XML 26 R13.htm IDEA: XBRL DOCUMENT
v3.25.1

RESTRUCTURING | 12 Months Ended
--- | ---
Mar. 29, 2025
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. Operational Excellence Program 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 program is closed as of March 29, 2025. During fiscal 2025, 2024 and 2023, the Company incurred $7.7 million, $9.8 million and $11.5 million of restructuring and restructuring related costs under this program, respectively. Total cumulative charges under this program are $84.7 million as of March 29, 2025. Portfolio Rationalization Initiatives In November 2023, the C ompany announced its plans to end of life the ClotPro analyzer system within the Hospital business unit and certain products within the Blood Center business unit, primarily in Whole Blood, including the associated manufacturing operations and closure of certain other facilities. The initiative is closed as of March 29, 2025. During fiscal 2025, 2024 and 2023, the Company incurred $13.0 million, $14.0 million and no restructuring and restructuring related costs under this initiative, respectively. Total cumulative charges under this initiative are $27.0 million as of March 29, 2025. Market and Regional Alignment In May 2025, the Board of Directors of the Company approved a new market and regional alignment initiative and delegated authority to the Company’s management to determine the details of the specific actions that will comprise the initiative. This strategic initiative is designed to improve operational performance and reduce costs by directing the Company’s resources toward the markets and geographies that offer the greatest growth and portfolio advancement opportunities. We expect to incur aggregate restructuring and restructuring-related charges of approximately $20 million associated with this initiative, approximately half of which we expect will consist of severance and other employee costs and the remainder of which will consist of other exit costs, primarily related to third party arrangements. These charges, substantially all of which will result in cash outlays, will be incurred as the specific actions required to execute on the initiative are identified and approved and are expected to continue through the end of fiscal 2027. We expect savings from this initiative of approximately $30 million on an annua lized basis once the initiative is completed. The amounts and timing of estimated costs and savings are subject to change until finalized. The actual amounts and timing may vary materially based on various factors. During the fourth quarter of fiscal 2025, the Company incurred $0.6 million of restructuring related costs related to the first action under this initiative, which were approved by our Board of Directors in January 2025. Total cumulative charges under this program are $0.6 million as of March 29, 2025. The following table summarizes the activity for restructuring reserves related to the portfolio rationalization initiatives, 2020 Program and market and regional alignment initiative for the fiscal years ended March 29, 2025, March 30, 2024 and April 1, 2023, substantially all of which relates to employee severance, other employee costs, inventory reserves and lease termination fees:
(In thousands) | Portfolio Rationalization |  | 2020 Program |  | Market and Regional Alignment |  | Prior Programs |  | Total
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 |
Costs incurred, net of reversals | 13,915 |  |  | 450 |  |  | — |  |  | (276) |  |  | 14,089 |
Payments | (2,606) |  |  | (1,775) |  |  | — |  |  | (64) |  |  | (4,445) |
Balance at March 30, 2024 | $ | 11,309 |  |  | $ | 485 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,794 |
Costs incurred, net of reversals | 12,797 |  |  | 566 |  |  | 550 |  |  | — |  |  | 13,913 |
Payments | (12,755) |  |  | (761) |  |  | (550) |  |  | — |  |  | (14,066) |
Non-cash adjustments | (8,616) |  |  | — |  |  | — |  |  | — |  |  | (8,616) |
Balance at March 29, 2025 | $ | 2,735 |  |  | $ | 290 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,025 |
The following presents the restructuring costs by line item during fiscal 2025, 2024 and 2023 within our accompanying consolidated statements of income and comprehensive income:
(In thousands) | 2025 |  | 2024 |  | 2023
Cost of goods sold | $ | 11,328 |  |  | $ | 11,286 |  |  | $ | (215) |
Research and development | (61) |  |  | 456 |  |  | — |
Selling, general and administrative expenses | 2,646 |  |  | 2,347 |  |  | 872 |
Total | $ | 13,913 |  |  | $ | 14,089 |  |  | $ | 657 |
As of March 29, 2025, the Company had a restructuring liability of $3.0 million, all of which is payable within the next twelve months. In addition to the restructuring expenses included in the table above, the Company also incurred costs of $7.2 million, $9.5 million and $10.9 million in fiscal 2025, 2024 and 2023, 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 2025, 2024 and 2023 within our accompanying consolidated statements of income and comprehensive income:
(In thousands) | 2025 |  | 2024 |  | 2023
Cost of goods sold | $ | 3,304 |  |  | $ | 5,734 |  |  | $ | 7,991 |
Research and development | 1,649 |  |  | 1,750 |  |  | 1,050 |
Selling, general and administrative expenses | 2,292 |  |  | 2,015 |  |  | 1,851 |
Total | $ | 7,245 |  |  | $ | 9,499 |  |  | $ | 10,892 |
The tables below present restructuring and restructuring related costs by reportable segment:
Restructuring costs |  |  |  |  |
(In thousands) | 2025 |  | 2024 |  | 2023
Plasma | $ | 258 |  |  | $ | 1,015 |  |  | $ | (48) |
Blood Center | 4,742 |  |  | 5,606 |  |  | — |
Hospital | 1,664 |  |  | 3,863 |  |  | 165 |
Corporate | 7,249 |  |  | 3,605 |  |  | 540 |
Total | $ | 13,913 |  |  | $ | 14,089 |  |  | $ | 657 |
Restructuring related costs |  |  |  |  |
(In thousands) | 2025 |  | 2024 |  | 2023
Plasma | $ | 281 |  |  | $ | 1,050 |  |  | $ | 1,385 |
Blood Center | 154 |  |  | 286 |  |  | 75 |
Hospital | 143 |  |  | 408 |  |  | 546 |
Corporate | 6,667 |  |  | 7,755 |  |  | 8,886 |
Total | $ | 7,245 |  |  | $ | 9,499 |  |  | $ | 10,892 |
Total restructuring and restructuring related costs | $ | 21,158 |  |  | $ | 23,588 |  |  | $ | 11,549 |

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