0001757898-24-000016 | 10-Q | XBRL Viewer

Nature of Operations and Summary of Significant Accounting Policies

3 Months Ended

Jun. 30, 2024

1. Nature of Operations and Summary of Significant Accounting Policies

STERIS is a leading global provider of products and services that support patient care with an emphasis on infection prevention. WE HELP OUR CUSTOMERS CREATE A HEALTHIER AND SAFER WORLD by providing innovative healthcare and life science products and services around the globe. We offer our Customers a unique mix of innovative products and services. These include: consumable products, such as detergents, endoscopy accessories, barrier products, instruments and tools; services, including equipment installation and maintenance, microbial reduction of medical devices, instrument and scope repair, laboratory testing, and outsourced reprocessing; capital equipment, such as sterilizers, surgical tables, and automated endoscope reprocessors; and connectivity solutions such as operating room (“OR”) integration.

We operate and report our financial information in three reportable business segments: Healthcare, Applied Sterilization Technologies ("AST"), and Life Sciences. Previously, we had four reportable business segments, however, as a result of the divestiture of our Dental segment, Dental is presented as discontinued operations. Historical information has been retrospectively adjusted to reflect these changes for comparability purposes, as required. We describe our business segments in Note 11 titled "Business Segment Information."

Our fiscal year ends on March 31. References in this Quarterly Report to a particular “year” or “year-end” mean our fiscal year. The significant accounting policies applied in preparing the accompanying consolidated financial statements of the Company are summarized below:

Interim Financial Statements

We prepared the accompanying unaudited consolidated financial statements of the Company according to accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and the instructions to the Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X. This means that they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Our unaudited interim consolidated financial statements contain all material adjustments (including normal recurring accruals and adjustments) management believes are necessary to fairly state our financial condition, results of operations, and cash flows for the periods presented.

These interim consolidated financial statements should be read together with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended March 31, 2024, which was filed with the Securities and Exchange Commission ("SEC") on May 29, 2024. The Consolidated Balance Sheet at March 31, 2024 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 intercompany accounts and transactions when we consolidate these accounts. Investments in equity of unconsolidated affiliates, over which the Company has significant influence, but not control, over the financial and operating polices, are accounted for primarily using the equity method. These investments are immaterial to the Company's consolidated financial statements.

Discontinued Operations

On April 11, 2024, the Company announced its plan to sell substantially all of the net assets of its Dental segment for total cash consideration of $787,500, subject to customary adjustments, and up to an additional $12,500 in contingent payment should the Dental business achieve certain revenue targets in fiscal 2025. The transaction was structured as an equity sale and closed on May 31, 2024. A component of an entity is reported in discontinued operations after meeting the criteria for held for sale classification if the disposition represents a strategic shift that has (or will have) a major effect on the entity's operations and financial results. We analyzed the quantitative and qualitative factors relevant to the divestiture of our Dental segment and determined that those conditions for discontinued operations presentation had been met prior to March 31, 2024. The Dental segment results of operations were reclassified to income (loss) from discontinued operations in the Consolidated Statements of Income for all periods presented, and we classified the Dental segment's assets and liabilities as held for sale for the year ended March 31, 2024 in the accompanying Consolidated Balance Sheets. Due to the transaction closing in the first quarter of fiscal 2025, the held for sale assets and liabilities were classified as current as of March 31, 2024. Our Consolidated Statements of Cash Flows include the financial results of the Dental segment for all periods presented. For additional information regarding this transaction and its effect on our financial reporting, refer to Note 4 titled, "Discontinued Operations" and Note 11 titled, "Business Segment Information."

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 month period ended June 30, 2024 are not necessarily indicative of results that may be expected for future quarters or for the full fiscal year ending March 31, 2025.

Revenue Recognition and Associated Liabilities

Revenue is recognized when obligations under the terms of the contract are satisfied and control of the promised products or services have transferred to the Customer. Revenues are measured at the amount of consideration that we expect to be paid in exchange for the products or services. Product revenue is recognized when control passes to the Customer, which is generally based on contract or shipping terms. Service revenue is recognized when the Customer benefits from the service, which occurs either upon completion of the service or as it is provided to the Customer. Our Customers include end users as well as dealers and distributors who market and sell our products. Our revenue is not contingent upon resale by the dealer or distributor, and we have no further obligations related to bringing about resale. Our standard return and restocking fee policies are applied to sales of products. Shipping and handling costs charged to Customers are included in Product revenues. The associated expenses are treated as fulfillment costs and are included in Cost of revenues. Revenues are reported net of sales and value-added taxes collected from Customers.

We have individual Customer contracts that offer discounted pricing. Dealers and distributors may be offered sales incentives in the form of rebates. We reduce revenue for discounts and estimated returns, rebates, and other similar allowances in the same period the related revenues are recorded. The reduction in revenue for these items is estimated based on historical experience and trend analysis to the extent that it is probable that a significant reversal of revenue will not occur. Estimated returns are recorded gross on the Consolidated Balance Sheets.

In transactions that contain multiple performance obligations, such as when products, maintenance services, and other services are combined, we recognize revenue as each product is delivered or service is provided to the Customer. We allocate the total arrangement consideration to each performance obligation based on its relative standalone selling price, which is the price for the product or service when it is sold separately.

Payment terms vary by the type and location of the Customer and the products or services offered. Generally, the time between when revenue is recognized and when payment is due is not significant. We do not evaluate whether the selling price contains a financing component for contracts that have a duration of less than one year.

We do not capitalize sales commissions as substantially all of our sales commission programs have an amortization period of one year or less.

Certain costs to fulfill a contract are capitalized and amortized over the term of the contract if they are recoverable, directly related to a contract and generate resources that we will use to fulfill the contract in the future. At June 30, 2024, assets related to costs to fulfill a contract were not material to our consolidated financial statements.

Refer to Note 11 titled, "Business Segment Information" for disaggregation of revenue.

Product Revenues

Product revenues consist of revenues generated from sales of consumables and capital equipment. These contracts are primarily based on a Customer’s purchase order and may include a Distributor, Dealer or Group Purchasing Organization ("GPO") agreement. We recognize revenue for sales of products when control passes to the Customer, which generally occurs either when the products are shipped or when they are received by the Customer. Revenue related to capital equipment products is deferred until installation is complete if the capital equipment and installation are highly integrated and form a single performance obligation.

Service Revenues

Within our Healthcare and Life Sciences segments, service revenues include revenue generated from parts and labor associated with the maintenance, repair and installation of capital equipment. These contracts are primarily based on a Customer’s purchase order and may include a Distributor, Dealer, or GPO agreement. For maintenance, repair and installation of capital equipment, revenue is recognized upon completion of the service. Healthcare service revenues also include outsourced reprocessing services and instrument repairs. Contracts for outsourced reprocessing services are primarily based on an agreement with a Customer, ranging in length from several months to 15 years. Outsourced reprocessing services revenue is recognized ratably over the contract term using a time-based input measure, adjusted for volume and other performance metrics, to the extent that it is probable that a significant reversal of revenue will not occur. Contracts for instrument repairs are primarily based on a Customer’s purchase order, and the associated revenue is recognized upon completion of the repair.

We also offer preventive maintenance and separately priced extended warranty agreements to our Customers, which require us to maintain and repair products over the duration of the contract. Generally, these contract terms are cancellable without penalty and range from one to five years. Amounts received under these Customer contracts are initially recorded as a service liability and are recognized as service revenue ratably over the contract term using a time-based input measure.

Within our AST segment, service revenues include contract sterilization and laboratory services. Sales contracts for contract sterilization and laboratory services are primarily based on a Customer’s purchase order and associated Customer agreement, and revenues are generally recognized upon completion of the service.

Contract Liabilities

Payments received from Customers are based on invoices or billing schedules as established in contracts with Customers. Deferred revenue is recorded when payment is received in advance of performance under the contract. Deferred revenue is recognized as revenue upon completion of the performance obligation, which generally occurs within one year. During the first three months of fiscal 2025, $45,996 of the March 31, 2024 deferred revenue balance was recorded as revenue. During the first three months of fiscal 2024, $42,300 of the March 31, 2023 deferred revenue balance was recorded as revenue.

Refer to Note 8 titled, "Additional Consolidated Balance Sheet Information" for deferred revenue balances.

Service Liabilities

Payments received in advance of performance for cancellable preventive maintenance and separately priced extended warranty contracts are recorded as service liabilities. Service liabilities are recognized as revenue as performance is rendered under the contract.

Refer to Note 8 titled, "Additional Consolidated Balance Sheet Information" for service liability balances.

Remaining Performance Obligations

Remaining performance obligations reflect only the performance obligations related to agreements for which we have a firm commitment from a Customer to purchase, and exclude variable consideration related to unsatisfied performance obligations. With regard to products, these remaining performance obligations include orders for capital equipment and consumables where control of the products has not passed to the customer. With regard to service, these remaining performance obligations primarily include installation, certification, and outsourced reprocessing services. As of June 30, 2024, the transaction price allocated to remaining performance obligations was approximately $1,499,543. We expect to recognize

approximately 53% of the transaction price within one year and approximately 38% beyond one year. The remainder has yet to be scheduled for delivery.

Recently Issued Accounting Standards Impacting the Company

Recently Issued Accounting Standards Impacting the Company are presented in the following table:

Standard

Date of Issuance

Description

Date of Adoption

Effect on the financial statements or other significant matters

Standards that have not yet been adopted

ASU 2023-07 "Segment Reporting (Topic 280)
Improvements to Reportable Segment Disclosures."

November 2023

The standard provides guidance to enhance disclosures related to reportable segment expenses, including requirements to disclose significant segment expenses that are regularly provided to the Chief Operating Decision Maker ("CODM"), the title and position of the CODM and a description of how the CODM uses the information to make decisions regarding the allocation of resources. The standard also requires disclosure of certain segment information currently required annually to be reported on an interim basis. The amendments in this standard are effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024.

We are currently assessing the impact of this standard update on our disclosures in the notes to the consolidated financial statements.

ASU 2023-09 "Income Taxes (Topic 740) Improvements to Income Tax Disclosures."

December 2023

The standard provides guidance to enhance disclosures related to income taxes paid (net of refunds), requiring disaggregation by federal, state, and foreign, and disclosure of income taxes paid (net of refunds received) by individual jurisdictions that represent greater than 5% of the total. The standard also requires disclosure of income (loss) from continuing operations before income taxes, disaggregated between domestic and foreign, and income tax expense (or benefit) disaggregated by federal, state, and foreign. Finally, the standard removes the requirement for certain disclosures related to changes in unrecognized tax benefits and certain amounts of temporary differences. The amendments in this standard are effective for annual periods beginning after December 15, 2024.

We are currently assessing the impact of this standard update on our disclosures in the notes to the consolidated financial statements.

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, 2024, which was filed with the SEC on May 29, 2024. Our significant and critical accounting policies, estimates, and assumptions have not changed materially from March 31, 2024.

Significant Accounting Policies

1. Nature of Operations and Summary of Significant Accounting Policies

Interim Financial Statements

Principles of Consolidation

Discontinued Operations

Use of Estimates

Revenue Recognition and Associated Liabilities

We do not capitalize sales commissions as substantially all of our sales commission programs have an amortization period of one year or less.

Refer to Note 11 titled, "Business Segment Information" for disaggregation of revenue.

Product Revenues

Service Revenues

Contract Liabilities

Refer to Note 8 titled, "Additional Consolidated Balance Sheet Information" for deferred revenue balances.

Service Liabilities

Refer to Note 8 titled, "Additional Consolidated Balance Sheet Information" for service liability balances.

Remaining Performance Obligations

approximately 53% of the transaction price within one year and approximately 38% beyond one year. The remainder has yet to be scheduled for delivery.

Recently Issued Accounting Standards Impacting the Company

Recently Issued Accounting Standards Impacting the Company are presented in the following table:

Standard

Date of Issuance

Description

Date of Adoption

Effect on the financial statements or other significant matters

Standards that have not yet been adopted

ASU 2023-07 "Segment Reporting (Topic 280)
Improvements to Reportable Segment Disclosures."

November 2023

We are currently assessing the impact of this standard update on our disclosures in the notes to the consolidated financial statements.

ASU 2023-09 "Income Taxes (Topic 740) Improvements to Income Tax Disclosures."

December 2023

We are currently assessing the impact of this standard update on our disclosures in the notes to the consolidated financial statements.

Contingencies (Notes)	3 Months Ended
Contingencies (Notes)	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	10. Commitments and Contingencies We are, and will likely continue to be, involved in a number of legal proceedings, government investigations, and claims, which we believe generally arise in the course of our business, given our size, history, complexity, and the nature of our business, products, Customers, regulatory environment, and industries in which we participate. These legal proceedings, investigations and claims generally involve a variety of legal theories and allegations, including, without limitation, personal injury (e.g., slip and falls, burns, vehicle accidents), product liability or regulation (e.g., based on product operation or claimed malfunction, failure to warn, failure to meet specification, or failure to comply with regulatory requirements), product exposure (e.g., claimed exposure to chemicals, gases, asbestos, contaminants, radiation), property damage (e.g., claimed damage due to leaking equipment, fire, vehicles, chemicals), commercial claims (e.g., breach of contract, economic loss, warranty, misrepresentation), financial (e.g., taxes, reporting), employment (e.g., wrongful termination, discrimination, benefits matters), and other claims for damage and relief. We believe we have adequately reserved for our current litigation and claims that are probable and estimable, and further believe that the ultimate outcome of these pending lawsuits and claims will not have a material adverse effect on our consolidated financial position or results of operations taken as a whole. Due to their inherent uncertainty, however, there can be no assurance of the ultimate outcome or effect of current or future litigation, investigations, claims or other proceedings (including without limitation the matters discussed below). For certain types of claims, we presently maintain insurance coverage for personal injury and property damage and other liability coverages in amounts and with deductibles that we believe are prudent, but there can be no assurance that these coverages will be applicable or adequate to cover adverse outcomes of claims or legal proceedings against us. Civil, criminal, regulatory or other proceedings involving our products or services could possibly result in judgments, settlements or administrative or judicial decrees requiring us, among other actions, to pay damages or fines or effect recalls, or be subject to other governmental, Customer or other third party claims or remedies, which could materially affect our business, performance, prospects, value, financial condition, and results of operations. For additional information regarding these matters, see the following portions of our Annual Report on Form 10-K for the year ended March 31, 2024, which was filed with the SEC on May 29, 2024, Item 1 titled "Business - Information with respect to our Business in General - Government Regulation" and the "Risk Factors" in Item 1A titled "Product and service related regulations and claims." From time to time, STERIS is also involved in legal proceedings as a plaintiff involving contract, patent protection, and other claims asserted by us. Gains, if any, from these proceedings are recognized when they are realized. We are subject to taxation from United States federal, state and local, and 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 9 to our consolidated financial statements titled, “Income Taxes” in this Quarterly Report on Form 10-Q.

- Definition

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

+ References + Details

Income Tax Expense Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Effective Income Tax Rate, Continuing Operations	20.10%	21.70%
Uncertain Tax Liability Resulting From IRS Notice	$ 50,000
Income Tax Examination, Estimate of Possible Loss	$ 12,000

Financial and Other Guarantees Financial and Other Gurantees (Tables)

3 Months Ended

Jun. 30, 2024

Product Warranties Disclosures [Abstract]

Schedule of Product Warranty Liability

Changes in our warranty liability during the first three months of fiscal 2025 were as follows:


	Warranties
Balance at March 31, 2024	$	15,388
Warranties issued during the period	3,456
Settlements made during the period	(4,274)
Balance at June 30, 2024	$	14,570

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Current assets:
Cash and cash equivalents	$ 198,328	$ 207,020
Accounts receivable (net of allowances of $23,681 and $22,984, respectively)	892,606	1,008,315
Inventories, net	698,587	674,535
Prepaid expenses and other current assets	150,973	174,349
Current assets held for sale	0	804,904
Total current assets	1,940,494	2,869,123
Property, plant, and equipment, net	1,834,216	1,765,180
Lease right-of-use assets, net	165,020	173,201
Goodwill	4,056,754	4,070,712
Intangible Assets, Net (Excluding Goodwill)	2,048,990	2,119,282
Other assets	63,127	66,199
Total assets	10,108,601	11,063,697
Current liabilities:
Accounts payable	231,720	251,723
Accrued income taxes	57,000	13,640
Accrued payroll and other related liabilities	149,372	164,831
Capital Lease Obligations, Current	29,705	31,239
Short-term Debt	80,000	85,938
Accrued expenses and other	286,563	319,744
Current liabilities held for sale	0	64,012
Total current liabilities	834,360	931,127
Long-term indebtedness	2,235,601	3,120,162
Deferred Income Taxes and Other Tax Liabilities, Noncurrent	456,465	479,688
Capital Lease Obligations, Noncurrent	139,362	145,828
Other Liabilities, Noncurrent	72,368	71,546
Total liabilities	3,738,156	4,748,351
Commitments and contingencies (see Note 10)
Common shares, with $0.001 par value; 500,000 authorized; 98,799 shares issued; and 98,883 shares outstanding, respectively.	4,499,580	4,543,176
Retained earnings	2,178,087	2,087,645
Accumulated other comprehensive income	(323,070)	(328,657)
Total shareholders' equity	6,354,597	6,302,164
Noncontrolling interest	15,848	13,182
Total equity	6,370,445	6,315,346
Total liabilities and equity	$ 10,108,601	$ 11,063,697

Repurchases of Shares (Details) - USD ($) $ in Thousands	3 Months Ended
Repurchases of Shares (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	May 03, 2023
Equity, Class of Treasury Stock [Line Items]
Share repurchase program, number of shares authorized			$ 500,000
Shares repurchased during period, number	251,507
Aggregate value of shares repurchased pursuant to authorization	$ 56,124
Shares obtained in connection with share based compensation award programs	69,780	51,494
Payments for shares obtained in connection with share based compensation programs	$ 10,256	$ 8,724
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 443,876

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Shares and Preferred Shares (Notes)

3 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

12. Shares and Preferred Shares

Ordinary shares

We calculate basic earnings per share based upon the weighted average number of shares outstanding. We calculate diluted earnings per share based upon the weighted average number of shares outstanding plus the dilutive effect of share equivalents calculated using the treasury stock method. Income from continuing operations is used as the benchmark to determine whether share equivalents are dilutive or anti-dilutive. Earnings per share is calculated independently for earnings per share from continuing operations and earnings per share from discontinued operations. The sum of earnings per share from continuing operations and earnings per share from discontinued operations may not equal total company earnings per share due to rounding.

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 June 30,
Denominator (shares in thousands):		2024	2023
Weighted average shares outstanding—basic		98,869	98,708
Dilutive effect of share equivalents		507	531
Weighted average shares outstanding and share equivalents—diluted		99,376	99,239

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 June 30,
(shares in thousands)		2024	2023
Number of share options		665	668

Additional Authorized Shares

The Company has an additional authorized share capital of 50,000,000 preferred shares of $0.001 par value each, plus 25,000 deferred ordinary shares of €1.00 par value each, in order to satisfy minimum statutory capital requirements for all Irish public limited companies.

Fair Value Measurements Available-for-sale securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Debt Securities, Available-for-Sale [Abstract]
Equity Securities, FV-NI, Gain (Loss)	$ 53	$ 73

Restructuring

3 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring

2. Restructuring

In May 2024, we adopted and announced a targeted restructuring plan (the "Restructuring Plan"). This plan includes a strategic shift in our approach to the Healthcare surgical business in Europe, as well as other actions including the impairment of an internally developed X-ray accelerator, product rationalizations and facility consolidations. Fewer than 300 positions are being eliminated. These restructuring actions are designed to enhance profitability and improve efficiency, and we expect these actions to be substantially complete by the end of fiscal 2025.

The following tables summarize our total pre-tax restructuring expenses recorded in fiscal 2025 related to the Restructuring Plan:



Three Months Ended June 30, 2024	Restructuring Plan
Severance and other compensation related costs	$	21,480
Lease and other contract termination costs	2,970
Product rationalization (1)	2,382
Accelerated depreciation and amortization	1,250
Total Restructuring Expense	$	28,082

(1) Recorded in Cost of revenues on the Consolidated Statements of Income.

The Restructuring Plan expenses incurred during the three months ended June 30, 2024 primarily related to actions taken within our Healthcare segment. Total pre-tax restructuring expense of $72,472 has been recorded relating to the Restructuring Plan since inception, of which $20,702 has been recorded in Cost of revenues. We expect to incur additional costs through the remainder of fiscal 2025 for severance and other compensation related costs and lease and other contract termination and other costs, of approximately $28,000.

Liabilities related to restructuring activities are recorded as current liabilities in the accompanying Consolidated Balance Sheets within "Accrued payroll and other related liabilities" and "Accrued expenses and other." The following table summarizes our restructuring liability balances:



	Restructuring Plan
Balance at March 31, 2024	$	678
Fiscal 2025 Charges	24,450
Payments	(3,753)
Balance at June 30, 2024	$	21,375

Share-Based Compensation (Notes)

3 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

14. Share-Based Compensation

We maintain a long-term incentive plan that makes available shares for grants, at the discretion of the Board of Directors or Compensation and Organizational Development Committee of the Board of Directors, to officers, directors, and key employees in the form of stock options, restricted shares, restricted share units, stock appreciation rights and share grants. We satisfy share award incentives through the issuance of new ordinary shares.

Stock option awards to employees generally vest and become nonforfeitable in increments of 25% per year over a four-year period, with full vesting four years after the date of grant. Historically, restricted stock awards to employee recipients generally cliff vested on the fourth anniversary of the grant date if the recipient remained in continuous employment through that date. Beginning with fiscal 2024 grants, Company restricted stock (and restricted stock units) generally cliff vest over a three year period after the grant date. However, employees who are grantees of restricted stock and have attained age 55 and been employed for at least five years at the time of the grant or meet these criteria during the term of the grant and are employed in the U.S. or in a few other foreign jurisdictions, or employees who have 25 years of service at the time of grant or meet that criterion during the term of the grant, will be subject to installment vesting rules over the applicable vesting period. Awards to certain employees in the U.S. or a few other jurisdictions may provide for continued vesting after “retirement,” if certain conditions are met. As of June 30, 2024, 2,028,765 ordinary shares remained available for grant under the long-term incentive plan.

The fair value of share-based stock option compensation awards was estimated at their grant date using the Black-Scholes-Merton option pricing model. This model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable, characteristics that are not present in our option grants. If the model permitted consideration of the unique characteristics of employee stock options, the resulting estimate of the fair value of the stock options could be different. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in our Consolidated Statements of Income. The expense is classified as Cost of revenues or Selling, general, and administrative expenses in a manner consistent with the employee’s compensation and benefits.

The following weighted average assumptions were used for options granted during the first three months of fiscal 2025 and 2024:


	Fiscal 2025		Fiscal 2024
Risk-free interest rate	4.20	%	3.57	%
Expected life of options	6.0 years		5.9 years
Expected dividend yield of stock	0.94	%	1.08	%
Expected volatility of stock	28.47	%	27.98	%

The risk-free interest rate is based upon the U.S. Treasury yield curve. The expected life of options is reflective of historical experience, vesting schedules and contractual terms. The expected dividend yield of stock represents our best estimate of the expected future dividend yield. The expected volatility of stock is derived by referring to our historical stock prices over a time frame similar to that of the expected life of the grant. An estimated forfeiture rate of 2.07% and 2.22% was applied in fiscal 2025 and 2024, 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 Per Share		Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at March 31, 2024	1,869,871	$	168.22
Granted	206,432	251.35
Exercised	(81,378)	81.57
Forfeited	(654)	219.97
Expired	(512)	250.06
Outstanding at June 30, 2024	1,993,759	$	180.32	6.3 years	$	92,209
Exercisable at June 30, 2024	1,418,051	$	157.46	5.3 years	$	91,771

We estimate that 559,526 of the non-vested stock options outstanding at June 30, 2024 will ultimately vest.

The aggregate intrinsic value in the table above represents the total pre-tax difference between the $219.54 closing price of our ordinary shares on June 30, 2024 over the exercise prices of the stock options, multiplied by the number of options outstanding or outstanding and exercisable, as applicable. The aggregate intrinsic value is not recorded for financial accounting purposes and the value changes daily based on the daily changes in the fair market value of our ordinary shares.

The total intrinsic value of stock options exercised during the first three months of fiscal 2025 and fiscal 2024 was $12,372 and $4,831, respectively. Net cash proceeds from the exercise of stock options were $5,587 and $1,254 for the first three months of fiscal 2025 and fiscal 2024, respectively.

The weighted average grant date fair value of stock option grants was $66.87 and $53.45 for the first three months of fiscal 2025 and fiscal 2024, 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, 2024	463,381	28,348	$	200.04
Granted	151,638	9,855	228.50
Vested	(124,462)	(4,923)	183.06
Forfeited	(24,655)	(1,339)	205.12
Non-vested at June 30, 2024	465,902	31,941	$	213.46

Restricted shares and restricted share unit grants are valued based on the closing stock price at the grant date. The value of restricted shares and units that vested during the first three months of fiscal 2025 at the time of grant was $23,694.

As of June 30, 2024, there was a total of $93,968 in unrecognized compensation cost related to non-vested share-based compensation granted under our share-based compensation plans. We expect to recognize the cost over a weighted average period of 1.8 years.

Fair Value Measurements Fair Value Hierarchy (Details) - USD ($)
$ in Thousands

3 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Mar. 31, 2024

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Debt and Equity Securities, Gain (Loss)

$ (53)

$ (73)

Liabilities:

Contingent consideration obligations

11,204

$ 11,000

Level 1

Assets:

Cash and cash equivalents

198,328

207,020

Forward and swap contracts

Equity Securities, FV-NI

^[1]

4,816

4,767

Investments

2,880

2,902

Liabilities:

Foreign Currency Contracts, Liability, Fair Value Disclosure

Deferred compensation plans

^[1]

1,175

1,186

Long term debt

^[2]

Contingent consideration obligations

Level 2

Assets:

Cash and cash equivalents

Forward and swap contracts

^[3]

389

208

Equity Securities, FV-NI

Investments

Liabilities:

Foreign Currency Contracts, Liability, Fair Value Disclosure

^[3]

427

1,014

Deferred compensation plans

Long term debt

^[2]

2,001,665

2,895,784

Contingent consideration obligations

Level 3

Assets:

Cash and cash equivalents

Forward and swap contracts

Equity Securities, FV-NI

Investments

Liabilities:

Foreign Currency Contracts, Liability, Fair Value Disclosure

Deferred compensation plans

Debt Instrument, Fair Value Disclosure

^[2]

Contingent consideration obligations

^[4]

11,204

11,000

Reported Value Measurement [Member]

Assets:

Cash and cash equivalents

198,328

207,020

Forward and swap contracts

^[3]

389

208

Equity Securities, FV-NI

^[1]

4,816

4,767

Investments

2,880

2,902

Liabilities:

Foreign Currency Contracts, Liability, Fair Value Disclosure

^[3]

427

1,014

Deferred compensation plans

^[1]

1,175

1,186

Long term debt

^[2]

2,315,601

3,206,100

Contingent consideration obligations

$ 11,204

$ 11,000

[1]	We maintain a frozen domestic non-qualified deferred compensation plan covering certain employees, which allowed for the deferral of payment of previously earned compensation for an employee-specified term or until retirement or termination. Amounts deferred can be allocated to various hypothetical investment options (compensation deferrals have been frozen under the plan). We hold investments to satisfy the future obligations of the plan. Employees who made deferrals are entitled to receive distributions of their hypothetical account balances (amounts deferred, together with earnings (losses)). Changes in the fair value of these investments are recorded in the "Interest and miscellaneous income" line of the Consolidated Statement of Income. During the first three months of fiscal 2025 and 2024, we recorded gains of $53 and $73, respectively, related to these investments.
[2]	We estimate the fair value of our debt using discounted cash flow analyses, based on estimated current incremental borrowing rates for similar types of borrowing arrangements. The fair values of our Senior Public Notes are estimated using quoted market prices for the Senior Public Notes.
[3]	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]	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

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income	$ 145,541	$ 123,790
Depreciation, depletion, and amortization	112,698	137,925
Deferred income taxes	(22,121)	(445)
Share-based compensation	11,460	11,579
(Gain) loss on the disposal of property, plant, and equipment, and intangibles, net	2,151	93
Loss on sale of businesses, net	(10,960)	0
Other items	(2,451)	1,995
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable, net	107,683	42,446
Inventories, net	(34,134)	(67,956)
Other current assets	9,438	14,355
Accounts payable	(17,122)	(20,572)
Accruals and other, net	1,560	37,919
Net cash provided by operating activities	303,743	281,129
Investing activities:
Purchases of property, plant, equipment, and intangibles, net	(108,083)	(66,601)
Proceeds from the sale of property, plant, equipment, and intangibles	0	5
Proceeds from Divestiture of Businesses, Net of Cash Divested	809,571	0
Acquisition of businesses, net of cash acquired	(13,659)	0
Net cash used in investing activities	687,829	(66,596)
Financing activities:
Repayments of Secured Debt	(638,125)	(15,000)
Proceeds (Payments) under credit facilities, net	(253,200)	(144,651)
Acquisition related deferred or contingent consideration	(87)	(89)
Repurchases of ordinary shares	(64,203)	(8,724)
Cash dividends paid to ordinary shareholders	(51,436)	(46,427)
Proceeds from issuance of equity to minority shareholders	2,532	0
Proceeds from (Payments for) Other Financing Activities	5,587	1,254
Net cash used in financing activities	(998,932)	(213,637)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations	(1,332)	(639)
(Decrease) increase in cash and cash equivalents	(8,692)	257
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	$ 198,328	$ 208,614

Inventories, Net Inventories, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Raw materials	$ 257,023	$ 245,942
Work in process	111,297	98,304
Finished goods	372,330	374,182
Reserve for excess and obsolete inventory	(42,063)	(43,893)
Inventories, net	$ 698,587	$ 674,535

Discontinued Operations

3 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

4. Discontinued Operations

On April 11, 2024, the Company announced its plan to sell substantially all of the net assets of its Dental segment for total cash consideration of $787,500, subject to customary adjustments, and up to an additional $12,500 in contingent payment should the Dental business achieve certain revenue targets in fiscal 2025. The transaction was structured as an equity sale and closed on May 31, 2024. A component of an entity is reported in discontinued operations after meeting the criteria for held for sale classification if the disposition represents a strategic shift that has (or will have) a major effect on the entity's operations and financial results. We analyzed the quantitative and qualitative factors relevant to the divestiture of our Dental segment and determined that those conditions for discontinued operations presentation had been met prior to March 31, 2024. The Dental segment results of operations were reclassified to income (loss) from discontinued operations in the Consolidated Statements of Income for all periods presented, and we classified the Dental segment's assets and liabilities as held for sale as of March 31, 2024 in the accompanying Consolidated Balance Sheets. Due to the transaction closing in the first quarter of fiscal 2025, the held for sale assets and liabilities were classified as current as of March 31, 2024. Our Consolidated Statements of Cash Flows include the financial results of the Dental segment for all periods presented. A majority of the proceeds received from the sale were utilized to pay off existing debt.

The following table summarizes the major classes of assets and liabilities of the Dental business segment that were classified as held for sale in the Consolidated Balance Sheets as of March 31, 2024:


	March 31, 2024

Assets
Assets held-for-sale:
Accounts receivable, net	$	48,590
Inventories, net	89,345
Property, plant, and equipment, net	73,395
Lease right-of-use assets, net	22,822
Intangibles, net	770,731
Prepaid expenses and other assets	2,953
Loss accrued on classification as held for sale	(202,932)
Total assets held-for-sale	$	804,904
Liabilities
Liabilities held-for-sale:
Accounts payable	$	10,580
Accrued income taxes	433
Accrued payroll and other related liabilities	13,683
Lease obligations	23,722
Accrued expenses and other	15,594
Total liabilities held-for-sale	$	64,012

The following table summarizes the major line items constituting pre-tax income of discontinued operations associated with the Dental segment for the three months ending June 30, 2024 and 2023:


	Three Months Ended June 30,
		2024		2023
Revenues:
Product		$	63,936	$	101,156
Cost of revenues:
Product		35,146		56,699
Gross profit:		28,790		44,457
Operating expenses:
Selling, general, and administrative		13,466		52,528

Research and development		369		808
Income (loss) from operations (1)		14,955		(8,879)
Non-operating expenses (income), net		1		(12)
Pre-tax loss on sale		(7,843)		—
Income (loss) before income tax expense		7,111		(8,867)
Income tax expense (benefit)		1,519		(2,076)
Income (loss) from discontinued operations, net of income tax		5,592		(6,791)

(1) Income from operations for the three month period ended June 30, 2024 includes two months of operating results prior to the transaction close on May 31, 2024 and excludes depreciation and amortization of property, plant, equipment, and intangible assets subsequent to the held for sale classification as of March 2, 2024.

The effective income tax rates for the three month periods ending June 30, 2024 and 2023 from discontinued operations were 21.4% and 23.4%, respectively.

Significant non-cash operating items and capital expenditures related to discontinued operations are reflected in the statement of cash flows as follows:


	Three Months Ended June 30,
	2024		2023
Operating activities of discontinued operations:
Depreciation, depletion, and amortization	$	—	$	30,744

Investing activities of discontinued operations:
Purchases of property, plant, equipment, and intangibles, net	$	(433)	$	(2,129)

Shares and Preferred Shares Ordinary Shares (Details)	3 Months Ended
Shares and Preferred Shares Ordinary Shares (Details)	Jun. 30, 2024 $ / shares shares	Jun. 30, 2023 shares	Jun. 30, 2024 EUR (€) shares
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted average shares outstanding - basic	98,869,000	98,708,000
Dilutive effect of share equivalents	507,000	531,000
Weighted average shares outstanding and share equivalents - diluted	99,376,000	99,239,000
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred Stock, Shares Authorized			50,000,000
Common Stock, Par or Stated Value Per Share \| $ / shares	$ 0.001
Preferred Stock, Par or Stated Value Per Share \| $ / shares	$ 0.001
Deferred Ordinary Shares			25,000
Employee share option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of share options that are antidilutive	665,000	668,000
Euro Member Countries, Euro
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Par Value (Euros) of Deferred Ordinary Shares \| €			€ 1.00

Business Acquisitions and Divestitures - Allocation of the Purchase Price (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Lease right-of-use assets, net	$ 165,020	$ 173,201
Goodwill	4,056,754	$ 4,070,712
BD Acquisition
Business Acquisition [Line Items]
Inventory	31,827		$ 27,006
Property, plant, and equipment	7,864		6,755
Lease right-of-use assets, net	1,737		0
Intangible assets	303,000		303,598
Goodwill	197,067		202,399
Total assets acquired	541,495		539,758
Lease obligations	1,737		0
Total liabilities assumed	1,737		0
Net assets acquired	539,758		$ 539,758
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory	4,821
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment	1,109
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Leases Right of Use Asset	1,737
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles	(598)
Goodwill, Purchase Accounting Adjustments	(5,332)
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets	1,737
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Lease Liability	1,737
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities	1,737
Business Combination Provisional Information Initial Accounting Incomplete Adjustment Net Assets Acquired	0
BD Acquisition \| Customer Relationships [Member]
Business Acquisition [Line Items]
Intangible assets	$ 238,000
BD Acquisition \| Customer-Related Intangible Assets
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life	13 years
BD Acquisition \| Patented Technology
Business Acquisition [Line Items]
Intangible assets	$ 50,000
Finite-Lived Intangible Asset, Useful Life	13 years
BD Acquisition \| Trademarks and Trade Names
Business Acquisition [Line Items]
Intangible assets	$ 15,000
Finite-Lived Intangible Asset, Useful Life	15 years

Share-Based Compensation Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Item]
Remaining shares available for grant	2,028,765
Weighted-average assumptions used for options granted:
Risk-free interest rate	4.20%	3.57%
Expected life of options	6 years	5 years 10 months 24 days
Exptected dividend yield of stock	0.94%	1.08%
Expected volatility of stock	28.47%	27.98%
Estimated forfeiture rate	2.07%	2.22%
Summary of share option activity:
Outstanding at the beginning of the period	1,869,871
Granted	206,432
Exercised	(81,378)
Forfeited	(654)
Canceled	(512)
Outstanding at the end of the period	1,993,759
Exercisable at the end of the period	1,418,051
Weighted average exercise price:
Outstanding at March 31, 2023	$ 168.22
Granted	251.35
Exercised	81.57
Forfeited	219.97
Canceled	250.06
Outstanding at June 30, 2023	180.32
Exercisable at June 30, 2023	$ 157.46
Average Remaining Contractual Term, Outstanding at the end of the period	6 years 3 months 18 days
Aggregate Intrinsic Value, Outstanding at the end of the period	$ 92,209
Average Remaining Contractual Term, Exercisable at the end of the period	5 years 3 months 18 days
Aggregate Intrinsic Value, Exercisable at the end of the period	$ 91,771
Non-vested stock options outstanding expected to vest	559,526
Ordinary shares, closing price	$ 219.54
Total intrinsic value of stock options exercised	$ 12,372	$ 4,831
Net cash proceeds from the exercise of stock options	$ 5,587	$ 1,254
Weighted average grant date fair value of stock option grants, per share	$ 66.87	$ 53.45
Summary of non-vested restricted share activity:
Unrecognized compensation cost related to nonvested share-based compensation granted	$ 93,968
Weighted Average Period For Total Compensation Expense Not Yet Recognized	1 year 9 months 18 days
Restricted Stock
Summary of non-vested restricted share activity:
Number of Restricted Shares, Non-vested at Beginning of Period	463,381
Weighted-Average Grant Date Fair Value, Non-vested at Beginning of Period	$ 200.04
Number of Restricted Shares, Granted	151,638
Weighted-Average Grant Date Fair Value, Granted	$ 228.50
Number of Restricted Shares, Vested	(124,462)
Weighted-Average Grant Date Fair Value, Vested	$ 183.06
Number of Restricted Shares, Canceled	(24,655)
Weighted-Average Grant Date Fair Value, Canceled	$ 205.12
Number of Restricted Shares, Non-vested at End of Period	465,902
Weighted-Average Grant Date Fair Value, Non-vested at End of Period	$ 213.46
Fair Value, Share-based Payment Awards, Other than Options	$ 23,694
Restricted Stock Units (RSUs)
Summary of non-vested restricted share activity:
Number of Restricted Shares, Non-vested at Beginning of Period	28,348
Number of Restricted Shares, Granted	9,855
Number of Restricted Shares, Vested	(4,923)
Number of Restricted Shares, Canceled	(1,339)
Number of Restricted Shares, Non-vested at End of Period	31,941

Property, Plant and Equipment (Notes)

3 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

6. Property, Plant, and Equipment

Information related to the major categories of our depreciable assets is as follows:


	June 30, 2024		March 31, 2024
Land and land improvements (1)	$	99,000	$	90,134
Buildings and leasehold improvements	755,596		724,492
Machinery and equipment	1,105,315		1,075,082
Information systems	256,637		256,671
Radioisotope	700,397		692,642
Construction in progress (1)	522,825		500,106
Total property, plant, and equipment	3,439,770		3,339,127
Less: accumulated depreciation and depletion	(1,605,554)		(1,573,947)
Property, plant, and equipment, net	$	1,834,216	$	1,765,180

(1)Land is not depreciated. Construction in progress is not depreciated until placed in service.

