XML 21 R11.htm IDEA: XBRL DOCUMENT
v3.23.3

RESTRUCTURING | 6 Months Ended
--- | ---
Sep. 30, 2023
Restructuring and Related Activities [Abstract] |
RESTRUCTURING | 5. 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 the three and six months ended September 30, 2023, the Company incurred $2.0 million and $4.2 million, respectively, of restructuring and restructuring related costs under this program. During the three and six months ended October 1, 2022, the Company incurred $3.1 million and $6.6 million, respectively, of restructuring and restructuring related costs under this program. Total cumulative charges under this program are $71.4 million. The following table summarizes the activity for restructuring reserves related to the 2020 Program and prior programs for the six months ended September 30, 2023, substantially all of which relates to employee severance and other employee costs:
(In thousands) |  | 2020 Program |  | Prior Programs |  | Total
Balance at April 1, 2023 |  | $ | 1,810 |  |  | $ | 340 |  |  | $ | 2,150 |
Costs incurred, net of reversals |  | 57 |  |  | 18 |  |  | 75 |
Payments |  | (721) |  |  | (27) |  |  | (748) |
Balance at September 30, 2023 |  | $ | 1,146 |  |  | $ | 331 |  |  | $ | 1,477 |
The following presents the restructuring costs by line item within our accompanying unaudited Condensed Consolidated Statements of Income and Comprehensive Income:
| Three Months Ended |  | Six Months Ended
(In thousands) | September 30, 2023 |  | October 1, 2022 |  | September 30, 2023 |  | October 1, 2022
Cost of goods sold | $ | 58 |  |  | $ | 29 |  |  | $ | 264 |  |  | $ | (177) |
Selling, general and administrative expenses | 28 |  |  | 136 |  |  | (189) |  |  | 298 |
Total | $ | 86 |  |  | $ | 165 |  |  | $ | 75 |  |  | $ | 121 |
As of September 30, 2023, the Company had a restr ucturing liability of $1.5 million, of which approximately $1.1 million is paya ble within the next twelve months. In addition to the restructuring expenses included in the table above, the Company also incurred costs 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 tables below present restructuring and restructuring related costs by reportable segment:
Restructuring costs | Three Months Ended |  | Six Months Ended
(In thousands) | September 30, 2023 |  | October 1, 2022 |  | September 30, 2023 |  | October 1, 2022
Plasma | $ | 59 |  |  | $ | — |  |  | $ | (197) |  |  | $ | (211) |
Hospital | — |  |  | — |  |  | 242 |  |  | — |
Corporate | 27 |  |  | 165 |  |  | 30 |  |  | 332 |
Total | $ | 86 |  |  | $ | 165 |  |  | $ | 75 |  |  | $ | 121 |
Restructuring related costs | Three Months Ended |  | Six Months Ended
(In thousands) | September 30, 2023 |  | October 1, 2022 |  | September 30, 2023 |  | October 1, 2022
Plasma | $ | 74 |  |  | $ | 108 |  |  | $ | 243 |  |  | $ | 748 |
Blood Center | 28 |  |  | 16 |  |  | 73 |  |  | 18 |
Hospital | 98 |  |  | 111 |  |  | 147 |  |  | 200 |
Corporate | 1,747 |  |  | 2,794 |  |  | 3,688 |  |  | 5,585 |
Total | $ | 1,947 |  |  | $ | 3,029 |  |  | $ | 4,151 |  |  | $ | 6,551 |
Total restructuring and restructuring related costs | $ | 2,033 |  |  | $ | 3,194 |  |  | $ | 4,226 |  |  | $ | 6,672 |

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration