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(4) For more information regarding our restructuring efforts, refer to Note 2 titled, "Restructuring".
Read in the filing ↗ Also in 10-Q of Aug 7, 2025, 10-Q of Aug 7, 2025, 10-Q of Nov 6, 2025, 10-Q of Nov 6, 2025, 10-Q of Nov 6, 2025, 10-Q of Feb 6, 2026, 10-Q of Feb 6, 2026, 10-Q of Feb 6, 2026, 10-K of May 29, 2026, 10-Q of Aug 7, 2026, 10-Q of Aug 7, 2026, 10-Q of Nov 5, 2026, 10-Q of Nov 5, 2026, 10-Q of Nov 5, 2026
Restructuring Expenses. In May 2024, we adopted and announced a targeted restructuring plan (the "Restructuring Plan"). The Restructuring Plan includes a strategic shift in our approach to the Healthcare surgical business in Europe, as well as other actions including the impairment of an internally developed X-ray accelerator, product rationalizations and facility consolidations. Approximately 300 positions have been eliminated. These restructuring actions were designed to enhance profitability and improve efficiency, which we realized beginning in fiscal 2025 and 2026. As of March 31, 2026, the execution of our Restructuring Plan was substantially complete.
Read in the filing ↗ Also in 10-K of May 29, 2026, 10-Q of Aug 7, 2025, 10-Q of Nov 6, 2025, 10-Q of Feb 6, 2026, 10-K of May 29, 2025
pursuant to the restructuring plan and the costs, charges and cash expenditures associated with the restructuring
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(4) For more information regarding the restructurings, refer to Note 2 to our consolidated financial statements titled, "Restructuring."
Read in the filing ↗ Also in 10-K of May 29, 2026
In May 2024, we adopted and announced a targeted restructuring plan (the "Restructuring Plan"). The Restructuring Plan includes a strategic shift in our approach to the Healthcare surgical business in Europe, as well as other actions including the impairment of an internally developed X-ray accelerator, product rationalizations and facility consolidations. Approximately 300 positions have been eliminated. These restructuring actions were designed to enhance profitability and improve efficiency. As of March 31, 2026, the execution of our Restructuring Plan was substantially complete.
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Restructuring Expenses. The Company has undertaken various restructuring actions to enhance profitability, improve operating efficiencies and optimize our manufacturing and distribution network. Restructuring charges and related liability activity associated with these plans are presented in the tables below. Restructuring charges are excluded from segment operating income. For more information regarding our business segments, refer to Note 10, titled "Business Segment Information."
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The following table summarizes our total pre-tax restructuring expenses recorded in fiscal 2025 related to the Restructuring Plan:
Read in the filing ↗ Also in 10-K of May 29, 2026
During the three months ended June 30, 2026, we did not incur any expenses related to the Restructuring Plan. The following table summarizes our total pre-tax restructuring expenses recorded during the three months ended June 30, 2025 related to the Restructuring Plan:
Read in the filing ↗ Also in 10-Q of Aug 7, 2026
The following table summarizes our total pre-tax restructuring expenses recorded in fiscal 2025 and 2024 related to the Restructuring Plan:
Read in the filing ↗ Also in 10-K of May 29, 2026
On May 8, 2024, the Company announced a targeted restructuring plan (the “Restructuring Plan”), which includes restructuring of the Healthcare surgical business in Europe as well as other actions, including the impairment of an internally developed X- ray accelerator, product rationalizations and facility consolidations.
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The Restructuring Plan expenses incurred during fiscal 2025 and 2024 primarily related to actions taken in our Healthcare and AST segments. Total pre-tax restructuring expense of $ 106,665 has been recorded relating to the Restructuring Plan since inception, of which $ 34,552 has been recorded in Cost of revenues. Additional costs with respect to our Restructuring Plan in fiscal 2026 are not expected to be significant.
Read in the filing ↗ Also in 10-K of May 29, 2025, 10-K of May 29, 2026, 10-K of May 29, 2026
The Restructuring Plan expenses incurred during the first three months ended June 30, 2025 and 2024 primarily related to actions taken within our Healthcare segment. Total pre-tax restructuring expense of $ 108.4 million has been recorded relating to the Restructuring Plan since inception, of which $ 34.6 million has been recorded in Cost of revenues. Additional costs with respect to our Restructuring Plan are not expected to be significant during fiscal 2026.
