XML 32 R16.htm IDEA: XBRL DOCUMENT
v3.21.1

Note 8 - Goodwill and Long-lived Assets | 12 Months Ended
--- | ---
Mar. 31, 2021
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 8. Goodwill and Long-Lived Assets Goodwill arises from the excess purchase price of acquired businesses over the fair value of acquired tangible and intangible assets, less assumed liabilities. We assess the goodwill of each of our reporting units for impairment at least annually during the fourth quarter of our fiscal year and as triggering events occur that indicate it may be more likely than not that an impairment exists. We begin by performing a qualitative goodwill assessment, and if the results of that test indicate it is more likely than not an impairment exists for any reporting unit, we then perform a quantitative goodwill impairment test on the reporting unit. When we perform quantitative impairment tests, we estimate the fair value of the reporting unit using the income approach. Under the income approach, fair value is estimated as the present value of the reporting unit's estimated future cash flows. The projected cash flows incorporate various assumptions related to weighted average cost of capital, growth rates specific to the reporting unit, assumptions for net sales growth, and terminal growth rates. The change in the carrying amount of goodwill was as follows:
|  | Sterilization and Disinfection Control |  |  | Instruments |  |  | Biopharmaceutical Development |  |  | Continuous Monitoring |  |  | Corporate and Other |  |  | Total |
March 31, 2019 |  | $ | 29,780 |  |  | $ | 18,235 |  |  |  | - |  |  | $ | 18,103 |  |  |  | 259 |  |  |  | 66,377 |
Effect of foreign currency translation |  |  | (186 | ) |  |  | (20 | ) |  |  | (2,446 | ) |  |  | - |  |  |  | (1 | ) |  |  | (2,653 | )
Acquisitions |  |  | - |  |  |  | 908 |  |  |  | 77,162 |  |  |  | - |  |  |  | - |  |  |  | 78,070 |
Impairment |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (258 | ) |  |  | (258 | )
March 31, 2020 |  |  | 29,594 |  |  |  | 19,123 |  |  | $ | 74,716 |  |  | $ | 18,103 |  |  | $ | - |  |  | $ | 141,536 |
Effect of foreign currency translation |  |  | 559 |  |  |  | 63 |  |  |  | 10,715 |  |  |  | - |  |  |  | - |  |  |  | 11,337 |
Goodwill adjustment related to GPT acquisition |  |  | - |  |  |  | - |  |  |  | 7,968 |  |  |  | - |  |  |  | - |  |  |  | 7,968 |
March 31, 2021 |  | $ | 30,153 |  |  | $ | 19,186 |  |  | $ | 93,399 |  |  | $ | 18,103 |  |  | $ | - |  |  | $ | 160,841 |
Other intangible assets were as follows:
|  | March 31, 2021 |  |  | March 31, 2020 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Intellectual property |  | $ | 21,201 |  |  | $ | (8,595 | ) |  | $ | 12,606 |  |  | $ | 15,731 |  |  | $ | (6,454 | ) |  | $ | 9,277 |
Trade names |  |  | 8,612 |  |  |  | (3,129 | ) |  |  | 5,483 |  |  |  | 5,839 |  |  |  | (2,855 | ) |  |  | 2,984 |
Customer relationships |  |  | 145,754 |  |  |  | (52,206 | ) |  |  | 93,548 |  |  |  | 146,106 |  |  |  | (38,777 | ) |  |  | 107,329 |
Non-compete agreements |  |  | 1,299 |  |  |  | (1,195 | ) |  |  | 104 |  |  |  | 1,447 |  |  |  | (1,166 | ) |  |  | 281 |
Total |  | $ | 176,866 |  |  | $ | (65,125 | ) |  | $ | 111,741 |  |  | $ | 169,123 |  |  | $ | (49,252 | ) |  | $ | 119,871 |
The increase in the carrying amount of intangible assets was attributable to changes in foreign currency and adjustments to the preliminary purchase price of GPT that are discussed further in Note 4. "Significant Transactions." We acquired trade names as part of the GPT acquisition, which are valued at $4,990 as of March 31, 2021 and are considered to be indefinite lived. As these trade names are not subject to amortization, they are tested for impairment at least annually or more frequently if triggering events indicate it may be more likely than not that an impairment exists. The range of useful lives and weighted-average remaining useful lives of amortizable intangible assets as of March 31, 2021 were as follows:
|  |  |  |  |  | Weighted Average |
|  | Estimated Useful Life |  |  | Remaining Life |
Description |  | (Years) |  |  | (Years) |
Intellectual Property |  |  | 10 - 15 |  |  |  | 8.4 |
Trade Name |  |  | 5 - 10 |  |  |  | 4.3 |
Customer Relationships |  |  | 5 - 10 |  |  |  | 8.5 |
Non-compete Agreements |  |  | 5 - 10 |  |  |  | 2.0 |
The following is estimated amortization expense for the years ending March 31:
2022 |  | $ | 14,930 |
2023 |  |  | 14,721 |
2024 |  |  | 14,206 |
2025 |  |  | 12,612 |
2026 |  |  | 11,824 |
Amortization expense of intangibles acquired in a business combination for the years ended March 31, 2021, 2020 and 2019 was $14,513, $10,637, and $7,090 respectively.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration