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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to
Commission file number   001-39729
https://cdn.kscope.io/4886f3d703a99592944e9f5f0780d9b3-shc-20210630_g1.jpg
SOTERA HEALTH COMPANY
(Exact name of registrant as specified in its charter)
Delaware47-3531161
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
9100 South Hills Blvd, Suite 300
Broadview Heights, Ohio
44147
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code
(440)
262-1410
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per shareSHCThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes   No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes   No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes    No
As of August 5, 2021, there were 282,916,909 shares of the registrant’s common stock, $0.01 par value per share, outstanding.


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SOTERA HEALTH COMPANY
- TABLE OF CONTENTS -


Table of Contents
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements are often characterized by the use of the words such as “believes,” “estimates,” “expects,” “projects,” “may,” “intends,” “plans” or “anticipates,” or by discussions of strategy, plans or intentions. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from historical results or any future results, performance or achievements expressed, suggested or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to:
any disruption in the availability of, or increases in the price of, ethylene oxide (“EO”), cobalt-60 (“Co-60”) or our other direct materials, services and supplies, including as a result of current geopolitical instability arising from U.S. relations with Russia and related sanctions;
adverse changes in industry trends;
adverse changes in environmental, health and safety regulations;
accidents resulting from the safety risks associated with the use and disposal of potentially hazardous materials such as EO and Co-60;
accidents resulting from the safety risks associated with the transportation of potentially hazardous materials such as EO and Co-60;
liability claims relating to health risks associated with the use of EO and Co-60;
current and future legal proceedings;
the intensity of competition we face;
any market changes that impact our long-term supply contracts with variable price clauses;
allegations of our failure to properly perform our services and any potential product liability claims, recalls, penalties and reputational harm;
the regulatory requirements to which we are subject, and any failures to receive or maintain, or delays in receiving, required clearance or approvals;
business continuity hazards and other risks associated with our operations, including our reliance on the use and sale of products and services from a single location;
the impact of the COVID-19 pandemic;
our ability to increase capacity at existing facilities and build new facilities in a timely and cost-effective manner;
our ability to renew the long-term leases for our facilities at the end of their terms;
the risks of doing business internationally;
instability in global and regional economic and political conditions;
our failure to retain key personnel and attract talent;
the significant regulatory oversight to which our import and export operations are subject, and any failure to comply with applicable regulations;
any cyber security breaches and data leaks as a result of our dependence on information technology systems;
the risks of pursuing strategic transactions, including acquisitions, and our ability to find suitable acquisition targets or integrate strategic acquisitions successfully into our business;
our ability to maintain effective internal controls over financial reporting;
our reliance on intellectual property to maintain our competitive position and the risk of claims from third parties that we infringe or misappropriate their intellectual property rights;
the data privacy and security laws and regulations to which we are subject, and any ineffective compliance efforts with such laws and regulations;
our ability to maintain profitability in the future;
impairment charges on our goodwill and other intangible assets with indefinite lives;
unionization efforts and labor regulations in certain countries in which we operate;
the variety of laws involving the cannabis industry to which we are subject, and any failure to comply with those laws;
the risk of government or private civil antitrust actions;
adverse changes to our tax positions in U.S. or non-U.S. jurisdictions, the interpretation and application of recent U.S. tax legislation or other changes in U.S. or non-U.S. taxation of our operations;
our substantial leverage could adversely affect our ability to raise additional capital, limit our ability to react to changes in the economy or our industry and prevent us from meeting our obligations under our existing and future indebtedness; and
our ability to generate sufficient cash flows or access sufficient additional capital to meet our debt obligations or to fund our other liquidity needs.
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These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them publicly in light of new information or future events, except as required by law. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved.
You should carefully consider the above factors, as well as the factors discussed elsewhere in this Quarterly Report on Form 10-Q, including under Part II, Item 1A, “Risk Factors,” as well as Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 10-K”). If any of these trends, risks or uncertainties actually occurs or continues, our business, financial condition or operating results could be materially adversely affected, the trading prices of our securities could decline and you could lose all or part of your investment. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.
