Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Dec. 31, 2016 | Feb. 03, 2017 | |
Entity Information [Line Items] | ||
Entity Registrant Name | STERIS plc | |
Entity Central Index Key | 1,624,899 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --03-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 84,932,972 |
CONSOLIDATED BALANCE SHEETS (un
CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 264,857 | $ 248,841 |
Accounts receivable (net of allowances of $8,819 and $11,185 respectively) | 443,661 | 471,523 |
Inventories, net | 209,714 | 192,792 |
Prepaid expenses and other current assets | 52,109 | 59,369 |
Total current assets | 970,341 | 972,525 |
Property, plant, and equipment, net | 939,590 | 1,064,319 |
Intangible Assets, Net (Including Goodwill) | 2,941,933 | 3,279,942 |
Other assets | 35,082 | 29,630 |
Total assets | 4,886,946 | 5,346,416 |
Current liabilities: | ||
Accounts payable | 122,469 | 139,572 |
Accrued income taxes | 0 | 13,683 |
Accrued payroll and other related liabilities | 71,448 | 93,976 |
Accrued expenses and other | 156,136 | 153,375 |
Total current liabilities | 350,053 | 400,606 |
Long-term indebtedness | 1,507,039 | 1,567,796 |
Deferred income taxes, net | 186,536 | 254,824 |
Other Liabilities, Noncurrent | 73,208 | 84,298 |
Total liabilities | 2,116,836 | 2,307,524 |
Commitments and contingencies (see note 9 | ||
Preferred Stock, Value, Issued | 15 | 15 |
Common shares, with GBP 0.10 par value; GBP 17,006 shares in the aggregate par amount authorized; 84,928 shares issued; and 85,920 shares outstanding | 2,082,921 | 2,151,719 |
Retained earnings | 950,300 | 939,459 |
Accumulated other comprehensive income | (274,558) | (68,159) |
Total shareholders' equity | 2,758,678 | 3,023,034 |
Noncontrolling interest | 11,432 | 15,858 |
Total equity | 2,770,110 | 3,038,892 |
Total liabilities and equity | $ 4,886,946 | $ 5,346,416 |
CONSOLIDATED BALANCE SHEETS (u3
CONSOLIDATED BALANCE SHEETS (unaudited) Consolidated Balance Sheet (Parenthetical) £ in Thousands, $ in Thousands | Dec. 31, 2016GBP (£)£ / sharesshares | Dec. 31, 2016USD ($)shares | Mar. 31, 2016USD ($)$ / sharesshares |
Allowance for Doubtful Accounts Receivable, Current | $ | $ 8,819 | $ 11,185 | |
Preferred Stock, Shares Authorized | 100,000 | 100,000 | 100,000 |
Preferred Stock, Shares Issued | 100,000 | 100,000 | 100,000 |
Preferred Stock, Shares Outstanding | 100,000 | 100,000 | 100,000 |
Preferred Stock, Par or Stated Value Per Share | (per share) | £ 0.10 | $ 0.15 | |
common stock aggregate par amount shares authorized | £ | £ 170,060 | ||
Common Stock, Shares Authorized | 170,060,000 | ||
Common Stock, Shares, Issued | 84,928,000 | 84,928,000 | 85,920,000 |
Common Stock, Shares, Outstanding | 84,928,000 | 84,928,000 | 85,920,000 |
Common Stock, Par or Stated Value Per Share | (per share) | £ 0.10 | $ 0.15 | |
Treasury Stock, Shares | 0 | 0 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | ||||
Product | $ 302,260 | $ 305,156 | $ 866,226 | $ 811,608 |
Service | 344,514 | 313,532 | 1,065,341 | 736,879 |
Total revenues | 646,774 | 618,688 | 1,931,567 | 1,548,487 |
Cost of revenues: | ||||
Product | 152,879 | 165,575 | 450,688 | 443,519 |
Service | 236,286 | 214,932 | 735,372 | 473,376 |
Total cost of revenues | 389,165 | 380,507 | 1,186,060 | 916,895 |
Gross Profit | 257,609 | 238,181 | 745,507 | 631,592 |
Operating expenses: | ||||
Selling, general, and administrative | 158,760 | 177,319 | 474,326 | 476,613 |
Goodwill, Impairment Loss | 58,356 | 0 | 58,356 | 0 |
Research and development | 14,591 | 14,334 | 43,636 | 42,354 |
Restructuring Costs | 18 | (194) | 220 | (976) |
Total operating expenses | 231,725 | 191,459 | 576,538 | 517,991 |
Income (loss) from operations | 25,884 | 46,722 | 168,969 | 113,601 |
Non-operating expenses, net: | ||||
Interest expense | 10,980 | 17,706 | 32,975 | 31,312 |
Interest income and miscellaneous expense | (539) | (406) | (1,317) | (1,116) |
Total non-operating expenses, net | 10,441 | 17,300 | 31,658 | 30,196 |
Income before income tax expense | 15,443 | 29,422 | 137,311 | 83,405 |
Income tax expense | (19,790) | (8,268) | (52,745) | (29,689) |
Net(loss) Income | (4,347) | 21,154 | 84,566 | 53,716 |
Net Income Attributable to Noncontrolling Interest | 649 | 1,109 | 744 | 693 |
Net (loss) income attributable to shareholders | $ (4,996) | $ 20,045 | $ 83,822 | $ 53,023 |
Net income (loss) per common share | ||||
Basic | $ (0.06) | $ 0.26 | $ 0.98 | $ 0.81 |
Diluted | (0.06) | 0.26 | 0.97 | 0.80 |
Cash dividends declared per common share outstanding | $ 0.28 | $ 0.25 | $ 0.81 | $ 0.73 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net (loss) Income | $ (4,347) | $ 21,154 | $ 84,566 | $ 53,716 |
Net Income Attributable to Noncontrolling Interest | 649 | 1,109 | 744 | 693 |
Net (loss) income attributable to shareholders | (4,996) | 20,045 | 83,822 | 53,023 |
Other Comprehensive (Loss) Income, Available-for-sale Securities Adjustment, Net of Tax | (55) | 11 | (149) | (1,389) |
Other Comprehensive (Loss) Income, Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | (391) | (377) | (1,171) | (757) |
Other Comprehensive (Loss) Income, Finalization of Pension and Other Postretirement Benefit Plan Valuation, Net of Tax | 0 | 0 | 0 | 17,029 |
Other Comprehensive (Loss) Income, Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (180,084) | (14,593) | (205,079) | (22,636) |
Other Comprehensive (Loss) Income, Net of Tax, Portion Attributable to Parent | (180,530) | (14,959) | (206,399) | (7,753) |
Comprehensive (Loss) Income, Net of Tax, Attributable to Parent | (185,526) | 5,086 | (122,577) | 45,270 |
Other Comprehensive (Loss) Income, Available-for-sale Securities, Tax | 29 | 6 | 143 | 251 |
Other Comprehensive (Loss) Income, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), Tax | 241 | 233 | 723 | 468 |
Other Comprehensive (Loss) Income, Pension and Other Postretirement Benefit Plans, Tax | $ 0 | $ 0 | $ 0 | $ 10,563 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Net (loss) income attributable to shareholders | $ 83,822,000 | $ 53,023,000 |
Net (loss) Income | 84,566,000 | 53,716,000 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation, depletion, and amortization | 135,245,000 | 90,925,000 |
Deferred income taxes | 46,753,000 | (3,037,000) |
Share-based compensation | 14,393,000 | 12,240,000 |
Pension Expense | 0 | 26,470,000 |
Pension Contributions | 0 | (4,641,000) |
Loss on the disposal of property, plant, equipment, and intangibles, net | 394,000 | 352,000 |
Excess Tax Benefit from Share-based Compensation, Operating Activities | 0 | (5,909,000) |
Gain (Loss) on Disposition of Business | 42,771,000 | 0 |
Goodwill, Impairment Loss | 58,356,000 | 0 |
Other items | (26,637,000) | (18,163,000) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (213,000) | (3,070,000) |
Inventories, net | (27,368,000) | (15,481,000) |
Other current assets | 4,223,000 | (5,070,000) |
Accounts payable | (5,778,000) | (17,893,000) |
Accruals and other, net | (37,300,000) | (5,820,000) |
Net cash provided by operating activities | 289,405,000 | 104,619,000 |
Investing activities: | ||
Purchases of property, plant, equipment, and intangibles, net | (112,225,000) | (82,117,000) |
Proceeds from the sale of property, plant, equipment, and intangibles | 4,785,000 | 400,000 |
Proceeds from Divestiture of Businesses | 136,255,000 | 0 |
Payments to Acquire Investments | (6,356,000) | 0 |
Other Payments to Acquire Businesses | (65,322,000) | (604,682,000) |
Net cash used in investing activities | (42,863,000) | (686,399,000) |
Financing activities: | ||
Proceeds from Issuance of Private Placement | 0 | 350,000,000 |
Repayments of Long-term Debt | (15,000,000) | 0 |
Proceeds Under Credit Facility, net | (30,879,000) | 348,670,000 |
Payments of Financing Costs | 0 | (5,094,000) |
Payments of Merger Related Costs, Financing Activities | (6,352,000) | 0 |
Repurchases of common shares | (95,188,000) | (14,069,000) |
Cash dividends paid to common shareholders | (69,411,000) | (43,728,000) |
Proceeds from Issuance or Sale of Equity | 5,022,000 | 488,000 |
Stock option and other equity transactions, net | 3,221,000 | 10,944,000 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | 5,909,000 |
Net cash used in financing activities | (208,587,000) | 653,120,000 |
Effect of exchange rate changes on cash and cash equivalents | (21,939,000) | (7,669,000) |
(Decrease) increase in cash and cash equivalents | 16,016,000 | 63,671,000 |
Cash and cash equivalents at beginning of period | 248,841,000 | 167,689,000 |
Cash and cash equivalents at end of period | $ 264,857,000 | $ 231,360,000 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Nature of Operations [Text Block] | Nature of Operations and Summary of Significant Accounting Policies Nature of Operations STERIS plc (“Parent”) was organized in 2014 under the name Solar New HoldCo Limited as a private limited company for the purpose of effecting under the laws of England and Wales the combination (“Combination”) of STERIS Corporation, an Ohio corporation (“Old STERIS”), and Synergy Health plc, a public limited company organized under the laws of England and Wales (“Synergy”). Effective November 2, 2015 the Parent was re-registered as a public company under the name STERIS plc and the Combination closed. As a result of the Combination closing, STERIS plc became the ultimate parent company of Old STERIS and Synergy. Synergy has been re-registered under the name of Synergy Health Limited. The acquisition of Old STERIS was accounted for in the consolidated financial statements as a merger between entities under common control; accordingly the historical consolidated financial statements of Old STERIS for periods prior to November 2, 2015, are considered to be the historical financial statements of STERIS plc. Due to the timing of the Combination, the results of Synergy are only reflected in the results of operations of the Company from November 2, 2015 forward which affects comparability to the prior period historical operations of the Company throughout this Quarterly Report on Form 10-Q. STERIS offers Customers capital equipment products, such as sterilizers and surgical tables; connectivity solutions such as operating room integration; consumable products, such as detergents, gastrointestinal endoscopy accessories, barrier product solutions, and other products and services, including: equipment installation and maintenance, microbial reduction of medical devices, instrument and scope repair solutions, among other services. 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, 2016 dated May 31, 2016 . The Consolidated Balance Sheet at March 31, 2016 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, 2016 are not necessarily indicative of results that may be expected for future quarters or for the full fiscal year ending March 31, 2017 . Recently Issued Accounting Standards Impacting the Company Recently issued accounting standards impacting the Company are presented in the following table: Standard Date of Issuance Description Date of Adoption Effect on the financial statements or other significant matters Standards that have recently been adopted ASU 2015-05, "Goodwill and other-Internal-Use Software" (Subtopic 350-40) April 2015 The standard provides guidance on a customer's accounting for fees paid in cloud computing arrangements. Previously, there was no U.S. GAAP guidance on accounting for such fees from the customer's perspective. Under the standard, customers will apply the same criteria as vendors to determine whether the arrangement contains a software license or is solely a service contract. The determination could impact the classification of advance payments in the statements of financial position and cash flows as well as the classification of the expenses in the results of operations. The standard is effective for annual periods beginning after December 15, 2015 and interim periods within that period. Early adoption is permitted. First Quarter Fiscal 2017 The adoption of this standard did not have a material impact on our statements of consolidated financial position, results of operations and cash flows. ASU 2016-09, "Stock Compensation: Improvements to Employee Share-Based Payment Accounting" (Topic 718) March 2016 The update simplifies several aspects of the accounting for share-based payment award transactions, including income tax consequences, the classification of awards as either equity or liabilities, and the classification on the statement of cash flows. The standard is effective for annual periods beginning after December 15, 2016 and interim periods within that period. Early adoption is permitted. First Quarter Fiscal 2017 As a result of the adoption of this standard, we recorded $4.3 million of excess tax benefits associated with share based compensation in the statement of income for the nine months ended December 31, 2016 and have included the associated cash flows as cash provided by operating activities. Prior periods have not been restated. Standards that have yet to be adopted ASU 2014-09, "Revenue from Contracts with Customers" May 2014 The standard will replace existing revenue recognition standards and significantly expand the disclosure requirements for revenue arrangements. It may be adopted either retrospectively or on a modified retrospective basis to new contracts and existing contracts with remaining performance obligations as of the effective date. The standard update is effective for annual periods beginning after December 15, 2017 and interim periods within that period, early adoption is not permitted before the original public entity effective date of December 15, 2016. N/A We are in the process of evaluating the impact that the standard will have on our consolidated financial position, results of operations and cash flows. ASU 2016-02, "Leases" (Topic 842) February 2016 The update will require lessees to record all leases, whether finance or operating, on the balance sheet. An asset will be recorded to represent the right to use the leased asset, and a liability will be recorded to represent the lease obligation. The standard is effective for annual periods beginning after December 15, 2018 and interim periods within that period. Early adoption is permitted. N/A We are in the process of evaluating the impact that the standard will have on our statements of consolidated financial position, results of operations and cash flows. ASU 2016-07, "Investments - Equity Method and Joint Ventures, Simplifying the Transition to the Equity Method of Accounting" (Topic 323) March 2016 The update replaces the previous requirement to retroactively adopt the equity method. The new standard requires that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor's previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. The standard is effective for annual periods beginning after December 15, 2016 and interim periods within that period. Early adoption is permitted. N/A We do not expect the adoption of this standard to have a material impact on our statements of consolidated financial position, results of operations and cash flows. ASU 2016-15, "Statement of Cash Flows" (Topic 230) August 2016 This update provides guidance on the following several specific cash flow issues: Debt prepayment or debt extinguishment costs, Settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions, and separately identifiable cash flows and application of the predominance principle. The standard is effective for annual periods beginning after December 15, 2017 and interim periods within that period. Early adoption is permitted. N/A We are in the process of evaluating the impact that the standard will have on our statement of cash flows. 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, 2016 dated May 31, 2016 . Our significant and critical accounting policies, estimates, and assumptions have not changed materially from March 31, 2016 . |
Business Acquisitions and Dives
Business Acquisitions and Divestitures Business Acquisitions and Divestitures (Notes) | 9 Months Ended |
Dec. 31, 2016 | |
Business Acquisitions and Divestitures [Abstract] | |
Business Combination Disclosure [Text Block] | 2. Business Acquisitions and Divestitures Fiscal 2017 Acquisitions Compass Medical Inc On September 16, 2016, we purchased the assets of Compass Medical, Inc., for approximately $16.0 million . The purchase price was financed with credit facility borrowings. Compass Medical, Inc. specializes in the sale and repair of flexible endoscopes. On an annual basis, Compass Medical, Inc. has generated revenues of approximately $6.0 million and will be integrated into our Healthcare Specialty Services segment. Phoenix Surgical Holdings, Ltd. and Endo-Tek LLP On August 31, 2016, we purchased 100% of the shares of Phoenix Surgical Holdings, Ltd. and the assets of Endo-Tek LLP for approximately $14.3 million combined, net of cash acquired. The purchase price was financed with cash on hand. On an annual basis, these operations, which specialize in the repair of endoscopes, generated approximately $8.0 million in combined revenue and will be integrated into our Healthcare Specialty Services segment. Medisafe On July 22, 2016, we purchased 100% of the shares of Medisafe Holdings, Ltd., a U.K. manufacturer of washer/disinfector equipment and related consumables and services for approximately $34.3 million , net of cash acquired. The purchase price was financed with cash on hand. On an annual basis, the Medisafe product line has generated approximately $18.0 million in revenue. The acquisition of Medisafe provides washer manufacturing and research and development capabilities in the U.K. Medisafe's products and services will be integrated into our Healthcare Products segment. The Consolidated Financial Statements include the operating results of acquisitions from the acquisition dates. The table below summarizes the preliminary allocation of the purchase price to the net assets acquired based on fair values at the acquisition date for fiscal 2017 acquisitions. Medisafe (1) Compass (1) Phoenix and Endo-Tek (1) Cash $ 3,767 $ — $ 769 Accounts receivable 3,703 629 1,123 Inventory 2,500 659 950 Property, plant and equipment 642 13 1,092 Other assets — 31 46 Intangible assets 12,239 5,992 — Goodwill 20,706 8,987 12,794 Total Assets 43,557 16,311 16,774 Current liabilities (5,281 ) (309 ) (1,373 ) Non-current liabilities (227 ) — (295 ) Total Liabilities (5,508 ) (309 ) (1,668 ) Net Assets $ 38,049 $ 16,002 $ 15,106 (1) Purchase price allocations are still preliminary as of December 31, 2016 , as valuations have not been finalized. Fiscal 2016 Acquisitions Synergy Health plc On November 2, 2015, STERIS acquired all outstanding shares of Synergy in a cash and stock transaction valued at £24.80 ( $38.17 ) per Synergy share, or a total of approximately $2.3 billion based on the low trading price of Old STERIS’s stock of $73.02 per share on November 2, 2015. The Combination brought together businesses that generate revenues from over 100 countries and that are geographically complementary. The Combination is expected to result in cost savings from optimizing global back-office infrastructure, leveraging best-demonstrated practices across plants, in-sourcing consumables, and eliminating redundant public company costs. Total costs of approximately $63,789 before tax, were incurred during fiscal year 2016 related to the Combination and are reported in Selling, general and administrative expense. The acquisition of Synergy has been accounted for using the acquisition method of accounting which requires, among other things, the assets acquired, liabilities assumed and noncontrolling interests be recognized at their respective fair values as of the acquisition date. The process for estimating the fair values of identifiable intangible assets and certain tangible assets and assumed liabilities requires the use of judgment in determining the appropriate assumptions and estimates. During the fiscal 2017 third quarter, adjustments were made to finalize the opening balance sheet fair value estimates. Adjustments related primarily to property, plant and equipment, intangible assets, and goodwill. The cumulative impact of the final purchase price allocation resulted in a cumulative decrease in depreciation, amortization and depletion expense of approximately $20 million , of which approximately $17 million was recorded within Selling, general and administrative expense and approximately $3 million was recorded within Cost of revenues on the Consolidated Statements of Income. The cumulative foreign currency translation adjustment recorded as a result of the balance sheet adjustments was approximately $170 million . The purchase price allocation below represents Synergy’s opening balance sheet as of November 2, 2015. November 2, 2015 November 2, 2015 (as previously reported) Adjustments (revised) Cash $ 53,057 $ — $ 53,057 Accounts receivable 107,341 (4,248 ) 103,093 Inventory 30,074 — 30,074 Property, plant and equipment 534,879 (38,324 ) 496,555 Other assets 19,708 (533 ) 19,175 Intangible assets 806,526 (302,330 ) 504,196 Goodwill 1,411,781 273,743 1,685,524 Total Assets 2,963,366 (71,692 ) 2,891,674 Current liabilities (108,192 ) 260 (107,932 ) Long-term indebtedness (321,082 ) — (321,082 ) Non-current liabilities (230,544 ) 71,432 (159,112 ) Total Liabilities (659,818 ) 71,692 (588,126 ) Net Assets $ 2,303,548 $ — $ 2,303,548 The fair value of machinery and equipment was primarily determined using the cost approach, considering replacement cost, reproduction costs and trend factors based on price indices, which are classified as level 2 inputs within the fair value hierarchy. The fair values of intangible assets were determined using an income approach considering useful lives, future revenues and margins, and a risk-adjusted discount rate, which are classified as level 3 inputs within the fair value hierarchy. The estimated fair values and useful lives of these intangible assets are as follows: Total Useful Life Customer relationships $ 459,074 15 years Trade names 19,404 15 years Technology 25,718 6 years Total intangible assets acquired $ 504,196 During the third quarter of fiscal 2017, we adopted a new branding strategy change as part of the integration of certain Synergy Health operations into the Healthcare Specialty Services Segment. Under this new branding strategy, hospital sterilization services and instrument repair services will utilize the STERIS Instrument Management Services brand name. The Synergy Health trade name will be phased out with regard to these services by the end of fiscal 2017. As a result, we have shortened the estimated useful life of the Synergy Health trade name and have accelerated the corresponding amortization expense over the remainder of fiscal 2017. During the current-year quarter, $7,117 of additional amortization expense was recorded within the Selling, general and administrative expense line on the Consolidated Statements of Income. Goodwill was allocated to the Applied Sterilization Technologies and Healthcare Specialty Services segments. Goodwill is the excess of the consideration transferred over the net assets recognized and represents the expected revenue and cost synergies of the combined company and assembled workforce, which are further described above. Goodwill recognized as a result of the acquisition is not deductible for income tax reporting purposes. Divestitures US Linen Management Services On November 3, 2016 we sold our Synergy Health US Linen Management Services business to SRI Healthcare LLC. Annual revenues for the US Linen Management Services were approximately $50 million and were included in the Healthcare Specialty Services segment. We recorded proceeds of $4.5 million and recognized a pre-tax loss on the sale, subject to final adjustments, of $29 million in Selling, general, and administrative expense in the Consolidated Statement of Income. Synergy Health Labs On September 2, 2016 we sold Synergy Health Laboratory Services to SYNLAB International. Annual revenues for the Synergy Health Labs were approximately $15 million and were included in the Applied Sterilization Technologies segment. We recorded proceeds of $25.0 million , net of cash divested, and recognized a pre-tax gain on the sale of $17.4 million in Selling, general, and administrative expense in the Consolidated Statement of Income. Applied Infection Control On August 31, 2016 we completed the sale of our Applied Infection Control ("AIC") product line to DEB USA, Inc., a wholly-owned subsidiary of S.C Johnson & Son, Inc. Annual revenues for the AIC product line were typically less than $50 million and were included in the Healthcare Products segment. We recorded proceeds of $41.8 million and recognized a pre-tax gain on the sale of $35.2 million in Selling, general, and administrative expense in the Consolidated Statement of Income. UK Linen Management Services On July 1, 2016 we sold our Synergy Health UK Linen Management Services business to STAR Mayan Limited. Annual revenues for the UK Linen Management Services were approximately $50 million and were included in the Healthcare Specialty Services segment. We recorded proceeds of $65.0 million , net of cash divested, and recognized a pre-tax loss on the sale of $66.4 million after allocation of a portion of the identified intangibles and goodwill associated with the Combination with Synergy in Selling, general, and administrative expense in the Consolidated Statement of Income. |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment | Property, Plant and Equipment Information related to the major categories of our depreciable assets is as follows: December 31, March 31, Land and land improvements (1) $ 48,321 $ 39,051 Buildings and leasehold improvements 417,373 446,277 Machinery and equipment 562,485 580,962 Linens 11,126 42,354 Information systems 124,467 126,180 Radioisotope 413,095 434,152 Construction in progress (1) 69,309 79,291 Total property, plant, and equipment 1,646,176 1,748,267 Less: accumulated depreciation and depletion (706,586 ) (683,948 ) Property, plant, and equipment, net $ 939,590 $ 1,064,319 (1) Land is not depreciated. Construction in progress is not depreciated until placed in service. |
Inventories, Net
Inventories, Net | 9 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Inventories, Net | Inventories, Net Inventories, net are stated at the lower of cost or market. We use the last-in, first-out (“LIFO”) and first-in, first-out cost methods. An actual valuation of inventory under the LIFO method is made only at the end of the fiscal year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and are subject to the final fiscal year-end LIFO inventory valuation. Inventory costs include material, labor, and overhead. Inventories, net consisted of the following: December 31, March 31, Raw materials $ 67,105 $ 62,673 Work in process 27,071 19,614 Finished goods 151,151 146,820 LIFO reserve (17,299 ) (17,608 ) Reserve for excess and obsolete inventory (18,314 ) (18,707 ) Inventories, net $ 209,714 $ 192,792 |
Debt
Debt | 9 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Debt | Debt Indebtedness was as follows: December 31, March 31, Private Placement $ 666,000 $ 666,000 Deferred financing costs (3,057 ) (3,420 ) Credit Agreement 844,096 905,216 Total long term debt $ 1,507,039 $ 1,567,796 On January 23, 2017 we entered into a Note Purchase Agreement with various institutional investors providing for the private issuance and sale on February 27, 2017 of our fixed-rate Series A Senior Notes in the aggregate principal amount of $95 million , €99 million and £75 million , or a total of approximately $296 million based upon closing exchange rates as of the date of signing of the Note Purchase Agreement. The Company's obligations under the Note Purchase Agreement and the Senior Notes are unsecured but guaranteed by certain of the Company's subsidiaries pursuant to an Affiliate Guaranty, which also was executed on January 23, 2017. All or substantially all of the net proceeds of the sales will be used to repay floating-rate bank debt under the Company's bank credit facility, thereby increasing the Company's proportion of fixed-rate debt. Total debt levels for the Company are expected to remain relatively unchanged after giving effect to these actions. 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, 2016 dated May 31, 2016 . |
Additional Consolidated Balance
Additional Consolidated Balance Sheets Information | 9 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Additional Consolidated Balance Sheets Information | Additional Consolidated Balance Sheet Information Additional information related to our Consolidated Balance Sheets is as follows: December 31, March 31, Accrued payroll and other related liabilities: Compensation and related items $ 26,345 $ 30,175 Accrued vacation/paid time off 11,580 14,368 Accrued bonuses 16,359 31,502 Accrued employee commissions 13,380 13,809 Other postretirement benefit obligations-current portion 2,463 2,463 Other employee benefit plans obligations-current portion 1,321 1,659 Total accrued payroll and other related liabilities $ 71,448 $ 93,976 Accrued expenses and other: Deferred revenues $ 64,574 $ 56,238 Self-insured risk reserves-current portion 9,771 8,266 Accrued dealer commissions 14,953 12,717 Accrued warranty 6,576 5,909 Other 60,262 70,245 Total accrued expenses and other $ 156,136 $ 153,375 Other liabilities: Self-insured risk reserves-long-term portion $ 13,257 $ 13,257 Other postretirement benefit obligations-long-term portion 14,545 15,932 Defined benefit pension plans obligations-long-term portion 20,097 25,301 Other employee benefit plans obligations-long-term portion 3,879 4,366 Accrued long-term income taxes 2,100 — Asset retirement obligation-long-term portion 9,482 10,342 Other 9,848 15,100 Total other liabilities $ 73,208 $ 84,298 |
Income Tax Expense (Benefit)
Income Tax Expense (Benefit) | 9 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Income Tax Expense (Benefit) | Income Tax Expense The effective income tax rate for continuing operations for the three month period ended December 31, 2016 was 128.1% compared with 28.1% for the same prior year period. The effective income tax rates for the nine month periods ended December 31, 2016 and 2015 were 38.4% and 35.6% , respectively. The fiscal 2017 rates were unfavorably impacted by non-deductible goodwill impairment charges occurring in the third quarter. The impairment charge was treated as a discrete item, as we have no history of goodwill impairment and there is presently no reasonable expectation of goodwill impairments in the future. The Combination with Synergy, the adoption of ASU 2016-09: "Stock Compensation: Improvements to Employee Share-Based Payment Accounting" (Topic 718), and discrete item adjustments related to future tax rate changes in the United Kingdom continue to favorably impact the fiscal 2017 rates. 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 authorities, as well as foreign jurisdictions. We are no longer subject to United States federal examinations for years before fiscal 2013 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 2012. We remain subject to tax authority audits in various jurisdictions wherever we do business. We do not expect the results of these examinations to have a material adverse affect on our consolidated financial statements. |
Benefit Plans
Benefit Plans | 9 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Benefit Plans | Benefit Plans In the United States we sponsor an unfunded postretirement welfare benefits plan for two groups of former employees. Benefits under this plan include retiree life insurance and retiree medical coverage, including prescription drug coverage. During the second quarter of fiscal 2009, we amended our United States post-retirement welfare benefits plan, reducing the benefits to be provided to retirees under the plan and increasing their share of the costs. The amendments resulted in a decrease of $46,001 in the accumulated post-retirement benefit obligation. The impact of this change was recognized in our Consolidated Balance Sheets in fiscal 2009 and is being amortized as a component of the annual net periodic benefit cost over a period of approximately thirteen years. In July 2014, the Board of Directors of American Sterilizer Company (“AMSCO”) approved the termination of the American Sterilizer Company Retirement Income Plan (“Plan”) effective October 1, 2014. The Pension Benefit Guaranty Corporation ("PBGC") did not object to this termination and AMSCO received a favorable determination from the IRS regarding the termination. On August 19, 2015, AMSCO agreed to purchase an annuity contract from Massachusetts Mutual Life Insurance Company to provide Plan benefits. Plan assets were converted to cash to fund the purchase. The purchase price of the annuity contract was $51,805 . An additional employer contribution of $4,641 was made to the Plan to fund the annuity purchase obligation on August 26, 2015. As a result of the purchase of the annuity, we recognized a pension settlement of $26,470 in fiscal 2016. In addition, plan benefits and benefit administration became the responsibility of the annuity provider. Additional information regarding this defined benefit pension plan and other postretirement benefits plan is included in our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2016, dated May 31, 2016. In the United Kingdom, we sponsor a defined benefit arrangement administered by a single group of trustees. The arrangement is comprised of three merged schemes. The trustees hold the pension assets to meet long-term pension liabilities for past and present employees. The level of retirement benefit is principally based on the terms of the scheme and the final pensionable salary prior to leaving active service, and is linked to changes in inflation up to retirement. In previous years, Synergy sponsored a funded defined benefit arrangement in the Netherlands. This was a separate fund holding the pension scheme assets to meet long-term pension liabilities for past and present employees. Accrual of benefits ceased under the scheme effective January 1, 2013. The Synergy Radeberg and Synergy Allershausen Schemes are German defined benefit funded pension schemes which are closed to new entrants. The Synergy Daniken Scheme is a Swiss defined benefit funded pension scheme. Components of the net periodic benefit cost for our defined benefit pension plans and other postretirement medical benefits plan were as follows: Other Defined Benefit Pension Plan Other Postretirement Benefits Plan Three Months Ended December 31, 2016 2015 2016 2015 Service cost $ 472 $ 324 $ — $ — Interest cost 189 641 139 148 Expected return on plan assets — (506 ) — — Amortization of loss — — 184 207 Amortization of prior service cost — — (816 ) (815 ) Net periodic benefit cost $ 661 $ 459 $ (493 ) $ (460 ) AMSCO Plan Other Defined Benefit Pension Plan Other Postretirement Benefits Plan Nine Months Ended December 31, 2016 2015 2016 2015 2016 2015 Service cost $ — $ 27 $ 1,416 $ 324 $ — $ — Interest cost — 560 567 641 416 444 Expected return on plan assets — (1,008 ) — (506 ) — — Amortization of loss — 602 — — 554 621 Settlement — 26,470 — — — — Amortization of prior service cost — — — — (2,447 ) (2,445 ) Net periodic benefit cost $ — $ 26,651 $ 1,983 $ 459 $ (1,477 ) $ (1,380 ) We contribute amounts to the defined benefit pension plans at least sufficient to meet the minimum requirements of applicable employee benefit laws and local tax laws. We record liabilities for the difference between the fair value of the plan assets and the benefit obligation (the projected benefit obligation for pension plan and the accumulated postretirement benefit obligation for other postretirement benefits plan) on our accompanying Consolidated Balance Sheets. Finally, the Dutch linen business acquired in the Synergy combination participates in a multi-employer industry-wide defined benefit scheme. Participation in this pension plan is mandatory. The pension scheme is an average pay scheme with a conditional fee (indexation). Indexation of assets and liabilities granted under the pension scheme takes place only if and insofar as the resources of the fund allow for it and this decision is taken by the pension fund. The pension entitlements under the pension plan are fully reinsured. It is not possible to identify the share of the underlying assets, liabilities, and overall surplus/deficit of the scheme attributable to the business, because the scheme is industry-wide. Under the guidance provided in ASC 715, "Compensation-Retirement Benefits", the scheme is treated as a defined contribution scheme within our financial statements. The total cost charged to the Consolidated Statements of Income in respect to this scheme was $1,983 for the nine months ended December 31, 2016. |
Contingencies
Contingencies | 9 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Loss Contingencies by Contingency [Text Block] | Commitments and Contingencies We are, and will likely continue to be, involved in a number of legal proceedings, government investigations, and claims, which we believe generally arise in the course of our business, given our size, history, complexity, and the nature of our business, products, Customers, regulatory environment, and industries in which we participate. These legal proceedings, investigations and claims generally involve a variety of legal theories and allegations, including, without limitation, personal injury (e.g., slip and falls, burns, vehicle accidents), product liability or regulation (e.g., based on product operation or claimed malfunction, failure to warn, failure to meet specification, or failure to comply with regulatory requirements), product exposure (e.g., claimed exposure to chemicals, asbestos, contaminants, radiation), property damage (e.g., claimed damage due to leaking equipment, fire, vehicles, chemicals), commercial claims (e.g., breach of contract, economic loss, warranty, misrepresentation), financial (e.g., taxes, reporting), employment (e.g., wrongful termination, discrimination, benefits matters), and other claims for damage and relief. We believe we have adequately reserved for our current litigation and claims that are probable and estimable, and further believe that the ultimate outcome of these pending lawsuits and claims will not have a material adverse effect on our consolidated financial position or results of operations taken as a whole. Due to their inherent uncertainty, however, there can be no assurance of the ultimate outcome or effect of current or future litigation, investigations, claims or other proceedings (including without limitation the matters discussed below). For certain types of claims, we presently maintain insurance coverage for personal injury and property damage and other liability coverages in amounts and with deductibles that we believe are prudent, but there can be no assurance that these coverages will be applicable or adequate to cover adverse outcomes of claims or legal proceedings against us. On May 31, 2012, our Albert Browne Limited subsidiary received a warning letter from the FDA regarding chemical indicators manufactured in the United Kingdom. These devices are intended for the monitoring of certain sterilization and other processes. The FDA warning letter states that the agency has concerns regarding operational business processes. We do not believe that the FDA's concerns are related to product performance, or that they result from Customer complaints. We have reviewed our processes with the agency and finalized our remediation measures, and are awaiting FDA reinspection. We do not currently believe that the impact of this event will have a material adverse effect on our financial results. On December 19, 2014, a purported shareholder of Old STERIS filed a Verified Stockholder Derivative Complaint in the Court of Common Pleas, Cuyahoga County, Ohio (the "Court"), against the members of Old STERIS’s board of directors and certain officers of Old STERIS, challenging the excise tax make-whole payments approved by Old STERIS’s board in connection with the Combination. Old STERIS was named as a nominal defendant in the action. The case is captioned St. Lucie County Fire District Firefighters’ Pension Trust Fund v. Rosebrough, Jr., et al. , Case No. CV 14 837749 (the "Action"). On September 28, 2015, the defendants reached an agreement in principle with plaintiff, regarding a settlement of the Action, and that agreement is reflected in a memorandum of understanding. In connection with the contemplated settlement, Old STERIS agreed to make certain additional disclosures related to the make-whole payments, which disclosures were reported on Old STERIS's Form 8-K dated September 28, 2015, and also agreed not to grant any new stock compensation subject to Section 4985 of the Internal Revenue Code to any of the individual defendants in the Action until six months following the closing date of the Combination. The parties have subsequently entered into and executed a stipulation of settlement, on a combined class and derivative basis, including agreement on a maximum fee/expense award to plaintiff's counsel. The stipulation of settlement, which was subject to customary conditions including approval of the Court following notice and hearing, was filed with the Court along with a request for preliminary approval and the setting of a hearing date. A hearing on this matter was held by the Court on November 10, 2016, and an order and judgment approving the settlement was issued on November 15, 2016. Other 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, 2016 dated May 31, 2016: “Business - Information with respect to our Business in General - Government Regulation”, and the “Risk Factor” titled “We may be adversely affected by product liability claims or other legal actions or regulatory or compliance matters. From time to time, STERIS is also involved in legal proceedings as a plaintiff involving contract, patent protection, and other claims asserted by us. Gains, if any, from these proceedings are recognized when they are realized. We are subject to taxation from United States federal, state and local, and foreign jurisdictions. Tax positions are settled primarily through the completion of audits within each individual jurisdiction or the closing of statutes of limitation. Changes in applicable tax law or other events may also require us to revise past estimates. We describe income taxes further in Note 7 to our consolidated financial statements titled, “Income Tax Expense” in this Quarterly Report on Form 10-Q. Additional information regarding our contingencies is included in Item 2 titled, “Management’s Discussion and Analysis of Financial Conditions and Results of Operations" under "Contingencies". |
Business Segment Information
Business Segment Information | 9 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Business Segment Information | Business Segment Information We operate and report in four reportable business segments: Healthcare Products, Healthcare Specialty Services, Life Sciences, and Applied Sterilization Technologies. Corporate and other, which is presented separately, contains the Defense and Industrial business unit plus costs that are associated with being a publicly traded company and certain other corporate costs. Our Healthcare Products segment offers infection prevention and procedural solutions for healthcare providers worldwide, including capital equipment and related maintenance and installation services, as well as consumables. Our Healthcare Specialty Services segment provides a range of specialty services for healthcare providers including hospital sterilization services, instrument and scope repairs, and linen management. Our Life Sciences segment offers capital equipment and consumable products, and equipment maintenance and specialty services for pharmaceutical manufacturers and research facilities. Our Applied Sterilization Technologies segment offers contract sterilization and laboratory services for medical device and pharmaceutical Customers and others. The accounting policies for reportable segments are the same as those for the consolidated Company. Management evaluates performance and allocates resources based on a segment operating income measure. Operating income (loss) for each segment is calculated as the segment’s gross profit less direct expenses and indirect cost allocations, which result in the full allocation of all distribution and research and development expenses, and the partial allocation of corporate costs. These allocations are based upon variables such as segment headcount and revenues. In addition, the Healthcare Products segment is responsible for the management of all but two manufacturing facilities and uses standard cost to sell products to the other segments. Corporate and other includes the gross profit and direct expenses of the Defense and Industrial business unit, as well as certain unallocated corporate costs related to being a publicly traded company and legacy pension and post-retirement benefits. Segment operating income excludes certain adjustments which include acquisition and integration related costs, amortization of acquired intangibles, gains or losses on divestiture of businesses, restructuring costs and other charges that management believes may or may not recur with similar materiality or impact on operating income in future periods. Management believes that by excluding these items they gain better insight and greater transparency of the operating performance of the segments, thus aiding them in more meaningful financial trend analysis and operational decision making. For the three and nine month periods ended December 31, 2016 , revenues from a single Customer did not represent ten percent or more of any reportable segment’s revenues. Additional information regarding our segments is included in our consolidated financial statements included in its Annual Report on Form 10-K for the year ended March 31, 2016 , dated May 31, 2016 . Financial information for each of our segments is presented in the following table: Three Months Ended December 31, Nine Months Ended December 31, 2016 2015 2016 2015 Revenues: Healthcare Products $ 323,364 $ 316,251 $ 909,459 $ 869,060 Healthcare Specialty Services 133,485 129,135 434,148 267,942 Life Sciences 78,274 82,702 240,948 210,514 Applied Sterilization Technologies 110,401 90,225 342,575 199,753 Corporate and other 1,250 375 4,437 1,218 Total revenues $ 646,774 $ 618,688 $ 1,931,567 $ 1,548,487 Segment operating income: Healthcare Products $ 65,213 $ 52,158 $ 149,965 $ 121,930 Healthcare Specialty Services 2,211 7,372 7,704 16,364 Life Sciences 23,937 24,115 71,171 58,448 Applied Sterilization Technologies 36,492 26,766 116,856 60,802 Corporate and other (2,135 ) (2,648 ) (7,372 ) (8,580 ) Total segment operating income $ 125,718 $ 107,763 $ 338,324 $ 248,964 Less: Adjustments Restructuring charges (1) $ 18 $ (193 ) $ 220 $ (657 ) Amortization of acquired intangible assets (2) 5,598 15,494 42,908 28,194 Acquisition and integration related charges (3) 7,032 41,726 18,893 77,254 Loss on fair value adjustment of acquisition related contingent consideration — — 1,850 — Net loss on divestiture of businesses (2) 28,969 — 42,771 — Amortization of inventory and property "step up" to fair value (2) (139 ) 4,060 4,357 4,102 Settlement of pension obligation (4) — (46 ) — 26,470 Goodwill impairment loss (5) 58,356 — 58,356 — Total operating income $ 25,884 $ 46,722 $ 168,969 $ 113,601 |
Common Shares
Common Shares | 9 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Earnings Per Share [Text Block] | We calculate basic earnings per share based upon the weighted average number of shares outstanding. We calculate diluted earnings per share based upon the weighted average number of shares outstanding plus the dilutive effect of share equivalents calculated using the treasury stock method. The following is a summary of shares and share equivalents outstanding used in the calculations of basic and diluted earnings per share: Three Months Ended December 31, Nine Months Ended December 31, 2016 2015 2016 2015 Denominator (shares in thousands): Weighted average shares outstanding—basic 85,074 77,221 85,654 65,629 Dilutive effect of share equivalents 451 491 472 494 Weighted average shares outstanding and share equivalents—diluted 85,525 77,712 86,126 66,123 Options to purchase the following number of shares were outstanding but excluded from the computation of diluted earnings per share because the combined exercise prices, unamortized fair values, and assumed tax benefits upon exercise were greater than the average market price for the shares during the periods, so including these options would be anti-dilutive: Three Months Ended December 31, Nine Months Ended December 31, 2016 2015 2016 2015 (shares in thousands) Number of share options 683 293 558 254 Preferred Shares Pursuant to an engagement letter dated October 23, 2015, we issued 100,000 preferred shares, par value of £0.10 ( $0.15 ) each, for an aggregate consideration of approximately $15 , in satisfaction of debt owed to a service provider. The holders of the preferred shares are entitled to a fixed cumulative preferential annual dividend of 5 percent on the amount paid periodically on the preferred shares respectively held by them. On a return of capital of the Company whether on liquidation or otherwise, the holders of the preferred shares shall be entitled to receive out of the assets of the Company available for distribution to its shareholders the sum of £0.10 ( $0.15 ) per preferred share plus any accrued but unpaid dividends, but will not be entitled to any further participation in the assets of the Company. The holders of the preferred shares will have no right to attend, speak or vote, whether in person or by proxy, at any general meeting of the Company or any meeting of a class of members of the Company in respect of the preferred shares and will not be entitled to receive any notice of meetings. |
Repurchases of Common Shares
Repurchases of Common Shares | 9 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Schedule of Treasury Stock by Class [Text Block] | Repurchases of Shares On August 9, 2016, the Company announced that its Board of Directors had authorized the purchase of up to $300 million of our ordinary shares. We may enter into share repurchase contracts until August 2, 2021 to effect these purchases. Shares may be repurchased from time to time through open market transactions, including 10b5-1 plans. The repurchase program may be suspended or discontinued at any time. During the first nine months of fiscal 2017, we repurchased 1,254,821 of our ordinary shares pursuant to this authorization. During the first nine months of fiscal 2017, we obtained 160,798 of our ordinary shares in connection with share based compensation award programs. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [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 Compensation Committee of the Board of Directors, to officers, directors, and key employees in the form of stock options, restricted shares, restricted share units, stock appreciation rights and share grants. Stock options provide the right to purchase our shares at the market price on the date of grant, subject to the terms of the option plan and agreements. Generally, one-fourth of the stock options granted 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 may cliff vest after a four year period or vest in tranches of one-fourth of the number granted for each full year of employment after the grant date. As of December 31, 2016 , 5,621,002 shares remained available for grant under the long-term incentive plan. The fair value of share-based compensation awards was estimated at their grant date using the Black-Scholes-Merton option pricing model. This model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable, characteristics that are not present in our option grants. If the model permitted consideration of the unique characteristics of employee stock options, the resulting estimate of the fair value of the stock options could be different. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in our Consolidated Statements of Income. The expense is classified as cost of goods sold or selling, general and administrative expenses in a manner consistent with the employee’s compensation and benefits. The following weighted-average assumptions were used for options granted during the first nine months of fiscal 2017 and 2016 : Fiscal 2017 Fiscal 2016 Risk-free interest rate 1.29 % 1.51 % Expected life of options 5.66 years 5.69 years Expected dividend yield of stock 1.54 % 1.40 % Expected volatility of stock 22.92 % 25.06 % 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 1.85% and 1.55% was applied in fiscal 2017 and 2016 , respectively. This rate is calculated based upon historical activity and represents an estimate of the granted options not expected to vest. If actual forfeitures differ from this calculated rate, we may be required to make additional adjustments to compensation expense in future periods. The assumptions used above are reviewed at the time of each significant option grant, or at least annually. A summary of share option activity is as follows: Number of Options Weighted Average Exercise Price Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at March 31, 2016 1,729,517 $ 44.01 Granted 402,141 69.85 Exercised (105,677 ) 30.69 Forfeited (19,851 ) 61.95 Canceled (470 ) 25.98 Outstanding at December 31, 2016 2,005,660 $ 49.71 6.4 years $ 36,537 Exercisable at December 31, 2016 1,184,761 $ 39.82 5.0 years $ 32,819 We estimate that 806,760 of the non-vested stock options outstanding at December 31, 2016 will ultimately vest. The aggregate intrinsic value in the table above represents the total pre-tax difference between the $67.39 closing price of our ordinary shares on December 31, 2016 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 2017 and fiscal 2016 was $4,160 and $12,221 , respectively. Net cash proceeds from the exercise of stock options were $3,221 and $10,908 for the first nine months of fiscal 2017 and fiscal 2016 , respectively. The weighted average grant date fair value of stock option grants was $13.42 and $14.66 for the first nine months of fiscal 2017 and fiscal 2016 , respectively. Stock appreciation rights (“SARS”) carry generally the same terms and vesting requirements as stock options except that they are settled in cash upon exercise and therefore, are classified as liabilities. The fair value of the outstanding SARS as of December 31, 2016 and 2015 was $1,736 and $2,527 , respectively. A summary of the non-vested restricted share and share unit activity is presented below: Number of Restricted Shares Number of Restricted Share Units Weighted-Average Grant Date Fair Value Non-vested at March 31, 2016 872,972 41,641 $ 51.98 Granted 238,653 19,634 69.98 Vested (262,082 ) (20,424 ) 40.32 Forfeited (58,536 ) (5,327 ) 62.98 Non-vested at December 31, 2016 791,007 35,524 $ 60.74 Restricted shares granted are valued based on the closing stock price at the grant date. The value of restricted shares and units that vested during the first nine months of fiscal 2017 was $11,391 . Restricted share units carry generally the same terms and vesting requirements as restricted stock except that they may be settled in stock or cash upon vesting. Those that are settled in cash are classified as liabilities. All outstanding cash-settled restricted share units vested during fiscal year 2016. The fair values of cash-settled restricted share units were revalued at each reporting date and the related liability and expense adjusted accordingly. All restricted shares outstanding will be settled in stock upon vesting. The tax benefit from share-based compensation was $4,290 and $5,909 for the first nine months of fiscal 2017 and fiscal 2016 , respectively. As of December 31, 2016 , there was a total of $37,511 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 2.15 years . |
Financial and Other Guarantees
Financial and Other Guarantees | 9 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Product Warranty Disclosure [Text Block] | 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 2017 were as follows: Balance, March 31, 2016 $ 5,909 Warranties issued during the period 8,386 Settlements made during the period (7,719 ) Balance, December 31, 2016 $ 6,576 We also sell product maintenance contracts to our Customers. These contracts range in terms from one to five years and require us to maintain and repair the product over the maintenance contract term. We initially record amounts due from Customers under these contracts as a liability for deferred service contract revenue on the accompanying Consolidated Balance Sheets within “Accrued expenses and other.” The liability recorded for such deferred service revenue was $33,467 and $33,416 as of December 31, 2016 and March 31, 2016 , respectively. Such deferred revenue is then amortized on a straight-line basis over the contract term and recognized as service revenue on our accompanying Consolidated Statements of Income. The activity related to the liability for deferred service contract revenue is excluded from the table presented above. |
Forward and Swap Contracts
Forward and Swap Contracts | 9 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 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. We do not use derivative financial instruments for speculative purposes. These contracts are not designated as hedging instruments and do not receive hedge accounting treatment; therefore, changes in their fair value are not deferred but are recognized immediately in the Consolidated Statements of Income. At December 31, 2016 , we held foreign currency forward contracts to buy 80.0 million Mexican pesos and 6.0 million Canadian dollars. At December 31, 2016 we held commodity swap contracts to buy 199.6 thousand pounds of nickel. Asset Derivatives Liability Derivatives Balance Sheet Fair Value at Fair Value at Fair Value at Fair Value at Location December 31, 2016 March 31, 2016 December 31, 2016 March 31, 2016 Prepaid & Other $ 172 $ 145 $ — $ — Accrued expenses and other $ — $ — $ 73 $ 122 The following table presents the impact of derivative instruments and their location within the Consolidated Statements of Income: Location of gain (loss) recognized in income Amount of gain (loss) recognized in income Three Months Ended December 31, Nine Months Ended December 31, 2016 2015 2016 2015 Foreign currency forward contracts Selling, general and administrative $ (945 ) $ (380 ) $ (2,495 ) $ (642 ) Commodity swap contracts Cost of revenues $ (24 ) $ (159 ) $ 392 $ (491 ) Additionally, we hold our debt in multiple currencies to fund our operations and investments in certain subsidiaries. We designate portions of foreign currency denominated intercompany loans as hedges of portions of net investments in foreign operations. Net debt designated as non-derivative net investment hedging instruments totaled $108,935 at December 31, 2016. These hedges are designed to be fully effective and any associated gain or loss is recognized in Accumulated Other Comprehensive Income and will be reclassified to income in the same period when a gain or loss related to the net investment in the foreign operation is included in income. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | 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, 2016 and March 31, 2016: Fair Value Measurements at December 31, 2016 and March 31, 2016 Using 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 (1) $ 264,857 $ 248,841 $ 264,857 $ 225,090 $ — $ 23,751 $ — $ — Forward and swap contracts (2) 172 145 — — 172 145 — — Investments (3) 11,309 6,192 11,309 6,192 — — — — Liabilities: Forward and swap contracts (2) $ 73 $ 122 $ — $ — $ 73 $ 122 $ — $ — Deferred compensation plans (3) 1,757 1,765 1,757 1,765 — — — — Long term debt (4) 1,507,039 1,567,796 — — 1,513,528 1,592,184 — — Contingent consideration obligations (5) 6,997 5,886 — — — — 6,997 5,886 (1) Money market fund holdings are classified as level two as active market quoted prices are not available. (2) 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. (3) 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. Changes in the value of the investment accounts are recognized each period based on the fair value of the underlying investments. 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 including an incremental investment of $4,564 made in April 2016. (4) We estimate the fair value of our principal amount of long-term debt using discounted cash flow analyses, based on our current incremental borrowing rates for similar types of borrowing arrangements. (5) Contingent consideration obligations arise from prior business acquisitions. The fair values are based on discounted cash flow analyses reflecting the possible achievement of specified performance measures or events and captures the contractual nature of the contingencies, commercial risk, and the time value of money. Contingent consideration obligations are classified in the consolidated balance sheets as accrued expense (short-term) and other liabilities (long-term), as appropriate based on the contractual payment dates. The changes in Level 3 assets and liabilities measured at fair value on a recurring basis at December 31, 2016 are summarized as follows: Contingent Consideration Balance at March 31, 2016 $ 5,886 Additions 1,352 Payments (667 ) Foreign currency translation adjustments (1) 426 Balance at December 31, 2016 $ 6,997 (1) Reported in other comprehensive income (loss) . Information regarding our investments is as follows: Investments at December 31, 2016 and March 31, 2016 Cost Unrealized Gains Unrealized Losses (2) Fair Value December 31 March 31 December 31 March 31 December 31 March 31 December 31 March 31 Available-for-sale securities: Marketable equity securities (1) $ 11,037 $ 4,681 $ — $ — $ (1,405 ) $ (185 ) $ 9,632 $ 4,496 Mutual funds 1,200 1,289 477 407 — — 1,677 1,696 Total available-for-sale securities $ 12,237 $ 5,970 $ 477 $ 407 $ (1,405 ) $ (185 ) $ 11,309 $ 6,192 (1) Our marketable equity securities have been in a unrealized loss position for less than 12 months. (2) Amounts reported include the impact of foreign currency movements relative to the U.S. dollar. |
Reclassifications out of Accumu
Reclassifications out of Accumulated Other Comprehensive Income (Notes) | 9 Months Ended |
Dec. 31, 2016 | |
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. Foreign 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, 2016 were as follows: Gain (Loss) on Available for Sale Securities (1) Defined Benefit Plans (2) Foreign Currency Translation (3) Total Accumulated Other Comprehensive Income Three Months Nine Months Three Months Nine Months Three Months Nine Months Three Months Nine Months Beginning Balance $ (767 ) $ (673 ) $ 4,328 $ 5,108 $ (97,589 ) $ (72,594 ) $ (94,028 ) $ (68,159 ) Other Comprehensive Income (Loss) before reclassifications (68 ) (199 ) 102 308 (180,084 ) (205,079 ) (180,050 ) (204,970 ) Amounts reclassified from Accumulated Other Comprehensive Income (Loss) 13 50 (493 ) (1,479 ) — — (480 ) (1,429 ) Net current-period Other Comprehensive (Loss) (55 ) (149 ) (391 ) (1,171 ) (180,084 ) (205,079 ) (180,530 ) (206,399 ) Balance at December 31, 2016 $ (822 ) $ (822 ) $ 3,937 $ 3,937 $ (277,673 ) $ (277,673 ) $ (274,558 ) $ (274,558 ) Details of amounts reclassified from Accumulated Other Comprehensive Income (Loss) are as follows: (1) Realized gain (loss) on available for sale securities is reported in the Interest income and miscellaneous expense line of the Consolidated Statements of Income. (2) Amortization (gain) of defined benefit pension items is reported in the Selling, general and administrative expense line of the Consolidated Statements of Income. (3) 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 in the foreign operation is included in income. |
Goodwill (Notes)
Goodwill (Notes) | 9 Months Ended |
Dec. 31, 2016 | |
Goodwill [Line Items] | |
Goodwill Disclosure [Text Block] | 18. Goodwill Changes to the carrying amount of goodwill for the nine months ended December 31, 2016 are as follows: Healthcare Products Segment Healthcare Specialty Services Segment Life Sciences Segment Applied Sterilization Technologies Segment Synergy Combination Total Balance at March 31, 2016 $ 363,770 $ 154,272 $ 147,334 $ 83,035 $ 1,408,192 $ 2,156,603 Goodwill acquired 20,706 21,781 — — — 42,487 Synergy allocation — 376,807 — 1,308,717 (1,411,781 ) 273,743 Divestitures — (85,806 ) — — — (85,806 ) Impairment — (58,356 ) — — — (58,356 ) Foreign currency translation adjustments (10,011 ) (34,849 ) (1,176 ) (53,218 ) 3,589 (95,665 ) Balance at December 31, 2016 $ 374,465 $ 373,849 $ 146,158 $ 1,338,534 $ — $ 2,233,006 During the first nine months of fiscal 2017, the increase in goodwill in the Healthcare Products segment primarily relates to the acquisition of Medisafe. The increase associated with the Healthcare Specialty Services and Applied Sterilization Technologies segments are primarily related to the allocation of Synergy goodwill after finalizing the opening balance sheet fair value estimates. The Healthcare Specialty Services segment was also impacted by the fiscal 2017 acquisitions of Compass Medical Inc. and Phoenix Surgical Holdings, Ltd. and Endo-Tek LLP, the UK Linen Management Services divestiture and the Synergy Health Netherlands goodwill impairment discussed below. We evaluate the recoverability of recorded goodwill amounts annually during the third fiscal quarter, or when evidence of potential impairment exists. As a result of our annual goodwill impairment review for fiscal year 2017, we concluded that the carrying value of one our reporting units exceeded its fair value. The Synergy Health Netherlands linen management unit is reported within our Healthcare Specialty Services segment. Financial forecasts prepared for the annual assessment reflect pricing pressures, volume declines driven by overcapacity in the market, and a decline in the overall market size. These factors result in further degradation of the already low operating margin and cash flows of this unit. We incurred a goodwill impairment charge of $58,356 as a result, which is recorded within Goodwill impairment loss in the Consolidated Statements of Income. Fair market value of the reporting unit was determined using discounted cash flows and estimated fair market values. Fair value calculated using a discounted cash flow analysis is classified within level 3 of the fair value hierarchy and requires several assumptions including risk adjusted discount rates and financial forecasts. |
Nature of Operations and Summ25
Nature of Operations and Summary of Significant Accounting Policies Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
Use of Estimates, Policy [Policy Text Block] | 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, 2016 are not necessarily indicative of results that may be expected for future quarters or for the full fiscal year ending March 31, 2017 . |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards Impacting the Company Recently issued accounting standards impacting the Company are presented in the following table: Standard Date of Issuance Description Date of Adoption Effect on the financial statements or other significant matters Standards that have recently been adopted ASU 2015-05, "Goodwill and other-Internal-Use Software" (Subtopic 350-40) April 2015 The standard provides guidance on a customer's accounting for fees paid in cloud computing arrangements. Previously, there was no U.S. GAAP guidance on accounting for such fees from the customer's perspective. Under the standard, customers will apply the same criteria as vendors to determine whether the arrangement contains a software license or is solely a service contract. The determination could impact the classification of advance payments in the statements of financial position and cash flows as well as the classification of the expenses in the results of operations. The standard is effective for annual periods beginning after December 15, 2015 and interim periods within that period. Early adoption is permitted. First Quarter Fiscal 2017 The adoption of this standard did not have a material impact on our statements of consolidated financial position, results of operations and cash flows. ASU 2016-09, "Stock Compensation: Improvements to Employee Share-Based Payment Accounting" (Topic 718) March 2016 The update simplifies several aspects of the accounting for share-based payment award transactions, including income tax consequences, the classification of awards as either equity or liabilities, and the classification on the statement of cash flows. The standard is effective for annual periods beginning after December 15, 2016 and interim periods within that period. Early adoption is permitted. First Quarter Fiscal 2017 As a result of the adoption of this standard, we recorded $4.3 million of excess tax benefits associated with share based compensation in the statement of income for the nine months ended December 31, 2016 and have included the associated cash flows as cash provided by operating activities. Prior periods have not been restated. Standards that have yet to be adopted ASU 2014-09, "Revenue from Contracts with Customers" May 2014 The standard will replace existing revenue recognition standards and significantly expand the disclosure requirements for revenue arrangements. It may be adopted either retrospectively or on a modified retrospective basis to new contracts and existing contracts with remaining performance obligations as of the effective date. The standard update is effective for annual periods beginning after December 15, 2017 and interim periods within that period, early adoption is not permitted before the original public entity effective date of December 15, 2016. N/A We are in the process of evaluating the impact that the standard will have on our consolidated financial position, results of operations and cash flows. ASU 2016-02, "Leases" (Topic 842) February 2016 The update will require lessees to record all leases, whether finance or operating, on the balance sheet. An asset will be recorded to represent the right to use the leased asset, and a liability will be recorded to represent the lease obligation. The standard is effective for annual periods beginning after December 15, 2018 and interim periods within that period. Early adoption is permitted. N/A We are in the process of evaluating the impact that the standard will have on our statements of consolidated financial position, results of operations and cash flows. ASU 2016-07, "Investments - Equity Method and Joint Ventures, Simplifying the Transition to the Equity Method of Accounting" (Topic 323) March 2016 The update replaces the previous requirement to retroactively adopt the equity method. The new standard requires that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor's previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. The standard is effective for annual periods beginning after December 15, 2016 and interim periods within that period. Early adoption is permitted. N/A We do not expect the adoption of this standard to have a material impact on our statements of consolidated financial position, results of operations and cash flows. ASU 2016-15, "Statement of Cash Flows" (Topic 230) August 2016 This update provides guidance on the following several specific cash flow issues: Debt prepayment or debt extinguishment costs, Settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions, and separately identifiable cash flows and application of the predominance principle. The standard is effective for annual periods beginning after December 15, 2017 and interim periods within that period. Early adoption is permitted. N/A We are in the process of evaluating the impact that the standard will have on our statement of cash flows. |
Business Acquisitions and Div26
Business Acquisitions and Divestitures Business Acquisitions and Divestitures (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Business Acquisition [Line Items] | |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The estimated fair values and useful lives of these intangible assets are as follows: Total Useful Life Customer relationships $ 459,074 15 years Trade names 19,404 15 years Technology 25,718 6 years Total intangible assets acquired $ 504,196 |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The table below summarizes the preliminary allocation of the purchase price to the net assets acquired based on fair values at the acquisition date for fiscal 2017 acquisitions. Medisafe (1) Compass (1) Phoenix and Endo-Tek (1) Cash $ 3,767 $ — $ 769 Accounts receivable 3,703 629 1,123 Inventory 2,500 659 950 Property, plant and equipment 642 13 1,092 Other assets — 31 46 Intangible assets 12,239 5,992 — Goodwill 20,706 8,987 12,794 Total Assets 43,557 16,311 16,774 Current liabilities (5,281 ) (309 ) (1,373 ) Non-current liabilities (227 ) — (295 ) Total Liabilities (5,508 ) (309 ) (1,668 ) Net Assets $ 38,049 $ 16,002 $ 15,106 (1) Purchase price allocations are still preliminary as of December 31, 2016 , as valuations have not been finalized. The purchase price allocation below represents Synergy’s opening balance sheet as of November 2, 2015. November 2, 2015 November 2, 2015 (as previously reported) Adjustments (revised) Cash $ 53,057 $ — $ 53,057 Accounts receivable 107,341 (4,248 ) 103,093 Inventory 30,074 — 30,074 Property, plant and equipment 534,879 (38,324 ) 496,555 Other assets 19,708 (533 ) 19,175 Intangible assets 806,526 (302,330 ) 504,196 Goodwill 1,411,781 273,743 1,685,524 Total Assets 2,963,366 (71,692 ) 2,891,674 Current liabilities (108,192 ) 260 (107,932 ) Long-term indebtedness (321,082 ) — (321,082 ) Non-current liabilities (230,544 ) 71,432 (159,112 ) Total Liabilities (659,818 ) 71,692 (588,126 ) Net Assets $ 2,303,548 $ — $ 2,303,548 |
Property, Plant and Equipment L
Property, Plant and Equipment Level 3 (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Information related to the major categories of our depreciable assets is as follows: December 31, March 31, Land and land improvements (1) $ 48,321 $ 39,051 Buildings and leasehold improvements 417,373 446,277 Machinery and equipment 562,485 580,962 Linens 11,126 42,354 Information systems 124,467 126,180 Radioisotope 413,095 434,152 Construction in progress (1) 69,309 79,291 Total property, plant, and equipment 1,646,176 1,748,267 Less: accumulated depreciation and depletion (706,586 ) (683,948 ) Property, plant, and equipment, net $ 939,590 $ 1,064,319 (1) Land is not depreciated. Construction in progress is not depreciated until placed in service. |
Inventories, Net Level 3 (Table
Inventories, Net Level 3 (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventory costs include material, labor, and overhead. Inventories, net consisted of the following: December 31, March 31, Raw materials $ 67,105 $ 62,673 Work in process 27,071 19,614 Finished goods 151,151 146,820 LIFO reserve (17,299 ) (17,608 ) Reserve for excess and obsolete inventory (18,314 ) (18,707 ) Inventories, net $ 209,714 $ 192,792 |
Debt Level 3 (Tables)
Debt Level 3 (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Schedule of Debt [Table Text Block] | Indebtedness was as follows: December 31, March 31, Private Placement $ 666,000 $ 666,000 Deferred financing costs (3,057 ) (3,420 ) Credit Agreement 844,096 905,216 Total long term debt $ 1,507,039 $ 1,567,796 |
Additional Consolidated Balan30
Additional Consolidated Balance Sheets Information Level 3 (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Additional information related to our Consolidated Balance Sheets is as follows: December 31, March 31, Accrued payroll and other related liabilities: Compensation and related items $ 26,345 $ 30,175 Accrued vacation/paid time off 11,580 14,368 Accrued bonuses 16,359 31,502 Accrued employee commissions 13,380 13,809 Other postretirement benefit obligations-current portion 2,463 2,463 Other employee benefit plans obligations-current portion 1,321 1,659 Total accrued payroll and other related liabilities $ 71,448 $ 93,976 Accrued expenses and other: Deferred revenues $ 64,574 $ 56,238 Self-insured risk reserves-current portion 9,771 8,266 Accrued dealer commissions 14,953 12,717 Accrued warranty 6,576 5,909 Other 60,262 70,245 Total accrued expenses and other $ 156,136 $ 153,375 Other liabilities: Self-insured risk reserves-long-term portion $ 13,257 $ 13,257 Other postretirement benefit obligations-long-term portion 14,545 15,932 Defined benefit pension plans obligations-long-term portion 20,097 25,301 Other employee benefit plans obligations-long-term portion 3,879 4,366 Accrued long-term income taxes 2,100 — Asset retirement obligation-long-term portion 9,482 10,342 Other 9,848 15,100 Total other liabilities $ 73,208 $ 84,298 |
Benefit Plans Level 3 (Tables)
Benefit Plans Level 3 (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | AMSCO Plan Other Defined Benefit Pension Plan Other Postretirement Benefits Plan Nine Months Ended December 31, 2016 2015 2016 2015 2016 2015 Service cost $ — $ 27 $ 1,416 $ 324 $ — $ — Interest cost — 560 567 641 416 444 Expected return on plan assets — (1,008 ) — (506 ) — — Amortization of loss — 602 — — 554 621 Settlement — 26,470 — — — — Amortization of prior service cost — — — — (2,447 ) (2,445 ) Net periodic benefit cost $ — $ 26,651 $ 1,983 $ 459 $ (1,477 ) $ (1,380 ) |
Business Segment Information Le
Business Segment Information Level 3 (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Financial information for each of our segments is presented in the following table: Three Months Ended December 31, Nine Months Ended December 31, 2016 2015 2016 2015 Revenues: Healthcare Products $ 323,364 $ 316,251 $ 909,459 $ 869,060 Healthcare Specialty Services 133,485 129,135 434,148 267,942 Life Sciences 78,274 82,702 240,948 210,514 Applied Sterilization Technologies 110,401 90,225 342,575 199,753 Corporate and other 1,250 375 4,437 1,218 Total revenues $ 646,774 $ 618,688 $ 1,931,567 $ 1,548,487 Segment operating income: Healthcare Products $ 65,213 $ 52,158 $ 149,965 $ 121,930 Healthcare Specialty Services 2,211 7,372 7,704 16,364 Life Sciences 23,937 24,115 71,171 58,448 Applied Sterilization Technologies 36,492 26,766 116,856 60,802 Corporate and other (2,135 ) (2,648 ) (7,372 ) (8,580 ) Total segment operating income $ 125,718 $ 107,763 $ 338,324 $ 248,964 Less: Adjustments Restructuring charges (1) $ 18 $ (193 ) $ 220 $ (657 ) Amortization of acquired intangible assets (2) 5,598 15,494 42,908 28,194 Acquisition and integration related charges (3) 7,032 41,726 18,893 77,254 Loss on fair value adjustment of acquisition related contingent consideration — — 1,850 — Net loss on divestiture of businesses (2) 28,969 — 42,771 — Amortization of inventory and property "step up" to fair value (2) (139 ) 4,060 4,357 4,102 Settlement of pension obligation (4) — (46 ) — 26,470 Goodwill impairment loss (5) 58,356 — 58,356 — Total operating income $ 25,884 $ 46,722 $ 168,969 $ 113,601 |
Shares and Preferred Shares Lev
Shares and Preferred Shares Level 3 (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Schedule of Weighted Average Number of Shares [Table Text Block] | The following is a summary of shares and share equivalents outstanding used in the calculations of basic and diluted earnings per share: Three Months Ended December 31, Nine Months Ended December 31, 2016 2015 2016 2015 Denominator (shares in thousands): Weighted average shares outstanding—basic 85,074 77,221 85,654 65,629 Dilutive effect of share equivalents 451 491 472 494 Weighted average shares outstanding and share equivalents—diluted 85,525 77,712 86,126 66,123 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Options to purchase the following number of shares were outstanding but excluded from the computation of diluted earnings per share because the combined exercise prices, unamortized fair values, and assumed tax benefits upon exercise were greater than the average market price for the shares during the periods, so including these options would be anti-dilutive: Three Months Ended December 31, Nine Months Ended December 31, 2016 2015 2016 2015 (shares in thousands) Number of share options 683 293 558 254 |
Share-Based Compensation Level
Share-Based Compensation Level 3 (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Assumptions Used | The following weighted-average assumptions were used for options granted during the first nine months of fiscal 2017 and 2016 : Fiscal 2017 Fiscal 2016 Risk-free interest rate 1.29 % 1.51 % Expected life of options 5.66 years 5.69 years Expected dividend yield of stock 1.54 % 1.40 % Expected volatility of stock 22.92 % 25.06 % |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding | A summary of share option activity is as follows: Number of Options Weighted Average Exercise Price Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at March 31, 2016 1,729,517 $ 44.01 Granted 402,141 69.85 Exercised (105,677 ) 30.69 Forfeited (19,851 ) 61.95 Canceled (470 ) 25.98 Outstanding at December 31, 2016 2,005,660 $ 49.71 6.4 years $ 36,537 Exercisable at December 31, 2016 1,184,761 $ 39.82 5.0 years $ 32,819 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of the non-vested restricted share and share unit activity is presented below: Number of Restricted Shares Number of Restricted Share Units Weighted-Average Grant Date Fair Value Non-vested at March 31, 2016 872,972 41,641 $ 51.98 Granted 238,653 19,634 69.98 Vested (262,082 ) (20,424 ) 40.32 Forfeited (58,536 ) (5,327 ) 62.98 Non-vested at December 31, 2016 791,007 35,524 $ 60.74 |
Financial and Other Guarantees
Financial and Other Guarantees Level 3 (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Schedule of Guarantor Obligations [Table Text Block] | Changes in our warranty liability during the first nine months of fiscal 2017 were as follows: Balance, March 31, 2016 $ 5,909 Warranties issued during the period 8,386 Settlements made during the period (7,719 ) Balance, December 31, 2016 $ 6,576 |
Derivatives and Hedging Level 3
Derivatives and Hedging Level 3 (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes To Financial Statements [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Asset Derivatives Liability Derivatives Balance Sheet Fair Value at Fair Value at Fair Value at Fair Value at Location December 31, 2016 March 31, 2016 December 31, 2016 March 31, 2016 Prepaid & Other $ 172 $ 145 $ — $ — Accrued expenses and other $ — $ — $ 73 $ 122 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following table presents the impact of derivative instruments and their location within the Consolidated Statements of Income: Location of gain (loss) recognized in income Amount of gain (loss) recognized in income Three Months Ended December 31, Nine Months Ended December 31, 2016 2015 2016 2015 Foreign currency forward contracts Selling, general and administrative $ (945 ) $ (380 ) $ (2,495 ) $ (642 ) Commodity swap contracts Cost of revenues $ (24 ) $ (159 ) $ 392 $ (491 ) |
Fair Value Measurements Level 3
Fair Value Measurements Level 3 (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table shows the fair value of our financial assets and liabilities at December 31, 2016 and March 31, 2016: Fair Value Measurements at December 31, 2016 and March 31, 2016 Using 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 (1) $ 264,857 $ 248,841 $ 264,857 $ 225,090 $ — $ 23,751 $ — $ — Forward and swap contracts (2) 172 145 — — 172 145 — — Investments (3) 11,309 6,192 11,309 6,192 — — — — Liabilities: Forward and swap contracts (2) $ 73 $ 122 $ — $ — $ 73 $ 122 $ — $ — Deferred compensation plans (3) 1,757 1,765 1,757 1,765 — — — — Long term debt (4) 1,507,039 1,567,796 — — 1,513,528 1,592,184 — — Contingent consideration obligations (5) 6,997 5,886 — — — — 6,997 5,886 (1) Money market fund holdings are classified as level two as active market quoted prices are not available. (2) 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. (3) 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. Changes in the value of the investment accounts are recognized each period based on the fair value of the underlying investments. 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 including an incremental investment of $4,564 made in April 2016. (4) We estimate the fair value of our principal amount of long-term debt using discounted cash flow analyses, based on our current incremental borrowing rates for similar types of borrowing arrangements. (5) Contingent consideration obligations arise from prior business acquisitions. The fair values are based on discounted cash flow analyses reflecting the possible achievement of specified performance measures or events and captures the contractual nature of the contingencies, commercial risk, and the time value of money. Contingent consideration obligations are classified in the consolidated balance sheets as accrued expense (short-term) and other liabilities (long-term), as appropriate based on the contractual payment dates. |
Schedule of Level 3 Contingent Consideration [Table Text Block] | The changes in Level 3 assets and liabilities measured at fair value on a recurring basis at December 31, 2016 are summarized as follows: Contingent Consideration Balance at March 31, 2016 $ 5,886 Additions 1,352 Payments (667 ) Foreign currency translation adjustments (1) 426 Balance at December 31, 2016 $ 6,997 (1) Reported in other comprehensive income (loss) . Information regarding our investments is as follows: Investments at December 31, 2016 and March 31, 2016 Cost Unrealized Gains Unrealized Losses (2) Fair Value December 31 March 31 December 31 March 31 December 31 March 31 December 31 March 31 Available-for-sale securities: Marketable equity securities (1) $ 11,037 $ 4,681 $ — $ — $ (1,405 ) $ (185 ) $ 9,632 $ 4,496 Mutual funds 1,200 1,289 477 407 — — 1,677 1,696 Total available-for-sale securities $ 12,237 $ 5,970 $ 477 $ 407 $ (1,405 ) $ (185 ) $ 11,309 $ 6,192 (1) Our marketable equity securities have been in a unrealized loss position for less than 12 months. (2) Amounts reported include the impact of foreign currency movements relative to the U.S. dollar. |
Unrealized Gain (Loss) on Investments [Table Text Block] | Information regarding our investments is as follows: Investments at December 31, 2016 and March 31, 2016 Cost Unrealized Gains Unrealized Losses (2) Fair Value December 31 March 31 December 31 March 31 December 31 March 31 December 31 March 31 Available-for-sale securities: Marketable equity securities (1) $ 11,037 $ 4,681 $ — $ — $ (1,405 ) $ (185 ) $ 9,632 $ 4,496 Mutual funds 1,200 1,289 477 407 — — 1,677 1,696 Total available-for-sale securities $ 12,237 $ 5,970 $ 477 $ 407 $ (1,405 ) $ (185 ) $ 11,309 $ 6,192 |
Reclassifications out of Accu38
Reclassifications out of Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
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, 2016 were as follows: Gain (Loss) on Available for Sale Securities (1) Defined Benefit Plans (2) Foreign Currency Translation (3) Total Accumulated Other Comprehensive Income Three Months Nine Months Three Months Nine Months Three Months Nine Months Three Months Nine Months Beginning Balance $ (767 ) $ (673 ) $ 4,328 $ 5,108 $ (97,589 ) $ (72,594 ) $ (94,028 ) $ (68,159 ) Other Comprehensive Income (Loss) before reclassifications (68 ) (199 ) 102 308 (180,084 ) (205,079 ) (180,050 ) (204,970 ) Amounts reclassified from Accumulated Other Comprehensive Income (Loss) 13 50 (493 ) (1,479 ) — — (480 ) (1,429 ) Net current-period Other Comprehensive (Loss) (55 ) (149 ) (391 ) (1,171 ) (180,084 ) (205,079 ) (180,530 ) (206,399 ) Balance at December 31, 2016 $ (822 ) $ (822 ) $ 3,937 $ 3,937 $ (277,673 ) $ (277,673 ) $ (274,558 ) $ (274,558 ) Details of amounts reclassified from Accumulated Other Comprehensive Income (Loss) are as follows: (1) Realized gain (loss) on available for sale securities is reported in the Interest income and miscellaneous expense line of the Consolidated Statements of Income. (2) Amortization (gain) of defined benefit pension items is reported in the Selling, general and administrative expense line of the Consolidated Statements of Income. (3) 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 in the foreign operation is included in income. |
Goodwill Goodwill Information (
Goodwill Goodwill Information (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Goodwill [Line Items] | |
Schedule of Goodwill [Table Text Block] | Changes to the carrying amount of goodwill for the nine months ended December 31, 2016 are as follows: Healthcare Products Segment Healthcare Specialty Services Segment Life Sciences Segment Applied Sterilization Technologies Segment Synergy Combination Total Balance at March 31, 2016 $ 363,770 $ 154,272 $ 147,334 $ 83,035 $ 1,408,192 $ 2,156,603 Goodwill acquired 20,706 21,781 — — — 42,487 Synergy allocation — 376,807 — 1,308,717 (1,411,781 ) 273,743 Divestitures — (85,806 ) — — — (85,806 ) Impairment — (58,356 ) — — — (58,356 ) Foreign currency translation adjustments (10,011 ) (34,849 ) (1,176 ) (53,218 ) 3,589 (95,665 ) Balance at December 31, 2016 $ 374,465 $ 373,849 $ 146,158 $ 1,338,534 $ — $ 2,233,006 |
Nature of Operations and Summ40
Nature of Operations and Summary of Significant Accounting Policies Level 4 (Details) | 9 Months Ended |
Dec. 31, 2016USD ($) | |
Loss Contingencies [Line Items] | |
Proceeds and Excess Tax Benefit from Share-based Compensation | $ 4,300,000 |
Business Acquisitions and Div41
Business Acquisitions and Divestitures Business Acquisitions and Divestitures Narrative (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Mar. 31, 2016USD ($) | Sep. 16, 2016USD ($) | Aug. 31, 2016USD ($) | Jul. 22, 2016USD ($) | Nov. 02, 2015£ / shares | Nov. 02, 2015USD ($)$ / shares | |
Business Acquisition [Line Items] | |||||||||||
Revenues | $ 646,774,000 | $ 618,688,000 | $ 1,931,567,000 | $ 1,548,487,000 | |||||||
STERIS Closing Stock Price at 11/02/2015 | $ / shares | $ 73.02 | ||||||||||
Depreciation, amortization and depletion adjustment from purchase price allocation | 20,000,000 | ||||||||||
Depreciation, Depletion and Amortization | 135,245,000 | 90,925,000 | |||||||||
Translation adjustment on net assets | 170,000,000 | ||||||||||
Amortization of Intangible Assets | 7,117,000 | ||||||||||
Proceeds from Divestiture of Businesses | 136,255,000 | 0 | |||||||||
Gain (Loss) on Disposition of Business | (28,969,000) | $ 0 | (42,771,000) | $ 0 | |||||||
Selling, General and Administrative Expenses [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Depreciation, amortization and depletion adjustment from purchase price allocation | 17,000,000 | ||||||||||
Cost of revenue [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Depreciation, amortization and depletion adjustment from purchase price allocation | $ 3,000,000 | ||||||||||
Applied Infection Control [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenues | $ 50,000,000 | ||||||||||
Proceeds from Divestiture of Businesses | $ 41,800,000 | ||||||||||
Gain (Loss) on Disposition of Business | 35,200,000 | ||||||||||
UK Linen Management Services [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenues | 50,000,000 | ||||||||||
Proceeds from Divestiture of Businesses | 65,000,000 | ||||||||||
Gain (Loss) on Disposition of Business | 66,400,000 | ||||||||||
Synergy Health Labs [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenues | 15,000,000 | ||||||||||
Proceeds from Divestiture of Businesses | 25,000,000 | ||||||||||
Gain (Loss) on Disposition of Business | $ 17,400,000 | ||||||||||
Compass Medical [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Purchase price of acquired entity | $ 16,000,000 | ||||||||||
Revenues | 6,000,000 | ||||||||||
Phoenix and Endo-Tek [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Purchase price of acquired entity | $ 14,300,000 | ||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||
Revenues | 8,000,000 | ||||||||||
Medisafe [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Purchase price of acquired entity | $ 34,300,000 | ||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||
Revenues | $ 18,000,000 | ||||||||||
Synergy Health plc [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Approximate purchase price of entity | $ 2,300,000,000 | ||||||||||
Number of Countries in which Entity Operates | 100 | ||||||||||
Business Acquisition, Transaction Costs | $ 63,789,000 | ||||||||||
US Linen Management Services [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenues | $ 50,000,000 | ||||||||||
Proceeds from Divestiture of Businesses | 4,500,000 | ||||||||||
Gain (Loss) on Disposition of Business | $ 29,000,000 | ||||||||||
United Kingdom, Pounds | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Value of transaction per Synergy Share | £ / shares | £ 24.80 | ||||||||||
United States of America, Dollars | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Value of transaction per Synergy Share | $ / shares | $ 38.17 |
Business Acquisitions and Div42
Business Acquisitions and Divestitures Business Acquisitions FY2017 (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 | Nov. 02, 2015 |
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 53,057 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 103,093 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 30,074 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 496,555 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 19,175 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 504,196 | ||
Goodwill | $ 2,233,006 | $ 2,156,603 | 1,685,524 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 2,891,674 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 107,932 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 321,082 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 159,112 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (588,126) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 2,303,548 | ||
Medisafe [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 3,767 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 3,703 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 2,500 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 642 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 12,239 | ||
Goodwill | 20,706 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 43,557 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 5,281 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 227 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (5,508) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 38,049 | ||
Compass Medical [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 629 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 659 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 13 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 31 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 5,992 | ||
Goodwill | 8,987 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 16,311 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 309 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (309) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 16,002 | ||
Phoenix and Endo-Tek [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 769 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 1,123 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 950 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,092 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 46 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 0 | ||
Goodwill | 12,794 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 16,774 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 1,373 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 295 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (1,668) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 15,106 |
Business Acquisitions and Div43
Business Acquisitions and Divestitures Business Combinations FY 2016 Synergy Health (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 | Nov. 02, 2015 |
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 53,057 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 103,093 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 30,074 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 496,555 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 19,175 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 504,196 | ||
Goodwill | $ 2,233,006 | $ 2,156,603 | 1,685,524 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 2,891,674 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (107,932) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (321,082) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | (159,112) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (588,126) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 2,303,548 | ||
Scenario, Previously Reported [Member] | Synergy Health plc [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 53,057 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 107,341 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 30,074 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 534,879 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 19,708 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 806,526 | ||
Goodwill | 1,411,781 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 2,963,366 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (108,192) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (321,082) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | (230,544) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (659,818) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 2,303,548 | ||
Scenario, Adjustment [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | (4,248) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | (38,324) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | (533) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | (302,330) | ||
Goodwill | 273,743 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | (71,692) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (260) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 0 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | (71,432) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (71,692) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 0 |
Business Acquisitions and Div44
Business Acquisitions and Divestitures Business Acquisitions Intangible Assets Acquired (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2016 | Nov. 02, 2015 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 504,196 | |
Synergy Health plc [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 504,196 | |
Synergy Health plc [Member] | Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 459,074 | |
Finite-Lived Intangible Asset, Useful Life | 15 years | |
Synergy Health plc [Member] | Trade Names [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 19,404 | |
Finite-Lived Intangible Asset, Useful Life | 15 years | |
Synergy Health plc [Member] | Technology-Based Intangible Assets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 25,718 | |
Finite-Lived Intangible Asset, Useful Life | 6 years |
Property, Plant and Equipment45
Property, Plant and Equipment Level 4 (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 48,321 | $ 39,051 |
Buildings and Improvements, Gross | 417,373 | 446,277 |
Machinery and Equipment, Gross | 562,485 | 580,962 |
Linen | 11,126 | 42,354 |
Capitalized Computer Software, Gross | 124,467 | 126,180 |
Materials, Supplies, and Other | 413,095 | 434,152 |
Construction in Progress, Gross | 69,309 | 79,291 |
Property, Plant and Equipment, Gross | 1,646,176 | 1,748,267 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (706,586) | (683,948) |
Property, Plant and Equipment, Net | $ 939,590 | $ 1,064,319 |
Inventories, Net Level 4 (Detai
Inventories, Net Level 4 (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 |
Inventory, Raw Materials | $ 67,105 | $ 62,673 |
Inventory, Work in Process | 27,071 | 19,614 |
Inventory, Finished Goods | 151,151 | 146,820 |
Inventory, LIFO Reserve | (17,299) | (17,608) |
Inventory Valuation Reserves | (18,314) | (18,707) |
Inventory, Net | $ 209,714 | $ 192,792 |
Debt Level 4 (Details)
Debt Level 4 (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 |
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 666,000 | $ 666,000 |
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Net | (3,057) | (3,420) |
Line of Credit Facility, Amount Outstanding | 844,096 | 905,216 |
Long-term Debt | $ 1,507,039 | $ 1,567,796 |
Debt Debt Narrative (Details)
Debt Debt Narrative (Details) - Jan. 23, 2017 - Subsequent Event [Member] € in Millions, £ in Millions, $ in Millions | GBP (£) | USD ($) | EUR (€) |
Debt Instrument [Line Items] | |||
Senior Notes | $ 296 | ||
United States of America, Dollars | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 95 | ||
Euro Member Countries, Euro | |||
Debt Instrument [Line Items] | |||
Senior Notes | € | € 99 | ||
United Kingdom, Pounds | |||
Debt Instrument [Line Items] | |||
Senior Notes | £ | £ 75 |
Additional Consolidated Balan49
Additional Consolidated Balance Sheets Information Level 4 (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 |
Employee-related Liabilities | $ 26,345 | $ 30,175 |
Accrued Vacation | 11,580 | 14,368 |
Accrued Bonuses | 16,359 | 31,502 |
Accrued Liabilities for Commissions, Expense and Taxes | 13,380 | 13,809 |
Other Postretirement Benefits Payable | 2,463 | 2,463 |
Pension and Other Postretirement and Postemployment Benefit Plans, Liabilities | 1,321 | 1,659 |
Employee-related Liabilities, Current | 71,448 | 93,976 |
Deferred Revenue | 64,574 | 56,238 |
Self Insurance Reserve, Current | 9,771 | 8,266 |
Accrued Sales Commission | 14,953 | 12,717 |
Product Warranty Accrual | 6,576 | 5,909 |
Other Accrued Liabilities | 60,262 | 70,245 |
Accrued Liabilities | 156,136 | 153,375 |
Self Insurance Reserve, Noncurrent | 13,257 | 13,257 |
Other Postretirement Benefits Payable, Noncurrent | 14,545 | 15,932 |
Defined Benefit Pension Plan, Liabilities, Noncurrent | 20,097 | 25,301 |
Pension and Other Postretirement and Postemployment Benefit Plans, Liabilities, Noncurrent | 3,879 | 4,366 |
Accrued Income Taxes, Noncurrent | 2,100 | 0 |
Asset Retirement Obligations, Noncurrent | 9,482 | 10,342 |
Other Liabilities | 9,848 | 15,100 |
Other Liabilities, Noncurrent | $ 73,208 | $ 84,298 |
Income Tax Expense Unrecognized
Income Tax Expense Unrecognized Tax Benefits (Details) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Effective Income Tax Rate, Continuing Operations | 128.10% | 28.10% | 38.40% | 35.60% |
Benefit Plans Level 4 (Details)
Benefit Plans Level 4 (Details) - USD ($) | Aug. 26, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2016 | Aug. 19, 2015 | Sep. 30, 2008 |
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 4,641,000 | |||||||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 46,001,000 | |||||||
DBP Purchase Price of Annuity Contract | $ 51,805,000 | |||||||
Defined Benefit Plan, Settlements, Benefit Obligation | $ 0 | $ 46,000 | $ 0 | $ 26,470,000 | $ 26,470,000 | |||
United States Pension Plans of US Entity, Defined Benefit [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Service Cost | 0 | 27,000 | ||||||
Defined Benefit Plan, Interest Cost | 0 | 560,000 | ||||||
Defined Benefit Plan, Expected Return on Plan Assets | 0 | (1,008,000) | ||||||
Defined Benefit Plan, Amortization of Gains (Losses) | 0 | 602,000 | ||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0 | 26,470,000 | ||||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | ||||||
Defined Benefit Plan, Net Periodic Benefit Cost | 0 | 26,651,000 | ||||||
Other Defined Benefit Pension Plans [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Service Cost | 472,000 | 324,000 | 1,416,000 | 324,000 | ||||
Defined Benefit Plan, Interest Cost | 189,000 | 641,000 | 567,000 | 641,000 | ||||
Defined Benefit Plan, Expected Return on Plan Assets | 0 | (506,000) | 0 | (506,000) | ||||
Defined Benefit Plan, Amortization of Gains (Losses) | 0 | 0 | 0 | 0 | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0 | 0 | ||||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 | 0 | ||||
Defined Benefit Plan, Net Periodic Benefit Cost | 661,000 | 459,000 | 1,983,000 | 459,000 | ||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Service Cost | 0 | 0 | 0 | 0 | ||||
Defined Benefit Plan, Interest Cost | 139,000 | 148,000 | 416,000 | 444,000 | ||||
Defined Benefit Plan, Expected Return on Plan Assets | 0 | 0 | 0 | 0 | ||||
Defined Benefit Plan, Amortization of Gains (Losses) | 184,000 | 207,000 | 554,000 | 621,000 | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0 | 0 | ||||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (816,000) | (815,000) | (2,447,000) | (2,445,000) | ||||
Defined Benefit Plan, Net Periodic Benefit Cost | $ (493,000) | $ (460,000) | $ (1,477,000) | $ (1,380,000) |
Business Segment Information 52
Business Segment Information Level 4 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Assets | $ 4,886,946 | $ 4,886,946 | $ 5,346,416 | ||
Revenues | 646,774 | $ 618,688 | 1,931,567 | $ 1,548,487 | |
Operating Income (Loss) | 25,884 | 46,722 | 168,969 | 113,601 | |
Restructuring Charges | (18) | (193) | (220) | (657) | |
amortization and impairment of acquired intangible assets | 5,598 | 15,494 | 42,908 | 28,194 | |
acquisition and integration related charges | 7,032 | 41,726 | 18,893 | 77,254 | |
loss (gain) on fair value contingent consideration adjustments | 0 | 0 | 1,850 | 0 | |
Gain (Loss) on Disposition of Business | 28,969 | 0 | 42,771 | 0 | |
amortization of inventory and property step up to fair value | (139) | 4,060 | 4,357 | 4,102 | |
Defined Benefit Plan, Settlements, Benefit Obligation | 0 | (46) | 0 | (26,470) | $ (26,470) |
Goodwill, Impairment Loss | 58,356 | 0 | 58,356 | 0 | |
Healthcare Products [Member] [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 323,364 | 316,251 | 909,459 | 869,060 | |
Operating Income (Loss) | 65,213 | 52,158 | 149,965 | 121,930 | |
Goodwill, Impairment Loss | 0 | ||||
Healthcare Specialty Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 133,485 | 129,135 | 434,148 | 267,942 | |
Operating Income (Loss) | 2,211 | 7,372 | 7,704 | 16,364 | |
Goodwill, Impairment Loss | 58,356 | 58,356 | |||
Life Science Member [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 78,274 | 82,702 | 240,948 | 210,514 | |
Operating Income (Loss) | 23,937 | 24,115 | 71,171 | 58,448 | |
Goodwill, Impairment Loss | 0 | ||||
Applied Sterilization Technologies [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 110,401 | 90,225 | 342,575 | 199,753 | |
Operating Income (Loss) | 36,492 | 26,766 | 116,856 | 60,802 | |
Goodwill, Impairment Loss | 0 | ||||
OperatingSegmentCorpandOther [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,250 | 375 | 4,437 | 1,218 | |
Operating Income (Loss) | (2,135) | (2,648) | (7,372) | (8,580) | |
OperatingSegmentAll [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 646,774 | 618,688 | 1,931,567 | 1,548,487 | |
Operating Income (Loss) | $ 125,718 | $ 107,763 | $ 338,324 | $ 248,964 |
Shares and Preferred Shares L53
Shares and Preferred Shares Level 4 (Details) shares in Thousands | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2016£ / sharesshares | Dec. 31, 2015shares | Dec. 31, 2016£ / sharesshares | Dec. 31, 2015shares | Mar. 31, 2016$ / shares | Oct. 23, 2015£ / shares | |
Weighted Average Common Shares Outstanding Basic and Diluted [Line Items] | ||||||
Preferred Stock, Par or Stated Value Per Share | (per share) | £ 0.10 | £ 0.10 | $ 0.15 | |||
Weighted Average Number of Shares Outstanding, Basic | 85,074 | 77,221 | 85,654 | 65,629 | ||
Weighted Average Number Diluted Shares Outstanding Adjustment | 451 | 491 | 472 | 494 | ||
Weighted Average Number of Shares Outstanding, Diluted | 85,525 | 77,712 | 86,126 | 66,123 | ||
United Kingdom, Pounds | ||||||
Weighted Average Common Shares Outstanding Basic and Diluted [Line Items] | ||||||
Preferred Stock, Par or Stated Value Per Share | £ / shares | £ 0.10 |
Shares and Preferred Shares Com
Shares and Preferred Shares Common share options (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2016£ / sharesshares | Dec. 31, 2015shares | Dec. 31, 2016£ / sharesshares | Dec. 31, 2015shares | Dec. 31, 2016USD ($)shares | Mar. 31, 2016USD ($)$ / sharesshares | Oct. 23, 2015£ / shares | Oct. 23, 2015USD ($)$ / sharesshares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Preferred Stock, Shares Issued | shares | 100,000 | 100,000 | 100,000 | |||||
Preferred Stock, Par or Stated Value Per Share | (per share) | £ 0.10 | £ 0.10 | $ 0.15 | |||||
Preferred Stock, Value, Issued | $ | $ 15 | $ 15 | ||||||
Preferred Stock, Dividend Rate, Percentage | 5.00% | |||||||
Preferred Stock, Redemption Price Per Share | (per share) | £ 0.10 | $ 0.15 | ||||||
Stock Options [Member] | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 683,000 | 293,000 | 558,000 | 254,000 | ||||
United States of America, Dollars | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.15 | |||||||
Preferred Stock, Value, Issued | $ | $ 15 |
Repurchases of Shares Level 4 (
Repurchases of Shares Level 4 (Details) - USD ($) $ in Millions | 9 Months Ended | |
Dec. 31, 2016 | Aug. 09, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | $ 300 | |
Stock Repurchased During Period, Shares | 1,254,821 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 160,798 |
Share-Based Compensation Leve56
Share-Based Compensation Level 4 (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Item] | ||
Remaining shares available for grant | 5,621,002 | |
Weighted-average assumptions used for options granted: | ||
Risk-free interest rate | 1.29% | 1.51% |
Expected life of options | 5 years 7 months 27 days | 5 years 8 months 8 days |
Exptected dividend yield of stock | 1.54% | 1.40% |
Expected volatility of stock | 22.92% | 25.06% |
Estimated forfeiture rate | 1.85% | 1.55% |
Summary of share option activity: | ||
Number of Options, Outstanding, Beginning of Period | 1,729,517 | |
Weighted Average Exercise Price, Outstanding, Beginning of Period | $ 44.01 | |
Number of Options, Granted | 402,141 | |
Weighted Average Exercise Price, Granted | $ 69.85 | |
Number of Options, Exercised | (105,677) | |
Weighted Average Exercise Price, Exercised | $ 30.69 | |
Number of Options, Forfeited | (19,851) | |
Weighted Average Exercise Price, Forfeited | $ 61.95 | |
Number of Options, Canceled | (470) | |
Weighted Average Exercise Price, Canceled | $ 25.98 | |
Number of Options, Outstanding, End of Period | 2,005,660 | |
Weighted Average Exercise Price, Outstanding, End of Period | $ 49.71 | |
Average Remaining Contractual Term, Outstanding | 6 years 5 months 8 days | |
Aggregate Intrinsic Value, Outstanding | $ 36,537 | |
Number of Options, Exercisable | 1,184,761 | |
Weighted Average Exercise Price, Exercisable | $ 39.82 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 11 months 22 days | |
Aggregate Intrinsic Value, Exercisable | $ 32,819 | |
Non-vested stock options outstanding expected to vest | 806,760 | |
Common Stock, Fair Market Value Per Share | $ 67.39 | |
Total intrinsic value of stock options exercised | $ 4,160 | $ 12,221 |
Net cash proceeds from the exercise of stock options | 3,221 | 10,908 |
Tax benefit from stock option exercises | $ 4,290 | $ 5,909 |
Weighted average grant date fair value of stock option grants, per share | $ 13.42 | $ 14.66 |
Summary of non-vested restricted share activity: | ||
Unrecognized compensation cost related to nonvested share-based compensation granted | $ 37,511 | |
Weighted Average Period For Total Compensation Expense Not Yet Recognized | 2 years 1 month 24 days | |
Stock Appreciation Rights (SARs) [Member] | ||
Summary of non-vested restricted share activity: | ||
FairValueOfOutstandingStockAppreciationRights | $ 1,736 | $ 2,527 |
Restricted Stock | ||
Summary of non-vested restricted share activity: | ||
Number of Restricted Shares, Non-vested at Beginning of Period | 872,972 | |
Weighted-Average Grant Date Fair Value, Non-vested at Beginning of Period | $ 51.98 | |
Number of Restricted Shares, Granted | 238,653 | |
Weighted-Average Grant Date Fair Value, Granted | $ 69.98 | |
Number of Restricted Shares, Vested | (262,082) | |
Weighted-Average Grant Date Fair Value, Vested | $ 40.32 | |
Number of Restricted Shares, Canceled | (58,536) | |
Weighted-Average Grant Date Fair Value, Canceled | $ 62.98 | |
Number of Restricted Shares, Non-vested at End of Period | 791,007 | |
Weighted-Average Grant Date Fair Value, Non-vested at End of Period | $ 60.74 | |
Fair Value, Share-based Payment Awards, Other than Options | $ 11,391 | |
Restricted Stock Units (RSUs) | ||
Summary of non-vested restricted share activity: | ||
Number of Restricted Shares, Non-vested at Beginning of Period | 41,641 | |
Number of Restricted Shares, Granted | 19,634 | |
Number of Restricted Shares, Vested | (20,424) | |
Number of Restricted Shares, Canceled | (5,327) | |
Number of Restricted Shares, Non-vested at End of Period | 35,524 |
Financial and Other Guarantee57
Financial and Other Guarantees Level 4 (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2016 | Mar. 31, 2016 | |
Guarantor Obligations [Line Items] | ||
Deferred Service Revenue | $ 33,467 | $ 33,416 |
Product Warranty Accrual | 6,576 | $ 5,909 |
Product Warranty Accrual, Warranties Issued | 8,386 | |
Standard Product Warranty Accrual, Payments | $ (7,719) |
Derivatives and Hedging Level 4
Derivatives and Hedging Level 4 (Details) € in Thousands, MXN in Thousands, CAD in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2016USD ($)lb | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($)lb | Dec. 31, 2015USD ($) | Dec. 31, 2016EUR (€)lb | Dec. 31, 2016CADlb | Dec. 31, 2016MXNlb | Mar. 31, 2016USD ($) | |
Derivative [Line Items] | ||||||||
Non-derivative Net Investment Hedge | $ 108,935 | $ 108,935 | ||||||
Other Assets [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Assets | 172 | 172 | $ 145 | |||||
Derivative Liabilities | 0 | 0 | 0 | |||||
Accrued Liabilities [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Assets | 0 | 0 | 0 | |||||
Derivative Liabilities | 73 | 73 | $ 122 | |||||
Selling, General and Administrative Expenses [Member] | ||||||||
Derivative [Line Items] | ||||||||
Foreign Currency Transaction Loss, before Tax | (945) | $ (380) | (2,495) | $ (642) | ||||
Cost of Sales [Member] | ||||||||
Derivative [Line Items] | ||||||||
Gain (Loss) on Sale of Commodity Contracts | $ (24) | $ (159) | $ 392 | $ (491) | ||||
212234 Copper Ore and Nickel Ore Mining [Member] | ||||||||
Derivative [Line Items] | ||||||||
Investment Contract Weight | lb | 199,600 | 199,600 | 199,600 | 199,600 | 199,600 | |||
Mexico, Pesos | ||||||||
Derivative [Line Items] | ||||||||
Derivative Liability, Notional Amount | MXN | MXN 80,000 | |||||||
Canada, Dollars | ||||||||
Derivative [Line Items] | ||||||||
Derivative Liability, Notional Amount | CAD | CAD 6,000 | |||||||
Euro Member Countries, Euro | ||||||||
Derivative [Line Items] | ||||||||
Derivative Liability, Notional Amount | € | € 0 |
Fair Value Measurements Level 4
Fair Value Measurements Level 4 (Details) € in Thousands, £ in Thousands, MXN in Thousands | 3 Months Ended | 9 Months Ended | ||||||||||
Dec. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016GBP (£) | Dec. 31, 2016USD ($) | Dec. 31, 2016EUR (€) | Dec. 31, 2016MXN | Mar. 31, 2016USD ($) | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Payments to Acquire Investments | $ 4,564,000 | $ 6,356,000 | $ 0 | |||||||||
Available-for-sale Securities, Amortized Cost Basis | $ 12,237,000 | $ 5,970,000 | ||||||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | [1] | 477,000 | 407,000 | |||||||||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax | [1] | (1,405,000) | (185,000) | |||||||||
Investments, Fair Value Disclosure | 11,309,000 | 6,192,000 | ||||||||||
Business Combination, Contingent Consideration, Liability | 6,997,000 | 5,886,000 | ||||||||||
Fair Value, Inputs, Level 1 [Member] | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Cash and Cash Equivalents, Fair Value Disclosure | [2] | 264,857,000 | 225,090,000 | |||||||||
Foreign Currency Contract, Asset, Fair Value Disclosure | [3] | 0 | 0 | |||||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | [3] | 0 | 0 | |||||||||
Investments, Fair Value Disclosure | [4] | 11,309,000 | 6,192,000 | |||||||||
Deferred Compensation Plan Assets, Fair Value | [4] | 1,757,000 | 1,765,000 | |||||||||
Long-term Debt, Fair Value | [5] | 0 | 0 | |||||||||
Business Combination, Contingent Consideration, Liability | 0 | [6] | 0 | |||||||||
Fair Value, Inputs, Level 2 [Member] | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Cash and Cash Equivalents, Fair Value Disclosure | [2] | 0 | 23,751,000 | |||||||||
Foreign Currency Contract, Asset, Fair Value Disclosure | [3] | 172,000 | 145,000 | |||||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | [3] | 73,000 | 122,000 | |||||||||
Investments, Fair Value Disclosure | 0 | [4] | 0 | |||||||||
Deferred Compensation Plan Assets, Fair Value | 0 | [4] | 0 | |||||||||
Long-term Debt, Fair Value | [5] | 1,513,528,000 | 1,592,184,000 | |||||||||
Business Combination, Contingent Consideration, Liability | 0 | [6] | 0 | |||||||||
Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | ||||||||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | [3] | 0 | |||||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | [3] | 0 | |||||||||
Investments, Fair Value Disclosure | 0 | [4] | 0 | |||||||||
Deferred Compensation Plan Assets, Fair Value | 0 | [4] | 0 | |||||||||
Long-term Debt, Fair Value | [5] | 0 | 0 | |||||||||
Business Combination, Contingent Consideration, Liability | [6] | 6,997,000 | 5,886,000 | |||||||||
Capital Additions [Member] | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 1,352,000 | |||||||||||
Reductions and Payout [Member] | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (667,000) | |||||||||||
Foreign Currency Gain (Loss) [Member] | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 426,000 | |||||||||||
Cost of Sales [Member] | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Gain (Loss) on Sale of Commodity Contracts | $ (24,000) | $ (159,000) | $ 392,000 | $ (491,000) | ||||||||
United Kingdom, Pounds | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Derivative Liability, Notional Amount | £ | £ 0 | |||||||||||
Euro Member Countries, Euro | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Derivative Liability, Notional Amount | € | € 0 | |||||||||||
Switzerland, Francs | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Derivative Liability, Notional Amount | MXN | MXN 80,000 | |||||||||||
Equity Securities [Member] | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Available-for-sale Securities, Amortized Cost Basis | 11,037,000 | 4,681,000 | ||||||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | [1] | 0 | 0 | |||||||||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax | [1] | (1,405,000) | (185,000) | |||||||||
Investments, Fair Value Disclosure | 9,632,000 | 4,496,000 | ||||||||||
Mutual Funds [Member] | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Available-for-sale Securities, Amortized Cost Basis | 1,200,000 | 1,289,000 | ||||||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | [1] | 477,000 | 407,000 | |||||||||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax | [1] | 0 | 0 | |||||||||
Investments, Fair Value Disclosure | 1,677,000 | 1,696,000 | ||||||||||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||
Cash and Cash Equivalents, Fair Value Disclosure | [2] | 264,857,000 | 248,841,000 | |||||||||
Foreign Currency Contract, Asset, Fair Value Disclosure | [3] | 172,000 | 145,000 | |||||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | [3] | 73,000 | 122,000 | |||||||||
Investments, Fair Value Disclosure | [4] | 11,309,000 | 6,192,000 | |||||||||
Deferred Compensation Plan Assets, Fair Value | [4] | 1,757,000 | 1,765,000 | |||||||||
Long-term Debt, Fair Value | [5] | 1,507,039,000 | 1,567,796,000 | |||||||||
Business Combination, Contingent Consideration, Liability | [6] | $ 6,997,000 | $ 5,886,000 | |||||||||
[1] | Amounts reported include the impact of foreign currency movements relative to the U.S. dollar. | |||||||||||
[2] | (1) Money market fund holdings are classified as level two as active market quoted prices are not available. | |||||||||||
[3] | (2) 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. | |||||||||||
[4] | 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. Changes in the value of the investment accounts are recognized each period based on the fair value of the underlying investments. 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 including an incremental investment of $4,564 made in April 2016. | |||||||||||
[5] | (4) We estimate the fair value of our principal amount of long-term debt using discounted cash flow analyses, based on our current incremental borrowing rates for similar types of borrowing arrangements. | |||||||||||
[6] | (5) Contingent consideration obligations arise from prior business acquisitions. The fair values are based on discounted cash flow analyses reflecting the possible achievement of specified performance measures or events and captures the contractual nature of the contingencies, commercial risk, and the time value of money. Contingent consideration obligations are classified in the consolidated balance sheets as accrued expense (short-term) and other liabilities (long-term), as appropriate based on the contractual payment dates. |
Reclassifications out of Accu60
Reclassifications out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2016 | Mar. 31, 2016 | ||
Reclassifications from AOCI [Line Items] | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (274,558) | $ (274,558) | $ (94,028) | $ (68,159) | |||
Other Comprehensive (Loss) Income, Available-for-sale Securities Adjustment, Net of Tax | (55) | $ 11 | (149) | $ (1,389) | |||
Other Comprehensive Income (Loss), Net of Tax | (180,050) | (204,970) | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (480) | (1,429) | |||||
Other Comprehensive (Loss) Income, Net of Tax, Portion Attributable to Parent | (180,530) | $ (14,959) | (206,399) | $ (7,753) | |||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||||
Reclassifications from AOCI [Line Items] | |||||||
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | [1] | (822) | (822) | (767) | (673) | ||
Other Comprehensive (Loss) Income, Available-for-sale Securities Adjustment, Net of Tax | [1] | (68) | (199) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [1] | 13 | 50 | ||||
Other Comprehensive (Loss) Income, Net of Tax, Portion Attributable to Parent | [1] | (55) | (149) | ||||
Accumulated Defined Benefit Plans Adjustment [Member] | |||||||
Reclassifications from AOCI [Line Items] | |||||||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | [2] | 3,937 | 3,937 | 4,328 | 5,108 | ||
Other Comprehensive Income (Loss), Net of Tax | [2] | 102 | 308 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [2] | (493) | (1,479) | ||||
Other Comprehensive (Loss) Income, Net of Tax, Portion Attributable to Parent | [2] | (391) | (1,171) | ||||
Accumulated Translation Adjustment [Member] | |||||||
Reclassifications from AOCI [Line Items] | |||||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (277,673) | (277,673) | $ (97,589) | $ (72,594) | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (180,084) | (205,079) | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | |||||
Other Comprehensive (Loss) Income, Net of Tax, Portion Attributable to Parent | $ (180,084) | $ (205,079) | |||||
[1] | (1) Realized gain (loss) on available for sale securities is reported in the Interest income and miscellaneous expense line of the Consolidated Statements of Income. | ||||||
[2] | (2) Amortization (gain) of defined benefit pension items is reported in the Selling, general and administrative expense line of the Consolidated Statements of Income. (3) 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 in the foreign operation is included in income. |
Goodwill Goodwill Rollforward T
Goodwill Goodwill Rollforward Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2016 | Nov. 02, 2015 | |
Goodwill [Line Items] | ||||||
Goodwill | $ 2,233,006 | $ 2,233,006 | $ 2,156,603 | $ 1,685,524 | ||
Goodwill, Acquired During Period | 42,487 | |||||
Goodwill allocation related to Synergy | (273,743) | |||||
Goodwill, Impairment Loss | (58,356) | $ 0 | (58,356) | $ 0 | ||
Goodwill, Translation Adjustments | (95,665) | |||||
Goodwill, Written off Related to Sale of Business Unit | (85,806) | |||||
Applied Sterilization Technologies [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 1,338,534 | 1,338,534 | 83,035 | |||
Goodwill, Acquired During Period | 0 | |||||
Goodwill allocation related to Synergy | (1,308,717) | |||||
Goodwill, Impairment Loss | 0 | |||||
Goodwill, Translation Adjustments | (53,218) | |||||
Goodwill, Written off Related to Sale of Business Unit | 0 | |||||
Life Science Member [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 146,158 | 146,158 | 147,334 | |||
Goodwill, Acquired During Period | 0 | |||||
Goodwill allocation related to Synergy | 0 | |||||
Goodwill, Impairment Loss | 0 | |||||
Goodwill, Translation Adjustments | (1,176) | |||||
Goodwill, Written off Related to Sale of Business Unit | 0 | |||||
Healthcare Specialty Services [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 373,849 | 373,849 | 154,272 | |||
Goodwill, Acquired During Period | 21,781 | |||||
Goodwill allocation related to Synergy | (376,807) | |||||
Goodwill, Impairment Loss | (58,356) | (58,356) | ||||
Goodwill, Translation Adjustments | (34,849) | |||||
Goodwill, Written off Related to Sale of Business Unit | (85,806) | |||||
Healthcare Products [Member] [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 374,465 | 374,465 | 363,770 | |||
Goodwill, Acquired During Period | 20,706 | |||||
Goodwill allocation related to Synergy | 0 | |||||
Goodwill, Impairment Loss | 0 | |||||
Goodwill, Translation Adjustments | (10,011) | |||||
Goodwill, Written off Related to Sale of Business Unit | 0 | |||||
synergy [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | $ 0 | 0 | $ 1,408,192 | |||
Goodwill, Acquired During Period | 0 | |||||
Goodwill allocation related to Synergy | (1,411,781) | |||||
Goodwill, Impairment Loss | 0 | |||||
Goodwill, Translation Adjustments | 3,589 | |||||
Goodwill, Written off Related to Sale of Business Unit | $ 0 |
Goodwill Goodwill Narrative (De
Goodwill Goodwill Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | ||||
Goodwill, Impairment Loss | $ 58,356 | $ 0 | $ 58,356 | $ 0 |
Healthcare Specialty Services [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill, Impairment Loss | $ 58,356 | $ 58,356 |