Read in the filing ↗ Also in 10-Q of Aug 7, 2025
The Restructuring Plan expenses incurred during the three and six months ended September 30, 2025 and 2024 primarily related to actions taken within our Healthcare segment. Total pre-tax restructuring expense of $ 109.6 million has been recorded relating to the Restructuring Plan since inception, of which $ 33.6 million has been recorded in Cost of revenues. Additional costs with respect to our Restructuring Plan are not expected to be significant during fiscal 2026.
Read in the filing ↗ Also in 10-Q of Nov 6, 2025
The Restructuring Plan expenses incurred during the three and nine months ended December 31, 2025 and 2024 primarily related to actions taken within our Healthcare segment. Total pre-tax restructuring expense of $ 109.8 million has been recorded relating to the Restructuring Plan since inception, of which $ 33.3 million has been recorded in Cost of revenues. Additional costs with respect to our Restructuring Plan are not expected to be significant during fiscal 2026.
Read in the filing ↗ Also in 10-Q of Feb 6, 2026
Fiscal 2027 restructuring charges primarily relate to the Fiscal 2027 Portfolio and Organizational Optimization Plan, while Fiscal 2026 restructuring charges related to the Fiscal 2025 Plan.
Read in the filing ↗ Also in 10-Q of Nov 5, 2026
The following table summarizes our total pre-tax restructuring expenses recorded during the first three months ended June 30, 2025 and 2024 related to the Restructuring Plan:
Read in the filing ↗ Also in 10-Q of Aug 7, 2025
The following table summarizes our total pre-tax restructuring expenses recorded during the three and six months ended September 30, 2025 and 2024 related to the Restructuring Plan:
Read in the filing ↗ Also in 10-Q of Nov 6, 2025, 10-Q of Nov 5, 2026, 10-Q of Nov 5, 2026
The following table summarizes our total pre-tax restructuring expenses recorded during the three and nine months ended December 31, 2025 and 2024 related to the Restructuring Plan:
Read in the filing ↗ Also in 10-Q of Feb 6, 2026
In May 2024, we adopted and announced a targeted restructuring plan (the "Restructuring Plan"). This plan includes a strategic shift in our approach to the Healthcare surgical business in Europe, as well as other actions including the impairment of an internally developed X-ray accelerator, product rationalizations and facility consolidations. Approximately 300 positions have been eliminated. These restructuring actions were designed to enhance profitability and improve efficiency. As of March 31, 2026, the execution of our Restructuring Plan is substantially complete.
Read in the filing ↗ Also in 10-K of May 29, 2025, 10-Q of Aug 7, 2025, 10-Q of Nov 6, 2025, 10-Q of Feb 6, 2026
The Restructuring Plan expenses incurred during the three months ended June 30, 2025 primarily related to actions taken within our Healthcare and AST segments. Total pre-tax restructuring expense of $ 110.1 million has been recorded relating to the Restructuring Plan since inception, of which $ 33.9 million has been recorded in Cost of revenues.
Read in the filing ↗ Also in 10-Q of Aug 7, 2026
(in millions) Three Months Ended June 30, ───────────────────────────────────────────────────────────────────────────────────────────── Restructuring Plan 2025 Severance and other compensation related costs $1.7 Accelerated depreciation and amortization 0.1 Total Restructuring Expense $1.8
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(in millions) Three Months Ended June 30, ─────────────────────────────────────────────────────────────────────────────────────────────────────── Restructuring Plan 2025 Severance and other compensation related (credits) costs $1.7 Accelerated depreciation and amortization 0.1 Total Restructuring Expense $1.8
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Liabilities related to restructuring activities are recorded as current liabilities in the accompanying Consolidated Balance Sheets within "Accrued payroll and other related liabilities" and "Accrued expenses and other." The following table summarizes our restructuring liability balances: Restructuring Plan Balance at March 31, 2024 $ 678 Fiscal 2025 charges 41,388 Payments (23,695) Balance at March 31, 2025 $ 18,371
Read in the filing ↗ Also in 10-K of May 29, 2025, 10-Q of Aug 7, 2025, 10-Q of Aug 7, 2025, 10-Q of Nov 6, 2025, 10-Q of Nov 6, 2025, 10-Q of Feb 6, 2026, 10-Q of Feb 6, 2026, 10-K of May 29, 2026, 10-Q of Aug 7, 2026, 10-Q of Aug 7, 2026, 10-Q of Nov 5, 2026, 10-Q of Nov 5, 2026, 10-K of May 29, 2026
The Company has undertaken various restructuring actions to enhance profitability, improve operating efficiencies and optimize our manufacturing and distribution network. Restructuring charges and related liability activity associated with these plans are presented in the tables below. Restructuring charges are excluded from segment operating income. For more information regarding our business segments, refer to Note 10, titled "Business Segment Information."
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STERIS today is also announcing a targeted restructuring plan, which includes restructuring of the Healthcare surgical business in Europe, as well as other actions including impairment of an internally developed X-ray accelerator, product rationalizations and facility consolidations.
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The estimates of the costs the Company expects to incur, and the successful implementation of the restructuring activities pursuant to the Restructuring Plan, are subject to a number of assumptions, risks and uncertainties, and actual results may differ from the above-described estimates. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the Restructuring Plan.
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On August 5, 2026, the Company announced a targeted restructuring plan (the "Fiscal 2027 Manufacturing Restructuring Plan") to consolidate manufacturing and distribution for formulated chemistries to a new Center of Excellence in North Carolina. The investment is expected to accelerate innovation, expand capacity and optimize our U.S. chemistries manufacturing and distribution network. The Fiscal 2027 Manufacturing Restructuring Plan includes the anticipated closure of chemistry manufacturing and distribution facilities in St. Louis, Missouri and Plymouth, Minnesota. The Company currently expects to incur total pre-tax restructuring charges of approximately $ 55 million to $ 70 million, consisting of approximately $ 40 million to $ 50 million of cash expenditures and approximately $ 15 million to $ 20 million of non-cash charges. These charges primarily relate to our Healthcare and Life Sciences segments. Cash expenditures are expected to primarily consist of employee retention, severance and benefits, and also include transition, facility exit and other related costs. Non-cash charges primarily relate to accelerated depreciation. These charges are expected to be incurred over time, with completion anticipated to occur during fiscal 2030. Total restructuring expense of $ 1.0 million has been recorded relating to this restructuring plan.
Read in the filing ↗ Also in 10-Q of Nov 5, 2026
(in millions) Three Months Ended June 30, Restructuring Plan 2025 2024 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Severance and other compensation related costs $ 1.7 $ 21.5 Lease and other contract termination and other costs — 3.0 Product rationalization (1) — 2.4 Accelerated depreciation and amortization 0.1 1.3 Total Restructuring Expense $ 1.8 $ 28.1
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Restructuring Plan Years Ended March 31, 2025 2024 Severance and other compensation related costs $ 29,030 $ 678 Lease and other contract termination and other costs 12,358 — Product rationalization (1) 16,232 18,320 Accelerated depreciation and amortization and asset impairment 4,655 25,392 Total Restructuring Expense $ 62,275 $ 44,390
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• Targeted restructuring plan announced associated with new Formulated Chemistries Center of Excellence in North Carolina
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Restructuring Plan Years Ended March 31, (in millions) 2026 2025 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Severance and other compensation related costs $ 2.6 $ 29.0 Lease and other contract termination and other costs 1.5 12.4 Product rationalization (1) (0.7) 16.2 Accelerated depreciation and amortization and asset impairment — 4.7 Total Restructuring Expense $ 3.4 $ 62.3
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We recognize restructuring expenses associated with actions designed to enhance profitability and improve efficiency of our operations. Severance and other compensation related costs include severance, medical benefits, and other termination benefits. For ongoing benefit arrangements, a liability is recognized when it is probable that employees will be entitled to benefits and the amount can be reasonably estimated. For one-time benefit arrangements, a liability is incurred and must be accrued at the date the plan is communicated to employees, unless they will be retained beyond a minimum retention period. In this case, the liability is calculated at the date the plan is communicated to employees and is accrued ratably over the future service period. Asset impairment expenses primarily relate to adjustments in the carrying value of facilities and machinery and equipment associated with restructuring actions to their estimated fair value. In addition, the remaining useful lives of other property, plant, and equipment associated with the restructuring actions are re-evaluated, which may result in the acceleration of depreciation and amortization of certain assets. Other restructuring expenses are expensed as incurred. Product rationalization charges relate to inventory write-downs and are recognized in Cost of revenues in the Consolidated Statements of Income. For additional information regarding our recent restructurings, refer to Note 2 titled, "Restructuring."
Read in the filing ↗ Also in 10-K of May 29, 2026
expectations about the pre-tax savings resulting from the restructuring plan, the number of positions eliminated
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were partially offset by unfavorable impacts from materials and labor costs, higher operational investments and restructuring expenses.
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In May 2024, we adopted and announced a targeted restructuring plan (the "Fiscal 2025 Plan"). The Fiscal 2025 Plan includes a strategic shift in our approach to the Healthcare surgical business in Europe, as well as other actions including the impairment of an internally developed X-ray accelerator, product rationalizations and facility consolidations. Approximately 300 positions have been eliminated. These restructuring actions were designed to enhance profitability and improve efficiency. As of March 31, 2026, the execution of the Fiscal 2025 Plan was substantially complete. Total restructuring expense of $ 109.5 million has been recorded relating to the Fiscal 2025 Plan since inception, of which $ 33.9 million has been recorded in Cost of revenues.
Read in the filing ↗ Also in 10-Q of Nov 5, 2026
(dollars in thousands) Restructuring Plan Balance at March 31, 2024 $ 678 Fiscal 2025 Charges 41,388 Payments (23,695) Balance at March 31, 2025 $ 18,371
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Segment operating income represents revenues less cost of revenues, selling, general and administrative expenses, and research and development expenses that are directly attributable to the segment. Segment operating income excludes amortization of acquired intangible assets, acquisition and integration‑related charges, restructuring costs, costs incurred in tax restructuring initiatives, and other items that management does not consider indicative of segment operating performance. These excluded items are reported within the tables below to reconcile segment operating income to income from operations.
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Further, as previously announced in connection with the Fiscal 2027 Manufacturing Restructuring Plan, we expect to invest approximately $600 million to build a new Center of Excellence facility in North Carolina.
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Adjusted net income, adjusted gross profit, adjusted EPS and adjusted income from operations exclude the amortization of intangible assets acquired in business combinations, acquisition and divestiture related transaction costs and gains or losses, integration costs related to acquisitions, tax restructuring costs, restructuring charges (credits), and certain other unusual or non- recurring items. STERIS believes these measures are useful because they exclude items that may not be indicative of or are unrelated to our core operating results and provide a baseline for analyzing trends in our underlying businesses.
Read in the filing ↗ Also in 8-K of Nov 4, 2026
The Company anticipates total pre-tax restructuring charges of approximately $100 million with $44.4 million recorded in the fiscal 2024 fourth quarter with the balance expected to be recorded in fiscal 2025. The restructuring plan will be excluded from adjusted earnings per diluted share. Of the $100 million charge, approximately $50 million is non-cash. EBIT improvement resulting from these actions is anticipated to be approximately $25 million per year, with the majority of the benefit being in fiscal 2026 and beyond due to the timing of actions.
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Also during the second quarter of fiscal 2027, the Company approved an additional targeted restructuring plan (the "Fiscal 2027 Portfolio and Organizational Optimization Plan"). This plan includes targeted facility realignment, product rationalization and organizational realignment. The Company anticipates total charges of approximately $ 45 million associated with the plan, including approximately $ 10 million in cash expenditures and $ 35 million in non-cash charges. Cash expenditures will primarily consist of employee retention, severance and benefits, and also include transition, facility exit and other related costs. Non-cash charges primarily relate to asset impairment, and also include product rationalization and accelerated depreciation. These charges primarily relate to our Healthcare segment. The Fiscal 2027 Portfolio and Organizational Optimization Plan is anticipated to be substantially complete by the end of fiscal 2028. Total restructuring expense of $ 25.0 million has been recorded relating to this restructuring plan, of which $ 6.3 million has been recorded in Cost of revenues.
Read in the filing ↗ Also in 10-Q of Nov 5, 2026
• Total fiscal 2024 revenue increase 12% to $5.5 billion • Total fiscal 2024 U.S. GAAP earnings per diluted share of $3.81; adjusted earnings per diluted share increase to $8.83 • Targeted restructuring plan announced
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