QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) | |||||||||||||
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading symbol(s) | Name of Exchange on Which Registered | ||||||
☒ | Accelerated Filer | ☐ | ||||||||||||
Non-Accelerated Filer | ☐ | Smaller Reporting Company | ☐ | |||||||||||
Emerging Growth Company | ☐ |
Page | ||||||||
December 31, 2021 | March 31, 2021 | |||||||||||||
(Unaudited) | ||||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Accounts receivable (net of allowances of $ | ||||||||||||||
Inventories, net | ||||||||||||||
Prepaid expenses and other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property, plant, and equipment, net | ||||||||||||||
Lease right-of-use assets, net | ||||||||||||||
Goodwill | ||||||||||||||
Intangibles, net | ||||||||||||||
Other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities and equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Accrued income taxes | ||||||||||||||
Accrued payroll and other related liabilities | ||||||||||||||
Lease obligations due within one year | ||||||||||||||
Short-term indebtedness | ||||||||||||||
Accrued expenses and other | ||||||||||||||
Total current liabilities | ||||||||||||||
Long-term indebtedness | ||||||||||||||
Deferred income taxes, net | ||||||||||||||
Long-term lease obligations | ||||||||||||||
Other liabilities | ||||||||||||||
Total liabilities | $ | $ | ||||||||||||
Commitments and contingencies (see note 8) | ||||||||||||||
Ordinary shares, with $ | ||||||||||||||
Retained earnings | ||||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Total shareholders’ equity | ||||||||||||||
Noncontrolling interests | ||||||||||||||
Total equity | ||||||||||||||
Total liabilities and equity | $ | $ |
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Revenues: | (*as adjusted) | (*as adjusted) | ||||||||||||||||||||||||
Product | $ | $ | $ | $ | ||||||||||||||||||||||
Service | ||||||||||||||||||||||||||
Total revenues | ||||||||||||||||||||||||||
Cost of revenues: | ||||||||||||||||||||||||||
Product | ||||||||||||||||||||||||||
Service | ||||||||||||||||||||||||||
Total cost of revenues | ||||||||||||||||||||||||||
Gross profit | ||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Selling, general, and administrative | ||||||||||||||||||||||||||
Research and development | ||||||||||||||||||||||||||
Restructuring (credit) expenses | ( | |||||||||||||||||||||||||
Total operating expenses | ||||||||||||||||||||||||||
Income from operations | ||||||||||||||||||||||||||
Non-operating expenses, net: | ||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
Fair value adjustment related to convertible debt, premium liability | ||||||||||||||||||||||||||
Interest (income) and miscellaneous expense | ( | ( | ( | ( | ||||||||||||||||||||||
Total non-operating expenses, net | ||||||||||||||||||||||||||
Income before income tax expense | ||||||||||||||||||||||||||
Income tax expense | ||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | ( | ( | ||||||||||||||||||||||||
Net income attributable to shareholders | $ | $ | $ | $ | ||||||||||||||||||||||
Net income per share attributed to shareholders | ||||||||||||||||||||||||||
Basic | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted | $ | $ | $ | $ | ||||||||||||||||||||||
Cash dividends declared per share ordinary outstanding | $ | $ | $ | $ |
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(*as adjusted) | (*as adjusted) | |||||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | ( | ( | ||||||||||||||||||||||||
Net income attributable to shareholders | ||||||||||||||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||||||||
Amortization of pension and postretirement benefit plan costs, (net of taxes of $ | ( | ( | ( | ( | ||||||||||||||||||||||
Change in cumulative currency translation adjustment | ( | ( | ||||||||||||||||||||||||
Total other comprehensive income (loss) | ( | ( | ||||||||||||||||||||||||
Comprehensive income | $ | $ | $ | $ |
Nine Months Ended December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Operating activities: | (*as adjusted) | |||||||||||||
Net income | $ | $ | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation, depletion, and amortization | ||||||||||||||
Deferred income taxes | ( | |||||||||||||
Share-based compensation expense | ||||||||||||||
Loss on the disposal of property, plant, equipment, and intangibles, net | ||||||||||||||
Loss on sale of businesses, net | ||||||||||||||
Fair value adjustment related to convertible debt, premium liability | ||||||||||||||
Amortization of inventory fair value adjustments | ||||||||||||||
Other items | ( | |||||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions: | ||||||||||||||
Accounts receivable, net | ||||||||||||||
Inventories, net | ( | ( | ||||||||||||
Other current assets | ( | ( | ||||||||||||
Accounts payable | ( | ( | ||||||||||||
Accruals and other, net | ( | ( | ||||||||||||
Net cash provided by operating activities | ||||||||||||||
Investing activities: | ||||||||||||||
Purchases of property, plant, equipment, and intangibles, net | ( | ( | ||||||||||||
Proceeds from the sale of property, plant, equipment and intangibles | ||||||||||||||
Acquisition of businesses, net of cash acquired | ( | ( | ||||||||||||
Other | ( | |||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Financing activities: | ||||||||||||||
Proceeds from issuance of senior public notes | ||||||||||||||
Proceeds from term loans | ||||||||||||||
Payments on term loans | ( | |||||||||||||
Payments on long-term obligations | ( | ( | ||||||||||||
Payments on convertible debt | ( | |||||||||||||
Proceeds (payments) under credit facilities, net | ( | |||||||||||||
Deferred financing fees and debt issuance costs | ( | ( | ||||||||||||
Acquisition related deferred or contingent consideration | ( | ( | ||||||||||||
Repurchases of ordinary shares | ( | ( | ||||||||||||
Cash dividends paid to ordinary shareholders | ( | ( | ||||||||||||
Distributions to noncontrolling interest | ( | ( | ||||||||||||
Contributions from noncontrolling interest | ||||||||||||||
Payment for acquisition of subsidiary's interests in noncontrolling interest | ( | |||||||||||||
Stock option and other equity transactions, net | ||||||||||||||
Net cash provided by financing activities | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | |||||||||||||
Increase (decrease) in cash and cash equivalents | ( | |||||||||||||
Cash and cash equivalents at beginning of period | ||||||||||||||
Cash and cash equivalents at end of period | $ | $ |
Three Months Ended December 31, 2021 | ||||||||||||||||||||
Ordinary Shares | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interest | Total Equity | ||||||||||||||||
Number | Amount | |||||||||||||||||||
Balance at September 30, 2021 | $ | $ | $ | ( | $ | $ | ||||||||||||||
Comprehensive income: | ||||||||||||||||||||
Net income (loss) | — | — | — | ( | ||||||||||||||||
Other comprehensive income (loss) | — | — | — | ( | — | ( | ||||||||||||||
Repurchases of ordinary shares | ( | ( | — | — | ( | |||||||||||||||
Equity compensation programs and other | — | — | — | |||||||||||||||||
Cash dividends – $ | — | — | ( | — | — | ( | ||||||||||||||
Contributions from noncontrolling interest | — | — | — | — | ||||||||||||||||
Other changes in noncontrolling interest | — | — | — | — | ||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | ( | $ | $ |
Nine Months Ended December 31, 2021 | ||||||||||||||||||||
Ordinary Shares | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interest | Total Equity | ||||||||||||||||
Number | Amount | |||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | ( | $ | $ | ||||||||||||||
Comprehensive income: | ||||||||||||||||||||
Net income (loss) | — | — | — | ( | ||||||||||||||||
Other comprehensive income (loss) | — | — | — | ( | — | ( | ||||||||||||||
Repurchases of ordinary shares | ( | ( | ( | — | — | ( | ||||||||||||||
Equity compensation programs and other | — | — | — | |||||||||||||||||
Cash dividends – $ | — | — | ( | — | — | ( | ||||||||||||||
Issuance of shares for acquisition of Cantel Medical Corp. ("Cantel") | — | — | — | |||||||||||||||||
Consideration related to equity component of Cantel convertible debt | — | — | — | — | ||||||||||||||||
Consideration related to Cantel equity compensation programs | — | — | — | — | ||||||||||||||||
Reclassification to Cantel convertible debt, premium liability | — | ( | — | — | — | ( | ||||||||||||||
Contributions from noncontrolling interest | — | — | — | — | ||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | ( | ( | ||||||||||||||
Other changes in noncontrolling interest | — | — | — | — | ||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | ( | $ | $ |
Three Months Ended December 31, 2020 | ||||||||||||||||||||
Ordinary Shares | Retained Earnings (as adjusted *) | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interest | Total Equity | ||||||||||||||||
Number | Amount | |||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | ( | $ | $ | ||||||||||||||
Comprehensive income: | ||||||||||||||||||||
Net income | — | — | — | |||||||||||||||||
Other comprehensive income | — | — | — | — | ||||||||||||||||
Repurchases of ordinary shares | ( | ( | — | — | ( | |||||||||||||||
Equity compensation programs and other | — | — | — | |||||||||||||||||
Cash dividends $ | — | — | ( | — | — | ( | ||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | ( | ( | ||||||||||||||
Payment for acquisition of subsidiary's interests in noncontrolling interest | — | — | — | — | ( | ( | ||||||||||||||
Other changes in noncontrolling interest | — | — | — | — | ( | ( | ||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | ( | $ | $ |
Nine Months Ended December 31, 2020 | ||||||||||||||||||||
Ordinary Shares | Retained Earnings (as adjusted *) | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interest | Total Equity | ||||||||||||||||
Number | Amount | |||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | ( | $ | $ | ||||||||||||||
Comprehensive income: | ||||||||||||||||||||
Net income | — | — | — | |||||||||||||||||
Other comprehensive income | — | — | — | — | ||||||||||||||||
Repurchases of ordinary shares | ( | ( | — | — | ( | |||||||||||||||
Equity compensation programs and other | — | — | — | |||||||||||||||||
Cash dividends – $ | — | — | ( | — | — | ( | ||||||||||||||
Contributions from noncontrolling interest | — | — | — | — | ||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | ( | ( | ||||||||||||||
Payment for acquisition of subsidiary's interests in noncontrolling interest | — | — | — | — | ( | ( | ||||||||||||||
Other changes in noncontrolling interest | — | — | — | — | ||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | ( | $ | $ |
Standard | Date of Issuance | Description | Date of Adoption | Effect on the financial statements or other significant matters | ||||||||||||||||||||||
Standards that have been adopted in fiscal 2022 | ||||||||||||||||||||||||||
ASU 2019-12 "Income Taxes (Topic 740)" | December 2019 | The standard provides final guidance that simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The guidance simplifies accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. | First Quarter Fiscal 2022 | We adopted this standard effective April 1, 2021 with no material impact to our consolidated financial statements. | ||||||||||||||||||||||
ASU 2020-06 "Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40)" | August 2020 | This standard simplifies the accounting for convertible instruments and its application of the derivatives scope exception for contracts in an entity’s own equity. The standard reduces the number of accounting models that require separating embedded conversion features from convertible instruments. As a result, only conversion features accounted for under the substantial premium model and those that require bifurcation will be accounted for separately. For contracts in an entity’s own equity, the new standard eliminates some of the current requirements for equity classification. The standard also addresses how convertible instruments are accounted for in the diluted earnings per share calculation and requires enhanced disclosures about the terms of convertible instruments and contracts in an entity’s own equity. | First Quarter Fiscal 2022 | We adopted this standard effective April 1, 2021 and applied it to our accounting for the convertible debt assumed in the acquisition of Cantel Medical Corp. ("Cantel"). | ||||||||||||||||||||||
Standards that have not yet been adopted. | ||||||||||||||||||||||||||
ASU 2021-08 "Business Combinations (Topic 805) Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. | October 2021 | The standard provides guidance to improve the accounting for acquired revenue contracts with Customers in a business combination by addressing diversity in practice and inconsistency related to the recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer. The standard is effective for annual periods beginning after December 15, 2022 including interim periods within that year and early adoption is permitted. | NA | We are in the process of evaluating the impact that the standard will have on our consolidated financial statements. |
(shares in thousands) | |||||
Cash consideration $ | $ | ||||
Cash consideration for fractional shares | |||||
STERIS plc ordinary shares ( | |||||
Consideration related to Cantel equity compensation programs | |||||
Consideration related to equity component of Cantel convertible debt | |||||
Total purchase consideration | $ |
Cantel (1) | |||||
Cash | $ | ||||
Accounts receivable | |||||
Inventory | |||||
Property, plant and equipment | |||||
Lease right-of-use assets, net | |||||
Other assets | |||||
Intangible assets | |||||
Goodwill | |||||
Total assets acquired | |||||
Convertible debt, par value | |||||
Other current liabilities | |||||
Long-term lease obligations | |||||
Deferred income taxes, net | |||||
Long-term indebtedness | |||||
Total liabilities assumed | |||||
Net assets acquired | $ |
Total (1) | Useful Life | |||||||||||||
Customer relationships | $ | |||||||||||||
Trade name | ||||||||||||||
Total intangible assets acquired | $ |
Three Months Ended December 31, | Nine Months Ended December 31 | ||||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net revenues | $ | $ | $ | $ | |||||||||||||||||||
Net income (loss) from continuing operations |
December 31, 2021 | March 31, 2021 | |||||||||||||
(*as adjusted) | ||||||||||||||
Raw materials | $ | $ | ||||||||||||
Work in process | ||||||||||||||
Finished goods | ||||||||||||||
Reserve for excess and obsolete inventory | ( | ( | ||||||||||||
Inventories, net | $ | $ |
December 31, 2021 | March 31, 2021 | |||||||||||||
Land and land improvements (1) | $ | $ | ||||||||||||
Buildings and leasehold improvements | ||||||||||||||
Machinery and equipment | ||||||||||||||
Information systems | ||||||||||||||
Radioisotope | ||||||||||||||
Construction in progress (1) | ||||||||||||||
Total property, plant, and equipment | ||||||||||||||
Less: accumulated depreciation and depletion | ( | ( | ||||||||||||
Property, plant, and equipment, net | $ | $ |
December 31, 2021 | March 31, 2021 | |||||||||||||
Short-term debt | ||||||||||||||
Term loan, current portion | $ | $ | ||||||||||||
Delayed draw term loan, current portion | ||||||||||||||
Private Placement | ||||||||||||||
Total short-term debt | $ | $ | ||||||||||||
Long-term debt | ||||||||||||||
Private Placement | $ | $ | ||||||||||||
Revolving Credit Facility | ||||||||||||||
Deferred financing costs | ( | ( | ||||||||||||
Term loan | ||||||||||||||
Delayed draw term loan | ||||||||||||||
Senior public notes | ||||||||||||||
Financing leases | ||||||||||||||
Total long-term debt | $ | $ | ||||||||||||
Total debt | $ | $ |
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 and thereafter | |||||
Total | $ |
December 31, 2021 | March 31, 2021 | |||||||||||||
Accrued payroll and other related liabilities: | ||||||||||||||
Compensation and related items | $ | $ | ||||||||||||
Accrued vacation/paid time off | ||||||||||||||
Accrued bonuses | ||||||||||||||
Accrued employee commissions | ||||||||||||||
Other postretirement benefit obligations-current portion | ||||||||||||||
Other employee benefit plans obligations-current portion | ||||||||||||||
Total accrued payroll and other related liabilities | $ | $ | ||||||||||||
Accrued expenses and other: | ||||||||||||||
Deferred revenues | $ | $ | ||||||||||||
Service liabilities | ||||||||||||||
Self-insured risk reserves-current portion | ||||||||||||||
Accrued dealer commissions | ||||||||||||||
Accrued warranty | ||||||||||||||
Asset retirement obligation-current portion | ||||||||||||||
Accrued Interest | ||||||||||||||
Other | ||||||||||||||
Total accrued expenses and other | $ | $ | ||||||||||||
Other liabilities: | ||||||||||||||
Self-insured risk reserves-long-term portion | $ | $ | ||||||||||||
Other postretirement benefit obligations-long-term portion | ||||||||||||||
Defined benefit pension plans obligations-long-term portion | ||||||||||||||
Other employee benefit plans obligations-long-term portion | ||||||||||||||
Accrued long-term income taxes | ||||||||||||||
Asset retirement obligation-long-term portion | ||||||||||||||
Other | ||||||||||||||
Total other liabilities | $ | $ |
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Revenues: | (*as adjusted) | (*as adjusted) | ||||||||||||||||||||||||
Healthcare | $ | $ | $ | $ | ||||||||||||||||||||||
Applied Sterilization Technologies | ||||||||||||||||||||||||||
Life Sciences | ||||||||||||||||||||||||||
Dental | ||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Operating income (loss): | ||||||||||||||||||||||||||
Healthcare | $ | $ | $ | $ | ||||||||||||||||||||||
Applied Sterilization Technologies | ||||||||||||||||||||||||||
Life Sciences | ||||||||||||||||||||||||||
Dental | ||||||||||||||||||||||||||
Corporate | ( | ( | ( | ( | ||||||||||||||||||||||
Total operating income before adjustments | $ | $ | $ | $ | ||||||||||||||||||||||
Less: Adjustments | ||||||||||||||||||||||||||
Amortization of acquired intangible assets (1) | $ | $ | $ | $ | ||||||||||||||||||||||
Acquisition and integration related charges (2) | ||||||||||||||||||||||||||
Redomiciliation and tax restructuring costs (3) | ||||||||||||||||||||||||||
(Gain) on fair value adjustment of acquisition related contingent consideration (1) | ( | ( | ||||||||||||||||||||||||
Net loss on divestiture of businesses (1) | ||||||||||||||||||||||||||
Amortization of inventory and property "step up" to fair value (1) | ||||||||||||||||||||||||||
COVID-19 incremental costs (4) | ||||||||||||||||||||||||||
Restructuring (credit) charges (5) | ( | |||||||||||||||||||||||||
Total operating income | $ | $ | $ | $ |
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Healthcare: | ||||||||||||||||||||||||||
Capital equipment | $ | $ | $ | $ | ||||||||||||||||||||||
Consumables | ||||||||||||||||||||||||||
Service | ||||||||||||||||||||||||||
Total Healthcare Revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Applied Sterilization Technologies Service Revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Life Sciences: | ||||||||||||||||||||||||||
Capital equipment | $ | $ | $ | $ | ||||||||||||||||||||||
Consumables | ||||||||||||||||||||||||||
Service | ||||||||||||||||||||||||||
Total Life Sciences Revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Dental Revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Total Revenues | $ | $ | $ | $ |
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Ireland | $ | $ | $ | $ | |||||||||||||||||||
United States | |||||||||||||||||||||||
Other locations | |||||||||||||||||||||||
Total Revenues | $ | $ | $ | $ |
December 31, 2021 | March 31, 2021 | |||||||||||||
Property, Plant, and Equipment, Net | ||||||||||||||
Ireland | $ | $ | ||||||||||||
United States | ||||||||||||||
Other locations | ||||||||||||||
Property, Plant, and Equipment, Net | $ | $ |
December 31, 2021 | March 31, 2021 | |||||||||||||
Assets: | ||||||||||||||
Healthcare and Life Sciences | $ | $ | ||||||||||||
Applied Sterilization Technologies | ||||||||||||||
Dental | ||||||||||||||
Cantel related goodwill not yet allocated (1) | ||||||||||||||
Total assets | $ | $ |
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||||
Denominator (shares in thousands): | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Weighted average shares outstanding—basic | ||||||||||||||||||||||||||
Dilutive effect of share equivalents | ||||||||||||||||||||||||||
Weighted average shares outstanding and share equivalents—diluted |
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||||
(shares in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Number of share options |
Fiscal 2022 | Fiscal 2021 | |||||||||||||
Risk-free interest rate | % | % | ||||||||||||
Expected life of options | ||||||||||||||
Expected dividend yield of stock | % | % | ||||||||||||
Expected volatility of stock | % | % |
Number of Options | Weighted Average Exercise Price Per Share | Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||||||||||||||||
Outstanding at March 31, 2021 | $ | |||||||||||||||||||||||||
Granted | ||||||||||||||||||||||||||
Exercised | ( | |||||||||||||||||||||||||
Forfeited | ( | |||||||||||||||||||||||||
Outstanding at December 31, 2021 | $ | $ | ||||||||||||||||||||||||
Exercisable at December 31, 2021 | $ | $ |
Number of Restricted Shares | Number of Restricted Share Units | Weighted-Average Grant Date Fair Value | ||||||||||||||||||
Non-vested at March 31, 2021 | $ | |||||||||||||||||||
Granted | ||||||||||||||||||||
Vested | ( | ( | ||||||||||||||||||
Forfeited | ( | ( | ||||||||||||||||||
Non-vested at December 31, 2021 | $ |
Number of Restricted Share Units | Weighted-Average Grant Date Fair Value | ||||||||||||||||
Non-vested at March 31, 2021 | $ | ||||||||||||||||
Granted | $ | ||||||||||||||||
Vested | ( | ||||||||||||||||
Forfeited | ( | ||||||||||||||||
Non-vested at December 31, 2021 | $ |
Warranties | |||||
Balance, March 31, 2021 | $ | ||||
Liabilities assumed in acquisition of Cantel | |||||
Warranties issued during the period | |||||
Settlements made during the period | ( | ||||
Balance, December 31, 2021 | $ |
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||
Fair Value at | Fair Value at | Fair Value at | Fair Value at | |||||||||||||||||||||||
Balance sheet location | December 31, 2021 | March 31, 2021 | December 31, 2021 | March 31, 2021 | ||||||||||||||||||||||
Prepaid & Other | $ | $ | $ | $ | ||||||||||||||||||||||
Accrued expenses and other | $ | $ | $ | $ |
Location of gain (loss) recognized in income | Amount of gain (loss) recognized in income | |||||||||||||||||||||||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
Foreign currency forward contracts | Selling, general and administrative | $ | $ | $ | $ | |||||||||||||||||||||||||||
Commodity swap contracts | Cost of revenues | $ | $ | $ | $ |
Fair Value Measurements | ||||||||||||||||||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||
December 31, | March 31, | December 31, | March 31, | December 31, | March 31, | December 31, | March 31, | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Forward and swap contracts (1) | ||||||||||||||||||||||||||||||||||||||
Equity investments(2) | ||||||||||||||||||||||||||||||||||||||
Other investments | ||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||
Forward and swap contracts (1) | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Deferred compensation plans (2) | ||||||||||||||||||||||||||||||||||||||
Total debt (3) | ||||||||||||||||||||||||||||||||||||||
Contingent consideration obligations (4) |
Contingent Consideration | ||||||||
Balance at March 31, 2021 | $ | |||||||
Liabilities assumed in acquisition of Cantel | ||||||||
Additions | ||||||||
Payments | ( | |||||||
Currency translation adjustments | ( | |||||||
Balance at December 31, 2021 | $ |
Defined Benefit Plans (1) | Currency Translation (2) | Total Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||
Three Months | Nine Months | Three Months | Nine Months | Three Months | Nine Months | ||||||||||||||||||||||||||||||
Beginning Balance | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||
Other Comprehensive Income (Loss) before reclassifications | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Amounts reclassified from Accumulated Other Comprehensive Income (Loss) | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Net current-period Other Comprehensive (Loss) | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( |
Defined Benefit Plans (1) | Currency Translation (2) | Total Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||
Three Months | Nine Months | Three Months | Nine Months | Three Months | Nine Months | |||||||||||||||||||||||||||||||||
Beginning Balance | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||
Other Comprehensive Income before reclassifications | ||||||||||||||||||||||||||||||||||||||
Amounts reclassified from Accumulated Other Comprehensive Income (Loss) | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Net current-period Other Comprehensive Income (Loss) | ( | ( | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | ( | $ | ( | $ | $ | $ | ( | $ | ( |
Nine Months Ended December 31, | ||||||||||||||
(dollars in thousands) | 2021 | 2020 | ||||||||||||
Net cash provided by operating activities | $ | 513,080 | $ | 501,785 | ||||||||||
Purchases of property, plant, equipment and intangibles, net | (214,491) | (164,497) | ||||||||||||
Proceeds from the sale of property, plant, equipment and intangibles | 1,709 | 417 | ||||||||||||
Free cash flow | $ | 300,298 | $ | 337,705 |
Three Months Ended December 31, | ||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | Change | Percent Change | ||||||||||||||||||||||
Total revenues | $ | 1,208,971 | $ | 808,924 | $ | 400,047 | 49.5 | % | ||||||||||||||||||
Revenues by type: | ||||||||||||||||||||||||||
Service revenues | 511,715 | 433,610 | 78,105 | 18.0 | % | |||||||||||||||||||||
Consumable revenues | 440,328 | 198,466 | 241,862 | 121.9 | % | |||||||||||||||||||||
Capital equipment revenues | 256,928 | 176,848 | 80,080 | 45.3 | % | |||||||||||||||||||||
Revenues by geography: | ||||||||||||||||||||||||||
Ireland revenues | 20,086 | 20,316 | (230) | (1.1) | % | |||||||||||||||||||||
United States revenues | 851,292 | 572,397 | 278,895 | 48.7 | % | |||||||||||||||||||||
Other foreign revenues | 337,593 | 216,211 | 121,382 | 56.1 | % |
Nine Months Ended December 31, | ||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | Change | Percent Change | ||||||||||||||||||||||
Total revenues | $ | 3,374,378 | $ | 2,233,988 | $ | 1,140,390 | 51.0 | % | ||||||||||||||||||
Revenues by type: | ||||||||||||||||||||||||||
Service revenues | 1,502,605 | 1,218,062 | 284,543 | 23.4 | % | |||||||||||||||||||||
Consumable revenues | 1,187,014 | 519,652 | 667,362 | 128.4 | % | |||||||||||||||||||||
Capital equipment revenues | 684,759 | 496,274 | 188,485 | 38.0 | % | |||||||||||||||||||||
Revenues by geography: | ||||||||||||||||||||||||||
Ireland revenues | 62,077 | 51,779 | 10,298 | 19.9 | % | |||||||||||||||||||||
United States revenues | 2,383,039 | 1,613,554 | 769,485 | 47.7 | % | |||||||||||||||||||||
Other foreign revenues | 929,262 | 568,655 | 360,607 | 63.4 | % |
Three Months Ended December 31, | Change | Percent Change | ||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | ||||||||||||||||||||||||
Gross profit: | (*as adjusted) | |||||||||||||||||||||||||
Product | $ | 323,463 | $ | 172,433 | $ | 151,030 | 87.6 | % | ||||||||||||||||||
Service | 214,651 | 173,428 | 41,223 | 23.8 | % | |||||||||||||||||||||
Total gross profit | $ | 538,114 | $ | 345,861 | $ | 192,253 | 55.6 | % | ||||||||||||||||||
Gross profit percentage: | ||||||||||||||||||||||||||
Product | 46.4 | % | 45.9 | % | ||||||||||||||||||||||
Service | 41.9 | % | 40.0 | % | ||||||||||||||||||||||
Total gross profit percentage | 44.5 | % | 42.8 | % |
Nine Months Ended December 31, | Change | Percent Change | ||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | ||||||||||||||||||||||||
Gross profit: | (*as adjusted) | |||||||||||||||||||||||||
Product | $ | 799,090 | $ | 482,508 | $ | 316,582 | 65.6 | % | ||||||||||||||||||
Service | 645,650 | 480,774 | 164,876 | 34.3 | % | |||||||||||||||||||||
Total gross profit | $ | 1,444,740 | $ | 963,282 | $ | 481,458 | 50.0 | % | ||||||||||||||||||
Gross profit percentage: | ||||||||||||||||||||||||||
Product | 42.7 | % | 47.5 | % | ||||||||||||||||||||||
Service | 43.0 | % | 39.5 | % | ||||||||||||||||||||||
Total gross profit percentage | 42.8 | % | 43.1 | % |
Three Months Ended December 31, | Change | Percent Change | ||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | ||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Selling, general, and administrative | $ | 310,564 | $ | 182,373 | $ | 128,191 | 70.3 | % | ||||||||||||||||||
Research and development | 24,824 | 16,438 | 8,386 | 51.0 | % | |||||||||||||||||||||
Restructuring expenses | (207) | 20 | (227) | NM | ||||||||||||||||||||||
Total operating expenses | $ | 335,181 | $ | 198,831 | $ | 136,350 | 68.6 | % |
Nine Months Ended December 31, | Change | Percent Change | ||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | ||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Selling, general, and administrative | $ | 1,049,116 | $ | 510,250 | $ | 538,866 | 105.6 | % | ||||||||||||||||||
Research and development | 61,847 | 48,812 | 13,035 | 26.7 | % | |||||||||||||||||||||
Restructuring expenses | 17 | 110 | (93) | NM | ||||||||||||||||||||||
Total operating expenses | $ | 1,110,980 | $ | 559,172 | $ | 551,808 | 98.7 | % |
Three Months Ended December 31, | ||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | Change | |||||||||||||||||
Non-operating expenses, net: | ||||||||||||||||||||
Interest expense | $ | 22,971 | $ | 8,899 | $ | 14,072 | ||||||||||||||
Interest income and miscellaneous expense | (2,447) | (1,299) | (1,148) | |||||||||||||||||
Non-operating expenses, net | $ | 20,524 | $ | 7,600 | $ | 12,924 |
Nine Months Ended December 31, | ||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | Change | |||||||||||||||||
Non-operating expenses, net: | ||||||||||||||||||||
Interest expense | $ | 67,820 | $ | 27,056 | $ | 40,764 | ||||||||||||||
Fair value adjustment related to convertible debt, premium liability | 27,806 | — | 27,806 | |||||||||||||||||
Interest income and miscellaneous expense | (4,905) | (4,776) | (129) | |||||||||||||||||
Non-operating expenses, net | $ | 90,721 | $ | 22,280 | $ | 68,441 |
Three Months Ended December 31, | Change | Percent Change | ||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | ||||||||||||||||||||||||
(*as adjusted) | ||||||||||||||||||||||||||
Income tax expense | $ | 39,315 | $ | 24,842 | $ | 14,473 | 58.3% | |||||||||||||||||||
Effective income tax rate | 21.6 | % | 17.8 | % |
Nine Months Ended December 31, | Change | Percent Change | ||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | ||||||||||||||||||||||||
(*as adjusted) | ||||||||||||||||||||||||||
Income tax expense | $ | 52,222 | $ | 71,703 | $ | (19,481) | (27.2)% | |||||||||||||||||||
Effective income tax rate | 21.5 | % | 18.8 | % |
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Revenues: | (*as adjusted) | (*as adjusted) | ||||||||||||||||||||||||
Healthcare | $ | 759,675 | $ | 521,662 | $ | 2,106,626 | $ | 1,392,247 | ||||||||||||||||||
Applied Sterilization Technologies | 216,298 | 176,462 | 630,092 | 498,371 | ||||||||||||||||||||||
Life Sciences | 127,908 | 110,800 | 381,706 | 343,370 | ||||||||||||||||||||||
Dental | 105,090 | — | 255,954 | — | ||||||||||||||||||||||
Total revenues | $ | 1,208,971 | $ | 808,924 | $ | 3,374,378 | $ | 2,233,988 | ||||||||||||||||||
Operating income (loss): | ||||||||||||||||||||||||||
Healthcare | $ | 169,267 | $ | 115,412 | $ | 465,817 | $ | 304,380 | ||||||||||||||||||
Applied Sterilization Technologies | 101,343 | 81,626 | 303,059 | 222,416 | ||||||||||||||||||||||
Life Sciences | 52,032 | 41,541 | 158,639 | 136,435 | ||||||||||||||||||||||
Dental | 23,096 | — | 65,607 | — | ||||||||||||||||||||||
Corporate | (55,849) | (47,941) | (202,461) | (158,463) | ||||||||||||||||||||||
Total operating income before adjustments | $ | 289,889 | $ | 190,638 | $ | 790,661 | $ | 504,768 | ||||||||||||||||||
Less: Adjustments | ||||||||||||||||||||||||||
Amortization of acquired intangible assets (1) | $ | 75,021 | $ | 23,194 | $ | 191,552 | $ | 62,648 | ||||||||||||||||||
Acquisition and integration related charges (2) | 9,298 | 11,563 | 167,698 | 13,984 | ||||||||||||||||||||||
Redomiciliation and tax restructuring costs (3) | 118 | 296 | 228 | 850 | ||||||||||||||||||||||
(Gain) on fair value adjustment of acquisition related contingent consideration (1) | — | (500) | — | (500) | ||||||||||||||||||||||
Net loss on divestiture of businesses (1) | 489 | — | 893 | 5 | ||||||||||||||||||||||
Amortization of inventory and property "step up" to fair value (1) | 2,237 | 1,784 | 96,513 | 3,101 | ||||||||||||||||||||||
COVID-19 incremental costs (4) | — | 7,251 | — | 20,460 | ||||||||||||||||||||||
Restructuring charges (5) | (207) | 20 | 17 | 110 | ||||||||||||||||||||||
Total operating income | $ | 202,933 | $ | 147,030 | $ | 333,760 | $ | 404,110 |
Nine Months Ended December 31, | ||||||||||||||
(dollars in thousands) | 2021 | 2020 | ||||||||||||
Net cash provided by operating activities | $ | 513,080 | $ | 501,785 | ||||||||||
Net cash (used in) investing activities | $ | (760,135) | $ | (1,035,903) | ||||||||||
Net cash provided by financing activities | $ | 390,438 | $ | 442,533 | ||||||||||
Debt-to-total capital ratio | 33.3 | % | 30.6 | % | ||||||||||
Free cash flow | $ | 300,298 | $ | 337,705 |
Summarized Results of Operations | ||||||||
(in thousands) | Nine Months Ended | |||||||
December 31, | ||||||||
2021 | ||||||||
Revenues | $ | 1,272,089 | ||||||
Gross profit | 773,256 | |||||||
Operating costs arising from transactions with non-issuers and non-guarantors - net | 280,419 | |||||||
Income from operations | 385,898 | |||||||
Non-operating income (expense) arising from transactions with subsidiaries that are non-issuers and non-guarantors - net | 333,426 | |||||||
Net income | $ | 345,027 |
Summarized Balance Sheet Information | ||||||||
( in thousands) | ||||||||
December 31, | March 31, | |||||||
2021 | 2021 | |||||||
Receivables due from non-issuers and non-guarantor subsidiaries | $ | 15,706,721 | $ | 14,102,215 | ||||
Other current assets | 347,037 | 348,937 | ||||||
Total current assets | $ | 16,053,758 | $ | 14,451,152 | ||||
Non-current receivables due from non-issuers and non-guarantor subsidiaries | $ | 2,173,892 | $ | 1,091,809 | ||||
Goodwill | 95,688 | 94,979 | ||||||
Other non-current assets | 240,026 | 207,240 | ||||||
Total non-current assets | $ | 2,509,606 | $ | 1,394,028 | ||||
Payables due to non-issuers and non-guarantor subsidiaries | $ | 16,595,598 | $ | 15,549,831 | ||||
Other current liabilities | 200,670 | 128,665 | ||||||
Total current liabilities | $ | 16,796,268 | $ | 15,678,496 | ||||
Non-current payables due to non-issuers and non-guarantor subsidiaries | $ | 1,127,874 | $ | 1,203,274 | ||||
Other non-current liabilities | 3,356,518 | 1,695,772 | ||||||
Total non-current liabilities | $ | 4,484,392 | $ | 2,899,046 |
(a) Total Number of Shares Purchased | (b) Average Price Paid Per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans | (d) Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans at Period End (in thousands) | |||||||||||||||||||||||
October 1-31 | — | $ | — | — | $ | 333,932 | ||||||||||||||||||||
November 1-30 | — | — | — | 333,932 | ||||||||||||||||||||||
December 1-31 | — | $ | — | — | $ | 333,932 | ||||||||||||||||||||
Total | — | — | — | 333,932 |
Exhibit Number | Exhibit Description | ||||
3.1 | |||||
15.1 | |||||
22.1 | |||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
101.SCH | Inline Schema Document. | ||||
101.CAL | Inline Calculation Linkbase Document. | ||||
101.DEF | Inline Definition Linkbase Document. | ||||
101.LAB | Inline Labels Linkbase Document. | ||||
101.PRE | Inline Presentation Linkbase Document. | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
STERIS plc | ||
/s/ KAREN L. BURTON | ||
Karen L. Burton | ||
Vice President, Controller and Chief Accounting Officer | ||
February 9, 2022 |
Registration Number | Description | |||||||
333-230557 | Form S-8 Registration Statement of STERIS plc pertaining to the STERIS Corporation 401(k) Plan | |||||||
333-230558 | Form S-8 Registration Statement of STERIS plc pertaining to the STERIS plc 2006 Long-Term Equity Incentive Plan (As Assumed, Amended and Restated Effective March 28, 2019) | |||||||
333-254608 | Form S-3 Registration Statement of STERIS plc, STERIS Corporation, STERIS Ltd, and STERIS Irish FinCo Unlimited Co pertaining to the registration of debt securities, guarantees of debt securities, ordinary shares, preferred shares, warrants, and units | |||||||
333-256700 | Form S-8 Registration Statement of STERIS plc pertaining to the Cantel Medical Corp. 2020 Equity Incentive Plan (As assumed and amended effective June 2, 2021) and the Cantel Medical Corp. 2016 Equity Incentive Plan (As assumed and amended effective June 2, 2021) |
Senior Notes Issued Under | Issuer | Guarantors | ||||||||||||
2021 Indenture | STERIS Irish FinCo Unlimited Company | STERIS plc, STERIS Corporation, STERIS Limited |
Date: | February 9, 2022 | ||||
/s/ DANIEL A. CARESTIO | |||||
Daniel A. Carestio President and Chief Executive Officer |
Date: | February 9, 2022 | ||||
/s/ MICHAEL J. TOKICH | |||||
Michael J. Tokich Senior Vice President and Chief Financial Officer |
/s/ DANIEL A. CARESTIO | ||||||||
Name: | Daniel A. Carestio | |||||||
Title: | President and Chief Executive Officer | |||||||
/s/ MICHAEL J. TOKICH | ||||||||
Name: | Michael J. Tokich | |||||||
Title: | Senior Vice President and Chief Financial Officer |
CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands |
Dec. 31, 2021 |
Mar. 31, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | |
Common Stock, Shares Authorized | 500,000 | |
Common stock shares outstanding (in shares) | 100,111 | 85,353 |
Allowance for Doubtful Accounts Receivable, Current | $ 21,120 | $ 11,355 |
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
[1] | Dec. 31, 2021 |
Dec. 31, 2020 |
||||||
Revenues: | ||||||||||
Revenues | $ 1,208,971 | $ 808,924 | $ 3,374,378 | $ 2,233,988 | [1] | |||||
Cost of revenues: | ||||||||||
Total cost of revenues | 670,857 | 463,063 | 1,929,638 | 1,270,706 | [1] | |||||
Gross Profit | 538,114 | 345,861 | 1,444,740 | 963,282 | [1] | |||||
Operating expenses: | ||||||||||
Selling, general, and administrative | 310,564 | 182,373 | 1,049,116 | 510,250 | [1] | |||||
Research and development | 24,824 | 16,438 | 61,847 | 48,812 | [1] | |||||
Restructuring Costs | (207) | 20 | 17 | 110 | [1] | |||||
Total operating expenses | 335,181 | 198,831 | 1,110,980 | 559,172 | [1] | |||||
Income from operations | 202,933 | 147,030 | 333,760 | 404,110 | [1] | |||||
Non-operating expenses, net: | ||||||||||
Interest expense | 22,971 | 8,899 | 67,820 | 27,056 | [1] | |||||
Fair value adjustment related to convertible debt, premium liability | 0 | 0 | 27,806 | 0 | [1] | |||||
Interest income and miscellaneous expense | (2,447) | (1,299) | (4,905) | (4,776) | [1] | |||||
Total non-operating expenses, net | 20,524 | 7,600 | 90,721 | 22,280 | [1] | |||||
Income before income tax expense | 182,409 | 139,430 | 243,039 | 381,830 | [1] | |||||
Income tax expense | 39,315 | 24,842 | 52,222 | 71,703 | [1] | |||||
Net Income | 143,094 | 114,588 | 190,817 | 310,127 | [1] | |||||
Less: Net Income Attributable to Noncontrolling Interest | (529) | 87 | (810) | 171 | [2] | |||||
Net income (loss) attributable to shareholders | $ 143,623 | $ 114,501 | $ 191,627 | $ 309,956 | [2] | |||||
Net income per common share [Abstract] | ||||||||||
Basic | $ 1.44 | $ 1.34 | $ 1.98 | $ 3.64 | [1] | |||||
Diluted | 1.42 | 1.33 | 1.97 | 3.61 | [1] | |||||
Cash dividends declared per common share outstanding | $ 0.43 | $ 0.40 | $ 1.26 | $ 1.17 | [1] | |||||
Product [Member] | ||||||||||
Revenues: | ||||||||||
Revenues | $ 697,256 | $ 375,314 | $ 1,871,773 | $ 1,015,926 | [1] | |||||
Cost of revenues: | ||||||||||
Cost of Goods and Services Sold | 373,793 | 202,881 | 1,072,683 | 533,418 | [1] | |||||
Service [Member] | ||||||||||
Revenues: | ||||||||||
Revenues | 511,715 | 433,610 | 1,502,605 | 1,218,062 | [1] | |||||
Cost of revenues: | ||||||||||
Cost of Goods and Services Sold | $ 297,064 | $ 260,182 | $ 856,955 | $ 737,288 | [1] | |||||
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|||||||
Net income | $ 143,094 | $ 114,588 | [1] | $ 190,817 | $ 310,127 | [1] | ||||
Less: Net Income Attributable to Noncontrolling Interest | (529) | 87 | [1] | (810) | 171 | [2] | ||||
Net Income (Loss) Attributable to Parent | 143,623 | 114,501 | [1] | 191,627 | 309,956 | [2] | ||||
Other comprehensive (loss) income | ||||||||||
Amortization of pension and postretirement benefits plans costs, (net of taxes of $174,$173,$348 and $347, respectively) | (507) | (510) | [1] | (1,521) | (1,530) | [2] | ||||
Change in cumulative foreign current translation adjustment | (30,638) | 128,737 | [2] | (74,114) | 234,607 | [2] | ||||
Total other comprehensive (loss) income | (31,145) | 128,227 | [2] | (75,635) | 233,077 | [2] | ||||
Comprehensive income | $ 112,478 | $ 242,728 | [2] | $ 115,992 | $ 543,033 | [2] | ||||
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
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Statement of Comprehensive Income [Abstract] | ||||
Amortization of pension and postretirement benefits plans costs, tax | $ 174 | $ 173 | $ 523 | $ 520 |
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY Statement - USD ($) shares in Thousands, $ in Thousands |
Total |
Noncontrolling Interest [Member] |
AOCI Attributable to Parent [Member] |
Retained Earnings [Member] |
Common Stock [Member] |
||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | [1] | $ 3,418,210 | $ 12,848 | $ (235,463) | $ 1,658,661 | $ 1,982,164 | |||||||
Shares, Issued | [1] | 84,924 | |||||||||||
Net Income (Loss) Attributable to Parent | 309,956 | [2] | 309,956 | [1] | |||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 171 | [2] | 171 | [1] | |||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | [1] | 310,127 | |||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 233,077 | [2] | 233,077 | [1] | |||||||||
Treasury Stock, Shares, Acquired | [1] | 121 | |||||||||||
Payments for Repurchase of Common Stock | [1] | 14,560 | (16,505) | $ 31,065 | |||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | [1] | 534 | |||||||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | [1] | 45,744 | $ 45,744 | ||||||||||
Dividends, Common Stock, Cash | [1] | 99,696 | 99,696 | ||||||||||
Contributions from noncontrolling interest | (627) | (627) | |||||||||||
Payment for acquisition of subsidiary's interests in noncontrolling interest | 3,552 | 3,552 | |||||||||||
Increase (Decrease) In Noncontrolling Interests, Other | [1] | 104 | 104 | ||||||||||
Noncontrolling Interest, Increase from Contributions to Noncontrolling Interest Holders | [1] | $ 2,258 | 2,258 | ||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 1.17 | ||||||||||||
Net Income (Loss) Attributable to Parent | $ 309,956 | [2] | 309,956 | [1] | |||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 171 | [2] | 171 | [1] | |||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | [1] | 310,127 | |||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 233,077 | [2] | 233,077 | [1] | |||||||||
Treasury Stock, Shares, Acquired | [1] | (121) | |||||||||||
Payments for Repurchase of Common Stock | [1] | (14,560) | 16,505 | $ (31,065) | |||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | [1] | 534 | |||||||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | [1] | 45,744 | $ 45,744 | ||||||||||
Dividends, Common Stock, Cash | [1] | (99,696) | (99,696) | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | [1] | 3,675,348 | 15,310 | (130,613) | 1,799,771 | $ 1,990,880 | |||||||
Shares, Issued | [1] | 85,251 | |||||||||||
Net Income (Loss) Attributable to Parent | [1] | 114,501 | 114,501 | ||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | [1] | 87 | 87 | ||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | [1] | 114,588 | |||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 128,227 | [2] | 128,227 | [1] | |||||||||
Treasury Stock, Shares, Acquired | [1] | 9 | |||||||||||
Payments for Repurchase of Common Stock | [1] | 127 | (5,290) | $ 5,417 | |||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | [1] | 95 | |||||||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | [1] | 11,380 | $ 11,380 | ||||||||||
Dividends, Common Stock, Cash | [1] | 34,136 | 34,136 | ||||||||||
Contributions from noncontrolling interest | (627) | (627) | |||||||||||
Payment for acquisition of subsidiary's interests in noncontrolling interest | 3,552 | 3,552 | |||||||||||
Increase (Decrease) In Noncontrolling Interests, Other | [1] | $ (16) | (16) | ||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.40 | ||||||||||||
Net Income (Loss) Attributable to Parent | [1] | $ 114,501 | 114,501 | ||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | [1] | 87 | 87 | ||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | [1] | 114,588 | |||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 128,227 | [2] | 128,227 | [1] | |||||||||
Treasury Stock, Shares, Acquired | [1] | (9) | |||||||||||
Payments for Repurchase of Common Stock | [1] | (127) | 5,290 | $ (5,417) | |||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | [1] | 95 | |||||||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | [1] | 11,380 | $ 11,380 | ||||||||||
Dividends, Common Stock, Cash | [1] | (34,136) | (34,136) | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | [1] | 3,891,085 | |||||||||||
Stockholders' Equity Attributable to Parent | [1] | (2,386) | 1,885,426 | $ 1,996,843 | |||||||||
Noncontrolling interest | [1] | 11,202 | |||||||||||
Shares, Issued | [1] | 85,337 | |||||||||||
Stockholders' Equity Attributable to Parent | [1] | (2,386) | 1,885,426 | $ 1,996,843 | |||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | [1] | 11,202 | |||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,891,468 | 10,478 | (61,243) | 1,939,408 | $ 2,002,825 | ||||||||
Stockholders' Equity Attributable to Parent | 3,880,990 | ||||||||||||
Noncontrolling interest | 10,478 | ||||||||||||
Shares, Issued | 85,353 | ||||||||||||
Stockholders' Equity Attributable to Parent | 3,880,990 | ||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 10,478 | ||||||||||||
Net Income (Loss) Attributable to Parent | 191,627 | 191,627 | |||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (810) | (810) | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 190,817 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (75,635) | (75,635) | |||||||||||
Treasury Stock, Shares, Acquired | 225 | ||||||||||||
Payments for Repurchase of Common Stock | 27,628 | 21,047 | $ 6,581 | ||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 686 | ||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 54,465 | $ 54,465 | |||||||||||
Dividends, Common Stock, Cash | 120,118 | 120,118 | |||||||||||
Contributions from noncontrolling interest | (997) | (997) | |||||||||||
Increase (Decrease) In Noncontrolling Interests, Other | 135 | 135 | |||||||||||
Noncontrolling Interest, Increase from Contributions to Noncontrolling Interest Holders | 3,672 | 3,672 | |||||||||||
Stock Issued During Period, Shares, Acquisitions | 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 Stock, Dividends, Per Share, Cash Paid | $ 1.26 | ||||||||||||
Net Income (Loss) Attributable to Parent | $ 191,627 | 191,627 | |||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (810) | (810) | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 190,817 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (75,635) | (75,635) | |||||||||||
Treasury Stock, Shares, Acquired | (225) | ||||||||||||
Payments for Repurchase of Common Stock | (27,628) | (21,047) | $ (6,581) | ||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 686 | ||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 54,465 | $ 54,465 | |||||||||||
Dividends, Common Stock, Cash | (120,118) | (120,118) | |||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 6,544,931 | 9,287 | (105,733) | 1,893,196 | $ 4,748,181 | ||||||||
Shares, Issued | 99,911 | ||||||||||||
Net Income (Loss) Attributable to Parent | 143,623 | 143,623 | |||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (529) | (529) | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 143,094 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (31,145) | (31,145) | |||||||||||
Treasury Stock, Shares, Acquired | 95 | ||||||||||||
Payments for Repurchase of Common Stock | 2,877 | 3,938 | $ (1,061) | ||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 295 | ||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 8,957 | $ 8,957 | |||||||||||
Dividends, Common Stock, Cash | 43,011 | 43,011 | |||||||||||
Increase (Decrease) In Noncontrolling Interests, Other | 48 | 48 | |||||||||||
Noncontrolling Interest, Increase from Contributions to Noncontrolling Interest Holders | $ 3,672 | 3,672 | |||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.43 | ||||||||||||
Net Income (Loss) Attributable to Parent | $ 143,623 | 143,623 | |||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (529) | (529) | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 143,094 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (31,145) | (31,145) | |||||||||||
Treasury Stock, Shares, Acquired | (95) | ||||||||||||
Payments for Repurchase of Common Stock | (2,877) | (3,938) | $ 1,061 | ||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 295 | ||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 8,957 | $ 8,957 | |||||||||||
Dividends, Common Stock, Cash | (43,011) | (43,011) | |||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 6,623,669 | ||||||||||||
Stockholders' Equity Attributable to Parent | 6,611,191 | (136,878) | 1,989,870 | $ 4,758,199 | |||||||||
Noncontrolling interest | 12,478 | 12,478 | |||||||||||
Shares, Issued | 100,111 | ||||||||||||
Stockholders' Equity Attributable to Parent | 6,611,191 | $ (136,878) | $ 1,989,870 | $ 4,758,199 | |||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 12,478 | $ 12,478 | |||||||||||
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Nature of Operations and Summary of Significant Accounting Policies(Notes) |
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Notes To Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies | 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, life sciences and dental products and services. We offer our Customers a unique mix of innovative consumable products, such as detergents, gastrointestinal (“GI”) endoscopy accessories, barrier product solutions, and other products and services, including: equipment installation and maintenance, microbial reduction of medical devices, dental instruments and tools, instrument and scope repair, laboratory testing services, outsourced reprocessing, and capital equipment products, such as sterilizers and surgical tables, automated endoscope reprocessors, and connectivity solutions such as operating room (“OR”) integration. Our fiscal year ends on March 31. References in this Quarterly Report to a particular “year” or “year-end” mean our fiscal year. The significant accounting policies applied in preparing the accompanying consolidated financial statements of the Company are summarized below: Interim Financial Statements We prepared the accompanying unaudited consolidated financial statements of the Company according to accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and the instructions to the Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X. This means that they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Our unaudited interim consolidated financial statements contain all material adjustments (including normal recurring accruals and adjustments) management believes are necessary to fairly state our financial condition, results of operations, and cash flows for the periods presented. These interim consolidated financial statements should be read together with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended March 31, 2021 dated May 28, 2021. The Consolidated Balance Sheet at March 31, 2021 was derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Principles of Consolidation We use the consolidation method to report our investment in our subsidiaries. Therefore, the accompanying consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. We eliminate inter-company accounts and transactions when we consolidate these accounts. Investments in equity of unconsolidated affiliates, over which the Company has significant influence, but not control, over the financial and operating polices, are accounted for primarily using the equity method. These investments are immaterial to the Company's Consolidated Financial Statements. Use of Estimates We make certain estimates and assumptions when preparing financial statements according to U.S. GAAP that affect the reported amounts of assets and liabilities at the financial statement dates and the reported amounts of revenues and expenses during the periods presented. These estimates and assumptions involve judgments with respect to many factors that are difficult to predict and are beyond our control. Actual results could be materially different from these estimates. We revise the estimates and assumptions as new information becomes available. This means that operating results for the three and nine month periods ended December 31, 2021 are not necessarily indicative of results that may be expected for future quarters or for the full fiscal year ending March 31, 2022. 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 December 31, 2021, assets related to costs to fulfill a contract were not material to our Consolidated Financial Statements. Refer to Note 9, titled "Business Segment Information" for disaggregation of revenue. Product Revenue Product revenues consist of revenues generated from sales of consumables and capital equipment. These contracts are primarily based on a Customer’s purchase order and may include a Distributor, Dealer or Group Purchasing Organization ("GPO") agreement. We recognize revenue for sales of product when control passes to the Customer, which generally occurs either when the products are shipped or when they are received by the Customer. Revenue related to capital equipment products is deferred until installation is complete if the capital equipment and installation are highly integrated and form a single performance obligation. Service Revenue Within our Healthcare and Life Sciences segments, service revenues 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 Group Purchasing Organization ("GPO") agreement. For maintenance, repair and installation of capital equipment, revenue is recognized upon completion of the service. Healthcare service revenues also include outsourced reprocessing services and instrument repairs. Contracts for outsourced reprocessing services are primarily based on an agreement with a Customer, ranging in length from several months to 15 years. Outsourced reprocessing services revenue is recognized ratably over the contract term using a time-based input measure, adjusted for volume and other performance metrics, to the extent that it is probable that a significant reversal of revenue will not occur. Contracts for instrument repairs are primarily based on a Customer’s purchase order, and the associated revenue is recognized upon completion of the repair. We also offer preventive maintenance and separately priced extended warranty agreements to our Customers, which require us to maintain and repair our products over the duration of the contract. Generally, these contract terms are cancellable without penalty and range from one to five years. Amounts received under these Customer contracts are initially recorded as a service liability and are recognized as service revenue ratably over the contract term using a time-based input measure. Within our Applied Sterilization Technologies segment, service revenues include contract sterilization and laboratory services. Sales contracts for contract sterilization and laboratory services are primarily based on a Customer’s purchase order and associated Customer agreement and revenues are generally recognized upon completion of the service. Contract Liabilities Payments received from Customers are based on invoices or billing schedules as established in contracts with Customers. Deferred revenue is recorded when payment is received in advance of performance under the contract. Deferred revenue is recognized as revenue upon completion of the performance obligation, which generally occurs within one year. During the first nine months of fiscal 2022, $42,942 of the March 31, 2021 deferred revenue balance was recorded as revenue. During the first nine months of fiscal 2021, $38,181 of the March 31, 2020 deferred revenue balance was recorded as revenue. Refer to Note 6, titled "Additional Consolidated Balance Sheet Information" for Deferred revenue balances. Service Liabilities Payments received in advance of performance for cancellable preventive maintenance and separately priced extended warranty contracts are recorded as service liabilities. Service liabilities are recognized as revenue as performance is rendered under the contract. Refer to Note 6, titled "Additional Consolidated Balance Sheet Information" for Service liability balances. Remaining Performance Obligations Remaining performance obligations reflect only the performance obligations related to agreements for which we have a firm commitment from a Customer to purchase and exclude variable consideration related to unsatisfied performance obligations. With regard to products, these remaining performance obligations include capital equipment and consumable orders which have not shipped. With regard to service, these remaining performance obligations primarily include installation, certification, and outsourced reprocessing services. As of December 31, 2021, the transaction price allocated to remaining performance obligations was approximately $1,570,000. We expect to recognize approximately 54% of the transaction price within one year and approximately 36% beyond one year. The remainder has yet to be scheduled for delivery. Recently Issued Accounting Standards Impacting the Company Recently Issued Accounting Standards Impacting the Company are presented in the following table:
A detailed description of our significant and critical accounting policies, estimates, and assumptions is included in our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2021 dated May 28, 2021. Our significant and critical accounting policies, estimates, and assumptions have not changed materially from March 31, 2021.
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Business Acquisitions and Divestitures Business Acquisitions and Divestitures (Notes) |
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Business Acquisitions and Divestitures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination Disclosure | Business Acquisitions And Divestitures 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 will strengthen STERIS’s leadership in infection prevention by bringing together two complementary businesses able to offer a broader set of Customers a more diversified selection of infection prevention, endoscopy and sterilization products and services. Cantel was integrated into our existing Healthcare and Life Sciences segments. Cantel’s Dental business extends our business into a new Customer segment where there is an increasing focus on infection prevention protocols and processes. This business is reported as the Dental segment. Additionally, the acquisition is expected to result in cost savings from optimizing global back-office infrastructure, leveraging best-demonstrated practices across locations and eliminating redundant public company costs. Acquisition and integration expenses which were primarily related to the Cantel acquisition totaled $9,026 and $167,426 for the third quarter and first nine months of fiscal 2022, respectively, and are reported in the selling, general and administrative expenses line of our Consolidated Statements of Income. Acquisition and integration expenses include but are not limited to investment banker, advisory, legal, other professional fees, and certain employee-related expenses. Total Purchase Consideration The total consideration for Cantel Common Stock and stock equivalents was $3,599,471. The consideration was comprised of the following:
In addition to the total purchase consideration, 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 5 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 5 titled, "Debt" and in our Annual Report on Form 10-K for the year ended March 31, 2021, filed with the SEC on May 28, 2021. Fair Value of Assets Acquired and Liabilities Assumed The acquisition of Cantel has been accounted for using the acquisition method of accounting which requires, among other things, the assets acquired and liabilities assumed be recognized at their respective fair values as of the acquisition date. Acquisition accounting is dependent upon certain valuations and other studies that have yet to progress to a stage where there is sufficient information for a definitive measurement. The process for estimating the fair values of identifiable intangible assets and certain tangible assets and assumed liabilities requires the use of judgment in determining the appropriate assumptions and estimates. The entire purchase price allocation for Cantel is preliminary. As we finalize the fair value of assets acquired and liabilities assumed, additional purchase price adjustments will be recorded during the measurement period. Fair value estimates are based on a complex series of judgments about future events and uncertainties and rely heavily on estimates and assumptions. The judgments used to determine the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact our results of operations. The finalization of the purchase accounting assessment will result in changes in the valuation of assets acquired and liabilities assumed and may have a material impact on the our results of operations and financial position. Goodwill will be allocated to the Healthcare, Life Sciences and Dental segments. 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. Goodwill recognized as a result of the acquisition is not deductible for tax purposes. The table below presents the preliminary estimated fair values of assets acquired and liabilities assumed on the acquisition date. These preliminary estimates will be revised during the measurement period as third-party valuations are finalized, additional information becomes available and as additional analyzes are performed, and these differences could have a material impact on our results of operations and financial position.
(1) Purchase price allocation is preliminary as of December 31, 2021, as valuations have not been finalized. Other Intangible Assets The estimated fair values of identifiable intangible assets were prepared using an income valuation approach, which requires a forecast of expected future cash flows either through the use of the relief-from-royalty method or the multi-period excess earnings method. The estimated useful lives are based on the historical experience of STERIS, available similar industry data and assumptions made by management. Preliminary values and useful lives are presented in the table below.
(1) Amounts are preliminary as of December 31, 2021, as valuations have not been finalized. Contingent liabilities assumed totaled $25,000 and were related to contingent consideration associated with a prior acquisition completed by Cantel. Payment was made in June 2021. Actual and Pro Forma Impact Our consolidated financial statements include Cantel's results of operations from the date of acquisition on June 2, 2021 through December 31, 2021. Net sales and operating income (loss) attributable to Cantel and included in our consolidated financial statements for the three-month period ended December 31, 2021 total $306,522 and $15,958, respectively. Net sales and operating income (loss) attributable to Cantel from the date of acquisition and included in our consolidated financial statements for the nine-month period ended December 31, 2021 total $721,183 and $(175,178), respectively. The following unaudited pro forma information gives effect to our acquisition of Cantel as if the acquisition had occurred on April 1, 2020 and Cantel had been included in our consolidated results of operations for the three-month and nine-month periods ended December 31, 2021 and 2020.
The historical consolidated financial information of STERIS and Cantel has been adjusted in the pro forma information to give effect to pro forma events that are directly attributable to the transaction and factually supportable. The unaudited pro forma results include adjustments to reflect the amortization of the inventory step-up and the incremental intangible asset amortization to be incurred based on preliminary valuations of assets acquired. Adjustments to financing costs and income tax expense also were made to reflect the capital structure and anticipated effective tax rate of the combined entity. These pro forma amounts are not necessarily indicative of the results that would have been obtained if the acquisition had occurred as of the beginning of the period presented or that may occur in the future, and does not reflect future synergies, integration costs, or other such costs or savings.
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Inventories, Net (Notes) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories, Net | Inventories, Net Inventories are stated at the lower of their cost and net realizable value determined by the first-in, first-out (“FIFO”) cost method. Inventory costs include material, labor, and overhead. Inventories, net consisted of the following:
*Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in our Annual report on Form 10-K filed with the SEC on May 28, 2021. Inventory has increased since March 31, 2021 primarily due to the acquisition of Cantel.
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Property, Plant and Equipment (Notes) |
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Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment Information related to the major categories of our depreciable assets is as follows:
(1)Land is not depreciated. Construction in progress is not depreciated until placed in service.
