On the Surface

More documents

Recommendations

Info

STERIS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share amounts) March 31, 2007 Provision European Restructuring Plan Fiscal 2008 Payments/ Impairments March 31, 2008 Severance and termination benefits $ 638 $ (68) $ (570) $ — Lease termination obligations 219 160 (132) 247 Fixed asset impairments 105 — (105) — Total $ 962 $ 92 $ (807) $ 247 March 31, 2006 European Restructuring Plan Fiscal 2007 Provision Payments March 31, 2007 Severance and termination benefits $ — $ 1,365 $ (727) $ 638 Lease termination obligations — 233 (14) 219 Fixed asset impairments — 105 — 105 Total $ — $ 1,703 $ (741) $ 962 March 31, 2007 Fiscal 2006 Restructuring Plan Fiscal 2008 Provision Payments March 31, 2008 Severance and termination benefits $ 1,799 $ 132 $(1,052) $ 879 Lease termination obligation 157 (13) (144) — Total $ 1,956 $ 119 $(1,196) $ 879 March 31, 2006 Fiscal 2006 Restructuring Plan Fiscal 2007 Provision Payments March 31, 2007 Severance and termination benefits (1) $ 1,941 $ 1,743 $ (1,885) $ 1,799 Lease termination obligation 135 150 (128) 157 Total $ 2,076 $ 1,893 $ (2,013) $ 1,956 (1) Does not include certain items that were paid in the period incurred. 74
STERIS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share amounts) 3. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) following: Accumulated other comprehensive income (loss) shown in our Consolidated Statements of Shareholders’ Equity consists of the Years Ended March 31, (in thousands) 2008 2007 2006 Unrecognized pension and post-retirement benefits costs, net of tax $ (14,286) $ (10,685) $ (6,214) Unrealized loss on investments (193) (4) — Cumulative foreign currency translation adjustment 47,575 15,248 (1,560) $ 33,096 $ 4,559 $ (7,774) 4. GOODWILL AND INTANGIBLE ASSETS In June 2001, the FASB issued Statement of Financial Accounting Standards No. 142 (“SFAS No. 142”), “Goodwill and Other Intangible Assets.” Under this standard, goodwill and indefinite-lived intangible assets are not amortized, but are subject to annual impairment testing. Other finite-lived intangible assets are amortized over their estimated useful lives. We performed our annual goodwill impairment testing during the third quarter of fiscal 2008. This analysis resulted in the conclusion that there had been no impairment of the recorded goodwill amounts. Changes to the carrying amount of goodwill for the years ended March 31, 2008 and 2007 were as follows: Healthcare Segment Life Sciences Segment STERIS Isomedix Services Segment Total Balance at March 31, 2006 $ 169,639 $ 26,757 $ 81,659 $ 278,055 Goodwill acquired or allocated (3,451) — — (3,451) Foreign currency translation adjustments 5,349 1,266 — 6,615 Balance at March 31, 2007 171,537 28,023 81,659 281,219 Foreign currency translation adjustments 5,797 3,920 — 9,717 Balance at March 31, 2008 $177,334 $ 31,943 $ 81,659 $290,936 Goodwill amounts created as a result of the fiscal 2005 acquisition of FHSurgical were subject to further adjustment as we finalized the allocation of purchase price to the net assets acquired. The adjustments are reflected in the table above as goodwill acquired or allocated. Further information regarding business acquisitions is presented in Note 17, “Business Acquisitions.” 75
Page 1 and 2:
On the Surface FISCAL 2008 ANNUAL R
Page 3 and 4:
“ We intend to give Customers mor
Page 5 and 6:
ON THE SURFACE NET REVENUES and ded
Page 7 and 8:
ON THE SURFACE large population of
Page 9 and 10:
ON THE SURFACE Advanced Visualizati
Page 11 and 12:
ON THE SURFACE Behind the Names Tec
Page 13 and 14:
ON THE SURFACE Customer-Centric Com
Page 15 and 16:
United States Securities and Exchan
Page 17 and 18:
PART I Throughout this Annual Repor
Page 19 and 20:
support services such as constructi
Page 21 and 22:
Restructuring - European Restructur
Page 23 and 24:
we cannot assure you that future or
Page 25 and 26:
Our success depends, in part, on ou
Page 27 and 28:
We conduct manufacturing, sales and
Page 29 and 30:
• consent decree, which could res
Page 31 and 32:
U.S. Locations (including Puerto Ri
Page 33 and 34:
We believe we have adequately reser
Page 35 and 36:
PART II ITEM 5. MARKET FOR REGISTRA
Page 37 and 38: ITEM 6. SELECTED FINANCIAL DATA Yea
Page 39 and 40: We use this measure to gauge our ab
Page 41 and 42: A detailed discussion of our fiscal
Page 43 and 44: FISCAL 2008 AS COMPARED TO FISCAL 2
Page 45 and 46: Compensation and benefit costs, fee
Page 47 and 48: Liabilities related to restructurin
Page 49 and 50: We operate in three reportable busi
Page 51 and 52: STERIS Isomedix Services segment op
Page 53 and 54: Operating Expenses. The following t
Page 55 and 56: March 31, 2006 European Restructuri
Page 57 and 58: The following table compares our re
Page 59 and 60: Net Cash Provided by Operating Acti
Page 61 and 62: • Stock option and other equity t
Page 63 and 64: CONTRACTUAL AND COMMERCIAL COMMITME
Page 65 and 66: Allowance for Sales Returns. We mai
Page 67 and 68: Our self-insured liabilities contai
Page 69 and 70: Amendment of FASB Statements No. 87
Page 71 and 72: Item 7A. Quantitative and Qualitati
Page 73 and 74: REPORT OF MANAGEMENT Board of Direc
Page 75 and 76: STERIS CORPORATION AND SUBSIDIARIES
Page 87: STERIS CORPORATION AND SUBSIDIARIES
Page 95 and 96: 9. INCOME TAXES STERIS CORPORATION
Page 121 and 122: ITEM 9A. CONTROLS AND PROCEDURES EV
Page 123 and 124: ITEM 9B. OTHER INFORMATION None. PA
Page 125 and 126: PART IV ITEM 15. EXHIBITS AND FINAN
Page 127 and 128: Exhibit Number Exhibit Description
Page 129 and 130: EXHIBIT INDEX Exhibit Number Exhibi
Page 131 and 132: Exhibit Number Exhibit Description
Page 133 and 134: EXHIBIT 23.1 CONSENT OF INDEPENDENT
Page 135 and 136: EXHIBIT 31.1 CERTIFICATION OF THE P
Page 137 and 138: EXHIBIT 32.1 CERTIFICATION PURSUANT
Page 139 and 140:
Corporate Information BOARD OF DIRE
show all

On the Surface

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?