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Fair Value Measurements (Notes) | 6 Months Ended
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Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Fair Value Disclosures | . Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. We estimate the fair value of financial assets and liabilities using available market information and generally accepted valuation methodologies. The inputs used to measure fair value are classified into three tiers. These tiers include Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring the entity to develop its own assumptions. The following table shows the fair value of our financial assets and liabilities at September 30, 2021 and March 31, 2021:
|  |  |  |  |  | Fair Value Measurements
|  | Carrying Value |  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
|  |  |  | Level 1 |  | Level 2 |  | Level 3
September 30, | March 31, |  |  | September 30, | March 31, |  | September 30, | March 31, |  | September 30, | March 31,
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 383,494 |  | $ | 220,531 |  |  |  | $ | 383,494 |  | $ | 220,531 |  |  | $ | — |  | $ | — |  |  | $ | — |  | $ | — |
Forward and swap contracts (1) |  | 1,145 |  | 57 |  |  |  | — |  | — |  |  | 1,145 |  | 57 |  |  | — |  | — |
Equity investments(2) |  | 9,949 |  | 10,301 |  |  |  | 9,949 |  | 10,301 |  |  | — |  | — |  |  | — |  | — |
Other investments |  | 2,643 |  | 2,665 |  |  |  | 2,643 |  | 2,665 |  |  | — |  | — |  |  | — |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Forward and swap contracts (1) |  | $ | 57 |  | $ | 367 |  |  |  | $ | — |  | $ | — |  |  | $ | 57 |  | $ | 367 |  |  | $ | — |  | $ | — |
Deferred compensation plans (2) |  | 1,927 |  | 1,715 |  |  |  | 1,927 |  | 1,715 |  |  | — |  | — |  |  | — |  | — |
Long term debt (3) |  | 3,439,524 |  | 1,650,540 |  |  |  | — |  | — |  |  | 3,585,697 |  | 1,722,459 |  |  | — |  | — |
Contingent consideration obligations (4) |  | 19,969 |  | 19,642 |  |  |  | — |  | — |  |  | — |  | — |  |  | 19,969 |  | 19,642 |
(1) The fair values of forward and swap contracts are based on period-end forward rates and reflect the value of the amount that we would pay or receive for the contracts involving the same notional amounts and maturity dates. (2) We maintain a frozen domestic non-qualified deferred compensation plan covering certain employees, which allows for the deferral of payment of previously earned compensation for an employee-specified term or until retirement or termination. Amounts deferred can be allocated to various hypothetical investment options (compensation deferrals have been frozen under the plan). We hold investments to satisfy the future obligations of the plan. Employees who made deferrals are entitled to receive distributions of their hypothetical account balances (amounts deferred, together with earnings (losses)). We also hold an investment in the common stock of Servizi Italia, S.p.A, a leading provider of integrated linen washing and outsourced sterile processing services to hospital Customers. Changes in the fair value of these investments are recorded in the "Interest income and miscellaneous expense line" of the Consolidated Statement of Income. During the second quarter and first half of fiscal 2022, we recorded losses of $213 and $229, respectively, related to these investments. During the second quarter and first half of fiscal 2021, we recorded losses of $384 and $74, respectively, related to these investments. (3) We estimate the fair value of our debt using discounted cash flow analyses, based on our current incremental borrowing rates for similar types of borrowing arrangement s. The fair values of our Senior Public Notes are estimated using quoted market prices for the publicly registered Senior Notes. These amounts exclude lease liabilities. (4) Contingent consideration obligations arise from business acquisitions. The fair values are based on discounted cash flow analyses reflecting the possible achievement of specified performance measures or events and captures the contractual nature of the contingencies, commercial risk, and the time value of money. Contingent consideration obligations are classified in the consolidated balance sheets as accrued expense (short-term) and other liabilities (long-term), as appropriate based on the contractual payment dates. The changes in Level 3 assets and liabilities measured at fair value on a recurring basis at September 30, 2021 are summarized as follows:
|  | Contingent Consideration
Balance at March 31, 2021 |  | $ | 19,642 |
Liabilities assumed in acquisition of Cantel |  | 25,000 |
Additions |  | 372 |
Payments |  | (25,044) |
Currency translation adjustments |  | (1) |
Balance at September 30, 2021 |  | $ | 19,969 |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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