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Debt (Notes) |
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Debt | Debt Indebtedness was as follows:
During the first quarter of fiscal 2022, we borrowed $650,000 under our Delayed draw term loan agreement and used the proceeds to partially fund the Cantel acquisition. Additional information regarding our indebtedness is included in the notes to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2021 dated May 28, 2021. 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. On June, 3, 2021, Cantel (a) delivered a notice to holders of its Notes pursuant to the indenture governing the Notes (as supplemented, the "Cantel Indenture”), notifying holders that, as a result of each of (i) the consummation of the series of mergers (the “Mergers”) contemplated by the Agreement and Plan of Merger, dated as of January 12, 2021 (as amended by Amendment to Agreement and Plan of Merger, dated as of March 1, 2021), among Cantel, STERIS plc (“Parent”), Solar New US Holding Co, LLC (now known as Solar New US Holding Corporation) (“US Holdco”), an indirect and wholly owned subsidiary of Parent, and Crystal Merger Sub 1, LLC, a direct and wholly owned subsidiary of US Holdco, and (ii) the delisting of Cantel common stock from the New York Stock Exchange (the “NYSE”), a “Fundamental Change” and a “Make-Whole Fundamental Change,” each as defined in the Cantel Indenture, had occurred effective as of June 2, 2021 and (b) commenced an offer to purchase any and all outstanding Notes as a result of the Fundamental Change. A tender offer statement on Schedule TO (“Schedule TO”) was filed by Cantel with the U.S. Securities and Exchange Commission ("SEC") with respect to the right of each holder (each, a “Holder”) of the Notes to require Cantel to repurchase, at the Holder’s option, 100% of the principal amount of the Notes, plus accrued and unpaid interest thereon to, but excluding the settlement date of July 6, 2021 (as such date was amended by Amendment No. 1 to Schedule TO (“Amendment No. 1”), dated June 29, 2021). The offer to purchase the Notes expired at 11:59 p.m. New York City time, on July 1, 2021 (the “Expiration Time,” as such date was amended by Amendment No. 1), and was not extended. Wells Fargo Bank, National Association, as paying agent and trustee under the Indenture (the “Cantel Trustee”), informed Cantel that as of the Expiration Time, none of the Notes had been validly tendered (and not properly withdrawn) for purchase. Pursuant to the terms of the Cantel Indenture, in connection with the consummation of the Mergers, Cantel, Parent and the Cantel Trustee entered into a supplemental indenture providing that, following the Mergers, each holder’s right to convert each one thousand dollar principal amount of Notes into shares of Cantel common stock was changed into a right to convert such principal amount of Notes into the kind and amount of cash, stock, other securities, other property or assets, subject to settlement method election provisions of the Indenture, that a holder of Cantel common stock was entitled to receive upon consummation of the Mergers. At the consummation of the Mergers, holders of Cantel common stock received $16.93 in cash and 0.33787 ordinary shares, par value $0.001 per share, of the Parent (“Parent Shares”) for each share of Cantel common stock (each a “unit of Reference Property”). Because each of the consummation of the Mergers and the delisting of Cantel common stock from the NYSE constituted a “Make-Whole Fundamental Change” under the Cantel Indenture, any Notes surrendered for conversion from and including June 2, 2021 until July 2, 2021 (the “Make-Whole Conversion Period”) are subject to conversion at the conversion rate of 25.0843 units of Reference Property (the “Make-Whole Conversion Rate”), which corresponds to 8.4752 Parent 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 (as defined in the Indenture) based on a Make-Whole Effective Date of June 2, 2021 and a Stock Price (each as defined in the Indenture) of $81.3520. As previously announced by Cantel, it will settle all conversions of Notes in connection with the Make-Whole Fundamental Changes that constitute the Mergers and 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 the Mergers. The fair value was estimated utilizing the closing price of Parent 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 the Mergers 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 the Mergers and settlement because of the movement in trading prices of Parent Shares during the Observation Periods. The fluctuation in fair value during such Observation Periods is reported in the statement of income as a component of “Non-operating expense, net.” The combined annual aggregate amount of maturities of our outstanding debt excluding leases by fiscal year is as follows:
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Additional Consolidated Balance Sheets Information (Notes) |
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Notes To Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Consolidated Balance Sheets Information | Additional Consolidated Balance Sheet Information Additional information related to our Consolidated Balance Sheets is as follows:
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Income Tax Expense (Notes) |
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Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | Income Tax Expense The effective income tax rates for the three month periods ended December 31, 2021 and 2020 were 21.6% and 17.8%, respectively. The effective income tax rates for the nine month periods ended December 31, 2021 and 2020 were 21.5% and 18.8%, respectively. The fiscal 2022 effective tax rates increased when compared to fiscal 2021, primarily due to Cantel and our other recent acquisitions, which historically have had higher effective tax rates than STERIS. The fiscal 2022 effective tax rate also reflects the impact of one-time, non-deductible acquisition related costs. Income tax expense is provided on an interim basis based upon our estimate of the annual effective income tax rate, adjusted each quarter for discrete items. In determining the estimated annual effective income tax rate, we analyze various factors, including projections of our annual earnings and taxing jurisdictions in which the earnings will be generated, the impact of state and local income taxes, our ability to use tax credits and net operating loss carry forwards, and available tax planning alternatives. We operate in numerous taxing jurisdictions and are subject to regular examinations by various United States federal, state and local, as well as foreign jurisdictions. We are no longer subject to United States federal examinations for years before fiscal 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 2016. 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, and we are continuing to determine total impact on tax liability in each affected year. We recorded an estimate of the total federal, state, and local tax impact of the settlement of approximately $12,000, for the fiscal years 2016 through 2020. In May 2021, we received two notices of proposed tax adjustment from the IRS regarding deemed dividend inclusions and associated withholding tax. The notices relate to the fiscal and calendar year 2018. The IRS adjustments would result in a cumulative tax liability of approximately $50,000. We are contesting the IRS’s assertions, and intend to pursue available remedies such as appeals and litigation, if necessary. We have not established reserves related to these notices. An unfavorable outcome is not expected to have a material adverse impact on our consolidated financial position but could be material to our consolidated results of operations and cash flows for any one period.
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Contingencies (Notes) |
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Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Commitments and Contingencies We are, and will likely continue to be, involved in a number of legal proceedings, government investigations, and claims, which we believe generally arise in the course of our business, given our size, history, complexity, and the nature of our business, products, Customers, regulatory environment, and industries in which we participate. These legal proceedings, investigations and claims generally involve a variety of legal theories and allegations, including, without limitation, personal injury (e.g., slip and falls, burns, vehicle accidents), product liability or regulation (e.g., based on product operation or claimed malfunction, failure to warn, failure to meet specification, or failure to comply with regulatory requirements), product exposure (e.g., claimed exposure to chemicals, asbestos, contaminants, radiation), property damage (e.g., claimed damage due to leaking equipment, fire, vehicles, chemicals), commercial claims (e.g., breach of contract, economic loss, warranty, misrepresentation), financial (e.g., taxes, reporting), employment (e.g., wrongful termination, discrimination, benefits matters), and other claims for damage and relief. We believe we have adequately reserved for our current litigation and claims that are probable and estimable, and further believe that the ultimate outcome of these pending lawsuits and claims will not have a material adverse effect on our consolidated financial position or results of operations taken as a whole. Due to their inherent uncertainty, however, there can be no assurance of the ultimate outcome or effect of current or future litigation, investigations, claims or other proceedings (including without limitation the matters discussed below). For certain types of claims, we presently maintain insurance coverage for personal injury and property damage and other liability coverages in amounts and with deductibles that we believe are prudent, but there can be no assurance that these coverages will be applicable or adequate to cover adverse outcomes of claims or legal proceedings against us. Civil, criminal, regulatory or other proceedings involving our products or services could possibly result in judgments, settlements or administrative or judicial decrees requiring us, among other actions, to pay damages or fines or effect recalls, or be subject to other governmental, Customer or other third party claims or remedies, which could materially effect our business, performance, prospects, value, financial condition, and results of operations. For additional information regarding these matters, see the following portions of our Annual Report on Form 10-K for the year ended March 31, 2021 dated May 28, 2021: Item 1 titled “Business - Information with respect to our Business in General - Government Regulation,” and the “Risk Factors” in Item 1A titled "Product related regulations and claims." From time to time, STERIS is also involved in legal proceedings as a plaintiff involving contract, patent protection, and other claims asserted by us. Gains, if any, from these proceedings are recognized when they are realized. We are subject to taxation from United States federal, state and local, and non-U.S. jurisdictions. Tax positions are settled primarily through the completion of audits within each individual jurisdiction or the closing of statutes of limitation. Changes in applicable tax law or other events may also require us to revise past estimates. We describe income taxes further in Note 7 to our consolidated financial statements titled, “Income Tax Expense” in this Quarterly Report on Form 10-Q.
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Business Segment Information (Notes) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segment Information | Business Segment InformationAs a result of the acquisition of Cantel, we have reassessed the organization of our business and have added a new segment called Dental. We now operate and report our financial information in four reportable business segments: Healthcare, Applied Sterilization Technologies, Life Sciences and Dental. 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 single-use devices and capital equipment infrastructure used primarily in operating rooms, ambulatory surgery centers, endoscopy suites, and other procedural areas. Our Applied Sterilization Technologies ("AST") segment is a third-party service provider for contract sterilization, as well as testing services needed to validate sterility services for medical device and pharmaceutical manufacturers. 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 that support pharmaceutical manufacturing, primarily for vaccine and other biopharma Customers focused on aseptic manufacturing. These solutions include a full suite of consumable products, equipment maintenance and specialty services, and capital equipment. Our Dental segment provides a comprehensive offering for dental practitioners and dental schools, offering instruments, infection prevention consumables and instrument management systems. We disclose a measure of segment income that is consistent with the way management operates and views the business. The accounting policies for reportable segments are the same as those for the consolidated Company. For the three and nine months ended December 31, 2021, revenues from a single Customer did not represent ten percent or more of the Healthcare, Applied Sterilization Technologies or Life Sciences segment’s revenues. Three Customers collectively consistently account for more than 40.0% of our Dental segment revenue. The percentage associated with these three Customers collectively in any one period may vary due to the buying patterns of these three Customers as well as other Dental Customers. These three Customers collectively accounted for approximately 55.8% and 46.1% of our Dental segment revenues for the three months and nine months ended December 31, 2021, respectively. Additional information regarding certain of our segments is included in our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2021, dated May 28, 2021. Financial information for each of our segments is presented in the following table:
*Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in our Annual report on Form 10-K filed with the SEC on May 28, 2021. (1) For more information regarding our recent acquisitions and divestitures refer to Note 2 titled, "Business Acquisitions and Divestitures" and to our Annual Report on Form 10-K for the year ended March 31, 2021, dated May 28, 2021. (2) Acquisition and integration related charges include transaction costs and integration expenses associated with acquisitions. (3) Costs incurred in tax restructuring. (4) COVID-19 incremental costs includes the additional costs attributable to COVID-19 such as enhanced cleaning protocols, personal protective equipment for our employees, event cancellation fees, and payroll costs associated with our response to COVID-19, net of any government subsidies available. (5) For more information regarding our restructuring efforts refer to our Annual Report on Form 10-K for the year ended March 31, 2021, dated May 28, 2021. Additional information regarding our fiscal 2022 and fiscal 2021 revenue is disclosed in the following tables:
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.
(1) Amount is still preliminary as of December 31, 2021, as valuations have not been finalized. For the purpose of our annual Goodwill testing performed at October 31, 2021, the preliminary allocation of Goodwill by business segment was approximately $1,336,000 and $814,000 to the Healthcare and Life Sciences, and the Dental business segments, respectively. The increase in total assets for the December 31, 2021 period is primarily related to the acquisition of Cantel. Refer to Note 2 titled, "Business Acquisitions and Divestiures," for more information.
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Shares and Preferred Shares (Notes) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Shares and Preferred Shares Ordinary shares We calculate basic earnings per share based upon the weighted average number of shares outstanding. We calculate diluted earnings per share based upon the weighted average number of shares outstanding plus the dilutive effect of share equivalents calculated using the treasury stock method. The following is a summary of shares and share equivalents outstanding used in the calculations of basic and diluted earnings per share:
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:
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.
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Equity |
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Equity [Abstract] | |
Treasury Stock | Repurchases of Ordinary Shares On May 7, 2019, our Board of Directors authorized a share repurchase program resulting in a share repurchase authorization of approximately $78,979 (net of taxes, fees and commissions). On July 30, 2019, our Board of Directors approved an increase in the May 7, 2019 authorization of an additional amount of $300,000 (net of taxes, fees and commissions). As of December 31, 2021, there was approximately $333,932 (net of taxes, fees and commissions) of remaining availability under the Board authorized share repurchase program. The share repurchase program has no specified expiration date. Under the authorization, the Company may repurchase its shares from time to time through open market purchases, including 10b5-1 plans. Any share repurchases may be activated, suspended or discontinued at any time. Due to the uncertainty surrounding the COVID-19 pandemic, share repurchases were suspended on April 9, 2020. The suspension has been lifted effective February 10, 2022, enabling the Company to resume stock repurchases pursuant to the prior authorizations. From the start of fiscal 2021 through April 9, 2020, we repurchased 35,000 of our ordinary shares for the aggregate amount of $5,047 (net of fees and commissions) pursuant to the authorizations. During the first nine months of fiscal 2022, we obtained 225,493 of our ordinary shares in the aggregate amount of $27,628 in connection with share based compensation award programs. During the first nine months of fiscal 2021, we obtained 85,574 of our ordinary shares in the aggregate amount of $9,512 in connection with share based compensation award programs.
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Share-Based Compensation (Notes) |
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Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | Share-Based Compensation We maintain a long-term incentive plan that makes available shares for grants, at the discretion of the Board of Directors or the Compensation and Organizational Development Committee of the Board of Directors, to officers, directors, and key employees in the form of stock options, restricted shares, restricted share units, stock appreciation rights and share grants. We satisfy share award incentives through the issuance of new ordinary shares. Stock options provide the right to purchase our shares at the market price on the date of grant, or for options granted to employees in fiscal 2019 and thereafter, 110% of the market price on the date of grant, subject to the terms of the plan and agreements. Generally, one-fourth of the stock options granted to employees become exercisable for each full year of employment following the grant date. Stock options granted generally expire 10 years after the grant date, or in some cases earlier if the option holder is no longer employed by us. Restricted shares and restricted share units generally cliff vest after a four year period or vest in tranches of one-fourth of the number granted for each year of employment after the grant date. As of December 31, 2021, 3,139,888 ordinary shares remained available for grant under the long-term incentive plan. The fair value of stock option awards was estimated at their grant date using the Black-Scholes-Merton option pricing model. This model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable, characteristics that are not present in our option grants. If the model permitted consideration of the unique characteristics of employee stock options, the resulting estimate of the fair value of the stock options could be different. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in our Consolidated Statements of Income. The expense is classified as cost of goods sold or selling, general and administrative expenses in a manner consistent with the employee’s compensation and benefits. The following weighted-average assumptions were used for options granted during the first nine months of fiscal 2022 and 2021:
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 2.85% and 2.78% was applied in fiscal 2022 and 2021, 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:
We estimate that 690,359 of the non-vested stock options outstanding at December 31, 2021 will ultimately vest. The aggregate intrinsic value in the table above represents the total pre-tax difference between the $243.41 closing price of our ordinary shares on December 31, 2021 over the exercise prices of the stock options, multiplied by the number of options outstanding or outstanding and exercisable, as applicable. The aggregate intrinsic value is not recorded for financial accounting purposes and the value changes daily based on the daily changes in the fair market value of ordinary shares. The total intrinsic value of stock options exercised during the first nine months of fiscal 2022 and fiscal 2021 was $43,425 and $36,850, respectively. Net cash proceeds from the exercise of stock options were $6,789 and $26,018 for the first nine months of fiscal 2022 and fiscal 2021, respectively. The weighted average grant date fair value of stock option grants was $37.52 and $27.66 for the first nine months of fiscal 2022 and fiscal 2021, respectively. Stock appreciation rights (“SARS”) carry generally the same terms and vesting requirements as stock options except that they are settled in cash upon exercise and therefore, are classified as liabilities. As of December 31, 2021, we no longer have outstanding SARS. The fair value of the outstanding SARS as of December 31, 2020 was $491. A summary of the non-vested restricted share and share unit activity is presented below:
Restricted shares granted are valued based on the closing stock price at the grant date. The value of restricted shares and units that vested during the first nine months of fiscal 2022 at the time of grant was $18,267. As of December 31, 2021, there was a total of $66,715 in unrecognized compensation cost related to non-vested share-based compensation granted under our share-based compensation plan. We expect to recognize the cost over a weighted average period of 2.2 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. A total of 280,402 STERIS restricted share units replaced Cantel awards based on a ratio of one Cantel restricted share unit to 0.4262 STERIS restricted share units. These Cantel awards consisted of time, performance and market based awards. Cantel time based restricted share units were replaced with STERIS restricted share units with the same three-year pro-rata vesting terms based on the original award date. Performance and market based Cantel restricted share units were replaced with time based STERIS restricted share units that vest pro rata over the remaining one, two or three anniversaries from the original Cantel award date. The number of performance restricted share units was replaced based on the original target achievement level. All replacement restricted share units retained dividend accumulation rights. The fair value of each STERIS restricted share unit awarded on June 2, 2021 to replace outstanding non-vested Cantel restricted share units was $191.18 based on the closing price of STERIS ordinary shares on June 2, 2021. Approximately $18,173 of the total $53,607 grant date fair value was attributable to pre-acquisition services provided and was recorded as a component of purchase consideration in connection with the acquisition of Cantel. During the first nine months of fiscal 2022, recognition of unamortized share-based compensation expense totaling $18,861 was accelerated in connection with the termination of certain Cantel employees in fiscal 2022. As a result of the formal notices provided and the terms of the Cantel share based compensation plans and Cantel Executive Severance and Change of Control Plan, the restricted share units vested requiring acceleration of the remaining related compensation cost. As of December 31, 2021, there was a total of $9,248 in unrecognized compensation cost related to non-vested STERIS restricted share units awarded to replace Cantel restricted share units. A summary of the non-vested restricted share units activity associated with the Cantel share-based compensation plans is presented below:
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Financial and Other Guarantees(Notes) |
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Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Product Warranty Disclosure | Financial and Other Guarantees We generally offer a limited parts and labor warranty on capital equipment. The specific terms and conditions of those warranties vary depending on the product sold and the countries where we conduct business. We record a liability for the estimated cost of product warranties at the time product revenues are recognized. The amounts we expect to incur on behalf of our Customers for the future estimated cost of these warranties are recorded as a current liability on the accompanying Consolidated Balance Sheets. Factors that affect the amount of our warranty liability include the number and type of installed units, historical and anticipated rates of product failures, and material and service costs per claim. We periodically assess the adequacy of our recorded warranty liabilities and adjust the amounts as necessary. Changes in our warranty liability during the first nine months of fiscal 2022 were as follows:
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Deritvatives and Hedging (Notes) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure | Derivatives and HedgingFrom time to time, we enter into forward contracts to hedge potential foreign currency gains and losses that arise from transactions denominated in foreign currencies, including inter-company transactions. We may also enter into commodity swap contracts to hedge price changes in nickel that impact raw materials included in our cost of revenues. During the third quarter of fiscal 2022, we also held forward foreign currency contracts to hedge a portion of our expected non-U.S. dollar denominated earnings against our reporting currency, the U.S. dollar. These foreign currency exchange contracts will mature during fiscal 2022. We did not elect hedge accounting for these forward foreign currency contracts; however, we may seek to apply hedge accounting in future scenarios. We do not use derivative financial instruments for speculative purposes. None of these contracts are designated as hedging instruments and do not receive hedge accounting treatment; therefore, changes in their fair value are not deferred but are recognized immediately in the Consolidated Statements of Income. At December 31, 2021, we held foreign currency forward contracts to buy 19.9 million Mexican pesos and 2.6 million Canadian dollars; and to sell 14.0 million euros. At December 31, 2021 we held commodity swap contracts to buy 192.0 thousand pounds of nickel.
The following table presents the impact of derivative instruments and their location within the Consolidated Statements of Income:
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Fair Value Measurements (Notes) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures | . Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. We estimate the fair value of financial assets and liabilities using available market information and generally accepted valuation methodologies. The inputs used to measure fair value are classified into three tiers. These tiers include Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring the entity to develop its own assumptions. The following table shows the fair value of our financial assets and liabilities at December 31, 2021 and March 31, 2021:
(1) The fair values of forward and swap contracts are based on period-end forward rates and reflect the value of the amount that we would pay or receive for the contracts involving the same notional amounts and maturity dates. (2) We maintain a frozen domestic non-qualified deferred compensation plan covering certain employees, which allows for the deferral of payment of previously earned compensation for an employee-specified term or until retirement or termination. Amounts deferred can be allocated to various hypothetical investment options (compensation deferrals have been frozen under the plan). We hold investments to satisfy the future obligations of the plan. Employees who made deferrals are entitled to receive distributions of their hypothetical account balances (amounts deferred, together with earnings (losses)). We also hold an investment in the common stock of Servizi Italia, S.p.A, a leading provider of integrated linen washing and outsourced sterile processing services to hospital Customers. Changes in the fair value of these investments are recorded in the "Interest income and miscellaneous expense line" of the Consolidated Statement of Income. During the third quarter and first nine months of fiscal 2022, we recorded gains (losses) of $28 and $(200), respectively, related to these investments. During the third quarter and first nine months of fiscal 2021, we recorded gains of $210 and $138, respectively, related to these investments. (3) We estimate the fair value of our debt using discounted cash flow analyses, based on our current incremental borrowing rates for similar types of borrowing arrangements. The fair values of our Senior Public Notes are estimated using quoted market prices for the publicly registered Senior Notes. These amounts exclude lease liabilities. (4) Contingent consideration obligations arise from business acquisitions. The fair values are based on discounted cash flow analyses reflecting the possible achievement of specified performance measures or events and captures the contractual nature of the contingencies, commercial risk, and the time value of money. Contingent consideration obligations are classified in the consolidated balance sheets as accrued expense (short-term) and other liabilities (long-term), as appropriate based on the contractual payment dates. The changes in Level 3 assets and liabilities measured at fair value on a recurring basis at December 31, 2021 are summarized as follows:
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Reclassifications out of Accumulated Other Comprehensive Income Reclassification out of Accumulated Other Comprehensive Income (Notes) |
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Reclassifications out of AOCI [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Amounts in Accumulated Other Comprehensive Income (Loss) are presented net of the related tax. Currency Translation is not adjusted for income taxes. Changes in our Accumulated Other Comprehensive Income (Loss) balances, net of tax, for the three months ended December 31, 2021 and 2020 were as follows:
(1) The amortization (gain) of defined benefit pension items is reported in the Interest income and miscellaneous expense line of our Consolidated Statements of Income. (2) The effective portion of gain or loss on net debt designated as non-derivative net investment hedging instruments is recognized in Accumulated Other Comprehensive Income and is reclassified to income in the same period when a gain or loss related to the net investment is included in income.
1) The amortization (gain) of defined benefit pension items is reported in the Interest income and miscellaneous expense line of our Consolidated Statements of Income. (2) The effective portion of gain or loss on net debt designated as non-derivative net investment hedging instruments is recognized in Accumulated Other Comprehensive Income and is reclassified to income in the same period when a gain or loss related to the net investment is included in income.
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Unusual or Infrequently Occurring Items |
9 Months Ended |
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Dec. 31, 2021 | |
Unusual or Infrequent Items, or Both [Abstract] | |
COVID-19 Pandemic | COVID-19 PandemicThe COVID-19 pandemic began to impact our business late in fiscal 2020. The pandemic and related public health recommendations and mandated precautions to mitigate the spread of COVID-19, including deferral of surgical procedures and treatments and shelter-in-place orders or similar measures, negatively affected some of our operations, which impacted our operating results, financial position and cash flows. We have experienced and expect to continue to experience unpredictable fluctuations in demand for certain of our products and services. Also, the COVID-19 pandemic has caused and continues to cause disruptions in our supply chain and labor scarcity resulting in material and labor cost inflation. External factors such as policymaker decisions to remove certain restrictions, as they evaluate the continued infection rate and COVID-19 related deaths, the emergence of new variants of the virus, and the distribution of available vaccines and other therapies create uncertainty regarding future demand from our Customers and the ability of our suppliers to meet our demands. As we continue to address supply chain disruptions, we may pursue various avenues available including getting prioritization with assistance from government agencies. However, order momentum has continued to improve and increased demand for certain capital equipment products strengthened from the fourth quarter of fiscal 2021. |
Subsequent Events |
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Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsIn December 2021, we entered into an Asset Purchase Agreement to sell STERIS's 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 anticipate no material gain (loss) on the sale. The net assets are not reported as held for sale as they are not material to the balance sheet as of December 31, 2021. 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 |
Nature of Operations and Summary of Significant Accounting Policies Accounting Policies (Policies) |
9 Months Ended |
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Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation We use the consolidation method to report our investment in our subsidiaries. Therefore, the accompanying consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. We eliminate inter-company accounts and transactions when we consolidate these accounts. Investments in equity of unconsolidated affiliates, over which the Company has significant influence, but not control, over the financial and operating polices, are accounted for primarily using the equity method. These investments are immaterial to the Company's Consolidated Financial Statements.
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Use of Estimates | Use of Estimates We make certain estimates and assumptions when preparing financial statements according to U.S. GAAP that affect the reported amounts of assets and liabilities at the financial statement dates and the reported amounts of revenues and expenses during the periods presented. These estimates and assumptions involve judgments with respect to many factors that are difficult to predict and are beyond our control. Actual results could be materially different from these estimates. We revise the estimates and assumptions as new information becomes available. This means that operating results for the three and nine month periods ended December 31, 2021 are not necessarily indicative of results that may be expected for future quarters or for the full fiscal year ending March 31, 2022.
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Revenue | 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 December 31, 2021, assets related to costs to fulfill a contract were not material to our Consolidated Financial Statements. Refer to Note 9, titled "Business Segment Information" for disaggregation of revenue. Product Revenue Product revenues consist of revenues generated from sales of consumables and capital equipment. These contracts are primarily based on a Customer’s purchase order and may include a Distributor, Dealer or Group Purchasing Organization ("GPO") agreement. We recognize revenue for sales of product when control passes to the Customer, which generally occurs either when the products are shipped or when they are received by the Customer. Revenue related to capital equipment products is deferred until installation is complete if the capital equipment and installation are highly integrated and form a single performance obligation. Service Revenue Within our Healthcare and Life Sciences segments, service revenues 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 Group Purchasing Organization ("GPO") agreement. For maintenance, repair and installation of capital equipment, revenue is recognized upon completion of the service. Healthcare service revenues also include outsourced reprocessing services and instrument repairs. Contracts for outsourced reprocessing services are primarily based on an agreement with a Customer, ranging in length from several months to 15 years. Outsourced reprocessing services revenue is recognized ratably over the contract term using a time-based input measure, adjusted for volume and other performance metrics, to the extent that it is probable that a significant reversal of revenue will not occur. Contracts for instrument repairs are primarily based on a Customer’s purchase order, and the associated revenue is recognized upon completion of the repair. We also offer preventive maintenance and separately priced extended warranty agreements to our Customers, which require us to maintain and repair our products over the duration of the contract. Generally, these contract terms are cancellable without penalty and range from one to five years. Amounts received under these Customer contracts are initially recorded as a service liability and are recognized as service revenue ratably over the contract term using a time-based input measure. Within our Applied Sterilization Technologies segment, service revenues include contract sterilization and laboratory services. Sales contracts for contract sterilization and laboratory services are primarily based on a Customer’s purchase order and associated Customer agreement and revenues are generally recognized upon completion of the service. Contract Liabilities Payments received from Customers are based on invoices or billing schedules as established in contracts with Customers. Deferred revenue is recorded when payment is received in advance of performance under the contract. Deferred revenue is recognized as revenue upon completion of the performance obligation, which generally occurs within one year. During the first nine months of fiscal 2022, $42,942 of the March 31, 2021 deferred revenue balance was recorded as revenue. During the first nine months of fiscal 2021, $38,181 of the March 31, 2020 deferred revenue balance was recorded as revenue. Refer to Note 6, titled "Additional Consolidated Balance Sheet Information" for Deferred revenue balances. Service Liabilities Payments received in advance of performance for cancellable preventive maintenance and separately priced extended warranty contracts are recorded as service liabilities. Service liabilities are recognized as revenue as performance is rendered under the contract. Refer to Note 6, titled "Additional Consolidated Balance Sheet Information" for Service liability balances. Remaining Performance Obligations Remaining performance obligations reflect only the performance obligations related to agreements for which we have a firm commitment from a Customer to purchase and exclude variable consideration related to unsatisfied performance obligations. With regard to products, these remaining performance obligations include capital equipment and consumable orders which have not shipped. With regard to service, these remaining performance obligations primarily include installation, certification, and outsourced reprocessing services. As of December 31, 2021, the transaction price allocated to remaining performance obligations was approximately $1,570,000. We expect to recognize approximately 54% of the transaction price within one year and approximately 36% beyond one year. The remainder has yet to be scheduled for delivery
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Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncement, Early Adoption | Recently Issued Accounting Standards Impacting the Company are presented in the following table:
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Business Acquisitions and Divestitures Business Acquisitions and Divestitures (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Business Acquisitions and Divestitures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration Paid | The total consideration for Cantel Common Stock and stock equivalents was $3,599,471. The consideration was comprised of the following:
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Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
(1) Purchase price allocation is preliminary as of December 31, 2021, as valuations have not been finalized.
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Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination |
(1) Amounts are preliminary as of December 31, 2021, as valuations have not been finalized.
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Business Acquisition, Pro Forma Information | The following unaudited pro forma information gives effect to our acquisition of Cantel as if the acquisition had occurred on April 1, 2020 and Cantel had been included in our consolidated results of operations for the three-month and nine-month periods ended December 31, 2021 and 2020.
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Inventories, Net Inventories, Net (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory |
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Property, Plant and Equipment Property, Plant and Equipment (Tables) |
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Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Information related to the major categories of our depreciable assets is as follows:
(1)Land is not depreciated. Construction in progress is not depreciated until placed in service.
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Debt Debt (Tables) |
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Schedule of Debt | Indebtedness was as follows:
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Schedule of Maturities of Long-term Debt | The combined annual aggregate amount of maturities of our outstanding debt excluding leases by fiscal year is as follows:
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Additional Consolidated Balance Sheets Information Additional Consolidated Balance Sheets Information (Tables) |
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Notes To Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Consolidated Balance Sheets Information | Additional Consolidated Balance Sheet Information Additional information related to our Consolidated Balance Sheets is as follows:
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Schedule of Accrued Liabilities [Table Text Block] | Additional information related to our Consolidated Balance Sheets is as follows:
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Business Segment Information Business Segment Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Financial information for each of our segments is presented in the following table:
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Revenue from External Customers by Products and Services [Table Text Block] |
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Revenue from External Customers by Geographic Areas [Table Text Block] |
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Reconciliation of Assets from Segment to Consolidated | Assets include the current and long-lived assets directly attributable to the segment based on the management of the location or on utilization. Certain corporate assets were allocated to the reportable segments based on revenues. Assets attributed to sales and distribution locations are only allocated to the Healthcare and Life Sciences segments. Individual facilities, equipment, and intellectual properties are utilized for production by both the Healthcare and Life Sciences segments at varying levels over time. As a result, an allocation of total assets, capital expenditures, and depreciation and amortization is not meaningful to the individual performance of the Healthcare and Life Sciences segments. Therefore, their respective amounts are reported together.
