XML 41 R26.htm IDEA: XBRL DOCUMENT
v3.23.1

Forward and Swap Contracts | 12 Months Ended
--- | ---
Mar. 31, 2023
Notes To Financial Statements [Abstract] |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 16.DERIVATIVES AND HEDGING 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 intercompany transactions. We may also enter into commodity swap contracts to hedge price changes in nickel that impact raw materials included in our cost of revenues. During fiscal 2023, we also held forward foreign currency contracts to hedge a portion of our expected non-U.S. dollar-denominated earnings against our reporting currency, the U.S. dollar. These foreign currency exchange contracts matured during fiscal 2023. We did not elect hedge accounting for these forward foreign currency contracts; however, we may seek to apply hedge accounting in future scenarios. 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. At March 31, 2023, we held foreign currency forward contracts to buy 19.5 million British pounds sterling; and to sell 150.0 million Mexican pesos, and 7.0 million Singapore dollars and 6.0 million euros. At March 31, 2023, we held commodity swap contracts to buy 753.0 thousand pounds of nickel.
|  | Asset Derivatives |  | Liability Derivatives
|  | Fair Value at |  | Fair Value at |  | Fair Value at |  | Fair Value at
Balance Sheet Location |  | March 31, 2023 |  | March 31, 2022 |  | March 31, 2023 |  | March 31, 2022
Prepaid & Other |  | $ | 378 |  |  | $ | 2,780 |  |  | $ | — |  |  | $ | — |
Accrued expenses and other |  | — |  |  | — |  |  | 2,054 |  |  | 198 |
The following table presents the impact of derivative instruments and their location within the Consolidated Statements of Income:
|  | Location of (loss) gain recognized in income |  | Amount of (loss) gain recognized in income
Years Ended March 31,
2023 |  | 2022 |  | 2021
Foreign currency forward contracts |  | Selling, general, and administrative |  | $ | 5,036 |  |  | $ | 4,379 |  |  | $ | 1,178 |
Commodity swap contracts |  | Cost of revenues |  | (3,630) |  |  | 3,921 |  |  | 771 |

X
- Definition Notes to Financial Statements [Abstract] + References No definition available. + Details
Name: | ste_NotesToFinancialStatementsAbstract
Namespace Prefix: | ste_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//815/tableOfContent + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration