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SEGMENT AND ENTERPRISE-WIDE INFORMATION | 3 Months Ended
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Jul. 01, 2023
Segment Reporting [Abstract] |
SEGMENT AND ENTERPRISE-WIDE INFORMATION | 15. SEGMENT AND ENTERPRISE-WIDE INFORMATION The Company determines its reportable segments by first identifying its operating segments, and then by assessing whether any components of these segments constitute a business for which discrete financial information is available and where segment management regularly reviews the operating results of that component. The Company’s reporting structure aligns with its operating structure of three global business units and the information that is regularly reviewed by the Company’s chief operating decision maker. The Company’s reportable and operating segments are as follows: •Plasma •Blood Center •Hospital Management measures and evaluates the operating segments based on operating income. Management excludes certain corporate expenses from segment operating income. In addition, certain amounts that management considers to be non-recurring or non-operational are excluded from segment operating income because management evaluates the operating results of the segments excluding such items. These items include integration and transaction costs, amortization of acquired intangible assets, restructuring costs, restructuring related costs, digital transformation costs related to the upgrade of our enterprise resource planning system, impairments, accelerated device depreciation and related costs, costs related to compliance with the European Union Medical Device Regulation (“MDR”) and In Vitro Diagnostic Regulation (“IVDR”) and unusual or infrequent and material litigation-related charges. Although these amounts are excluded from segment operating income, as applicable, they are included in the reconciliations that follow. Management measures and evaluates the Company’s net revenues and operating income using internally derived standard currency exchange rates that remain constant from year to year; therefore, segment information is presented on this basis. Selected information by reportable segment is presented below:
| Three Months Ended |  |
(In thousands) | July 1, 2023 |  | July 2, 2022 |  |  |  |
Net revenues |  |  |  |  |  |  |
Plasma | $ | 138,482 |  |  | $ | 103,042 |  |  |  |  |
Blood Center | 67,306 |  |  | 66,573 |  |  |  |  |
Hospital | 99,536 |  |  | 89,184 |  |  |  |  |
Net revenues by business unit | 305,324 |  |  | 258,799 |  |  |  |  |
Service (1) | 5,764 |  |  | 5,137 |  |  |  |  |
Effect of exchange rates | 244 |  |  | (2,478) |  |  |  |  |
Net revenues | $ | 311,332 |  |  | $ | 261,458 |  |  |  |  |
(1) Reflects revenue for service, maintenance and parts |  |  |  |
| Three Months Ended |  |
(In thousands) | July 1, 2023 |  | July 2, 2022 |  |  |  |
Segment operating income |  |  |  |  |  |  |
Plasma | $ | 75,698 |  |  | $ | 55,126 |  |  |  |  |
Blood Center | 26,283 |  |  | 30,377 |  |  |  |  |
Hospital | 40,943 |  |  | 34,722 |  |  |  |  |
Segment operating income | 142,924 |  |  | 120,225 |  |  |  |  |
Corporate expenses (1) | (75,309) |  |  | (81,584) |  |  |  |  |
Effect of exchange rates | 2,613 |  |  | 6,245 |  |  |  |  |
Integration and transaction costs | (1,115) |  |  | 758 |  |  |  |  |
Amortization of acquired intangible assets | (7,473) |  |  | (8,367) |  |  |  |  |
Restructuring costs | 11 |  |  | 44 |  |  |  |  |
Restructuring related costs | (2,204) |  |  | (3,522) |  |  |  |  |
Digital transformation costs | (3,705) |  |  | — |  |  |  |  |
Impairment of assets and PCS2 related charges | 141 |  |  | 350 |  |  |  |  |
MDR and IVDR costs | (1,166) |  |  | (3,186) |  |  |  |  |
Litigation-related charges | (1,058) |  |  | (196) |  |  |  |  |
Operating income | $ | 53,659 |  |  | $ | 30,767 |  |  |  |  |
(1) Reflects shared service expenses including quality and regulatory, customer and field service, research and development, manufacturing and supply chain, as well as other corporate support functions.
Management reviews revenue based on the reportable segments noted above. Although these reportable segments are primarily product-based, they differ from the Company’s product line revenues for Plasma products and services and Blood Center products and services. Specifically, the Blood Center reportable segment includes plasma products utilized for collection in blood centers primarily for transfusion purposes. Additionally, product line revenues also include service revenues which are excluded from the reportable segments. Net revenues by business unit are as follows:
|  | Three Months Ended
(In thousands) | July 1, 2023 |  | July 2, 2022
| Plasma | $ | 138,610 |  |  | $ | 102,381 |
| Whole Blood | 20,040 |  |  | 19,595 |
| Apheresis | 47,300 |  |  | 46,099 |
| Blood Center | 67,340 |  |  | 65,694 |
| Hemostasis Management | 37,820 |  |  | 33,497 |
| Vascular Closure | 37,620 |  |  | 29,568 |
| Other(1) | 24,168 |  |  | 25,429 |
| Hospital | 99,608 |  |  | 88,494 |
Net business unit revenues | 305,558 |  |  | 256,569 |
| Service | 5,774 |  |  | 4,889 |
Net revenues | $ | 311,332 |  |  | $ | 261,458 |
(1) Other includes the Cell Salvage and Transfusion Management product lines of the Hospital business unit.
Net revenues generated in the Company’s principle operating regions on a reported basis are as follows:
| Three Months Ended |  |
(In thousands) | July 1, 2023 |  | July 2, 2022 |  |  |  |
United States | $ | 237,073 |  |  | $ | 181,996 |  |  |  |  |
Japan | 11,773 |  |  | 13,878 |  |  |  |  |
Europe | 39,387 |  |  | 40,457 |  |  |  |  |
Rest of Asia | 22,040 |  |  | 24,424 |  |  |  |  |
Other | 1,059 |  |  | 703 |  |  |  |  |
Net revenues | $ | 311,332 |  |  | $ | 261,458 |  |  |  |  |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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