014 2,054 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, 2024 2023 2022 Foreign currency forward contracts Selling, general, and administrative $ 1,272 $ 5,036 $ 4,379 Commodity swap contracts Cost of revenues (1,611) (3,630) 3,921 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Mar. 31, 2024 | |
Notes To Financial Statements [Abstract] | |
Fair Value Disclosures [Text Block] | 19. 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, 2024 and March 31, 2023: Fair Value Measurements At March 31, Carrying Value Quoted Prices Significant Other Significant Level 1 Level 2 Level 3 2024 2023 2024 2023 2024 2023 2024 2023 Assets: Cash and cash equivalents $ 207,020 $ 208,357 $ 207,020 $ 208,357 $ — $ — $ — $ — Forward and swap contracts (1) 208 378 — — 208 378 — — Equity investments (2) 4,767 7,069 4,767 7,069 — — — — Other investments 2,902 2,066 2,902 2,066 — — — — Liabilities: Forward and swap contracts (1) $ 1,014 $ 2,054 $ — $ — $ 1,014 $ 2,054 $ — $ — Deferred compensation plans (2) 1,186 1,022 1,186 1,022 — — — — Total debt (3) 3,206,100 3,078,655 — — 2,895,784 2,754,218 — — Contingent consideration obligations (4) 11,000 15,678 — — — — 11,000 15,678 (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)). Changes in the fair value of these investments are recorded in the Interest income and miscellaneous (income) expense line of the Consolidated Statement of Income. During fiscal 2024 and fiscal 2023, we recorded gains (losses) of $1,060 and $(1,176), respectively, related to these investments. In addition, during fiscal 2024 we sold one of our equity investments which had a value of $3,342. (3) We estimate the fair value of our debt using discounted cash flow analyses, based on our current incremental borrowing rates for similar types of borrowing arrangement s. The fair values of our Senior Public Notes are estimated using quoted market prices for the publicly registered Senior Notes. (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, 2022 $ 10,550 Additions 8,302 Payments (80) Reductions and adjustments (3,100) Foreign currency translation adjustments 6 Balance at March 31, 2023 $ 15,678 Additions 1,313 Payments (5,967) Foreign currency translation adjustments (24) Balance at March 31, 2024 $ 11,000 Additions of contingent consideration obligations during fiscal year 2024 and 2023 were primarily related to our fiscal year 2024 and 2023 acquisitio ns. Payments of contingent consideration obligations during fiscal year 2024 were primarily related to payouts from prior period acquisitions. Adjustments are recorded in the Selling, general, and administrative expenses line of the Consolidated Statements of Income. |
Fair Value, Measurement Inputs, Disclosure [Table Text Block] | The following table shows the fair value of our financial assets and liabilities at March 31, 2024 and March 31, 2023: Fair Value Measurements At March 31, Carrying Value Quoted Prices Significant Other Significant Level 1 Level 2 Level 3 2024 2023 2024 2023 2024 2023 2024 2023 Assets: Cash and cash equivalents $ 207,020 $ 208,357 $ 207,020 $ 208,357 $ — $ — $ — $ — Forward and swap contracts (1) 208 378 — — 208 378 — — Equity investments (2) 4,767 7,069 4,767 7,069 — — — — Other investments 2,902 2,066 2,902 2,066 — — — — Liabilities: Forward and swap contracts (1) $ 1,014 $ 2,054 $ — $ — $ 1,014 $ 2,054 $ — $ — Deferred compensation plans (2) 1,186 1,022 1,186 1,022 — — — — Total debt (3) 3,206,100 3,078,655 — — 2,895,784 2,754,218 — — Contingent consideration obligations (4) 11,000 15,678 — — — — 11,000 15,678 (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)). Changes in the fair value of these investments are recorded in the Interest income and miscellaneous (income) expense line of the Consolidated Statement of Income. During fiscal 2024 and fiscal 2023, we recorded gains (losses) of $1,060 and $(1,176), respectively, related to these investments. In addition, during fiscal 2024 we sold one of our equity investments which had a value of $3,342. (3) We estimate the fair value of our debt using discounted cash flow analyses, based on our current incremental borrowing rates for similar types of borrowing arrangement s. The fair values of our Senior Public Notes are estimated using quoted market prices for the publicly registered Senior Notes. (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. |
Reclassifications out of AOCI (
Reclassifications out of AOCI (Notes) | 12 Months Ended |
Mar. 31, 2024 | |
Reclassifications out of AOCI Equity [Abstract] | |
Reclassifications Out of AOCI [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, 2024, 2023 and 2022 were as follows: Defined Benefit Plans (1) Foreign Currency Translation (2) Total Accumulated Other Comprehensive Income (Loss) 2024 2023 2022 2024 2023 2022 2024 2023 2022 Beginning Balance $ 12 $ 1,276 $ (5,519) $ (320,722) $ (211,084) $ (55,724) $ (320,710) $ (209,808) $ (61,243) Other Comprehensive Income (Loss) before reclassifications 615 (799) 11,148 (7,211) (109,638) (155,360) (6,596) (110,437) (144,212) Amounts reclassified from Accumulated Other Comprehensive Loss (1,351) (465) (4,353) — — — (1,351) (465) (4,353) Net current-period Other Comprehensive (Loss) Income (736) (1,264) 6,795 (7,211) (109,638) (155,360) (7,947) (110,902) (148,565) Ending Balance $ (724) $ 12 $ 1,276 $ (327,933) $ (320,722) $ (211,084) $ (328,657) $ (320,710) $ (209,808) (1) The amortization (gain) of defined benefit plan costs is reported in the Interest income and miscellaneous expense (income) line of our Consolidated Statements of Income. (2) |
Quarterly Results (Unaudited)
Quarterly Results (Unaudited) | 12 Months Ended |
Mar. 31, 2024 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results (Unaudited) | 21. QUARTERLY RESULTS (UNAUDITED) As a result of the agreement to divest our Dental segment, Dental is presented as discontinued operations. Historical information has been retrospectively adjusted to reflect these changes for comparability, as required. Quarters Ended Full Year March 31, December 31, September 30, June 30, Fiscal 2024 Revenues $ 5,138,701 $ 1,419,387 $ 1,297,724 $ 1,238,204 $ 1,183,386 Cost of revenues 2,920,541 836,485 737,698 691,976 654,382 Gross profit 2,218,160 582,902 560,026 546,228 529,004 Percentage of Revenues 43.2 % 41.1 % 43.2 % 44.1 % 44.7 % Income from continuing operations before income tax expense 702,810 190,575 189,602 155,852 166,781 Income tax expense 149,530 37,276 40,999 35,055 36,200 Income from continuing operations 553,280 153,299 148,603 120,797 130,581 Loss from discontinued operations (173,201) (154,301) (7,658) (4,451) (6,791) Net income (loss) 380,079 (1,002) 140,945 116,346 123,790 Net income (loss) attributable to shareholders $ 378,239 $ (1,377) $ 140,743 $ 115,319 $ 123,554 Basic earnings per ordinary share attributable to shareholders Continuing Operations $ 5.58 $ 1.55 $ 1.50 $ 1.21 $ 1.32 Discontinued Operations $ (1.75) $ (1.56) $ (0.08) $ (0.04) $ (0.07) Total $ 3.83 $ (0.01) $ 1.42 $ 1.17 $ 1.25 Diluted earnings per ordinary share attributable to shareholders Continuing Operations $ 5.55 $ 1.54 $ 1.49 $ 1.20 $ 1.31 Discontinued Operations $ (1.74) $ (1.55) $ (0.08) $ (0.04) $ (0.07) Total $ 3.81 $ (0.01) $ 1.42 $ 1.16 $ 1.25 Fiscal 2023 Revenues $ 4,536,266 $ 1,281,252 $ 1,112,431 $ 1,090,939 $ 1,051,644 Cost of revenues 2,555,540 734,850 634,244 608,627 577,819 Gross profit 1,980,726 546,402 478,187 482,312 473,825 Percentage of Revenues 43.7 % 42.6 % 43.0 % 44.2 % 45.1 % Income from continuing operations before income tax expense 680,266 203,402 171,539 159,325 146,000 Income tax expense 124,069 21,203 40,534 35,417 26,915 Income (loss) from continuing operations 556,197 182,199 131,005 123,908 119,085 Income (loss) from discontinued operations (450,384) 4,765 (7,680) (439,139) (8,330) Net income (loss) 105,813 186,964 123,325 (315,231) 110,755 Net income (loss) attributable to shareholders $ 107,030 $ 187,225 $ 123,828 $ (315,285) $ 111,262 Basic Income Per Ordinary Share Attributable to Shareholders: Continuing Operations $ 5.59 $ 1.84 $ 1.32 $ 1.24 $ 1.19 Discontinued Operations $ (4.52) $ 0.05 $ (0.08) $ (4.39) $ (0.08) Total $ 1.07 $ 1.89 $ 1.24 $ (3.15) $ 1.11 Diluted Income Per Ordinary Share Attributable to Shareholders: Continuing Operations $ 5.56 $ 1.83 $ 1.31 $ 1.24 $ 1.19 Discontinued Operations $ (4.49) $ 0.05 $ (0.08) $ (4.39) $ (0.08) Total $ 1.07 $ 1.88 $ 1.24 $ (3.15) $ 1.10 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024 Deducted from asset accounts: Allowance for credit losses (1) $ 19,284 $ 11,240 $ (96) (3) $ (7,444) (4) $ 22,984 Inventory valuation reserve 35,601 8,204 (2) 88 (3) — 43,893 Deferred tax asset valuation allowance 20,315 6,765 52 (3) (758) 26,374 Recorded within liabilities: Casualty loss reserves $ 30,437 $ 7,884 $ (2,389) $ (5,196) $ 30,736 Year ended March 31, 2023 Deducted from asset accounts: Allowance for credit losses (1) $ 19,875 $ 6,991 $ 247 (3) $ (7,829) (4) $ 19,284 Inventory valuation reserve 22,617 12,652 (2) 332 (3) — 35,601 Deferred tax asset valuation allowance 24,691 1,733 (530) (3) (5,579) 20,315 Recorded within liabilities: Casualty loss reserves $ 26,126 $ 7,829 $ 2,040 $ (5,558) $ 30,437 Year ended March 31, 2022 Deducted from asset accounts: Allowance for trade accounts receivable (1) $ 11,355 $ 12,962 $ 665 (3) $ (5,107) (4) $ 19,875 Inventory valuation reserve 19,778 2,611 (2) 228 (3) — 22,617 Deferred tax asset valuation allowance 14,143 2,888 8,906 (3) (1,246) 24,691 Recorded within liabilities: Casualty loss reserves $ 23,283 $ 7,069 $ 44 $ (4,270) $ 26,126 (1) Net allowance for credit losses 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. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Pay vs Performance Disclosure | |||||||||||
Net Income (Loss) Attributable to Parent | $ (1,377) | $ 140,743 | $ 115,319 | $ 123,554 | $ 187,225 | $ 123,828 | $ (315,285) | $ 111,262 | $ 378,239 | $ 107,030 | $ 243,888 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2024 | |
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. 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, 2024, assets related to costs to fulfill a contract were not material to our consolidated financial statements. Refer to Note 13 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 products 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 include 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 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 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 AST segment, service revenues include contract sterilization and laboratory services. Sales contracts for contract sterilization and laboratory services are primarily based on a Customer’s purchase order and associated Customer agreement, and revenues are generally recognized upon completion of the service. Contract Liabilities Payments received from Customers are based on invoices or billing schedules as established in contracts with Customers. Deferred revenue is recorded when payment is received in advance of performance under the contract. Deferred revenue is recognized as revenue upon completion of the performance obligation, which generally occurs within one year. During fiscal 2024, we recognized revenue of $66,690 that was included in our contract liability balance at the beginning of the period. During fiscal 2023, we recognized revenue of $72,914 that was included in our contract liability balance at the beginning of the period. Refer to Note 9 titled, "Additional Consolidated Balance Sheet Information" for deferred revenue balances. Service Liabilities Payments received in advance of performance for cancellable preventive maintenance and separately priced extended warranty contracts are recorded as service liabilities. Service liabilities are recognized as revenue as performance is rendered under the contract. Refer to Note 9 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 orders for capital equipment and consumables where control of the products has not passed to the customer. With regard to service, these remaining performance obligations primarily include installation, certification, and outsourced reprocessing services. As of March 31, 2024, the transaction price allocated to remaining performance obligations was approximately $1,419,646 . We expect to recognize approximately 56% of the transaction price within one year and approximately 33% 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 intercompany 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 accounting principles generally accepted in the United States ("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, money market deposit accounts, bank savings accounts, 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 may obtain and perfect a 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 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 | Investments. Investments in marketable securities are stated at fair value and are included in Other assets on the Consolidated Balance Sheets. Changes in the fair value of these investments are recorded in the Interest and miscellaneous (income) expense line of the Consolidated Statements 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 7 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 Statements of Income, except for certain intercompany 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 intercompany 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 Cost 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 expenses. We incurred $25,474, $21,668, and $15,599 of advertising costs during the years ended March 31, 2024, 2023, and 2022, 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 2024 ASU 2022-04 "Liabilities - Supplier Finance Programs (Subtopic 405-50) Disclosure of Supplier Finance Program Obligations." September 2022 The standard provides guidance to enhance the transparency of disclosures for entities that utilize supplier finance programs to include information about the key terms of the programs and present a rollforward of any obligations under the program where those obligations are presented in the balance sheet. Fiscal 2024 We adopted this standard in fiscal 2024 with no material impact to our consolidated financial statements. Standards that have not yet been adopted. ASU 2023-07 "Segment Reporting (Topic 280) November 2023 The standard provides guidance to enhance disclosures related to reportable segment expenses, including requirements to disclose significant segment expenses that are regularly provided to the Chief Operating Decision Maker ("CODM"), the title and position of the CODM and a description of how the CODM uses the information to make decisions regarding the allocation of resources. The standard also requires disclosure of certain segment information currently required annually to be reported on an interim basis. The amendments in this standard are effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. NA We are currently assessing the impact of this standard update on our disclosures in the notes to the consolidated financial statements. ASU 2023-09 "Income Taxes (Topic 740) Improvements to Income Tax Disclosures." December 2023 The standard provides guidance to enhance disclosures related to income taxes paid (net of refunds), requiring disaggregation by federal, state, and foreign, and disclosure of income taxes paid (net of refunds received) by individual jurisdictions that represent greater than 5% of the total. The standard also requires disclosure of income (loss) from continuing operations before income taxes, disaggregated between domestic and foreign, and income tax expense (or benefit) disaggregated by federal, state, and foreign. Finally, the standard removes the requirement for certain disclosures related to changes in unrecognized tax benefits and certain amounts of temporary differences. The amendments in this standard are effective for annual periods beginning after December 15, 2024. NA We are currently assessing the impact of this standard update on our disclosures in the notes to the consolidated financial statements. |
Intangible Assets, Finite-Lived, Policy | Identifiable Intangible Assets. |
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 marketplace 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 known 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. Liability amounts are recorded in the "Accrued expenses and other" and "Other liabilities" line of our Consolidated Balance Sheets. |
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 11 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 19 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 Cost 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 10 titled, “Income Taxes.” |
Share-based Compensation, Option and Incentive Plans Policy | Share-Based Compensation. |
Costs Associated with Exit or Disposal Activity or Restructuring | Restructuring. We recognize restructuring expenses associated with actions designed to enhance profitability and improve efficiency of our operations. Severance and other compensation related costs include severance, medical benefits, and other termination benefits. For ongoing benefit arrangements, a liability is recognized when it is probable that employees will be entitled to benefits and the amount can be reasonably estimated. For one-time benefit arrangements, a liability is incurred and must be accrued at the date the plan is communicated to employees, unless they will be retained beyond a minimum retention period. In this case, the liability is calculated at the date the plan is communicated to employees and is accrued ratably over the future service period. Asset impairment expenses primarily relate to adjustments in the carrying value of facilities and machinery and equipment associated with restructuring actions to their estimated fair value. In addition, the remaining useful lives of other property, plant, and equipment associated with the restructuring actions are re-evaluated, which may result in the acceleration of depreciation and amortization of certain assets. Other restructuring expenses are expensed as incurred. Product rationalization charges relate to inventory write-downs and are recognized in Cost of revenues in the Consolidated Statements of Income . |
