XML 62 R47.htm IDEA: XBRL DOCUMENT
v3.23.1

Fair Value Measurements (Tables) | 12 Months Ended
--- | ---
Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Fair Value, Measurement Inputs, Disclosure [Table Text Block] | The following table shows the fair value of our financial assets and liabilities at March 31, 2023 and March 31, 2022:
|  |  |  |  | Fair Value Measurements
At March 31, |  | Carrying Value |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
|  |  | Level 1 |  | Level 2 |  | Level 3
| 2023 | 2022 |  | 2023 | 2022 |  | 2023 | 2022 |  | 2023 | 2022
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 208,357 |  | $ | 348,320 |  |  | $ | 208,357 |  | $ | 348,320 |  |  | $ | — |  | $ | — |  |  | $ | — |  | $ | — |
Forward and swap contracts (1) |  | 378 |  | 2,780 |  |  | — |  | — |  |  | 378 |  | 2,780 |  |  | — |  | — |
Equity investments (2) |  | 7,069 |  | 8,520 |  |  | 7,069 |  | 8,520 |  |  | — |  | — |  |  | — |  | — |
Other investments |  | 2,066 |  | 2,272 |  |  | 2,066 |  | 2,272 |  |  | — |  | — |  |  | — |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Forward and swap contracts (1) |  | $ | 2,054 |  | $ | 198 |  |  | $ | — |  | $ | — |  |  | $ | 2,054 |  | $ | 198 |  |  | $ | — |  | $ | — |
Deferred compensation plans (2) |  | 1,022 |  | 1,240 |  |  | 1,022 |  | 1,240 |  |  | — |  | — |  |  | — |  | — |
Total debt (3) |  | 3,078,655 | 3,088,356 |  | — |  | — |  |  | 2,754,218 |  | 2,991,680 |  |  | — |  | — |
Contingent consideration obligations (4) |  | 15,678 |  | 10,550 |  |  | — |  | — |  |  | — |  | — |  |  | 15,678 |  | 10,550 |
(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 allowed 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 (income) line of the Consolidated Statement of Income. During fiscal 2023 and fiscal 2022, we recorded losses of $(1,176) and $(775), 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. (4) Contingent consideration obligations arise from prior 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.
Fair Value, by Balance Sheet Grouping [Table Text Block] | The changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:
|  | Contingent Consideration
Balance at March 31, 2021 |  | $ | 19,642 |
Liabilities assumed in acquisition of Cantel |  | 25,000 |
Additions |  | 601 |
Payments |  | (32,336) |
Reductions and adjustments |  | (2,350) |
Foreign currency translation adjustments |  | (7) |
Balance at March 31, 2022 |  | $ | 10,550 |
Additions |  | 8,302 |
Payments |  | (80) |
Adjustments |  | (3,100) |
Foreign currency translation adjustments |  | 6 |
Balance at March 31, 2023 |  | $ | 15,678 |
Fair Value Option, Disclosures | The following table shows the fair value of our financial assets and liabilities at March 31, 2023 and March 31, 2022:
|  |  |  |  | Fair Value Measurements
At March 31, |  | Carrying Value |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
|  |  | Level 1 |  | Level 2 |  | Level 3
| 2023 | 2022 |  | 2023 | 2022 |  | 2023 | 2022 |  | 2023 | 2022
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 208,357 |  | $ | 348,320 |  |  | $ | 208,357 |  | $ | 348,320 |  |  | $ | — |  | $ | — |  |  | $ | — |  | $ | — |
Forward and swap contracts (1) |  | 378 |  | 2,780 |  |  | — |  | — |  |  | 378 |  | 2,780 |  |  | — |  | — |
Equity investments (2) |  | 7,069 |  | 8,520 |  |  | 7,069 |  | 8,520 |  |  | — |  | — |  |  | — |  | — |
Other investments |  | 2,066 |  | 2,272 |  |  | 2,066 |  | 2,272 |  |  | — |  | — |  |  | — |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Forward and swap contracts (1) |  | $ | 2,054 |  | $ | 198 |  |  | $ | — |  | $ | — |  |  | $ | 2,054 |  | $ | 198 |  |  | $ | — |  | $ | — |
Deferred compensation plans (2) |  | 1,022 |  | 1,240 |  |  | 1,022 |  | 1,240 |  |  | — |  | — |  |  | — |  | — |
Total debt (3) |  | 3,078,655 | 3,088,356 |  | — |  | — |  |  | 2,754,218 |  | 2,991,680 |  |  | — |  | — |
Contingent consideration obligations (4) |  | 15,678 |  | 10,550 |  |  | — |  | — |  |  | — |  | — |  |  | 15,678 |  | 10,550 |
(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 allowed 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 (income) line of the Consolidated Statement of Income. During fiscal 2023 and fiscal 2022, we recorded losses of $(1,176) and $(775), 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. (4) Contingent consideration obligations arise from prior 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.

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2C -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//820/tableOfContent + Details
Name: | us-gaap_FairValueMeasurementInputsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information about asset and liability measured at fair value under fair value option. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-30 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-31 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-32 + Details
Name: | us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration