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Business Segment Information | 12 Months Ended
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Mar. 31, 2023
Notes To Financial Statements [Abstract] |
Business Segment Information | 11.BUSINESS SEGMENT INFORMATION We 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 and endoscopy suites. Our products and services range from infection prevention consumables and capital equipment, as well as services to maintain that equipment; to the repair of re-usable procedural instruments; to outsourced instrument reprocessing services. In addition, our procedural solutions also include endoscopy accessories 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 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 d isclose a measure of segment income that is consistent with the way management operates and views the business. The accounting policies for reportable segments are the same as those for the consolidated Company. Certain prior period costs were reallocated from the Healthcare segment to Corporate to conform with current year presentation. The prior period segment operating income measure has been recast for comparability. For the year ended March 31, 2023, revenues from a single Customer did not represent ten percent or more of the Healthcare, AST or Life Sciences segment revenues. Three Customers collectively and consistently account for more than 40.0% of our Dental segment revenue. The percentage associated with these three Customers collectively in any one period may vary due to the buying patterns of these three Customers as well as other Dental Customers. These three Customers collectively accounted for appr oxi mately 47.4% and 45.1% o f our Dental segment revenues for the years ended March 31, 2023 and 2022, respectively. Information regarding our segments is presented in the following tables.
Years Ended March 31, |  | 2023 |  | 2022 |  | 2021
Revenues: |  |  |  |  |  |
Healthcare |  | $ | 3,085,131 |  |  | $ | 2,845,467 |  |  | $ | 1,954,055 |
Applied Sterilization Technologies |  | 914,431 |  |  | 852,972 |  |  | 685,912 |
Life Sciences |  | 536,704 |  |  | 524,964 |  |  | 467,552 |
Dental |  | 421,573 |  |  | 361,661 |  |  | — |
Total revenues |  | $ | 4,957,839 |  |  | $ | 4,585,064 |  |  | $ | 3,107,519 |
Operating income (loss): |  |  |  |  |  |
Healthcare |  | 706,020 |  |  | 649,704 |  |  | 427,089 |
Applied Sterilization Technologies |  | 429,020 |  |  | 410,101 |  |  | 310,648 |
Life Sciences |  | 210,225 |  |  | 216,188 |  |  | 180,796 |
Dental |  | 89,527 |  |  | 84,441 |  |  | — |
Corporate |  | (264,791) |  |  | (283,665) |  |  | (219,153) |
Total operating income before adjustments |  | $ | 1,170,001 |  |  | $ | 1,076,769 |  |  | $ | 699,380 |
Less: Adjustments |  |  |  |  |  |
Amortization of acquired intangible assets (1) |  | 376,822 |  |  | 366,434 |  |  | 83,892 |
Acquisition and integration related charges (2) |  | 24,196 |  |  | 205,788 |  |  | 35,634 |
Tax restructuring costs (3) |  | 661 |  |  | 301 |  |  | 1,592 |
Gain on fair value adjustment of acquisition related contingent consideration (1) |  | (3,100) |  |  | (2,350) |  |  | (500) |
Net (gain) loss on divestiture of businesses (1) |  | (67) |  |  | (874) |  |  | 2,030 |
Amortization of inventory and property "step up" to fair value (1) |  | 12,254 |  |  | 81,804 |  |  | 5,600 |
COVID-19 incremental costs (4) |  | — |  |  | — |  |  | 25,793 |
Restructuring charges (credit) (5) |  | 485 |  |  | 48 |  |  | (3,029) |
Goodwill impairment loss (6) |  | 490,565 |  |  | — |  |  | — |
Total operating income |  | $ | 268,185 |  |  | $ | 425,618 |  |  | $ | 548,368 |
(1) For more information regarding our recent acquisitions and divestitures, refer to Note 2 titled, "Business Acquisitions and Divestitures." (2) Acquisition and integration related charges include transaction costs and integration expenses associated with acquisitions. (3) Costs incurred in tax restructuring. (4) 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 Report on Form 10-K for the year ended March 31, 2021, dated May 28, 2021. (6) For more information regarding our goodwill impairment loss, refer to Note 3 titled, "Goodwill and Intangible Assets." 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.
