Fair Value Measurements Fair Value Measurements (Tables)

3 Months Ended

Jun. 30, 2023

The following table shows the fair value of our financial assets and liabilities at June 30, 2023 and March 31, 2023:


					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
	June 30,		March 31,		June 30,		March 31,		June 30,		March 31,		June 30,		March 31,
Assets:
Cash and cash equivalents	$	208,614	$	208,357	$	208,614	$	208,357	$	—	$	—	$	—	$	—
Forward and swap contracts (1)	1,297		378		—		—		1,297		378		—		—
Equity investments(2)	7,143		7,069		7,143		7,069		—		—		—		—
Other investments	2,069		2,066		2,069		2,066		—		—		—		—

Liabilities:
Forward and swap contracts (1)	$	2,514	$	2,054	$	—	$	—	$	2,514	$	2,054	$	—	$	—
Deferred compensation plans (2)	998		1,022		998		1,022		—		—		—		—
Debt (3)	2,923,554		3,078,655		—		—		2,596,812		2,754,218		—		—
Contingent consideration obligations (4)	16,199		15,678		—		—		—		—		16,199		15,678

(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 and miscellaneous (income) expense" line of the Consolidated Statement of Income. During the first quarter of fiscal 2024 and 2023, we recorded gains (losses) of $73 and $(936),respectively, related to these investments.

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

(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, 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 June 30, 2023 are summarized as follows:


	Contingent Consideration
Balance at March 31, 2023	$	15,678
Additions	572
Payments	(20)

Currency translation adjustments	(31)

Balance at June 30, 2023	$	16,199