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RESTRUCTURING | 12 Months Ended
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Apr. 01, 2023
Restructuring and Related Activities [Abstract] |
RESTRUCTURING | RESTRUCTURING On an ongoing basis, the Company reviews the global economy, the healthcare industry, and the markets in which it competes to identify opportunities for efficiencies, enhance commercial capabilities, align its resources and offer its customers better solutions. In order to realize these opportunities, the Company undertakes restructuring-type activities to transform its business. In July 2019, the Board of Directors of the Company approved the Operational Excellence Program (the “2020 Program”) and delegated authority to the Company’s management to determine the detail of the initiatives that will comprise the program. During fiscal 2022, the Company revised the program to improve product and service quality, reduce cost principally in its manufacturing and supply chain operations and ensure sustainability while helping to offset impacts from a previously announced customer loss, rising inflationary pressures and effects of the COVID-19 pandemic. The Company expects to incur aggregate charges between $95 million and $105 million by the end of fiscal 2025 under the program. The majority of charges will result in cash outlays, including severance and other employee costs, and will be incurred as the specific actions required to execute these initiatives are identified and approved. During fiscal 2023, 2022 and 2021, the Company incurred $11.5 million, $28.7 million and $15.1 million of restructuring and restructuring related costs under this program, respectively. Total cumulative charges under this program are $67.2 million as of April 1, 2023. The following table summarizes the activity for restructuring reserves related to the 2020 Program and prior programs for the fiscal years ended April 1, 2023, April 2, 2022 and April 3, 2021, substantially all of which relates to employee severance and other employee costs:
(In thousands) | 2020 Program |  | Prior Programs |  | Total
Balance at March 28, 2020 | $ | 1,136 |  |  | $ | 1,512 |  |  | $ | 2,648 |
Costs incurred, net of reversals | 1,501 |  |  | (57) |  |  | 1,444 |
Payments | (2,062) |  |  | (1,018) |  |  | (3,080) |
Balance at April 3, 2021 | $ | 575 |  |  | $ | 437 |  |  | $ | 1,012 |
Costs incurred, net of reversals | 4,202 |  |  | 28 |  |  | 4,230 |
Payments | (2,317) |  |  | (120) |  |  | (2,437) |
Balance at April 2, 2022 | $ | 2,460 |  |  | $ | 345 |  |  | $ | 2,805 |
Costs incurred, net of reversals | 576 |  |  | 81 |  |  | 657 |
Payments | (1,226) |  |  | (86) |  |  | (1,312) |
Balance at April 1, 2023 | $ | 1,810 |  |  | $ | 340 |  |  | $ | 2,150 |
The following presents the restructuring costs by line item during fiscal 2023, 2022 and 2021 within our accompanying consolidated statements of income and comprehensive income:
(In thousands) | 2023 |  | 2022 |  | 2021
Cost of goods sold | $ | (215) |  |  | $ | 2,236 |  |  | $ | 390 |
Research and development | — |  |  | 105 |  |  | 142 |
Selling, general and administrative expenses | 872 |  |  | 1,889 |  |  | 912 |
Total | $ | 657 |  |  | $ | 4,230 |  |  | $ | 1,444 |
As of April 1, 2023, the Company had a restructuring liability of $2.2 million, of which approximately $1.8 million is payable within the next twelve months. In addition to the restructuring expenses included in the table above, the Company also incurred costs of $10.9 million, $24.6 million and $14.2 million in fiscal 2023, 2022 and 2021, respectively, that do not constitute restructuring costs under ASC 420, Exit and Disposal Cost Obligations, and which the Company instead refers to as restructuring related costs. These costs consist primarily of expenditures directly related to the restructuring actions. The following presents the restructuring related costs by line item during fiscal 2023, 2022 and 2021 within our accompanying consolidated statements of income and comprehensive income:
(In thousands) | 2023 |  | 2022 |  | 2021
Cost of goods sold | $ | 7,991 |  |  | $ | 17,832 |  |  | $ | 9,318 |
Research and development | 1,050 |  |  | 714 |  |  | 1,026 |
Selling, general and administrative expenses | 1,851 |  |  | 6,048 |  |  | 3,873 |
Total | $ | 10,892 |  |  | $ | 24,594 |  |  | $ | 14,217 |
The tables below present restructuring and restructuring related costs by reportable segment:
Restructuring costs |  |  |  |  |
(In thousands) | 2023 |  | 2022 |  | 2021
Plasma | $ | (48) |  |  | $ | 2,492 |  |  | $ | 454 |
Blood Center | — |  |  | (18) |  |  | 201 |
Hospital | 165 |  |  | (93) |  |  | 322 |
Corporate | 540 |  |  | 1,849 |  |  | 467 |
Total | $ | 657 |  |  | $ | 4,230 |  |  | $ | 1,444 |
Restructuring related costs |  |  |  |  |
(In thousands) | 2023 |  | 2022 |  | 2021
Plasma | $ | 1,385 |  |  | $ | 7,906 |  |  | $ | 1,870 |
Blood Center | 75 |  |  | 556 |  |  | 1,599 |
Hospital | 546 |  |  | 379 |  |  | 14 |
Corporate | 8,886 |  |  | 15,753 |  |  | 10,734 |
Total | $ | 10,892 |  |  | $ | 24,594 |  |  | $ | 14,217 |
Total restructuring and restructuring related costs | $ | 11,549 |  |  | $ | 28,824 |  |  | $ | 15,661 |

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
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