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Business Acquisitions and Divestitures Business Acquisitions and Divestitures (Tables) | 12 Months Ended
--- | ---
Mar. 31, 2023 | Mar. 31, 2022
Business Combinations and Divestitures [Abstract] |  |
Cantel Acquisition Consideration Paid |  | The total consideration for Cantel Common Stock and stock equivalents was $3,599,471. The consideration was comprised of the following:
(shares in thousands) |
Cash consideration $16.93 per Cantel share (42,816 shares) | $ | 716,412 |
Cash consideration for fractional shares | 14 |
STERIS plc ordinary shares 14,297 shares at ($188.07 per share) | 2,689,317 |
Consideration related to Cantel equity compensation programs | 18,173 |
Consideration related to equity component of Cantel convertible debt | 175,555 |
Total purchase consideration | $ | 3,599,471 |
Schedule of Assets Acquired and Liabilities Assumed, Cantel Acquisition | The table below presents the allocation of the purchase price to the net assets acquired based on the fair values at the acquisition date.
| March 31, 2022 (As Previously Reported) |  | Adjustments |  | Final
Cash | $ | 169,073 |  |  | $ | — |  |  | $ | 169,073 |
Accounts receivable | 172,226 |  |  | — |  |  | 172,226 |
Inventory | 249,221 |  |  | — |  |  | 249,221 |
Property, plant, and equipment | 267,360 |  |  | (1,282) |  |  | 266,078 |
Lease right-of-use assets | 59,720 |  |  | — |  |  | 59,720 |
Other assets | 72,864 |  |  | — |  |  | 72,864 |
Intangible assets | 2,942,000 |  |  | — |  |  | 2,942,000 |
Goodwill | 1,522,381 |  |  | 22,088 |  |  | 1,544,469 |
Total assets acquired | 5,454,845 |  |  | 20,806 |  |  | 5,475,651 |
Convertible debt, par value | 168,000 |  |  | — |  |  | 168,000 |
Other current liabilities | 247,549 |  |  | 5,595 |  |  | 253,144 |
Long-term lease obligations | 47,856 |  |  | — |  |  | 47,856 |
Deferred income taxes, net | 670,685 |  |  | 15,211 |  |  | 685,896 |
Long-term indebtedness | 721,284 |  |  | — |  |  | 721,284 |
Total liabilities assumed | 1,855,374 |  |  | 20,806 |  |  | 1,876,180 |
Net assets acquired | $ | 3,599,471 |  |  | $ | — |  |  | $ | 3,599,471 |
Schedule of Finite-Lived Intangible Assets |  | The estimated useful lives are based on the historical experience of STERIS, available similar industry data and assumptions made by management.Values and useful lives are presented in the table below.
|  | Total |  | Useful Life
Customer relationships |  | $ | 2,278,000 |  |  | 9-10 years
Trade names |  | 422,000 |  |  | 11 years
Developed technology |  | 222,000 |  |  | 9 years
Non-compete agreements |  | 20,000 |  |  | 2 years
Total intangible assets acquired |  | $ | 2,942,000 |  |  |
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited pro forma information gives effect to our acquisition of Cantel as if the acquisition had occurred on April 1, 2020 and Cantel had been included in our consolidated results of operations for the fiscal years ended March 31, 2022 and 2021.
|  | Fiscal Year Ended March 31, |
|  | (unaudited) |
|  | 2022 |  | 2021 |  |  |
Net revenues |  | $ | 4,790,161 |  |  | $ | 4,190,244 |  |  |  |
Net income from continuing operations |  | 449,382 |  |  | 5,849 |  |  |  |
Business Combination Assets Acquired and Liabilities Assumed | The table below summarizes the allocation of the purchase price to the net assets acquired based on fair values at the acquisition dates for our fiscal 2023, 2022 and 2021 acquisitions.
| Fiscal Year 2023(1) |  | Fiscal Year 2022 |  | Fiscal Year 2021(2)
(dollars in thousands) | All Acquisitions |  | Other Acquisitions (Excluding Cantel) |  | Key Surgical |  | Other Acquisitions
Cash | $ | — |  |  | $ | — |  |  | $ | 12,615 |  |  | $ | 9,159 |
Accounts receivable | 2,405 |  |  | — |  |  | 13,967 |  |  | 9,621 |
Inventory | 12,342 |  |  | — |  |  | 21,414 |  |  | 22,123 |
Property, plant, and equipment | 2,131 |  |  | — |  |  | 6,030 |  |  | 26,363 |
Lease right-of-use assets, net | 667 |  |  | — |  |  | 4,907 |  |  | 4,420 |
Other assets | 177 |  |  | — |  |  | 6,680 |  |  | 3,378 |
Intangible assets (2) | 27,576 |  |  | 1,578 |  |  | 356,999 |  |  | 28,188 |
Goodwill | 7,024 |  |  | 1,602 |  |  | 527,675 |  |  | 42,808 |
Total assets | 52,322 |  |  | 3,180 |  |  | 950,287 |  |  | 146,060 |
Current liabilities | (2,007) |  |  | (34) |  |  | (21,599) |  |  | (28,245) |
Non-current liabilities | (473) |  |  | — |  |  | (62,870) |  |  | (9,704) |
Total liabilities | (2,480) |  |  | (34) |  |  | (84,469) |  |  | (37,949) |
Net assets | $ | 49,842 |  |  | $ | 3,146 |  |  | $ | 865,818 |  |  | $ | 108,111 |
(1) Purchase price allocation is still preliminary as of March 31, 2023 for certain acquisitions, as valuations have not been finalized, pending further analyses of the significant drivers of fair value. (2) The Fiscal 2021 amount includes $315,575, related to the fair value of the Customer relationships intangible asset obtained in the acquisition of Key Surgical. The estimation of fair value was determined under an income approach using discounted cash flows. The estimate requires assumptions including forecasted revenue growth rates, forecasted profit margins, and Customer attrition rates. |

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