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, 2022 | March 31, 2022 | |||||||||||||
(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 | ||||||||||||||
Short-term lease obligations | ||||||||||||||
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, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Product | $ | $ | $ | $ | ||||||||||||||||||||||
Service | ||||||||||||||||||||||||||
Total revenues | ||||||||||||||||||||||||||
Cost of revenues: | ||||||||||||||||||||||||||
Product | ||||||||||||||||||||||||||
Service | ||||||||||||||||||||||||||
Total cost of revenues | ||||||||||||||||||||||||||
Gross profit | ||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Selling, general, and administrative | ||||||||||||||||||||||||||
Goodwill impairment loss | ||||||||||||||||||||||||||
Research and development | ||||||||||||||||||||||||||
Restructuring expenses | ( | |||||||||||||||||||||||||
Total operating expenses | ||||||||||||||||||||||||||
Income from operations | ||||||||||||||||||||||||||
Non-operating expenses, net: | ||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
Fair value adjustment related to convertible debt, premium liability | ||||||||||||||||||||||||||
Interest and miscellaneous expense (income) | ( | ( | ||||||||||||||||||||||||
Total non-operating expenses, net | ||||||||||||||||||||||||||
Income (loss) before income tax expense | ( | |||||||||||||||||||||||||
Income tax expense | ||||||||||||||||||||||||||
Net income (loss) | ( | |||||||||||||||||||||||||
Less: Net (loss) attributable to noncontrolling interests | ( | ( | ( | ( | ||||||||||||||||||||||
Net income (loss) attributable to shareholders | $ | $ | $ | ( | $ | |||||||||||||||||||||
Net income (loss) per share attributed to shareholders | ||||||||||||||||||||||||||
Basic | $ | $ | $ | ( | $ | |||||||||||||||||||||
Diluted | $ | $ | $ | ( | $ | |||||||||||||||||||||
Cash dividends declared per share ordinary outstanding | $ | $ | $ | $ |
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net income (loss) | $ | $ | $ | ( | $ | |||||||||||||||||||||
Less: Net (loss) attributable to noncontrolling interests | ( | ( | ( | ( | ||||||||||||||||||||||
Net income (loss) 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 (loss) | $ | $ | $ | ( | $ |
Nine Months Ended December 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Operating activities: | ||||||||||||||
Net income (loss) | $ | ( | $ | |||||||||||
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 | ||||||||||||||
Goodwill impairment loss | ||||||||||||||
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 | ||||||||||||||
Proceeds from the sale of businesses | ||||||||||||||
Acquisition of businesses, net of cash acquired | ( | ( | ||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Financing activities: | ||||||||||||||
Proceeds from issuance of senior public notes | ||||||||||||||
Proceeds from term loan | ||||||||||||||
Payments on long-term obligations | ( | ( | ||||||||||||
Payments on convertible debt | ( | |||||||||||||
Payments on term loans | ( | ( | ||||||||||||
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 | ||||||||||||||
Stock option and other equity transactions, net | ||||||||||||||
Net cash provided by (used in) 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, 2022 | ||||||||||||||||||||
Ordinary Shares | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interest | Total Equity | ||||||||||||||||
Number | Amount | |||||||||||||||||||
Balance at September 30, 2022 | $ | $ | $ | ( | $ | $ | ||||||||||||||
Comprehensive income: | ||||||||||||||||||||
Net income (loss) | — | — | — | ( | ||||||||||||||||
Other comprehensive income | — | — | — | — | ||||||||||||||||
Repurchases of ordinary shares | ( | ( | ( | — | — | ( | ||||||||||||||
Equity compensation programs and other | — | — | — | |||||||||||||||||
Cash dividends - $ | — | — | ( | — | — | ( | ||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | ( | ( | ||||||||||||||
Other changes in noncontrolling interest | — | — | — | — | ||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | ( | $ | $ |
Nine Months Ended December 31, 2022 | ||||||||||||||||||||
Ordinary Shares | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interest | Total Equity | ||||||||||||||||
Number | Amount | |||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | ( | $ | $ | ||||||||||||||
Comprehensive income: | ||||||||||||||||||||
Net (loss) | — | — | ( | — | ( | ( | ||||||||||||||
Other comprehensive (loss) | — | — | — | ( | — | ( | ||||||||||||||
Repurchases of ordinary shares | ( | ( | ( | — | — | ( | ||||||||||||||
Equity compensation programs and other | — | — | — | |||||||||||||||||
Cash dividends – $ | — | — | ( | — | — | ( | ||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | ( | ( | ||||||||||||||
Other changes in noncontrolling interest | — | — | — | — | ( | ( | ||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | ( | $ | $ |
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 (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 (loss) | — | — | — | ( | — | ( | ||||||||||||||
Repurchases of ordinary shares | ( | ( | ( | — | — | ( | ||||||||||||||
Equity compensation programs and other | — | — | — | |||||||||||||||||
Cash dividends – $ | — | — | ( | — | — | ( | ||||||||||||||
Issuance of shares for acquisition of Cantel Medical LLC ("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 | $ | $ | $ | ( | $ | $ |
Standard | Date of Issuance | Description | Date of Adoption | Effect on the financial statements or other significant matters | ||||||||||||||||||||||
Standards that have been adopted in fiscal 2023 | ||||||||||||||||||||||||||
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. | First Quarter Fiscal 2023 | We adopted this standard effective April 1, 2022 with no material impact to our consolidated financial statements. | ||||||||||||||||||||||
March 31, 2022 | |||||||||||||||||
(As previously reported) | Adjustments | Final | |||||||||||||||
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 | $ | $ | $ |
December 31, 2022 | March 31, 2022 | |||||||||||||
Raw materials | $ | $ | ||||||||||||
Work in process | ||||||||||||||
Finished goods | ||||||||||||||
Reserve for excess and obsolete inventory | ( | ( | ||||||||||||
Inventories, net | $ | $ |
December 31, 2022 | March 31, 2022 | |||||||||||||
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, 2022 | March 31, 2022 | |||||||||||||
Short-term debt | ||||||||||||||
Term Loan, current portion | $ | $ | ||||||||||||
Delayed Draw Term Loan, current portion | ||||||||||||||
Private Placement Senior Notes | ||||||||||||||
Total short-term debt | $ | $ | ||||||||||||
Long-term debt | ||||||||||||||
Private Placement Senior Notes | $ | $ | ||||||||||||
Revolving Credit Facility | ||||||||||||||
Deferred financing costs | ( | ( | ||||||||||||
Term Loan | ||||||||||||||
Delayed Draw Term Loan | ||||||||||||||
Senior Public Notes | ||||||||||||||
Total long-term debt | $ | $ | ||||||||||||
Total debt | $ | $ |
December 31, 2022 | March 31, 2022 | |||||||||||||
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, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Healthcare | $ | $ | $ | $ | ||||||||||||||||||||||
Applied Sterilization Technologies | ||||||||||||||||||||||||||
Life Sciences | ||||||||||||||||||||||||||
Dental | ||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Segment operating income (loss): | ||||||||||||||||||||||||||
Healthcare | $ | $ | $ | $ | ||||||||||||||||||||||
Applied Sterilization Technologies | ||||||||||||||||||||||||||
Life Sciences | ||||||||||||||||||||||||||
Dental | ||||||||||||||||||||||||||
Corporate | ( | ( | ( | ( | ||||||||||||||||||||||
Total segment operating income | $ | $ | $ | $ | ||||||||||||||||||||||
Less: Adjustments | ||||||||||||||||||||||||||
Amortization of acquired intangible assets (1) | $ | $ | $ | $ | ||||||||||||||||||||||
Acquisition and integration related charges (2) | ||||||||||||||||||||||||||
Tax restructuring costs (3) | ||||||||||||||||||||||||||
(Gain) on fair value adjustment of acquisition related contingent consideration (1) | ( | |||||||||||||||||||||||||
Net (gain) loss on divestiture of businesses (1) | ( | |||||||||||||||||||||||||
Amortization of inventory and property "step up" to fair value (1) | ||||||||||||||||||||||||||
Restructuring charges (4) | ( | |||||||||||||||||||||||||
Goodwill impairment loss (5) | ||||||||||||||||||||||||||
Total income from operations | $ | $ | $ | $ |
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
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, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Ireland | $ | $ | $ | $ | |||||||||||||||||||
United States | |||||||||||||||||||||||
Other locations | |||||||||||||||||||||||
Total Revenues | $ | $ | $ | $ |
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||||
Denominator (shares in thousands): | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Weighted average shares outstanding—basic | ||||||||||||||||||||||||||
Dilutive effect of share equivalents(1) | ||||||||||||||||||||||||||
Weighted average shares outstanding and share equivalents—diluted |
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||||
(shares in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Number of share options |
Fiscal 2023 | Fiscal 2022 | |||||||||||||
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, 2022 | $ | |||||||||||||||||||||||||
Granted | ||||||||||||||||||||||||||
Exercised | ( | |||||||||||||||||||||||||
Forfeited | ( | |||||||||||||||||||||||||
Outstanding at December 31, 2022 | $ | $ | ||||||||||||||||||||||||
Exercisable at December 31, 2022 | $ | $ |
Number of Restricted Shares | Number of Restricted Share Units | Weighted Average Grant Date Fair Value | ||||||||||||||||||
Non-vested at March 31, 2022 | $ | |||||||||||||||||||
Granted | ||||||||||||||||||||
Vested | ( | ( | ||||||||||||||||||
Forfeited | ( | ( | ||||||||||||||||||
Non-vested at December 31, 2022 | $ |
Number of Restricted Share Units | Weighted Average Grant Date Fair Value | ||||||||||||||||
Non-vested at March 31, 2022 | $ | ||||||||||||||||
Granted | |||||||||||||||||
Vested | ( | ||||||||||||||||
Forfeited | ( | ||||||||||||||||
Non-vested at December 31, 2022 | $ |
Warranties | |||||
Balance at March 31, 2022 | $ | ||||
Warranties issued during the period | |||||
Settlements made during the period | ( | ||||
Balance at December 31, 2022 | $ |
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||
Fair Value at | Fair Value at | Fair Value at | Fair Value at | |||||||||||||||||||||||
Balance sheet location | December 31, 2022 | March 31, 2022 | December 31, 2022 | March 31, 2022 | ||||||||||||||||||||||
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, | |||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||||
Debt (3) | ||||||||||||||||||||||||||||||||||||||
Contingent consideration obligations (4) |
Contingent Consideration | ||||||||
Balance at March 31, 2022 | $ | |||||||
Additions | ||||||||
Payments | ( | |||||||
Reductions | ( | |||||||
Currency translation adjustments | ( | |||||||
Balance at December 31, 2022 | $ |
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, 2022 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( |
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, 2021 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( |
Healthcare Segment | Life Sciences Segment | Applied Sterilization Technologies Segment | Dental Segment | Total | |||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Goodwill acquired | |||||||||||||||||||||||||||||
Measurement period adjustments to acquired goodwill | ( | ||||||||||||||||||||||||||||
Impairment | ( | ( | |||||||||||||||||||||||||||
Divestiture | ( | ( | |||||||||||||||||||||||||||
Foreign currency translation adjustments | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | $ |
Nine Months Ended December 31, | ||||||||||||||
(dollars in thousands) | 2022 | 2021 | ||||||||||||
Net cash provided by operating activities | $ | 541,148 | $ | 513,080 | ||||||||||
Purchases of property, plant, equipment, and intangibles, net | (290,520) | (214,491) | ||||||||||||
Proceeds from the sale of property, plant, equipment, and intangibles | 12,164 | 1,709 | ||||||||||||
Free cash flow | $ | 262,792 | $ | 300,298 |
Three Months Ended December 31, | ||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | Change | Percent Change | ||||||||||||||||||||||
Total revenues | $ | 1,215,994 | $ | 1,208,971 | $ | 7,023 | 0.6 | % | ||||||||||||||||||
Revenues by type: | ||||||||||||||||||||||||||
Service revenues | 536,952 | 511,715 | 25,237 | 4.9 | % | |||||||||||||||||||||
Consumable revenues | 419,555 | 440,328 | (20,773) | (4.7) | % | |||||||||||||||||||||
Capital equipment revenues | 259,487 | 256,928 | 2,559 | 1.0 | % | |||||||||||||||||||||
Revenues by geography: | ||||||||||||||||||||||||||
Ireland revenues | 17,959 | 20,086 | (2,127) | (10.6) | % | |||||||||||||||||||||
United States revenues | 883,390 | 851,292 | 32,098 | 3.8 | % | |||||||||||||||||||||
Other foreign revenues | 314,645 | 337,593 | (22,948) | (6.8) | % |
Nine Months Ended December 31, | ||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | Change | Percent Change | ||||||||||||||||||||||
Total revenues | $ | 3,573,002 | $ | 3,374,378 | $ | 198,624 | 5.9 | % | ||||||||||||||||||
Revenues by type: | ||||||||||||||||||||||||||
Service revenues | 1,590,490 | 1,502,605 | 87,885 | 5.8 | % | |||||||||||||||||||||
Consumable revenues | 1,249,791 | 1,187,014 | 62,777 | 5.3 | % | |||||||||||||||||||||
Capital equipment revenues | 732,721 | 684,759 | 47,962 | 7.0 | % | |||||||||||||||||||||
Revenues by geography: | ||||||||||||||||||||||||||
Ireland revenues | 53,130 | 62,077 | (8,947) | (14.4) | % | |||||||||||||||||||||
United States revenues | 2,589,472 | 2,383,039 | 206,433 | 8.7 | % | |||||||||||||||||||||
Other foreign revenues | 930,400 | 929,262 | 1,138 | 0.1 | % |
Three Months Ended December 31, | Change | Percent Change | ||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | ||||||||||||||||||||||||
Gross profit: | ||||||||||||||||||||||||||
Product | $ | 304,313 | $ | 323,463 | $ | (19,150) | (5.9) | % | ||||||||||||||||||
Service | 217,184 | 214,651 | 2,533 | 1.2 | % | |||||||||||||||||||||
Total gross profit | $ | 521,497 | $ | 538,114 | $ | (16,617) | (3.1) | % | ||||||||||||||||||
Gross profit percentage: | ||||||||||||||||||||||||||
Product | 44.8 | % | 46.4 | % | ||||||||||||||||||||||
Service | 40.4 | % | 41.9 | % | ||||||||||||||||||||||
Total gross profit percentage | 42.9 | % | 44.5 | % |
Nine Months Ended December 31, | Change | Percent Change | ||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | ||||||||||||||||||||||||
Gross profit: | ||||||||||||||||||||||||||
Product | $ | 923,849 | $ | 799,090 | $ | 124,759 | 15.6 | % | ||||||||||||||||||
Service | 647,781 | 645,650 | 2,131 | 0.3 | % | |||||||||||||||||||||
Total gross profit | $ | 1,571,630 | $ | 1,444,740 | $ | 126,890 | 8.8 | % | ||||||||||||||||||
Gross profit percentage: | ||||||||||||||||||||||||||
Product | 46.6 | % | 42.7 | % | ||||||||||||||||||||||
Service | 40.7 | % | 43.0 | % | ||||||||||||||||||||||
Total gross profit percentage | 44.0 | % | 42.8 | % |
Three Months Ended December 31, | Change | Percent Change | ||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | ||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Selling, general, and administrative | $ | 305,141 | $ | 310,564 | $ | (5,423) | (1.7) | % | ||||||||||||||||||
Research and development | 25,514 | 24,824 | 690 | 2.8 | % | |||||||||||||||||||||
Restructuring expenses | 39 | (207) | 246 | (118.8) | % | |||||||||||||||||||||
Total operating expenses | $ | 330,694 | $ | 335,181 | $ | (4,487) | (1.3) | % |
Nine Months Ended December 31, | Change | Percent Change | ||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | ||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Selling, general, and administrative | $ | 962,962 | $ | 1,049,116 | $ | (86,154) | (8.2) | % | ||||||||||||||||||
Goodwill impairment loss | 490,565 | — | 490,565 | NM | ||||||||||||||||||||||
Research and development | 75,193 | 61,847 | 13,346 | 21.6 | % | |||||||||||||||||||||
Restructuring expenses | 127 | 17 | 110 | 647.1 | % | |||||||||||||||||||||
Total operating expenses | $ | 1,528,847 | $ | 1,110,980 | $ | 417,867 | 37.6 | % |
Three Months Ended December 31, | ||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | Change | |||||||||||||||||
Non-operating expenses, net: | ||||||||||||||||||||
Interest expense | $ | 28,559 | $ | 22,971 | $ | 5,588 | ||||||||||||||
Interest and miscellaneous expense (income) | 1,906 | (2,447) | 4,353 | |||||||||||||||||
Non-operating expenses, net | $ | 30,465 | $ | 20,524 | $ | 9,941 |
Nine Months Ended December 31, | ||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | Change | |||||||||||||||||
Non-operating expenses, net: | ||||||||||||||||||||
Interest expense | $ | 77,356 | $ | 67,820 | $ | 9,536 | ||||||||||||||
Fair value adjustment related to convertible debt, premium liability | — | 27,806 | (27,806) | |||||||||||||||||
Interest and miscellaneous expense (income) | 3,200 | (4,905) | 8,105 | |||||||||||||||||
Non-operating expenses, net | $ | 80,556 | $ | 90,721 | $ | (10,165) |
Three Months Ended December 31, | Change | Percent Change | ||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | ||||||||||||||||||||||||
Income tax expense | $ | 37,013 | $ | 39,315 | $ | (2,302) | (5.9)% | |||||||||||||||||||
Effective income tax rate | 23.1 | % | 21.6 | % |
Nine Months Ended December 31, | Change | Percent Change | ||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | ||||||||||||||||||||||||
Income tax expense | $ | 43,378 | $ | 52,222 | $ | (8,844) | (16.9)% | |||||||||||||||||||
Effective income tax rate | (114.8) | % | 21.5 | % |
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Healthcare | $ | 769,144 | $ | 759,675 | $ | 2,200,483 | $ | 2,106,626 | ||||||||||||||||||
Applied Sterilization Technologies | 222,014 | 216,298 | 675,283 | 630,092 | ||||||||||||||||||||||
Life Sciences | 121,273 | 127,908 | 379,248 | 381,706 | ||||||||||||||||||||||
Dental | 103,563 | 105,090 | 317,988 | 255,954 | ||||||||||||||||||||||
Total revenues | $ | 1,215,994 | $ | 1,208,971 | $ | 3,573,002 | $ | 3,374,378 | ||||||||||||||||||
Segment operating income (loss): | ||||||||||||||||||||||||||
Healthcare | $ | 175,399 | $ | 175,778 | $ | 497,233 | $ | 482,487 | ||||||||||||||||||
Applied Sterilization Technologies | 103,539 | 101,343 | 323,238 | 303,059 | ||||||||||||||||||||||
Life Sciences | 45,249 | 52,032 | 149,173 | 158,639 | ||||||||||||||||||||||
Dental | 20,337 | 23,096 | 67,992 | 65,607 | ||||||||||||||||||||||
Corporate | (53,873) | (62,360) | (196,872) | (219,131) | ||||||||||||||||||||||
Total segment operating income | $ | 290,651 | $ | 289,889 | $ | 840,764 | $ | 790,661 | ||||||||||||||||||
Less: Adjustments | ||||||||||||||||||||||||||
Amortization of acquired intangible assets (1) | $ | 93,941 | $ | 75,021 | $ | 281,727 | $ | 191,552 | ||||||||||||||||||
Acquisition and integration related charges (2) | 4,817 | 9,298 | 18,493 | 167,698 | ||||||||||||||||||||||
Tax restructuring costs (3) | 282 | 118 | 533 | 228 | ||||||||||||||||||||||
(Gain) on fair value adjustment of acquisition related contingent consideration (1) | — | — | (3,100) | — | ||||||||||||||||||||||
Net (gain) loss on divestiture of businesses (1) | (838) | 489 | 3,939 | 893 | ||||||||||||||||||||||
Amortization of inventory and property "step up" to fair value (1) | 1,608 | 2,237 | 5,697 | 96,513 | ||||||||||||||||||||||
Restructuring charges (4) | 38 | (207) | 127 | 17 | ||||||||||||||||||||||
Goodwill impairment loss (5) | — | — | 490,565 | — | ||||||||||||||||||||||
Total income from operations | $ | 190,803 | $ | 202,933 | $ | 42,783 | $ | 333,760 |
Nine Months Ended December 31, | ||||||||||||||
(dollars in thousands) | 2022 | 2021 | ||||||||||||
Net cash provided by operating activities | $ | 541,148 | $ | 513,080 | ||||||||||
Net cash (used in) investing activities | $ | (305,752) | $ | (760,135) | ||||||||||
Net cash provided by (used in) financing activities | $ | (306,771) | $ | 390,438 | ||||||||||
Debt-to-total capital ratio | 33.6 | % | 33.3 | % | ||||||||||
Free cash flow | $ | 262,792 | $ | 300,298 |
Summarized Results of Operations | ||||||||
(in thousands) | Nine Months Ended | |||||||
December 31, | ||||||||
2022 | ||||||||
Revenues | $ | 1,670,114 | ||||||
Gross profit | 934,655 | |||||||
Operating costs arising from transactions with non-issuers and non-guarantors, net | 324,053 | |||||||
Income from operations | 547,497 | |||||||
Non-operating income (expense) arising from transactions with subsidiaries that are non-issuers and non-guarantors, net | 482,064 | |||||||
Net income | $ | 569,760 |
Summarized Balance Sheet Information | ||||||||
( in thousands) | ||||||||
December 31, | March 31, | |||||||
2022 | 2022 | |||||||
Receivables due from non-issuers and non-guarantor subsidiaries | $ | 17,577,904 | $ | 16,033,719 | ||||
Other current assets | 500,713 | 400,776 | ||||||
Total current assets | $ | 18,078,617 | $ | 16,434,495 | ||||
Non-current receivables due from non-issuers and non-guarantor subsidiaries | $ | 1,887,167 | $ | 2,001,742 | ||||
Goodwill | 96,974 | 95,688 | ||||||
Other non-current assets | 182,811 | 142,711 | ||||||
Total non-current assets | $ | 2,166,952 | $ | 2,240,141 | ||||
Payables due to non-issuers and non-guarantor subsidiaries | $ | 18,553,750 | $ | 17,053,749 | ||||
Other current liabilities | 252,855 | 231,043 | ||||||
Total current liabilities | $ | 18,806,605 | $ | 17,284,792 | ||||
Non-current payables due to non-issuers and non-guarantor subsidiaries | $ | 1,089,567 | $ | 1,102,873 | ||||
Other non-current liabilities | 3,110,233 | 3,134,777 | ||||||
Total non-current liabilities | $ | 4,199,800 | $ | 4,237,650 |
(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 | 61,629 | $ | 169.38 | 61,629 | $ | 238,932 | ||||||||||||||||||||
November 1-30 | 25,000 | 181.59 | 25,000 | 234,392 | ||||||||||||||||||||||
December 1-31 | 396,204 | 186.18 | 396,204 | $ | 160,626 | |||||||||||||||||||||
Total | 482,833 | (1) | 183.80 | (1) | 482,833 | 160,626 |
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 8, 2023 |
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) |
Date: | February 8, 2023 | ||||
/s/ DANIEL A. CARESTIO | |||||
Daniel A. Carestio President and Chief Executive Officer |
Date: | February 8, 2023 | ||||
/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, 2022 |
Mar. 31, 2022 |
---|---|---|
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 | 99,401 | 100,067 |
Allowance for Doubtful Accounts Receivable, Current | $ 25,137 | $ 24,371 |
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Revenues: | ||||
Revenues | $ 1,215,994 | $ 1,208,971 | $ 3,573,002 | $ 3,374,378 |
Cost of revenues: | ||||
Total cost of revenues | 694,497 | 670,857 | 2,001,372 | 1,929,638 |
Gross Profit | 521,497 | 538,114 | 1,571,630 | 1,444,740 |
Operating expenses: | ||||
Selling, general, and administrative | 305,141 | 310,564 | 962,962 | 1,049,116 |
Goodwill impairment loss | 0 | 0 | 490,565 | 0 |
Research and development | 25,514 | 24,824 | 75,193 | 61,847 |
Restructuring Costs | 39 | (207) | 127 | 17 |
Total operating expenses | 330,694 | 335,181 | 1,528,847 | 1,110,980 |
Income from operations | 190,803 | 202,933 | 42,783 | 333,760 |
Non-operating expenses, net: | ||||
Interest expense | 28,559 | 22,971 | 77,356 | 67,820 |
Fair value adjustment related to convertible debt liability | 0 | 0 | 0 | 27,806 |
Interest income and miscellaneous expense | 1,906 | (2,447) | 3,200 | (4,905) |
Total non-operating expenses, net | 30,465 | 20,524 | 80,556 | 90,721 |
Income before income tax expense | 160,338 | 182,409 | (37,773) | 243,039 |
Income tax expense | 37,013 | 39,315 | 43,378 | 52,222 |
Net Income | 123,325 | 143,094 | (81,151) | 190,817 |
Less: Net Income Attributable to Noncontrolling Interest | (503) | (529) | (956) | (810) |
Net Income (Loss) Attributable to Shareholders | $ 123,828 | $ 143,623 | $ (80,195) | $ 191,627 |
Net income per common share [Abstract] | ||||
Basic | $ 1.24 | $ 1.44 | $ (0.80) | $ 1.98 |
Diluted | 1.24 | 1.42 | (0.80) | 1.97 |
Cash dividends declared per common share outstanding | $ 0.47 | $ 0.43 | $ 1.37 | $ 1.26 |
Product [Member] | ||||
Revenues: | ||||
Revenues | $ 679,042 | $ 697,256 | $ 1,982,512 | $ 1,871,773 |
Cost of revenues: | ||||
Cost of Goods and Services Sold | 374,729 | 373,793 | 1,058,663 | 1,072,683 |
Service [Member] | ||||
Revenues: | ||||
Revenues | 536,952 | 511,715 | 1,590,490 | 1,502,605 |
Cost of revenues: | ||||
Cost of Goods and Services Sold | $ 319,768 | $ 297,064 | $ 942,709 | $ 856,955 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Net Income | $ 123,325 | $ 143,094 | $ (81,151) | $ 190,817 |
Less: Net Income Attributable to Noncontrolling Interest | (503) | (529) | (956) | (810) |
Net Income (Loss) Attributable to Shareholders | 123,828 | 143,623 | (80,195) | 191,627 |
Other comprehensive (loss) income | ||||
Amortization of pension and postretirement benefits plans costs, (net of taxes of ($8), $174, ($24) and $523, respectively) | 27 | (507) | 83 | (1,521) |
Change in cumulative foreign current translation adjustment | 233,958 | (30,638) | (154,438) | (74,114) |
Total other comprehensive (loss) income | 233,985 | (31,145) | (154,355) | (75,635) |
Comprehensive income | $ 357,813 | $ 112,478 | $ (234,550) | $ 115,992 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||||
Amortization of pension and postretirement benefits plans costs, tax | $ (8) | $ 174 | $ (24) | $ 523 |
Nature of Operations and Summary of Significant Accounting Policies(Notes) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes To Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies | Nature of Operations and Summary of Significant Accounting Policies 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. We operate and report in four reportable business segments: Healthcare, Applied Sterilization Technologies, Life Sciences, and Dental. We describe our business segments in Note 9 titled "Business Segment Information." 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, 2022, which was filed with the Securities and Exchange Commission ("SEC") on May 31, 2022. The Consolidated Balance Sheet at March 31, 2022 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, 2022 are not necessarily indicative of results that may be expected for future quarters or for the full fiscal year ending March 31, 2023. 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, 2022, 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 2023, $76,861 of the March 31, 2022 deferred revenue balance was recorded as revenue. During the first nine months of fiscal 2022, $42,942 of the March 31, 2021 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, 2022, the transaction price allocated to remaining performance obligations was approximately $1,592,000. We expect to recognize approximately 63% of the transaction price within one year and approximately 29% 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, 2022, which was filed with the SEC on May 31, 2022. Our significant and critical accounting policies, estimates, and assumptions have not changed materially from March 31, 2022.
|
Business Acquisitions and Divestitures Business Acquisitions and Divestitures (Notes) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisitions and Divestitures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination Disclosure | Business Acquisitions During the first nine months of fiscal 2023, we completed several tuck-in acquisitions which continued to expand our product and service offerings in the Applied Sterilization Technologies and Healthcare segments. Total aggregate consideration was approximately $40,720, including potential contingent consideration of $6,700. On June 2, 2021, we acquired all outstanding equity interests in Cantel Medical LLC ("Cantel") through a U.S. subsidiary. The total consideration for Cantel common stock and stock equivalents was $3,599,471. 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 our Annual Report on Form 10-K for the year ended March 31, 2022, which was filed with the SEC on May 31, 2022. 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 our Annual Report on Form 10-K for the year ended March 31, 2022, which was filed with the SEC on May 31, 2022. Fair Value of Assets Acquired and Liabilities Assumed The table below presents the allocation of fair values of assets acquired and liabilities assumed on the acquisition date.
Acquisition and integration expenses totaled $4,817 and $18,493 for the three and nine months ended December 31, 2022, respectively. Acquisition and integration expenses totaled $9,298 and $167,698 for the three and nine months ended December 31, 2021, respectively. These costs were primarily related to the acquisition and integration of Cantel. Acquisition and integration expenses are reported in the Selling, general and administrative expenses line of our Consolidated Statements of Income and include but are not limited to investment banker, advisory, legal, other professional fees, and certain employee-related expenses. During the second quarter of fiscal 2023, in connection with the preparation of our quarterly consolidated financial statements, we identified and recognized a goodwill impairment loss of $490,565 related to goodwill that arose with respect to assets acquired in the Cantel acquisition. For more information on the impairment loss, see Note 17 to our consolidated financial statements titled, "Goodwill." For more information on the acquisition of Cantel, refer to our Annual Report on Form 10-K for the year ended March 31, 2022, which was filed with the SEC on May 31, 2022.
|
Inventories, Net (Notes) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Property, Plant and Equipment (Notes) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
|
Debt (Notes) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Indebtedness was as follows:
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, 2022, which was filed with the SEC on May 31, 2022.
|
Additional Consolidated Balance Sheets Information (Notes) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Income Tax Expense (Notes) |
9 Months Ended |
---|---|
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | Income Tax Expense The effective income tax rates for the three month periods ended December 31, 2022 and 2021 were 23.1% and 21.6%, respectively. The higher fiscal 2023 effective tax rate is the result of changes in geographic mix and favorable discrete items in the third quarter of fiscal 2022. The effective income tax rates for the nine month periods ended December 31, 2022 and 2021 were (114.8)% and 21.5%, respectively. The fiscal 2023 effective tax rate for the nine month period ended December 31, 2022 decreased when compared to the prior year period, primarily due to the tax impact of the goodwill impairment loss recognized on the Dental segment during the second quarter of fiscal 2023. 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 and 2017. An agreement was reached on final interest rates, which also impacts subsequent years through 2020. We estimate the total federal, state, and local tax impact of the settlement to be approximately $12,000 for the fiscal years 2016 through 2020, of which approximately $7,500 has been paid through December 31, 2022. 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. We have not established reserves related to these notices. An unfavorable outcome is not expected to have a material adverse impact on our consolidated financial position but could be material to our consolidated results of operations and cash flows for any one period.
|
Contingencies (Notes) |
9 Months Ended |
---|---|
Dec. 31, 2022 | |
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, gases, asbestos, contaminants, radiation), property damage (e.g., claimed damage due to leaking equipment, fire, vehicles, chemicals), commercial claims (e.g., breach of contract, economic loss, warranty, misrepresentation), financial (e.g., taxes, reporting), employment (e.g., wrongful termination, discrimination, benefits matters), and other claims for damage and relief. We believe we have adequately reserved for our current litigation and claims that are probable and estimable, and further believe that the ultimate outcome of these pending lawsuits and claims will not have a material adverse effect on our consolidated financial position or results of operations taken as a whole. Due to their inherent uncertainty, however, there can be no assurance of the ultimate outcome or effect of current or future litigation, investigations, claims or other proceedings (including without limitation the matters discussed below). For certain types of claims, we presently maintain insurance coverage for personal injury and property damage and other liability coverages in amounts and with deductibles that we believe are prudent, but there can be no assurance that these coverages will be applicable or adequate to cover adverse outcomes of claims or legal proceedings against us. Civil, criminal, regulatory or other proceedings involving our products or services could possibly result in judgments, settlements or administrative or judicial decrees requiring us, among other actions, to pay damages or fines or effect recalls, or be subject to other governmental, Customer or other third party claims or remedies, which could materially 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, 2022, which was filed with the SEC on May 31, 2022, Item 1 titled "Business - Information with respect to our Business in General - Government Regulation" and the "Risk Factors" in Item 1A titled "Product and service related regulations and claims." From time to time, STERIS is also involved in legal proceedings as a plaintiff involving contract, patent protection, and other claims asserted by us. Gains, if any, from these proceedings are recognized when they are realized. We are subject to taxation from United States federal, state and local, and non-U.S. jurisdictions. Tax positions are settled primarily through the completion of audits within each individual jurisdiction or the closing of statutes of limitation. Changes in applicable tax law or other events may also require us to revise past estimates. We describe income taxes further in Note 7 to our consolidated financial statements titled, “Income Tax Expense” in this Quarterly Report on Form 10-Q.
|
Business Segment Information (Notes) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segment Information | Business Segment Information We 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. Certain prior period costs were reallocated from the Healthcare segment to Corporate to conform with current year presentation. The prior period segment operating income measure has been recast for comparability. For the three and nine months ended December 31, 2022, revenues from a single Customer did not represent ten percent or more of the Healthcare, AST or Life Sciences segment revenues. Three Customers collectively and 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 47.2% and 43.8% of our Dental segment revenues for the three and nine months ended December 31, 2022, respectively. These three Customers collectively accounted for approximately 55.8% and 46.1% of our Dental segment revenues for the three and nine months ended December 31, 2021, respectively. Additional information regarding our segments is included in our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2022, which was filed with the SEC on May 31, 2022. Financial information for each of our segments is presented in the following table:
(1) For more information regarding our recent acquisitions and divestitures, refer to Note 2 titled, "Business Acquisitions and Divestitures" included in our Annual Report on Form 10-K for the year ended March 31, 2022, which was filed with the SEC on May 31, 2022. (2) Acquisition and integration related charges include transaction costs and integration expenses associated with acquisitions. (3) Costs incurred in tax restructuring. (4) For more information regarding our restructuring efforts, refer to our Annual Report on Form 10-K for the year ended March 31, 2022, which was filed with the SEC on May 31, 2022. (5) For more information regarding our goodwill impairment loss, see Note 17 to our consolidated financial statements titled, "Goodwill." Additional information regarding our fiscal 2023 and fiscal 2022 revenue is disclosed in the following tables:
|
Shares and Preferred Shares (Notes) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
(1) The dilutive effect of share equivalents is excluded from the calculation of diluted earnings per share for the nine months ended December 31, 2022 due to our net loss for that period. 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.
|
Equity |
9 Months Ended |
---|---|
Dec. 31, 2022 | |
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, 2022, there was approximately $160,626 (net of taxes, fees and commissions) of remaining availability under the Board authorized share repurchase program. The share repurchase program has no specified expiration date. Under the authorization, the Company may repurchase its shares from time to time through open market purchases, including 10b5-1 plans. Any share repurchases may be activated, suspended or discontinued at any time. Due to the uncertainty surrounding the COVID-19 pandemic, share repurchases were suspended on April 9, 2020. The suspension was lifted effective February 10, 2022, enabling the Company to resume stock repurchases pursuant to the prior authorizations. During the first nine months of fiscal 2023, we repurchased 775,320 of our ordinary shares for the aggregate amount of $148,306 (net of fees and commissions) pursuant to the authorizations. During the first nine months of fiscal 2023, we obtained 74,897 of our ordinary shares in the aggregate amount of $13,060 in connection with share-based compensation award programs. 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.
|
Share-Based Compensation (Notes) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2022, 2,798,121 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 2023 and 2022:
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 2.54% and 2.85% was applied in fiscal 2023 and 2022, respectively. This rate is calculated based upon historical activity and represents an estimate of the granted options not expected to vest. If actual forfeitures differ from this calculated rate, we may be required to make additional adjustments to compensation expense in future periods. The assumptions used above are reviewed at the time of each significant option grant, or at least annually. A summary of share option activity is as follows:
We estimate that 611,629 of the non-vested stock options outstanding at December 31, 2022 will ultimately vest. The aggregate intrinsic value in the table above represents the total pre-tax difference between the $184.69 closing price of our ordinary shares on December 31, 2022 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 2023 and fiscal 2022 was $4,638 and $43,425, respectively. Net cash proceeds from the exercise of stock options were $1,497 and $6,789 for the first nine months of fiscal 2023 and fiscal 2022, respectively. The weighted average grant date fair value of stock option grants was $50.72 and $37.52 for the first nine months of fiscal 2023 and fiscal 2022, 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 May 24, 2021, we no longer have outstanding SARS. A summary of the non-vested restricted share and share unit activity is presented below:
Restricted shares and restricted share unit grants are valued based on the closing stock price at the grant date. The value of restricted shares and units that vested during the first nine months of fiscal 2023 at the time of grant was $20,237. As of December 31, 2022, there was a total of $72,008 in unrecognized compensation cost related to non-vested share-based compensation granted under our share-based compensation plan. We expect to recognize the cost over a weighted average period of 2.1 years. Cantel Share Based Compensation Plan In connection with the 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. 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 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 Cantel 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. Recognition of unamortized share-based compensation expense totaling $18,545 was accelerated in connection with the planned termination of certain Cantel executive level employees in the first quarter of 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 remaining service required under the awards became non-substantive requiring acceleration of the remaining related compensation cost. As of December 31, 2022, there was a total of $2,319 in unrecognized compensation cost related to non-vested STERIS restricted share units awarded to replace Cantel restricted share units. We expect to recognize the cost over a weighted average period of 0.8 years. A summary of the non-vested restricted share units activity associated with the Cantel share-based compensation plans is presented below:
|
Financial and Other Guarantees(Notes) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||
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 2023 were as follows:
|
Deritvatives and Hedging (Notes) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure | Derivatives and Hedging From time to time, we enter into forward contracts to hedge potential foreign currency gains and losses that arise from transactions denominated in foreign currencies, including inter-company transactions. We may also enter into commodity swap contracts to hedge price changes in nickel that impact raw materials included in our cost of revenues. During the third quarter of fiscal 2023, 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 2023. 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, 2022, we held foreign currency forward contracts to buy 13.0 million British pounds sterling; and to sell 150.0 million Mexican pesos, and 16.3 million euros. At December 31, 2022, we held commodity swap contracts to buy 200.4 thousand pounds of nickel.
The following table presents the impact of derivative instruments and their location within the Consolidated Statements of Income:
|
Fair Value Measurements (Notes) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2022 and March 31, 2022:
(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 and miscellaneous expense (income) line" of the Consolidated Statement of Income. During the third quarter and first nine months of fiscal 2023, we recorded gains (losses) of $(342) and $1,385, respectively, related to these investments. During the third quarter and first nine months of fiscal 2022, we recorded gains (losses) of $28 and $(200), respectively, related to these investments. (3) We estimate the fair value of our debt using discounted cash flow analyses, based on estimated current incremental borrowing rates for similar types of borrowing arrangements. (4) Contingent consideration obligations arise from business acquisitions. The fair values are based on discounted cash flow analyses reflecting the possible achievement of specified performance measures or events and capture 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, 2022 are summarized as follows:
|
Reclassifications out of Accumulated Other Comprehensive Income Reclassification out of Accumulated Other Comprehensive Income (Notes) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 and nine months ended December 31, 2022 and 2021 were as follows:
(1) The amortization (gain) of defined benefit pension items is reported in the Interest and miscellaneous expense (income) line of our Consolidated Statements of Income. (2) The effective portion of gain or loss on net debt designated as non-derivative net investment hedging instruments is recognized in Accumulated Other Comprehensive Income and is reclassified to income in the same period when a gain or loss related to the net investment is included in income.
1) The amortization (gain) of defined benefit pension items is reported in the Interest and miscellaneous expense (income) line of our Consolidated Statements of Income. (2) The effective portion of gain or loss on net debt designated as non-derivative net investment hedging instruments is recognized in Accumulated Other Comprehensive Income and is reclassified to income in the same period when a gain or loss related to the net investment is included in income.
|
Intangible Assets, Goodwill and Other |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill Disclosure | Goodwill Changes to the carrying amount of goodwill for the nine months ended December 31, 2022 are as follows:
We evaluate the recoverability of recorded goodwill annually at the reporting unit level during the third fiscal quarter, or when indicators of potential impairment exist. The Company's reporting units are equivalent to the reportable operating segments. In connection with the preparation of our second quarter consolidated financial statements, we considered the risk of impairment due to deteriorating macroeconomic conditions including rising interest rates and inflationary pressures on material and labor costs, as well as uncertainty regarding the impact such economic strains will have on patient and Customer behavior in the short-term. Our conclusion, based on the qualitative assessment of these factors, was that it was more likely than not that the goodwill allocated to the Dental segment as of September 30, 2022 was impaired. Our quantitative analysis to measure the extent of goodwill impairment compared the estimated fair value to the carrying value of the Dental segment. The fair value is estimated as the present value of future cash flows. Future cash flow projections are consistent with those used in our forecasting and strategic planning processes. The determination of the discount rate requires judgement and assumptions to be developed about the weighted average cost of capital that market participants would employ in evaluating the current fair value of the business. The macroeconomic factors that triggered the interim review are also the drivers of the increase in the weighted average cost of capital assumption. In connection with the preparation of our second quarter consolidated financial statements, we identified and recognized, as of September 30, 2022, that the estimated fair value of the Dental segment was below the carrying value resulting in a non-cash goodwill impairment charge of $490,565. The impairment charge was recorded within “Goodwill impairment loss” in the Consolidated Statements of Income during the three-month period ended September 30, 2022. Our review as of September 30, 2022 did not indicate that impairment of goodwill was more likely than not for any of the remaining segments during the period. The annual goodwill impairment review was conducted in the third quarter of fiscal 2023 as planned. No additional goodwill impairment was identified during this review.
|
Nature of Operations and Summary of Significant Accounting Policies Accounting Policies (Policies) |
9 Months Ended |
---|---|
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation We use the consolidation method to report our investment in our subsidiaries. Therefore, the accompanying consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. We eliminate inter-company accounts and transactions when we consolidate these accounts. Investments in equity of unconsolidated affiliates, over which the Company has significant influence, but not control, over the financial and operating polices, are accounted for primarily using the equity method. These investments are immaterial to the Company's consolidated financial statements.
