Business Acquisitions and Divestitures Business Acquisitions and Divestitures (Notes)

9 Months Ended

Dec. 31, 2023

Business Acquisitions and Divestitures [Abstract]

2. Business Acquisitions

On August 2, 2023, we purchased the surgical instrumentation, laparoscopic instrumentation and sterilization container assets from BD (Becton, Dickinson and Company) (NYSE: BDX). The acquired assets from BD are being integrated into our Healthcare segment.

The purchase price of the acquisition was $539,758. The acquisition also qualified for a tax benefit related to tax deductible goodwill, with a present value of approximately $60,000. The purchase price of the acquisition was financed with borrowings from our existing credit facility. For more information, refer to Note 5 titled, "Debt."

The table below summarizes the preliminary allocation of the purchase price to the net assets acquired from BD based on fair values at the acquisition date.



	September 30, 2023 (As Previously Reported)		Adjustments		December 31, 2023(1)


Inventory	27,006		4,721		31,727
Property, plant, and equipment	6,755		1,109		7,864


Intangible assets	303,598		(598)		303,000
Goodwill	202,399		(5,232)		197,167
Total assets acquired	539,758		—		539,758



Net assets acquired	$	539,758	$	—	$	539,758

(1) Purchase price allocation is preliminary as of December 31, 2023, as valuations have not been finalized.

During the first nine months of fiscal 2023, we completed several tuck-in acquisitions, which continued to expand our product and service offerings in the AST and Healthcare segments. Total aggregate consideration was approximately $40,720, including contingent deferred consideration of $6,700.

Acquisition and integration expenses totaled $5,722 and $24,444 for the three and nine months ended December 31, 2023, respectively. Acquisition and integration expenses totaled $4,817 and $18,493 for the three and nine months ended December 31, 2022, respectively. The increase in acquisition and integration expenses for the three and nine months ended December 31, 2023 is primarily due to charges related to the acquisition of assets from BD and a fair value adjustment in the second quarter of fiscal 2024 related to a building held for sale from a previous acquisition. Acquisition and integration expenses are reported in the Selling, general and administrative expenses line of our Consolidated Statements of Income (Loss) and include, but are not limited to, investment banker, advisory, legal and other professional fees, and certain employee-related expenses.