Fair Value Measurements Fair Value Measurements (Tables)

9 Months Ended

Dec. 31, 2019

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following table shows the fair value of our financial assets and liabilities at December 31, 2019 and March 31, 2019:



					Fair Value Measurements
	Carrying Value				Quoted Prices in Active Markets for Identical Assets					Significant Other Observable Inputs					Significant Unobservable Inputs
					Level 1					Level 2					Level 3
	December 31,		March 31,		December 31,		March 31,			December 31,		March 31,			December 31,		March 31,
Assets:
Cash and cash equivalents	$	199,230	$	220,633	$	199,230	$	220,633		$	—	$	—		$	—	$	—
Forward and swap contracts ⁽¹⁾	423		552		—		—			423		552			—		—
Equity investments⁽²⁾	12,034		13,873		12,034		13,873		—	—		—		—	—		—
Other investments	2,539		2,545		2,539		2,545			—		—			—		—

Liabilities:
Forward and swap contracts ⁽¹⁾	$	69	$	278	$	—	$	—		$	69	$	278		$	—	$	—
Deferred compensation plans ⁽²⁾	1,728		1,564		1,728		1,564			—		—			—		—
Long term debt ⁽³⁾	1,136,964		1,183,227		—		—			1,160,460		1,200,558			—		—
Contingent consideration obligations ⁽⁴⁾	15,272		5,950		—		—			—		—			15,272		5,950

⁽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 allows 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 line" of the Consolidated Statement of Income. During the third quarter and first nine months of fiscal 2020, we recorded a gain of $636 and a loss of $(1,843) respectively, related to these investments. During the third quarter and first nine months of fiscal 2019, we recorded losses of $(2,154) and $(4,663) respectively, related to these investments.

⁽³⁾We estimate the fair value of our long-term debt using discounted cash flow analyses, based on our current incremental borrowing rates for similar types of borrowing arrangements.

⁽⁴⁾ Contingent consideration obligations arise from 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, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The changes in Level 3 assets and liabilities measured at fair value on a recurring basis at December 31, 2019 are summarized as follows:



	Contingent Consideration
Balance at March 31, 2019	$	5,950
Additions	9,220
Currency translation adjustments	102
Balance at December 31, 2019	$	15,272