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Business Segment Information (Notes) | 6 Months Ended
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Sep. 30, 2021
Segment Reporting [Abstract] |
Business Segment Information | Business Segment InformationAs a result of the acquisition of Cantel, we have reassessed the organization of our business and have added a new segment called Dental. We now operate and report our financial information in four reportable business segments: Healthcare, Applied Sterilization Technologies, Life Sciences and Dental. Non-allocated operating costs that support the entire Company and items not indicative of operating trends are excluded from segment operating income. Our Healthcare segment provides a comprehensive offering for healthcare providers worldwide, focused on sterile processing departments and procedural centers, such as operating rooms, endoscopy suites, and renal dialysis centers. Our products and services range from infection prevention consumables and capital equipment, as well as services to maintain that equipment; to the repair of re-usable procedural instruments; to outsourced instrument reprocessing services. In addition, our procedural solutions also include single-use devices and capital equipment infrastructure used primarily in operating rooms, ambulatory surgery centers, endoscopy suites, and other procedural areas. Our Applied Sterilization Technologies ("AST") segment is a third-party service provider for contract sterilization, as well as the testing services needed to validate sterility services for medical device and pharmaceutical manufacturers. Our technology-neutral offering supports Customers every step of the way, from testing through sterilization. Our Life Sciences segment provides a comprehensive offering of products and services that support pharmaceutical manufacturing, primarily for vaccine and other biopharma Customers focused on aseptic manufacturing. These solutions include a full suite of consumable products, equipment maintenance and specialty services, and capital equipment. Our Dental segment provides a comprehensive offering for dental practitioners and dental schools, offering instruments, infection prevention consumables and instrument management systems. We disclose a measure of segment income that is consistent with the way management operates an d views the business. The accounting policies for reportable segments are the same as those for the consolidated Company. For the three and six months ended September 30, 2021, revenues from a single Customer did not represent ten percent or more of the Healthcare, Applied Sterilization Technologies or Life Sciences segment’s revenues. Three customers collectively accounted for approximately 40.6% and 39.5% of our Dental segment revenues for the three months and six months ended September 30, 2021, respectively. Additional information regarding our segments is included in our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2021, dated May 28, 2021. Financial information for each of our segments is presented in the following table:
|  | Three Months Ended September 30, |  | Six Months Ended September 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Revenues: |  |  |  | (*as adjusted) |  |  |  | (*as adjusted)
Healthcare |  | $ | 744,134 |  |  | $ | 470,927 |  |  | $ | 1,346,951 |  |  | $ | 870,585 |
Applied Sterilization Technologies |  | 204,892 |  |  | 169,547 |  |  | 413,794 |  |  | 321,909 |
Life Sciences |  | 132,327 |  |  | 115,658 |  |  | 253,798 |  |  | 232,570 |
Dental |  | $ | 115,632 |  |  | — |  |  | $ | 150,864 |  |  | $ | — |
Total revenues |  | $ | 1,196,985 |  |  | $ | 756,132 |  |  | $ | 2,165,407 |  |  | $ | 1,425,064 |
Operating income (loss): |  |  |  |  |  |  |  |
Healthcare |  | $ | 160,390 |  |  | $ | 104,796 |  |  | $ | 296,550 |  |  | $ | 188,968 |
Applied Sterilization Technologies |  | 99,789 |  |  | 76,835 |  |  | 201,716 |  |  | 140,790 |
Life Sciences |  | 57,519 |  |  | 46,433 |  |  | 106,607 |  |  | 94,894 |
Dental |  | 32,392 |  |  | — |  |  | 42,511 |  |  | — |
Corporate |  | (71,552) |  |  | (58,155) |  |  | (146,612) |  |  | (110,522) |
Total operating income before adjustments |  | $ | 278,538 |  |  | $ | 169,909 |  |  | $ | 500,772 |  |  | $ | 314,130 |
Less: Adjustments |  |  |  |  |  |  |  |
Amortization of acquired intangible assets (1) |  | $ | 74,791 |  |  | $ | 21,955 |  |  | $ | 116,531 |  |  | $ | 39,455 |
Acquisition and integration related charges (2) |  | 17,404 |  |  | 1,135 |  |  | 158,400 |  |  | 2,421 |
Redomiciliation and tax restructuring costs (3) |  | 159 |  |  | 384 |  |  | 110 |  |  | 554 |
Net (gain) loss on divestiture of businesses (1) |  | (15) |  |  | (5) |  |  | 404 |  |  | 5 |
Amortization of inventory and property "step up" to fair value (1) |  | 69,486 |  |  | 714 |  |  | 94,276 |  |  | 1,317 |
COVID-19 incremental costs (4) |  | — |  |  | 4,539 |  |  | — |  |  | 13,209 |
Restructuring charges (5) |  | 210 |  |  | (76) |  |  | 224 |  |  | 90 |
Total operating income |  | $ | 116,503 |  |  | $ | 141,263 |  |  | $ | 130,827 |  |  | $ | 257,079 |
*Certain amounts have been adjusted to reflect the change in inventory accounting method, as described in our Annual report on Form 10-K filed with the SEC on May 28, 2021. (1) For more information regarding our recent acquisitions and divestitures refer to Note 2 titled, "Business Acquisitions" and to our Annual Report on Form 10-K for the year ended March 31, 2021, dated May 28, 2021. (2) Acquisition and integration related charges include transaction costs and integration expenses associated with acquisitions. (3) Costs incurred in tax restructuring. (4) COVID-19 incremental costs includes the additional costs attributable to COVID-19 such as enhanced cleaning protocols, personal protective equipment for our employees, event cancellation fees, and payroll costs associated with our response to COVID-19, net of any government subsidies available. (5) For more information regarding our restructuring efforts refer to our Annual R eport on Form 10-K for the year ended March 31, 2021, dated May 28, 2021. Additional information regarding our fiscal 2022 and fiscal 2021 revenue is disclosed in the following tables:
|  | Three Months Ended September 30, |  | Six Months Ended September 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Healthcare: |  |  |  |  |  |  |  |
Capital equipment |  | $ | 202,405 |  |  | $ | 131,673 |  |  | $ | 353,295 |  |  | 259,755
Consumables |  | 270,089 |  |  | 122,797 |  |  | 476,781 |  |  | 206,551
Service |  | 271,640 |  |  | 216,457 |  |  | 516,875 |  |  | 404,279 |
Total Healthcare Revenues |  | $ | 744,134 |  |  | $ | 470,927 |  |  | $ | 1,346,951 |  |  | $ | 870,585 |
Applied Sterilization Technologies Service Revenues |  | $ | 204,892 |  |  | $ | 169,547 |  |  | $ | 413,794 |  |  | $ | 321,909 |
Life Sciences: |  |  |  |  |  |  |  |
Capital equipment |  | $ | 34,186 |  |  | $ | 29,241 |  |  | $ | 66,931 |  |  | $ | 59,671 |
Consumables |  | 61,748 |  |  | 55,793 |  |  | 118,284 |  |  | 114,635 |
Service |  | 36,393 |  |  | 30,624 |  |  | 68,583 |  |  | 58,264 |
Total Life Sciences Revenues |  | $ | 132,327 |  |  | $ | 115,658 |  |  | $ | 253,798 |  |  | $ | 232,570 |
Dental Revenues |  | $ | 115,632 |  |  | $ | — |  |  | $ | 150,864 |  |  | $ | — |
Total Revenues |  | $ | 1,196,985 |  |  | $ | 756,132 |  |  | $ | 2,165,407 |  |  | $ | 1,425,064 |
| Three Months Ended September 30, |  | Six Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Revenues: |  |  |  |  |  |  |
Ireland | $ | 20,046 |  |  | $ | 17,090 |  |  | $ | 41,991 |  |  | $ | 31,463 |
United States | 852,497 |  |  | 549,449 |  |  | 1,531,747 |  |  | 1,041,157 |
Other locations | 324,442 |  |  | 189,593 |  |  | 591,669 |  |  | 352,444 |
Total Revenues | $ | 1,196,985 |  |  | $ | 756,132 |  |  | $ | 2,165,407 |  |  | $ | 1,425,064 |
|  | September 30, 2021 |  | March 31, 2021
Property, Plant, and Equipment, Net |  |  |  |
Ireland |  | $ | 53,784 |  |  | 52,140 |
United States |  | 881,069 |  |  | 673,784 |
Other locations |  | 576,402 |  |  | 509,476 |
Property, Plant, and Equipment, Net |  | $ | 1,511,255 |  |  | $ | 1,235,400 |
Assets include the current and long-lived assets directly attributable to the segment based on the management of the location or on utilization. Certain corporate assets were allocated to the reportable segments based on revenues. Assets attributed to sales and distribution locations are only allocated to the Healthcare and Life Sciences segments. Individual facilities, equipment, and intellectual properties are utilized for production by both the Healthcare and Life Sciences segments at varying levels over time. As a result, an allocation of total assets, capital expenditures, and depreciation and amortization is not meaningful to the individual performance of the Healthcare and Life Sciences segments. Therefore, their respective amounts are reported together.
|  | September 30, 2021 |  | March 31, 2021
Assets: |  |  |  |
Healthcare and Life Sciences |  | $ | 5,398,177 |  |  | $ | 3,600,182 |
Applied Sterilization Technologies |  | 3,029,090 |  |  | 2,974,289 |
Dental |  | 1,175,354 |  |  | — |
Cantel related goodwill not yet allocated (1) |  | 2,149,827 |  |  | — |
Total assets |  | $ | 11,752,448 |  |  | $ | 6,574,471 |
(1) Amount is still preliminary as of September 30, 2021, as valuations have not been finalized. Goodwill will be allocated to the Healthcare, Life Sciences, and Dental business segments. The increase in total assets for the September 30, 2021 period is primarily related to the acquisition of Cantel. Refer to note 2 titled, "Business Acquisitions," for more information.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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