March 31, |  | 2023 |  | 2022
Assets |  |  |  |
Healthcare and Life Sciences |  | $ | 6,538,270 |  |  | $ | 6,604,893 |
Applied Sterilization Technologies |  | 3,124,341 |  |  | 3,053,116 |
Dental |  | 1,159,228 |  |  | 1,765,585 |
Total assets |  | $ | 10,821,839 |  |  | $ | 11,423,594 |
Years Ended March 31, |  | 2023 |  | 2022 |  | 2021
Capital Expenditures |  |  |  |  |  |
Healthcare and Life Sciences |  | $ | 98,585 |  |  | $ | 84,487 |  |  | $ | 74,446 |
Applied Sterilization Technologies |  | 253,914 |  |  | 198,350 |  |  | 164,816 |
Dental |  | 9,470 |  |  | 4,726 |  |  | — |
Total Capital Expenditures |  | $ | 361,969 |  |  | $ | 287,563 |  |  | $ | 239,262 |
Depreciation, Depletion, and Amortization (1) |  |  |  |  |  |
Healthcare and Life Sciences |  | $ | 306,377 |  |  | $ | 316,222 |  |  | $ | 106,266 |
Applied Sterilization Technologies |  | 116,153 |  |  | 115,925 |  |  | 112,971 |
Dental |  | 130,367 |  |  | 120,957 |  |  | — |
Total Depreciation, Depletion, and Amortization |  | $ | 552,897 |  |  | $ | 553,104 |  |  | $ | 219,237 |
(1) Fiscal 2022 totals include approximately $229,052, $35,531 and $113,099 for Healthcare and Life Sciences, Applied Sterilization Technologies, and Dental, respectively, of amortization of acquired intangible assets and amortization of property "step-up" to fair value. For more information regarding our recent acquisitions and divestitures see Note 2 titled, "Business Acquisitions and Divestitures." 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.
March 31, |  | 2023 |  | 2022
Property, Plant, and Equipment, Net |  |  |  |
Ireland |  | $ | 60,570 |  |  | $ | 60,275 |
United States |  | 946,930 |  |  | 881,057 |
Other locations |  | 698,012 |  |  | 611,244 |
Property, Plant, and Equipment, Net |  | $ | 1,705,512 |  |  | $ | 1,552,576 |
Years Ended March 31, |  | 2023 |  | 2022 |  | 2021
Revenues: |  |  |  |  |  |
Ireland |  | $ | 74,463 |  |  | $ | 82,011 |  |  | $ | 71,905 |
United States |  | 3,586,486 |  |  | 3,228,864 |  |  | 2,227,038 |
Other locations |  | 1,296,890 |  |  | 1,274,189 |  |  | 808,576 |
Total Revenues |  | $ | 4,957,839 |  |  | $ | 4,585,064 |  |  | $ | 3,107,519 |
Years Ended March 31, |  | 2023 |  | 2022 |  | 2021
Healthcare: |  |  |  |  |  |
Capital equipment |  | 896,590 |  |  | $ | 782,505 |  |  | $ | 588,864 |
Consumables |  | 1,050,316 |  |  | 1,004,605 |  |  | 510,946 |
Service |  | 1,138,225 |  |  | 1,058,357 |  |  | 854,245 |
Total Healthcare Revenues |  | $ | 3,085,131 |  |  | $ | 2,845,467 |  |  | $ | 1,954,055 |
Applied Sterilization Technologies: |  |  |  |  |  |
Capital equipment |  | $ | 26,460 |  |  | $ | 24,394 |  |  | $ | — |
Service |  | $ | 887,971 |  |  | $ | 828,578 |  |  | $ | 685,912 |
Total Applied Sterilization Technologies Service Revenues |  | $ | 914,431 |  |  | $ | 852,972 |  |  | $ | 685,912 |
Life Sciences: |  |  |  |  |  |
Capital equipment |  | $ | 147,420 |  |  | $ | 142,281 |  |  | $ | 128,356 |
Consumables |  | 241,114 |  |  | 239,365 |  |  | 215,005 |
Service |  | 148,170 |  |  | 143,318 |  |  | 124,191 |
Total Life Sciences Revenues |  | $ | 536,704 |  |  | 524,964 |  |  | 467,552 |
Dental Revenues |  | $ | 421,573 |  |  | $ | 361,661 |  |  | $ | — |
Total Revenues |  | $ | 4,957,839 |  |  | $ | 4,585,064 |  |  | $ | 3,107,519 |

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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