Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Mar. 31, 2011	Apr. 30, 2011	Sep. 30, 2010
Document Information [Line Items]
Entity Well-known Seasoned Issuer	Yes
Entity Registrant Name	Steris Corp
Entity Central Index Key	0000815065
Document Type	10-K
Document Period End Date	Mar. 31, 2011
Amendment Flag	false
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q4
Current Fiscal Year End Date	--03-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		59,219,570
Entity Public Float			$ 1,782,749,207
Entity Voluntary Filers	No

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2011	Mar. 31, 2010
Current Assets:
Cash and Cash Equivalents, at Carrying Value	$ 193,016	$ 214,971
Accounts Receivable, Net, Current	272,248	214,940
Inventory, Net	167,344	121,135
Deferred Tax Assets, Net, Current	56,715	6,976
Other Prepaid Expense, Current	16,483	18,435
Total Current Assets	705,806	576,457
Property, Plant and Equipment, Net	370,402	346,858
Goodwill and intangibles, net	318,810	305,311
Other Assets, Noncurrent	31,667	9,776
Total Assets	1,426,685	1,238,402
Current Liabilities:
Accounts payable	90,981	66,035
Accrued payroll and other related liabilities	52,251	58,986
Accrued SYSTEM 1 Rebate Program and class action settlement	127,683	0
Accrued expenses and other	73,831	72,108
Total Current Liabilities	344,746	197,129
Long-term indebtedness	210,000	210,000
Deferred income taxes, net	26,662	20,749
Other liabilities	56,612	56,030
Total Liabilities	638,020	483,908
Serial preferred shares, without par value, 3,000 shares authorized; no shares issued or outstanding	0	0
Common shares, without par value, 300,000 shares authorized; 70,040 shares issued; 59,122 and 59,277 shares outstanding, respectively	241,343	237,165
Common shares held in treasury, 10,918 and 10,813 shares, respectively	(305,808)	(295,251)
Retained Earnings	816,846	798,809
Accumulated Other Comprehensive Income	35,188	12,991
Total shareholders’ equity	787,569	753,714
Noncontrolling Interest	1,096	780
Total equity	788,665	754,494
Total liabilities and equity	$ 1,426,685	$ 1,238,402

Consolidated Balance Sheet Parenthetical (USD $) In Thousands, unless otherwise specified	Mar. 31, 2011	Mar. 31, 2010
Accounts Receivable Allowances	$ 9,085	$ 9,238
Serial preferred shares without par value	$ 0	$ 0
Serial preferred shares authorized	3,000	3,000
Serial preferred shares issued	0	0
Serial preferred shares outstanding	0	0
Common shares without par value
Common shares authorized	300,000	300,000
Common shares issued	70,040	70,040
Common shares outstanding	59,122	59,227
Common shares held in treasury, shares	10,918	10,813

Consolidated Statements of Income (USD $)	12 Months Ended
Consolidated Statements of Income (USD $)	Mar. 31, 2011	Mar. 31, 2010	Mar. 31, 2009
Revenues:
Product	$ 743,838,000	$ 799,002,000	$ 831,529,000
Service	463,610,000	458,731,000	466,996,000
Total Revenues	1,207,448,000	1,257,733,000	1,298,525,000
Cost of Revenues:
Product	494,463,000	454,988,000	496,915,000
Service	266,823,000	263,564,000	274,868,000
Total Cost of Revenues	761,286,000	718,552,000	771,783,000
Gross Profit	446,162,000	539,181,000	526,742,000
Operating Expenses:
Selling, general, and administrative	325,468,000	296,613,000	314,983,000
Research and development	34,280,000	34,008,000	32,760,000
Restructuring expenses	1,202,000	4,848,000	3,554,000
Total Operating Expenses	360,950,000	335,469,000	351,297,000
Income From Operations	85,212,000	203,712,000	175,445,000
Non-operating Expenses:
Interest expense	12,000,000	13,171,000	10,563,000
Interest and miscellaneous income	(607,000)	(1,275,000)	(1,603,000)
Total Non-operating Expenses, Net	11,393,000	11,896,000	8,960,000
Income Before Income Tax Expense	73,819,000	191,816,000	166,485,000
Income tax expense	22,554,000	63,349,000	55,800,000
Net Income	51,265,000	128,467,000	110,685,000
Earnings Per Common Share:
Earnings per share – basic	$ 0.86	$ 2.18	$ 1.88
Earnings per share – diluted	$ 0.85	$ 2.16	$ 1.86
Cash Dividends Declared Per Common Share Outstanding	$ 0.56	$ 2.44	$ 0.30

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2011	Mar. 31, 2010	Mar. 31, 2009
Operating Activities:
Net Income	$ 51,265	$ 128,467	$ 110,685
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, and amortization	54,389	56,218	58,773
Deferred income taxes	(43,071)	2,178	6,817
Share-based compensation expense	10,186	7,370	7,370
Loss (gain) on the disposal of property, plant, equipment, and intangibles, net	1,800	2,085	(2,755)
Other items	8,129	1,563	(11,783)
Changes in operating assets and liabilities
Accounts receivable, net	(54,517)	27,764	454
Inventories, net	(42,233)	15,271	675
Other current assets	2,227	5,351	10,840
Accounts payable	23,714	(4,522)	(2,741)
Accrued SYSTEM 1 Rebate Program and class action settlement	127,683	0	0
Accruals and other, net	(21,828)	(16,791)	(10,951)
Net Cash Provided by Operating Activities	117,744	224,954	167,384
Investing Activities:
Purchases of property, plant, equipment, and intangibles, net	(77,442)	(44,087)	(40,889)
Proceeds from the sale of property, plant, equipment, and intangibles	1,301	3,105	19,341
Equity investments	(16,900)	(1,500)	(4,150)
Investments in businesses, net of cash acquired	(4,000)	0	0
Net Cash Used in Investing Activities	(97,041)	(42,482)	(25,698)
Financing activities:
Proceeds from the issuance of long-term obligations	0	0	150,000
Payments on long-term obligations and capital leases	0	0	(40,800)
(Payments) proceeds under credit facility, net	0	0	(79,180)
Deferred financing fees and debt issuance costs	0	0	(476)
Repurchases of common shares	(29,965)	(310)	(80,466)
Cash dividends paid to common shareholders	(33,228)	(144,017)	(17,657)
Stock option and other equity transactions, net	12,730	14,047	33,621
Tax benefit from stock options exercised	2,525	2,467	6,982
Net Cash Used in Financing Activities	(47,938)	(127,813)	(27,976)
Effect of exchange rate changes on cash and cash equivalents	5,280	6,132	(11,398)
Increase (decrease) in cash and cash equivalents	(21,955)	60,791	102,312
Cash and cash equivalents at end of year	214,971	154,180	51,868
Cash and cash equivalents at end of year	$ 193,016	$ 214,971	$ 154,180

Consolidated Statements of Shareholders' Equity (USD $) In Thousands	Total	Common Stock	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income	Noncontrolling Interest
Balance at Mar. 31, 2008	$ 706,475	$ 231,566	$ (279,841)	$ 721,331	$ 33,096	$ 323
Shares, Balance at Mar. 31, 2008		59,263	10,777
Net Income (Loss) Attributable to Parent	110,685	0	0	110,685	0	0
Pension and Other Postretirement Benefit Expense	20,933	0	0	0	20,933	0
Other Comprehensive Income, Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	(318)	0	0	0	(318)	0
Other Comprehensive Income, Foreign Currency Transaction and Translation Adjustment, Net of Tax	(69,511)	0	0	0	(69,511)	0
Comprehensive Income, Net of Tax, Attributable to Parent	61,789
Repurchases of common shares	(80,466)	0	80,466	0	0	0
Treasury Stock, Shares, Acquired		(2,646)	(2,646)
Stock Issued During Period, Value, Share-based Compensation	40,936	(6,266)	47,202	0	0	0
Stock Issued During Period, Shares, Share-based Compensation		1,835	(1,835)
Stock Issued During Period, Shares, Stock Options Exercised		0
Tax Benefit from Stock Options Exercised	6,982	6,982	0	0	0	0
Dividends, Cash	(17,657)	0	0	(17,657)	0	0
Noncontrolling Interest, Change in Redemption Value	106	0	0	0	0	106
Balance at Mar. 31, 2009	718,165	232,282	(313,105)	814,359	(15,800)	429
Shares, Balance at Mar. 31, 2009		58,452	11,588
Net Income (Loss) Attributable to Parent	128,467	0	0	128,467	0	0
Pension and Other Postretirement Benefit Expense	554	0	0	0	554	0
Other Comprehensive Income, Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	423	0	0	0	423	0
Other Comprehensive Income, Foreign Currency Transaction and Translation Adjustment, Net of Tax	27,814	0	0	0	27,814	0
Comprehensive Income, Net of Tax, Attributable to Parent	157,258
Repurchases of common shares	(310)	0	310	0	0	0
Treasury Stock, Shares, Acquired		24	(24)
Stock Issued During Period, Value, Share-based Compensation	20,580	2,416	18,164	0	0	0
Stock Issued During Period, Shares, Share-based Compensation		799	(799)
Stock Issued During Period, Shares, Stock Options Exercised		0
Tax Benefit from Stock Options Exercised	2,467	2,467	0	0	0	0
Dividends, Cash	(144,017)	0	0	(144,017)	0	0
Noncontrolling Interest, Change in Redemption Value	351	0	0	0	0	351
Balance at Mar. 31, 2010	754,494	237,165	(295,251)	798,809	12,991	780
Shares, Balance at Mar. 31, 2010		59,227	10,813
Net Income (Loss) Attributable to Parent	51,265	0	0	51,265	0	0
Pension and Other Postretirement Benefit Expense	(1,024)	0	0	0	(1,024)	0
Other Comprehensive Income, Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	192	0	0	0	192	0
Other Comprehensive Income, Foreign Currency Transaction and Translation Adjustment, Net of Tax	23,029	0	0	0	23,029	0
Comprehensive Income, Net of Tax, Attributable to Parent	73,462
Repurchases of common shares	(29,965)	0	29,965	0	0	0
Treasury Stock, Shares, Acquired		952	(952)
Stock Issued During Period, Value, Share-based Compensation	21,061	1,653	19,408	0	0	0
Stock Issued During Period, Shares, Share-based Compensation		847	(847)
Stock Issued During Period, Shares, Stock Options Exercised		0
Tax Benefit from Stock Options Exercised	2,525	2,525	0	0	0	0
Dividends, Cash	(33,228)	0	0	(33,228)	0	0
Noncontrolling Interest, Change in Redemption Value	316	0	0	0	0	316
Balance at Mar. 31, 2011	$ 788,665	$ 241,343	$ (305,808)	$ 816,846	$ 35,188	$ 1,096
Shares, Balance at Mar. 31, 2011		59,122	10,918

Consolidated Statement of Shareholders' Equity Parenthetical (USD $)	12 Months Ended
	Mar. 31, 2011	Mar. 31, 2010	Mar. 31, 2009
Pension and Postretirement Liability Adjustment, (net of income tax)	$ (1,473,000)	$ (790,000)	$ (18,602,000)
Dividends, Common Stock, Cash	$ 0.56	$ 2.44	$ 0.30

Note 1, Significant Accounting Policies

12 Months Ended

Mar. 31, 2011

1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Significant Accounting Policies [Text Block]

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations. STERIS Corporation, an Ohio corporation, together with its subsidiaries, develops, manufactures, and markets infection prevention, contamination control, microbial reduction, and surgical support products and services for healthcare, pharmaceutical, scientific, research, industrial, and governmental Customers throughout the world. As used in this annual report, STERIS Corporation and its subsidiaries together are called “STERIS,” the “Company,” “we,” “us,” or “our,” unless otherwise noted.

We operate in three reportable business segments: Healthcare, Life Sciences, and STERIS Isomedix Services (“Isomedix”). We describe our operating segments in note 12. Our fiscal year ends on March 31. References in this Annual 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:

Principles of Consolidation. We use the consolidation method to report our investments in our subsidiaries. Therefore, the accompanying consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. We eliminate inter-company accounts and transactions when we consolidate these accounts.

Use of Estimates. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and related notes to financial statements. Actual results could differ from those estimates. On an ongoing basis, we revise the estimates and assumptions as new information becomes available.

Cash Equivalents and Supplemental Cash Flow Information. Cash equivalents are all highly liquid investments with a maturity of three months or less when purchased.

Information supplementing our Consolidated Statements of Cash Flows is as follows:



Years Ended March 31,	2011		2010		2009
Cash paid during the year for:
Interest	$	12,496	$	13,360	$	10,748
Income taxes	64,372		61,988		48,489
Cash received during the year for income tax refunds	3,067		4,864		1,870

Revenue Recognition. We recognize revenue for products when ownership passes to the Customer, which is based on contract or shipping terms and for services when the service 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. We have no further obligations related to bringing about resale and our standard return and restocking fee policies are applied. Revenues are reported net of sales and value-added taxes collected from Customers.

We also 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. Returns, rebates, and similar allowances are estimated based on historical experience and trend analysis.

In transactions that contain multiple elements, 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 element based on its relative fair value, based on the price for the product or service when it is sold separately.

We offer preventative maintenance agreements to our Customers with contract terms of one to five years which require us to maintain and repair our products during this time. Amounts received under these Customer contracts are initially recorded as deferred service revenues and then recognized as service revenues ratably over the contract term.

Accounts Receivable. Accounts receivable are presented at their face amount, less allowances for sales returns and uncollectible accounts. Accounts receivable consist of amounts billed and currently due from Customers and amounts earned but unbilled. We generally obtain and perfect security interest in products sold in the United States when we have a concern with the Customer's risk profile..

We maintain an allowance for uncollectible accounts receivable for estimated losses in the collection of amounts owed by Customers. We estimate the allowance based on analyzing a number of factors, including amounts written off historically, Customer payment practices, and general economic conditions. We also analyze significant Customer accounts on a regular basis and record a specific allowance when we become aware of a specific Customer’s inability to pay. As a result, the related accounts receivable are reduced to an amount that we reasonably believe is collectible.

We maintain an allowance for sales returns based upon known returns and estimated returns for both capital equipment and consumables. We estimate returns of capital equipment and consumables based upon recent historical experience less the estimated inventory value of the returned goods.

Inventories, net. Inventories are stated at the lower of their cost or market value. We determine cost based upon a combination of the last-in, first-out (“LIFO”) and first-in, first-out (“FIFO”) cost methods. For inventories valued using the LIFO method, we believe that the use of the LIFO method results in a matching of current costs and revenues. Inventories valued using the LIFO method represented approximately 37.3% and 41.8% of total inventories at March 31, 2011 and 2010, respectively. Inventory costs include material, labor, and overhead. If we had used only the FIFO method of inventory costing, inventories would have been $17,551 and $15,961 higher than those reported at March 31, 2011 and 2010, respectively.

We review the net realizable value of inventory on an ongoing basis, considering factors such as deterioration, obsolescence, and other items. We record an allowance for estimated losses when the facts and circumstances indicate that particular inventories will not be usable. If future market conditions vary from those projected, and our estimates prove to be inaccurate, we may be required to write-down inventory values and record an adjustment to cost of revenues.

Property, Plant, and Equipment. Our property, plant, and equipment consists of land and land improvements, buildings and leasehold improvements, machinery and equipment, information systems, radioisotope (cobalt-60), and construction in progress. Property, plant, and equipment are presented at cost less accumulated depreciation and depletion. We capitalize additions and improvements. Repairs and maintenance are charged to expense as they are incurred.

Land is not depreciated and construction in progress is not depreciated until placed in service. Depreciation of most assets is computed on the cost less the estimated salvage value by using the straight-line method over the estimated remaining useful lives. Depletion of radioisotope is computed using the annual decay factor of the material, which is similar to the sum-of-the-years-digits method.

We generally depreciate or deplete property, plant, and equipment over the useful lives presented in the following table:



Asset Type	Useful Life (years)
Land improvements	3-40
Buildings and leasehold improvements	2-50
Machinery and equipment	3-35
Information Systems	2-17
Radioisotope (cobalt-60)	20

When we sell, retire, or dispose of property, plant, and equipment, we remove the asset’s cost and accumulated depreciation from our Consolidated Balance Sheets. We recognize the net gain or loss on the sale or disposition in the Consolidated Statements of Income in the period when the transaction occurs.

Interest. We capitalize interest costs incurred during the construction of long-lived assets. We capitalized interest costs of $574 and $358 for the years ended March 31, 2011 and 2010, respectively.

Total interest expense for the years ended March 31, 2011, 2010, and 2009 was $12,000, $13,171, and $10,563, respectively.

Identifiable Intangible Assets. Our identifiable intangible assets include product technology rights, trademarks, licenses, and Customer relationships. We record these assets at cost, or when acquired as part of a business acquisition, at estimated fair value. We generally amortize identifiable intangible assets over periods ranging from 5 to 20 years using the straight-line method.

Investments. Investments in marketable securities are stated at fair value. Fair value is determined using quoted market prices at the end of the reporting period. Unrealized gains and losses on marketable securities classified as available-for-sale are recorded in Accumulated Other Comprehensive Income (Loss).

Asset Impairment Losses. Property, plant, equipment, and identifiable intangible assets (except for goodwill and intangible assets with indefinite lives) are reviewed for impairment when events and circumstances indicate that the carrying value of such assets may not be recoverable. Impaired assets are recorded at the lower of carrying value or estimated fair value. We conduct this review on an ongoing basis and, if an impairment exists, we record the loss in the Consolidated Statements of Income during that period.

Business Acquisitions. We account for business acquisitions using the purchase method of accounting. This method requires us to record the assets and liabilities of the business acquired at their estimated fair values as of the acquisition date. Any excess of the cost of the acquisition over the fair value of the net tangible and intangible assets acquired is recorded as goodwill. We include certain transaction costs in determining the total cost of an acquisition. Operating results of the acquired businesses are included in the Consolidated Statements of Income from the acquisition date.

Goodwill. The goodwill presented in our Consolidated Balance Sheets represents the excess of the purchase price and related costs of businesses or assets we acquired over the fair value assigned to the identifiable net assets acquired. We review goodwill and indefinite-lived intangible assets at least annually for impairment. We use a two-step process to test goodwill for impairment. First, we compare the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, we do not consider goodwill to be impaired. If the carrying amount of the reporting unit exceeds its fair value, the second step of the test is performed to measure the amount of any impairment loss. We compare the implied fair value of the reporting unit’s goodwill to the carrying amount of the goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the fair value of that goodwill, we record an impairment loss in the Consolidated Statements of Income for an amount equal to that excess, but not more than the carrying amount of the goodwill.

SYSTEM 1 Rebate Program. The Accrued SYSTEM 1 Rebate Program (the “Rebate Program”) initially recognized during the first quarter of fiscal 2011 is based upon the quantity of SYSTEM 1 processors eligible for rebates and the estimated value of rebates to be provided upon their return. Rebates of $102,313 are recognized as contra-revenue consistent with other returns and allowances offered to Customers. The estimated cost of $7,691 to facilitate the disposal of the returned SYSTEM 1 processors has been recognized as cost of revenues. Both components are recorded as current liabilities. The key assumptions involved in the estimates associated with the Rebate Program include: the number and age of SYSTEM 1 processors eligible for rebates under the Rebate Program, the number of Customers that will elect to participate in the Rebate Program, the proportion of Customers that will choose each rebate option, and the estimated per unit costs of disposal.

The number and age of SYSTEM 1 processors has been estimated based on our historical sales and service records and we have assumed that 100% of these Customers will elect to participate in the Rebate Program. In order to estimate the portion of Customers that will choose each available rebate option, we first assessed the trend in sales of the proprietary consumable products utilized in the SYSTEM 1 processor. We noted a decline of approximately 19% in shipments during the period between the notice and the announcement of the Rebate Program which indicated that a portion of our Customers had already transitioned away from the SYSTEM 1 technology. The remaining 81%, provides the best available indication of the portion of Customers likely to elect the rebate for the SYSTEM 1E processor. Order and quote data for fiscal 2011 year to date provides indications of the proportion of Customers that are expected to choose each of the other rebate options. The per unit costs associated with disposal were estimated based on the service hours involved and quotes from our vendors which are based on current freight and disposal contracts.

Self-Insurance Liabilities. We record a liability for self-insured risks that we retain for general and product liabilities, workers’ compensation, and automobile liabilities based on actuarial calculations. We use our historical loss experience and actuarial methods to calculate the liability. This liability includes estimates for both losses and incurred but not reported claims. We review the assumptions used to calculate the estimated liability at least annually to evaluate the adequacy of the amount recorded. We maintain insurance policies to cover losses greater than our estimated liability, which are subject to the terms and conditions of those policies.

We are also self-insured for employee medical claims. We estimate a liability for incurred but not reported claims based upon recent claims experience.

Benefit Plans. We sponsor defined benefit pension and other post-retirement welfare benefit plans for certain current and former employees. We determine our costs and obligations related to these plans by evaluating input from third-party professional advisors. These costs and obligations are affected by assumptions including the discount rate, expected long-term rate of return on plan assets, the annual rate of change in compensation for eligible employees, estimated changes in costs of healthcare benefits, and other factors. We review the assumptions used on an annual basis.

We recognize an asset for the overfunded status or a liability for the underfunded status of defined benefit pension and post-retirement benefit plans in our consolidated balance sheets. This amount is measured as the difference between the fair value of plan assets and the benefit obligation (the projected benefit obligation for pension plans and the accumulated post-retirement benefit obligation for other post-retirement benefit plans). Changes in the funded status of the plans are recorded in other comprehensive income in the year they occur. We measure plan assets and obligations as of the balance sheet date.

We provide additional information about our pension and other post-retirement welfare benefits plans in note 10 to our consolidated financial statements titled, “Benefit Plans.”

Litigation and Contingencies. When we determine that it is probable that we have incurred a liability, and the amount of the liability can be reasonably estimated, we record a charge to earnings. We consider the facts and circumstances, including any settlement offers, associated with litigation and contingencies in making the determination.

Fair Value of Financial Instruments. Except for long-term debt, our financial instruments are highly liquid or have short-term maturities. Therefore, the recorded value is approximately equal to the fair value. We estimate the fair value of our long-term debt using discounted cash flow analyses, based on our current incremental borrowing rates for similar types of borrowing arrangements. We determined that the estimated fair value of our long-term debt is $237,167 at March 31, 2011 and $232,238 at March 31, 2010. The financial instruments we hold could potentially expose us to a concentration of credit risk. We invest our excess cash in short-term instruments including money market funds and time deposits with major banks and financial institutions. We select investments in accordance with the criteria established in our investment policy. Our investment policy specifies, among other things, maturity, credit quality and concentration restrictions with the objective of preserving capital and maintaining adequate liquidity.

We provide additional information about the fair value of our financial instruments in note 18 titled, “Fair Value Measurements.”

Foreign Currency Translation. Most of our international operations use their local currency as their functional currency. Financial statements of international subsidiaries are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and a weighted average exchange rate for each period for revenues, expenses, gains and losses. Translation adjustments for international subsidiaries whose local currency is their functional currency are recorded as a component of accumulated other comprehensive income (loss) within shareholders’ equity. Transaction gains and losses resulting from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency are recognized as incurred in the accompanying Consolidated Statements of Income, except for certain inter-company balances designated as long-term investments.

Foreign Currency Forward Contracts. We enter into foreign currency forward contracts to hedge assets and liabilities denominated in foreign currencies, including inter-company transactions. We do not use derivative financial instruments for speculative purposes. These contracts are marked to market, with gains and losses recognized within “Selling, general, and administrative expenses” in the accompanying Consolidated Statements of Income. At March 31, 2011, we held foreign currency forward contracts to buy 106.2 million Mexican pesos, 6.6 million Canadian dollars and 4.0 million Euros and foreign currency forward contracts to sell 4.0 million Euros.

Warranty. Warranties are provided on the sale of certain of our products and services and an accrual for estimated future claims is recorded at the time revenue is recognized. We estimate warranty expense based primarily on historical warranty claim experience.

Shipping and Handling. We record shipping and handling costs in costs of revenues. Shipping and handling costs charged to Customers are recorded as revenues in the period the product revenues are recognized.

Advertising Expenses. Costs incurred for communicating, advertising and promoting our products are generally expensed when incurred as a component of Selling, General and Administrative Expense. We incurred $6,013, $6,468, and $7,198 of advertising costs during the years ended March 31, 2011, 2010, and 2009, respectively.

Research and Development. We incur research and development costs associated with commercial products. We expense these costs in the Consolidated Statements of Income as incurred. If a Customer reimburses us for research and development costs, the costs are charged to the related contracts as costs of revenues.

Income Taxes. Our income tax expense includes United States federal, state, and local, and foreign income taxes, and is based on reported pre-tax income. We defer income taxes for all temporary differences between pre-tax financial and taxable income and between the book and tax basis of assets and liabilities. We record valuation allowances to reduce net deferred tax assets to an amount that we expect will more-likely-than-not be realized. In making such a determination, we consider all available information, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and recent financial operations. In the event we were to determine that we would be able to realize our deferred income tax assets in the future in excess of their net recorded amount, we would make an adjustment to the valuation allowance which would reduce the provision for income taxes and the effective tax rate.

We evaluate uncertain tax positions in accordance with a two-step process. The first step is recognition: The determination of whether or not it is more-likely-than-not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, we presume that the position will be examined by the appropriate tax authority and that the tax authority will have full knowledge of all relevant information. The second step is measurement: A tax position that meets the more-likely-than-not threshold is measured to determine the amount of benefit to recognize in the financial statements. The measurement process requires the determination of the range of possible settlement amounts and the probability of achieving each of the possible settlements. The tax position is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. No tax benefits are recognized for positions that do not meet the more-likely-than-not threshold. Tax positions that previously failed to meet the more-likely-than-not threshold should be recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold should be derecognized in the first subsequent financial reporting period in which the threshold is no longer met.

We describe income taxes further in note 9 to our consolidated financial statements titled, “Income Taxes.”

Share-Based Compensation. We describe share-based compensation in note 15 to our consolidated financial statements titled, “Share-Based Compensation.” We measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. We record liability awards at fair value each reporting period and the change in fair value is reflected as stock compensation expense in our Consolidated Statements of Income. These costs are recognized in the Consolidated Statement of Income over the period during which an employee is required to provide service in exchange for the award. Excess tax benefits realized from the exercise of stock options are reported as a financing cash inflow.