Interest Expense, Policy | Interest. We capitalize interest costs incurred during the construction of long-lived assets. We capitalized interest costs of $7,094 and $6,366 for the years ended March 31, 2024 and 2023, respectively. Total interest expense for the years ended March 31, 2024, 2023, and 2022 was $144,351, $107,956, and $89,490, respectively. |
Discontinued Operations, Policy | Discontinued Operations. On April 11, 2024, the Company announced its plan to sell substantially all of the net assets of its Dental segment for total cash consideration of $787,500, subject to customary adjustments, and up to an additional $12.5 million in contingent payment should the Dental business achieve certain revenue targets in fiscal 2025. The transaction is structured as an equity sale. A component of an entity is reported in discontinued operations after meeting the criteria for held for sale classification if the disposition represents a strategic shift that has (or will have) a major effect on the entity's operations and financial results. We analyzed the quantitative and qualitative factors relevant to the divestiture of our Dental segment and determined that those conditions for discontinued operations presentation had been met prior to March 31, 2024. The Dental segment results of operations have been reclassified to income (loss) from discontinued operations in the Consolidated Statements of Income, and we have classified the Dental segment's assets and liabilities as held for sale for all periods presented in the accompanying Consolidated Balance Sheets. The transaction is anticipated to close in the first quarter of fiscal 2025. Therefore, the held for sale assets and liabilities are classified as current as of March 31, 2024. Our Consolidated Statements of Cash Flows include the financial results of the Dental segment for all periods presented. For additional information regarding this transaction and its effect on our financial reporting, refer to Note 4 titled, "Discontinued Operations" and Note 13 titled, "Business Segment Information." |
Contingencies Lease Policy (Pol
Contingencies Lease Policy (Policies) | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024 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. |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Cash Flow, Supplemental Disclosures | Information supplementing our Consolidated Statements of Cash Flows is as follows: Years Ended March 31, 2024 2023 2022 Cash paid during the year for: Interest $ 142,167 $ 108,470 $ 84,696 Income taxes 271,274 254,661 138,382 Cash received during the year for income tax refunds 19,175 2,315 4,605 |
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 2024 ASU 2022-04 "Liabilities - Supplier Finance Programs (Subtopic 405-50) Disclosure of Supplier Finance Program Obligations." September 2022 The standard provides guidance to enhance the transparency of disclosures for entities that utilize supplier finance programs to include information about the key terms of the programs and present a rollforward of any obligations under the program where those obligations are presented in the balance sheet. Fiscal 2024 We adopted this standard in fiscal 2024 with no material impact to our consolidated financial statements. Standards that have not yet been adopted. ASU 2023-07 "Segment Reporting (Topic 280) November 2023 The standard provides guidance to enhance disclosures related to reportable segment expenses, including requirements to disclose significant segment expenses that are regularly provided to the Chief Operating Decision Maker ("CODM"), the title and position of the CODM and a description of how the CODM uses the information to make decisions regarding the allocation of resources. The standard also requires disclosure of certain segment information currently required annually to be reported on an interim basis. The amendments in this standard are effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. NA We are currently assessing the impact of this standard update on our disclosures in the notes to the consolidated financial statements. ASU 2023-09 "Income Taxes (Topic 740) Improvements to Income Tax Disclosures." December 2023 The standard provides guidance to enhance disclosures related to income taxes paid (net of refunds), requiring disaggregation by federal, state, and foreign, and disclosure of income taxes paid (net of refunds received) by individual jurisdictions that represent greater than 5% of the total. The standard also requires disclosure of income (loss) from continuing operations before income taxes, disaggregated between domestic and foreign, and income tax expense (or benefit) disaggregated by federal, state, and foreign. Finally, the standard removes the requirement for certain disclosures related to changes in unrecognized tax benefits and certain amounts of temporary differences. The amendments in this standard are effective for annual periods beginning after December 15, 2024. NA We are currently assessing the impact of this standard update on our disclosures in the notes to the consolidated financial statements. |
Useful lives of PPE table text block | 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 |
Restructuring and Related Act_2
Restructuring and Related Activities (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | The following table summarizes our total pre-tax restructuring expenses recorded in fiscal 2024 related to the Restructuring Plan: Year Ended March 31, 2024 Restructuring Plan Asset impairment $ 25,392 Product rationalization (1) 18,320 Severance and other compensation related costs 678 Total Restructuring Expense $ 44,390 (1) Recorded in Cost of revenues on the Consolidated Statements of Income. |
Business Acquisitions and Div_2
Business Acquisitions and Divestitures Business Acquisitions and Divestitures (Tables) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Business Combinations and Divestitures [Abstract] | ||
Cantel Acquisition Consideration Paid | The total consideration for Cantel Common Stock and stock equivalents was $3,599,471. The consideration was comprised of the following: (shares in thousands) Cash consideration $16.93 per Cantel share (42,816 shares) $ 716,412 Cash consideration for fractional shares 14 STERIS plc ordinary shares 14,297 shares at ($188.07 per share) 2,689,317 Consideration related to Cantel equity compensation programs 18,173 Consideration related to equity component of Cantel convertible debt 175,555 Total purchase consideration $ 3,599,471 | |
Business Combination 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 2024 and 2023 acquisitions. Fiscal Year 2024 (1) Fiscal Year 2023 (2) (dollars in thousands) Other Acquisitions (Excluding BD) All Acquisitions Cash $ 417 $ — Accounts receivable 1,497 2,405 Inventory 654 12,342 Property, plant, and equipment — 2,131 Lease right-of-use assets, net — 667 Other assets 5 177 Intangible assets 2,602 30,185 Goodwill 2,369 4,863 Total assets 7,544 52,770 Current liabilities (629) (2,170) Non-current liabilities — (473) Total liabilities (629) (2,643) Net assets $ 6,915 $ 50,127 ( 1) Purchase price allocation is preliminary as of March 31, 2024, as valuations have not been finalized. (2) The purchase price allocation for fiscal 2023 acquisitions include certain measurement period adjustments recorded during fiscal 2024, increasing net assets acquired by $200 . | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The table below summarizes the allocation of the purchase price to the net assets acquired from BD based on fair values at the acquisition date. September 30, 2023 (As Previously Reported) Adjustments March 31, 2024 Inventory 27,006 4,821 $ 31,827 Property, plant, and equipment 6,755 1,109 7,864 Lease right-of-use assets, net — 1,737 1,737 Intangible assets (1) 303,598 (598) 303,000 Goodwill 202,399 (5,332) 197,067 Total assets acquired 539,758 1,737 541,495 Lease obligations — 1,737 1,737 Total liabilities assumed — 1,737 1,737 Net assets acquired $ 539,758 $ — $ 539,758 (1) |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following tables summarize the major classes of assets and liabilities of the Dental segment that were classified as held for sale in the Consolidated Balance Sheets as of March 31, 2024 and 2023: 2024 2023 Assets Assets held for sale: Accounts receivable, net 48,590 63,327 Inventories, net 89,345 91,083 Property, plant, and equipment, net 73,395 72,737 Lease right-of-use assets, net 22,822 25,188 Intangibles, net 770,731 879,081 Prepaid expenses and other assets 2,953 3,423 Loss accrued on classification as held for sale (202,932) — Total assets held for sale $ 804,904 $ 1,134,839 Liabilities Liabilities held for sale: Accounts payable $ 10,580 $ 15,455 Accrued income taxes 433 3,327 Accrued payroll and other related liabilities 13,683 7,179 Lease obligations 23,722 25,832 Accrued expenses and other 15,594 19,785 Total liabilities held for sale $ 64,012 $ 71,578 2024 2023 Assets held for sale: Current $ 804,904 $ 157,580 Non-current — 977,259 Liabilities held for sale: Current $ 64,012 $ 50,642 Non-current — 20,936 The following table summarizes the major line items constituting income (loss) of discontinued operations associated with the Dental segment for the years ended March 31, 2024, 2023, and 2022: Years Ended March 31, 2024 2023 2022 Revenues: Product $ 407,027 $ 421,573 $ 361,661 Cost of revenues: Product 226,934 242,607 228,306 Gross profit: 180,093 178,966 133,355 Operating expenses: Selling, general, and administrative 199,511 208,213 184,271 Goodwill impairment loss — 490,565 — Research and development 2,960 3,104 1,281 Loss from operations (22,378) (522,916) (52,197) Non-operating expenses, net (10) 2 103 Pre-tax loss on classification as held for sale (1) (206,444) — — Loss before income tax expense (228,812) (522,918) (52,300) Income tax benefit (55,611) (72,534) (10,711) Loss from discontinued operations, net of income tax $ (173,201) $ (450,384) $ (41,589) (1) Amount includes additional transaction costs and the estimated accrued loss totaling $202,932 included in held for sale as of March 31, 2024 Significant non-cash operating items and capital expenditures related to discontinued operations are reflected in the statement of cash flows as follows: 2024 2023 2022 Operating activities of discontinued operations: Depreciation, depletion, and amortization (1) $ 115,177 $ 130,367 $ 120,957 Goodwill impairment loss — 490,565 — Investing activities of discontinued operations: Purchases of property, plant, equipment, and intangibles, net $ (9,150) $ (9,470) $ (4,726) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | Changes to the carrying amount of goodwill for the years ended March 31, 2024 and 2023 were as follows: Healthcare AST Segment Life Sciences Total Balance at March 31, 2022 2,326,830 1,432,858 179,288 3,938,976 Goodwill acquired 6,221 803 — 7,024 Measurement period adjustments to acquired goodwill (21,624) — 3,147 (18,477) Divestiture (2,358) — — (2,358) Foreign currency translation adjustments and other (7,796) (37,527) (623) (45,946) Balance at March 31, 2023 $ 2,301,273 $ 1,396,134 $ 181,812 $ 3,879,219 Goodwill acquired 199,452 634 — 200,086 Measurement period adjustments to acquired goodwill (2,573) — — (2,573) Foreign currency translation adjustments and other 2,758 (9,139) 361 (6,020) Balance at March 31, 2024 $ 2,500,910 $ 1,387,629 $ 182,173 $ 4,070,712 |
Summary of Finite-Lived and Indefinite-Lived Intangible Assets [Table Text Block] | Information regarding our intangible assets is as follows: 2024 2023 March 31, Gross Accumulated Gross Accumulated Customer relationships $ 2,552,913 $ 863,662 $ 2,313,441 $ 658,569 Non-compete agreements 15,511 15,234 15,486 14,202 Patents and technology 516,457 278,492 461,539 237,939 Trademarks and tradenames 251,098 90,362 235,554 72,405 Supplier relationships 54,800 23,747 54,800 21,006 Total $ 3,390,779 $ 1,271,497 $ 3,080,820 $ 1,004,121 |
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: 2025 2026 2027 2028 2029 Estimated amortization expense $ 270,365 $ 261,498 $ 255,383 $ 250,617 $ 248,061 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes To Financial Statements [Abstract] | |
Schedule of Inventory, Current | Components of our inventories are presented in the following table. March 31, 2024 2023 Raw materials $ 245,942 $ 220,431 Work in process 98,304 93,971 Finished goods 374,182 325,609 Reserve for excess and obsolete inventory (43,893) (35,601) Inventories, net $ 674,535 $ 604,410 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes To Financial Statements [Abstract] | |
Property, Plant and Equipment | Information related to the major categories of our depreciable assets is as follows: March 31, 2024 2023 Land and land improvements (1) $ 90,134 $ 77,757 Buildings and leasehold improvements 724,492 658,108 Machinery and equipment 1,075,082 959,952 Information systems 256,671 240,933 Radioisotope 692,642 637,920 Construction in progress (1) 500,106 472,206 Total property, plant, and equipment 3,339,127 3,046,876 Less: accumulated depreciation and depletion (1,573,947) (1,414,101) Property, plant, and equipment, net $ 1,765,180 $ 1,632,775 (1) Land is not depreciated. Construction in progress is not depreciated until placed in service. |
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, 2022 $ 13,543 Liabilities incurred during the period 86 Liabilities settled during the period (625) Accretion expense and change in estimate 104 Foreign currency and other 23 Balance at March 31, 2023 $ 13,131 Liabilities incurred during the period 253 Liabilities settled during the period (144) Accretion expense and change in estimate 311 Foreign currency and other 107 Balance at March 31, 2024 $ 13,658 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Indebtedness as of March 31, 2024 and 2023 was as follows: March 31, March 31, Short-term debt Term loan, current portion $ 41,250 $ 27,500 Delayed draw term loan, current portion 44,688 32,500 Total short-term debt $ 85,938 $ 60,000 Long-term debt Private Placement Senior Notes $ 751,433 $ 750,302 Revolving Credit Facility 484,529 301,672 Deferred financing costs (17,988) (21,444) Term loan 3,750 45,000 Delayed draw term loan 548,438 593,125 Senior Public Notes 1,350,000 1,350,000 Total long-term debt $ 3,120,162 $ 3,018,655 Total debt $ 3,206,100 $ 3,078,655 |
Senior Notes in Private Placement [Table Text Block] | Applicable Note Purchase Agreement Maturity Date U.S. Dollar Value at March 31, 2024 U.S. Dollar Value at March 31, 2023 $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 64,708 65,254 $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 21,569 21,752 £45,000 Senior notes at 3.04% 2017 Private Placement February 2029 56,799 55,579 €19,000 Senior notes at 2.30% 2017 Private Placement February 2032 20,491 20,664 £30,000 Senior notes at 3.17% 2017 Private Placement February 2032 37,866 37,053 Total Senior Notes $ 751,433 $ 750,302 |
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: 2025 $ 165,938 2026 662,029 2027 614,396 2028 150,000 2029 and thereafter 1,631,725 Total $ 3,224,088 |
Additional Consolidated Balan_2
Additional Consolidated Balance Sheets Information (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes To Financial Statements [Abstract] | |
Schedule of Accrued Liabilities | Additional information related to our Consolidated Balance Sheets is as follows: March 31, 2024 2023 Accrued payroll and other related liabilities: Compensation and related items $ 48,152 $ 43,960 Accrued vacation/paid time off 16,140 13,348 Accrued bonuses 61,669 31,096 Accrued employee commissions 35,980 26,924 Other post-retirement benefits obligations-current portion 994 1,121 Other employee benefit plans' obligations-current portion 1,896 2,014 Total accrued payroll and other related liabilities $ 164,831 $ 118,463 Accrued expenses and other: Deferred revenues $ 70,460 $ 85,727 Service liabilities 92,590 72,033 Self-insured and related risk reserves-current portion 13,303 11,325 Accrued dealer commissions 33,277 27,078 Accrued warranty 15,388 13,394 Asset retirement obligation-current portion 510 543 Accrued interest 11,109 9,243 Other 83,107 78,689 Total accrued expenses and other $ 319,744 $ 298,032 Other liabilities: Self-insured risk reserves-long-term portion $ 21,646 $ 22,171 Other post-retirement benefits obligations-long-term portion 5,159 6,070 Defined benefit pension plans obligations-long-term portion 2,727 2,876 Other employee benefit plans obligations-long-term portion 1,321 1,153 Accrued long-term income taxes 6,508 10,082 Asset retirement obligation-long-term portion 13,148 12,588 Other 21,037 21,197 Total other liabilities $ 71,546 $ 76,137 |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Income Tax Expense [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Income from continuing operations before income taxes of our domestic and foreign operations based on the geographic locations of our operations was as follows: Years Ended March 31, 2024 2023 2022 United States operations $ 491,890 $ 451,901 $ 127,507 Ireland operations 51,510 62,664 88,078 Other locations operations 159,410 165,701 151,218 $ 702,810 $ 680,266 $ 366,803 |
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, 2024 2023 2022 Current: United States federal $ 133,498 $ 128,793 $ 81,111 United States state and local 26,230 31,073 20,925 Ireland 7,639 8,837 12,002 Other locations 51,283 59,422 54,581 218,650 228,125 168,619 Deferred: United States federal (43,484) (39,030) (63,087) United States state and local (11,222) (43,843) (15,108) Ireland (923) (864) (739) Other locations (13,491) (20,319) (7,341) (69,120) (104,056) (86,275) Total Provision for Income Taxes $ 149,530 $ 124,069 $ 82,344 |
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, 2024 2023 2022 National statutory tax rate 12.5 % 12.5 % 12.5 % Increase in accruals for uncertain tax positions — % — % 0.1 % U.S. state and local taxes, net of federal income tax expense (benefit) 2.2 % (1.1) % 1.6 % Increase in valuation allowances 0.9 % — % 0.7 % U.S. research and development credit (0.7) % (0.4) % (0.7) % U.S. foreign income tax credit (0.9) % (0.8) % (1.8) % Difference in non-Ireland tax rates 8.5 % 8.9 % 14.2 % U.S. federal audit adjustments 0.1 % — % — % Excess tax benefit for equity compensation (0.7) % (0.6) % (4.3) % Tax rate changes on deferred tax assets and liabilities (0.3) % — % — % U.S. tax reform impact, GILTI and FDII (0.2) % (0.3) % (0.8) % Capitalized acquisition, redomiciliation costs — % — % 1.5 % All other, net (0.1) % — % (0.6) % Total Provision for Income Taxes 21.3 % 18.2 % 22.4 % |