Document and Entity Information Document - shares	3 Months Ended
Document and Entity Information Document - shares	Jun. 30, 2024	Aug. 05, 2024
Entity Information [Line Items]
Entity Registrant Name	STERIS plc
Entity Central Index Key	0001757898
Document Type	10-Q
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--03-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		98,616,743
Entity Small Business	false
Entity Emerging Growth Company	false
Entity File Number	001-38848
Entity Incorporation, State or Country Code	L2
Entity Tax Identification Number	98-1455064
Local Phone Number	1 232 2000
City Area Code	353
Document Quarterly Report	true
Entity Address, Address Line One	70 Sir John Rogerson's Quay,
Entity Address, City or Town	Dublin 2,
Entity Address, Country	IE
Entity Address, Postal Zip Code	D02 R296
Entity Shell Company	false
STE Two700 Senior Notes Due2031 Member
Entity Information [Line Items]
Title of 12(b) Security	2.700% Senior Notes due 2031
Trading Symbol	STE/31
Security Exchange Name	NYSE
Two700 Senior Notes Due2051 Member
Entity Information [Line Items]
Title of 12(b) Security	3.750% Senior Notes due 2051
Trading Symbol	STE/51
Security Exchange Name	NYSE
Ordinary Shares
Entity Information [Line Items]
Title of 12(b) Security	Ordinary Shares, $0.001 par value
Trading Symbol	STE
Security Exchange Name	NYSE

Restructuring - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
Restructuring - Narrative (Details) $ in Thousands	Jun. 30, 2024 USD ($) unit	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Number of Positions Eliminated \| unit	300
Restructuring Charges	$ 28,082	$ 19
Fiscal 2024/2025 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	28,082		$ 72,472
Restructuring and Related Cost, Expected Cost Remaining	$ 28,000		28,000
Fiscal 2024/2025 Restructuring Plan \| Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			$ 20,702

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Discontinued Operations - Summary of Pre-Tax Income of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cost of revenues:
Loss adjustment on sale	$ (7,843)
Pre-tax loss adjustment on sale		$ 0
Income (loss) from discontinued operations, net of income tax	5,592	(6,791)
Discontinued Operations, Held-for-Sale \| Discontinued Operations, Dental Segment
Revenues:
Product	63,936	101,156
Cost of revenues:
Product	35,146	56,699
Gross profit:	28,790	44,457
Selling, general, and administrative	13,466	52,528
Research and development	369	808
Income (loss) from operations (1)	14,955	(8,879)
Non-operating expenses (income), net	1
Non-operating expenses (income), net		(12)
Income (loss) before income tax expense	7,111	(8,867)
Income tax expense (benefit)	1,519	(2,076)
Income (loss) from discontinued operations, net of income tax	$ 5,592	$ (6,791)

Reclassifications out of Accumulated Other Comprehensive Income Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands

3 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Mar. 31, 2024

Mar. 31, 2023

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

$ (73)

$ (360)

Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent

5,587

9,851

Accumulated Other Comprehensive Income (Loss), Net of Tax

(323,070)

(310,859)

$ (328,657)

$ (320,710)

Other Comprehensive Income (Loss), Net of Tax

5,660

10,211

Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax

(888)

(724)

Other Comprehensive Income (Loss), Net of Tax

(91)

418

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

^[1]

(73)

(360)

Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent

(164)

Accumulated Foreign Currency Adjustment Attributable to Parent [Member]

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

^[2]

Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent

5,751

9,793

Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax

(322,182)

(310,929)

$ (327,933)

$ (320,722)

Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax

$ 5,751

$ 9,793

[1]	The amortization (gain) of defined benefit pension items is reported in the Interest and miscellaneous (income) expense line of our Consolidated Statements of Income.
[2]	The effective portion of gain or loss on net debt designated as non-derivative net investment hedging instruments is recognized in Accumulated Other Comprehensive Income and is reclassified to income in the same period when a gain or loss related to the net investment is included in income.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Consolidated Statements of Comprehensive Income [Abstract]
Net Income	$ 145,541	$ 123,790
Less: Net Income Attributable to Noncontrolling Interest	140	236
Net Income (Loss) Attributable to Parent	145,401	123,554
Other comprehensive (loss) income
Defined benefit plan changes, (net of taxes of $(14) and $(17), respectively)	(164)	58
Change in cumulative foreign current translation adjustment	5,751	9,793
Total other comprehensive (loss) income	5,587	9,851
Comprehensive income	$ 150,988	$ 133,405

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480767/946-205-45-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-19

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 29: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 33: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4J
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4J

Reference 34: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4K

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-2

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

+ Details

Derivatives and Hedging Gain (Loss) on Derivatives, Income Statement Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Foreign currency forward contracts \| Selling, general, and administrative expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in income	$ (386)	$ (1,458)
Commodity swap contracts \| Cost of revenues
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in income	$ (241)	$ 1,034

Reclassifications out of Accumulated Other Comprehensive Income Reclassification out of Accumulated Other Comprehensive Income (Notes)

3 Months Ended

Jun. 30, 2024

Reclassifications out of AOCI [Abstract]

Comprehensive Income (Loss) Note [Text Block]

18. Reclassifications Out of Accumulated Other Comprehensive Income (Loss)

Amounts in Accumulated Other Comprehensive Income (Loss) are presented net of the related tax. Currency Translation is not adjusted for income taxes. Changes in our Accumulated Other Comprehensive Income (Loss) balances, net of tax, for the three months ended June 30, 2024 and 2023 were as follows:


	Defined Benefit Plans (1)		Currency Translation (2)		Total Accumulated Other Comprehensive Loss

Balance at March 31, 2024	$	(724)	$	(327,933)	$	(328,657)
Other Comprehensive (Loss) Income before reclassifications	(91)		5,751		5,660
Amounts reclassified from Accumulated Other Comprehensive Loss	(73)		—		(73)
Net current-period Other Comprehensive (Loss) Income	(164)		5,751		5,587
Balance at June 30, 2024	$	(888)	$	(322,182)	$	(323,070)

(1) The amortization (gain) of defined benefit pension items is reported in the Interest and miscellaneous (income) expense line of our Consolidated Statements of Income.

(2) The effective portion of gain or loss on net debt designated as non-derivative net investment hedging instruments is recognized in Accumulated Other Comprehensive Income and is reclassified to income in the same period when a gain or loss related to the net investment is included in income.


	Defined Benefit Plans (1)		Currency Translation (2)		Total Accumulated Other Comprehensive Loss

Balance at March 31, 2023	$	12	$	(320,722)	$	(320,710)
Other Comprehensive Income before reclassifications	418		9,793		10,211
Amounts reclassified from Accumulated Other Comprehensive Loss	(360)		—		(360)
Net current-period Other Comprehensive Income	58		9,793		9,851
Balance at June 30, 2023	$	70	$	(310,929)	$	(310,859)

1) The amortization (gain) of defined benefit pension items is reported in the Interest and miscellaneous (income) expense line of our Consolidated Statements of Income.

Business Segment Information (Notes)

3 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Business Segment Information

11. Business Segment Information

We operate and report our financial information in three reportable business segments: Healthcare, AST, and Life Sciences. Previously, we had four reportable business segments, however, as a result of the divestiture of our Dental segment, Dental is presented as discontinued operations. Historical information has been retrospectively adjusted to reflect these changes for comparability, as required. For more information, refer to Note 4 titled, "Discontinued Operations." Non-allocated operating costs that support the entire Company and items not indicative of operating trends are excluded from segment operating income.

Our Healthcare segment provides a comprehensive offering for healthcare providers worldwide, focused on sterile processing departments and procedural centers, such as operating rooms and endoscopy suites. Our products and services range from infection prevention consumables and capital equipment, as well as services to maintain that equipment; to the repair of re-usable procedural instruments; to outsourced instrument reprocessing services. In addition, our procedural solutions also include endoscopy accessories, instruments, and capital equipment infrastructure used primarily in operating rooms, ambulatory surgery centers, endoscopy suites, and other procedural areas.

Our AST segment supports medical device and pharmaceutical manufacturers through a global network of contract sterilization and laboratory testing facilities, and integrated sterilization equipment and control systems. Our technology-neutral offering supports Customers every step of the way, from testing through sterilization.

Our Life Sciences segment provides a comprehensive offering of products and services designed to support biopharmaceutical and medical device research and manufacturing facilities, in particular those focused on aseptic manufacturing. Our portfolio includes a full suite of capital equipment, consumable products, equipment maintenance and specialty services.

We disclose a measure of segment income that is consistent with the way management operates and views the business. The accounting policies for reportable segments are the same as those for the consolidated Company.

For the three months ended June 30, 2024 and 2023, revenues from a single Customer did not represent ten percent or more of the Healthcare, AST or Life Sciences segment revenues.

Additional information regarding our segments is included in our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2024, which was filed with the SEC on May 29, 2024.

Financial information for each of our segments is presented in the following table:


	Three Months Ended June 30,
		2024		2023
Revenues:
Healthcare		$	901,221	$	818,874
AST		249,803		233,099
Life Sciences		128,478		131,413

Total revenues		$	1,279,502	$	1,183,386
Operating income (loss):
Healthcare		$	216,887	$	198,182
AST		117,714		109,590
Life Sciences		52,584		49,841

Corporate		(101,748)		(91,873)
Total operating income		$	285,437	$	265,740
Less: Adjustments
Amortization of acquired intangible assets (1)		$	67,661	$	64,092
Acquisition and integration related charges (2)		2,254		2,237
Tax restructuring costs (3)		518		9


Amortization of inventory and property "step up" to fair value (1)		1,391		1,622
Restructuring charges (4)		28,082		19

Income from operations		$	185,531	$	197,761

(1) For more information regarding our recent acquisitions and divestitures, refer to Note 3 titled, "Business Acquisitions and Divestitures."

(2) Acquisition and integration related charges include transaction costs and integration expenses associated with acquisitions.

(3) Costs incurred in tax restructuring.

(4) For more information regarding our restructuring efforts, refer to Note 2 titled, "Restructuring."

Additional information regarding our fiscal 2025 and fiscal 2024 revenue is disclosed in the following tables:


	Three Months Ended June 30,
		2024		2023
Healthcare:
Capital equipment		$	214,639	$	238,099
Consumables		343,354		280,281
Service		343,228		300,494
Total Healthcare Revenues		$	901,221	$	818,874
AST:
Capital equipment		$	1,088	$	874
Service		248,715		232,225
Total AST Revenues		$	249,803	$	233,099
Life Sciences:
Capital equipment		$	26,476	$	30,991
Consumables		69,818		61,698
Service		32,184		38,724
Total Life Sciences Revenues		$	128,478	$	131,413

Total Revenues		$	1,279,502	$	1,183,386


	Three Months Ended June 30,
		2024		2023
Revenues:
Ireland		$	22,194	$	20,036
United States		946,890		855,788
Other locations		310,418		307,562
Total Revenues		$	1,279,502	$	1,183,386

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Nature of Operations and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

New Accounting Pronouncement, Early Adoption

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 not yet been adopted

ASU 2023-07 "Segment Reporting (Topic 280)
Improvements to Reportable Segment Disclosures."

November 2023

We are currently assessing the impact of this standard update on our disclosures in the notes to the consolidated financial statements.

ASU 2023-09 "Income Taxes (Topic 740) Improvements to Income Tax Disclosures."

December 2023

We are currently assessing the impact of this standard update on our disclosures in the notes to the consolidated financial statements.

Fair Value Measurements Contingent Consideration Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration	$ 11,204	$ 11,000
Additions
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in contingent consideration	223
Payments
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in contingent consideration	$ (19)

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 145,401	$ 123,554

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Additional Consolidated Balance Sheets Information Additional Consolidated Balance Sheets Information (Tables)

3 Months Ended

Jun. 30, 2024

Notes To Financial Statements [Abstract]

Additional Consolidated Balance Sheets Information

8. Additional Consolidated Balance Sheet Information

Additional information related to our Consolidated Balance Sheets is as follows:


	June 30, 2024		March 31, 2024
Accrued payroll and other related liabilities:
Compensation and related items	$	85,059	$	48,152
Accrued vacation/paid time off	17,078		16,140
Accrued bonuses	28,484		61,669
Accrued employee commissions	15,666		35,980

Other postretirement benefit obligations-current portion	994		994
Other employee benefit plans obligations-current portion	2,091		1,896
Total accrued payroll and other related liabilities	$	149,372	$	164,831
Accrued expenses and other:
Deferred revenues	$	69,323	$	70,460
Service liabilities	94,301		92,590
Self-insured risk reserves-current portion	17,431		13,303
Accrued dealer commissions	32,934		33,277
Accrued warranty	14,570		15,388
Asset retirement obligation-current portion	507		510
Accrued interest	18,007		11,109
Other	39,490		83,107
Total accrued expenses and other	$	286,563	$	319,744
Other liabilities:
Self-insured risk reserves-long-term portion	$	21,647	$	21,646
Other postretirement benefit obligations-long-term portion	5,428		5,159
Defined benefit pension plans obligations-long-term portion	3,024		2,727
Other employee benefit plans obligations-long-term portion	1,314		1,321
Accrued long-term income taxes	6,427		6,508
Asset retirement obligation-long-term portion	13,249		13,148
Other	21,279		21,037
Total other liabilities	$	72,368	$	71,546

Schedule of Accrued Liabilities [Table Text Block]

Additional information related to our Consolidated Balance Sheets is as follows:


	June 30, 2024		March 31, 2024
Accrued payroll and other related liabilities:
Compensation and related items	$	85,059	$	48,152
Accrued vacation/paid time off	17,078		16,140
Accrued bonuses	28,484		61,669
Accrued employee commissions	15,666		35,980

Other postretirement benefit obligations-current portion	994		994
Other employee benefit plans obligations-current portion	2,091		1,896
Total accrued payroll and other related liabilities	$	149,372	$	164,831
Accrued expenses and other:
Deferred revenues	$	69,323	$	70,460
Service liabilities	94,301		92,590
Self-insured risk reserves-current portion	17,431		13,303
Accrued dealer commissions	32,934		33,277
Accrued warranty	14,570		15,388
Asset retirement obligation-current portion	507		510
Accrued interest	18,007		11,109
Other	39,490		83,107
Total accrued expenses and other	$	286,563	$	319,744
Other liabilities:
Self-insured risk reserves-long-term portion	$	21,647	$	21,646
Other postretirement benefit obligations-long-term portion	5,428		5,159
Defined benefit pension plans obligations-long-term portion	3,024		2,727
Other employee benefit plans obligations-long-term portion	1,314		1,321
Accrued long-term income taxes	6,427		6,508
Asset retirement obligation-long-term portion	13,249		13,148
Other	21,279		21,037
Total other liabilities	$	72,368	$	71,546

Shares and Preferred Shares Shares and Preferred Shares (Tables)

3 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares [Table Text Block]


	Three Months Ended June 30,
Denominator (shares in thousands):		2024	2023
Weighted average shares outstanding—basic		98,869	98,708
Dilutive effect of share equivalents		507	531
Weighted average shares outstanding and share equivalents—diluted		99,376	99,239

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]


	Three Months Ended June 30,
(shares in thousands)		2024	2023
Number of share options		665	668

Business Acquisitions and Divestitures (Tables)

3 Months Ended

Jun. 30, 2024

Business Acquisitions and Divestitures [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The table below summarizes the allocation of the purchase price to the net assets acquired from BD based on fair values at the acquisition date.



	September 30, 2023 (As Previously Reported)		Adjustments (2)		Final


Inventory	27,006		4,821		31,827
Property, plant, and equipment	6,755		1,109		7,864
Lease right-of-use assets, net	—		1,737		1,737

Intangible assets (1)	303,598		(598)		303,000
Goodwill	202,399		(5,332)		197,067
Total assets acquired	539,758		1,737		541,495

Lease obligations	—		1,737		1,737
Total liabilities assumed	—		1,737		1,737
Net assets acquired	$	539,758	$	—	$	539,758

(1) Includes estimated fair values of $238,000 for Customer relationships (13 years estimated useful life), $50,000 for Patents and technology (13 years estimated useful life), and $15,000 for Trademarks and tradenames (15 years estimated useful life) as of June 30, 2024.

(2) No additional adjustments made during the first three months of fiscal 2025.

Additional Consolidated Balance Sheets Information (Notes)

3 Months Ended

Jun. 30, 2024

Notes To Financial Statements [Abstract]

Additional Consolidated Balance Sheets Information

8. Additional Consolidated Balance Sheet Information

Additional information related to our Consolidated Balance Sheets is as follows:


	June 30, 2024		March 31, 2024
Accrued payroll and other related liabilities:
Compensation and related items	$	85,059	$	48,152
Accrued vacation/paid time off	17,078		16,140
Accrued bonuses	28,484		61,669
Accrued employee commissions	15,666		35,980

Other postretirement benefit obligations-current portion	994		994
Other employee benefit plans obligations-current portion	2,091		1,896
Total accrued payroll and other related liabilities	$	149,372	$	164,831
Accrued expenses and other:
Deferred revenues	$	69,323	$	70,460
Service liabilities	94,301		92,590
Self-insured risk reserves-current portion	17,431		13,303
Accrued dealer commissions	32,934		33,277
Accrued warranty	14,570		15,388
Asset retirement obligation-current portion	507		510
Accrued interest	18,007		11,109
Other	39,490		83,107
Total accrued expenses and other	$	286,563	$	319,744
Other liabilities:
Self-insured risk reserves-long-term portion	$	21,647	$	21,646
Other postretirement benefit obligations-long-term portion	5,428		5,159
Defined benefit pension plans obligations-long-term portion	3,024		2,727
Other employee benefit plans obligations-long-term portion	1,314		1,321
Accrued long-term income taxes	6,427		6,508
Asset retirement obligation-long-term portion	13,249		13,148
Other	21,279		21,037
Total other liabilities	$	72,368	$	71,546

Property, Plant and Equipment Property, Plant and Equipment (Details) - USD ($)
$ in Thousands

3 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Information related to the major categories of our depreciable assets is as follows:


	June 30, 2024		March 31, 2024
Land and land improvements (1)	$	99,000	$	90,134
Buildings and leasehold improvements	755,596		724,492
Machinery and equipment	1,105,315		1,075,082
Information systems	256,637		256,671
Radioisotope	700,397		692,642
Construction in progress (1)	522,825		500,106
Total property, plant, and equipment	3,439,770		3,339,127
Less: accumulated depreciation and depletion	(1,605,554)		(1,573,947)
Property, plant, and equipment, net	$	1,834,216	$	1,765,180

(1)Land is not depreciated. Construction in progress is not depreciated until placed in service.

Property, Plant and Equipment [Line Items]

Land and land improvements

^[1]

$ 99,000

$ 90,134

Buildings and leasehold improvements

755,596

724,492

Machinery and equipment

1,105,315

1,075,082

Capitalized Computer Hardware/Software, Gross

256,637

256,671

Radioisotope

700,397

692,642

Construction in progress

^[1]

522,825

500,106

Total property, plant, and equipment

3,439,770

3,339,127

Less: accumulated depreciation and depletion

(1,605,554)

(1,573,947)

Property, plant, and equipment, net

$ 1,834,216

$ 1,765,180

[1]	Land is not depreciated. Construction in progress is not depreciated until placed in service.

Financial and Other Guarantees(Notes)

3 Months Ended

Jun. 30, 2024

Product Warranties Disclosures [Abstract]

Product Warranty Disclosure

15. Financial and Other Guarantees

We generally offer a limited parts and labor warranty on capital equipment. The specific terms and conditions of those warranties vary depending on the product sold and the countries where we conduct business. We record a liability for the estimated cost of product warranties at the time product revenues are recognized. The amounts we expect to incur on behalf of our Customers for the future estimated cost of these warranties are recorded as a current liability on the accompanying Consolidated Balance Sheets. Factors that affect the amount of our warranty liability include the number and type of installed units, historical and anticipated rates of product failures, and material and service costs per claim. We periodically assess the adequacy of our recorded warranty liabilities and adjust the amounts as necessary.

Changes in our warranty liability during the first three months of fiscal 2025 were as follows:


	Warranties
Balance at March 31, 2024	$	15,388
Warranties issued during the period	3,456
Settlements made during the period	(4,274)
Balance at June 30, 2024	$	14,570

Reclassifications out of Accumulated Other Comprehensive Income Reclassification out of Accumulated Other Comprehensive Income (Tables)

3 Months Ended

Jun. 30, 2024

Reclassifications out of AOCI [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

Changes in our Accumulated Other Comprehensive Income (Loss) balances, net of tax, for the three months ended June 30, 2024 and 2023 were as follows:


	Defined Benefit Plans (1)		Currency Translation (2)		Total Accumulated Other Comprehensive Loss

Balance at March 31, 2024	$	(724)	$	(327,933)	$	(328,657)
Other Comprehensive (Loss) Income before reclassifications	(91)		5,751		5,660
Amounts reclassified from Accumulated Other Comprehensive Loss	(73)		—		(73)
Net current-period Other Comprehensive (Loss) Income	(164)		5,751		5,587
Balance at June 30, 2024	$	(888)	$	(322,182)	$	(323,070)

(1) The amortization (gain) of defined benefit pension items is reported in the Interest and miscellaneous (income) expense line of our Consolidated Statements of Income.


	Defined Benefit Plans (1)		Currency Translation (2)		Total Accumulated Other Comprehensive Loss

Balance at March 31, 2023	$	12	$	(320,722)	$	(320,710)
Other Comprehensive Income before reclassifications	418		9,793		10,211
Amounts reclassified from Accumulated Other Comprehensive Loss	(360)		—		(360)
Net current-period Other Comprehensive Income	58		9,793		9,851
Balance at June 30, 2023	$	70	$	(310,929)	$	(310,859)

1) The amortization (gain) of defined benefit pension items is reported in the Interest and miscellaneous (income) expense line of our Consolidated Statements of Income.

Deritvatives and Hedging (Notes)

3 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure

16. Derivatives and Hedging

From time to time, we enter into forward contracts to hedge potential foreign currency gains and losses that arise from transactions denominated in foreign currencies, including intercompany transactions. We may also enter into commodity swap contracts to hedge price changes in nickel that impact raw materials included in our Cost of revenues. During the first quarter of fiscal 2025, we also held forward foreign currency contracts to hedge a portion of our expected non-U.S. dollar-denominated earnings against our reporting currency, the U.S. dollar. These foreign currency exchange contracts will mature in fiscal 2025. We did not elect hedge accounting for these forward foreign currency contracts; however, we may seek to apply hedge accounting in future scenarios. We do not use derivative financial instruments for speculative purposes.

These contracts are not designated as hedging instruments and do not receive hedge accounting treatment; therefore, changes in their fair value are not deferred but are recognized immediately in the Consolidated Statements of Income. At June 30, 2024, we held net foreign currency forward contracts to buy 50.0 million British pounds sterling; and to sell 100.0 million Mexican pesos, 25.0 million Canadian dollars, 18.2 million euros, and 15.0 million Australian dollars. At June 30, 2024, we held commodity swap contracts to buy 591.8 thousand pounds of nickel.


	Asset Derivatives				Liability Derivatives
	Fair Value at		Fair Value at		Fair Value at		Fair Value at
Balance sheet location	June 30, 2024		March 31, 2024		June 30, 2024		March 31, 2024
Prepaid & other	$	389	$	208	$	—	$	—
Accrued expenses and other	$	—	$	—	$	427	$	1,014

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 June 30,
			2024		2023
Foreign currency forward contracts	Selling, general and administrative		$	386	$	1,458
Commodity swap contracts	Cost of revenues		$	241	$	(1,034)

Debt Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Debt Instrument [Line Items]
Term loan, current portion	$ 0	$ 41,250
Delayed draw term loan, current portion	0	44,688
Short-term Debt	80,000	85,938
Credit Agreement	231,278	484,529
Deferred financing costs	(16,428)	(17,988)
Term Loan	0	3,750
Delayed Draw Term Loan	0	548,438
Total long term debt	2,235,601	3,120,162
Debt, Long-term and Short-term, Combined Amount	2,315,601	3,206,100
Private Placement
Debt Instrument [Line Items]
Senior Notes, Noncurrent	670,751	751,433
Senior Notes
Debt Instrument [Line Items]
Senior Notes, Noncurrent	1,350,000	1,350,000
Private Placement
Debt Instrument [Line Items]
Senior Notes, Current	$ 80,000	$ 0

Business Segment Information Business Segment Information (Tables)

3 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

Financial information for each of our segments is presented in the following table:


	Three Months Ended June 30,
		2024		2023
Revenues:
Healthcare		$	901,221	$	818,874
AST		249,803		233,099
Life Sciences		128,478		131,413

Total revenues		$	1,279,502	$	1,183,386
Operating income (loss):
Healthcare		$	216,887	$	198,182
AST		117,714		109,590
Life Sciences		52,584		49,841

Corporate		(101,748)		(91,873)
Total operating income		$	285,437	$	265,740
Less: Adjustments
Amortization of acquired intangible assets (1)		$	67,661	$	64,092
Acquisition and integration related charges (2)		2,254		2,237
Tax restructuring costs (3)		518		9


Amortization of inventory and property "step up" to fair value (1)		1,391		1,622
Restructuring charges (4)		28,082		19

Income from operations		$	185,531	$	197,761

Revenue from External Customers by Products and Services [Table Text Block]


	Three Months Ended June 30,
		2024		2023
Healthcare:
Capital equipment		$	214,639	$	238,099
Consumables		343,354		280,281
Service		343,228		300,494
Total Healthcare Revenues		$	901,221	$	818,874
AST:
Capital equipment		$	1,088	$	874
Service		248,715		232,225
Total AST Revenues		$	249,803	$	233,099
Life Sciences:
Capital equipment		$	26,476	$	30,991
Consumables		69,818		61,698
Service		32,184		38,724
Total Life Sciences Revenues		$	128,478	$	131,413

Total Revenues		$	1,279,502	$	1,183,386

Revenue from External Customers by Geographic Areas [Table Text Block]


	Three Months Ended June 30,
		2024		2023
Revenues:
Ireland		$	22,194	$	20,036
United States		946,890		855,788
Other locations		310,418		307,562
Total Revenues		$	1,279,502	$	1,183,386

Inventories, Net (Notes)

3 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventories, Net

5. Inventories, Net

Inventories are stated at the lower of their cost and net realizable value determined by the first-in, first-out (“FIFO”) cost method. Inventory costs include material, labor, and overhead. Inventories, net consisted of the following:


	June 30, 2024		March 31, 2024

Raw materials	$	257,023	$	245,942
Work in process	111,297		98,304
Finished goods	372,330		374,182
Reserve for excess and obsolete inventory	(42,063)		(43,893)
Inventories, net	$	698,587	$	674,535

Debt Debt (Tables)

3 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Indebtedness was as follows:


	June 30, 2024		March 31, 2024

Short-term debt
Term loan, current portion	$	—	$	41,250
Delayed draw term loan, current portion	—		44,688
Private Placement Senior Notes	80,000		—
Total short-term debt	$	80,000	$	85,938


Long-term debt
Private Placement Senior Notes	$	670,751	$	751,433
Revolving Credit Facility	231,278		484,529
Deferred financing costs	(16,428)		(17,988)
Term loan	—		3,750
Delayed draw term loan	—		548,438
Senior Public Notes	1,350,000		1,350,000
Total long-term debt	$	2,235,601	$	3,120,162
Total debt	$	2,315,601	$	3,206,100

Property, Plant and Equipment Property, Plant and Equipment (Tables)

3 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Information related to the major categories of our depreciable assets is as follows:


	June 30, 2024		March 31, 2024
Land and land improvements (1)	$	99,000	$	90,134
Buildings and leasehold improvements	755,596		724,492
Machinery and equipment	1,105,315		1,075,082
Information systems	256,637		256,671
Radioisotope	700,397		692,642
Construction in progress (1)	522,825		500,106
Total property, plant, and equipment	3,439,770		3,339,127
Less: accumulated depreciation and depletion	(1,605,554)		(1,573,947)
Property, plant, and equipment, net	$	1,834,216	$	1,765,180

(1)Land is not depreciated. Construction in progress is not depreciated until placed in service.

Restructuring - Restructuring Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 28,082	$ 19
Restructuring Reserve [Roll Forward]
Restructuring Reserve, Beginning Balance	678
Restructuring Reserve, Accrual Adjustment	24,450
Restructuring Reserve, Period Increase (Decrease)	(3,753)
Restructuring Reserve, Ending Balance	21,375		$ 21,375
Fiscal 2024/2025 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	28,082		72,472
Employee Severance \| Fiscal 2024/2025 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	21,480
Contract Termination \| Fiscal 2024/2025 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	2,970
Reduced Depreciation \| Fiscal 2024/2025 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	1,250
Product Rationalization \| Fiscal 2024/2025 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 2,382
Cost of Sales \| Fiscal 2024/2025 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			$ 20,702

CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Statement of Financial Position [Abstract]
Allowance for Doubtful Accounts Receivable, Current	$ 23,681	$ 22,984
Common Stock, Par or Stated Value Per Share	$ 0.001
Common Stock, Shares Authorized	500,000
Common Stock, Shares, Outstanding	98,799	98,883

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Amortization of pension and postretirement benefits plans costs, tax	$ (14)	$ (17)

Business Acquisitions and Divestitures

3 Months Ended

Jun. 30, 2024

Business Acquisitions and Divestitures [Abstract]

Business Combination Disclosure

3. Business Acquisitions and Divestitures

Acquisitions

During the first three months of fiscal 2025, we completed several tuck-in acquisitions, which continued to expand our product and service offerings in the Healthcare and AST segments. Total aggregate consideration was approximately $13,659.

On June 20, 2023, we entered into a definitive agreement to purchase the surgical instrumentation, laparoscopic instrumentation and sterilization container assets from Becton, Dickinson and Company (NYSE: BDX) ("BD"). The transaction was completed on August 2, 2023, and the acquired assets from BD were integrated into our Healthcare segment.

The purchase price of the BD acquisition was $539,758. The acquisition also qualified for a tax benefit related to tax deductible goodwill, with a present value of approximately $60,000. The purchase price of the acquisition was financed with borrowings from our existing Revolving Credit Facility. For more information, refer to Note 7 titled, "Debt."

The table below summarizes the allocation of the purchase price to the net assets acquired from BD based on fair values at the acquisition date.



	September 30, 2023 (As Previously Reported)		Adjustments (2)		Final


Inventory	27,006		4,821		31,827
Property, plant, and equipment	6,755		1,109		7,864
Lease right-of-use assets, net	—		1,737		1,737

Intangible assets (1)	303,598		(598)		303,000
Goodwill	202,399		(5,332)		197,067
Total assets acquired	539,758		1,737		541,495

Lease obligations	—		1,737		1,737
Total liabilities assumed	—		1,737		1,737
Net assets acquired	$	539,758	$	—	$	539,758

(2) No additional adjustments made during the first three months of fiscal 2025.

Acquisition and integration expenses totaled $2,254 and $2,237 for the three months ended June 30, 2024 and 2023, respectively. Acquisition and integration expenses are reported in the Selling, general and administrative expenses line of our Consolidated Statements of Income and include, but are not limited to, investment banker, advisory, legal and other professional fees, and certain employee-related expenses.

Divestitures

On April 11, 2024, the Company announced its plan to sell its Dental segment for total cash consideration of $787,500, subject to customary adjustments, and up to an additional $12,500 in contingent payment should the Dental business achieve certain revenue targets in fiscal 2025. The transaction was structured as an equity sale and closed on May 31, 2024. The disposal of the Dental segment met the criteria to be presented as a discontinued operation. For more information refer to Note 4 titled "Discontinued Operations."

On April 1, 2024, we completed the sale of the Controlled Environment Certification Services business. We recorded net proceeds of $41,546 and recognized a pre-tax gain on the sale of $18,803 in the first quarter of fiscal 2025. The business generated approximately $35,000 in revenues in fiscal 2024.

Fair Value Measurements (Notes)

3 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Disclosures

17. Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. We estimate the fair value of financial assets and liabilities using available market information and generally accepted valuation methodologies. The inputs used to measure fair value are classified into three tiers. These tiers include Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring the entity to develop its own assumptions.

The following table shows the fair value of our financial assets and liabilities at June 30, 2024 and March 31, 2024:


					Fair Value Measurements
	Carrying Value				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
					Level 1				Level 2				Level 3
	June 30,		March 31,		June 30,		March 31,		June 30,		March 31,		June 30,		March 31,
Assets:
Cash and cash equivalents	$	198,328	$	207,020	$	198,328	$	207,020	$	—	$	—	$	—	$	—
Forward and swap contracts (1)	389		208		—		—		389		208		—		—
Equity investments (2)	4,816		4,767		4,816		4,767		—		—		—		—
Other investments	2,880		2,902		2,880		2,902		—		—		—		—

Liabilities:
Forward and swap contracts (1)	$	427	$	1,014	$	—	$	—	$	427	$	1,014	$	—	$	—
Deferred compensation plans (2)	1,175		1,186		1,175		1,186		—		—		—		—
Debt (3)	2,315,601		3,206,100		—		—		2,001,665		2,895,784		—		—
Contingent consideration obligations (4)	11,204		11,000		—		—		—		—		11,204		11,000

(1) The fair values of forward and swap contracts are based on period-end forward rates and reflect the value of the amount that we would pay or receive for the contracts involving the same notional amounts and maturity dates.

(2) We maintain a frozen domestic non-qualified deferred compensation plan covering certain employees, which allowed for the deferral of payment of previously earned compensation for an employee-specified term or until retirement or termination. Amounts deferred can be allocated to various hypothetical investment options (compensation deferrals have been frozen under the plan). We hold investments to satisfy the future obligations of the plan. Employees who made deferrals are entitled to receive distributions of their hypothetical account balances (amounts deferred, together with earnings (losses)). Changes in the fair value of these investments are recorded in the "Interest and miscellaneous income" line of the Consolidated Statement of Income. During the first three months of fiscal 2025 and 2024, we recorded gains of $53 and $73, respectively, related to these investments.

(3) We estimate the fair value of our debt using discounted cash flow analyses, based on estimated current incremental borrowing rates for similar types of borrowing arrangements. The fair values of our Senior Public Notes are estimated using quoted market prices for the Senior Public Notes.

(4) Contingent consideration obligations arise from prior business acquisitions. The fair values are based on discounted cash flow analyses reflecting the possible achievement of specified performance measures or events and captures the contractual nature of the contingencies, commercial risk, and the time value of money. Contingent consideration obligations are classified in the consolidated balance sheets as accrued expense (short-term) and other liabilities (long-term), as appropriate based on the contractual payment dates.

The changes in Level 3 assets and liabilities measured at fair value on a recurring basis at June 30, 2024 are summarized as follows:


	Contingent Consideration
Balance at March 31, 2024	$	11,000
Additions	223
Payments	(19)



Balance at June 30, 2024	$	11,204

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Discontinued Operations (Tables)

3 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations


	March 31, 2024

Assets
Assets held-for-sale:
Accounts receivable, net	$	48,590
Inventories, net	89,345
Property, plant, and equipment, net	73,395
Lease right-of-use assets, net	22,822
Intangibles, net	770,731
Prepaid expenses and other assets	2,953
Loss accrued on classification as held for sale	(202,932)
Total assets held-for-sale	$	804,904
Liabilities
Liabilities held-for-sale:
Accounts payable	$	10,580
Accrued income taxes	433
Accrued payroll and other related liabilities	13,683
Lease obligations	23,722
Accrued expenses and other	15,594
Total liabilities held-for-sale	$	64,012

The following table summarizes the major line items constituting pre-tax income of discontinued operations associated with the Dental segment for the three months ending June 30, 2024 and 2023:


	Three Months Ended June 30,
		2024		2023
Revenues:
Product		$	63,936	$	101,156
Cost of revenues:
Product		35,146		56,699
Gross profit:		28,790		44,457
Operating expenses:
Selling, general, and administrative		13,466		52,528

Research and development		369		808
Income (loss) from operations (1)		14,955		(8,879)
Non-operating expenses (income), net		1		(12)
Pre-tax loss on sale		(7,843)		—
Income (loss) before income tax expense		7,111		(8,867)
Income tax expense (benefit)		1,519		(2,076)
Income (loss) from discontinued operations, net of income tax		5,592		(6,791)

The effective income tax rates for the three month periods ending June 30, 2024 and 2023 from discontinued operations were 21.4% and 23.4%, respectively.

Significant non-cash operating items and capital expenditures related to discontinued operations are reflected in the statement of cash flows as follows:


	Three Months Ended June 30,
	2024		2023
Operating activities of discontinued operations:
Depreciation, depletion, and amortization	$	—	$	30,744

Investing activities of discontinued operations:
Purchases of property, plant, equipment, and intangibles, net	$	(433)	$	(2,129)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482099/360-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483475/205-20-45-11

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-4A

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-4B

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5A

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5B

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5C

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5D

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482099/360-10-50-3A

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 20
-Topic 205
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-1

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-3

+ Details

Derivatives and Hedging Derivatives and Hedging (Tables)

3 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value


	Asset Derivatives				Liability Derivatives
	Fair Value at		Fair Value at		Fair Value at		Fair Value at
Balance sheet location	June 30, 2024		March 31, 2024		June 30, 2024		March 31, 2024
Prepaid & other	$	389	$	208	$	—	$	—
Accrued expenses and other	$	—	$	—	$	427	$	1,014

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The following table presents the impact of derivative instruments and their location within the Consolidated Statements of Income:


	Location of gain (loss) recognized in income		Amount of gain (loss) recognized in income
		Three Months Ended June 30,
			2024		2023
Foreign currency forward contracts	Selling, general and administrative		$	386	$	1,458
Commodity swap contracts	Cost of revenues		$	241	$	(1,034)

Debt (Notes)

3 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

7. Debt

Indebtedness was as follows:


	June 30, 2024		March 31, 2024

Short-term debt
Term loan, current portion	$	—	$	41,250
Delayed draw term loan, current portion	—		44,688
Private Placement Senior Notes	80,000		—
Total short-term debt	$	80,000	$	85,938


Long-term debt
Private Placement Senior Notes	$	670,751	$	751,433
Revolving Credit Facility	231,278		484,529
Deferred financing costs	(16,428)		(17,988)
Term loan	—		3,750
Delayed draw term loan	—		548,438
Senior Public Notes	1,350,000		1,350,000
Total long-term debt	$	2,235,601	$	3,120,162
Total debt	$	2,315,601	$	3,206,100

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, 2024, which was filed with the SEC on May 29, 2024

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Additional Consolidated Balance Sheets Information Additional Consolidated Balance Sheets Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Accrued payroll and other related liabilities:
Compensation and related items	$ 85,059	$ 48,152
Accrued vacation/paid time off	17,078	16,140
Accrued bonuses	28,484	61,669
Accrued employee commissions	15,666	35,980
Other postretirement benefit obligations-current portion	994	994
Other employee benefit plans obligations-current portion	2,091	1,896
Employee-related Liabilities, Current	149,372	164,831
Accrued expenses and other:
Deferred revenues	69,323	70,460
Service liabilities	94,301	92,590
Self-insured risk reserves-current portion	17,431	13,303
Accrued dealer commissions	32,934	33,277
Accrued warranty	14,570	15,388
Asset retirement obligation-current portion	507	510
Accrued interest	18,007	11,109
Other	39,490	83,107
Accrued Liabilities, Current	286,563	319,744
Other liabilities:
Self-insured risk reserves-long-term portion	21,647	21,646
Other postretirement benefit obligations-long-term portion	5,428	5,159
Defined benefit pension plans obligations-long-term portion	3,024	2,727
Other employee benefit plans obligations-long-term portion	1,314	1,321
Accrued long-term income taxes	6,427	6,508
Asset retirement obligation-long-term portion	13,249	13,148
Long-term liabilities, other	21,279	21,037
Other Liabilities, Noncurrent	$ 72,368	$ 71,546

Equity	3 Months Ended
Equity	Jun. 30, 2024
Equity [Abstract]
Treasury Stock	13. Repurchases of Ordinary Shares On May 3, 2023 our Board of Directors terminated the previous share repurchase program and authorized a new share repurchase program for the purchase of up to $500,000 (net of taxes, fees and commissions). As of June 30, 2024, there was $443,876 (net of taxes, fees and commissions) of remaining availability under the Board authorized share repurchase program. The share repurchase program has no specified expiration date. Under the repurchase program, the Company may repurchase its shares from time to time through open market purchases, including 10b5-1 plans. Any share repurchases may be activated, suspended or discontinued at any time. During the first three months of fiscal 2025, we repurchased 251,507 of our ordinary shares for the aggregate amount of $56,124 (net of fees and commissions) pursuant to authorizations, under the share repurchase program. During the first three months of fiscal 2024, we had no share repurchase activity. During the first three months of fiscal 2025, we obtained 69,780 of our ordinary shares in the aggregate amount of $10,256 in connection with share-based compensation award programs. During the first three months of fiscal 2024, we obtained 51,494 of our ordinary shares in the aggregate amount of $8,724 in connection with share-based compensation award programs.

Discontinued Operations - Summary Assets and Liabilities Classified as Held for Sale (Details) - Discontinued Operations, Held-for-Sale - Discontinued Operations, Dental Segment $ in Thousands	Mar. 31, 2024 USD ($)
Assets held for sale:
Accounts receivable, net	$ 48,590
Inventories, net	89,345
Property, plant, and equipment, net	73,395
Lease right-of-use assets, net	22,822
Intangibles, net	770,731
Prepaid expenses and other assets	2,953
Loss accrued on classification as held for sale	(202,932)
Total assets held-for-sale	804,904
Liabilities held for sale:
Accounts payable	10,580
Accrued income taxes	433
Accrued payroll and other related liabilities	13,683
Lease obligations	23,722
Accrued expenses and other	15,594
Total liabilities held-for-sale	$ 64,012

Restructuring (Tables)

3 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs [Table Text Block]

The following tables summarize our total pre-tax restructuring expenses recorded in fiscal 2025 related to the Restructuring Plan:



Three Months Ended June 30, 2024	Restructuring Plan
Severance and other compensation related costs	$	21,480
Lease and other contract termination costs	2,970
Product rationalization (1)	2,382
Accelerated depreciation and amortization	1,250
Total Restructuring Expense	$	28,082

(1) Recorded in Cost of revenues on the Consolidated Statements of Income.

Schedule of Restructuring Reserve by Type of Cost [Table Text Block]

The following table summarizes our restructuring liability balances:



	Restructuring Plan
Balance at March 31, 2024	$	678
Fiscal 2025 Charges	24,450
Payments	(3,753)
Balance at June 30, 2024	$	21,375

Fair Value Measurements Fair Value Measurements (Tables)

3 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Option, Disclosures

The following table shows the fair value of our financial assets and liabilities at June 30, 2024 and March 31, 2024:


					Fair Value Measurements
	Carrying Value				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
					Level 1				Level 2				Level 3
	June 30,		March 31,		June 30,		March 31,		June 30,		March 31,		June 30,		March 31,
Assets:
Cash and cash equivalents	$	198,328	$	207,020	$	198,328	$	207,020	$	—	$	—	$	—	$	—
Forward and swap contracts (1)	389		208		—		—		389		208		—		—
Equity investments (2)	4,816		4,767		4,816		4,767		—		—		—		—
Other investments	2,880		2,902		2,880		2,902		—		—		—		—

Liabilities:
Forward and swap contracts (1)	$	427	$	1,014	$	—	$	—	$	427	$	1,014	$	—	$	—
Deferred compensation plans (2)	1,175		1,186		1,175		1,186		—		—		—		—
Debt (3)	2,315,601		3,206,100		—		—		2,001,665		2,895,784		—		—
Contingent consideration obligations (4)	11,204		11,000		—		—		—		—		11,204		11,000

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The changes in Level 3 assets and liabilities measured at fair value on a recurring basis at June 30, 2024 are summarized as follows:


	Contingent Consideration
Balance at March 31, 2024	$	11,000
Additions	223
Payments	(19)



Balance at June 30, 2024	$	11,204

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 207,020,000
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 208,357,000

Nature of Operations and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Principles of Consolidation

Discontinued Operations

Use of Estimates

Revenue

Revenue Recognition and Associated Liabilities

We do not capitalize sales commissions as substantially all of our sales commission programs have an amortization period of one year or less.

Refer to Note 11 titled, "Business Segment Information" for disaggregation of revenue.

Product Revenues

Service Revenues

Contract Liabilities

Refer to Note 8 titled, "Additional Consolidated Balance Sheet Information" for deferred revenue balances.

Service Liabilities

Refer to Note 8 titled, "Additional Consolidated Balance Sheet Information" for service liability balances.

Remaining Performance Obligations

approximately 53% of the transaction price within one year and approximately 38% beyond one year. The remainder has yet to be scheduled for delivery.

Recently Issued Accounting Standards Impacting the Company

Recently Issued Accounting Standards Impacting the Company are presented in the following table:

Standard

Date of Issuance

Description

Date of Adoption

Effect on the financial statements or other significant matters

Standards that have not yet been adopted

ASU 2023-07 "Segment Reporting (Topic 280)
Improvements to Reportable Segment Disclosures."

November 2023

We are currently assessing the impact of this standard update on our disclosures in the notes to the consolidated financial statements.

ASU 2023-09 "Income Taxes (Topic 740) Improvements to Income Tax Disclosures."

December 2023

We are currently assessing the impact of this standard update on our disclosures in the notes to the consolidated financial statements.

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY Statement - USD ($) shares in Thousands, $ in Thousands	Total	Noncontrolling Interest [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Common Stock [Member]
Beginning balance (in shares) at Mar. 31, 2023					98,629
Beginning balance at Mar. 31, 2023	$ 6,087,172	$ 9,974	$ (320,710)	$ 1,911,533	$ 4,486,375
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Parent	123,554			123,554
Net Income (Loss) Attributable to Noncontrolling Interest	236	236
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	123,790
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	9,851		9,851
Treasury Stock, Shares, Acquired					(52)
Payments for Repurchase of Common Stock	(8,724)			(7,727)	$ (997)
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures					204
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	$ 12,834				$ 12,834
Common Stock, Dividends, Per Share, Cash Paid	$ 0.47
Dividends, Common Stock, Cash	$ (46,427)			(46,427)
Increase (Decrease) In Noncontrolling Interests, Other	(124)	(124)
Ending balance at Jun. 30, 2023	6,178,372
Ending balance (in shares) at Jun. 30, 2023					98,781
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' Equity Attributable to Parent			(310,859)	1,980,933	$ 4,498,212
Noncontrolling interest		10,086
Stockholders' Equity Attributable to Parent	6,302,164
Noncontrolling interest	13,182
Beginning balance (in shares) at Mar. 31, 2024					98,883
Beginning balance at Mar. 31, 2024	6,315,346	13,182	(328,657)	2,087,645	$ 4,543,176
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Parent	145,401			145,401
Net Income (Loss) Attributable to Noncontrolling Interest	140	140
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	145,541
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	5,587		5,587
Treasury Stock, Shares, Acquired					(322)
Payments for Repurchase of Common Stock	(64,203)			(3,523)	$ (60,680)
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures					238
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	$ 17,084				$ 17,084
Common Stock, Dividends, Per Share, Cash Paid	$ 0.52
Dividends, Common Stock, Cash	$ (51,436)			(51,436)
Noncontrolling Interest, Increase from Contributions to Noncontrolling Interest Holders	2,532	2,532
Increase (Decrease) In Noncontrolling Interests, Other	(6)	(6)
Ending balance at Jun. 30, 2024	6,370,445
Ending balance (in shares) at Jun. 30, 2024					98,799
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' Equity Attributable to Parent	6,354,597		$ (323,070)	$ 2,178,087	$ 4,499,580
Noncontrolling interest	$ 15,848	$ 15,848

Inventories, Net Inventories, Net (Tables)

3 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory


	June 30, 2024		March 31, 2024

Raw materials	$	257,023	$	245,942
Work in process	111,297		98,304
Finished goods	372,330		374,182
Reserve for excess and obsolete inventory	(42,063)		(43,893)
Inventories, net	$	698,587	$	674,535

Income Tax Expense (Notes)	3 Months Ended
Income Tax Expense (Notes)	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Tax Expense	9. Income Taxes Our effective tax rate is affected by (i) the tax rates in Ireland (our country of domicile), the United States, and other jurisdictions in which we operate, and (ii) the relative amount of income before income taxes by geography. The effective income tax rates for the three month periods ended June 30, 2024 and 2023 from continuing operations were 20.1% and 21.7%, respectively. The fiscal 2025 effective tax rate decreased when compared to fiscal 2024, primarily due to changes in geographic mix of projected profits and an increase in favorable discrete items. Income tax expense is provided on an interim basis based upon our estimate of the annual effective income tax rate, adjusted each quarter for discrete items. In determining the estimated annual effective income tax rate, we analyze various factors, including projections of our annual earnings and taxing jurisdictions in which the earnings will be generated, the impact of state and local income taxes, our ability to use tax credits and net operating loss carry forwards, and available tax planning alternatives. We operate in numerous taxing jurisdictions and are subject to regular examinations by various United States federal, state and local, as well as foreign jurisdictions. We are no longer subject to United States federal examinations for years before fiscal 2018 and, with limited exceptions, we are no longer subject to United States state and local, or non-United States, income tax examinations by tax authorities for years before fiscal 2018. We remain subject to tax authority audits in various jurisdictions wherever we do business. In the fourth quarter of fiscal 2021, we completed an appeals process with the U.S. Internal Revenue Service (the “IRS”) regarding proposed audit adjustments related to deductibility of interest paid on intercompany debt for fiscal years 2016 through 2017. An agreement was reached on final interest rates, which also impacted subsequent years through 2020. The total federal, state, and local tax impact of the settlement including interest is approximately $12,000 for the fiscal years 2016 through 2020, materially all of which has been paid through June 30, 2024. In November 2023, we received two Notices of Deficiency from the IRS regarding the previously disclosed deemed dividend inclusions and associated withholding tax matter. The notices relate to the fiscal and calendar year 2018. The IRS adjustments would result in a cumulative tax liability of approximately $50,000. We are contesting the IRS’s assertions and have filed petitions with the U.S. Tax Court. We have not established reserves related to these notices. An unfavorable outcome is not expected to have a material adverse impact on our consolidated financial position but could be material to our consolidated results of operations and cash flows for any one period.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Derivatives and Hedging Fair Value of Derivatives, Balance Sheet Location (Details) $ in Thousands, € in Millions, £ in Millions, $ in Millions, $ in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2024 USD ($) lb	Jun. 30, 2023 USD ($)	Jun. 30, 2024 EUR (€)	Jun. 30, 2024 GBP (£)	Jun. 30, 2024 MXN ($)	Jun. 30, 2024 CAD ($)	Jun. 30, 2024 AUD ($)	Mar. 31, 2024 USD ($)
Prepaid & Other
Derivative [Line Items]
Asset derivatives	$ 389							$ 208
Liability derivatives	0							0
Accrued expenses and other
Derivative [Line Items]
Asset derivatives	0							0
Liability derivatives	427							$ 1,014
Foreign currency forward contracts \| Selling, general, and administrative expense
Derivative [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax	$ 386	$ 1,458
Commodity swap contracts
Derivative [Line Items]
Derivative, notional amount, weight \| lb	591,800
Commodity swap contracts \| Cost of Sales
Derivative [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax	$ 241	$ (1,034)
Mexican peso \| Foreign currency forward contracts
Derivative [Line Items]
Derivative Asset, Notional Amount					$ 100.0
Canadian dollar \| Foreign currency forward contracts
Derivative [Line Items]
Derivative Asset, Notional Amount						$ 25.0
euro \| Foreign currency forward contracts
Derivative [Line Items]
Derivative Asset, Notional Amount \| €			€ 18.2
British pounds sterling \| Foreign currency forward contracts
Derivative [Line Items]
Liability derivatives \| £				£ 50.0
Australia, Dollars \| Foreign currency forward contracts
Derivative [Line Items]
Derivative Asset, Notional Amount							$ 15.0

Business Segment Information Business Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenues	$ 1,279,502	$ 1,183,386
Segment operating income	185,531	197,761
Amortization of acquired intangible assets	67,661	64,092
Business Combination, Acquisition Related Costs	2,254	2,237
Impact of TCJA	518	9
Amortization of inventory and property step-up to fair value	1,391	1,622
Restructuring Charges	28,082	19
UNITED KINGDOM
Segment Reporting Information [Line Items]
Revenues	22,194	20,036
UNITED STATES
Segment Reporting Information [Line Items]
Revenues	946,890	855,788
Other foreign locations
Segment Reporting Information [Line Items]
Revenues	310,418	307,562
Healthcare [Member] [Member]
Segment Reporting Information [Line Items]
Revenues	901,221	818,874
Segment operating income	216,887	198,182
Healthcare [Member] [Member] \| Capital equipment revenues [Member]
Segment Reporting Information [Line Items]
Revenues	214,639	238,099
Healthcare [Member] [Member] \| Consumable revenues [Member]
Segment Reporting Information [Line Items]
Revenues	343,354	280,281
Healthcare [Member] [Member] \| Sales Revenue, Services, Net [Member]
Segment Reporting Information [Line Items]
Revenues	343,228	300,494
Applied Sterilization Technologies
Segment Reporting Information [Line Items]
Revenues	249,803	233,099
Segment operating income	117,714	109,590
Applied Sterilization Technologies \| Capital equipment revenues [Member]
Segment Reporting Information [Line Items]
Revenues	1,088	874
Applied Sterilization Technologies \| Sales Revenue, Services, Net [Member]
Segment Reporting Information [Line Items]
Revenues	248,715	232,225
Life Science Member [Member]
Segment Reporting Information [Line Items]
Revenues	128,478	131,413
Segment operating income	52,584	49,841
Life Science Member [Member] \| Capital equipment revenues [Member]
Segment Reporting Information [Line Items]
Revenues	26,476	30,991
Life Science Member [Member] \| Consumable revenues [Member]
Segment Reporting Information [Line Items]
Revenues	69,818	61,698
Life Science Member [Member] \| Sales Revenue, Services, Net [Member]
Segment Reporting Information [Line Items]
Revenues	32,184	38,724
Corporate
Segment Reporting Information [Line Items]
Segment operating income	(101,748)	(91,873)
Segment operating income
Segment Reporting Information [Line Items]
Segment operating income	$ 285,437	$ 265,740

Business Acquisitions and Divestitures - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	$ 13,659	$ 0
Asset Acquisition, Price of Acquisition Net of Tax Benefit, Expected		60,000
Business Combination, Acquisition Related Costs	2,254	2,237
Pre-tax gain or loss on sale of business	10,960	0
Revenues	1,279,502	1,183,386
Discontinued Operations, Dental Segment
Business Acquisition [Line Items]
Potential Earnout on Divestiture of Business	12,500
CECS
Business Acquisition [Line Items]
Proceeds from Divestiture of Businesses	41,546
Pre-tax gain or loss on sale of business	18,803
Revenues			$ 35,000
Discontinued Operations, Held-for-Sale \| Discontinued Operations, Dental Segment
Business Acquisition [Line Items]
Disposal Group, Including Discontinued Operation, Consideration	787,500
BD Acquisition
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired		$ 539,758
Other FY 25 Acquisition
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	$ 13,659

Share-Based Compensation Share-Based Compensation (Tables)

3 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Assumptions Used

The following weighted average assumptions were used for options granted during the first three months of fiscal 2025 and 2024:


	Fiscal 2025		Fiscal 2024
Risk-free interest rate	4.20	%	3.57	%
Expected life of options	6.0 years		5.9 years
Expected dividend yield of stock	0.94	%	1.08	%
Expected volatility of stock	28.47	%	27.98	%

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 Per Share		Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at March 31, 2024	1,869,871	$	168.22
Granted	206,432	251.35
Exercised	(81,378)	81.57
Forfeited	(654)	219.97
Expired	(512)	250.06
Outstanding at June 30, 2024	1,993,759	$	180.32	6.3 years	$	92,209
Exercisable at June 30, 2024	1,418,051	$	157.46	5.3 years	$	91,771

Share-based Compensation Arrangements by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest

A summary of the non-vested restricted share and share unit activity is presented below:


	Number of Restricted Shares	Number of Restricted Share Units	Weighted Average Grant Date Fair Value
Non-vested at March 31, 2024	463,381	28,348	$	200.04
Granted	151,638	9,855	228.50
Vested	(124,462)	(4,923)	183.06
Forfeited	(24,655)	(1,339)	205.12
Non-vested at June 30, 2024	465,902	31,941	$	213.46

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Daniel A. Carestio [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On June 6, 2024, Daniel A. Carestio, President and Chief Executive Officer of the Company, adopted a trading arrangement for the sale of the Company’s ordinary shares that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Securities Exchange Act of 1934, as amended (the “Exchange Act” and such plan, a “Rule 10b5-1 Trading Plan”). Mr. Carestio’s Rule 10b5-1 Trading Plan, which expires June 5, 2026, provides for the sale of up to 62,021 ordinary shares pursuant to the terms of such plan. The actual number of ordinary shares available to be sold under the Rule 10b5-1 Trading Plan for ordinary shares subject to unvested awards will be calculated at the time of vesting of such equity awards after withholding to satisfy tax obligations.
Name	Daniel A. Carestio
Title	President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 6, 2024
Arrangement Duration	729 days
Aggregate Available	62,021
Michael J. Tokich [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On May 15, 2024, Michael J. Tokich, Senior Vice President and Chief Financial Officer of the Company, adopted a Rule 10b5-1 Trading Plan. Mr. Tokich’s Rule 10b5-1 Trading Plan, which expires June 12, 2026, provides for the sale of up to 46,664 ordinary shares pursuant to the terms of such plan.
Name	Michael J. Tokich
Title	Senior Vice President and Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 15, 2024
Arrangement Duration	758 days
Aggregate Available	46,664
J. Adam Zangerle [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On May 15, 2024, J. Adam Zangerle, Senior Vice President, General Counsel, and Company Secretary of the Company, adopted a Rule 10b5-1 Trading Plan. Mr. Zangerle’s Rule 10b5-1 Trading Plan, which expires November 1, 2025, provides for the sale of up to 17,822 ordinary shares pursuant to the terms of such plan. The actual number of ordinary shares available to be sold under the Rule 10b5-1 Trading Plan for ordinary shares subject to unvested awards will be calculated at the time of vesting of such equity awards after withholding to satisfy tax obligations.
Name	J. Adam Zangerle
Title	Senior Vice President, General Counsel, and Company Secretary of the Company
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 15, 2024
Arrangement Duration	535 days
Aggregate Available	17,822

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Revenues	$ 1,279,502	$ 1,183,386
Cost of revenues:
Total cost of revenues	707,072	654,382
Gross Profit	572,430	529,004
Operating expenses:
Selling, general, and administrative	335,626	306,530
Research and development	25,573	24,694
Restructuring Costs	25,700	19
Total operating expenses	386,899	331,243
Income from operations	185,531	197,761
Non-operating expenses, net:
Interest expense	30,384	32,357
Interest income and miscellaneous expense	(1,309)	(1,377)
Gain on sale of business	(18,803)	0
Total non-operating expenses, net	10,272	30,980
Income before income tax expense	175,259	166,781
Income tax expense	35,310	36,200
Income from continuing operations, net of income tax	139,949	130,581
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	5,592	(6,791)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	145,541	123,790
Less: Net Income Attributable to Noncontrolling Interest	140	236
Net Income (Loss) Attributable to Shareholders	$ 145,401	$ 123,554
Net income per common share [Abstract]
Income (Loss) from Continuing Operations, Per Basic Share	$ 1.41	$ 1.32
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	0.06	(0.07)
Basic	1.47	1.25
Income (Loss) from Continuing Operations, Per Diluted Share	1.41	1.31
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share	0.06	(0.07)
Diluted	1.46	1.25
Cash dividends declared per common share outstanding	$ 0.52	$ 0.47
Product [Member]
Revenues:
Revenues	$ 656,293	$ 612,702
Cost of revenues:
Cost of Goods and Services Sold	340,420	320,479
Service [Member]
Revenues:
Revenues	623,209	570,684
Cost of revenues:
Cost of Goods and Services Sold	$ 366,652	$ 333,903

Nature of Operations and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Product Information [Line Items]
Deferred Revenue, Revenue Recognized	$ 45,996	$ 42,300
Revenue, Remaining Performance Obligation, Amount	$ 1,499,543
Expected recognition within the next year [Member]
Product Information [Line Items]
Revenue, Remaining Performance Obligation, Percentage	53.00%
Expected recognition beyond the next year [Member] [Member]
Product Information [Line Items]
Revenue, Remaining Performance Obligation, Percentage	38.00%
Discontinued Operations, Dental Segment
Product Information [Line Items]
Potential Earnout on Divestiture of Business	$ 12,500
Discontinued Operations, Held-for-Sale \| Discontinued Operations, Dental Segment
Product Information [Line Items]
Disposal Group, Including Discontinued Operation, Consideration	$ 787,500

Financial and Other Guarantees Financial and Other Guarantees (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2024 USD ($)
Product Warranty Liability [Line Items]
Balance, Beginning of the Period	$ 15,388
Warranties issued during the period	3,456
Settlement made during the period	(4,274)
Balance, End of the Period	$ 14,570

Discontinued Operations - Summary of Significant Non-Cash Operating Items and Capital Expenditures Related to Discontinued Operations (Details) - Discontinued Operations, Held-for-Sale - Discontinued Operations, Dental Segment - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation, depletion, and amortization	$ 0	$ 30,744
Purchases of property, plant, equipment, and intangibles, net	$ (433)	$ (2,129)

Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Effective Income Tax Rate Reconciliation, Disposition of Business, Percent	21.40%	23.40%
Discontinued Operations, Dental Segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Potential Earnout on Divestiture of Business	$ 12,500
Discontinued Operations, Held-for-Sale \| Discontinued Operations, Dental Segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Consideration	$ 787,500