Unless expressly indicated or the context requires otherwise, the terms “Sotera Health,” “Company,” “we,” “us,” and “our” in this document refer to Sotera Health Company, a Delaware corporation, and, where appropriate, its subsidiaries on a consolidated basis.
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Part I—FINANCIAL INFORMATION
Item 1. Financial Statements
Sotera Health Company
Consolidated Balance Sheets
(in thousands)
As of
June 30, 2021December 31, 2020
Assets(Unaudited)
Current assets:
Cash and cash equivalents$156,217 $102,447 
Restricted cash short-term7 7 
Accounts receivable, net of allowance for uncollectible accounts of $730 and $708, respectively
118,405 91,735 
Inventories, net35,721 34,093 
Prepaid expenses and other current assets67,942 64,964 
Income taxes receivable22,813 21,769 
Total current assets401,105 315,015 
Property, plant, and equipment, net623,513 609,814 
Operating lease assets45,147 45,963 
Deferred income taxes8,194 8,424 
Investment in unconsolidated affiliate9,373 13,457 
Other assets8,834 9,304 
Other intangible assets, net640,787 643,366 
Goodwill1,114,176 1,115,936 
Total assets$2,851,129 $2,761,279 
Liabilities and equity
Current liabilities:
Accounts payable$63,147 $52,400 
Accrued liabilities57,165 60,518 
Deferred revenue5,539 6,056 
Current portion of finance lease obligations1,103 1,173 
Current portion of operating lease obligations10,106 9,383 
Current portion of asset retirement obligations660 620 
Income taxes payable11,072 10,448 
Total current liabilities148,792 140,598 
Long-term debt1,838,133 1,824,789 
Finance lease obligations, less current portion33,446 34,939 
Operating lease obligations, less current portion37,354 38,941 
Noncurrent asset retirement obligations46,408 45,013 
Deferred lease income21,550 21,255 
Post-retirement obligations45,638 48,223 
Mandatorily redeemable noncontrolling interest 13,625 
Noncurrent liabilities18,905 17,506 
Deferred income taxes137,632 121,816 
Total liabilities2,327,858 2,306,705 
See Commitments and contingencies note
Equity:
Common stock, with $0.01 par value, 1,200,000 shares authorized; 286,037 shares issued at June 30, 2021 and 285,990 at December 31, 2020
2,860 2,860 
Preferred stock, with $0.01 par value, 120,000 authorized; no shares issued at June 30, 2021 and
December 31, 2020, respectively
  
Treasury stock, at cost (3,120 and 2,742 shares at June 30, 2021 and December 31, 2020, respectively)
(34,000)(34,000)
Additional paid-in capital1,167,566 1,166,412 
Retained deficit(535,687)(589,128)
Accumulated other comprehensive loss(77,468)(93,842)
Total equity attributable to Sotera Health Company523,271 452,302 
Noncontrolling interests 2,272 
Total equity523,271 454,574 
Total liabilities and equity$2,851,129 $2,761,279 
See notes to consolidated financial statements.
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Sotera Health Company
Consolidated Statements of Operations and Comprehensive Income (Loss)
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Revenues:
Service$208,710 $174,444 $397,408 $341,849 
Product43,207 38,641 66,657 59,436 
Total net revenues251,917 213,085 464,065 401,285 
Cost of revenues:
Service91,391 80,620 176,427 163,689 
Product16,765 13,498 28,505 22,112 
Total cost of revenues108,156 94,118 204,932 185,801 
Gross profit143,761 118,967 259,133 215,484 
Operating expenses:
Selling, general and administrative expenses49,828 42,684 102,293 79,737 
Amortization of intangible assets15,661 14,541 32,204 29,140 
Total operating expenses65,489 57,225 134,497 108,877 
Operating income78,272 61,742 124,636 106,607 
Interest expense, net19,163 55,250 40,445 111,812 
Loss on extinguishment of debt  14,312  
Foreign exchange loss (gain)76 (172)654 (799)
Other income, net(2,764)(4,358)(6,654)(1,208)
Income (loss) before income taxes61,797 11,022 75,879 (3,198)
Provision (benefit) for income taxes19,182 3,770 22,199 (8,464)
Net income42,615 7,252 53,680 5,266 
Less: Net income attributable to noncontrolling interests16 235 239 213 
Net income attributable to Sotera Health Company42,599 7,017 53,441 5,053 
Other comprehensive (loss) income net of tax:
Pension and post-retirement benefits (net of taxes of $(142), $(326), $(226), and $418, respectively)
(421)(967)(670)1,240 
Interest rate swaps (net of taxes of $0, $520, $0 and $(724), respectively)
 1,465  (2,014)
Foreign currency translation20,425 24,440 17,339 (48,527)
Comprehensive income (loss)62,619 32,190 70,349 (44,035)
Less: comprehensive income attributable to noncontrolling interests326 234 534 212 
Comprehensive income (loss) attributable to Sotera Health Company$62,293 $31,956 $69,815 $(44,247)
Earnings per share:
Basic$0.15 $0.03 $0.19 $0.02 
Diluted0.15 0.03 0.19 0.02 
Weighted average number of shares outstanding:
Basic279,078 232,400 278,953 232,400 
Diluted279,214 232,400 279,078 232,400 
See notes to consolidated financial statements.
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Sotera Health Company
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Six Months Ended June 30,
20212020
Operating activities:
Net income$53,680 $5,266 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation31,062 31,433 
Amortization of intangible assets44,060 39,624 
Loss on extinguishment of debt14,312  
Deferred income taxes3,504 (8,237)
Share-based compensation expense6,942 3,118 
Accretion of asset retirement obligations1,153 974 
Unrealized foreign exchange losses / (gains)1,097 (4,864)
Unrealized (gain) / loss on embedded derivative instruments(1,614)2,043 
Amortization of debt issuance costs3,245 5,830 
Other(4,241)(3,704)
Changes in operating assets and liabilities:
Accounts receivable(25,754)(4,809)
Inventories(770)5,359 
Other current assets983 (957)
Accounts payable15,080 (8,951)
Accrued liabilities(4,375)(7,246)
Income taxes payable / receivable(3,998)(3,943)
Other liabilities(95)164 
Other long-term assets(15)1,587 
Net cash provided by operating activities134,256 52,687 
Investing activities:
Purchases of property, plant and equipment(44,789)(23,438)
Purchase of mandatorily redeemable noncontrolling interest in Nelson Laboratories Fairfield, Inc.(12,425) 
Purchase of BioScience Laboratories, LLC, net of cash acquired(13,760) 
Net cash used in investing activities(70,974)(23,438)
Financing activities:
Proceeds from revolving credit facility 50,000 
Purchase of noncontrolling interests in China subsidiaries(7,720) 
Payments of debt issuance costs(3,661)(142)
Payments on long-term borrowings (55,725)
Other(709)(651)
Net cash used in financing activities(12,090)(6,518)
Effect of exchange rate changes on cash and cash equivalents2,578 601 
Net increase in cash and cash equivalents, including restricted cash53,770 23,332 
Cash and cash equivalents, including restricted cash, at beginning of period102,454 63,025 
Cash and cash equivalents, including restricted cash, at end of period$156,224 $86,357 
Supplemental disclosures of cash flow information:
Cash paid during the period for interest$36,615 $112,725 
Cash paid during the period for income taxes, net of tax refunds received22,785 3,332 
Equipment purchases included in accounts payable9,670 7,141 
See notes to consolidated financial statements.
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Sotera Health Company
Consolidated Statements of Equity
(in thousands)
(Unaudited)
Three Months Ended June 30, 2021
Common Stock
Additional
Paid-In
Capital
Retained
Earnings /
(Accumulated
Deficit)
Accumulated
Other
Comprehensive
(Loss) Income
Noncontrolling
Interests
Total
Equity
Shares
Amount
Treasury
Stock
Balance at March 31, 2021282,900 $2,860 $(34,000)$1,169,852 $(578,286)$(97,162)$2,480 $465,744 
Acquisition of noncontrolling interests   (5,772)  (2,806)(8,578)
Issuance of shares47 — — 1,080 — — — 1,080 
Share-based compensation plans(30)— — 2,406 — — — 2,406 
Comprehensive income (loss):
Pension and post-retirement plan adjustments, net of tax— — — — — (421)— (421)
Foreign currency translation— — — — — 20,115 310 20,425 
Net income — — — — 42,599 — 16 42,615
Balance at June 30, 2021282,917 $2,860 $(34,000)$1,167,566 $(535,687)$(77,468)$ $523,271 
Six Months Ended June 30, 2021
Common Stock

Additional
Paid-In
Capital
Retained
Earnings /
(Accumulated
Deficit)
Accumulated
Other
Comprehensive
(Loss) Income
Noncontrolling
Interests
Total
Equity
Shares
Amount
Treasury
Stock
Balance at December 31, 2020283,248 $2,860 $(34,000)$1,166,412 $(589,128)$(93,842)$2,272 $454,574 
Acquisition of noncontrolling interests— — — (5,772)— — (2,806)(8,578)
Issuance of shares47 — — 1,080 — — — 1,080 
Share-based compensation plans(378)— — 5,846 — — — 5,846 
Comprehensive income (loss):
Pension and post-retirement plan adjustments, net of tax— — — — — (670)— (670)
Foreign currency translation— — — — — 17,044 295 17,339 
Net income— — — — 53,441 — 239 53,680
Balance at June 30, 2021282,917 $2,860 $(34,000)$1,167,566 $(535,687)$(77,468)$ $523,271 
See notes to consolidated financial statements.
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Sotera Health Company
Consolidated Statements of Equity (Deficit) (continued)
(in thousands)
(Unaudited)
Three Months Ended June 30, 2020
Common Stock
Additional
Paid-In
Capital
Retained
Earnings /
(Accumulated
Deficit)
Accumulated
Other
Comprehensive
(Loss) Income
Noncontrolling
Interests
Total
Equity (Deficit)
Shares
Amount
Balance at March 31, 2020232,400 $2,324 $1,725 $(552,475)$(168,626)$1,420 $(715,632)
Share-based compensation plans— — 1,393 — — — 1,393 
Comprehensive income (loss):
Pension and post-retirement plan adjustments, net of tax— — — — (967)— (967)
Foreign currency translation— — — — 24,440 — 24,440 
Interest rate swaps— — — — 1,465 — 1,465 
Net income— — — 7,017 — 234 7,251 
Balance at June 30, 2020232,400 $2,324 $3,118 $(545,458)$(143,688)$1,654 $(682,050)
Six Months Ended June 30, 2020
Common Stock
Additional
Paid-In
Capital
Retained
Earnings /
(Accumulated
Deficit)
Accumulated
Other
Comprehensive
(Loss) Income
Noncontrolling
Interests
Total
Equity (Deficit)
Shares
Amount
Balance at December 31, 2019232,400 $2,324 $ $(550,511)$(94,387)$1,442 $(641,132)
Share-based compensation plans— — 3,118 — — — 3,118 
Comprehensive income (loss):
Pension and post-retirement plan adjustments, net of tax— — — — 1,240 — 1,240 
Foreign currency translation— — — — (48,527)— (48,527)
Interest rate swaps— — — — (2,014)— (2,014)
Net income— — — 5,053 — 212 5,265
Balance at June 30, 2020232,400 $2,324 $3,118 $(545,458)$(143,688)$1,654 $(682,050)
See notes to consolidated financial statements.
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Sotera Health Company
Notes to Consolidated Financial Statements

1.Basis of Presentation
Principles of Consolidation – Sotera Health Company (also referred to herein as the “Company,” “we,” “our,” “us” or “its”), is a leading global provider of mission-critical end-to-end sterilization solutions, lab testing and advisory services for the healthcare industry with operations primarily in the Americas, Europe and Asia.
We operate and report in three segments, Sterigenics, Nordion and Nelson Labs. We describe our reportable segments in Note 18, “Segment Information”. All significant intercompany balances and transactions have been eliminated in consolidation.
Noncontrolling interests represent the noncontrolling stockholders’ proportionate share of the total equity in the Company’s consolidated subsidiaries. We consolidate the results of operations of these subsidiaries with our results of operations. In the second quarter of 2021, we purchased the outstanding noncontrolling interests of 15% and 33% of our two China subsidiaries. Refer to Note 4, “Acquisitions” for additional details. We reflect the noncontrolling interests in our two China subsidiaries for all periods presented prior to this purchase transaction on our Consolidated Statements of Operations and Comprehensive Income (Loss) as “Net income attributable to noncontrolling interests.”
On March 11, 2021, we purchased the 15% noncontrolling interest that remained from the August 2018 acquisition of Nelson Laboratories Fairfield, Inc. (“Nelson Labs Fairfield”). As the purchase of this noncontrolling interest was mandatorily redeemable, no earnings were allocated to this noncontrolling interest. See Note 4, “Acquisitions” for additional details.
In July 2020, we acquired a 60% equity ownership interest in a joint venture to construct an E-beam facility in Alberta, Canada in connection with our acquisition of Iotron Industries Canada, Inc. (“Iotron”). Refer to Note 4, “Acquisitions” for additional information. We have determined this to be an investment in a variable interest entity (“VIE”). The investment is not consolidated as the Company has concluded that we are not the primary beneficiary of the VIE. The Company accounts for the joint venture using the equity method. The investment is reflected within “Investment in unconsolidated affiliates” on the Consolidated Balance Sheets.
Use of Estimates – In preparing our consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”), we make estimates and assumptions that affect the amounts reported and the accompanying notes. We regularly evaluate the estimates and assumptions used and revise them as new information becomes available. Actual results may vary from those estimates.
Interim Financial Statements – The accompanying consolidated financial statements include the assets, liabilities, operating results, and cash flows of the Company and its wholly owned subsidiaries. These financial statements are prepared in accordance with U.S. GAAP for interim financial information and the instructions to the Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. These unaudited interim financial statements should be read in conjunction with the Company's annual consolidated financial statements and accompanying notes on Form 10-K for the year ended December 31, 2020.
2.Recent Accounting Standards
ASUs Issued But Not Yet Adopted
Under the Jumpstart Our Business Startups Act of 2012, emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies. As an emerging growth company, we have elected to take advantage of the extended transition period for complying with new or revised accounting standards until those standards would otherwise apply to private companies or at which time we conclude it is appropriate to avail ourselves of early adoption provisions of applicable standards. As a result, our results of operations and financial statements may not be comparable to the results of operations and financial statements of other companies who have adopted the new or revised accounting standards.
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Sotera Health Company
Notes to Consolidated Financial Statements
In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (“ASU 2016-13”): Measurement of Credit Losses on Financial Instruments, and subsequently issued additional guidance that modified ASU 2016-13. The standard requires an entity to change its accounting approach in determining impairment of certain financial instruments, including trade receivables, from an “incurred loss” to a “current expected credit loss” model. We intend to adopt the standard as of January 1, 2022. We are currently assessing the effect that ASU 2016-13 will have on our financial position, results of operations, and disclosures.
In June 2019, the FASB issued ASU 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The standard simplifies the accounting for income taxes and makes a number of changes meant to add or clarify guidance on accounting for income taxes. This update is effective for annual financial statement periods beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022, with early adoption permitted in any interim period for which financial statements have not yet been filed. We are currently assessing the effect that ASU 2019-12 will have on our financial position, results of operations, and disclosures.
3.Revenue Recognition
The following table shows disaggregated net revenues from contracts with external customers by timing of revenue and by segment for the three and six months ended June 30, 2021 and 2020:
(thousands of U.S. dollars)Three Months Ended June 30, 2021
SterigenicsNordionNelson LabsConsolidated
Point in time$145,182 $47,753 $ $192,935 
Over time 1,372 57,610 58,982 
Total$145,182 $49,125 $57,610 $251,917 
(thousands of U.S. dollars)Three Months Ended June 30, 2020
SterigenicsNordionNelson LabsConsolidated
Point in time$120,372 $42,141 $ $162,513 
Over time  50,572 50,572 
Total$120,372 $42,141 $50,572 $213,085 
(thousands of U.S. dollars)Six Months Ended June 30, 2021
SterigenicsNordionNelson LabsConsolidated
Point in time$276,333 $73,671 $ $350,004 
Over time 1,372 112,689 114,061 
Total$276,333 $75,043 $112,689 $464,065 
(thousands of U.S. dollars)Six Months Ended June 30, 2020
SterigenicsNordionNelson LabsConsolidated
Point in time$237,652 $65,766 $ $303,418 
Over time  97,867 97,867 
Total$237,652 $65,766 $97,867 $401,285 
Contract Balances
As of June 30, 2021, and December 31, 2020, contract assets included in “Prepaid expenses and other current assets” on the Consolidated Balance Sheets totaled approximately $14.0 million and $12.7 million, respectively, resulting from revenue recognized over time in excess of the amount billed to the customer.
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Sotera Health Company
Notes to Consolidated Financial Statements
When we receive consideration from a customer prior to transferring goods or services under the terms of a sales contract, we record deferred revenue, which represents a contract liability. Deferred revenue totaled $5.5 million and $6.1 million at June 30, 2021 and December 31, 2020, respectively. We recognize deferred revenue after all revenue recognition criteria are met.
4.Acquisitions
Acquisition of Noncontrolling Interests in China Subsidiaries
On May 18, 2021, the Company acquired the remaining 15% and 33% noncontrolling interests associated with our two subsidiaries located in China. As a result, both entities are now 100% owned by the Company. The purchase price of the remaining equity interests was approximately $8.6 million, net of the cancellation of an $0.8 million demand note. The Company paid 90% of the cash consideration on the acquisition date with the remaining 10% to be settled post-closing pursuant to the terms of the equity transfer agreements. As a result of the transactions, we continue to consolidate both of these subsidiaries, however, as of May 18, 2021, we no longer record noncontrolling interests in the consolidated financial statements as these subsidiaries are fully owned by the Company. The purchases were accounted for as equity transactions. As a result of these transactions, noncontrolling interests were reduced by $2.8 million reflecting the carrying value of the interest with $5.8 million of the difference charged to additional paid-in capital as of June 30, 2021.

Acquisition of BioScience Laboratories, LLC
On March 8, 2021, we acquired BioScience Laboratories, LLC (“BioScience”) for approximately $13.8 million, net of $0.2 million of cash acquired plus the contemporaneous repayment of BioScience's outstanding debt of $1.9 million. BioScience is a provider of outsourced topical antimicrobial product testing in the pharmaceutical, medical device, and consumer products industries with one location in Bozeman, Montana.
The purchase price of BioScience was allocated to the underlying assets acquired and liabilities assumed based upon management's estimated fair values at the date of acquisition. Changes to the allocation of the purchase price may occur as these measurements are completed. Approximately $8.4 million of goodwill was recorded related to the BioScience acquisition, representing the excess of the purchase price over preliminary estimated fair values of all the assets acquired and liabilities assumed. The Company funded this acquisition using available cash. The acquisition price and the results of operations for this acquired entity are not material in relation to the Company's consolidated financial statements.
Acquisition of Mandatorily Redeemable Noncontrolling Interest - Nelson Labs Fairfield
On March 11, 2021, we completed the acquisition of the remaining 15% ownership of Nelson Labs Fairfield for $12.4 million, resulting in a gain of $1.2 million included in “Other expense (income), net” in the Consolidated Statements of Operations and Comprehensive Income (Loss) relative to the $13.6 million previously accrued. Pursuant to the terms of the August 2018 acquisition, we initially acquired 85% of the equity interests of Nelson Labs Fairfield in August 2018 and were obligated to acquire the remaining 15% noncontrolling interest within three years from the date of the acquisition.
Acquisition of Iotron Industries Canada, Inc.
On July 31, 2020, we acquired Iotron for approximately $105.2 million. Iotron was an independent contact sterilizer with two North American locations in Vancouver, Canada, and Columbia City, Indiana. Each location uses proprietary high energy electron beam technology to process products for orthopedic, medical device, plastics, and agricultural businesses. The acquisition was financed by the issuance of $100.0 million of First Lien Notes due 2026. Refer to Note 9, “Long-Term Debt” for additional details.
As part of this acquisition, we also acquired Iotron’s 60% equity ownership interest in a joint venture to construct an E-beam facility in Alberta, Canada. The joint venture is accounted for using the equity method.
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Sotera Health Company
Notes to Consolidated Financial Statements
The estimated fair value of the underlying acquired assets and assumed liabilities of the Iotron acquisition and the measurement period adjustments recognized during the six months ended June 30, 2021, were as follows:
(thousands of U.S. dollars)
Allocation of purchase price to the fair value of
net assets acquired (net of cash acquired):
Amount recognized as of December 31, 2020Measurement Period AdjustmentsAmount recognized as of June 30, 2021
Goodwill$69,046 $(17,142)$51,904 
Intangibles16,427 26,273 42,700 
Property, plant, and equipment13,812 4,346 18,158 
Working capital, net1,115 2 1,117 
Investment in unconsolidated affiliate12,881 (4,181)8,700 
Assumed long-term liabilities(2,248) (2,248)
Other assets/liabilities, net(5,846)(9,298)(15,144)
Total purchase price$105,187 $ $105,187 
Approximately $51.9 million of goodwill was recorded related to the Iotron acquisition, representing the excess of the purchase price over the estimated fair values of all the assets acquired and liabilities assumed. The fair value allocated to goodwill and tangible and intangible assets are deductible for tax purposes. The qualitative elements of goodwill primarily represent the expanded future growth opportunities for the combined company and the addition of Iotron’s highly skilled workforce. The Company recorded $39.1 million and $3.6 million for intangible assets as part of the acquisition related to customer relationships and employee non-compete agreements, respectively. The estimated useful lives of the identifiable finite-lived intangible assets range from 5 to 15 years.
Iotron’s results of operations are included in our consolidated financial statements from the date of the transaction within the Sterigenics segment. The unaudited pro forma consolidated results for the three and six months ended June 30, 2020, are reflected in the pro forma table below had the transaction occurred on January 1, 2020. The following unaudited supplemental pro forma financial information is based on our historical consolidated financial statements and Iotron’s historical consolidated financial statements, as adjusted for amortization of acquired intangible assets, an increase in interest expense resulting from interest on the First Lien Notes to finance the acquisition, and to reflect the change in the estimated income tax rate for federal and state purposes.
(thousands of U.S. dollars)
Three Months Ended June 30,2020
Net revenues$219,576 
Net income8,452 
(thousands of U.S. dollars)
Six Months Ended June 30,2020
Net revenues$413,978 
Net income