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: 2024 2023 Unrecognized Tax Benefits Balance at April 1 $ 2,230 $ 2,160 Increases for tax provisions of current year — 70 Decreases for tax provisions of prior year (80) — Unrecognized Tax Benefits Balance at March 31 $ 2,150 $ 2,230 |
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, 2024 and 2023 were as follows: March 31, 2024 2023 Deferred Tax Assets: Post-retirement benefit accrual $ 1,480 $ 1,737 Compensation 19,582 15,858 Net operating loss carryforwards 37,096 37,667 Accrued expenses 13,667 13,150 Insurance 2,817 2,268 Deferred income 20,393 23,967 Bad debt 3,868 3,763 Research & experimental expenditures 28,347 15,382 Operating leases (1) 47,625 46,781 Foreign tax credit carryforwards 32,137 33,559 Other 21,258 11,701 Deferred Tax Assets 228,270 205,833 Less: Valuation allowance 26,374 20,315 Total Deferred Tax Assets 201,896 185,518 Deferred Tax Liabilities: Depreciation and depletion 92,358 98,601 Operating leases (1) 46,657 45,834 Intangibles 518,814 630,589 Pension 3,889 2,644 Other 2,559 3,186 Total Deferred Tax Liabilities 664,277 780,854 Net Deferred Tax Liabilities $ (462,381) $ (595,336) |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes To Financial Statements [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | Defined Benefit Pension Plans Other 2024 2023 2024 2023 Change in Benefit Obligations: Benefit Obligations at Beginning of Year $ 93,640 $ 129,772 $ 7,191 $ 8,525 Service cost 659 1,276 — — Interest cost 4,120 3,054 313 256 Actuarial gain (140) (27,046) (441) (807) Benefits and expenses (4,327) (5,817) (910) (783) Employee contributions 1,028 501 — — Curtailments/settlements (355) (421) — — Impact of foreign currency exchange rate changes 1,750 (7,679) — — Benefit Obligations at End of Year 96,375 93,640 6,153 7,191 Change in Plan Assets: Fair Value of Plan Assets at Beginning of Year 107,089 142,172 — — Actual return on plan assets 3,043 (25,828) — — Employer contributions 5,253 4,936 910 783 Employee contributions 1,028 501 — — Benefits and expenses paid (4,280) (5,772) (910) (783) Curtailments/settlements (324) (421) — — Impact of foreign currency exchange rate changes 2,104 (8,499) — — Fair Value of Plan Assets at End of Year 113,913 107,089 — — Funded Status of the Plans $ 17,538 $ 13,449 $ (6,153) $ (7,191) |
Schedule of Accrued Liabilities | Amounts recognized in the Consolidated Balance Sheets consist of the following: Defined Benefit Pension Plans Other Post-Retirement Benefits Plan 2024 2023 2024 2023 Non-current assets $ 20,265 $ 16,325 $ — $ — Current liabilities — — (994) (1,121) Non-current liabilities (2,727) (2,876) (5,159) (6,070) Net assets (liabilities) $ 17,538 $ 13,449 $ (6,153) $ (7,191) |
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, 2024 and 2023: Defined Benefit Pension Plans 2024 2023 Aggregate fair value of plan assets $ 113,913 $ 107,089 Aggregate accumulated benefit obligations 96,375 93,640 Aggregate projected benefit obligations 96,375 93,640 |
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 2024 2023 2022 2024 2023 2022 Service cost $ 659 $ 1,276 $ 1,616 $ — $ — $ — Interest cost 4,120 3,054 2,699 313 256 232 Expected return on plan assets (6,051) (3,817) (4,412) — — — Prior service cost recognition 47 48 61 — — (267) Net amortization and deferral 15 19 18 209 329 444 Curtailments/settlements (1) (49) (31) — — — Net periodic benefit (credit) cost $ (1,211) $ 531 $ (49) $ 522 $ 585 $ 409 Recognized in other comprehensive loss (income) before tax: Net loss (gain) occurring during year $ 2,562 $ 1,716 $ (11,028) $ 441 $ 807 $ 640 Amortization of prior service credit (102) (263) (222) — — 267 Amortization of net loss 10 — — (209) (329) (444) Total recognized in other comprehensive loss (income) 2,470 1,453 (11,250) 232 478 463 Total recognized in total benefits cost and other comprehensive loss (income) $ 1,259 $ 1,984 $ (11,299) $ 754 $ 1,063 $ 872 |
Schedule of Assumptions Used | The following table presents significant assumptions used to determine the projected benefit obligations at March 31: 2024 2023 Discount Rate: Synergy Health plc Retirement Benefits Scheme 4.80 % 4.70 % Isotron BV Pension Plan 3.40 % 3.70 % Synergy Health Daniken AG 1.50 % 2.05 % Synergy Health Radeberg 3.80 % 3.80 % Synergy Health Allershausen 3.50 % 3.70 % Harwell Dosimeters Ltd Retirement Benefits Scheme 4.80 % 4.80 % Other post-retirement plan 5.00 % 4.75 % |
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: 2024 2023 2022 Discount Rate: Synergy Health plc Retirement Benefits Scheme 4.70 % 2.80 % 2.10 % Isotron BV Pension Plan 3.70 % 1.80 % 0.90 % Synergy Health Daniken AG 1.50 % 2.05 % 1.00 % Synergy Health Radeberg 2.00 % 2.00 % 1.50 % Synergy Health Allershausen 2.20 % 2.20 % 2.00 % Harwell Dosimeters Ltd Retirement Benefits Scheme 4.85 % 4.80 % 2.85 % Other post-retirement plan 4.75 % 3.25 % 2.50 % Expected Return on Plan Assets: Synergy Health plc Retirement Benefits Scheme 6.10 % 3.20 % 3.60 % Isotron BV Pension Plan 3.70 % 1.80 % 0.90 % Synergy Health Daniken AG 1.50 % 1.95 % 1.00 % |
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. 2024 2023 2022 Healthcare cost trend rate – medical 7.50 % 7.50 % 7.00 % Healthcare cost trend rate – prescription drug 7.50 % 7.50 % 7.00 % 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. |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The fair value of our pension benefits plan assets at March 31, 2024 and 2023 by asset category is as follows: Fair Value Measurements at March 31, 2024 (In thousands) Total Quoted Significant Significant Cash $ 372 $ 372 $ — $ — Insured annuities 10,468 — 10,468 — Insurance contracts 6,110 — — 6,110 Common and collective trusts valued at net asset value: Equity security trusts 37,190 — — — Debt security trusts 59,773 — — — Total Plan Assets $ 113,913 $ 372 $ 10,468 $ 6,110 Fair Value Measurements at March 31, 2023 (In thousands) Total Quoted Significant Significant Cash $ 338 $ 338 $ — $ — Insured annuities 10,285 — 10,285 — Insurance contracts 5,387 — — 5,387 Common and collective trusts valued at net asset value: Equity security trusts 48,137 — — — Debt security trusts 42,942 — — — Total Plan Assets $ 107,089 $ 338 $ 10,285 $ 5,387 |
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 2024 due to the following: Insurance contracts Balance at March 31, 2022 $ 5,383 Gains (losses) related to assets still held at year-end (157) Transfers out of Level 3 320 Foreign currency (159) Balance at March 31, 2023 $ 5,387 Gains (losses) related to assets still held at year-end 28 Transfers out of Level 3 631 Foreign currency 64 Balance at March 31, 2024 $ 6,110 |
Schedule of Expected Benefit Payments | Based upon the actuarial assumptions utilized to develop our benefit obligations at March 31, 2024, the following benefit payments are expected to be made to plan participants: Other Defined Benefit Pension Plans Other Post-Retirement Benefits Plan 2025 $ 4,842 $ 994 2026 4,761 890 2027 4,901 804 2028 5,017 712 2029 5,197 638 2030 and thereafter 28,137 2,268 |
Contingencies lease tables (Tab
Contingencies lease tables (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Lease, Cost | The components of operating lease expense recognized in income from continuing operations in the consolidated statements of income are as follows: Year Ended Year Ended Year Ended March 31, 2024 March 31, 2023 March 31, 2022 Fixed operating lease expense $ 41,330 $ 39,473 $ 40,513 Variable operating lease expense 24,441 18,581 12,032 Total operating lease expense $ 65,771 $ 58,054 $ 52,545 |
Lessee, Supplemental Cash Flow Information | Supplemental cash flow information related to operating leases is as follows: Year Ended Year Ended Year Ended March 31, 2024 March 31, 2023 March 31, 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 46,946 $ 45,249 $ 45,144 Right-of-use assets obtained in exchange for operating lease obligations, net $ 24,668 $ 53,099 $ 79,241 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturities of lease liabilities at March 31, 2024 are as follows : March 31, 2025 $ 37,947 2026 32,598 2027 23,094 2028 18,662 2029 and thereafter 104,609 Total operating lease payments 216,910 Less imputed interest 39,843 Total operating lease liabilities $ 177,067 In the preceding table, the future minimum annual rentals payable under noncancelable leases denominated in foreign currencies have been calculated using March 31, 2024 foreign currency exchange rates. Supplemental information related to operating leases is as follows: March 31, March 31, 2024 2023 Weighted-average remaining lease term of operating leases 9.9 years 10.6 years Weighted-average discount rate of operating leases 4.4 % 3.8 % |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes To Financial Statements [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Years Ended March 31, 2024 2023 2022 Revenues: Healthcare $ 3,613,019 $ 3,085,131 $ 2,845,467 AST 953,980 914,431 852,972 Life Sciences 571,702 536,704 524,964 Total revenues $ 5,138,701 $ 4,536,266 $ 4,223,403 Operating income (loss): Healthcare 871,358 706,020 649,704 AST 439,744 429,020 410,101 Life Sciences 221,349 210,225 216,188 Corporate (348,497) (264,974) (283,665) Total operating income before adjustments $ 1,183,954 $ 1,080,291 $ 992,328 Less: Adjustments Amortization of acquired intangible assets (1) 266,420 256,355 262,344 Acquisition and integration related charges (2) 25,526 23,486 201,905 Tax restructuring costs (3) 620 661 301 Gain on fair value adjustment of acquisition related contingent consideration (1) — (3,100) (2,350) Net loss (gain) on divestiture of businesses (1) 873 (67) (874) Amortization of inventory and property "step up" to fair value (1) 10,032 11,370 53,139 Restructuring charges (4) 44,365 485 48 Income from Operations $ 836,118 $ 791,101 $ 477,815 (1) For more information regarding our recent acquisitions and divestitures, refer to Note 3 titled, "Business Acquisitions and Divestitures." (2) Acquisition and integration related charges include transaction costs and integration expenses associated with acquisitions. (3) Costs incurred in tax restructuring. (4) For more information regarding our restructuring efforts, refer to Note 2 titled, "Restructuring ." March 31, 2024 2023 Assets Healthcare and Life Sciences $ 7,055,576 $ 6,557,742 AST 3,203,217 3,129,258 Assets excluding assets held for sale $ 10,258,793 $ 9,687,000 Years Ended March 31, 2024 2023 2022 Capital Expenditures Healthcare and Life Sciences $ 114,164 $ 98,585 $ 84,487 AST 237,012 253,914 198,350 Total Capital Expenditures $ 351,176 $ 352,499 $ 282,837 Depreciation, Depletion, and Amortization (1) Healthcare and Life Sciences $ 322,244 $ 306,377 $ 316,222 AST 127,823 116,153 115,925 Total Depreciation, Depletion, and Amortization $ 450,067 $ 422,530 $ 432,147 (1) Fiscal 2022 totals include approximately $229,052 and $35,531 for Healthcare and Life Sciences, and AST, respectively, of amortization of acquired intangible assets and amortization of property "step-up" to fair value. For more information regarding our recent acquisitions and divestitures see Note 3 titled, "Business Acquisitions and Divestitures." |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | March 31, 2024 2023 Property, Plant, and Equipment, Net Ireland $ 68,603 $ 60,570 United States 1,009,979 877,950 Other locations 686,598 694,255 Property, Plant, and Equipment, Net $ 1,765,180 $ 1,632,775 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Years Ended March 31, 2024 2023 2022 Revenues: Ireland $ 82,695 $ 74,292 $ 81,864 United States 3,751,437 3,254,373 2,943,950 Other locations 1,304,569 1,207,601 1,197,589 Total Revenues $ 5,138,701 $ 4,536,266 $ 4,223,403 |
Revenue from External Customers by Products and Services [Table Text Block] | Years Ended March 31, 2024 2023 2022 Healthcare: Capital equipment 1,091,537 $ 896,590 $ 782,505 Consumables 1,248,424 1,050,316 1,004,605 Service 1,273,058 1,138,225 1,058,357 Total Healthcare Revenues $ 3,613,019 $ 3,085,131 $ 2,845,467 AST: Capital equipment $ 14,519 $ 26,460 $ 24,394 Service $ 939,461 $ 887,971 $ 828,578 Total AST Revenues $ 953,980 $ 914,431 $ 852,972 Life Sciences: Capital equipment $ 155,520 $ 147,420 $ 142,281 Consumables 251,580 241,114 239,365 Service 164,602 148,170 143,318 Total Life Sciences Revenues $ 571,702 536,704 524,964 Total Revenues $ 5,138,701 $ 4,536,266 $ 4,223,403 |
Common Shares (Tables)
Common Shares (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes To Financial Statements [Abstract] | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Years ended March 31, 2024 2023 2022 Denominator ( shares in thousands ): Weighted average shares outstanding—basic 98,787 99,706 97,535 Dilutive effect of share equivalents 572 540 791 Weighted average shares outstanding and share equivalents—diluted 99,359 100,246 98,326 |
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, 2024 2023 2022 Number of ordinary share options ( shares in thousands ) 606 578 243 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Assumptions Used | The following weighted-average assumptions were used for options granted during fiscal 2024, fiscal 2023 and fiscal 2022: Fiscal 2024 Fiscal 2023 Fiscal 2022 Risk-free interest rate 3.59 % 2.44 % 1.10 % Expected life of options 6.0 years 5.9 years 5.9 years Expected dividend yield of stock 1.08 % 0.80 % 0.95 % Expected volatility of stock 27.92 % 24.49 % 24.27 % |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding | A summary of share option activity is as follows: Number of Weighted Average Aggregate Outstanding at March 31, 2023 1,749,729 $ 154.60 Granted 253,946 220.24 Exercised (126,393) 81.27 Forfeited (7,411) 217.73 Outstanding at March 31, 2024 1,869,871 $ 168.22 6.0 years $ 111,633 Exercisable at March 31, 2024 1,270,907 $ 142.42 4.9 years $ 106,246 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of the non-vested restricted share and restricted share unit activity is presented below: Number of Number of Restricted Share Units Weighted-Average Non-vested at March 31, 2023 450,793 28,542 $ 186.60 Granted 180,529 18,476 202.13 Vested (148,283) (17,041) 164.14 Forfeited (19,658) (1,629) 196.29 Non-vested at March 31, 2024 463,381 28,348 $ 200.04 |
Share-Based Payment Arrangement, Activity | A summary of the non-vested restricted share units activity associated with the Cantel share-based compensation plans is presented below: Number of Restricted Share Units Weighted-Average Non-vested at March 31, 2023 15,670 $ 191.18 Granted — — Vested (14,763) 191.18 Forfeited (762) 191.18 Non-vested at March 31, 2024 145 $ 191.18 |
Financial and Other Guarantees
Financial and Other Guarantees (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023 2022 Balance, Beginning of Year $ 13,394 $ 13,892 $ 9,406 Liabilities assumed in acquisition of Cantel — — 4,553 Warranties issued during the period 18,051 13,195 12,571 Settlements made during the period (16,057) (13,693) (12,638) Balance, End of Year $ 15,388 $ 13,394 $ 13,892 |
Forward and Swap Contracts (Tab
Forward and Swap Contracts (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024 March 31, 2023 March 31, 2024 March 31, 2023 Prepaid & Other $ 208 $ 378 $ — $ — Accrued expenses and other — — 1,014 2,054 |
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, 2024 2023 2022 Foreign currency forward contracts Selling, general, and administrative $ 1,272 $ 5,036 $ 4,379 Commodity swap contracts Cost of revenues (1,611) (3,630) 3,921 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024 and March 31, 2023: Fair Value Measurements At March 31, Carrying Value Quoted Prices Significant Other Significant Level 1 Level 2 Level 3 2024 2023 2024 2023 2024 2023 2024 2023 Assets: Cash and cash equivalents $ 207,020 $ 208,357 $ 207,020 $ 208,357 $ — $ — $ — $ — Forward and swap contracts (1) 208 378 — — 208 378 — — Equity investments (2) 4,767 7,069 4,767 7,069 — — — — Other investments 2,902 2,066 2,902 2,066 — — — — Liabilities: Forward and swap contracts (1) $ 1,014 $ 2,054 $ — $ — $ 1,014 $ 2,054 $ — $ — Deferred compensation plans (2) 1,186 1,022 1,186 1,022 — — — — Total debt (3) 3,206,100 3,078,655 — — 2,895,784 2,754,218 — — Contingent consideration obligations (4) 11,000 15,678 — — — — 11,000 15,678 (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)). Changes in the fair value of these investments are recorded in the Interest income and miscellaneous (income) expense line of the Consolidated Statement of Income. During fiscal 2024 and fiscal 2023, we recorded gains (losses) of $1,060 and $(1,176), respectively, related to these investments. In addition, during fiscal 2024 we sold one of our equity investments which had a value of $3,342. (3) We estimate the fair value of our debt using discounted cash flow analyses, based on our current incremental borrowing rates for similar types of borrowing arrangement s. The fair values of our Senior Public Notes are estimated using quoted market prices for the publicly registered Senior Notes. (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, 2022 $ 10,550 Additions 8,302 Payments (80) Reductions and adjustments (3,100) Foreign currency translation adjustments 6 Balance at March 31, 2023 $ 15,678 Additions 1,313 Payments (5,967) Foreign currency translation adjustments (24) Balance at March 31, 2024 $ 11,000 |
Fair Value Option, Disclosures | The following table shows the fair value of our financial assets and liabilities at March 31, 2024 and March 31, 2023: Fair Value Measurements At March 31, Carrying Value Quoted Prices Significant Other Significant Level 1 Level 2 Level 3 2024 2023 2024 2023 2024 2023 2024 2023 Assets: Cash and cash equivalents $ 207,020 $ 208,357 $ 207,020 $ 208,357 $ — $ — $ — $ — Forward and swap contracts (1) 208 378 — — 208 378 — — Equity investments (2) 4,767 7,069 4,767 7,069 — — — — Other investments 2,902 2,066 2,902 2,066 — — — — Liabilities: Forward and swap contracts (1) $ 1,014 $ 2,054 $ — $ — $ 1,014 $ 2,054 $ — $ — Deferred compensation plans (2) 1,186 1,022 1,186 1,022 — — — — Total debt (3) 3,206,100 3,078,655 — — 2,895,784 2,754,218 — — Contingent consideration obligations (4) 11,000 15,678 — — — — 11,000 15,678 (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)). Changes in the fair value of these investments are recorded in the Interest income and miscellaneous (income) expense line of the Consolidated Statement of Income. During fiscal 2024 and fiscal 2023, we recorded gains (losses) of $1,060 and $(1,176), respectively, related to these investments. In addition, during fiscal 2024 we sold one of our equity investments which had a value of $3,342. (3) We estimate the fair value of our debt using discounted cash flow analyses, based on our current incremental borrowing rates for similar types of borrowing arrangement s. The fair values of our Senior Public Notes are estimated using quoted market prices for the publicly registered Senior Notes. (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. |
Reclassifications out of AOCI_2
Reclassifications out of AOCI (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Reclassifications out of AOCI Equity [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | 20. RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME 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, 2024, 2023 and 2022 were as follows: Defined Benefit Plans (1) Foreign Currency Translation (2) Total Accumulated Other Comprehensive Income (Loss) 2024 2023 2022 2024 2023 2022 2024 2023 2022 Beginning Balance $ 12 $ 1,276 $ (5,519) $ (320,722) $ (211,084) $ (55,724) $ (320,710) $ (209,808) $ (61,243) Other Comprehensive Income (Loss) before reclassifications 615 (799) 11,148 (7,211) (109,638) (155,360) (6,596) (110,437) (144,212) Amounts reclassified from Accumulated Other Comprehensive Loss (1,351) (465) (4,353) — — — (1,351) (465) (4,353) Net current-period Other Comprehensive (Loss) Income (736) (1,264) 6,795 (7,211) (109,638) (155,360) (7,947) (110,902) (148,565) Ending Balance $ (724) $ 12 $ 1,276 $ (327,933) $ (320,722) $ (211,084) $ (328,657) $ (320,710) $ (209,808) (1) The amortization (gain) of defined benefit plan costs is reported in the Interest income and miscellaneous expense (income) line of our Consolidated Statements of Income. (2) |
Quarterly Results (Unaudited) (
Quarterly Results (Unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Quarterly Financial Information Disclosure [Abstract] | |
Effect of Fourth Quarter Events | As a result of the agreement to divest our Dental segment, Dental is presented as discontinued operations. Historical information has been retrospectively adjusted to reflect these changes for comparability, as required. Quarters Ended Full Year March 31, December 31, September 30, June 30, Fiscal 2024 Revenues $ 5,138,701 $ 1,419,387 $ 1,297,724 $ 1,238,204 $ 1,183,386 Cost of revenues 2,920,541 836,485 737,698 691,976 654,382 Gross profit 2,218,160 582,902 560,026 546,228 529,004 Percentage of Revenues 43.2 % 41.1 % 43.2 % 44.1 % 44.7 % Income from continuing operations before income tax expense 702,810 190,575 189,602 155,852 166,781 Income tax expense 149,530 37,276 40,999 35,055 36,200 Income from continuing operations 553,280 153,299 148,603 120,797 130,581 Loss from discontinued operations (173,201) (154,301) (7,658) (4,451) (6,791) Net income (loss) 380,079 (1,002) 140,945 116,346 123,790 Net income (loss) attributable to shareholders $ 378,239 $ (1,377) $ 140,743 $ 115,319 $ 123,554 Basic earnings per ordinary share attributable to shareholders Continuing Operations $ 5.58 $ 1.55 $ 1.50 $ 1.21 $ 1.32 Discontinued Operations $ (1.75) $ (1.56) $ (0.08) $ (0.04) $ (0.07) Total $ 3.83 $ (0.01) $ 1.42 $ 1.17 $ 1.25 Diluted earnings per ordinary share attributable to shareholders Continuing Operations $ 5.55 $ 1.54 $ 1.49 $ 1.20 $ 1.31 Discontinued Operations $ (1.74) $ (1.55) $ (0.08) $ (0.04) $ (0.07) Total $ 3.81 $ (0.01) $ 1.42 $ 1.16 $ 1.25 Fiscal 2023 Revenues $ 4,536,266 $ 1,281,252 $ 1,112,431 $ 1,090,939 $ 1,051,644 Cost of revenues 2,555,540 734,850 634,244 608,627 577,819 Gross profit 1,980,726 546,402 478,187 482,312 473,825 Percentage of Revenues 43.7 % 42.6 % 43.0 % 44.2 % 45.1 % Income from continuing operations before income tax expense 680,266 203,402 171,539 159,325 146,000 Income tax expense 124,069 21,203 40,534 35,417 26,915 Income (loss) from continuing operations 556,197 182,199 131,005 123,908 119,085 Income (loss) from discontinued operations (450,384) 4,765 (7,680) (439,139) (8,330) Net income (loss) 105,813 186,964 123,325 (315,231) 110,755 Net income (loss) attributable to shareholders $ 107,030 $ 187,225 $ 123,828 $ (315,285) $ 111,262 Basic Income Per Ordinary Share Attributable to Shareholders: Continuing Operations $ 5.59 $ 1.84 $ 1.32 $ 1.24 $ 1.19 Discontinued Operations $ (4.52) $ 0.05 $ (0.08) $ (4.39) $ (0.08) Total $ 1.07 $ 1.89 $ 1.24 $ (3.15) $ 1.11 Diluted Income Per Ordinary Share Attributable to Shareholders: Continuing Operations $ 5.56 $ 1.83 $ 1.31 $ 1.24 $ 1.19 Discontinued Operations $ (4.49) $ 0.05 $ (0.08) $ (4.39) $ (0.08) Total $ 1.07 $ 1.88 $ 1.24 $ (3.15) $ 1.10 |
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, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Loss Contingencies [Line Items] | |||||||||||
Deferred Revenue, Revenue Recognized | $ 66,690 | $ 72,914 | |||||||||
Interest Costs, Capitalized During Period | 7,094 | 6,366 | |||||||||
Interest Costs Incurred | 144,351 | 107,956 | $ 89,490 | ||||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 142,167 | 108,470 | 84,696 | ||||||||
Income Taxes Paid, Net | 271,274 | 254,661 | 138,382 | ||||||||
Advertising Expense | 25,474 | 21,668 | 15,599 | ||||||||
Proceeds from Income Tax Refunds | 19,175 | 2,315 | 4,605 | ||||||||
Revenue, Remaining Performance Obligation, Amount | $ 1,419,646 | 1,419,646 | |||||||||
Cost of revenues | 836,485 | $ 737,698 | $ 691,976 | $ 654,382 | $ 734,850 | $ 634,244 | $ 608,627 | $ 577,819 | 2,920,541 | 2,555,540 | 2,340,396 |
Gross Profit | 582,902 | 560,026 | 546,228 | 529,004 | 546,402 | 478,187 | 482,312 | 473,825 | 2,218,160 | 1,980,726 | 1,883,007 |
Operating Income (Loss) | 836,118 | 791,101 | 477,815 | ||||||||
Income Tax Expense (Benefit) | 37,276 | 40,999 | 35,055 | 36,200 | 21,203 | 40,534 | 35,417 | 26,915 | 149,530 | 124,069 | 82,344 |
Income from continuing operations, net of income tax | (1,002) | 140,945 | 116,346 | 123,790 | 186,964 | 123,325 | (315,231) | 110,755 | 380,079 | 105,813 | 242,870 |
Net Income (Loss) Attributable to Parent | $ (1,377) | $ 140,743 | $ 115,319 | $ 123,554 | $ 187,225 | $ 123,828 | $ (315,285) | $ 111,262 | $ 378,239 | $ 107,030 | $ 243,888 |
Earnings Per Share, Basic | $ (0.01) | $ 1.42 | $ 1.17 | $ 1.25 | $ 1.89 | $ 1.24 | $ (3.15) | $ 1.11 | $ 3.83 | $ 1.07 | $ 2.50 |
Earnings Per Share, Diluted | $ (0.01) | $ 1.42 | $ 1.16 | $ 1.25 | $ 1.88 | $ 1.24 | $ (3.15) | $ 1.10 | $ 3.81 | $ 1.07 | $ 2.48 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 370,292 | $ (3,872) | $ 95,323 | ||||||||
Inventory, Net | $ 674,535 | $ 604,410 | 674,535 | 604,410 | |||||||
Retained earnings | $ 2,087,645 | $ 1,911,533 | 2,087,645 | 1,911,533 | |||||||
Increase (Decrease) in Inventories | 37,450 | 123,921 | 102,922 | ||||||||
Accruals and other, net | 39,955 | (22,054) | (16,398) | ||||||||
Deferred income taxes | (131,412) | (185,913) | (106,620) | ||||||||
Product [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Cost of revenues | $ 1,516,082 | $ 1,271,363 | $ 1,191,619 | ||||||||
Property, Plant and Equipment, Other Types [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Property, Plant and Equipment, Useful Life | 20 years | 20 years | |||||||||
Minimum [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Finite-Lived Intangible Assets, Useful Life, Minimum | 5 years | 5 years | |||||||||
Minimum [Member] | Land Improvements [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Property, Plant and Equipment, Useful Life | 3 years | 3 years | |||||||||
Minimum [Member] | Building [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Property, Plant and Equipment, Useful Life | 2 years | 2 years | |||||||||
Minimum [Member] | Machinery and Equipment [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Property, Plant and Equipment, Useful Life | 2 years | 2 years | |||||||||
Minimum [Member] | Computer Equipment [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Property, Plant and Equipment, Useful Life | 2 years | 2 years | |||||||||
Maximum [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Finite-Lived Intangible Assets, Useful Life, Minimum | 20 years | 20 years | |||||||||
Maximum [Member] | Land Improvements [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Property, Plant and Equipment, Useful Life | 40 years | 40 years | |||||||||
Maximum [Member] | Building [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Property, Plant and Equipment, Useful Life | 50 years | 50 years | |||||||||
Maximum [Member] | Machinery and Equipment [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Property, Plant and Equipment, Useful Life | 20 years | 20 years | |||||||||
Maximum [Member] | Computer Equipment [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Property, Plant and Equipment, Useful Life | 20 years | 20 years | |||||||||
Expected recognition within the next year [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Revenue, Remaining Performance Obligation, Percentage | 56% | 56% | |||||||||
Expected recognition beyond the next year [Member] [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Revenue, Remaining Performance Obligation, Percentage | 33% | 33% |
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, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Loss Contingencies [Line Items] | |||||||||||
Cost of revenues | $ 836,485 | $ 737,698 | $ 691,976 | $ 654,382 | $ 734,850 | $ 634,244 | $ 608,627 | $ 577,819 | $ 2,920,541 | $ 2,555,540 | $ 2,340,396 |
Gross Profit | 582,902 | 560,026 | 546,228 | 529,004 | 546,402 | 478,187 | 482,312 | 473,825 | 2,218,160 | 1,980,726 | 1,883,007 |
Operating Income (Loss) | 836,118 | 791,101 | 477,815 | ||||||||
Income Tax Expense (Benefit) | 37,276 | 40,999 | 35,055 | 36,200 | 21,203 | 40,534 | 35,417 | 26,915 | 149,530 | 124,069 | 82,344 |
Income from continuing operations, net of income tax | (1,002) | 140,945 | 116,346 | 123,790 | 186,964 | 123,325 | (315,231) | 110,755 | 380,079 | 105,813 | 242,870 |
Net Income (Loss) Attributable to Parent | $ (1,377) | $ 140,743 | $ 115,319 | $ 123,554 | $ 187,225 | $ 123,828 | $ (315,285) | $ 111,262 | $ 378,239 | $ 107,030 | $ 243,888 |
Earnings Per Share, Basic | $ (0.01) | $ 1.42 | $ 1.17 | $ 1.25 | $ 1.89 | $ 1.24 | $ (3.15) | $ 1.11 | $ 3.83 | $ 1.07 | $ 2.50 |
Earnings Per Share, Diluted | $ (0.01) | $ 1.42 | $ 1.16 | $ 1.25 | $ 1.88 | $ 1.24 | $ (3.15) | $ 1.10 | $ 3.81 | $ 1.07 | $ 2.48 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 370,292 | $ (3,872) | $ 95,323 | ||||||||
Inventory, Net | $ 674,535 | $ 604,410 | 674,535 | 604,410 | |||||||
Retained earnings | $ 2,087,645 | $ 1,911,533 | 2,087,645 | 1,911,533 | |||||||
Increase (Decrease) in Inventories | (37,450) | (123,921) | (102,922) | ||||||||
Accruals and other, net | 39,955 | (22,054) | (16,398) | ||||||||
Deferred income taxes | (131,412) | (185,913) | (106,620) | ||||||||
Product [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Cost of revenues | $ 1,516,082 | $ 1,271,363 | $ 1,191,619 |
Restructuring and Related Act_3
Restructuring and Related Activities (Details) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2024 USD ($) unit | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | ||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected number of positions eliminated | unit | 300 | |||
Restructuring expenses | [1] | $ 44,365 | $ 485 | $ 48 |
Fiscal 2024/2025 Restructuring Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 44,390 | |||
Restructuring and related cost, expected cost remaining | 55,300 | |||
Fiscal 2024/2025 Restructuring Plan | Healthcare and Life Sciences [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 18,995 | |||
Fiscal 2024/2025 Restructuring Plan | Applied Sterilization Technologies | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 25,355 | |||
Fiscal 2024/2025 Restructuring Plan | Corporate and Other member [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 40 | |||
Fiscal 2024/2025 Restructuring Plan | Operating Expense | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 26,070 | |||
Fiscal 2024/2025 Restructuring Plan | Cost of Sales | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 18,320 | |||
Fiscal 2024/2025 Restructuring Plan | Restructuring Related To Health Care | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 51,300 | |||
Fiscal 2024/2025 Restructuring Plan | Restructuring Related To AST | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 3,000 | |||
Fiscal 2024/2025 Restructuring Plan | Restructuring Related To Life Sciences | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 800 | |||
Fiscal 2024/2025 Restructuring Plan | Restructuring Related To Corporate | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 200 | |||
Fiscal 2024/2025 Restructuring Plan | Employee Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 678 | |||
Restructuring and related cost, expected cost remaining | 36,200 | |||
Fiscal 2024/2025 Restructuring Plan | Contract Termination | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | 15,300 | |||
Fiscal 2024/2025 Restructuring Plan | Restructuring Related To Accelerated Depreciation And Amortization | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and related cost, expected cost remaining | $ 3,800 | |||
[1] For more information regarding our restructuring efforts, refer to Note 2 titled, "Restructuring ." |
Restructuring and Related Act_4
Restructuring and Related Activities - Restructuring Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | ||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | [1] | $ 44,365 | $ 485 | $ 48 |
Fiscal 2024/2025 Restructuring Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 44,390 | |||
Asset Impairment Charges | Fiscal 2024/2025 Restructuring Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 25,392 | |||
Cost of Sales | Fiscal 2024/2025 Restructuring Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | 18,320 | |||
Employee Severance | Fiscal 2024/2025 Restructuring Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expenses | $ 678 | |||
[1] For more information regarding our restructuring efforts, refer to Note 2 titled, "Restructuring ." |
Business Acquisitions and Div_3
Business Acquisitions and Divestitures Business Acquisitions and Divestitures Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Jan. 03, 2022 USD ($) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | ||
Business Acquisition [Line Items] | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 546,256 | $ 42,572 | $ 550,449 | ||||||||||
Asset Acquisition, Tax Deductible Goodwill, Expected | 60,000 | ||||||||||||
Business Combination, Contingent Consideration, Liability | $ 11,000 | $ 15,678 | 11,000 | 15,678 | $ 10,550 | ||||||||
Entity Number of Employees | 3,700 | ||||||||||||
Cantel Acquisition Assumed Debt Obligations | $ 721,284 | ||||||||||||
Deferred consideration | 50 | ||||||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 195,667 | 4,863 | 195,667 | 4,863 | 427,035 | ||||||||
Business Combination, Acquisition Related Costs | [1] | 25,526 | 23,486 | 201,905 | |||||||||
Revenues | 1,419,387 | $ 1,297,724 | $ 1,238,204 | $ 1,183,386 | 1,281,252 | $ 1,112,431 | $ 1,090,939 | $ 1,051,644 | 5,138,701 | 4,536,266 | 4,223,403 | ||
Proceeds from Divestiture of Businesses | 9,458 | 6,624 | 169,712 | ||||||||||
Gain (Loss) on Disposition of Business | [2] | 873 | (67) | (874) | |||||||||
Discontinued Operations, Dental Segment | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Potential Earnout on Divestiture of Business | 12,500 | ||||||||||||
CECS | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Subsequent proceeds from divestiture of businesses | 41,546 | ||||||||||||
Revenues | 35,000 | ||||||||||||
Animal Health Divestiture | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Revenues | 12,000 | ||||||||||||
Proceeds from Divestiture of Businesses | 5,228 | ||||||||||||
Gain (Loss) on Disposition of Business | (4,852) | ||||||||||||
Renal Care | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Revenues | $ 180,000 | ||||||||||||
Proceeds from Divestiture of Businesses | 196,000 | 9,458 | 1,396 | ||||||||||
Gain (Loss) on Disposition of Business | 4,919 | ||||||||||||
Potential Earnout on Divestiture of Business | $ 12,300 | ||||||||||||
Discontinued Operations, Held-for-Sale | Discontinued Operations, Dental Segment | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | 787,500 | 787,500 | |||||||||||
Series of Individually Immaterial Business Acquisitions [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 6,498 | $ 3,146 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 6,915 | 50,127 | 6,915 | 50,127 | |||||||||
Ohter FY 23 Acquisition | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payments to Acquire Business Three, Net of Cash Acquired | 49,842 | ||||||||||||
Business Combination, Contingent Consideration, Liability | 7,269 | 7,269 | |||||||||||
Cantel Medical Corp. | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 3,599,471 | $ 3,599,471 | |||||||||||
BD Acquisition | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 539,758 | ||||||||||||
[1]Acquisition and integration related charges include transaction costs and integration expenses associated with acquisitions.[2] For more information regarding our recent acquisitions and divestitures, refer to Note 3 titled, "Business Acquisitions and Divestitures." |
Business Acquisitions and Div_4
Business Acquisitions and Divestitures Synergy Consideration (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Sep. 30, 2023 | Mar. 31, 2022 | |
Business Acquisition [Line Items] | ||||
Operating Lease, Right-of-Use Asset | $ 173,201 | $ 166,553 | ||
Goodwill | 4,070,712 | 3,879,219 | $ 3,938,976 | |
Goodwill, Purchase Accounting Adjustments | (2,573) | $ (18,477) | ||
BD Acquisition | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 31,827 | $ 27,006 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | 4,821 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 7,864 | 6,755 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 1,109 | |||