Restructuring. We have recognized restructuring expenses as incurred. In addition, the property, plant, and equipment associated with the related facilities were assessed for impairment as performed on an annual basis. Asset impairment and accelerated depreciation expenses primarily relate to inventory write-downs for rationalized products and adjustments in the carrying value of the closed facilities to their estimated fair value. In addition, the remaining useful lives of other property, plant, and equipment associated with the related operations were reevaluated based on the respective restructuring plan, resulting in the acceleration of depreciation and amortization of certain assets.

Recently Issued Accounting Standards Impacting the Company. In 2009, the Financial Accounting Standards Board ("FASB") issued a revised standard for accounting and disclosures of revenues related to arrangements with customers to provide multiple products and services at different points in time or over different time periods. This standard is effective for us in fiscal 2012. We do not expect this standard to have a material impact on our financial position, results of operations or cash flows.

In 2010, the FASB issued guidance to amend the disclosure requirements for recurring and nonrecurring fair value measurements. The guidance requires disclosures on the transfers of assets and liabilities between Level 1 and Level 2 of the fair value measurement hierarchy, including the reasons for the transfers. Also, the amended guidance requires a roll forward of activities on purchases, sales, issuance, and settlements of the assets and liabilities measured using significant unobservable inputs (Level 3). The guidance became effective for us with the reporting period beginning April 1, 2010. Disclosures of the gross purchases, sales, issuances and settlements activity in Level 3 of the fair value measurement hierarchy will be required for fiscal 2012.

Note 2, Restructuring

12 Months Ended

Mar. 31, 2011

2. RESTRUCTURING [Abstract]

Restructuring and Related Activities Disclosure [Text Block]

RESTRUCTURING

The following summarizes our restructuring plans announced in prior fiscal years. We recognize restructuring expenses as incurred. In addition, we assess the property, plant and equipment associated with the related facilities for impairment.

Fiscal 2010 Restructuring Plan. During the fourth quarter of fiscal 2010 in connection with the Fiscal 2010 Restructuring Plan, we adopted a restructuring plan primarily related to the transfer of the remaining operations in our Erie, Pennsylvania facility to the U.S. headquarters in Mentor, Ohio and the consolidation of our European Healthcare manufacturing operations into two central locations within Europe (the “Fiscal 2010 Restructuring Plan”). In addition, we rationalized certain products and eliminated certain positions.

Since the inception of the Fiscal 2010 Restructuring Plan, we have incurred pre-tax expenses totaling $7,936 related to these actions, of which, $6,839 was recorded as restructuring expenses and $1,097 was recorded in cost of revenues. We also expect to incur an additional $2,660 during fiscal 2012. These actions are intended to enhance profitability and improve efficiencies.

Fiscal 2009 Restructuring Plan. During the third quarter of fiscal 2009, we adopted a restructuring plan primarily focused on our international operations (the “Fiscal 2009 Restructuring Plan”). As part of this plan, we took actions to improve operations at our Pieterlen, Switzerland manufacturing facility, rationalized certain products, recorded impairment charges for certain assets no longer used, and made targeted workforce reductions. We also consolidated our operations in Japan. These actions are expected to directly impact approximately 100 employees worldwide. These restructuring actions are intended to enhance our profitability and increase operating efficiencies.

Since the inception of the Fiscal 2009 Restructuring Plan, we have incurred pre-tax expenses totaling $13,679 related to these actions of which $4,266 was recorded as restructuring expenses and $9,413 was recorded in cost of revenues. We do not expect to incur significant additional expenses related to this plan.

Fiscal 2008 Restructuring Plan. During the fourth quarter of fiscal 2008, we adopted a restructuring plan primarily focused on our North American operations (the “Fiscal 2008 Restructuring Plan”). As part of this plan, we announced the closure of two sales offices and the rationalization of certain products. We also reduced the workforce in certain support functions. Across all of our reporting segments approximately 90 employees, primarily located in North America, were directly impacted. These restructuring actions were designed to enhance profitability and improve efficiency by reducing ongoing operating costs.

In fiscal 2009, we reversed our decision to close one of the sales offices, because we could not achieve a satisfactory exit from our warranty and service obligations. As a result, we reversed restructuring expenses recorded in fiscal 2008 totaling approximately $1,000.

Since the inception of the Fiscal 2008 Restructuring Plan, we have recorded pre-tax expenses totaling $14,044, of which $9,594 was recorded as restructuring expenses and $4,450 was recorded in cost of revenues. We do not expect to incur any significant additional restructuring expenses related to the Fiscal 2008 Restructuring Plan.

The following tables summarize our total restructuring charges for fiscal 2011, fiscal 2010 and fiscal 2009:



Year Ended March 31, 2011	Fiscal 2010 Restructuring Plan(1)		Fiscal 2008 Restructuring Plan			Total
Severance, payroll and other related costs	$	454	$	—		$	454
Asset impairment and accelerated depreciation	559		(289		)	270
Lease termination costs	595		—			595
Other	33		—			33
Total Restructuring Charges	$	1,641	$	(289	)	$	1,352


(1)	Includes $150 in charges recorded in cost of revenues on the Consolidated Statements of Income.



Year Ended March 31, 2010	Fiscal 2010 Restructuring Plan(1)		Fiscal 2009 Restructuring Plan(2)			Total
Severance, payroll and other related costs	$	1,939	$	(224	)	$	1,715
Asset impairment and accelerated depreciation	1,804		(2		)	1,802
Product rationalization	883		(1,385		)	(502		)
Lease termination costs	1,243		(428		)	815
Other	426		138			564
Total Restructuring Charges	$	6,295	$	(1,901	)	$	4,394


(1)	Includes $947 in charges recorded in cost of revenues on the Consolidated Statements of Income.


(2)	Includes a negative $1,401 in charges recorded in cost of revenues on the Consolidated Statements of Income.



Year Ended March 31, 2009	Fiscal 2009 Restructuring Plan(1)		Fiscal 2008 Restructuring Plan(2)			European Restructuring Plan		Fiscal 2006 Restructuring Plan			Total
Severance, payroll and other related costs	$	4,280	$	(365	)	$	—	$	(178	)	$	3,737
Asset impairment and accelerated depreciation	1,112		(83		)	—		—			1,029
Product rationalization	9,485		(464		)	—		—			9,021
Lease termination costs	354		20			99		—			473
Other	349		(609		)	—		—			(260		)
Total Restructuring Charges	$	15,580	$	(1,501	)	$	99	$	(178	)	$	14,000


(1)	Includes $10,813 in charges recorded in cost of revenues on the Consolidated Statements of Income.


(2)	Includes a negative $366 in charges recorded in cost of revenues on the Consolidated Statements of Income.

Liabilities related to restructuring activities are recorded as current liabilities on the accompanying Consolidated Balance Sheets within “Accrued payroll and other related liabilities” and “Accrued expenses and other.” The following tables summarize the liabilities related to our restructuring activities:



	Fiscal 2010 Restructuring Plan
			Fiscal 2011
	March 31, 2010		Provision		Payments/ Impairments			March 31, 2011
Severance and termination benefits	$	1,894	$	454	$	(355	)	$	1,993
Asset impairments	—		559		(559		)	—
Lease termination obligations	1,200		595		(5		)	1,790
Other	509		33		(349		)	193
Total	$	3,603	$	1,641	$	(1,268	)	$	3,976



	Fiscal 2008 Restructuring Plan
			Fiscal 2011
	March 31, 2010		Provision			Payments/ Impairments			March 31, 2011
Severance and termination benefits	$	102	$	—		$	(102	)	$	—
Asset impairments	289		(289		)	—			—
Lease termination obligations	411		—			(254		)	157
Total	$	802	$	(289	)	$	(356	)	$	157



	Fiscal 2010 Restructuring Plan
	March 31, 2009		Fiscal 2010					March 31, 2010
	March 31, 2009		Provision		Payments/ Impairments			March 31, 2010
Severance and termination benefits	$	—	$	1,939	$	(45	)	$	1,894
Asset impairment	—		1,804		(1,804		)	—
Product rationalization	—		883		(883		)	—
Lease termination obligations	—		1,243		(43		)	1,200
Other	—		426		83			509
Total	$	—	$	6,295	$	(2,692	)	$	3,603



	Fiscal 2009 Restructuring Plan
	March 31, 2009		Fiscal 2010						March 31, 2010
	March 31, 2009		Provision			Payments/ Impairments			March 31, 2010
Severance and termination benefits	$	1,920	$	(224	)	$	(1,696	)	$	—
Asset impairment	—		(2		)	2			—
Product rationalization	75		(1,385		)	1,310			—
Lease termination obligations	337		(428		)	91			—
Other	241		138			(379		)	—
Total	$	2,573	$	(1,901	)	$	(672	)	$	—



	Fiscal 2008 Restructuring Plan
	March 31, 2009		Fiscal 2010					March 31, 2010
	March 31, 2009		Provision		Payments/ Impairments			March 31, 2010
Severance and termination benefits	$	501	$	—	$	(399	)	$	102
Asset impairment	409		—		(120		)	289
Lease termination obligations	881		—		(470		)	411
Total	$	1,791	$	—	$	(989	)	$	802

Note 3, Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Mar. 31, 2011

3. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract]

Comprehensive Income Note [Text Block]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Accumulated other comprehensive income (loss) shown in our Consolidated Statements of Shareholders’ Equity consists of the following:



	Years Ended March 31,
	2011		2010			2009
Unrecognized pension and post-retirement benefits costs, net of tax	$	6,177	$	7,201		$	6,647
Unrealized gain (loss) on investments	104		(88		)	(511		)
Cumulative foreign currency translation adjustment	28,907		5,878			(21,936		)
Total	$	35,188	$	12,991		$	(15,800	)

- Definition

This label may include the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains and losses on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains and losses on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains and losses on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain or loss and net prior service cost or credit for pension plans and other postretirement benefit plans.

+ References+ Details

Note 4, Goodwill and Intangible Assets

12 Months Ended

Mar. 31, 2011

4. GOODWILL AND INTANGIBLE ASSETS [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

GOODWILL AND INTANGIBLE ASSETS

Goodwill is tested annually for impairment. Further, goodwill is reviewed for impairment whenever events or changes in circumstances indicate there may be a possible permanent loss of value. We performed our annual impairment tests for goodwill and indefinite life intangible assets during the third quarter of fiscal 2011. These tests confirmed that the fair value of STERIS’s reporting units and indefinite life intangible assets exceed their respective carrying values and that no impairment loss was required to be recognized in fiscal 2011 or for any prior periods. Future impairment tests will be performed annually in the fiscal third quarter, or sooner if a triggering event occurs.

Changes to the carrying amount of goodwill for the years ended March 31, 2011 and 2010 were as follows:



	Healthcare Segment		Life Sciences Segment		STERIS Isomedix Services Segment		Total
Balance at March 31, 2009	$	163,437	$	28,693	$	79,896	$	272,026
Foreign currency translation adjustments	3,243		1,589		—		4,832
Balance at March 31, 2010	166,680		30,282		79,896		276,858
Goodwill acquired or allocated	4,145		—		—		4,145
Foreign currency translation adjustments	5,020		3,165		—		8,185
Balance at March 31, 2011	$	175,845	$	33,447	$	79,896	$	289,188

The fiscal 2011 increase in goodwill associated with the Healthcare segment resulted from the acquisition of a company which provides management technology solutions. Further information regarding this company is presented in note 12, “Business Segment Information.”

Information regarding our intangible assets is as follows:



	March 31, 2011				March 31, 2010
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Customer relationships	$	20,930	$	16,874	$	20,035	$	13,495
Non-compete agreements	3,099		3,099		3,083		3,083
Patents and technology	43,545		28,080		40,821		24,961
Trademarks and tradenames	16,970		11,249		16,078		10,026
Other	4,410		30		12		12
Total	$	88,954	$	59,332	$	80,029	$	51,577

We did not hold any indefinite-lived intangible assets in fiscal 2011 or fiscal 2010. Total amortization expense for finite-lived intangible assets was $6,617, $6,941, and $7,513 for the years ended March 31, 2011, 2010, and 2009, respectively. Based upon the current amount of intangible assets subject to amortization, the amortization expense for each of the five succeeding fiscal years is estimated to be as follows:



	2012		2013		2014		2015		2016
Estimated amortization expense	$	5,219	$	4,365	$	3,275	$	2,042	$	1,565

The estimated annual amortization expense presented in the preceding table has been calculated based upon March 31, 2011 foreign currency exchange rates.

- Definition

Discloses the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain or loss on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. This element may be used as a single block of text to include the entire intangible asset disclosure including data and tables.

+ References+ Details

Note 5, Inventories, Net

12 Months Ended

Mar. 31, 2011

5. INVENTORIES, NET [Abstract]

Inventory Disclosure [Text Block]

INVENTORIES, NET

Inventories, net consisted of the following:



March 31,	2011		2010
Raw materials	$	58,375	$	36,170
Work in process	16,928		20,668
Finished goods	92,041		64,297
Total Inventories, Net	$	167,344	$	121,135

Note 6, Property, Plant, and Equipment

12 Months Ended

Mar. 31, 2011

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Text Block]

PROPERTY, PLANT, AND EQUIPMENT

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



March 31,	2011			2010
Land and land improvements(1)	$	30,194		$	26,234
Buildings and leasehold improvements	201,883			192,722
Machinery and equipment	286,103			276,714
Information systems	101,934			103,056
Radioisotope	194,882			172,489
Construction in progress(1)	40,665			29,614
Total Property, Plant, and Equipment	855,661			800,829
Less: accumulated depreciation and depletion	(485,259		)	(453,971		)
Property, Plant, and Equipment, Net	$	370,402		$	346,858


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

Depreciation and depletion expense was $47,772, $49,277, and $51,260, for the years ended March 31, 2011, 2010, and 2009, respectively.

Rental expense for operating leases was $16,904, $17,583, and $17,982, for the years ended March 31, 2011, 2010, and 2009, respectively. Operating leases relate to manufacturing, warehouse and office space, service facilities, vehicles, equipment, and communication systems. Certain lease agreements grant us varying renewal and purchase options.

Future minimum annual rentals payable under noncancelable operating lease agreements at March 31, 2011 were as follows:



	Operating Leases
2012	$	14,391
2013	11,720
2014	7,742
2015	4,502
2016 and thereafter	9,549
Total Minimum Lease Payments	$	47,904

In the preceding table, the future minimum annual rentals payable under noncancelable leases denominated in foreign currencies have been calculated based upon March 31, 2011 foreign currency exchange rates.

Note 7, Debt

12 Months Ended

Mar. 31, 2011

7. DEBT [Abstract]

Debt Disclosure [Text Block]

DEBT

Indebtedness was as follows:



March 31,	2011		2010
Private Placement	$	210,000	$	210,000
Credit facility	—		—
Total long-term debt	$	210,000	$	210,000

On August 15, 2008, we issued $150,000 of senior notes in a private placement (the “August 2008 Private Placement”) to certain institutional investors in an offering that was exempt from the registration requirements of the Securities Act of 1933. We have used and will use the proceeds for general corporate purposes, including repayment of debt, capital expenditures, acquisitions, dividends, and share repurchases. Of the $150,000 notes, $30,000 have a maturity of five years at an annual interest rate of 5.63%, another $85,000 have a maturity of 10 years at an annual interest rate of 6.33%, and the remaining $35,000 have a maturity of 12 years at an annual interest rate of 6.43%. The agreements governing the senior notes issued in the August 2008 Private Placement contain financial covenants, including limitations on debt and a minimum consolidated net worth requirement.

In December 2003, we issued $100,000 of senior notes in a private placement (the “December 2003 Private Placement”) to certain institutional investors in an offering that was exempt from the registration requirements of the Securities Act of 1933. Of the $100,000 of notes, $40,000 had a maturity of five years at an annual interest rate of 4.20%, an additional $40,000 has a maturity of 10 years at an annual interest rate of 5.25%, and the remaining $20,000 has a maturity of 12 years at an annual interest rate of 5.38%. Therefore, in December 2008, the first series of the December 2003 Private Placement notes in an aggregate principal amount of $40,000 matured and was repaid. The agreements governing the senior notes issued in the December 2003 Private Placement contain financial covenants, including limitations on debt and a minimum consolidated net worth requirement.

On August 15, 2008, we signed an amendment to the December 2003 Private Placement note purchase agreements. This amendment, which was signed by the requisite majority in aggregate principal amount of the holders of the December 2003 Private Placement notes, modified the respective note purchase agreements primarily as they pertained to liens, electronic delivery of financial information and notices, and certain provisions regarding an intercreditor agreement.

In September 2007, we signed the Second Amended and Restated Credit Agreement (the “Credit Agreement”) with KeyBank National Association, as administrative agent for the lending institutions that are parties to the Credit Agreement (the “Agent”), and the lenders party to the Credit Agreement. This Credit Agreement amended, restated, and replaced our Amended and Restated Credit Agreement dated March 29, 2004, as amended, which was to mature in June 2010. The Credit Agreement matures on September 13, 2012 and provides $400,000 of credit, which may be increased by up to an additional $100,000 in specified circumstances, for borrowings and letters of credit. The Credit Agreement provides a multi-currency borrowing option and may be used for general corporate purposes. At our option, loans can be borrowed on a floating or fixed interest rate at the greater of (1) the Prime Rate established by the Agent, or (2) the Federal Funds effective rate plus 0.50%, plus in each case a margin based on our leverage ratio. Fixed rate loans bear interest at the Eurodollar Rate or other defined currency rate plus, in each case, a margin based on our leverage ratio. Interest is payable quarterly or at the end of the interest period, if shorter. The Credit Agreement also requires the payment of a facility fee on the total facility commitment amount, which is determined based on our leverage ratio. We may prepay floating rate loans without paying a penalty, but we may be required to pay a penalty for prepaying fixed rate loans. The Credit Agreement also allows us to make short-term swing loan borrowings not to exceed $35,000, with an interest rate equal to the Agent’s cost of funds plus a margin based on our leverage ratio. The Credit Agreement requires us to maintain compliance with certain financial covenants, including a maximum leverage ratio and a minimum interest coverage ratio. Our obligations under the Credit Agreement are unsecured but guaranteed by our material domestic subsidiaries.

At March 31, 2011, we were in compliance with all financial covenants associated with our indebtedness.

The combined annual aggregate amount of maturities of our outstanding debt by fiscal year is as follows:



2012	$	—
2013	—
2014	70,000
2015	—
2016 and thereafter	140,000
Total	$	210,000

Note 8, Additional Balance Sheet Information

12 Months Ended

Mar. 31, 2011

Note 8. ADDITIONAL BALANCE SHEET INFORMATION [Abstract]

Details Of Certain Balance Sheet Accounts Disclosure Text Block

ADDITIONAL BALANCE SHEET INFORMATION

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



March 31,	2011		2010
Accrued Payroll and Other Related Liabilities:
Compensation and related items	$	16,160	$	15,314
Accrued vacation/paid time off	6,379		5,734
Accrued bonuses	13,925		23,457
Accrued employee commissions	11,985		10,565
Other post-retirement benefit obligation- current portion	3,274		3,340
Other employee benefit plans’ obligations- current portion	528		576
Total Accrued Payroll and Other Related Liabilities	$	52,251	$	58,986
Accrued Expenses and Other:
Deferred revenues	$	34,396	$	27,908
Self-insured reserves- current portion	3,610		4,956
Accrued dealer commissions	7,354		6,972
Accrued warranty	7,509		6,070
Other	20,962		26,202
Total Accrued Expenses and Other	$	73,831	$	72,108
Other Liabilities:
Self-insured reserves- long-term portion	$	10,233	$	9,986
Other post-retirement benefit obligation- long-term portion	20,526		21,839
Defined benefit pension plans’ obligations- long-term portion	8,006		10,179
Other employee benefit plans’ obligations- long-term portion	3,897		2,336
Accrued long-term income taxes	9,140		11,690
Other contingent obligations	4,810		—
Total Other Liabilities	$	56,612	$	56,030

Note 9, Income Taxes

12 Months Ended

Mar. 31, 2011

9. INCOME TAXES [Abstract]

Income Tax Disclosure [Text Block]

INCOME TAXES

Income from continuing operations before income taxes was as follows:



Years Ended March 31,	2011		2010		2009
United States operations	$	30,088	$	153,165	$	148,839
Non-United States operations	43,731		38,651		17,646
	$	73,819	$	191,816	$	166,485

The components of the provision for income taxes related to income from continuing operations consisted of the following:



Years Ended March 31,	2011			2010			2009
Current:
United States federal	$	46,036		$	45,092		$	29,355
United States state and local	7,726			6,954			8,211
Non-United States	12,252			9,501			11,417
	66,014			61,547			48,983
Deferred:
United States federal	(36,497		)	2,591			6,010
United States state and local	(6,016		)	265			923
Non-United States	(947		)	(1,054		)	(116		)
	(43,460		)	1,802			6,817
Total Provision for Income Taxes	$	22,554		$	63,349		$	55,800

The total provision for income taxes can be reconciled to the tax computed at the United States federal statutory tax rate as follows:



Years Ended March 31,	2011		2010		2009
United States federal statutory tax rate	35.0	%	35.0	%	35.0	%
Increase (decrease) in accruals for uncertain tax positions	1.8	%	0.6	%	(4.6	)%
Net (decrease) increase in valuation allowances	(0.6	)%	(0.2	)%	2.1	%
State and local taxes, net of federal income tax benefit	1.5	%	2.5	%	2.7	%
Foreign income tax credit	(0.6	)%	(0.1	)%	(0.8	)%
Difference in non-United States tax rates	(3.1	)%	(1.8	)%	(0.7	)%
U.S. manufacturing deduction	(4.4	)%	(0.7	)%	(0.7	)%
All other, net	1.0	%	(2.3	)%	0.5	%
Total Provision for Income Taxes	30.6	%	33.0	%	33.5	%

Unrecognized Tax Benefits. We classify uncertain tax positions and related interest and penalties as long-term liabilities within “Other liabilities” in our accompanying Consolidated Balance Sheets, unless they are expected to be paid within 12 months, in which case, the uncertain tax positions would be classified as current liabilities within “Accrued income taxes.” We recognize interest and penalties related to unrecognized tax benefits within “Income tax expense” in our accompanying Consolidated Statements of Income.

A reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits is as follows:



	2011			2010
Unrecognized Tax Benefits Balance at April 1	$	11,788		$	10,926
Increases for tax provisions of prior years	3,458			2,275
Decreases for tax provisions of prior years	(2,221		)	(206		)
Increases for tax provisions of current year	391			881
Decreases for tax provisions of current year	(3,661		)	—
Settlements	—			(2,088		)
Lapse of statute of limitations	(161		)	—
Unrecognized Tax Benefits Balance at March 31	$	9,594		$	11,788

The total amount of unrecognized tax benefits that, if recognized, would affect the effective income tax rate is $4,975 at March 31, 2011 and $2,740 at March 31, 2010. In addition, we believe that it is reasonably possible that unrecognized tax benefits may decrease by up to $4,226 within 12 months of March 31, 2011, primarily as a result of audit settlements and the lapse of statute of limitations.

For the years ended March 31, 2011 and 2010, current income tax expense includes expense of $417 and $359 for interest, and expense of $60 and $67 for penalties, respectively. In total, as of March 31, 2011 and March 31, 2010, we have recognized a liability for interest of $1,567 and $1,150 and penalties of $81 and $141, respectively.

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 2008 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 2007. We remain subject to tax authority audits in various jurisdictions wherever we do business. We do not expect the results of these examinations to have a material adverse affect on our consolidated financial statements.

Deferred Taxes. The significant components of the deferred tax assets and liabilities recorded in our accompanying balance sheets at March 31, 2011 and 2010 were as follows:



March 31,	2011		2010
Deferred Tax Assets:
Post-retirement benefit accrual	$	9,496	$	10,100
Compensation	17,800		19,292
Net operating loss carryforwards	13,348		11,696
Accrued SYSTEM 1 Rebate	49,366		—
Accrued expenses	6,894		7,602
Insurance	4,197		4,732
Deferred income	5,011		1,607
Bad debt	1,935		2,336
Pension	2,240		3,166
Other	814		1,416
Deferred Tax Assets	111,101		61,947
Less: Valuation allowance	11,421		9,881
Total Deferred Tax Assets	99,680		52,066
Deferred Tax Liabilities:
Depreciation and depletion	39,169		38,759
Intangibles	23,738		21,388
Inventory	2,422		2,255
Other	4,298		3,439
Total Deferred Tax Liabilities	69,627		65,841
Net Deferred Tax Assets (Liabilities)	$	30,053	$	(13,775	)

At March 31, 2011, we had federal operating loss carryforwards of $2,468, which can be utilized subject to certain limitations, and foreign operating loss carry forwards of $51,564. Substantially all of the carryforwards are available for at least three years or have an indefinite carryforward period. In addition, we have recorded tax benefits of $286 related to state operating loss carryforwards. At March 31, 2011, we had $290 of tax credit carryforwards. These credit carryforwards expire between fiscal 2016 and fiscal 2021.

We periodically review the need for a valuation allowance against our deferred tax assets. A valuation allowance of $11,421 has been applied to a portion of the net deferred tax assets because we do not believe it is more-likely-than-not that we will receive future benefit. The valuation allowance increased during fiscal 2011 by $1,540.

At March 31, 2011, cumulative undistributed earnings of international operations amounted to approximately $158,792. These earnings are indefinitely reinvested in international operations. Accordingly, no provision has been made for deferred taxes related to the future repatriation of such earnings, nor is it practicable to determine the amount of this liability.

At March 31, 2011, we had a current prepaid income tax position. This was mainly due to the timing of U.S. Federal income tax estimated payments.

Note 10, Benefit Plans

12 Months Ended

Mar. 31, 2011

10. BENEFIT PLANS [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

BENEFIT PLANS

We provide defined benefit pension plans for certain current and former manufacturing and plant administrative personnel throughout the world as determined by collective bargaining agreements or employee benefit standards set at the time of acquisition of certain businesses. In addition to providing pension benefits to certain employees, we sponsor an unfunded post-retirement welfare benefits plan for two groups of United States employees; including the same employees who receive pension benefits under the Unites States defined benefit pension plan. Benefits under this plan include retiree life insurance and retiree medical insurance, including prescription drug coverage.

During the second quarter of fiscal 2009, we amended our United States post-retirement welfare benefits plan, reducing the benefits to be provided to retirees under the plan and increasing their share of the costs. The amendments resulted in a decrease of $46,001 in the accumulated post-retirement benefit obligation. The impact of this change was recognized in our Consolidated Balance Sheets in fiscal 2009 and is being amortized as a component of the annual net periodic benefit cost over a period of approximately thirteen years.

A defined benefit pension plan is also provided to the employees of our Pieterlen, Switzerland manufacturing facility. During the third quarter of fiscal 2009, we adopted profitability improvement actions related to the Pieterlen, Switzerland manufacturing facility. These actions were part of the Fiscal 2009 Restructuring Plan and included a workforce reduction that impacted approximately 24 employees at the facility. These restructuring actions resulted in a curtailment and a partial settlement of the plan as the vested benefits of certain affected employees were settled.

We recognize the funded status of our defined benefit pension and post-retirement benefit plans in our Consolidated Balance Sheets, with a corresponding adjustment to accumulated other comprehensive income, net of tax. The funded status is measured as of March 31 each year and is calculated as the difference between the fair value of plan assets and the benefit obligation (which is the projected benefit obligation for pension plans and the accumulated post-retirement benefit obligation for post-retirement benefit plans). Accumulated comprehensive income (loss) represents the net unrecognized actuarial losses and unrecognized prior service cost. These amounts will be recognized in net periodic benefit cost as they are amortized. We will recognize future changes to the funded status of these plans in the year the change occurs, through other comprehensive income.

Obligations and Funded Status. The following table reconciles the funded status of the defined benefit pension plans and the other post-retirement medical benefit plan to the amounts recorded on our Consolidated Balance Sheets at March 31, 2011 and 2010, respectively. Benefit obligation balances presented in the following table reflect the projected benefit obligations for our defined benefit pension plans and the accumulated other post-retirement benefit obligation for our other post-retirement medical benefit plan. The measurement date of our defined benefit pension plans and the other post-retirement medical benefit plan is March 31 for both periods presented.



	Pension Plans												Other Post-retirement Plan
	U.S. Qualified						International						Other Post-retirement Plan
	2011			2010			2011			2010			2011			2010
Change in Benefit Obligations:
Benefit Obligations at Beginning of Year	$	47,638		$	42,732		$	11,903		$	10,244		$	25,179		$	29,882
Service cost	190			185			531			554			—			—
Interest cost	2,617			3,046			334			368			1,169			1,948
Actuarial (gain) loss	2,724			6,554			(942		)	821			683			(2,930		)
Benefits and expenses	(4,609		)	(4,879		)	(665		)	(1,530		)	(3,231		)	(3,721		)
Employee contributions	—			—			473			498			—			—
Curtailments/settlements	—			—			(1,872		)	(1,405		)	—			—
Impact of foreign currency exchange rate changes	—			—			15			2,353			—			—
Benefit Obligations at End of Year	48,560			47,638			9,777			11,903			23,800			25,179
Change in Plan Assets:
Fair Value of Plan Assets at Beginning of Year	40,142			26,244			9,220			8,466			—			—
Actual return on plan assets	4,340			9,604			445			724			—			—
Employer contributions	2,125			9,184			473			498			3,231			3,721
Employee contributions	—			—			473			498			—			—
Benefits and expenses paid	(4,584		)	(4,890		)	(665		)	(1,530		)	(3,231		)	(3,721		)
Curtailments/settlements	—			—			(1,872		)	(1,405		)	—			—
Impact of foreign currency exchange rate changes	—			—			234			1,969			—			—
Fair Value of Plan Assets at End of Year	42,023			40,142			8,308			9,220			—			—
Funded Status of the Plans	$	(6,537	)	$	(7,496	)	$	(1,469	)	$	(2,683	)	$	(23,800	)	$	(25,179	)

Amounts recognized in the consolidated balance sheets consist of the following:



	Pension Plans
	U.S. Qualified						International						Other Post-retirement Plan
	2011			2010			2011			2010			2011			2010
Current liabilities	$	—		$	—		$	—		$	—		$	(3,274	)	$	(3,340	)
Noncurrent liabilities	(6,537		)	(7,496		)	(1,469		)	(2,683		)	(20,526		)	(21,839		)
	$	(6,537	)	$	(7,496	)	$	(1,469	)	$	(2,683	)	$	(23,800	)	$	(25,179	)

The pre-tax amount of unrecognized actuarial net loss and unamortized prior service cost included in accumulated other comprehensive income (loss) at March 31, 2011 was ($9,746) and $(12,243), respectively. During fiscal 2012, we will amortize the following pre-tax amounts from accumulated other comprehensive income:



	Pension Plans				Other Post-retirement Benefit Plan
	U.S. Qualified Plan		International Plan		Other Post-retirement Benefit Plan
Actuarial loss	$	1,066	$	—	$	425
Prior Service Cost	$	—	$	—	$	(3,263	)

Defined benefit plans with an accumulated benefit obligation exceeding the fair value of plan assets had the following plan assets and obligations at March 31, 2011 and 2010:



	U.S. Qualified				International				Total
	2011		2010		2011		2010		2011		2010
Aggregate fair value of plan assets	$	42,023	$	40,142	$	8,308	$	9,220	$	50,331	$	49,362
Aggregate accumulated benefit obligations	48,560		47,638		9,286		10,844		57,846		58,482

Defined benefit plans with a projected benefit obligation exceeding the fair value of plan assets had the following plan assets and obligations at March 31, 2011 and 2010:



	U.S. Qualified				International				Total
	2011		2010		2011		2010		2011		2010
Aggregate fair value of plan assets	$	42,023	$	40,142	$	8,308	$	9,220	$	50,331	$	49,362
Aggregate projected benefit obligations	48,560		47,638		9,777		11,903		58,337		59,541

Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income. Components of the annual net periodic benefit cost of our defined benefit pension plans and our other post-retirement medical benefit plan were as follows:



	Pension Plans
	U.S. Qualified									International									Other Post-retirement Plan
	2011			2010			2009			2011			2010			2009			2011			2010			2009
Service cost	$	190		$	185		$	210		$	531		$	554		$	381		$	—		$	—		$	—
Interest cost	2,617			3,046			2,741			334			368			468			1,169			1,948			2,703
Expected return on plan assets	(3,033		)	(2,484		)	(2,867		)	(356		)	(416		)	(522		)	—			—			—
Prior service cost recognition	—			—			—			—			—			—			(3,263		)	(3,263		)	(3,884		)
Net amortization and deferral	1,068			1,062			526			—			—			(3		)	388			626			1,366
Net periodic benefit cost	842			1,809			610			509			506			324			(1,706		)	(689		)	185
Curtailments/settlements	—			—			—			(95		)	(63		)	(358		)	—			—			—
Termination benefits	—			—			—			—			—			807			—			—			—
Total benefit cost	$	842		$	1,809		$	610		$	414		$	443		$	773		$	(1,706	)	$	(689	)	$	185
Recognized in other comprehensive (income) loss before tax:
Amendment of prior service cost (credit)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	(46,001	)
Net loss (gain) occurring during year	1,393			(554		)	8,323			(1,031		)	502			864			683			(2,930		)	(4,750		)
Amortization of prior service credit (cost)	—			—			—			—			—			—			3,263			3,263			3,884
Amortization of net (loss) gain	(1,068		)	(1,132		)	(636		)	95			63			37			(388		)	(626		)	(1,366		)
Amortization of transition asset (obligation)	—			70			110			—			—			—			—			—			—
Total recognized in other comprehensive loss (income)	325			(1,616		)	7,797			(936		)	565			901			3,558			(293		)	(48,233		)
Total recognized in total benefits cost and other comprehensive loss (income)	$	1,167		$	193		$	8,407		$	(522	)	$	1,008		$	1,674		$	1,852		$	(982	)	$	(48,048	)

Assumptions Used in Calculating Benefit Obligations and Net Periodic Benefit Cost. The following table presents significant assumptions used to determine the projected benefit obligations at March 31:



	2011		2010
Discount Rate:
U.S. qualified pension plan	5.25	%	5.75	%
Switzerland pension plan	2.75	%	3.00	%
Other post-retirement plan	4.50	%	5.00	%
Expected Return on Plan Assets:
U.S. qualified pension plan	8.00	%	8.00	%
Switzerland pension plan	3.25	%	4.00	%
Rate of Compensation Increase:
Switzerland pension plan	2.50	%	2.50	%

The following table presents significant assumptions used to determine the net periodic benefit costs for the years ended March 31:



	2011		2010		2009
Discount Rate:
U.S. qualified pension plan	5.75	%	7.50	%	6.00	%
Switzerland pension plan	3.00	%	3.25	%	3.75	%
Other post-retirement plan	5.00	%	7.00	%	6.00	%
Expected Return on Plan Assets:
U.S. qualified pension plan	8.00	%	8.00	%	8.00	%
Switzerland pension plan	4.00	%	4.50	%	4.50	%
Rate of Compensation Increase:
Switzerland pension plan	2.50	%	2.50	%	2.50	%

The net periodic benefit cost and the actuarial present value of projected benefit obligations are based upon assumptions that we review on an annual basis. These assumptions may be revised annually based upon an evaluation of long-term trends, as well as market conditions that may have an impact on the cost of providing benefits.

We develop our expected long-term rate of return on plan assets assumptions by evaluating input from third-party professional advisors, taking into consideration the asset allocation of the portfolios and the long-term asset class return expectations.

We develop our discount rate assumptions by evaluating input from third-party professional advisors, taking into consideration the current yield on country specific investment grade long-term bonds which provide for similar cash flow streams as our projected obligations.

We have made assumptions regarding healthcare costs in computing our other post-retirement benefit obligation. The assumed rates of increase generally decline ratably over a five-year period from the assumed current year healthcare cost trend rate to the assumed long-term healthcare cost trend rate noted below.



	2011		2010		2009
Healthcare cost trend rate – medical	10.0	%	11.0	%	9.0	%
Healthcare cost trend rate – prescription drug	10.0	%	11.0	%	9.0	%
Long-term healthcare cost trend rate	5.0	%	5.0	%	5.0	%

To determine the healthcare cost trend rates, we evaluate a combination of information, including ongoing claims cost monitoring, annual statistical analyses of claims data, reconciliation of forecasted claims against actual claims, review of trend assumptions of other plan sponsors and national health trends, and adjustments for plan design changes, workforce changes, and changes in plan participant behavior.

A one-percentage-point change in assumed healthcare cost trend rates (including medical, prescription drug, and long-term rates) would have had the following effect at March 31, 2011:



	One-Percentage Point
	Increase		Decrease
Effect on total service and interest cost components	$	11	$	(10	)
Effect on other post-retirement benefit obligation	217		(207		)

Plan Assets. Our United States and Switzerland defined benefit pension plans are funded. The following table presents the targeted asset allocation of plan assets at March 31, 2011 and the actual allocation of plan assets at March 31, 2011 and 2010 for these plans:



	Long-Term Target Allocation Percentage		Percentage of Plan Assets March 31
	Long-Term Target Allocation Percentage		2011		2010
U.S. Qualified Plan:
Equity securities	60	%	57.7	%	59.1	%
Debt securities	40	%	41.4	%	40.0	%
Cash	0	%	0.9	%	0.9	%
Total	100	%	100	%	100	%
Switzerland Plan:
Equity securities	0	%	0	%	38.7	%
Debt securities	0	%	0	%	9.4	%
Cash	0	%	0	%	22.9	%
Insurance contracts	100	%	100	%	29.0	%
Total	100	%	100	%	100	%

The long-term target allocations in the preceding table reflect our asset class return expectations and tolerance for investment risk within the context of the pension plans’ long-term benefit obligations. Investment policies, strategies, and long-term target allocations are developed on a plan specific and country specific basis. We continually challenge the long-term target asset allocations and support the allocations by an analysis that incorporates historical and expected returns by asset class as well as volatilities across asset classes and our liability profile. Due to market conditions and other factors, actual asset allocations may vary from the long-term target allocations presented in the preceding table. Plan assets are managed by outside investment managers. If asset allocations move outside of the target ranges, the portfolios are rebalanced. For the purpose of the above analysis, debt and equity securities include fixed income and equity security mutual funds, respectively. At March 31, 2011 and 2010, the plans’ assets did not include investments in STERIS common shares.

Financial instruments included in pension plan assets are categorized into three tiers. These tiers include a fair value hierarchy of three levels, based on the degree of subjectivity inherent in the valuation methodology as follows:

Level 1 - Quoted prices for identical assets in active markets.

Level 2 - Quoted prices for similar assets in active markets with inputs that are observable, either directly or indirectly.

Level 3 - Unobservable prices or inputs in which little or no market data exists.

The fair value of our pension benefits plan assets at March 31, 2011 and 2010 by asset category is as follows:



	Fair Value Measurements at March 31, 2011
	U.S. Qualified Pension Plan								International Plan
(In millions)	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Cash and Short Term Securities	$	359	$	359	$	—	$	—	$	—	$	—	$	—	$	—
Equity Securities
Mutual Funds	24,229		24,229		—		—		—		—		—		—
Debt Securities
Mutual Funds	17,435		17,435		—		—		—		—		—		—
Insurance Contracts	$	—	—		—		—		$	8,308	—		—		8,308
Total Plan Assets	$	42,023	$	42,023	$	—	$	—	$	8,308	$	—	$	—	$	8,308



	Fair Value Measurements at March 31, 2010
	U.S. Qualified Pension Plan								International Plan
(In millions)	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Cash and Short Term Securities	$	361	$	361	$	—	$	—	$	2,109	$	2,109	$	—	$	—
Equity Securities
Mutual Funds	23,714		23,714		—		—		3,560		3,560		—		—
Debt Securities
Government Bonds	—		—		—		—		192		192		—		—
Mutual Funds	16,067		16,067		—		—		673		673		—		—
Other Investments	—		—		—		—		2,686		—		2,686		—
Total Plan Assets	$	40,142	$	40,142	$	—	$	—	$	9,220	$	6,534	$	2,686	$	—

In fiscal 2011, we liquidated the international plan assets categorized as level 1 and 2 and reinvested in insurance contracts categorized as level 3.

Cash Flows. We contribute amounts to our defined benefit pension plans at least equal to the minimum amounts required by applicable employee benefit laws and local tax laws. We have recorded liabilities for amounts greater than the required funding levels on our accompanying Consolidated Balance Sheets. As of March 31, 2011, we expect to make contributions of approximately $2,168 to the U.S. qualified defined benefit pension plan in fiscal 2012.

Based upon the actuarial assumptions utilized to develop our benefit obligations at March 31, 2011, the following benefit payments are expected to be made to plan participants:



	Defined Benefit Pension Plans						Other Post-Retirement Benefit Plan
	U.S. Qualified		International		Total		Gross Benefit Payments		Medicare Reimbursement			Total
2012	$	4,263	$	470	$	4,733	$	3,505	$	(231	)	$	3,274
2013	4,157		894		5,051		3,355		(243		)	3,112
2014	4,037		696		4,733		3,177		(253		)	2,924
2015	3,929		524		4,453		2,960		(262		)	2,698
2016	3,868		1,118		4,986		2,733		(267		)	2,466
2017-2021	18,114		4,044		22,158		9,271		(1,215		)	8,056

In the preceding table, projected benefit payments denominated in foreign currencies have been calculated based upon March 31, 2011 foreign currency exchange rates.

The Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the “Act”) provides a prescription drug benefit for Medicare beneficiaries, a benefit we provide to Medicare eligible retirees covered by our post-retirement benefits plan. We have concluded that the prescription drug benefit provided in our post-retirement benefit plan is considered to be actuarially equivalent to the benefit provided under the Act and thus qualifies for the subsidy under the Act. As a result, all the measures of our accumulated post-retirement benefit obligation and net periodic benefit cost in the accompanying consolidated financial statements and notes reflect the effects of the Act on the plan for the entire fiscal year. This expected future subsidy reduced our accumulated post-retirement benefit obligation and our net periodic benefit cost as of and for the fiscal year ended March 31, 2011 by $3,405 and $666, respectively. We collected subsidies totaling approximately $768 and $79, during fiscal 2011 and fiscal 2010, which reduced our net post-retirement medical payments.

Defined Contribution Plans. We maintain a 401(k) defined contribution plan for eligible employees. We provide a match on a specified portion of an employee’s contribution as approved by the Company’s Board of Directors. The plan assets are held in trust and invested as directed by the plan participants. The aggregate fair value of plan assets was $304,882 at March 31, 2011. At March 31, 2011, the plan held 876,892 STERIS common shares with a fair value of $30,288. We paid dividends of $498, $2,253, and $262 to the plan and participants on STERIS common stock held by the plan for the years ended March 31, 2011, 2010, and 2009, respectively. We contributed $7,476, $6,226, and $5,965, to the defined contribution plan for the years ended March 31, 2011, 2010, and 2009, respectively.

We also maintain a domestic non-qualified deferred compensation plan covering certain employees, which allows for the deferral of compensation for an employee-specified term or until retirement or termination. Employee contributions to this plan were $237, $594, and $567 in fiscal 2011, fiscal 2010, and fiscal 2009, respectively. We hold investments in mutual funds to satisfy future obligations of the plan. We account for these assets as available-for-sale securities and they are included in “Other assets” on our accompanying Consolidated Balance Sheets, with a corresponding liability for the plan’s obligation recorded in “Accrued expenses and other.” The aggregate value of the assets was $2,493 and $1,778 at March 31, 2011 and March 31, 2010, respectively. Realized gains and losses on these investments are recorded in “Interest and miscellaneous income” within “Non-operating expenses” on our accompanying Consolidated Statements of Income. Changes in the fair value of the assets are recorded in other comprehensive income on our accompanying balance sheets.

- Definition

Description containing the entire pension and other postretirement benefits disclosure as a single block of text.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 158

-Paragraph 7, 21, 22

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5, 6, 7, 8

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 8

-Subparagraph m

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 106

-Paragraph 518

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 87

-Paragraph 264

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph b

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph a

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph h

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph q

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Staff Position (FSP)

-Number FAS106-2

-Paragraph 20, 21, 22

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 03-2

-Paragraph 8

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 30

-Paragraph 26

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Implementation Guide (Q and A)

-Number FAS88

-Paragraph 63

+ Details

Note 11, Commitments and Contingencies	12 Months Ended
Note 11, Commitments and Contingencies	Mar. 31, 2011
11. COMMITMENTS AND CONTINGENCIES [Abstract]
Schedule of Loss Contingencies by Contingency [Text Block]	COMMITMENTS AND CONTINGENCIES We are, and will likely continue to be, involved in a number of legal proceedings, government investigations, and claims, which we believe generally arise in the course of our business, given our size, history, complexity, and the nature of our business, products, Customers, regulatory environment, and industries in which we participate. These legal proceedings, investigations and claims generally involve a variety of legal theories and allegations, including, without limitation, personal injury (e.g., slip and falls, burns, vehicle accidents), product liability or regulation (e.g., based on product operation or claimed malfunction, failure to warn, failure to meet specification, or failure to comply with regulatory requirements), product exposure (e.g., claimed exposure to chemicals, asbestos, contaminants, radiation), property damage (e.g., claimed damage due to leaking equipment, fire, vehicles, chemicals), commercial claims (e.g., breach of contract, economic loss, warranty, misrepresentation), financial (e.g., taxes, reporting), employment (e.g., wrongful termination, discrimination, benefits matters), and other claims for damage and relief. We believe we have adequately reserved for our current litigation and claims that are probable and estimable, and further believe that the ultimate outcome of these pending lawsuits and claims will not have a material adverse affect 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 product liability insurance coverage 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. As previously disclosed, we received a warning letter (the “warning letter”) from the FDA on May 16, 2008 regarding our SYSTEM 1 sterile processor and the STERIS 20 sterilant used with the processor (sometimes referred to collectively in the FDA letter and in this note 11 as the “device”). Among other matters, the warning letter included the FDA's assertion that significant changes or modifications had been made in the design, components, method of manufacture, or intended use of the device beyond the FDA's 1988 clearance, such that the FDA believed a new premarket notification submission (known within FDA regulations as a 510(k) submission) should have been made, and the assertion that our failure to make such a submission resulted in violations of applicable law. On July 30, 2008 (with an Addendum on October 9, 2008), we provided a detailed response contending that the assertions in the warning letter were not correct. On November 4, 2008, we received a letter from the FDA (dated November 3, 2008) in which the FDA stated without elaboration that, after reviewing our response, it disagreed with our position and that a new premarket notification submission was required. After discussions with the FDA regarding the November 3rd letter, we received an additional letter on November 6, 2008 from the FDA. The November 6th letter stated that the intent of the November 3rd letter was to inform us of the FDA's preliminary disagreement with our response to the warning letter and, before finalizing a position, the FDA reiterated that it wanted to meet with us to discuss the Company's response, issues related to the warning letter and next steps to resolve any differences between the Company and the FDA. We thereafter met with the FDA and, on January 20, 2009, we announced that we had submitted to the FDA a new liquid chemical sterilant processing system for 510(k) clearance, and we communicated to Customers that we would continue supporting the existing SYSTEM 1 installed base in the U.S. for at least a two year period from that date. (On April 5, 2010, we received FDA clearance of the new liquid chemical sterilant processing system (SYSTEM 1E).) On December 3, 2009, the FDA provided a notice (“notice”) to healthcare facility administrators and infection control practitioners describing FDA's “concerns about the SYSTEM 1 Processor, components and accessories, and FDA recommendations.” In the notice, among other things, FDA stated its belief that the SYSTEM 1 device had been significantly modified, that FDA had not cleared or approved the modified device, and that FDA had not determined whether the SYSTEM 1 was safe or effective for its labeled claims. The notice further stated that use of a device that does not properly sterilize or disinfect a medical or surgical device poses risks to patients and users, including the transmission of pathogens, exposure to hazardous chemicals and affect the quality and functionality of reprocessed instruments. The notice stated that FDA was aware of reports of malfunctions of the SYSTEM 1 that had the potential to cause or contribute to serious injuries to patients, such as infections, or injuries to healthcare staff, such as burns. Included in FDA's December 3, 2009 notice was a recommendation from FDA that if users had acceptable alternatives to meet sterilization and disinfection needs, they should transition to that alternative as soon as possible. After its December 3, 2009 notice, we engaged in extensive discussions with the FDA regarding a comprehensive resolution of this matter. During this transition period, we continued to support the existing SYSTEM 1 installed base by providing accessories, sterilant, service and parts to U.S. Customers. In April 2010 we reached agreement with the FDA on the terms of a consent decree (“Consent Decree”). On April 19, 2010, a Complaint and Consent Decree were filed in the U.S. District Court for the Northern District of Ohio, and on April 20, 2010, the Court approved the Consent Decree. In general, the Consent Decree addresses regulatory matters regarding SYSTEM 1, restricts further sales of SYSTEM 1 processors in the U.S., defines certain documentation and other requirements for continued service and support of SYSTEM 1 in the U.S., prohibits the sale of liquid chemical sterilization or disinfection products in the U.S. that do not have FDA clearance, describes various process and compliance matters, and defines penalties in the event of violation of the Consent Decree. The Consent Decree also provides that we may continue to support our Customers' use of SYSTEM 1 in the U.S., including the sale of consumables, parts and accessories and service for a transition period, not to extend beyond August 2, 2011, subject to compliance with requirements for documentation of the Customer's need for continued support and other conditions and limitations (the “Transition Plan”). This transition period has since been extended by the FDA until February 2, 2012. Our Transition Plan includes the “SYSTEM 1 Rebate Program” (the “Rebate Program”). In April 2010, we began to offer rebates to qualifying Customers. Generally, U.S. Customers that purchased SYSTEM 1 processors directly from us or who are current users of SYSTEM 1 and who return their units will have the option of either a pro-rated cash rebate or a rebate toward the future purchase of new STERIS capital equipment (including SYSTEM 1E) or consumable products. In addition, we will provide credits for SYSTEM 1 consumables in unbroken packaging and within shelf life and for the unused portion of SYSTEM 1 service contracts. As a result, we recorded a pre-tax liability of $110,004 related to the SYSTEM 1 Rebate Program. Of the $110,004, $102,313 is attributable to the Customer Rebate portion of the Program and was recorded as a reduction of revenues, and $7,691 is attributable to the disposal liability of the SYSTEM 1 units to be returned and was recorded as an increase in cost of revenues. This also resulted in a $110,004 reduction in operating income. The Rebate Program balance at March 31, 2011 is $107,887. Recording the obligations associated with the Rebate Program requires the use of estimates and assumptions. The use of estimates and assumptions involves judgments with respect to factors that may impact the ultimate outcome and may be beyond management's control. The amount recognized during the first quarter of fiscal 2011 is based upon the quantity of SYSTEM 1 processors eligible for rebates and the estimated value of rebates to be provided upon their return. Rebates of $102,313 are recognized as contra-revenue consistent with other returns and allowances offered to Customers. The estimated cost of $7,691 to facilitate the return and disposal of the processors has been recognized as cost of revenues. Both components are recorded as current liabilities. The key assumptions involved in the estimates associated with the Rebate Program include: the number and age of SYSTEM 1 processors eligible for rebates under the Rebate Program, the number of Customers that will elect to participate in the Rebate Program, the proportion of Customers that will choose each rebate option, and the estimated per unit costs of disposal. The number and age of SYSTEM 1 processors has been estimated based on our historical sales and service records and we have assumed that 100% of eligible Customers will elect to participate in the Rebate Program. In order to estimate the portion of Customers that will choose each available rebate option, we first assessed the trend in sales of the proprietary consumable products utilized in the SYSTEM 1 processor. We noted a decline of approximately 19% in shipments during the period between the notice and the announcement of the Rebate Program which indicated that a portion of our Customers had already transitioned away from the SYSTEM 1 technology. The remaining 81%, provided the best available indication of the portion of Customers likely to elect the rebate for the SYSTEM 1E processor. Order and quote data for the fiscal 2011 year provides indications of the proportion of Customers that are expected to choose each of the other cash and rebate options. The per unit costs associated with disposal were estimated based on the service hours involved and quotes from our vendors which are based on current freight and disposal contracts. The Consent Decree has defined the resolution of a number of issues regarding SYSTEM 1, and we believe our actions since January 2009 with respect to SYSTEM 1, including the Transition Plan, were and are not recalls, corrections or removals under FDA regulations. However, there is no assurance that these or other claims will not be brought or that judicial, regulatory, administrative or other legal or enforcement actions, notices or remedies will not be pursued, or that action will not be taken in respect of the Consent Decree, the Transition Plan, SYSTEM 1, the EPS System (described subsequently), or otherwise with respect to regulatory or compliance matters, as described in this note 11 or in various portions of Item 1A. of Part I of this Annual Report on Form 10-K. Our assumptions regarding the response of our Customers to the Rebate Program could be wrong and actual results could be different from these estimates. For example, if all Customers elected the maximum incentive rebate associated with the SYSTEM 1E processor rebate, the total estimated rebate liability of $102,313 would increase to approximately $111,000. Conversely, if all Customers elected the cash rebate option, the total estimated rebate liability would decrease to approximately $52,000. In December of 2010, we began shipping SYSTEM 1E units in limited numbers, after having received FDA clearance for the SYSTEM 1E chemical indicator, which is used in conjunction with the SYSTEM 1E. We have also requested FDA clearance or approval of an additional indicator for SYSTEM 1E, although this indicator is not required by regulation to sell or operate the device. No assurance can be made that the FDA will agree to this request. Also in April, 2010 we voluntarily submitted information regarding modifications to the Reliance EPS Endoscope Processing System (the “EPS System”) to the FDA. These incremental modifications to the EPS System were considered minor by us. FDA subsequently advised us that it believed a new pre-market notification (510(k)) for those modifications should be submitted. We thereafter submitted this pre-market notification to the FDA. We also suspended shipments of EPS Systems in the U.S. pending FDA review of the submission but continued servicing and providing consumables necessary for the continued use of the EPS Systems. In December 2010, we received FDA clearance of the modified EPS System and immediately resumed shipment in the U.S. On February 10, 2011, we received a warning letter from the FDA regarding our Verify® SixCess Class 6 Challenge Packs and Verify SixCess Class 6 Chemical Indicators. These devices are intended for use in steam sterilization applications. The Verify SixCess Class 6 Challenge Packs and Verify SixCess Class 6 Chemical Indicators are not related to the STERIS SYSTEM 1E Liquid Chemical Sterilant Processing System. This FDA warning letter claims that certain promotional materials related to these devices include incorrect statements and, as a result of those statements, the warning letter claims that these devices are misbranded under the U.S. Food, Drug and Cosmetic Act. We have responded to this warning letter and do not believe that the impact of this event will have a material adverse effect on our financial results. On February 5, 2010, a complaint was filed by a Customer that claims to have purchased two SYSTEM 1 devices from STERIS, Physicians of Winter Haven LLC d/b/a Day Surgery Center v. STERIS Corp., Case No. 1:1-cv-00264-CAB (N.D. Ohio). The complaint alleges statutory violations, breaches of various warranties, negligence, failure to warn, and unjust enrichment. Plaintiff seeks class certification, damages, and other legal and equitable relief including, without limitation, attorneys' fees and an order requiring STERIS to replace, recall or adequately repair the product and/or to take appropriate regulatory action. On February 7, 2011 we entered into a settlement agreement in which we agreed, among other things, to provide various categories of economic relief for members of the settlement class and not object to plaintiff's counsel's application to the court for attorneys' fees and expenses up to a specified amount. The settlement has been preliminarily approved by the court. Both certification of a settlement class and final approval of the settlement require approval of the court and satisfaction of certain other conditions. There is no assurance that the court will take such actions, that such conditions will be satisfied, or that this matter will be resolved, or be resolved consistent with the terms and conditions of such settlement agreement. During the third quarter of fiscal 2011, we recorded in operating expenses a pre-tax charge of approximately $19,796 related to the proposed settlement of these proceedings. The assumptions regarding the amount of this charge include, among others, the portion of class members participating in the settlement and their choice of the categories of economic relief available for such members. These assumptions may be incorrect and the costs of the settlement may be higher or lower than the charge recorded. The actual settlement could be as low as $7,000 and as high as $22,000 depending on the options selected by the class members. This putative class action or other civil, criminal, regulatory or other proceedings involving our SYSTEM 1, SYSTEM 1E, EPS System, or other 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 this Annual Report on Form 10-K: “Business - Information with respect to our Business in General - Government Regulation”, and the “Risk Factor” titled: “We may be adversely affected by product liability claims or other legal actions or regulatory or compliance matters, including the Warning Letter and Consent Decree.”, the “Risk Factor” titled: “Our business may be adversely affected as a result of the U.S. Food and Drug Administration notices to healthcare administrators and device manufacturers, and related matters,” and the “Risk Factor” titled “Compliance with the Consent Decree may be more costly and burdensome than anticipated.” 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 statute 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 Annual Report on Form 10-K. Additional information regarding our contingencies is included in Item 7 of Part II titled, “Management’s Discussion and Analysis of Financial Conditions and Results of Operations,” and in Item 3 of Part I titled, “Legal Proceedings” contained in this Annual Report on Form 10-K. As of March 31, 2011 and 2010, our commercial commitments totaled $34,330 and $36,706, respectively. Commercial commitments include standby letters of credit, letters of credit required as security under our self-insured risk retention policies, and other potential cash outflows resulting from an event that requires payment by us. Approximately $7,740 and $8,341, respectively, of the totals at March 31, 2011 and 2010 relate to letters of credit required as security under our self-insured risk retention policies. As of March 31, 2011 and 2010, we had minimum purchase commitments with suppliers for raw material purchases totaling $40,455 and $17,666, respectively.