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Shares and Preferred Shares Shares and Preferred Shares (Tables) |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Number of Shares [Table Text Block] |
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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:
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Share-Based Compensation Share-Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assumptions Used | The following weighted-average assumptions were used for options granted during the first nine months of fiscal 2022 and 2021:
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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:
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Share-based Compensation Arrangements by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest | A summary of the non-vested restricted share and share unit activity is presented below:
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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:
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Financial and Other Guarantees Financial and Other Gurantees (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Schedule of Product Warranty Liability | Changes in our warranty liability during the first nine months of fiscal 2022 were as follows:
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Derivatives and Hedging Derivatives and Hedging (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
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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:
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Fair Value Measurements Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Option, Disclosures | The following table shows the fair value of our financial assets and liabilities at December 31, 2021 and March 31, 2021:
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Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The changes in Level 3 assets and liabilities measured at fair value on a recurring basis at December 31, 2021 are summarized as follows:
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Reclassifications out of Accumulated Other Comprehensive Income Reclassification out of Accumulated Other Comprehensive Income (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Reclassifications out of AOCI [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in our Accumulated Other Comprehensive Income (Loss) balances, net of tax, for the three months ended December 31, 2021 and 2020 were as follows:
(1) The amortization (gain) of defined benefit pension items is reported in the Interest income and miscellaneous expense line of our Consolidated Statements of Income. (2) The effective portion of gain or loss on net debt designated as non-derivative net investment hedging instruments is recognized in Accumulated Other Comprehensive Income and is reclassified to income in the same period when a gain or loss related to the net investment is included in income.
1) The amortization (gain) of defined benefit pension items is reported in the Interest income and miscellaneous expense line of our Consolidated Statements of Income. (2) The effective portion of gain or loss on net debt designated as non-derivative net investment hedging instruments is recognized in Accumulated Other Comprehensive Income and is reclassified to income in the same period when a gain or loss related to the net investment is included in income.
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Nature of Operations and Summary of Significant Accounting Policies Revenue Table (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Revenue, Remaining Performance Obligation, Amount | $ 1,570,000 | |
Deferred Revenue, Revenue Recognized | $ 42,942 | $ 38,181 |
Expected recognition within the next year [Member] | ||
Revenue, Remaining Performance Obligation, Percentage | 36.00% | |
Expected recognition beyond the next year [Member] [Member] | ||
Revenue, Remaining Performance Obligation, Percentage | 54.00% |
Business Acquisitions and Divestitures - Additional Information (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Dec. 31, 2021
USD ($)
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Dec. 31, 2020
USD ($)
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Dec. 31, 2021
USD ($)
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Dec. 31, 2020
USD ($)
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Jun. 02, 2021
USD ($)
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|||
Business Acquisition [Line Items] | |||||||
Entity Number of Employees | 3,700 | 3,700 | |||||
Business Combination, Acquisition Related Costs | [1] | $ 9,298 | $ 11,563 | $ 167,698 | $ 13,984 | ||
Cantel Acquisition Assumed Debt Obligations | 721,284 | 721,284 | |||||
Contingent Consideration Liability Assumed in Cantel Combination | 25,000 | 25,000 | $ 25,000 | ||||
Net sales attributable to Cantel | 306,522 | 721,183 | |||||
Operating (loss) income attributable to Cantel | 15,958 | (175,178) | |||||
Cantel Medical Corp. | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Acquisition Related Costs | $ 9,026 | 167,426 | |||||
Total purchase consideration | $ 3,599,471 | ||||||
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Business Acquisitions and Divestitures Revenues - Total Purchase Considerations (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2021 |
Jun. 02, 2021 |
Mar. 31, 2021 |
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Business Acquisition [Line Items] | ||||
Common stock shares outstanding (in shares) | 100,111,000 | 100,111,000 | 85,353,000 | |
Consideration related to equity component of Cantel convertible debt | $ 175,555 | |||
Cantel Medical Corp. | ||||
Business Acquisition [Line Items] | ||||
Cash consideration (in usd per share) | $ 16.93 | |||
Common stock shares outstanding (in shares) | 42,816,000 | |||
Equity interest issued or issuable (in shares) | 188.07 | 14,297,000 | ||
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 Acquisitions and Divestitures - Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Mar. 31, 2021 |
---|---|---|
Business Acquisition [Line Items] | ||
Lease right-of-use assets, net | $ 194,026 | $ 150,142 |
Goodwill | 5,115,323 | 3,026,049 |
Cantel Medical Corp. | ||
Business Acquisition [Line Items] | ||
Cash | 169,073 | |
Accounts receivable | 172,226 | |
Inventory | 271,132 | |
Property, plant and equipment | 227,783 | |
Lease right-of-use assets, net | 48,504 | |
Other assets | 65,837 | |
Intangible assets | 2,190,000 | |
Goodwill | 2,149,827 | $ 0 |
Total assets acquired | 5,294,382 | |
Convertible debt, par value | 168,000 | |
Other current liabilities | 243,331 | |
Long-term lease obligations | 40,768 | |
Deferred income taxes, net | 521,528 | |
Long-term indebtedness | 721,284 | |
Total liabilities assumed | 1,694,911 | |
Net assets acquired | $ 3,599,471 |
Business Acquisitions and Divestitures - Other Intangible Assets (Details) - Cantel Medical Corp. $ in Thousands |
9 Months Ended |
---|---|
Dec. 31, 2021
USD ($)
| |
Business Acquisition [Line Items] | |
Intangible assets | $ 2,190,000 |
Customer Relationships | |
Business Acquisition [Line Items] | |
Intangible assets | $ 2,060,000 |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Trade Names | |
Business Acquisition [Line Items] | |
Intangible assets | $ 130,000 |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Business Acquisitions and Divestitures - Actual and Pro Forma Impact (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
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Business Combination and Asset Acquisition [Abstract] | ||||
Net revenues | $ 1,208,971 | $ 1,106,542 | $ 3,579,475 | $ 3,011,681 |
Net income (loss) from continuing operations | $ 152,176 | $ 92,903 | $ 383,193 | $ 30,797 |
Inventories, Net Inventories, Net (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Mar. 31, 2021 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 210,358 | $ 103,939 |
Work in process | 77,339 | 54,283 |
Finished goods | 334,531 | 176,623 |
Reserve for excess and obsolete inventory | (27,629) | (19,778) |
Inventories, net | $ 594,599 | $ 315,067 |
Property, Plant and Equipment Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 |
Mar. 31, 2021 |
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Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Information related to the major categories of our depreciable assets is as follows:
(1)Land is not depreciated. Construction in progress is not depreciated until placed in service.
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Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land and land improvements | [1] | $ 80,783 | $ 69,477 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Buildings and leasehold improvements | 639,928 | 567,132 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Machinery and equipment | 885,656 | 779,044 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Radioisotope | 589,273 | 565,681 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction in progress | [1] | 341,042 | 211,381 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total property, plant, and equipment | 2,760,404 | 2,385,937 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: accumulated depreciation and depletion | (1,238,817) | (1,150,537) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 1,521,587 | 1,235,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitalized Computer Hardware/Software, Gross | $ 223,722 | $ 193,222 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Debt Debt (Details) $ / shares in Units, $ in Thousands |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 15, 2020
USD ($)
$ / shares
|
Dec. 31, 2021
USD ($)
$ / shares
|
Jun. 30, 2021
USD ($)
|
Jun. 02, 2021
$ / shares
shares
|
Apr. 01, 2021
USD ($)
|
Mar. 31, 2021
USD ($)
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | Indebtedness was as follows:
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Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private Placement | $ 763,278 | $ 860,308 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | 26,307 | 7,191 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Agreement | 46,538 | 247,423 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total long term debt | 3,175,316 | 1,650,540 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Lease, Liability | 3,682 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt, Long-term and Short-term, Combined Amount | 3,303,191 | 1,650,540 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt | 127,875 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Maturity, Year Two | 142,875 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Maturity, Year Three | 60,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Maturity, Year Four | 165,938 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Maturity, Year Five | 549,038 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt, Maturity, after Year Five | 2,407,965 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long Term Debt Excluding Deferred Financing Fees | 3,325,816 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term loan, current portion | 20,625 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loan | 404,375 | 550,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Delayed Draw Term Loan | 633,750 | $ 650,000 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Delayed draw term loan, current portion | 16,250 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term Bank Loans and Notes Payable | $ 91,000 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Shares Received Per Ordinary Share | shares | 0.33787 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | $ 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 Cantel convertible debt | $ 175,555 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible debt premium liability | 203,361 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cantel Acquisition Assumed Debt Obligations | 721,284 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cantel Convertible Senior Notes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 24.0912 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 41.51 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 41.51 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cantel Medical Corp. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash consideration (in usd per share) | $ / shares | $ 16.93 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration related to equity component of Cantel convertible debt | 175,555 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Notes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 1,350,000 | $ 1,350,000 | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Cash Settlement Value | 371,361 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Notes | 2031 Notes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 675,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.70% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Notes | 2051 Notes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 675,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debt | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 168,000 | $ 168,000 |
Additional Consolidated Balance Sheets Information Additional Consolidated Balance Sheets Information (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Mar. 31, 2021 |
---|---|---|
Accrued payroll and other related liabilities: | ||
Compensation and related items | $ 83,919 | $ 47,157 |
Accrued vacation/paid time off | 14,692 | 12,389 |
Accrued bonuses | 59,079 | 62,530 |
Accrued employee commissions | 18,962 | 24,022 |
Other postretirement benefit obligations-current portion | 1,326 | 1,326 |
Other employee benefit plans obligations-current portion | 2,547 | 2,654 |
Accrued expenses and other: | ||
Deferred revenues | 106,329 | 62,492 |
Service liabilities | 44,503 | 46,720 |
Self-insured risk reserves-current portion | 11,320 | 8,095 |
Accrued dealer commissions | 37,037 | 27,348 |
Accrued warranty | 13,999 | 9,406 |
Asset retirement obligation-current portion | 1,186 | 1,193 |
Other | 95,876 | 57,552 |
Total accrued expenses and other | 328,459 | 220,557 |
Other liabilities: | ||
Self-insured risk reserves-long-term portion | 17,295 | 17,295 |
Other postretirement benefit obligations-long-term portion | 7,809 | 8,690 |
Defined benefit pension plans obligations-long-term portion | 1,211 | 3,748 |
Other employee benefit plans obligations-long-term portion | 2,175 | 2,353 |
Accrued long-term income taxes | 12,350 | 13,241 |
Asset retirement obligation-long-term portion | 12,066 | 12,137 |
Long-term liabilities, other | 21,857 | 30,546 |
Other Liabilities, Noncurrent | 74,763 | 88,010 |
Employee-related Liabilities, Current | 180,525 | 150,078 |
Accrued interest | $ 18,209 | $ 7,751 |
Income Tax Expense Income Tax Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
Effective Income Tax Rate, Continuing Operations | 21.60% | 17.80% | 21.50% | 18.80% |
Uncertain Tax Liability Resulting From IRS Notice | $ 50,000 | $ 50,000 | ||
Income Tax Examination, Estimate of Possible Loss | $ 12,000 |
Business Segment Information Business Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2021 |
|||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 1,208,971 | $ 808,924 | [1] | $ 3,374,378 | $ 2,233,988 | [1] | |||||
Segment operating income | 202,933 | 147,030 | [1] | 333,760 | 404,110 | [1] | |||||
Restructuring Charges | (207) | 20 | 17 | 110 | |||||||
Amortization of acquired intangible assets | 75,021 | 23,194 | 191,552 | 62,648 | |||||||
Business Combination, Acquisition Related Costs | [2] | 9,298 | 11,563 | 167,698 | 13,984 | ||||||
loss (gain) on fair value contingent consideration adjustments | 0 | (500) | 0 | (500) | |||||||
Impact of TCJA | 118 | 296 | 228 | 850 | |||||||
Net loss on divestiture of businesses | 489 | 0 | 893 | 5 | [1] | ||||||
Amortization of inventory and property step-up to fair value | 2,237 | 1,784 | 96,513 | 3,101 | |||||||
COVID-19 incremental costs | 0 | 7,251 | 0 | 20,460 | |||||||
Assets | 11,689,966 | 11,689,966 | $ 6,574,471 | ||||||||
Property, Plant and Equipment, Net | 1,521,587 | 1,521,587 | 1,235,400 | ||||||||
Goodwill | 5,115,323 | 5,115,323 | 3,026,049 | ||||||||
Life Sciences | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 127,908 | 110,800 | 381,706 | 343,370 | |||||||
Segment operating income | 52,032 | 41,541 | 158,639 | 136,435 | |||||||
Applied Sterilization Technologies | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 216,298 | 176,462 | 630,092 | 498,371 | |||||||
Segment operating income | 101,343 | 81,626 | 303,059 | 222,416 | |||||||
Assets | 3,047,602 | 3,047,602 | 2,974,289 | ||||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment operating income | (55,849) | (47,941) | (202,461) | (158,463) | |||||||
Segment operating income | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,208,971 | 808,924 | 3,374,378 | 2,233,988 | |||||||
Segment operating income | 289,889 | 190,638 | 790,661 | 504,768 | |||||||
Healthcare [Member] [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 759,675 | 521,662 | 2,106,626 | 1,392,247 | |||||||
Segment operating income | 169,267 | 115,412 | 465,817 | 304,380 | |||||||
Healthcare and Life Sciences [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | 5,374,009 | 5,374,009 | 3,600,182 | ||||||||
Dental | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 105,090 | 0 | 255,954 | 0 | |||||||
Segment operating income | 23,096 | 0 | 65,607 | 0 | |||||||
Assets | $ 1,118,528 | $ 1,118,528 | 0 | ||||||||
Dental | Revenue Benchmark | Customer Concentration Risk | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration Risk, Percentage | 55.80% | 46.10% | |||||||||
Historical Average Percentage of Concentration Risk | 40.00% | ||||||||||
Healthcare /Life Sciences | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Goodwill | $ 1,336,000 | $ 1,336,000 | |||||||||
AST [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Goodwill | 814,000 | 814,000 | |||||||||
Other foreign locations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 337,593 | 216,211 | 929,262 | 568,655 | |||||||
UNITED STATES | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 851,292 | 572,397 | 2,383,039 | 1,613,554 | |||||||
Property, Plant and Equipment, Net | 859,601 | 859,601 | 673,784 | ||||||||
UNITED KINGDOM | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 20,086 | 20,316 | 62,077 | 51,779 | |||||||
Property, Plant and Equipment, Net | 54,977 | 54,977 | 52,140 | ||||||||
Other Foreign Entities [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property, Plant and Equipment, Net | 607,009 | 607,009 | $ 509,476 | ||||||||
Consumable revenues [Member] | Life Sciences | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 61,096 | 49,627 | 179,380 | 164,262 | |||||||
Consumable revenues [Member] | Healthcare [Member] [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 273,750 | 148,839 | 750,531 | 355,390 | |||||||
Sales Revenue, Services, Net [Member] | Life Sciences | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 36,400 | 32,180 | 104,983 | 90,444 | |||||||
Sales Revenue, Services, Net [Member] | Healthcare [Member] [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 268,711 | 224,968 | 785,586 | 629,247 | |||||||
Capital equipment revenues [Member] | Life Sciences | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 30,412 | 28,993 | 97,343 | 88,664 | |||||||
Capital equipment revenues [Member] | Healthcare [Member] [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 217,214 | $ 147,855 | $ 570,509 | $ 407,610 | |||||||
|
Shares and Preferred Shares Ordinary Shares (Details) |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Dec. 31, 2021
$ / shares
shares
|
Dec. 31, 2020
shares
|
Dec. 31, 2021
$ / shares
shares
|
Dec. 31, 2020
shares
|
Dec. 31, 2021
EUR (€)
shares
|
Jun. 02, 2021
$ / shares
|
|
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||||
Weighted average shares outstanding - basic | 100,038,000 | 85,330,000 | 96,679,000 | 85,153,000 | ||
Dilutive effect of share equivalents | 788,000 | 702,000 | 823,000 | 698,000 | ||
Weighted average shares outstanding and share equivalents - diluted | 100,826,000 | 86,032,000 | 97,502,000 | 85,851,000 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Preferred Stock, Shares Authorized | 50,000,000 | |||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | $ 0.001 | ||||
Deferred Ordinary Shares | 25,000 | |||||
Employee share option | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Number of share options that are antidilutive | 271,000 | 278,000 | 251,000 | 370,000 | ||
Euro Member Countries, Euro | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Par Value (Euros) of Deferred Ordinary Shares | € | € 1.00 |
Shares and Preferred Shares Preferred Shares (Details) |
Dec. 31, 2021
$ / shares
|
---|---|
Class of Stock [Line Items] | |
Preferred shares, par value | $ 0.001 |
Repurchases of Shares (Details) - USD ($) $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Jul. 30, 2019 |
May 07, 2019 |
|
Equity, Class of Treasury Stock [Line Items] | ||||
Share repurchase program, number of shares authorized | $ 333,932 | $ 300,000 | $ 78,979 | |
Shares repurchased during period, number | 35,000 | |||
Aggregate value of shares repurchased pursuant to authorization | $ 5,047 | |||
Shares obtained in connection with share based compensation award programs | 225,493 | 85,574 | ||
Payments for shares obtained in connection with share based compensation programs | $ 27,628 | $ 9,512 |
Share-Based Compensation Share-Based Compensation (Details) - USD ($) |
9 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Item] | ||
Remaining shares available for grant | 3,139,888 | |
Weighted-average assumptions used for options granted: | ||
Risk-free interest rate | 1.10% | 0.46% |
Expected life of options | 5 years 10 months 24 days | 6 years |
Exptected dividend yield of stock | 0.95% | 0.96% |
Expected volatility of stock | 24.27% | 23.04% |
Estimated forfeiture rate | 2.85% | 2.78% |
Summary of share option activity: | ||
Outstanding at March 31, 2017 | 1,637,047 | |
Granted | 284,566 | |
Exercised | (304,341) | |
Forfeited | (4,043) | |
Outstanding at June 30, 2017 | 1,613,229 | |
Exercisable at June 30, 2017 | 904,909 | |
Weighted average exercise price: | ||
Outstanding at March 31, 2017 | $ 112.03 | |
Granted | 215.10 | |
Exercised | 82.95 | |
Forfeited | 128.11 | |
Outstanding at June 30, 2017 | 135.66 | |
Exercisable at June 30, 2017 | $ 101.43 | |
Average Remaining Contractual Term, Outstanding at June 30, 2017 | 6 years 9 months 18 days | |
Aggregate Intrinsic Value, Outstanding at June 30, 2017 | $ 173,829,000 | |
Average Remaining Contractual Term, Exercisable at June 30, 2017 | 5 years 6 months | |
Aggregate Intrinsic Value, Exercisable at June 30, 2017 | $ 128,481,000 | |
Non-vested stock options outstanding expected to vest | 690,359 | |
Ordinary shares, closing price | $ 243.41 | |
Total intrinsic value of stock options exercised | $ 43,425,000 | $ 36,850,000 |
Net cash proceeds from the exercise of stock options | $ 6,789,000 | $ 26,018,000 |
Weighted average grant date fair value of stock option grants, per share | $ 37.52 | $ 27.66 |
Summary of non-vested restricted share activity: | ||
Unrecognized compensation cost related to nonvested share-based compensation granted | $ 66,715,000 | |
Weighted Average Period For Total Compensation Expense Not Yet Recognized | 2 years 2 months 12 days | |
Stock Appreciation Rights (SARs) [Member] | ||
Weighted average exercise price: | ||
FairValueOfOutstandingStockAppreciationRights | $ 491,000 | |
Restricted Stock | ||
Summary of non-vested restricted share activity: | ||
Number of Restricted Shares, Non-vested at Beginning of Period | 533,323 | |
Weighted-Average Grant Date Fair Value, Non-vested at Beginning of Period | $ 121.35 | |
Number of Restricted Shares, Granted | 163,120 | |
Weighted-Average Grant Date Fair Value, Granted | $ 197.51 | |
Number of Restricted Shares, Vested | (174,509) | |
Weighted-Average Grant Date Fair Value, Vested | $ 96.30 | |
Number of Restricted Shares, Canceled | (15,050) | |
Weighted-Average Grant Date Fair Value, Canceled | $ 161.59 | |
Number of Restricted Shares, Non-vested at End of Period | 506,884 | |
Weighted-Average Grant Date Fair Value, Non-vested at End of Period | $ 155.01 | |
Fair Value, Share-based Payment Awards, Other than Options | $ 18,267,000 | |
Restricted Stock Units (RSUs) | ||
Weighted average exercise price: | ||
Weighted average grant date fair value of stock option grants, per share | $ 191.18 | |
Summary of non-vested restricted share activity: | ||
Number of Restricted Shares, Non-vested at Beginning of Period | 29,500 | |
Number of Restricted Shares, Granted | 21,437 | |
Number of Restricted Shares, Vested | (15,621) | |
Number of Restricted Shares, Canceled | (620) | |
Number of Restricted Shares, Non-vested at End of Period | 34,696 | |
Share-based Payment Arrangement, Expense | $ 18,861,000 | |
Restricted Stock or Unit Expense | $ 280,402 | |
Share-based Compensation Arrangement by Share-based Payment Award, Conversion Ratio | 0.4262 | |
Share-based Compensation Arrangement by Share-based Payment Award, Grants in Period, Weighted Average Grant Date Fair Value Attributable to Pre-Acquisition Services | $ 18,173,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Grants in Period, Weighted Average Grant Date Fair Value | $ 53,607,000 | |
RSUs Cantel | ||
Summary of non-vested restricted share activity: | ||
Number of Restricted Shares, Non-vested at Beginning of Period | 0 | |
Weighted-Average Grant Date Fair Value, Non-vested at Beginning of Period | $ 0 | |
Number of Restricted Shares, Granted | 280,402 | |
Weighted-Average Grant Date Fair Value, Granted | $ 191.18 | |
Number of Restricted Shares, Vested | (209,878) | |
Weighted-Average Grant Date Fair Value, Vested | $ 191.18 | |
Number of Restricted Shares, Canceled | (7,602) | |
Weighted-Average Grant Date Fair Value, Canceled | $ 191.18 | |
Number of Restricted Shares, Non-vested at End of Period | 62,922 | |
Weighted-Average Grant Date Fair Value, Non-vested at End of Period | $ 191.18 | |
Unrecognized compensation cost related to nonvested share-based compensation granted | $ 9,248,000 |
Financial and Other Guarantees Financial and Other Guarantees (Details) $ in Thousands |
9 Months Ended |
---|---|
Dec. 31, 2021
USD ($)
| |
Product Warranty Liability [Line Items] | |
Balance, March 31, 2017 | $ 9,406 |
Warranties issued during the period | 12,835 |
Settlement made during the period | (13,011) |
Balance, June 30, 2017 | 13,999 |
Standard Product Warranty Accrual, Additions from Business Acquisition | $ 4,769 |
Derivatives and Hedging Fair Value of Derivatives, Balance Sheet Location (Details) $ in Thousands, € in Millions, $ in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2021
USD ($)
lb
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2021
MXN ($)
|
Dec. 31, 2021
CAD ($)
|
Dec. 31, 2021
EUR (€)
|
Dec. 31, 2021
USD ($)
|
Mar. 31, 2021
USD ($)
|
|
Prepaid & Other | |||||||||
Derivative [Line Items] | |||||||||
Asset derivatives | $ 685 | $ 57 | |||||||
Liability derivatives | 0 | 0 | |||||||
Accrued expenses and other | |||||||||
Derivative [Line Items] | |||||||||
Asset derivatives | 0 | 0 | |||||||
Liability derivatives | $ 91 | $ 367 | |||||||
Foreign currency forward contracts | Selling, general, and administrative expense | |||||||||
Derivative [Line Items] | |||||||||
Gain (Loss) on Derivative Instruments, Net, Pretax | $ 1,707 | $ 741 | $ 4,279 | $ 661 | |||||
Commodity swap contracts | |||||||||
Derivative [Line Items] | |||||||||
Derivative, notional amount, weight | lb | 192,000 | ||||||||
Commodity swap contracts | Cost of Sales [Member] | |||||||||
Derivative [Line Items] | |||||||||
Gain (Loss) on Derivative Instruments, Net, Pretax | $ (417) | $ (153) | $ (1,110) | $ (904) | |||||
Mexican peso | Foreign currency forward contracts | |||||||||
Derivative [Line Items] | |||||||||
Liability derivatives | $ 19.9 | ||||||||
Canadian dollar | Foreign currency forward contracts | |||||||||
Derivative [Line Items] | |||||||||
Liability derivatives | $ 2.6 | ||||||||
euro | Foreign currency forward contracts | |||||||||
Derivative [Line Items] | |||||||||
Derivative Asset, Notional Amount | € | € 14.0 |
Derivatives and Hedging Gain (Loss) on Derivatives, Income Statement Location (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Foreign currency forward contracts | Selling, general, and administrative expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) recognized in income | $ (1,707) | $ (741) | $ (4,279) | $ (661) |
Commodity swap contracts | Cost of revenues | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) recognized in income | $ 417 | $ 153 | $ 1,110 | $ 904 |
Fair Value Measurements Fair Value Hierarchy (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2021 |
|||||||
Reported Value Measurement [Member] | |||||||||||
Assets: | |||||||||||
Cash and cash equivalents | $ 359,089 | $ 359,089 | $ 220,531 | ||||||||
Forward and swap contracts | [1] | 685 | 685 | 57 | |||||||
Equity Securities, FV-NI | [2] | 9,957 | 9,957 | 10,301 | |||||||
Investments | 2,571 | 2,571 | 2,665 | ||||||||
Liabilities: | |||||||||||
Deferred compensation plans | [2] | 2,062 | 2,062 | 1,715 | |||||||
Long term debt | 3,299,509 | 3,299,509 | 1,650,540 | ||||||||
Contingent consideration obligations | 12,864 | 12,864 | 19,642 | ||||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | [1] | 91 | 91 | 367 | |||||||
Debt and Equity Securities, Gain (Loss) | (28) | $ (210) | 200 | $ (138) | |||||||
Contingent consideration obligations | 12,864 | 12,864 | 19,642 | ||||||||
Level 1 | |||||||||||
Assets: | |||||||||||
Cash and cash equivalents | 359,089 | 359,089 | 220,531 | ||||||||
Forward and swap contracts | 0 | 0 | 0 | ||||||||
Equity Securities, FV-NI | [2] | 9,957 | 9,957 | 10,301 | |||||||
Investments | 2,571 | 2,571 | 2,665 | ||||||||
Liabilities: | |||||||||||
Deferred compensation plans | [2] | 2,062 | 2,062 | 1,715 | |||||||
Long term debt | 0 | 0 | 0 | ||||||||
Contingent consideration obligations | 0 | 0 | 0 | ||||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 | 0 | ||||||||
Level 2 | |||||||||||
Assets: | |||||||||||
Cash and cash equivalents | 0 | 0 | 0 | ||||||||
Forward and swap contracts | [1] | 685 | 685 | 57 | |||||||
Equity Securities, FV-NI | 0 | 0 | 0 | ||||||||
Investments | 0 | 0 | 0 | ||||||||
Liabilities: | |||||||||||
Deferred compensation plans | 0 | 0 | 0 | ||||||||
Long term debt | 3,432,856 | 3,432,856 | 1,722,459 | ||||||||
Contingent consideration obligations | 0 | 0 | 0 | ||||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | [1] | 91 | 91 | 367 | |||||||
Level 3 | |||||||||||
Assets: | |||||||||||
Cash and cash equivalents | 0 | 0 | 0 | ||||||||
Forward and swap contracts | 0 | 0 | 0 | ||||||||
Equity Securities, FV-NI | 0 | 0 | 0 | ||||||||
Investments | 0 | 0 | 0 | ||||||||
Liabilities: | |||||||||||
Deferred compensation plans | 0 | 0 | 0 | ||||||||
Contingent consideration obligations | [3] | 12,864 | 12,864 | 19,642 | |||||||
Debt Instrument, Fair Value Disclosure | 0 | 0 | 0 | ||||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | $ 0 | $ 0 | $ 0 | ||||||||
|
Fair Value Measurements Contingent Consideration Rollforward (Details) - USD ($) $ in Thousands |
9 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2021 |
Jun. 02, 2021 |
Mar. 31, 2021 |
|||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Contingent consideration | $ 12,864 | $ 19,642 | |||
Contingent Consideration Liability Assumed in Cantel Combination | 25,000 | $ 25,000 | |||
Additions | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Change in contingent consideration | 540 | ||||
Payments | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Change in contingent consideration | (32,302) | ||||
Foreign currency translation adjustment | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Change in contingent consideration | (16) | ||||
Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Contingent consideration | [1] | 12,864 | 19,642 | ||
Fair value | $ 0 | $ 0 | |||
|
Fair Value Measurements Available-for-sale securities (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Debt Securities, Available-for-sale [Line Items] | ||||
Equity Securities, FV-NI, Gain (Loss) | $ 28 | $ 210 | $ (200) | $ 138 |
Reclassifications out of Accumulated Other Comprehensive Income Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Sep. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2020 |
Mar. 31, 2020 |
|||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (136,878) | $ (2,386) | $ (136,878) | $ (2,386) | $ (105,733) | $ (61,243) | $ (130,613) | $ (235,463) | ||||||||||
Other Comprehensive Income (Loss), Net of Tax | (30,063) | 129,060 | (72,363) | 235,579 | ||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1,082) | (833) | [1] | (3,272) | (2,502) | |||||||||||||
Other Comprehensive (Loss) Income, Net of Tax, Portion Attributable to Parent | 31,145 | (128,227) | [2] | 75,635 | (233,077) | [2] | ||||||||||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | (7,040) | (8,343) | (7,040) | (8,343) | (6,533) | (5,519) | (7,833) | (6,813) | ||||||||||
Other Comprehensive Income (Loss), Net of Tax | 575 | 323 | 1,751 | 972 | ||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [3] | (1,082) | (833) | (3,272) | (2,502) | |||||||||||||
Other Comprehensive (Loss) Income, Net of Tax, Portion Attributable to Parent | 507 | 510 | 1,521 | 1,530 | ||||||||||||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (129,838) | 5,957 | (129,838) | 5,957 | $ (99,200) | $ (55,724) | $ (122,780) | $ (228,650) | ||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (30,638) | 128,737 | (74,114) | 234,607 | ||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | [1] | 0 | 0 | [1] | 0 | [1] | |||||||||||
Other Comprehensive (Loss) Income, Net of Tax, Portion Attributable to Parent | $ 30,638 | $ (128,737) | $ 74,114 | $ (234,607) | ||||||||||||||
|
Subsequent Events (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jan. 03, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
[1] | ||||
Subsequent Events [Abstract] | |||||||||
Subsequent Events | Subsequent EventsIn December 2021, we entered into an Asset Purchase Agreement to sell STERIS's 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 anticipate no material gain (loss) on the sale. The net assets are not reported as held for sale as they are not material to the balance sheet as of December 31, 2021. 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 | ||||||||
Subsequent Event [Line Items] | |||||||||
Gain (Loss) on Disposition of Business | $ (489) | $ 0 | $ (893) | $ (5) | |||||
Revenues | $ 1,208,971 | $ 808,924 | [1] | $ 3,374,378 | $ 2,233,988 | ||||
Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Proceeds from Divestiture of Businesses | $ 196,000 | ||||||||
Potential Earnout on Divestiture of Business | 12,300 | ||||||||
Subsequent Event | Renal Care | |||||||||
Subsequent Event [Line Items] | |||||||||
Revenues | $ 180,000 | ||||||||
|
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