Operating Lease, Right-of-Use Asset | 1,737 | 0 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Leases Right of Use Asset | 1,737 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 303,000 | 303,598 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (598) | |||
Goodwill | 197,067 | 202,399 | ||
Goodwill, Purchase Accounting Adjustments | (5,332) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 541,495 | 539,758 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | 1,737 | |||
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation | 1,737 | 0 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Lease Liability | 1,737 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 1,737 | 0 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities | 1,737 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 539,758 | $ 539,758 | ||
Business Combination Provisional Information Initial Accounting Incomplete Adjustment Net Assets Acquired | 0 | |||
BD Acquisition | Customer Relationships [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 238,000 | |||
BD Acquisition | Customer-Related Intangible Assets | ||||
Business Acquisition [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 13 years | |||
BD Acquisition | Patented Technology [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 50,000 | |||
Finite-Lived Intangible Asset, Useful Life | 13 years | |||
BD Acquisition | Trademarks and Trade Names [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 15,000 | |||
Finite-Lived Intangible Asset, Useful Life | 15 years |
Business Acquisitions and Div_5
Business Acquisitions and Divestitures Synergy Acquisition (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Jun. 02, 2021 | Mar. 31, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | |
Business Acquisition [Line Items] | ||||
Operating Lease, Right-of-Use Asset | $ 173,201 | $ 166,553 | ||
Goodwill | $ 3,938,976 | $ 4,070,712 | 3,879,219 | |
Consideration related to equity component of convertible debt | $ 175,555 | |||
Cantel Medical Corp. | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 3,599,471 | |||
Business Acquisition, Share Price | $ 16.93 | $ 188,070 | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 42,816 | 14,297 | ||
Payments to Acquire Businesses, Gross | $ 716,412 | |||
Business Combination, Consideration Transferred, Other | 14 | |||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 2,689,317 | |||
Consideration Transferred, Equity Awards Issued and Issuable | 18,173 | |||
Consideration related to equity component of convertible debt | 175,555 | |||
Business Combination, Consideration Transferred | $ 3,599,471 |
Business Acquisitions and Div_6
Business Acquisitions and Divestitures Business Acquisition Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2023 | ||
Business Acquisition [Line Items] | |||||
Proceeds from Divestiture of Businesses | $ 9,458 | $ 6,624 | $ 169,712 | ||
Business Combination, Acquisition Related Costs | [1] | 25,526 | 23,486 | 201,905 | |
Gain (Loss) on Disposition of Business | [2] | (873) | 67 | 874 | |
Operating Lease, Right-of-Use Asset | 173,201 | 166,553 | |||
Goodwill | 4,070,712 | 3,879,219 | 3,938,976 | ||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 195,667 | 4,863 | 427,035 | ||
Payments to Acquire Businesses, Net of Cash Acquired | 546,256 | 42,572 | 550,449 | ||
Asset Acquisition, Tax Deductible Goodwill, Expected | 60,000 | ||||
Goodwill, Purchase Accounting Adjustments | (2,573) | (18,477) | |||
CECS | |||||
Business Acquisition [Line Items] | |||||
Subsequent proceeds from divestiture of businesses | 41,546 | ||||
BD Acquisition | |||||
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Net of Cash Acquired | 539,758 | ||||
Series of Individually Immaterial Business Acquisitions [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 417 | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 1,497 | 2,405 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 654 | 12,342 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 0 | 2,131 | |||
Operating Lease, Right-of-Use Asset | 0 | 667 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 5 | 177 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 2,602 | 30,185 | |||
Goodwill | 2,369 | 4,863 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 7,544 | 52,770 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (629) | (2,170) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 0 | (473) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (629) | (2,643) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 6,915 | 50,127 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 6,498 | $ 3,146 | |||
Business Combination Provisional Information Initial Accounting Incomplete Adjustment Net Assets Acquired | 200 | ||||
BD Acquisition | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 31,827 | $ 27,006 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 7,864 | 6,755 | |||
Operating Lease, Right-of-Use Asset | 1,737 | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 303,000 | 303,598 | |||
Goodwill | 197,067 | 202,399 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 541,495 | 539,758 | |||
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation | 1,737 | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (1,737) | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 539,758 | $ 539,758 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | 4,821 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 1,109 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Leases Right of Use Asset | 1,737 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (598) | ||||
Goodwill, Purchase Accounting Adjustments | (5,332) | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | 1,737 | ||||
Business Combination Provisional Information Initial Accounting Incomplete Adjustment Net Assets Acquired | 0 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities | 1,737 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Lease Liability | $ 1,737 | ||||
BD Acquisition | Customer-Related Intangible Assets | |||||
Business Acquisition [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 13 years | ||||
BD Acquisition | Patented Technology [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 50,000 | ||||
Finite-Lived Intangible Asset, Useful Life | 13 years | ||||
BD Acquisition | Trademarks and Trade Names [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 15,000 | ||||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||
Cantel Medical Corp. | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 3,599,471 | ||||
[1]Acquisition and integration related charges include transaction costs and integration expenses associated with acquisitions.[2] For more information regarding our recent acquisitions and divestitures, refer to Note 3 titled, "Business Acquisitions and Divestitures." |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Goodwill, Impairment Loss | $ 0 | $ 490,565 | $ 0 |
Effective Income Tax Rate Reconciliation, Disposition of Business, Percent | 24.30% | 13.90% | 20.50% |
Non-deductible goodwill impairment | $ 207,367 | ||
UNITED STATES | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Goodwill, Impairment Loss | 441,643 | ||
Other foreign locations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Goodwill, Impairment Loss | $ 48,922 | ||
Discontinued Operations, Dental Segment | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Potential Earnout on Divestiture of Business | $ 12,500 | ||
Discontinued Operations, Held-for-Sale | Discontinued Operations, Dental Segment | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Consideration | $ 787,500 |
Discontinued Operations - Summa
Discontinued Operations - Summary Assets and Liabilities Classified as Held for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Sep. 30, 2023 | Mar. 31, 2023 |
Liabilities held for sale: | |||
Current | $ 804,904 | $ 157,580 | |
Non-current | 0 | 977,259 | |
Current | 64,012 | 50,642 | |
Non-current | 0 | 20,936 | |
BD Acquisition | |||
Liabilities held for sale: | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 303,000 | $ 303,598 | |
BD Acquisition | Customer Relationships [Member] | |||
Liabilities held for sale: | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 238,000 | ||
Discontinued Operations, Held-for-Sale | Discontinued Operations, Dental Segment | |||
Assets held for sale: | |||
Accounts receivable, net | 48,590 | 63,327 | |
Inventories, net | 89,345 | 91,083 | |
Property, plant, and equipment, net | 73,395 | 72,737 | |
Lease right-of-use assets, net | 22,822 | 25,188 | |
Intangibles, net | 770,731 | 879,081 | |
Prepaid expenses and other assets | 2,953 | 3,423 | |
Loss accrued on classification as held for sale | (202,932) | 0 | |
Total assets held for sale | 804,904 | 1,134,839 | |
Liabilities held for sale: | |||
Accounts payable | 10,580 | 15,455 | |
Accrued income taxes | 433 | 3,327 | |
Accrued payroll and other related liabilities | 13,683 | 7,179 | |
Lease obligations | 23,722 | 25,832 | |
Accrued expenses and other | 15,594 | 19,785 | |
Disposal Group, Including Discontinued Operation, Liabilities | 64,012 | 71,578 | |
Current | 804,904 | 157,580 | |
Non-current | 0 | 977,259 | |
Current | 64,012 | 50,642 | |
Non-current | $ 0 | $ 20,936 |
Discontinued Operations - Sum_2
Discontinued Operations - Summary of Pre-Tax Income of Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Cost of revenues: | |||||||||||
Loss from discontinued operations, net of income tax | $ (154,301) | $ (7,658) | $ (4,451) | $ (6,791) | $ 4,765 | $ (7,680) | $ (439,139) | $ (8,330) | $ (173,201) | $ (450,384) | $ (41,589) |
Loss on classification as held for sale | (206,444) | 0 | 0 | ||||||||
Goodwill, Impairment Loss | 0 | 490,565 | 0 | ||||||||
Non-deductible goodwill impairment | 207,367 | ||||||||||
UNITED STATES | |||||||||||
Cost of revenues: | |||||||||||
Goodwill, Impairment Loss | 441,643 | ||||||||||
Other foreign locations [Member] | |||||||||||
Cost of revenues: | |||||||||||
Goodwill, Impairment Loss | 48,922 | ||||||||||
Discontinued Operations, Held-for-Sale | Discontinued Operations, Dental Segment | |||||||||||
Revenues: | |||||||||||
Product | 407,027 | 421,573 | 361,661 | ||||||||
Cost of revenues: | |||||||||||
Product | 226,934 | 242,607 | 228,306 | ||||||||
Gross profit: | 180,093 | 178,966 | 133,355 | ||||||||
Selling, general, and administrative | 199,511 | 208,213 | 184,271 | ||||||||
Goodwill impairment loss | 0 | 490,565 | 0 | ||||||||
Research and development | 2,960 | 3,104 | 1,281 | ||||||||
Loss from operations | (22,378) | (522,916) | (52,197) | ||||||||
Non-operating expenses, net | (10) | (2) | (103) | ||||||||
Loss before income tax expense | (228,812) | (522,918) | (52,300) | ||||||||
Income tax benefit | (55,611) | (72,534) | (10,711) | ||||||||
Loss from discontinued operations, net of income tax | (173,201) | (450,384) | $ (41,589) | ||||||||
Loss accrued on classification as held for sale | $ (202,932) | $ 0 | $ (202,932) | $ 0 |
Discontinued Operations - Sum_3
Discontinued Operations - Summary of Significant Non-Cash Operating Items and Capital Expenditures Related to Discontinued Operations (Details) - Discontinued Operations, Held-for-Sale - Discontinued Operations, Dental Segment - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Depreciation, depletion, and amortization (1) | $ 115,177 | $ 130,367 | $ 120,957 |
Goodwill impairment loss | 0 | 490,565 | 0 |
Purchases of property, plant, equipment, and intangibles, net | $ (9,150) | $ (9,470) | $ (4,726) |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Goodwill [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 14,250 | $ 14,250 | |
Goodwill | 4,070,712 | 3,879,219 | $ 3,938,976 |
Goodwill, Acquired During Period | 200,086 | 7,024 | |
Finite-Lived Intangible Assets, Amortization Expense | 268,319 | 259,676 | 264,607 |
Finite-Lived Intangible Assets, Gross | 3,390,779 | 3,080,820 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 1,271,497 | 1,004,121 | |
Goodwill, Impairment Loss | 0 | 490,565 | $ 0 |
Trademarks and Trade Names [Member] | |||
Goodwill [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 251,098 | 235,554 | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 90,362 | $ 72,405 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets Goodwill Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Goodwill [Line Items] | |||
Goodwill | $ 4,070,712 | $ 3,879,219 | $ 3,938,976 |
Goodwill, Purchase Accounting Adjustments | (2,573) | (18,477) | |
Goodwill, Impairment Loss | 0 | (490,565) | 0 |
Goodwill, Acquired During Period | 200,086 | 7,024 | |
Goodwill Decrease from Divestitures | (2,358) | ||
Goodwill, Foreign Currency Translation Gain (Loss) | (6,020) | (45,946) | |
Healthcare [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 2,500,910 | 2,301,273 | 2,326,830 |
Goodwill, Purchase Accounting Adjustments | (2,573) | (21,624) | |
Goodwill, Acquired During Period | 199,452 | 6,221 | |
Goodwill Decrease from Divestitures | (2,358) | ||
Goodwill, Foreign Currency Translation Gain (Loss) | 2,758 | (7,796) | |
Applied Sterilization Technologies | |||
Goodwill [Line Items] | |||
Goodwill | 1,387,629 | 1,396,134 | 1,432,858 |
Goodwill, Purchase Accounting Adjustments | 0 | 0 | |
Goodwill, Acquired During Period | 634 | 803 | |
Goodwill Decrease from Divestitures | 0 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | (9,139) | (37,527) | |
Life Sciences | |||
Goodwill [Line Items] | |||
Goodwill | 182,173 | 181,812 | $ 179,288 |
Goodwill, Purchase Accounting Adjustments | 0 | 3,147 | |
Goodwill, Acquired During Period | 0 | 0 | |
Goodwill Decrease from Divestitures | 0 | ||
Goodwill, Foreign Currency Translation Gain (Loss) | $ 361 | $ (623) |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets Other Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Summary of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 3,390,779 | $ 3,080,820 |
Finite-Lived Intangible Assets, Accumulated Amortization | 1,271,497 | 1,004,121 |
Indefinite-lived Intangible Assets (Excluding Goodwill) | 14,250 | 14,250 |
Customer Relationships [Member] | ||
Summary of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 2,552,913 | 2,313,441 |
Finite-Lived Intangible Assets, Accumulated Amortization | 863,662 | 658,569 |
Noncompete Agreements [Member] | ||
Summary of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 15,511 | 15,486 |
Finite-Lived Intangible Assets, Accumulated Amortization | 15,234 | 14,202 |
Patented Technology [Member] | ||
Summary of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 516,457 | 461,539 |
Finite-Lived Intangible Assets, Accumulated Amortization | 278,492 | 237,939 |
Trademarks and Trade Names [Member] | ||
Summary of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 251,098 | 235,554 |
Finite-Lived Intangible Assets, Accumulated Amortization | 90,362 | 72,405 |
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 | $ 23,747 | $ 21,006 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets Future Amortization of Intangible Assets (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Other Intangible Assets [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 270,365 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 261,498 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 255,383 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 250,617 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 248,061 |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Notes To Financial Statements [Abstract] | ||
Inventory, Raw Materials | $ 245,942 | $ 220,431 |
Inventory, Work in Process | 98,304 | 93,971 |
Inventory, Finished Goods | 374,182 | 325,609 |
Inventory Valuation Reserves | (43,893) | (35,601) |
Inventories, net | $ 674,535 | $ 604,410 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | ||
Property, Plant and Equipment [Line Items] | ||||
Document Period End Date | Mar. 31, 2024 | |||
Asset Retirement Obligation | $ 13,658 | $ 13,131 | $ 13,543 | |
Asset Retirement Obligation, Liabilities Incurred | 253 | 86 | ||
Asset Retirement Obligation, Liabilities Settled | (144) | (625) | ||
Asset Retirement Obligation, Accretion Expense | 311 | 104 | ||
Asset Retirement Obligation, Foreign Currency Translation Gain (Loss) | 107 | 23 | ||
Land | [1] | 90,134 | 77,757 | |
Buildings and Improvements, Gross | 724,492 | 658,108 | ||
Machinery and Equipment, Gross | 1,075,082 | 959,952 | ||
Capitalized Computer Software, Gross | 256,671 | 240,933 | ||
Materials, Supplies, and Other | 692,642 | 637,920 | ||
Construction in Progress, Gross | [1] | 500,106 | 472,206 | |
Property, Plant and Equipment, Gross | 3,339,127 | 3,046,876 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (1,573,947) | (1,414,101) | ||
Property, Plant and Equipment, Net | 1,765,180 | 1,632,775 | ||
Depreciation | $ 181,722 | $ 165,019 | $ 176,298 | |
[1]Land is not depreciated. Construction in progress is not depreciated until placed in service. |
Debt (Details)
Debt (Details) $ / shares in Units, € in Thousands, £ in Thousands | 12 Months Ended | |||||||||||||||
May 15, 2020 USD ($) $ / shares | May 15, 2015 USD ($) | Mar. 31, 2022 USD ($) $ / shares | Mar. 31, 2020 | Mar. 31, 2024 USD ($) $ / shares | Mar. 31, 2024 EUR (€) | Mar. 31, 2024 GBP (£) | Mar. 31, 2023 USD ($) | Jun. 30, 2021 USD ($) | Jun. 02, 2021 $ / shares shares | Apr. 01, 2021 USD ($) | Mar. 19, 2021 USD ($) | Feb. 27, 2017 USD ($) | Feb. 27, 2017 EUR (€) | Feb. 27, 2017 GBP (£) | Dec. 31, 2012 USD ($) | |
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt, Current Maturities | $ 165,938,000 | |||||||||||||||
Line of Credit Facility, Amount Outstanding | 484,529,000 | $ 301,672,000 | ||||||||||||||
Long-term Debt | 3,224,088,000 | |||||||||||||||
Long-term Debt | 3,120,162,000 | 3,018,655,000 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 662,029,000 | |||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 614,396,000 | |||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 150,000,000 | |||||||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,631,725,000 | |||||||||||||||
Term loan, current portion | 41,250,000 | 27,500,000 | ||||||||||||||
Delayed draw term loan, current portion | 44,688,000 | 32,500,000 | ||||||||||||||
Short-term Debt | 85,938,000 | 60,000,000 | ||||||||||||||
Debt Issuance Costs, Net | (17,988,000) | (21,444,000) | ||||||||||||||
Term Loan, long term portion | 3,750,000 | 45,000,000 | ||||||||||||||
Delayed Draw Term Loan, long term portion | 548,438,000 | 593,125,000 | $ 650,000,000 | |||||||||||||
Debt, Long-Term and Short-Term, Combined Amount | $ 3,206,100,000 | 3,078,655,000 | ||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | |||||||||||||||
Debt Instrument, Convertible, Units of Property Reference | 25.0843 | |||||||||||||||
Debt Instrument, Convertible, Parent Shares | shares | 8.4752 | |||||||||||||||
Debt Instrument, Convertible, Cash Per One Thousand Dollars Ratio | 424.68 | |||||||||||||||
Debt Instrument, Convertible, Increase in Conversion Rate, Shares | shares | 0.9931 | |||||||||||||||
Debt Instrument, Convertible, Stock Price | $ / shares | $ 81.3520 | |||||||||||||||
Consideration related to equity component of convertible debt | $ 175,555,000 | |||||||||||||||
Convertible debt premium liability | $ 203,361,000 | |||||||||||||||
Cantel Medical Corp. | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Business Acquisition, Share Price | $ / shares | $ 188,070 | $ 16.93 | ||||||||||||||
Consideration related to equity component of convertible debt | $ 175,555,000 | |||||||||||||||
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 | $ 350,000,000 | $ 200,000,000 | ||||||||||||||
Long-term Debt | 751,433,000 | 750,302,000 | ||||||||||||||
Debt Instrument, Face Amount | $ 1,350,000,000 | |||||||||||||||
Long-term Debt, Cash Settlement Value | $ 371,361,000 | |||||||||||||||
Senior Notes, Noncurrent | $ 1,350,000,000 | 1,350,000,000 | ||||||||||||||
Convertible Debt | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 168,000,000 | |||||||||||||||
STE 3.85% due 2024 Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.35% | 3.35% | 3.35% | |||||||||||||
Debt Instrument, Face Amount | $ 80,000,000 | 80,000,000 | ||||||||||||||
STE 4.05% due 2027 Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.55% | 3.55% | 3.55% | |||||||||||||
Debt Instrument, Face Amount | $ 25,000,000 | 25,000,000 | ||||||||||||||
STE 3.45% due 2025 Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.45% | 3.45% | 3.45% | |||||||||||||
Debt Instrument, Face Amount | $ 125,000,000 | 125,000,000 | ||||||||||||||
STE 3.55% due 2027 Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.55% | 3.55% | 3.55% | |||||||||||||
Debt Instrument, Face Amount | $ 125,000,000 | 125,000,000 | ||||||||||||||
STE 3.70% due 2030 Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | 3.70% | 3.70% | |||||||||||||
Debt Instrument, Face Amount | $ 100,000,000 | 100,000,000 | ||||||||||||||
STE 3.93% due 2027 Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.93% | 3.93% | 3.93% | |||||||||||||
Debt Instrument, Face Amount | $ 50,000,000 | 50,000,000 | ||||||||||||||
STE 1.86% due 2027 Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.86% | 1.86% | 1.86% | |||||||||||||
Debt Instrument, Face Amount | $ 64,708,000 | € 60,000 | 65,254,000 | |||||||||||||
STE 4.03% due 2029 Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.03% | 4.03% | 4.03% | |||||||||||||
Debt Instrument, Face Amount | $ 45,000,000 | 45,000,000 | ||||||||||||||
STE 2.04% due 2029 Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.04% | 2.04% | 2.04% | |||||||||||||
Debt Instrument, Face Amount | $ 21,569,000 | € 20,000 | 21,752,000 | |||||||||||||
STE 3.04% due 2029 Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.04% | 3.04% | 3.04% | |||||||||||||
Debt Instrument, Face Amount | $ 56,799,000 | £ 45,000 | 55,579,000 | |||||||||||||
STE 2.30% due 2032 Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.30% | 2.30% | 2.30% | |||||||||||||
Debt Instrument, Face Amount | $ 20,491,000 | € 19,000 | 20,664,000 | |||||||||||||
STE 3.17% due 2032 Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.17% | 3.17% | 3.17% | |||||||||||||
Debt Instrument, Face Amount | $ 37,866,000 | £ 30,000 | 37,053,000 | |||||||||||||
Private Placement | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Senior Notes, Noncurrent | $ 751,433,000 | $ 750,302,000 | ||||||||||||||
United States of America, Dollars | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Senior Notes | $ 95,000,000 | |||||||||||||||
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 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.70% | |||||||||||||||
Debt Instrument, Face Amount | $ 675,000,000 | |||||||||||||||
2051 Notes | Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |||||||||||||||
Debt Instrument, Face Amount | $ 675,000,000 | |||||||||||||||
Cantel Convertible Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | |||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 41.51 | |||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 24.0912 | |||||||||||||||
Term Loan Facility | Line of Credit | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 550,000,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.875% | 1.875% | 1.875% | 1.25% | ||||||||||||
Revolving Credit Facility [Member] | Line of Credit | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,250,000,000 | |||||||||||||||
Bridge Loan | Line of Credit | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 625,000,000 | |||||||||||||||
Delayed Draw Term Loan | Line of Credit | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 750,000,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.875% | 1.875% | 1.875% | 1.25% |
Debt 2017 Senior Notes (Details
Debt 2017 Senior Notes (Details) € in Thousands, £ in Thousands | Mar. 31, 2024 USD ($) | Mar. 31, 2024 EUR (€) | Mar. 31, 2024 GBP (£) | Mar. 31, 2023 USD ($) | Apr. 01, 2021 USD ($) |
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 3,120,162,000 | $ 3,018,655,000 | |||
Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 1,350,000,000 | ||||
Long-term Debt | 751,433,000 | 750,302,000 | |||
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 | $ 64,708,000 | € 60,000 | 65,254,000 | ||
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 | $ 21,569,000 | € 20,000 | 21,752,000 | ||
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 | $ 56,799,000 | £ 45,000 | 55,579,000 | ||
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 | $ 20,491,000 | € 19,000 | 20,664,000 | ||
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 | $ 37,866,000 | £ 30,000 | $ 37,053,000 | ||
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, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
Notes To Financial Statements [Abstract] | ||||
Employee-related Liabilities | $ 48,152 | $ 43,960 | ||
Accrued Vacation | 16,140 | 13,348 | ||
Accrued Bonuses | 61,669 | 31,096 | ||
Accrued Liabilities for Commissions, Expense and Taxes | 35,980 | 26,924 | ||
Liability, Other Retirement Benefits | 994 | 1,121 | ||
Liability, Retirement and Postemployment Benefits | 1,896 | 2,014 | ||
Employee-related Liabilities, Current | 164,831 | 118,463 | ||
Deferred Revenue | 70,460 | 85,727 | ||
Service liabilities | 92,590 | 72,033 | ||
Self Insurance Reserve, Current | 13,303 | 11,325 | ||
Accrued Sales Commission | 33,277 | 27,078 | ||
Standard and Extended Product Warranty Accrual | 15,388 | 13,394 | $ 13,892 | $ 9,406 |
Asset Retirement Obligation, Current | 510 | 543 | ||
Other Accrued Liabilities | 83,107 | 78,689 | ||
Accrued Liabilities | 319,744 | 298,032 | ||
Self Insurance Reserve, Noncurrent | 21,646 | 22,171 | ||
Liability, Other Retirement Benefits, Noncurrent | 5,159 | 6,070 | ||
Liability, Defined Benefit Pension Plan, Noncurrent | 2,727 | 2,876 | ||
Liability, Pension and Other Postretirement and Postemployment Benefits, Noncurrent | 1,321 | 1,153 | ||
Accrued Income Taxes, Noncurrent | 6,508 | 10,082 | ||
Asset Retirement Obligations, Noncurrent | 13,148 | 12,588 | ||
Other Liabilities | 21,037 | 21,197 | ||
Other Liabilities, Noncurrent | 71,546 | 76,137 | ||
Accrued interest | $ 11,109 | $ 9,243 |
Income Tax Expense (Details)
Income Tax Expense (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | ||
Operating Loss Carryforwards [Line Items] | ||||||||||||
Income Tax Examination, Penalties and Interest Accrued | $ 143 | $ 140 | $ 143 | $ 140 | ||||||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 2,293 | 2,293 | ||||||||||
Uncertain Tax Liability Resulting From IRS Notice | 50,000 | 50,000 | ||||||||||
Deferred Tax Assets, Tax Credit Carryforwards | 33,297 | 33,297 | ||||||||||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Postretirement Benefits | 1,480 | 1,737 | $ 1,480 | $ 1,737 | ||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 12.50% | 12.50% | 12.50% | |||||||||
Current Federal Tax Expense (Benefit) | $ 7,639 | $ 8,837 | $ 12,002 | |||||||||
Effective Income Tax Rate, Continuing Operations | 21.30% | 18.20% | 22.40% | |||||||||
Unrecognized Tax Benefits | 2,150 | 2,230 | $ 2,150 | $ 2,230 | $ 2,160 | |||||||
Current State and Local Tax Expense (Benefit) | 26,230 | 31,073 | 20,925 | |||||||||
Current Income Tax Expense (Benefit) | 218,650 | 228,125 | 168,619 | |||||||||
Deferred Federal Income Tax Expense (Benefit) | (923) | (864) | (739) | |||||||||
Deferred State and Local Income Tax Expense (Benefit) | (11,222) | (43,843) | (15,108) | |||||||||
Increase (Decrease) in Deferred Income Taxes | (69,120) | (104,056) | (86,275) | |||||||||
Income Tax Expense (Benefit) | 37,276 | $ 40,999 | $ 35,055 | $ 36,200 | 21,203 | $ 40,534 | $ 35,417 | $ 26,915 | $ 149,530 | $ 124,069 | $ 82,344 | |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes | 2.20% | (1.10%) | 1.60% | |||||||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 0.90% | 0% | 0.70% | |||||||||
Effective Tax Rate Reconciliation, Increase (decrease) in Valuation Allowances | 0% | 0% | 0.10% | |||||||||
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Percent | (0.70%) | (0.40%) | (0.70%) | |||||||||
Effective Income Tax Rate Reconciliation, Tax Credits, Foreign | (0.90%) | (0.80%) | (1.80%) | |||||||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential | 8.50% | 8.90% | 14.20% | |||||||||
Effective Tax Rate Reconciliation, UK Tax Rate Differential | 0.10% | 0% | 0% | |||||||||
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Percent | (0.70%) | (0.60%) | (4.30%) | |||||||||
Effective Tax Reconciliation, deferred tax assets and liabilities | (0.30%) | 0% | 0% | |||||||||
U.S. tax reform impact GILTI and FDII | (0.20%) | (0.30%) | (0.80%) | |||||||||
Capitalized Interest Costs- Effective tax rate | 0% | 0% | 1.50% | |||||||||
Effective Income Tax Rate Reconciliation, Other Adjustments | (0.10%) | 0% | (0.60%) | |||||||||
Unrecognized Tax Benefits, Increases Resulting from Current Period Tax Positions | $ 0 | $ 70 | ||||||||||
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions | (80) | 0 | ||||||||||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | 19,582 | 15,858 | 19,582 | 15,858 | ||||||||
Deferred Tax Assets, Operating Loss Carryforwards | 8,026 | 8,026 | ||||||||||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 13,667 | 13,150 | 13,667 | 13,150 | ||||||||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Self Insurance | 2,817 | 2,268 | 2,817 | 2,268 | ||||||||
Deferred Tax Assets, Deferred Income | 20,393 | 23,967 | 20,393 | 23,967 | ||||||||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts | 3,868 | 3,763 | 3,868 | 3,763 | ||||||||
Deferred Tax Assets, in Process Research and Development | 28,347 | 15,382 | 28,347 | 15,382 | ||||||||
Deferred Tax Assets, Operating leases | 47,625 | 46,781 | 47,625 | 46,781 | ||||||||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 32,137 | 33,559 | 32,137 | 33,559 | ||||||||
Deferred Tax Liabilities, Leasing Arrangements | 46,657 | 45,834 | 46,657 | 45,834 | ||||||||
Deferred Tax Assets, Other | 21,258 | 11,701 | 21,258 | 11,701 | ||||||||
Deferred Tax Assets, Gross, Current | 228,270 | 205,833 | 228,270 | 205,833 | ||||||||
Deferred Tax Assets, Valuation Allowance | 26,374 | 20,315 | 26,374 | 20,315 | ||||||||
Deferred Tax Assets, Net of Valuation Allowance | 201,896 | 185,518 | 201,896 | 185,518 | ||||||||
Deferred Tax Liabilities, Property, Plant and Equipment | 92,358 | 98,601 | 92,358 | 98,601 | ||||||||
Deferred Tax Liabilities, Goodwill and Intangible Assets, Intangible Assets | 518,814 | 630,589 | 518,814 | 630,589 | ||||||||
Deferred Tax Liabilities, Pension | 3,889 | 2,644 | 3,889 | 2,644 | ||||||||
Deferred Tax and Other Liabilities, Noncurrent | 2,559 | 3,186 | 2,559 | 3,186 | ||||||||
Deferred tax liabilities, net of deferred tax assets | 664,277 | 780,854 | 664,277 | 780,854 | ||||||||
Deferred Tax Liabilities | (462,381) | (595,336) | (462,381) | (595,336) | ||||||||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 128,159 | 128,159 | ||||||||||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 2,269 | 2,269 | ||||||||||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 6,059 | |||||||||||
Deferred Tax Assets, Operating Loss Carryforwards | 37,096 | 37,667 | 37,096 | 37,667 | ||||||||
Undistributed Earnings of Foreign Subsidiaries | 2,850,000 | 2,850,000 | ||||||||||
Deferred tax Asset Credit Carryforward, German Branches | 23,954 | 23,954 | ||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 190,575 | $ 189,602 | $ 155,852 | $ 166,781 | $ 203,402 | $ 171,539 | $ 159,325 | $ 146,000 | 702,810 | 680,266 | $ 366,803 | |
Income Tax Examination, Estimate of Possible Loss | 12,000 | |||||||||||
Restructuring expenses | [1] | 44,365 | 485 | 48 | ||||||||
Business Combination, Acquisition Related Costs | [2] | 25,526 | 23,486 | 201,905 | ||||||||
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Changes In State And Local Tax Rates Applied | 23,389 | |||||||||||
Business Combination, Non-Deductible Costs | 67,000 | |||||||||||
UNITED STATES | ||||||||||||
Operating Loss Carryforwards [Line Items] | ||||||||||||
Business Combination, Acquisition Related Costs | 205,788 | |||||||||||
Other Locations | ||||||||||||
Operating Loss Carryforwards [Line Items] | ||||||||||||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 2,600 | |||||||||||
Costa Rica Exempt thorugh 2025 and partially exempt through 2029 [Member] | ||||||||||||
Operating Loss Carryforwards [Line Items] | ||||||||||||
Income Tax Holiday, Aggregate Dollar Amount | $ 4,800 | |||||||||||
Income Tax Holiday, Income Tax Benefits Per Share | $ 0.05 | |||||||||||
UNITED STATES | ||||||||||||
Operating Loss Carryforwards [Line Items] | ||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | $ 491,890 | 451,901 | 127,507 | |||||||||
Current Foreign Tax Expense (Benefit) | 133,498 | 128,793 | 81,111 | |||||||||
Deferred Foreign Income Tax Expense (Benefit) | (43,484) | (39,030) | (63,087) | |||||||||
Other Foreign Entities [Member] | ||||||||||||
Operating Loss Carryforwards [Line Items] | ||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 159,410 | 165,701 | 151,218 | |||||||||
Current Foreign Tax Expense (Benefit) | 51,283 | 59,422 | 54,581 | |||||||||
Deferred Foreign Income Tax Expense (Benefit) | (13,491) | (20,319) | (7,341) | |||||||||
IRELAND | ||||||||||||
Operating Loss Carryforwards [Line Items] | ||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 51,510 | $ 62,664 | $ 88,078 | |||||||||
[1] For more information regarding our restructuring efforts, refer to Note 2 titled, "Restructuring ." |
Benefit Plans (Change in benefi
Benefit Plans (Change in benefit obligations funded status) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | $ 64 | $ (159) | |
Equity Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 75% | ||
Other Postretirement Benefit Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 994 | ||
Defined Benefit Plan, Benefit Obligation | 6,153 | 7,191 | $ 8,525 |
Defined Benefit Plan, Service Cost | 0 | 0 | 0 |
Defined benefit plan, change in benefit obligation, interest cost | 313 | 256 | |
Defined Benefit Plan, Actuarial Net (Gains) Losses | (441) | (807) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 910 | 783 | |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 0 | 0 | |
Defined Benefit Plan, Benefits Paid (Deprecated 2017-01-31) | (910) | (783) | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | 0 | 0 | |
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 | 910 | 783 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (6,153) | (7,191) | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | 0 | 0 | |
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 | 4,842 | ||
Defined Benefit Plan, Benefit Obligation | 96,375 | 93,640 | 129,772 |
Defined Benefit Plan, Service Cost | 659 | 1,276 | 1,616 |
Defined benefit plan, change in benefit obligation, interest cost | 4,120 | 3,054 | |
Defined Benefit Plan, Actuarial Net (Gains) Losses | (140) | (27,046) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 4,327 | 5,817 | |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 1,028 | 501 | |
Defined Benefit Plan, Benefits Paid (Deprecated 2017-01-31) | (4,280) | (5,772) | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | (324) | (421) | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 1,028 | 501 | |
Defined Benefit Plan, Plan Assets, Amount | 113,913 | 107,089 | $ 142,172 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 3,043 | (25,828) | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 5,253 | 4,936 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | 17,538 | 13,449 | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | (355) | (421) | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 2,104 | (8,499) | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | $ 1,750 | $ (7,679) |
Benefit Plans (Amounts recogniz
Benefit Plans (Amounts recognized in balance sheets) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Other Postretirement Benefit Plans, Defined Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Liability, Defined Benefit Plan, Current | $ (994) | $ (1,121) |
Liability, Defined Benefit Plan, Noncurrent | (5,159) | (6,070) |
Liability, Defined Benefit Pension Plan | 6,153 | 7,191 |
Assets for Plan Benefits, Defined Benefit Plan | 0 | 0 |
Other Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Liability, Defined Benefit Plan, Current | 0 | 0 |
Liability, Defined Benefit Plan, Noncurrent | (2,727) | (2,876) |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | 17,538 | |
Liability, Defined Benefit Pension Plan | 13,449 | |
Assets for Plan Benefits, Defined Benefit Plan | $ 20,265 | $ 16,325 |
Benefit Plans (Amortize pre-tax
Benefit Plans (Amortize pre-tax amount AOCI) (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2024 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | $ 3,982 |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | $ (584) |
Benefit Plans (Accumulated bene
Benefit Plans (Accumulated benefit obligation exceeding the fair value of plan assets) (Details) - Other Defined Benefit Pension Plans [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 113,913 | $ 107,089 | $ 142,172 |
Defined Benefit Plan, Accumulated Benefit Obligation | 96,375 | 93,640 | |
defined benefit plans, aggregate projected benefit obligation | $ 96,375 | $ 93,640 |
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, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Other Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | $ 96,375 | $ 93,640 | $ 129,772 |
Defined Benefit Plan, Plan Assets, Amount | 113,913 | 107,089 | 142,172 |
Defined Benefit Plan, Accumulated Benefit Obligation | 96,375 | 93,640 | |
Defined Benefit Plan, Service Cost | 659 | 1,276 | 1,616 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 47 | 48 | 61 |
Defined Benefit Plan, Interest Cost | 4,120 | 3,054 | 2,699 |
Defined Benefit Plan, Actuarial Net (Gains) Losses | (140) | (27,046) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 4,327 | 5,817 | |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 1,028 | 501 | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | 1,750 | (7,679) | |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 3,043 | (25,828) | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 5,253 | 4,936 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 1,028 | 501 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 4,280 | 5,772 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | 17,538 | 13,449 | |
Other Postretirement Benefit Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | 6,153 | 7,191 | 8,525 |
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) | 0 | 0 | (267) |
Defined Benefit Plan, Interest Cost | 313 | 256 | $ 232 |
Defined Benefit Plan, Actuarial Net (Gains) Losses | (441) | (807) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 910 | 783 | |
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 | 910 | 783 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 910 | 783 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ (6,153) | $ (7,191) |
Benefit Plans (Components of th
Benefit Plans (Components of the annual net periodic benefit cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | $ 3,982 | ||
Other Postretirement Benefit Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (441) | $ (807) | |
Defined Benefit Plan, Service Cost | 0 | 0 | $ 0 |
Defined Benefit Plan, Interest Cost | 313 | 256 | 232 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 0 | 0 | 0 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | (267) |
Net amortization and deferral | 209 | 329 | 444 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 522 | 585 | 409 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 441 | 807 | 640 |
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | 0 | 0 | 267 |
Defined Benefit Plan, Amortization of Net Gains (Losses) | (209) | (329) | (444) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 232 | 478 | 463 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | 754 | 1,063 | 872 |
Other Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (140) | (27,046) | |
Defined Benefit Plan, Service Cost | 659 | 1,276 | 1,616 |
Defined Benefit Plan, Interest Cost | 4,120 | 3,054 | 2,699 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (6,051) | (3,817) | (4,412) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 47 | 48 | 61 |
Net amortization and deferral | 15 | 19 | 18 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (1,211) | 531 | (49) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | (1) | (49) | (31) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 2,562 | 1,716 | (11,028) |
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | (102) | (263) | (222) |
Defined Benefit Plan, Amortization of Net Gains (Losses) | 10 | 0 | 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 2,470 | 1,453 | (11,250) |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | $ 1,259 | $ 1,984 | $ (11,299) |
Benefit Plans (Assumptions used
Benefit Plans (Assumptions used in calculating benefit obligations and net periodic benefit cost) (Details) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Synergy Health PLC Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.80% | 4.70% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 6.10% | 3.20% | 3.60% |
Isotron [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.40% | 3.70% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 3.70% | 1.80% | 0.90% |
Daniken [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 1.50% | 2.05% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 1.50% | 1.95% | 1% |
Radeberg [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.80% | 3.80% | |
Allershausen [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.50% | 3.70% | |
Harwell Dosimeters [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.80% | 4.80% | |
Other Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 5% | 4.75% |
Benefit Plans (Significant assu
Benefit Plans (Significant assumptions used to determine the net periodic benefit costs) (Details) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Synergy Health PLC Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.70% | 2.80% | 2.10% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 6.10% | 3.20% | 3.60% |
Isotron [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.70% | 1.80% | 0.90% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 3.70% | 1.80% | 0.90% |
Daniken [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 1.50% | 2.05% | 1% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 1.50% | 1.95% | 1% |
Radeberg [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2% | 2% | 1.50% |
Allershausen [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.20% | 2.20% | 2% |
Harwell Dosimeters [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.85% | 4.80% | 2.85% |
Other Post-Retirement Benefit Plans, Net | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.75% | 3.25% | 2.50% |
Benefit Plans (Assumed long-ter
Benefit Plans (Assumed long-term healthcare cost trend rate) (Details) | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 |
Postemployment Benefits [Abstract] | |||
Healthcare cost trend rate medical | 7.50% | 7.50% | 7% |
Healthcare prescription drug | 7.50% | 7.50% | 7% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% | 4.50% |
Benefit Plans (Fair value of ou
Benefit Plans (Fair value of our pension benefits plan assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | |||
Other Investments | $ 6,110 | $ 5,387 | $ 5,383 |
Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 207,020 | 208,357 | |
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 | 6,110 | 5,387 | |
Trading Securities, Cost | 37,190 | 48,137 | |
Cash and Cash Equivalents, Fair Value Disclosure | 372 | 338 | |
Other Investments | 10,468 | 10,285 | |
Defined Benefit Plan, Plan Assets, Amount | 113,913 | 107,089 | $ 142,172 |
Debt Securities, Trading | 59,773 | 42,942 | |
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 | 372 | 338 | |
Other Investments | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Amount | 372 | 338 | |
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 | 10,468 | 10,285 | |
Defined Benefit Plan, Plan Assets, Amount | 10,468 | 10,285 | |
Other Defined Benefit Pension Plans [Member] | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Insurance Contract | 6,110 | 5,387 | |
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | |
Other Investments | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Amount | $ 6,110 | $ 5,387 |
Benefit Plans (Expected payment
Benefit Plans (Expected payments to be made to plan participants) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Gross Prescription Drug Subsidy Receipts Received (Deprecated 2017-01-31) | $ 339 | $ 477 | |
Other Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (140) | (27,046) | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 4,842 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 4,761 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 4,901 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 5,017 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 5,197 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | 28,137 | ||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 47 | 48 | $ 61 |
Other Postretirement Benefit Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (441) | (807) | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 994 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 890 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 804 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 712 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 638 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | 2,268 | ||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | $ 0 | $ 0 | $ (267) |
Benefit Plans (Details Textual)
Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 39,600 | $ 36,564 | $ 38,600 |
Defined Contribution Plan, Fair Value of Plan Assets | $ 1,382,313 | ||
STERIS Corporation shares held in defined contribution plan | 446,128 | ||
Fair value of STERIS Corporatio stock held in defined contribution plan | $ 97,635 | ||
Defined Contribution Plan, Dividends Paid | 915 | 886 | $ 852 |
Deferred Compensation Plan Assets | $ 1,129 | $ 938 | |
Debt Securities | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 25% |
Benefit Plans Benefit Plans (Ro
Benefit Plans Benefit Plans (Rollforward of Level 3 assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Other Investments | $ 6,110 | $ 5,387 | $ 5,383 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Period Increase (Decrease) | 28 | (157) | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 64 | (159) | |
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 | $ 631 | $ 320 |
Contingencies (Details)
Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Loss Contingencies [Line Items] | |||
Operating Lease, Weighted Average Remaining Lease Term | 9 years 10 months 24 days | 10 years 7 months 6 days | |
Operating Lease, Payments | $ 46,946 | $ 45,249 | $ 45,144 |
Fixed Operating Lease Expense | 41,330 | 39,473 | 40,513 |
Commitments and Contingencies | |||
Letters of credit as security for self insurance risk and retention policies | 9,975 | 8,036 | |
Purchase Commitment, Remaining Minimum Amount Committed | 61,941 | ||
Variable Operating Lease Expense | 24,441 | 18,581 | 12,032 |
Operating Lease, Expense | 65,771 | 58,054 | 52,545 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 24,668 | $ 53,099 | $ 79,241 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 32,598 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 23,094 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 18,662 | ||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 104,609 | ||
Lessee, Operating Lease, Liability, Payments, Due | 216,910 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | $ 39,843 | ||
Operating Lease, Weighted Average Discount Rate, Percent | 4.40% | 3.80% | |
Operating Lease, Liability | $ 177,067 | ||
Lessee, Operating Lease, Liability, to be Paid, Year One | 37,947 | ||
Commercial commitments [Member] | |||
Loss Contingencies [Line Items] | |||
Commitments and Contingencies | 110,402 | $ 108,370 | |
Long term Construction Contracts [Member] [Member] | |||
Loss Contingencies [Line Items] | |||
Commitments and Contingencies | $ 154,125 |
Business Segment Information (D
Business Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |||
Segment Reporting Information [Line Items] | |||||||||||||
amortization of inventory and property step up to fair value | [1] | $ 10,032 | $ 11,370 | $ 53,139 | |||||||||
amortization and impairment of acquired intangible assets | [1] | 266,420 | 256,355 | 262,344 | |||||||||
Business Combination, Acquisition Related Costs | [2] | 25,526 | 23,486 | 201,905 | |||||||||
loss (gain) on fair value contingent consideration adjustments | [1] | (3,100) | (2,350) | ||||||||||
Gain (Loss) on Disposition of Business | [1] | 873 | (67) | (874) | |||||||||
redomiciliation costs | [3] | 620 | 661 | 301 | |||||||||
Restructuring expenses | [4] | 44,365 | 485 | 48 | |||||||||
Assets | $ 11,063,697 | $ 10,821,839 | 11,063,697 | 10,821,839 | |||||||||
Depreciation, Depletion and Amortization | 565,244 | 552,897 | 553,104 | ||||||||||
Property, Plant and Equipment, Net | 1,765,180 | 1,632,775 | 1,765,180 | 1,632,775 | |||||||||
Revenues | 1,419,387 | $ 1,297,724 | $ 1,238,204 | $ 1,183,386 | 1,281,252 | $ 1,112,431 | $ 1,090,939 | $ 1,051,644 | 5,138,701 | 4,536,266 | 4,223,403 | ||
Operating Income (Loss) | 836,118 | 791,101 | 477,815 | ||||||||||
Goodwill, Impairment Loss | 0 | 490,565 | 0 | ||||||||||
Continuing Operations | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Assets | 10,258,793 | 9,687,000 | 10,258,793 | 9,687,000 | |||||||||
Payments to Acquire Productive Assets | 351,176 | 352,499 | 282,837 | ||||||||||
Depreciation, Depletion and Amortization | 450,067 | 422,530 | [5] | 432,147 | |||||||||
Healthcare [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 3,613,019 | 3,085,131 | 2,845,467 | ||||||||||
Operating Income (Loss) | 871,358 | 706,020 | 649,704 | ||||||||||
Healthcare and Life Sciences [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Amortization of Acquired Intangibles and PPE Step Up | 229,052 | ||||||||||||
Healthcare and Life Sciences [Member] | Continuing Operations | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Assets | 7,055,576 | 6,557,742 | 7,055,576 | 6,557,742 | |||||||||
Payments to Acquire Productive Assets | 114,164 | 98,585 | 84,487 | ||||||||||
Depreciation, Depletion and Amortization | 322,244 | 306,377 | [5] | 316,222 | |||||||||
Applied Sterilization Technologies | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 953,980 | 914,431 | 852,972 | ||||||||||
Operating Income (Loss) | 439,744 | 429,020 | 410,101 | ||||||||||
Amortization of Acquired Intangibles and PPE Step Up | 35,531 | ||||||||||||
Applied Sterilization Technologies | Continuing Operations | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Assets | 3,203,217 | 3,129,258 | 3,203,217 | 3,129,258 | |||||||||
Payments to Acquire Productive Assets | 237,012 | 253,914 | 198,350 | ||||||||||
Depreciation, Depletion and Amortization | 127,823 | 116,153 | [5] | 115,925 | |||||||||
OperatingSegmentAllExceptCorpandOther [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 5,138,701 | 4,536,266 | 4,223,403 | ||||||||||
Life Science Member [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 571,702 | 536,704 | 524,964 | ||||||||||
Operating Income (Loss) | 221,349 | 210,225 | 216,188 | ||||||||||
OperatingSegmentCorpandOther [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Operating Income (Loss) | (348,497) | (264,974) | (283,665) | ||||||||||
OperatingSegmentAll [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 5,138,701 | 4,536,266 | 4,223,403 | ||||||||||
Operating Income (Loss) | 1,183,954 | 1,080,291 | 992,328 | ||||||||||
Additions [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 1,313 | 8,302 | |||||||||||
Reductions and Payout | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (5,967) | (80) | |||||||||||
Consumable revenues [Member] | Healthcare [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 1,248,424 | 1,050,316 | 1,004,605 | ||||||||||
Consumable revenues [Member] | Life Science Member [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 251,580 | 241,114 | 239,365 | ||||||||||
Capital equipment revenues [Member] | Healthcare [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 1,091,537 | 896,590 | 782,505 | ||||||||||
Capital equipment revenues [Member] | Applied Sterilization Technologies | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 14,519 | 26,460 | 24,394 | ||||||||||
Capital equipment revenues [Member] | Life Science Member [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 155,520 | 147,420 | 142,281 | ||||||||||
Service revenues [Member] | Healthcare [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 1,273,058 | 1,138,225 | 1,058,357 | ||||||||||
Service revenues [Member] | Applied Sterilization Technologies | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 939,461 | 887,971 | 828,578 | ||||||||||
Service revenues [Member] | Life Science Member [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 164,602 | 148,170 | 143,318 | ||||||||||
IRELAND | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Property, Plant and Equipment, Net | 68,603 | 60,570 | 68,603 | 60,570 | |||||||||
Revenues | 82,695 | 74,292 | 81,864 | ||||||||||
UNITED STATES | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Business Combination, Acquisition Related Costs | 205,788 | ||||||||||||
Property, Plant and Equipment, Net | 1,009,979 | 877,950 | 1,009,979 | 877,950 | |||||||||
Revenues | 3,751,437 | 3,254,373 | 2,943,950 | ||||||||||
Goodwill, Impairment Loss | 441,643 | ||||||||||||
Other foreign locations [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 1,304,569 | 1,207,601 | $ 1,197,589 | ||||||||||
Goodwill, Impairment Loss | 48,922 | ||||||||||||
Other Foreign Entities [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Property, Plant and Equipment, Net | $ 686,598 | $ 694,255 | $ 686,598 | $ 694,255 | |||||||||
[1] For more information regarding our recent acquisitions and divestitures, refer to Note 3 titled, "Business Acquisitions and Divestitures." For more information regarding our restructuring efforts, refer to Note 2 titled, "Restructuring ." |
Common Shares (Details)
Common Shares (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Common Stock, Par or Stated Value Per Share | $ 0.001 | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | ||
Value (EUROS) Ordinary Shares Deferred | 25,000 | ||
Weighted Average Number of Shares Outstanding, Basic | 98,787,000 | 99,706,000 | 97,535,000 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 572,000 | 540,000 | 791,000 |
Weighted Average Number of Shares Outstanding, Diluted | 99,359,000 | 100,246,000 | 98,326,000 |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 606,000 | 578,000 | 243,000 |
Repurchases of Common Shares (D
Repurchases of Common Shares (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Mar. 31, 2024 USD ($) shares | Mar. 31, 2023 USD ($) shares | Mar. 31, 2022 USD ($) shares | Mar. 31, 2024 EUR (€) shares | Mar. 31, 2024 USD ($) $ / shares shares | May 03, 2023 USD ($) | |
Equity, Class of Treasury Stock [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 | $ | $ 500,000 | $ 500,000 | ||||
Stock Repurchased During Period, Shares | 1,563,983 | 108,368 | ||||
Stock Repurchased and Retired During Period, Value | $ | $ 295,000 | $ 25,000 | ||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | |||||
Deferred Ordinary Shares | 25,000 | 25,000 | ||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 76,645 | 79,169 | 244,395 | |||
Payment, Tax Withholding, Share-based Payment Arrangement | $ | $ 11,765 | $ 13,534 | $ 30,775 | |||
Euro Member Countries, Euro | ||||||
Equity, Class of Treasury Stock [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, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Item] | |||
Remaining shares available for grant | 2,370,422 | ||
Weighted-average assumptions used for options granted: | |||
Risk-free interest rate | 3.59% | 2.44% | 1.10% |
Expected life of options | 6 years | 5 years 10 months 24 days | 5 years 10 months 24 days |
Exptected dividend yield of stock | 1.08% | 0.80% | 0.95% |
Expected volatility of stock | 27.92% | 24.49% | 24.27% |
Estimated forfeiture rate | 2.22% | 2.54% | 2.85% |
Summary of share option activity: | |||
Number of Options, Outstanding, Beginning of Period | 1,749,729 | ||
Weighted Average Exercise Price, Outstanding, Beginning of Period | $ 154.60 | ||
Number of Options, Granted | 253,946 | ||
Weighted Average Exercise Price, Granted | $ 220.24 | ||
Number of Options, Exercised | (126,393) | ||
Weighted Average Exercise Price, Exercised | $ 81.27 | ||
Number of Options, Forfeited | (7,411) | ||
Weighted Average Exercise Price, Forfeited | $ 217.73 | ||
Number of Options, Outstanding, End of Period | 1,869,871 | 1,749,729 | |
Weighted Average Exercise Price, Outstanding, End of Period | $ 168.22 | $ 154.60 | |
Average Remaining Contractual Term, Outstanding | 6 years | ||
Aggregate Intrinsic Value, Outstanding | $ 111,633 | ||
Number of Options, Exercisable | 1,270,907 | ||
Weighted Average Exercise Price, Exercisable | $ 142.42 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 10 months 24 days | ||
Aggregate Intrinsic Value, Exercisable | $ 106,246 | ||
Non-vested stock options outstanding expected to vest | 590,113 | ||
Common Stock, Fair Market Value Per Share | $ 224.82 | ||
Total intrinsic value of stock options exercised | $ 18,177 | $ 6,502 | $ 52,952 |
Net cash proceeds from the exercise of stock options | 10,472 | 1,828 | 10,071 |
Tax benefit from stock option exercises | $ 5,470 | $ 4,945 | $ 18,143 |
Weighted average grant date fair value of stock option grants, per share | $ 54.60 | $ 50.72 | $ 37.52 |
Summary of non-vested restricted share activity: | |||
Number of Restricted Shares, Non-vested at Beginning of Period | 28,542 | ||
Number of Restricted Shares, Granted | 18,476 | ||
Number of Restricted Shares, Vested | (17,041) | ||
Number of Restricted Shares, Canceled | (1,629) | ||
Number of Restricted Shares, Non-vested at End of Period | 28,348 | 28,542 | |
Unrecognized compensation cost related to nonvested share-based compensation granted | $ 60,130 | ||
Weighted average period for recognition of unrecognized compensation cost | 1 year 8 months 12 days | ||
Restricted Stock | |||
Summary of non-vested restricted share activity: | |||
Number of Restricted Shares, Non-vested at Beginning of Period | 450,793 | ||
Weighted-Average Grant Date Fair Value, Non-vested at Beginning of Period | $ 186.60 | ||
Number of Restricted Shares, Granted | 180,529 | ||
Weighted-Average Grant Date Fair Value, Granted | $ 202.13 | ||
Number of Restricted Shares, Vested | (148,283) | ||
Weighted-Average Grant Date Fair Value, Vested | $ 164.14 | ||
Number of Restricted Shares, Canceled | (19,658) | ||
Weighted-Average Grant Date Fair Value, Canceled | $ 196.29 | ||
Number of Restricted Shares, Non-vested at End of Period | 463,381 | 450,793 | |
Weighted-Average Grant Date Fair Value, Non-vested at End of Period | $ 200.04 | $ 186.60 | |
Fair Value, Share-based Payment Awards, Other than Options | $ 27,149 | ||
RSUs Cantel | |||
Summary of non-vested restricted share activity: | |||
Number of Restricted Shares, Non-vested at Beginning of Period | 15,670 | ||
Weighted-Average Grant Date Fair Value, Non-vested at Beginning of Period | $ 191.18 | ||
Number of Restricted Shares, Granted | 0 | ||
Weighted-Average Grant Date Fair Value, Granted | $ 0 | ||
Number of Restricted Shares, Vested | (14,763) | ||
Weighted-Average Grant Date Fair Value, Vested | $ 191.18 | ||
Number of Restricted Shares, Canceled | (762) | ||
Weighted-Average Grant Date Fair Value, Canceled | $ 191.18 | ||
Number of Restricted Shares, Non-vested at End of Period | 145 | 15,670 | |
Weighted-Average Grant Date Fair Value, Non-vested at End of Period | $ 191.18 | $ 191.18 | |
Unrecognized compensation cost related to nonvested share-based compensation granted | $ 3 |
Financial and Other Guarantee_2
Financial and Other Guarantees (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Notes To Financial Statements [Abstract] | ||||
Standard and Extended Product Warranty Accrual | $ 15,388 | $ 13,394 | $ 13,892 | $ 9,406 |
Standard and Extended Product Warranty Accrual, Increase for Warranties Issued | 18,051 | 13,195 | 12,571 | |
Standard Product Warranty Accrual, Decrease for Payments | (16,057) | (13,693) | (12,638) | |
Standard Product Warranty Accrual, Additions from Business Acquisition | $ 0 | $ 0 | $ 4,553 |
Forward and Swap Contracts (Det
Forward and Swap Contracts (Details) $ in Thousands, € in Millions, £ in Millions, $ in Millions, $ in Millions | 12 Months Ended | |||||||
Mar. 31, 2024 USD ($) lb | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2024 GBP (£) | Mar. 31, 2024 EUR (€) | Mar. 31, 2024 MXN ($) | Mar. 31, 2024 AUD ($) | Mar. 31, 2024 USD ($) | |
Prepaid Expenses and Other Current Assets | ||||||||
Derivative [Line Items] | ||||||||
Derivative Assets | $ 378 | $ 208 | ||||||
Derivative Liabilities | $ 0 | $ 0 | ||||||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Prepaid expenses and other current assets | Prepaid expenses and other current assets | Prepaid expenses and other current assets | Prepaid expenses and other current assets | Prepaid expenses and other current assets | Prepaid expenses and other current assets | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Prepaid expenses and other current assets | Prepaid expenses and other current assets | Prepaid expenses and other current assets | Prepaid expenses and other current assets | Prepaid expenses and other current assets | Prepaid expenses and other current assets | ||
Accrued Liabilities | ||||||||
Derivative [Line Items] | ||||||||
Derivative Assets | $ 0 | $ 0 | ||||||
Derivative Liabilities | $ 2,054 | $ 1,014 | ||||||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other | Accrued expenses and other | Accrued expenses and other | Accrued expenses and other | Accrued expenses and other | Accrued expenses and other | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other | Accrued expenses and other | Accrued expenses and other | Accrued expenses and other | Accrued expenses and other | Accrued expenses and other | ||
Selling, General and Administrative Expenses | ||||||||
Derivative [Line Items] | ||||||||
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net | $ 1,272 | $ 5,036 | $ 4,379 | |||||
Cost of Sales | ||||||||
Derivative [Line Items] | ||||||||
Gain (Loss) on Sale of Commodity Contracts | $ (1,611) | $ (3,630) | $ 3,921 | |||||
212230 Copper, Nickel, Lead, and Zinc Mining [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Nonmonetary Notional Amount, Mass | lb | 789,000 | |||||||
Euro Member Countries, Euro | Foreign Exchange Forward | ||||||||
Derivative [Line Items] | ||||||||
Derivative Liabilities | £ | £ 48 | |||||||
Mexico, Pesos | Foreign Exchange Forward | ||||||||
Derivative [Line Items] | ||||||||
Derivative Asset, Notional Amount | $ 150 | |||||||
Euro Member Countries, Euro | Foreign Exchange Forward | ||||||||
Derivative [Line Items] | ||||||||
Derivative Liabilities | € | € 4 | |||||||
Australia, Dollars | Foreign Exchange Forward | ||||||||
Derivative [Line Items] | ||||||||
Derivative Asset, Notional Amount | $ 18 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Document Period End Date | Mar. 31, 2024 | ||||
Equity Securities, FV-NI, Gain (Loss) | $ 1,060 | $ (1,176) | |||
Business Acquisition, Contingent Consideration, at Fair Value | 11,000 | 15,678 | $ 10,550 | ||
Fair Value, Inputs, Level 1 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Investments, Fair Value Disclosure | 2,902 | 2,066 | |||
Cash and Cash Equivalents, Fair Value Disclosure | 207,020 | 208,357 | |||
Foreign Currency Contract, Asset, Fair Value Disclosure | [1] | 0 | 0 | ||
Equity Securities, FV-NI | [2] | 4,767 | 7,069 | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | [1] | 0 | 0 | ||
Deferred Compensation Plan Assets | [2] | 1,186 | 1,022 | ||
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 | 0 | |||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | |||
Foreign Currency Contract, Asset, Fair Value Disclosure | [1] | 208 | 378 | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | [1] | 1,014 | 2,054 | ||
Deferred Compensation Plan Assets | [2] | 0 | 0 | ||
Long-term Debt, Fair Value | [3] | 2,895,784 | 2,754,218 | ||
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 | 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 | [2] | 0 | 0 | ||
Long-term Debt, Fair Value | [3] | 0 | 0 | ||
Business Acquisition, Contingent Consideration, at Fair Value | [4] | 11,000 | 15,678 | ||
Additions [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 1,313 | 8,302 | |||
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 | (24) | 6 | |||
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 | (5,967) | (80) | |||
Reductions [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (3,100) | ||||
Cost of Sales | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Gain (Loss) on Sale of Commodity Contracts | (1,611) | (3,630) | $ 3,921 | ||
Reported Value Measurement [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Investments, Fair Value Disclosure | 2,902 | 2,066 | |||
Cash and Cash Equivalents, Fair Value Disclosure | 207,020 | 208,357 | |||
Foreign Currency Contract, Asset, Fair Value Disclosure | [1] | 208 | 378 | ||
Equity Securities, FV-NI | [2] | 4,767 | 7,069 | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | [1] | 1,014 | 2,054 | ||
Deferred Compensation Plan Assets | [2] | 1,186 | 1,022 | ||
Long-term Debt, Fair Value | [3] | 3,206,100 | 3,078,655 | ||
Business Acquisition, Contingent Consideration, at Fair Value | [4] | 11,000 | $ 15,678 | ||
Reported Value Measurement [Member] | Servizi | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Equity Securities, FV-NI | $ 3,342 | ||||
[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)). Changes in the fair value of these investments are recorded in the Interest income and miscellaneous (income) expense line of the Consolidated Statement of Income. During fiscal 2024 and fiscal 2023, we recorded gains (losses) of $1,060 and $(1,176), respectively, related to these investments. In addition, during fiscal 2024 we sold one of our equity investments which had a value of $3,342. We estimate the fair value of our debt using discounted cash flow analyses, based on our current incremental borrowing rates for similar types of borrowing arrangement s. The fair values of our Senior Public Notes are estimated using quoted market prices for the publicly registered Senior Notes. Contingent consideration obligations arise from prior business acquisitions. The fair values are based on discounted cash flow analyses reflecting the possible achievement of specified performance measures or events and captures the contractual nature of the contingencies, commercial risk, and the time value of money. Contingent consideration obligations are classified in the Consolidated Balance Sheets as accrued expense (short-term) and other liabilities (long-term), as appropriate based on the contractual payment dates. |
Reclassifications out of AOCI_3
Reclassifications out of AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (328,657) | $ (320,710) | $ (209,808) | $ (61,243) | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 6,596 | 110,437 | 144,212 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1,351) | (465) | (4,353) | ||
Total other comprehensive (loss) income attributable to shareholders | 7,947 | 110,902 | 148,565 | ||
Accumulated Defined Benefit Plans Adjustment [Member] | |||||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | [1] | (724) | 12 | 1,276 | (5,519) |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | [1] | 615 | (799) | 11,148 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [1] | 1,351 | 465 | 4,353 | |
Total other comprehensive (loss) income attributable to shareholders | [1] | (736) | (1,264) | 6,795 | |
Accumulated Translation Adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | [2] | (327,933) | (320,722) | (211,084) | $ (55,724) |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | [2] | (7,211) | (109,638) | (155,360) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [2] | 0 | 0 | 0 | |
Total other comprehensive (loss) income attributable to shareholders | [2] | $ (7,211) | $ (109,638) | $ (155,360) | |
[1]mortization (gain) of defined benefit plan costs is reported in the Interest income and miscellaneous expense (income) 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)_2
Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 1,419,387 | $ 1,297,724 | $ 1,238,204 | $ 1,183,386 | $ 1,281,252 | $ 1,112,431 | $ 1,090,939 | $ 1,051,644 | $ 5,138,701 | $ 4,536,266 | $ 4,223,403 |
Cost of revenues | 836,485 | 737,698 | 691,976 | 654,382 | 734,850 | 634,244 | 608,627 | 577,819 | 2,920,541 | 2,555,540 | 2,340,396 |
Gross Profit | $ 582,902 | $ 560,026 | $ 546,228 | $ 529,004 | $ 546,402 | $ 478,187 | $ 482,312 | $ 473,825 | $ 2,218,160 | $ 1,980,726 | 1,883,007 |
Gross Profit Percentage | 41.10% | 43.20% | 44.10% | 44.70% | 42.60% | 43% | 44.20% | 45.10% | 43.20% | 43.70% | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 190,575 | $ 189,602 | $ 155,852 | $ 166,781 | $ 203,402 | $ 171,539 | $ 159,325 | $ 146,000 | $ 702,810 | $ 680,266 | 366,803 |
Income Tax Expense (Benefit) | 37,276 | 40,999 | 35,055 | 36,200 | 21,203 | 40,534 | 35,417 | 26,915 | 149,530 | 124,069 | 82,344 |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 153,299 | 148,603 | 120,797 | 130,581 | 182,199 | 131,005 | 123,908 | 119,085 | 553,280 | 556,197 | 284,459 |
Loss from discontinued operations, net of income tax | (154,301) | (7,658) | (4,451) | (6,791) | 4,765 | (7,680) | (439,139) | (8,330) | (173,201) | (450,384) | (41,589) |
Income from continuing operations, net of income tax | (1,002) | 140,945 | 116,346 | 123,790 | 186,964 | 123,325 | (315,231) | 110,755 | 380,079 | 105,813 | 242,870 |
Net Income (Loss) Attributable to Parent | $ (1,377) | $ 140,743 | $ 115,319 | $ 123,554 | $ 187,225 | $ 123,828 | $ (315,285) | $ 111,262 | $ 378,239 | $ 107,030 | $ 243,888 |
Income (Loss) from Continuing Operations, Per Basic Share | $ 1.55 | $ 1.50 | $ 1.21 | $ 1.32 | $ 1.84 | $ 1.32 | $ 1.24 | $ 1.19 | $ 5.58 | $ 5.59 | $ 2.93 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | (1.56) | (0.08) | (0.04) | (0.07) | 0.05 | (0.08) | (4.39) | (0.08) | (1.75) | (4.52) | (0.43) |
Earnings Per Share, Basic | (0.01) | 1.42 | 1.17 | 1.25 | 1.89 | 1.24 | (3.15) | 1.11 | 3.83 | 1.07 | 2.50 |
Income (Loss) from Continuing Operations, Per Diluted Share | 1.54 | 1.49 | 1.20 | 1.31 | 1.83 | 1.31 | 1.24 | 1.19 | 5.55 | 5.56 | 2.90 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | (1.55) | (0.08) | (0.04) | (0.07) | 0.05 | (0.08) | (4.39) | (0.08) | (1.74) | (4.49) | (0.42) |
Earnings Per Share, Diluted | $ (0.01) | $ 1.42 | $ 1.16 | $ 1.25 | $ 1.88 | $ 1.24 | $ (3.15) | $ 1.10 | $ 3.81 | $ 1.07 | $ 2.48 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | ||
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 | $ 20,315 | $ 24,691 | $ 14,143 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | 6,765 | 1,733 | 2,888 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Increase (Decrease) Adjustment | [1] | 52 | (530) | 8,906 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | (758) | (5,579) | (1,246) | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance | 26,374 | 20,315 | 24,691 | |
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 | [2] | 19,284 | 19,875 | 11,355 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | [2] | 11,240 | 6,991 | 12,962 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Increase (Decrease) Adjustment | [1],[2] | (96) | 247 | 665 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | [2],[3] | (7,444) | (7,829) | (5,107) |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance | [2] | 22,984 | 19,284 | 19,875 |
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 | 35,601 | 22,617 | 19,778 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | [4] | 8,204 | 12,652 | 2,611 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Increase (Decrease) Adjustment | [1] | 88 | 332 | 228 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | 0 | 0 | 0 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance | 43,893 | 35,601 | 22,617 | |
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 | 30,437 | 26,126 | 23,283 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | 7,884 | 7,829 | 7,069 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Increase (Decrease) Adjustment | (2,389) | 2,040 | 44 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | (5,196) | (5,558) | (4,270) | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance | $ 30,736 | $ 30,437 | $ 26,126 | |
[1]Change in foreign currency exchange rates and acquired reserves.[2]Net allowance for credit losses and allowance for sales and returns.[3]Uncollectible accounts written off, net of recoveries.[4]Provision for excess and obsolete inventory, net of inventory written off. |