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SEGMENT AND ENTERPRISE-WIDE INFORMATION | 6 Months Ended
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Sep. 28, 2024
Segment Reporting [Abstract] |
SEGMENT AND ENTERPRISE-WIDE INFORMATION | 16. 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. 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 |  | Six Months Ended
(In thousands) | September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023
Net revenues(1) |  |  |  |  |  |  |
Plasma | $ | 138,565 |  |  | $ | 142,643 |  |  | $ | 274,607 |  |  | $ | 282,134 |
Blood Center | 68,804 |  |  | 70,470 |  |  | 135,643 |  |  | 139,639 |
Hospital | 138,384 |  |  | 105,950 |  |  | 272,790 |  |  | 208,378 |
Net revenues in constant currency | 345,753 |  |  | 319,063 |  |  | 683,040 |  |  | 630,151 |
Effect of exchange rates | (242) |  |  | (880) |  |  | (1,357) |  |  | (636) |
Net revenues | $ | 345,511 |  |  | $ | 318,183 |  |  | $ | 681,683 |  |  | $ | 629,515 |
(1) Beginning in fiscal 2025, the Company integrated service revenue within its three business units. Prior periods were conformed to current presentation.
| Three Months Ended |  | Six Months Ended
(In thousands) | September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023
Segment operating income |  |  |  |  |  |  |
Plasma | $ | 69,728 |  |  | $ | 78,042 |  |  | $ | 135,565 |  |  | $ | 153,740 |
Blood Center | 27,167 |  |  | 27,307 |  |  | 49,789 |  |  | 53,590 |
Hospital | 59,705 |  |  | 41,834 |  |  | 113,596 |  |  | 82,777 |
Segment operating income | 156,600 |  |  | 147,183 |  |  | 298,950 |  |  | 290,107 |
Corporate expenses (1) | (74,407) |  |  | (75,750) |  |  | (144,387) |  |  | (151,059) |
Effect of exchange rates | 1,312 |  |  | (3,091) |  |  | (37) |  |  | (478) |
Amortization of acquired intangible assets | (12,264) |  |  | (7,222) |  |  | (24,735) |  |  | (14,695) |
Amortization of fair value inventory step-up | (3,739) |  |  | — |  |  | (8,978) |  |  | — |
Integration and transaction costs | (882) |  |  | (1,784) |  |  | (13,205) |  |  | (2,899) |
Restructuring costs | (4,792) |  |  | (86) |  |  | (9,414) |  |  | (75) |
Restructuring related costs | (1,571) |  |  | (1,947) |  |  | (4,089) |  |  | (4,151) |
Digital transformation costs | (4,858) |  |  | (3,592) |  |  | (11,203) |  |  | (7,297) |
PCS2 related charges | — |  |  | (552) |  |  | — |  |  | (411) |
MDR and IVDR costs | (991) |  |  | (1,988) |  |  | (2,117) |  |  | (3,154) |
Litigation-related charges | (320) |  |  | (5,449) |  |  | (1,075) |  |  | (6,507) |
Impairment of intangible assets | (2,391) |  |  | (10,419) |  |  | (2,391) |  |  | (10,419) |
Gain on sale of property, plant and equipment | — |  |  | — |  |  | 14,134 |  |  | — |
Operating income | $ | 51,697 |  |  | $ | 35,303 |  |  | $ | 91,453 |  |  | $ | 88,962 |
(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.
Net revenues by business unit are as follows:
|  | Three Months Ended |  | Six Months Ended
(In thousands) | September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023
| Plasma | $ | 138,561 |  |  | $ | 142,794 |  |  | $ | 274,471 |  |  | $ | 282,415 |
| Apheresis | 54,332 |  |  | 54,973 |  |  | 103,426 |  |  | 104,139 |
| Whole Blood | 14,196 |  |  | 14,683 |  |  | 31,347 |  |  | 34,723 |
| Blood Center | 68,528 |  |  | 69,656 |  |  | 134,773 |  |  | 138,862 |
| Interventional Technologies(1) | 61,923 |  |  | 38,541 |  |  | 124,967 |  |  | 76,161 |
| Blood Management Technologies(2) | 76,499 |  |  | 67,192 |  |  | 147,472 |  |  | 132,077 |
| Hospital | 138,422 |  |  | 105,733 |  |  | 272,439 |  |  | 208,238 |
Net revenues(3) | $ | 345,511 |  |  | $ | 318,183 |  |  | $ | 681,683 |  |  | $ | 629,515 |
(1) Interventional Technologies includes Vascular Closure, Sensor Guided Technologies and Esophageal Protection product lines of the Hospital business unit.
(2) Blood Management Technologies includes Hemostasis Management, Cell Salvage and Transfusion Management product lines of the Hospital business unit.
(3) Beginning in fiscal 2025, the Company integrated service revenue within its three business units. Prior periods were conformed to current presentation.
Net revenues generated in the Company’s principle operating regions on a reported basis are as follows:
| Three Months Ended |  | Six Months Ended
(In thousands) | September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023
United States | $ | 256,061 |  |  | $ | 236,345 |  |  | $ | 504,963 |  |  | $ | 473,418 |
Japan | 16,424 |  |  | 15,011 |  |  | 30,129 |  |  | 26,784 |
Europe | 41,991 |  |  | 38,666 |  |  | 89,216 |  |  | 78,053 |
Rest of Asia | 25,768 |  |  | 27,735 |  |  | 45,551 |  |  | 49,775 |
Other | 5,267 |  |  | 426 |  |  | 11,824 |  |  | 1,485 |
Net revenues | $ | 345,511 |  |  | $ | 318,183 |  |  | $ | 681,683 |  |  | $ | 629,515 |

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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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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