Note 12, Business Segment Information

12 Months Ended

Mar. 31, 2011

12. BUSINESS SEGMENT INFORMATION [Abstract]

Segment Reporting Disclosure [Text Block]

BUSINESS SEGMENT INFORMATION

We operate and report in three reportable business segments: Healthcare, Life Sciences, and Isomedix. “Corporate and other,” which is presented separately, contains the Defense and Industrial business unit plus costs that are associated with being a publicly traded company and certain other corporate costs.

Our Healthcare segment manufactures and sells capital equipment, accessory, consumable, and service solutions to healthcare providers, including acute care hospitals and surgery centers. These solutions aid our Customers in improving the safety, quality, and productivity of their surgical, sterile processing, gastrointestinal, and emergency environments.

Our Life Sciences segment manufactures and sells engineered capital equipment, formulated cleaning chemistries, and service solutions to pharmaceutical companies, and private and public research facilities around the globe.

Our Isomedix segment operates through a network of 18 facilities located in North America. We sell a comprehensive array of contract sterilization services using gamma irradiation, and ethylene oxide (“EO”) technologies. We provide sterilization and microbial reduction services to companies that supply products to the healthcare, industrial, and consumer products industries.

Financial information for each of our segments is presented in the following table. Operating income (loss) for each segment is calculated as the segment’s gross profit less direct expenses and indirect cost allocations, which results in the full allocation of all distribution and research and development expenses, and the partial allocation of corporate costs. These allocations are based upon variables such as segment headcount and revenues. In addition, the Healthcare segment is responsible for the management of all but one manufacturing facility and uses standard cost to sell products to the Life Sciences segment. “Corporate and other” includes the gross profit and direct expenses of the Defense and Industrial business unit, as well as certain unallocated corporate costs related to being a publicly traded company and legacy pension and post-retirement benefits.

The accounting policies for segments are the same as those for the consolidated Company. For the year ended March 31, 2011, revenues from a single Customer did not equal ten percent or more of any segment’s revenues.



Years Ended March 31,	2011			2010			2009
Revenues:
Healthcare (1)	$	835,832		$	892,474		$	931,263
Life Sciences	215,437			218,209			216,701
Isomedix	152,242			140,871			142,645
Total Reportable Segments	1,203,511			1,251,554			1,290,609
Corporate and other	3,937			6,179			7,916
Total Revenues	$	1,207,448		$	1,257,733		$	1,298,525
Operating Income:
Healthcare (2)	$	21,317		$	151,520		$	132,601
Life Sciences	33,069			30,952			18,413
Isomedix	39,833			31,103			34,763
Total Reportable Segments	94,219			213,575			185,777
Corporate and other	(9,007		)	(9,863		)	(10,332		)
Total Operating Income	$	85,212		$	203,712		$	175,445

(1) Includes a reduction of $102,313 resulting from the SYSTEM 1 Rebate Program.

(2) Includes reductions of $110,004, resulting from the SYSTEM 1 Rebate Program, and $19,796, resulting from the proposed class action settlement.

For the year ended March 31, 2011, pre-tax restructuring expenses of $1,020, $190 and $142 are included in the operating results of the Healthcare, Life Sciences and Isomedix segments, respectively. For the year ended March 31, 2010, pre-tax restructuring expenses of $3,839 and $555 are included in the operating results of the Healthcare and Life Sciences segments, respectively. For the year ended March 31, 2009, pre-tax restructuring expenses of $11,399, $2,562, $40 and $(1) are included in the operating results of the Healthcare, Life Sciences, and Isomedix segments, and in Corporate and other, respectively.

Assets include the current and long-lived assets directly attributable to the segment based on the management of the location or on utilization. Certain corporate assets were allocated to the reportable segments based on revenues. Assets attributed to sales and distribution locations are only allocated to the Healthcare and Life Sciences segments. Capital expenditures and depreciation and amortization are allocated to the segments based on variables such as headcount and revenues. Capital expenditures and depreciation and amortization related to research and development efforts are allocated to the Healthcare and Life Sciences segments based on the respective proportion of research and development expenses. “Corporate and other” includes assets, capital expenditures, and depreciation and amortization directly attributable to the Defense and Industrial business unit, as well as certain unallocated amounts related to being a publicly traded company.

Individual facilities, equipment, and intellectual properties are utilized for production by both the Healthcare and Life Sciences segments at varying levels over time. As a result, an allocation of total assets, capital expenditures, and depreciation and amortization is not meaningful to the individual performance of the Healthcare and Life Sciences segments. Therefore, their respective amounts are reported together.



March 31,	2011		2010
Assets:
Healthcare and Life Sciences	$	1,072,892	$	895,694
Isomedix	352,153		341,452
Total Reportable Segments	1,425,045		1,237,146
Corporate and other	1,640		1,256
Total Assets	$	1,426,685	$	1,238,402



Years Ended March 31,	2011		2010		2009
Capital Expenditures:
Healthcare and Life Sciences	$	36,156	$	20,602	$	15,278
Isomedix	41,271		23,454		25,559
Total Reportable Segments	77,427		44,056		40,837
Corporate and other	15		31		52
Total Capital Expenditures	$	77,442	$	44,087	$	40,889
Depreciation, Depletion, and Amortization:
Healthcare and Life Sciences	$	30,188	$	32,640	$	34,866
Isomedix	24,183		23,553		23,848
Total Reportable Segments	54,371		56,193		58,714
Corporate and other	18		25		59
Total Depreciation, Depletion, and Amortization	$	54,389	$	56,218	$	58,773

Financial information for each of our United States and international geographic areas is presented in the following table. Revenues are based on the location of these operations and their Customers. Property, plant and equipment, net are those assets that are identified within the operations in each geographic area.



Years Ended March 31,	2011		2010		2009
Revenues:
United States	$	882,281	$	949,637	$	993,487
International	325,167		308,096		305,038
Total Revenues	$	1,207,448	$	1,257,733	$	1,298,525



March 31,	2011		2010
Property, Plant, and Equipment, Net
United States	$	318,110	$	301,405
International	52,292		45,453
Property, Plant, and Equipment, Net	$	370,402	$	346,858

Note 13, Common Shares

12 Months Ended

Mar. 31, 2011

Note 13. COMMON SHARES [Abstract]

Earnings Per Share [Text Block]

COMMON SHARES

We calculate basic earnings per common share based upon the weighted average number of common shares outstanding. We calculate diluted earnings per share based upon the weighted average number of common shares outstanding plus the dilutive effect of common share equivalents calculated using the treasury stock method. The following is a summary of common shares and common share equivalents outstanding used in the calculations of basic and diluted earnings per share:



	Years Ended March 31,
(in thousands)	2011	2010	2009
Weighted average common shares outstanding – basic	59,306	58,826	58,778
Dilutive effect of common share equivalents	842	597	670
Weighted Average Common Shares and Equivalents – diluted	60,148	59,423	59,448

Options to purchase the following number of common 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 common shares during the periods, so including these options would be anti-dilutive:



	Years Ended March 31,
(shares in thousands)	2011	2010	2009
Number of common share options	383	1,138	1,286

Note 14, Repurchases of Common Shares	12 Months Ended
Note 14, Repurchases of Common Shares	Mar. 31, 2011
14. REPURCHASES OF COMMON SHARES [Abstract]
Schedule of Treasury Stock by Class [Text Block]	REPURCHASES OF COMMON SHARES In March 2008, we announced that the Company’s Board of Directors provided authorization to repurchase up to $300,000 of STERIS common shares. The March 2008 common share repurchase authorization does not have a stated maturity date. Under this authorization, we may purchase shares from time to time through open market purchases, including transactions pursuant to Rule 10b5-1 plans, or privately negotiated transactions. Under the stock repurchase authorization provided by our Board of Directors, we repurchased 925,848 of our common shares during fiscal 2011 in the aggregate amount of $29,462, representing an average price of $31.82 per common share. We did not repurchase any shares under this authorization during fiscal 2010. During fiscal 2009, we paid an aggregate amount of $80,466 for the repurchase of 2,646,177 of our common shares, representing an average price of $30.41 per common share. This includes certain March 2008 repurchases of 225,000 of our common shares for an aggregate amount of $6,028 that were not settled until April 2008. We obtained 15,224 of our common shares during fiscal 2011 in the aggregate amount of $503 in connection with stock-based compensation award programs. We obtained 11,220 of our common shares during fiscal 2010 in the aggregate amount of $310 in connection with these programs. At March 31, 2011, $174,402 remained available for the repurchase of STERIS common shares pursuant to the March 2008 Board authorization.

Note 15, Share-Based Compensation

12 Months Ended

Mar. 31, 2011

Share-based Compensation [Abstract]

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Text Block]

SHARE-BASED COMPENSATION

We maintain a long-term incentive plan that makes available common shares for grants, at the discretion of the Compensation Committee of the Board of Directors, to officers, directors, and key employees in the form of stock options, restricted shares, restricted share units, and stock appreciation rights. Stock options provide the right to purchase our common shares at the market price on the date of grant, subject to the terms of the option plans and agreements. Generally, one-fourth of the stock options granted become exercisable for each full year of employment following the date of grant. Stock options granted generally expire 10 years after the date of grant, or earlier if an option holder is no longer employed by us. Restricted shares and restricted share units generally cliff vest over an approximately three or four-year period. As of March 31, 2011, 3,519,891 shares remain available for grant under the long-term incentive plan.

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

The following weighted average assumptions were used for options granted during fiscal 2011, fiscal 2010, and fiscal 2009:



	Fiscal 2011		Fiscal 2010		Fiscal 2009
Risk-free interest rate	2.68	%	1.89	%	2.65	%
Expected life of options	5.7 years		5.5 years		5.6 years
Expected dividend yield of stock	1.59	%	1.49	%	0.86	%
Expected volatility of stock	30.13	%	27.96	%	27.72	%

The risk-free interest rate is based upon the U.S. Treasury yield curve. The expected life of options is reflective of our historical experience, vesting schedules, and contractual terms. The expected dividend yield of stock represents our best estimate of 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 2.27, 2.39 and 2.86 percent was applied in fiscal years 2011, 2010, and 2009, respectively. This rate is calculated based upon historical activity and represents an estimate of the granted awards 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:



	Shares		Weighted Average Exercise Price			Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at March 31, 2010	3,599,221		$	24.96
Granted	273,578		31.92
Exercised	(560,908	)	22.43
Forfeited	(28,340	)	26.40
Canceled	(9,156	)	28.02
Outstanding at March 31, 2011	3,274,395		$	25.95		5.56		$	28,133
Exercisable at March 31, 2011	2,291,039		$	25.31	—	4.52	—	$	21,153

We estimate that 971,694 of the non-vested stock options outstanding at March 31, 2011 will ultimately vest.

The aggregate intrinsic value in the table above represents the total pre-tax difference between the $34.54 closing price of our common shares on March 31, 2011 over the exercise price of the stock option, multiplied by the number of options outstanding or outstanding and exercisable. 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 common shares.

The total intrinsic value of stock options exercised during the years ended March 31, 2011, 2010, and 2009 was $6,669, $6,546, and $24,416, respectively. Net cash proceeds from the exercise of stock options were $ 12,730, $14,047, and $33,621 for the years ended March 31, 2011, 2010, and 2009, respectively. The tax benefit from stock option exercises was $2,525, $2,467, and $6,982 for the years ended March 31, 2011, 2010, and 2009, respectively.

The weighted average grant date fair value of share-based compensation grants was $8.80, $5.69, and $8.74 for the years ended March 31, 2011, 2010, and 2009, respectively.

Stock appreciation rights (“SARS”) carry generally the same terms and vesting requirements as stock options except that they are settled in cash upon exercise and therefore, are classified as liabilities. The fair value of outstanding SARS as of March 31, 2011 and 2010 was $996 and $791, respectively. The fair value of each outstanding SAR is revalued each reporting date and the related liability and expense are adjusted appropriately.

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



	Number of Restricted Shares		Number of Restricted Share Units Settled in Shares		Weighted Average Grant Date Fair Value
Non-vested at March 31, 2010	222,590		23,000		26.80
Granted	263,397		—		31.99
Vested	(73,613	)	(23,000	)	28.55
Forfeited	(11,423	)	—		29.90
Non-vested at March 31, 2011	400,951		—		$	29.70

Restricted shares and restricted share units granted are valued based on the closing stock price at the grant date and generally cliff vest over approximately a three or four-year period based upon the terms of the grants. The total fair value of restricted shares that vested during the years ended March 31, 2011, 2010, and 2009 was $2,758, $2,630, and $1,903, respectively.

Cash-settled restricted share units carry generally the same terms and vesting requirements as share settled restricted share units except that they are settled in cash upon vesting and therefore, are classified as liabilities. The fair value of outstanding cash-settled restricted share units as of March 31, 2011, and 2010 was $1,214 and $340, respectively. The fair value of each cash-settled restricted share unit is revalued at each reporting date and the related liability and expense are adjusted appropriately.

As of March 31, 2011, there was $8,428 of total 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 1.97 years.

Note 16, Financial and Other Guarantees

12 Months Ended

Mar. 31, 2011

Note 16. FINANCIAL AND OTHER GUARANTEES [Abstract]

Product Warranty Disclosure [Text Block]

FINANCIAL AND OTHER GUARANTEES

We generally offer a limited one-year parts and labor warranty on our capital equipment. The specific terms and conditions of those warranties vary depending on the product sold and the country where we conduct business. We record a liability for the estimated cost of product warranties at the time product revenue is 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 recorded amounts as necessary.

Changes in our warranty liability during the periods presented are as follows:



Years Ended March 31,	2011			2010			2009
Balance, Beginning of Year	$	6,070		$	7,573		$	7,825
Warranties issued during the period	11,185			8,706			11,152
Settlements made during the period	(9,746		)	(10,209		)	(11,404		)
Balance, End of Year	$	7,509		$	6,070		$	7,573

We also sell product maintenance contracts to our Customers. These contracts range in terms from one to five years and require us to maintain and repair the product over the maintenance contract term. We initially record amounts due from Customers under these contracts as a liability for deferred service contract revenue on the accompanying Consolidated Balance Sheets. The liability recorded for deferred service revenue was $17,551 and $17,709 as of March 31, 2011 and 2010, respectively. Such deferred revenue is then amortized on a straight-line basis over the contract term and recognized as service revenue on the accompanying Consolidated Statements of Income. The activity related to the liability for deferred service revenue has been excluded from the table presented above.

Note 17, Forward Contracts

12 Months Ended

Mar. 31, 2011

Note 17. FORWARD AND SWAP CONTRACTS [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

FORWARD AND SWAP CONTRACTS

From time to time, we enter into forward contracts to hedge potential foreign currency gains and losses that arise from transactions denominated in foreign currencies, including inter-company transactions. We also enter into commodity swap contracts to hedge price changes in commodities that impact raw materials included in our cost of revenues. We do not use derivative financial instruments for speculative purposes. These contracts are not designated as hedging instruments and do not receive hedge accounting treatment; therefore, changes in their fair value are not deferred but are recognized immediately in the Consolidated Statements of Income.



	Asset Derivatives				Liability Derivatives
Balance Sheet Location	Fair Value at March 31, 2011		Fair Value at March 31, 2010		Fair Value at March 31, 2011		Fair Value at March 31, 2010
Prepaid & Other	$	1,483	$	992	$	—	$	—
Accrued expenses and other	$	—	$	—	$	41	$	—

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



		Amount of gain (loss) recognized in income Years ended March 31,
	Location of gain (loss) recognized in income	2011		2010		2009
Foreign currency forward contracts	Selling, general and administrative	$	1,696	$	541	$	(2,064	)
Commodity swap contracts	Cost of Revenues	$	306	$	826	$	—

Note 18, Fair Value Measurements

12 Months Ended

Mar. 31, 2011

Note 18. FAIR VALUE MEASUREMENTS [Abstract]

Fair Value Disclosures [Text Block]

FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. We estimate the fair value of financial instruments 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 our financial assets and liabilities accounted for at fair value on a recurring basis at March 31, 2011:



			Fair Value Measurements at March 31, 2011
	March 31, 2011		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	March 31, 2011		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	193,016	$	193,016	$	—	$	—
Forward and swap contracts (1)	1,483		—		1,483		—
Investments (2)	2,493		2,493		—		—
Liabilities:
Forward and swap contracts (1)	$	41	$	—	$	41	$	—
Deferred compensation plans (2)	2,493		2,493		—		—


(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 provide a domestic non-qualified deferred compensation plan covering certain employees, which allows for the deferral of compensation for an employee-specified term or until retirement or termination. Amounts deferred can be allocated to various hypothetical investment options. We hold investments to satisfy the future obligations of the plan. Changes in the value of the investment accounts are recognized each period based on the fair value of the underlying investments. Employees making deferrals are entitled to receive distributions of their hypothetical account balances (amounts deferred, together with earnings (losses)).

- Definition

This item represents the complete disclosure regarding the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, 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 Company 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 risk is 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.

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Note 19, Subsequent Events	12 Months Ended
Note 19, Subsequent Events	Mar. 31, 2011
Note 19. SUBSEQUENT EVENTS [Abstract]
Schedule of Subsequent Events [Text Block]	SUBSEQUENT EVENTS We have evaluated subsequent events through the date the financial statements were filed with the SEC. Based upon this evaluation, we have determined that no material subsequent events occurred that require recognition in the financial statements. In May 2011 we acquired the stock of a privately held company with operations located near Sao Paulo, Brazil for approximately $30 million, including contingent consideration. The company designs and manufactures small, medium and large sterilizers used by public hospitals, clinics, dental offices and industrial companies (e.g., research laboratories and pharmaceutical research and production companies).

Note 20, Quarterly Results

12 Months Ended

Mar. 31, 2011

Note 20. QUARTERLY RESULTS (UNAUDITED) [Abstract]

Quarterly Financial Information [Text Block]

QUARTERLY RESULTS (UNAUDITED)



Quarters Ended	March 31,			December 31,			September 30,			June 30,
Fiscal 2011 (1)
Revenues:
Product	$	256,852		$	212,622		$	197,092		$	77,272
Service	120,908			115,661			115,333			111,708
Total Revenues	377,760			328,283			312,425			188,980
Cost of Revenues:
Product	153,770			123,381			110,736			106,576
Service	67,963			67,888			66,634			64,338
Total Cost of Revenues	221,733			191,269			177,370			170,914
Gross Profit	156,027			137,014			135,055			18,066
Percentage of Revenues	41.3		%	41.7		%	43.2		%	9.6		%
Restructuring Expenses	779			(23		)	105			341
Net Income	$	39,000		$	21,765		$	35,711		$	(45,210	)
Basic Income Per Common Share:
Net income	$	0.66		$	0.37		$	0.60		$	(0.76	)
Diluted Income Per Common Share:
Net income	$	0.65		$	0.36		$	0.59		$	(0.76	)

Fiscal 2010
Revenues:
Product	$	212,296		$	214,072		$	199,135		$	173,500
Service	119,833			113,760			115,094			110,043
Total Revenues	332,129			327,832			314,229			283,543
Cost of Revenues:
Product	122,428			122,324			115,958			94,277
Service	67,493			66,025			65,616			64,430
Total Cost of Revenues	189,921			188,349			181,574			158,707
Gross Profit	142,208			139,483			132,655			124,836
Percentage of Revenues	42.8		%	42.5		%	42.2		%	44.0		%
Restructuring Expenses	5,161			14			(115		)	(211		)
Net Income	$	29,835		$	41,006		$	32,084		$	25,542
Basic Income Per Common Share:
Net income	$	0.50		$	0.70		$	0.55		$	0.44
Diluted Income Per Common Share:
Net income	$	0.50		$	0.69		$	0.54		$	0.43

(1) The fiscal 2011 quarter ended June 30 includes the impact of the SYSTEM 1 Rebate Program as a $102,313 reduction in product revenues and a $7,691 increase in product cost of revenues. The fiscal 2011 quarter ended December 31 includes the impact of the proposed class action settlement as a $19,796 increase in selling, general and administrative expenses.

- Definition

This element can be used to disclose the entire quarterly financial data disclosure in the annual financial statements as a single block of text. The disclosure includes a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. Alternatively, the details of this disclosure can be reported using the elements in this group, or by using other taxonomy elements and applying the appropriate quarterly date and period contexts when creating an instance document. For example, the element for "Interest and Dividend Income, Operating" may be used by financial institutions from the Statement of Income, applying the appropriate quarterly date and period context when creating an instance document.

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