|
Use of Estimates | Use of Estimates We make certain estimates and assumptions when preparing financial statements according to U.S. GAAP that affect the reported amounts of assets and liabilities at the financial statement dates and the reported amounts of revenues and expenses during the periods presented. These estimates and assumptions involve judgments with respect to many factors that are difficult to predict and are beyond our control. Actual results could be materially different from these estimates. We revise the estimates and assumptions as new information becomes available. This means that operating results for the three and nine month periods ended December 31, 2022 are not necessarily indicative of results that may be expected for future quarters or for the full fiscal year ending March 31, 2023.
|
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, 2022, 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 2023, $76,861 of the March 31, 2022 deferred revenue balance was recorded as revenue. During the first nine months of fiscal 2022, $42,942 of the March 31, 2021 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, 2022, the transaction price allocated to remaining performance obligations was approximately $1,592,000. We expect to recognize approximately 63% of the transaction price within one year and approximately 29% beyond one year. The remainder has yet to be scheduled for delivery
|
Accounting Policies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncement, Early Adoption | Recently Issued Accounting Standards Impacting the Company are presented in the following table:
|
Business Acquisitions and Divestitures Business Acquisitions and Divestitures (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisitions and Divestitures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The table below presents the allocation of fair values of assets acquired and liabilities assumed on the acquisition date.
|
Inventories, Net Inventories, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory |
|
Property, Plant and Equipment Property, Plant and Equipment (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
|
Debt Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | Indebtedness was as follows:
|
Additional Consolidated Balance Sheets Information Additional Consolidated Balance Sheets Information (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities [Table Text Block] | Additional information related to our Consolidated Balance Sheets is as follows:
|
Business Segment Information Business Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from External Customers by Products and Services [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from External Customers by Geographic Areas [Table Text Block] |
|
Shares and Preferred Shares Shares and Preferred Shares (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Number of Shares [Table Text Block] |
(1) The dilutive effect of share equivalents is excluded from the calculation of diluted earnings per share for the nine months ended December 31, 2022 due to our net loss for that period.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Share-Based Compensation Share-Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 2023 and 2022:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Financial and Other Guarantees Financial and Other Gurantees (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||
Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Product Warranty Liability | Changes in our warranty liability during the first nine months of fiscal 2023 were as follows:
|
Derivatives and Hedging Derivatives and Hedging (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Fair Value Measurements Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Option, Disclosures | The following table shows the fair value of our financial assets and liabilities at December 31, 2022 and March 31, 2022:
(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 and miscellaneous expense (income) line" of the Consolidated Statement of Income. During the third quarter and first nine months of fiscal 2023, we recorded gains (losses) of $(342) and $1,385, respectively, related to these investments. During the third quarter and first nine months of fiscal 2022, we recorded gains (losses) of $28 and $(200), respectively, related to these investments. (3) We estimate the fair value of our debt using discounted cash flow analyses, based on estimated current incremental borrowing rates for similar types of borrowing arrangements. (4) Contingent consideration obligations arise from business acquisitions. The fair values are based on discounted cash flow analyses reflecting the possible achievement of specified performance measures or events and capture the contractual nature of the contingencies, commercial risk, and the time value of money. Contingent consideration obligations are classified in the consolidated balance sheets as accrued expense (short-term) and other liabilities (long-term), as appropriate based on the contractual payment dates.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, 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, 2022 are summarized as follows:
|
Reclassifications out of Accumulated Other Comprehensive Income Reclassification out of Accumulated Other Comprehensive Income (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 and nine months ended December 31, 2022 and 2021 were as follows:
(1) The amortization (gain) of defined benefit pension items is reported in the Interest and miscellaneous expense (income) line of our Consolidated Statements of Income. (2) The effective portion of gain or loss on net debt designated as non-derivative net investment hedging instruments is recognized in Accumulated Other Comprehensive Income and is reclassified to income in the same period when a gain or loss related to the net investment is included in income.
1) The amortization (gain) of defined benefit pension items is reported in the Interest and miscellaneous expense (income) line of our Consolidated Statements of Income. (2) The effective portion of gain or loss on net debt designated as non-derivative net investment hedging instruments is recognized in Accumulated Other Comprehensive Income and is reclassified to income in the same period when a gain or loss related to the net investment is included in income.
|
Intangible Assets, Goodwill and Other (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | Changes to the carrying amount of goodwill for the nine months ended December 31, 2022 are as follows:
|
Nature of Operations and Summary of Significant Accounting Policies Revenue Table (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Revenue, Remaining Performance Obligation, Amount | $ 1,592,000 | |
Deferred Revenue, Revenue Recognized | $ 76,861 | $ 42,942 |
Expected recognition within the next year [Member] | ||
Revenue, Remaining Performance Obligation, Percentage | 63.00% | |
Expected recognition beyond the next year [Member] [Member] | ||
Revenue, Remaining Performance Obligation, Percentage | 29.00% |
Inventories, Net Inventories, Net (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Mar. 31, 2022 |
---|---|---|
Raw materials | $ 233,313 | $ 195,035 |
Work in process | 103,898 | 76,021 |
Finished goods | 399,034 | 334,880 |
Reserve for excess and obsolete inventory | (41,888) | (30,937) |
Inventories, net | $ 694,357 | $ 574,999 |
Property, Plant and Equipment Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 |
Mar. 31, 2022 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land and land improvements | [1] | $ 83,262 | $ 84,015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Buildings and leasehold improvements | 674,484 | 654,851 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Machinery and equipment | 952,350 | 903,649 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Radioisotope | 621,526 | 597,641 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction in progress | [1] | 489,772 | 356,013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total property, plant, and equipment | 3,055,691 | 2,818,789 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: accumulated depreciation and depletion | (1,384,534) | (1,266,213) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 1,671,157 | 1,552,576 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitalized Computer Hardware/Software, Gross | $ 234,297 | $ 222,620 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Debt Debt (Details) - USD ($) $ / shares in Units, $ in Thousands |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 |
Mar. 31, 2022 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | Indebtedness was as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | $ 22,326 | $ 25,278 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Agreement | 274,658 | 58,908 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total long term debt | 3,001,575 | 2,945,481 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt, Long-term and Short-term, Combined Amount | 3,061,575 | 3,088,356 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt | 60,000 | 142,875 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term loan, current portion | 27,500 | 27,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loan | 51,875 | 177,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Delayed Draw Term Loan | 601,250 | 625,625 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Delayed draw term loan, current portion | $ 32,500 | 24,375 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private Placement | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Notes, Current | $ 0 | 91,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Notes | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Notes, Noncurrent | 1,350,000 | 1,350,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private Placement | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Notes, Noncurrent | $ 746,118 | $ 758,726 |
Income Tax Expense Income Tax Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
Effective Income Tax Rate, Continuing Operations | 23.10% | 21.60% | (114.80%) | 21.50% |
Uncertain Tax Liability Resulting From IRS Notice | $ 50,000 | $ 50,000 | ||
Income Tax Examination, Estimate of Possible Loss | 12,000 | |||
Income tax examination, amount of loss paid | $ 7,500 |
Shares and Preferred Shares Preferred Shares (Details) |
Dec. 31, 2022
$ / shares
|
---|---|
Class of Stock [Line Items] | |
Preferred shares, par value | $ 0.001 |
Repurchases of Shares (Details) - USD ($) $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Jul. 30, 2019 |
May 07, 2019 |
|
Equity, Class of Treasury Stock [Line Items] | ||||
Share repurchase program, number of shares authorized | $ 160,626 | $ 300,000 | $ 78,979 | |
Shares repurchased during period, number | 775,320 | |||
Aggregate value of shares repurchased pursuant to authorization | $ 148,306 | |||
Shares obtained in connection with share based compensation award programs | 74,897 | 225,493 | ||
Payments for shares obtained in connection with share based compensation programs | $ 13,060 | $ 27,628 |
Share-Based Compensation Share-Based Compensation (Details) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Jun. 30, 2021
USD ($)
$ / shares
shares
|
Dec. 31, 2022
USD ($)
$ / shares
shares
|
Dec. 31, 2021
USD ($)
$ / shares
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Item] | |||
Remaining shares available for grant | 2,798,121 | ||
Weighted-average assumptions used for options granted: | |||
Risk-free interest rate | 2.44% | 1.10% | |
Expected life of options | 5 years 10 months 24 days | 5 years 10 months 24 days | |
Exptected dividend yield of stock | 0.80% | 0.95% | |
Expected volatility of stock | 24.49% | 24.27% | |
Estimated forfeiture rate | 2.54% | 2.85% | |
Summary of share option activity: | |||
Outstanding at March 31, 2017 | 1,560,954 | ||
Granted | 235,435 | ||
Exercised | (25,228) | ||
Forfeited | (8,928) | ||
Outstanding at June 30, 2017 | 1,762,233 | ||
Exercisable at June 30, 2017 | 1,137,168 | ||
Weighted average exercise price: | |||
Outstanding at March 31, 2017 | $ / shares | $ 138.37 | ||
Granted | $ / shares | 247.45 | ||
Exercised | $ / shares | 51.70 | ||
Forfeited | $ / shares | 205.25 | ||
Outstanding at June 30, 2017 | $ / shares | 153.85 | ||
Exercisable at June 30, 2017 | $ / shares | $ 121.60 | ||
Average Remaining Contractual Term, Outstanding at June 30, 2017 | 6 years 4 months 24 days | ||
Aggregate Intrinsic Value, Outstanding at June 30, 2017 | $ | $ 77,486 | ||
Average Remaining Contractual Term, Exercisable at June 30, 2017 | 5 years 4 months 24 days | ||
Aggregate Intrinsic Value, Exercisable at June 30, 2017 | $ | $ 74,465 | ||
Non-vested stock options outstanding expected to vest | 611,629 | ||
Ordinary shares, closing price | $ / shares | $ 184.69 | ||
Total intrinsic value of stock options exercised | $ | $ 4,638 | $ 43,425 | |
Net cash proceeds from the exercise of stock options | $ | $ 1,497 | $ 6,789 | |
Weighted average grant date fair value of stock option grants, per share | $ / shares | $ 50.72 | $ 37.52 | |
Summary of non-vested restricted share activity: | |||
Unrecognized compensation cost related to nonvested share-based compensation granted | $ | $ 72,008 | ||
Weighted Average Period For Total Compensation Expense Not Yet Recognized | 2 years 1 month 6 days | ||
Restricted Stock | |||
Summary of non-vested restricted share activity: | |||
Number of Restricted Shares, Non-vested at Beginning of Period | 485,510 | ||
Weighted-Average Grant Date Fair Value, Non-vested at Beginning of Period | $ / shares | $ 157.37 | ||
Number of Restricted Shares, Granted | 126,974 | ||
Weighted-Average Grant Date Fair Value, Granted | $ / shares | $ 225.07 | ||
Number of Restricted Shares, Vested | (146,056) | ||
Weighted-Average Grant Date Fair Value, Vested | $ / shares | $ 126.98 | ||
Number of Restricted Shares, Canceled | (15,681) | ||
Weighted-Average Grant Date Fair Value, Canceled | $ / shares | $ 181.75 | ||
Number of Restricted Shares, Non-vested at End of Period | 450,747 | ||
Weighted-Average Grant Date Fair Value, Non-vested at End of Period | $ / shares | $ 186.24 | ||
Fair Value, Share-based Payment Awards, Other than Options | $ | $ 20,237 | ||
Restricted Stock Units (RSUs) | |||
Weighted average exercise price: | |||
Weighted average grant date fair value of stock option grants, per share | $ / shares | $ 191.18 | ||
Summary of non-vested restricted share activity: | |||
Number of Restricted Shares, Non-vested at Beginning of Period | 33,677 | ||
Number of Restricted Shares, Granted | 13,030 | ||
Number of Restricted Shares, Vested | (13,189) | ||
Number of Restricted Shares, Canceled | (2,120) | ||
Number of Restricted Shares, Non-vested at End of Period | 31,398 | ||
Share-based Payment Arrangement, Expense | $ | $ 18,545 | ||
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 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Grants in Period, Weighted Average Grant Date Fair Value | $ | $ 53,607 | ||
RSUs Cantel | |||
Summary of non-vested restricted share activity: | |||
Number of Restricted Shares, Non-vested at Beginning of Period | 45,722 | ||
Weighted-Average Grant Date Fair Value, Non-vested at Beginning of Period | $ / shares | $ 191.18 | ||
Number of Restricted Shares, Granted | 0 | ||
Weighted-Average Grant Date Fair Value, Granted | $ / shares | $ 0 | ||
Number of Restricted Shares, Vested | (24,775) | ||
Weighted-Average Grant Date Fair Value, Vested | $ / shares | $ 191.18 | ||
Number of Restricted Shares, Canceled | (4,507) | ||
Weighted-Average Grant Date Fair Value, Canceled | $ / shares | $ 191.18 | ||
Number of Restricted Shares, Non-vested at End of Period | 280,402 | 16,440 | |
Weighted-Average Grant Date Fair Value, Non-vested at End of Period | $ / shares | $ 191.18 | ||
Unrecognized compensation cost related to nonvested share-based compensation granted | $ | $ 2,319 | ||
Weighted Average Period For Total Compensation Expense Not Yet Recognized | 9 months 18 days |
Financial and Other Guarantees Financial and Other Guarantees (Details) $ in Thousands |
9 Months Ended |
---|---|
Dec. 31, 2022
USD ($)
| |
Product Warranty Liability [Line Items] | |
Balance, March 31, 2017 | $ 14,108 |
Warranties issued during the period | 8,749 |
Settlement made during the period | (9,415) |
Balance, June 30, 2017 | $ 13,442 |
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, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2022
USD ($)
lb
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2022
GBP (£)
|
Dec. 31, 2022
MXN ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2022
EUR (€)
|
Mar. 31, 2022
USD ($)
|
|
Prepaid & Other | |||||||||
Derivative [Line Items] | |||||||||
Asset derivatives | $ 842 | $ 2,780 | |||||||
Liability derivatives | 0 | 0 | |||||||
Accrued expenses and other | |||||||||
Derivative [Line Items] | |||||||||
Asset derivatives | 0 | 0 | |||||||
Liability derivatives | $ 326 | $ 198 | |||||||
Foreign currency forward contracts | Selling, general, and administrative expense | |||||||||
Derivative [Line Items] | |||||||||
Gain (Loss) on Derivative Instruments, Net, Pretax | $ 952 | $ 1,707 | $ 5,581 | $ 4,279 | |||||
Commodity swap contracts | |||||||||
Derivative [Line Items] | |||||||||
Derivative, notional amount, weight | lb | 200,400 | ||||||||
Commodity swap contracts | Cost of Sales [Member] | |||||||||
Derivative [Line Items] | |||||||||
Gain (Loss) on Derivative Instruments, Net, Pretax | $ (1,189) | $ (417) | $ 1,994 | $ (1,110) | |||||
Mexican peso | Foreign currency forward contracts | |||||||||
Derivative [Line Items] | |||||||||
Derivative Asset, Notional Amount | $ 150.0 | ||||||||
euro | Foreign currency forward contracts | |||||||||
Derivative [Line Items] | |||||||||
Derivative Asset, Notional Amount | € | € 16.3 | ||||||||
British pounds sterling | Foreign currency forward contracts | |||||||||
Derivative [Line Items] | |||||||||
Liability derivatives | £ | £ 13.0 |
Derivatives and Hedging Gain (Loss) on Derivatives, Income Statement Location (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Foreign currency forward contracts | Selling, general, and administrative expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) recognized in income | $ (952) | $ (1,707) | $ (5,581) | $ (4,279) |
Commodity swap contracts | Cost of revenues | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) recognized in income | $ 1,189 | $ 417 | $ (1,994) | $ 1,110 |
Fair Value Measurements Fair Value Hierarchy (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2022 |
|||||||||
Reported Value Measurement [Member] | |||||||||||||
Assets: | |||||||||||||
Cash and cash equivalents | $ 259,371 | $ 259,371 | $ 348,320 | ||||||||||
Forward and swap contracts | [1] | 842 | 842 | 2,780 | |||||||||
Equity Securities, FV-NI | [2] | 6,820 | 6,820 | 8,520 | |||||||||
Investments | 2,178 | 2,178 | 2,272 | ||||||||||
Liabilities: | |||||||||||||
Deferred compensation plans | [2] | 955 | 955 | 1,240 | |||||||||
Long term debt | [3] | 3,061,575 | 3,061,575 | 3,088,356 | |||||||||
Contingent consideration obligations | 14,820 | 14,820 | 10,550 | ||||||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | [1] | 326 | 326 | 198 | |||||||||
Debt and Equity Securities, Gain (Loss) | 342 | $ (28) | (1,385) | $ 200 | |||||||||
Contingent consideration obligations | 14,820 | 14,820 | 10,550 | ||||||||||
Level 1 | |||||||||||||
Assets: | |||||||||||||
Cash and cash equivalents | 259,371 | 259,371 | 348,320 | ||||||||||
Forward and swap contracts | 0 | 0 | 0 | ||||||||||
Equity Securities, FV-NI | [2] | 6,820 | 6,820 | 8,520 | |||||||||
Investments | 2,178 | 2,178 | 2,272 | ||||||||||
Liabilities: | |||||||||||||
Deferred compensation plans | [2] | 955 | 955 | 1,240 | |||||||||
Long term debt | [3] | 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] | 842 | 842 | 2,780 | |||||||||
Equity Securities, FV-NI | 0 | 0 | 0 | ||||||||||
Investments | 0 | 0 | 0 | ||||||||||
Liabilities: | |||||||||||||
Deferred compensation plans | 0 | 0 | 0 | ||||||||||
Long term debt | [3] | 2,693,782 | 2,693,782 | 2,991,680 | |||||||||
Contingent consideration obligations | 0 | 0 | 0 | ||||||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | [1] | 326 | 326 | 198 | |||||||||
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 | [4] | 14,820 | 14,820 | 10,550 | |||||||||
Debt Instrument, Fair Value Disclosure | [3] | 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, 2022 |
Mar. 31, 2022 |
|||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Contingent consideration | $ 14,820 | $ 10,550 | ||
Additions | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Change in contingent consideration | 7,450 | |||
Contingent consideration gain loss [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Change in contingent consideration | (3,100) | |||
Payments | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Change in contingent consideration | (60) | |||
Foreign currency translation adjustment | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Change in contingent consideration | (20) | |||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Contingent consideration | [1] | 14,820 | 10,550 | |
Fair value | $ 0 | $ 0 | ||
|
Fair Value Measurements Available-for-sale securities (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Debt Securities, Available-for-sale [Line Items] | ||||
Equity Securities, FV-NI, Gain (Loss) | $ (342) | $ 28 | $ 1,385 | $ (200) |
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, 2022 |
Dec. 31, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Sep. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2021 |
Mar. 31, 2021 |
|||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (364,163) | $ (136,878) | $ (364,163) | $ (136,878) | $ (598,148) | $ (209,808) | $ (105,733) | $ (61,243) | ||||||||
Other Comprehensive Income (Loss), Net of Tax | 234,096 | (30,063) | (154,007) | (72,363) | ||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (111) | (1,082) | [1] | (348) | (3,272) | |||||||||||
Other Comprehensive (Loss) Income, Net of Tax, Portion Attributable to Parent | (233,985) | 31,145 | 154,355 | 75,635 | ||||||||||||
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 | 1,359 | (7,040) | 1,359 | (7,040) | 1,332 | 1,276 | (6,533) | (5,519) | ||||||||
Other Comprehensive Income (Loss), Net of Tax | 138 | 575 | 431 | 1,751 | ||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [2] | (111) | (1,082) | (348) | (3,272) | |||||||||||
Other Comprehensive (Loss) Income, Net of Tax, Portion Attributable to Parent | (27) | 507 | (83) | 1,521 | ||||||||||||
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 | (365,522) | (129,838) | (365,522) | (129,838) | $ (599,480) | $ (211,084) | $ (99,200) | $ (55,724) | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 233,958 | (30,638) | (154,438) | (74,114) | ||||||||||||
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 | $ (233,958) | $ 30,638 | $ 154,438 | $ 74,114 | ||||||||||||
|
Intangible Assets, Goodwill and Other (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2022 |
|
Goodwill [Line Items] | |||||
Goodwill | $ 3,853,009 | $ 3,853,009 | $ 4,404,343 | ||
Goodwill, Acquired During Period | 10,753 | ||||
Goodwill impairment loss | 0 | $ 0 | 490,565 | $ 0 | |
Goodwill, Written off Related to Sale of Business Unit | (2,358) | ||||
Goodwill, Foreign Currency Translation Gain (Loss) | (91,252) | ||||
Goodwill, Purchase Accounting Adjustments | 22,088 | ||||
Applied Sterilization Technologies [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill | 1,376,203 | 1,376,203 | 1,432,858 | ||
Goodwill, Acquired During Period | 0 | ||||
Goodwill impairment loss | 0 | ||||
Goodwill, Written off Related to Sale of Business Unit | 0 | ||||
Goodwill, Foreign Currency Translation Gain (Loss) | (56,655) | ||||
Goodwill, Purchase Accounting Adjustments | 0 | ||||
Life Science Member [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill | 181,362 | 181,362 | 179,288 | ||
Goodwill, Acquired During Period | 0 | ||||
Goodwill impairment loss | 0 | ||||
Goodwill, Written off Related to Sale of Business Unit | 0 | ||||
Goodwill, Foreign Currency Translation Gain (Loss) | (1,073) | ||||
Goodwill, Purchase Accounting Adjustments | 3,147 | ||||
Dental | |||||
Goodwill [Line Items] | |||||
Goodwill | 0 | 0 | 465,367 | ||
Goodwill, Acquired During Period | 0 | ||||
Goodwill impairment loss | 490,565 | ||||
Goodwill, Written off Related to Sale of Business Unit | 0 | ||||
Goodwill, Foreign Currency Translation Gain (Loss) | (15,367) | ||||
Goodwill, Purchase Accounting Adjustments | 40,565 | ||||
Healthcare | |||||
Goodwill [Line Items] | |||||
Goodwill | $ 2,295,444 | 2,295,444 | $ 2,326,830 | ||
Goodwill, Acquired During Period | 10,753 | ||||
Goodwill impairment loss | 0 | ||||
Goodwill, Written off Related to Sale of Business Unit | (2,358) | ||||
Goodwill, Foreign Currency Translation Gain (Loss) | (18,157) | ||||
Goodwill, Purchase Accounting Adjustments | $ (21,624) |
Label | Element | Value |
---|---|---|
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 348,320,000 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 220,531,000 |
-7&.L%.^N,2[9$J=L
MJ2NVXS>]@RIFV-H&[.]ZK8KZW2][7;(E3ME25VS'41AD.7MM _K%
M?O[=;OTR?]/[;@5I,B-.4SPD)8O8&.,@ &K/GBG)^1]G-^3&TX_MBF(?#$9W?5.
MG9ZQV!E+DYS[442C..=)&F,4\,#S>)2%=NQ["4^"Y"4-8@#T/#]B@9_P(,\8
MQ/$ 8I+0XUX>'.0L'UP)TA"_*<^]C(5ISH,(OYG/4R\96.E[(8\33/-B"/%@
M(*9G&0OBF.=QQ#YHFC5R]HQ!JH]'>>3&7L;SU,<88M*0>UY@QV$:X2\;S[.?
M%(ES%&AS<0"7#XO"/.]'*=:?L2A/>1 26%$6 +;T)5!9J\( 4&Z-HEY.?6=WD3*$&5J9P3?5 I3"%YN71E32HCQ<#
M0X&<^2!I0,]KT/@-T#E\DZ7)-7PI4TR?^P^(8,GNA(EIS_T,(H[!DM[1 D$"C-0''9P!"21!.A&S\K3J,V
MJ8'[^QW[31$[QK*D$H8\^1J'*NH9UP8)847S1-WQ[2U4\5QHOH GLO@EVTJW
M99 @EXJG%1@]2&-6KO2QRL,> 'F: 78%L)\#VJ\ G K@O-5"NP*TWVKAH@(4
MH9ME[$7B/*JHVQ5\2X361C:]*;)?H#%?,=/O9*X$WL:(4^YP.IE/OXR\_L+W
MR'R!R]B?+.9D>D.&T_'LSK_U)_/1@T]&$Y1]
^>QUG$.=^)6_!"
MO!GG?&F6;P?$A]/
P9U0@MYC RNM&PNL+ E5 &-%/)VF
M\-@?!"DQ@$^!(+BHK):T?43\XOVLR @Q/8
FNH5:$\@X^DZ[IXOC:IR7C^KC
MK4/G;R>5I>.S)=-D4A41F'&2CPLJ;IB>&^UH%@>QI1X\X
MU$T1'G<\$*V,!/B.J=7"L:Y]0%:&%Z:&P@R5@28/9$H[#&!:) EQYU..-,>V
M6R[3)R/U'%ZML*MEMJXUV\/DRN-Q:9PT<&1(R_WC!1%:V5903O>6$0MR
MPHNX63;=[$!S::P#2C2$NFOKE'PY.8W*@SA,0K)M3T,&T^EI.$EB?L;%J7?-
M9Q=MW:=*41@L*"#[138^.0\G\8\B.)S]KVUXQ?Y0 X[VQF"-IO##WA(L:>XF
MXG Z?$^LNC'ZXWGW,7(C3"$5A0=S$HU'T], 3#?@NXW3C1^J:^UH1/ME2=]$
M:/@!W>=:N]V&%0Q?6