v3.26.1
Business Acquisitions and Divestitures
 12 Months Ended
Mar. 31, 2026
Business Combination [Abstract]  
Business Combination
3. BUSINESS ACQUISITIONS, DIVESTITURES, AND INVESTMENTS
Fiscal 2026 Acquisitions
During fiscal 2026, we completed two tuck-in acquisitions, recorded at fair value, which continued to expand our product and service offerings in the Healthcare segment. Total aggregate consideration was approximately $23.4 million, including the fair value of potential contingent consideration.
Purchase price allocations are based on the latest draft valuations and remain preliminary. As we finalize the fair value of assets acquired and liabilities assumed, additional purchase price adjustments and associated deferred taxes may be recorded during the remaining measurement period, not to exceed one year from closing.
Fiscal 2026 Investments
During fiscal 2026, we purchased $134.0 million in investments, predominantly related to a noncontrolling equity investment representing an approximately one-third ownership interest in a non-U.S.-based healthcare product manufacturer accounted for under the equity method. In connection with the equity method investment, the Company entered into arrangements that provide rights (and, in certain cases, obligations) that could result in the Company acquiring the remaining equity interests in the investee upon the occurrence of specified events or conditions. The potential acquisition would be for a purchase price that is proportionate to the Company's initial investment, subject to customary working capital adjustments, on a debt‑free, cash‑free basis. The timing of such acquisition, if any, would depend on the terms of those arrangements and the satisfaction of the applicable conditions.
Fiscal 2025 Acquisitions
During fiscal 2025, we completed several tuck-in acquisitions which continued to expand our product and service offerings in the Healthcare and AST segments. Total aggregate consideration was approximately $54.1 million.
Fiscal 2024 Acquisitions
On August 2, 2023 we purchased the surgical instrumentation, laparoscopic instrumentation and sterilization container assets from Becton, Dickinson and Company (NYSE: BDX) ("BD"). The acquired assets from BD were integrated into our Healthcare segment. The acquisition was accounted for as a business combination in accordance with ASC 805.
The purchase price of the acquisition was $539.8 million. The acquisition also qualified for a tax benefit related to tax deductible goodwill, with a present value of approximately $60.0 million. The purchase price of the acquisition was financed with borrowings from our existing credit facility. For more information, refer to Note 8 titled, "Debt."
In addition to the acquisition of assets from BD, we completed two tuck-in acquisitions during fiscal 2024, which expanded our product and service offerings in the AST and Healthcare segments. Total aggregate consideration was approximately $6.9 million, net of cash acquired.
Fair Value of Assets Acquired and Liabilities Assumed in Business Combinations
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 2026, 2025, and 2024 acquisitions.
(in millions)
Fiscal Year 2026 (1)
Fiscal Year 2025Fiscal Year 2024
All AcquisitionsAll AcquisitionsBDOther Acquisitions
Cash$0.4 $— $— $0.4 
Accounts receivable5.0 1.3 — 1.5 
Inventory12.2 1.2 31.8 0.7 
Property, plant, and equipment2.9 21.2 7.9 0.2 
Lease right-of-use assets, net1.0 4.6 1.7 — 
Other assets1.9 4.3 — — 
Intangible assets9.2 15.9 303.0 2.9 
Goodwill 8.8 10.6 197.1 2.5 
Total assets41.4 59.2 541.5 8.2 
Current liabilities(17.3)(2.1)(0.6)
Non-current liabilities(0.7)(2.9)(1.7)(0.7)
Total liabilities(18.0)(5.1)(1.7)(1.3)
Net assets $23.4 $54.1 $539.8 $6.9 
(1) Purchase price allocation is preliminary as of March 31, 2026, as valuations have not been finalized.

Goodwill is the excess of the consideration transferred over the net assets recognized and represents the expected revenues and cost synergies of the combined company and assembled workforce. No portion of the goodwill recognized in fiscal 2026 was deductible for tax purposes. The deductible portion of goodwill recognized as a result of fiscal 2025 and fiscal 2024 acquisitions was $0.4 million and $195.7 million, respectively.
Acquisition related transaction and integration costs totaled $6.2 million, $11.2 million, and $25.5 million for the fiscal years ended March 31, 2026, 2025, and 2024, respectively. Acquisition and integration expenses declined in fiscal 2026 as we completed fewer acquisitions during fiscal 2026 as compared to prior years. These costs are included in Selling, general, and administrative expenses in the Consolidated Statements of Income and include, but are not limited to, investment banker, advisory, legal and other professional fees, and certain employee-related expenses.
Divestitures
Fiscal 2025
On April 11, 2024, the Company announced its plan to sell its Dental segment for total cash consideration of $787.5 million, subject to customary adjustments, and up to an additional $12.5 million in contingent payment had the Dental business achieved certain revenue targets in fiscal 2025. No amounts have been recorded or are expected to be recorded with respect to this contingent consideration. The transaction was structured as an equity sale and closed on May 31, 2024. The disposal of the Dental segment met the criteria to be presented as a discontinued operation. For more information refer to Note 4 titled "Discontinued Operations."
On April 1, 2024, we completed the sale of the Controlled Environment Certification Services business. We recorded net proceeds of $41.9 million and recognized a pre-tax gain on the sale of $19.3 million in fiscal 2025. The business generated approximately $35.0 million in revenues in fiscal 2024.