DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - shares | 3 Months Ended | |
Jul. 02, 2016 | Jul. 28, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | HAEMONETICS CORP | |
Entity Central Index Key | 313,143 | |
Current Fiscal Year End Date | --04-01 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jul. 2, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 51,297,382 |
CONSOLIDATED STATEMENTS OF LOSS
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jul. 02, 2016 | Jun. 27, 2015 | |
Income Statement [Abstract] | ||
Net revenues | $ 209,956 | $ 213,413 |
Cost of goods sold | 118,900 | 110,874 |
Gross profit | 91,056 | 102,539 |
Operating expenses: | ||
Research and development | 11,437 | 11,321 |
Selling, general and administrative | 87,500 | 87,612 |
Total operating expenses | 98,937 | 98,933 |
Operating (loss) income | (7,881) | 3,606 |
Interest and other expense, net | (2,177) | (2,009) |
(Loss) income before provision for income taxes | (10,058) | 1,597 |
Provision for income taxes | 288 | 1,864 |
Net loss | $ (10,346) | $ (267) |
Net income (loss) per share - basic (in dollars per share) | $ (0.20) | $ (0.01) |
Net income (loss) per share - diluted (in dollars per share) | $ (0.20) | $ (0.01) |
Weighted average shares outstanding | ||
Basic (in shares) | 51,021 | 51,360 |
Diluted (in shares) | 51,021 | 51,360 |
Comprehensive loss | $ (11,233) | $ (2,627) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jul. 02, 2016 | Apr. 02, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 118,248 | $ 115,123 |
Accounts receivable, less allowance of $2,351 at July 2, 2016 and $2,253 at April 2, 2016 | 149,668 | 157,093 |
Inventories, net | 189,431 | 187,028 |
Prepaid expenses and other current assets | 32,248 | 28,842 |
Total current assets | 489,595 | 488,086 |
Property, plant and equipment, net | 339,666 | 337,634 |
Intangible assets, less accumulated amortization of $190,638 at July 2, 2016 and $190,816 at April 2, 2016 | 198,121 | 204,458 |
Goodwill | 268,589 | 267,840 |
Deferred tax asset, long term | 7,572 | 7,055 |
Other long-term assets | 13,848 | 14,055 |
Total assets | 1,317,391 | 1,319,128 |
Current liabilities: | ||
Notes payable and current maturities of long-term debt | 46,804 | 43,471 |
Accounts payable | 36,799 | 39,674 |
Accrued payroll and related costs | 44,330 | 35,798 |
Other liabilities | 71,040 | 66,608 |
Total current liabilities | 198,973 | 185,551 |
Long-term debt, net of current maturities | 352,908 | 364,529 |
Long-term deferred tax liability | 21,416 | 21,377 |
Other long-term liabilities | 28,534 | 26,106 |
Total stockholders’ equity: | ||
Common stock, $0.01 par value; Authorized — 150,000,000 shares; Issued and outstanding — 51,059,107 shares at July 2, 2016 and 50,932,348 shares at April 2, 2016 | 511 | 509 |
Additional paid-in capital | 445,138 | 439,912 |
Retained earnings | 305,838 | 316,184 |
Accumulated other comprehensive loss | (35,927) | (35,040) |
Total stockholders’ equity: | 715,560 | 721,565 |
Total liabilities and stockholders’ equity | $ 1,317,391 | $ 1,319,128 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Jul. 02, 2016 | Apr. 02, 2016 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 2,351 | $ 2,253 |
Intangible assets, amortization | $ 190,638 | $ 190,816 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 51,059,107 | 50,932,348 |
Common stock, shares outstanding (in shares) | 51,059,107 | 50,932,348 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 02, 2016 | Jun. 27, 2015 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (10,346) | $ (267) |
Non-cash items: | ||
Depreciation and amortization | 22,544 | 22,255 |
Asset impairments | 1,766 | 0 |
Stock compensation expense | 1,840 | 3,164 |
Unrealized gain from hedging activities | (907) | (186) |
Provision for losses on accounts receivable and inventory | 2,571 | 1,742 |
Other non-cash operating activities | 257 | 271 |
Change in operating assets and liabilities: | ||
Change in accounts receivable, net | 8,239 | 6,524 |
Change in inventories | (3,721) | (2,410) |
Change in prepaid income taxes | (932) | (369) |
Change in other assets and other liabilities | 1,126 | 3,699 |
Change in accounts payable and accrued expenses | 8,258 | (25,173) |
Net cash provided by operating activities | 30,695 | 9,250 |
Cash Flows from Investing Activities: | ||
Capital expenditures | (22,479) | (24,246) |
Proceeds from sale of property, plant and equipment | 87 | 116 |
Other acquisitions and investments | 0 | (3,000) |
Net cash used in investing activities | (22,392) | (27,130) |
Cash Flows from Financing Activities: | ||
Payments on long-term real estate mortgage | 0 | (276) |
Net (decrease) increase in short-term loans | (1,261) | 4,380 |
Repayment of term loan borrowings | (7,114) | 0 |
Proceeds from employee stock purchase plan | 1,980 | 2,263 |
Proceeds from exercise of stock options | 1,409 | 2,893 |
Share repurchases | 0 | (39,032) |
Net cash used in financing activities | (4,986) | (29,772) |
Effect of exchange rates on cash and cash equivalents | (192) | (806) |
Net Change in Cash and Cash Equivalents | 3,125 | (48,458) |
Cash and Cash Equivalents at Beginning of Period | 115,123 | 160,662 |
Cash and Cash Equivalents at End of Period | 118,248 | 112,204 |
Supplemental Disclosures of Cash Flow Information: | ||
Interest paid | 2,072 | 2,068 |
Income taxes paid | 1,541 | 1,625 |
Transfers from inventory to fixed assets for placement of Haemonetics equipment | $ 1,764 | $ 2,925 |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jul. 02, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Our accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of our management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. All intercompany transactions have been eliminated. Operating results for the three months ended July 2, 2016 are not necessarily indicative of the results that may be expected for the full fiscal year ending April 1, 2017 , or any other interim period. Operating results for the three months ended June 27, 2015 include the correction of an understatement of the provision for income taxes in fiscal 2015, which was determined to be immaterial to all periods impacted. Absent this correction, our net income for the three months ended June 27, 2015 would have been $1.0 million higher than the amount included in the accompanying Consolidated Statements of Loss and Comprehensive Loss. These unaudited consolidated financial statements should be read in conjunction with our audited consolidated financial statements and footnotes included in our annual report on Form 10-K for the fiscal year ended April 2, 2016 . We consider events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Refer to Note 10, Commitments and Contingencies , for information pertaining an arbitration matter that arose after the balance sheet date but prior to the issuance of the financial statements. There were no other significant subsequent events identified. Our fiscal year ends on the Saturday closest to the last day of March. Fiscal year 2017 includes 52 weeks with each quarter having 13 weeks. Fiscal year 2016 included 53 weeks with the first three quarters having 13 weeks and the fourth quarter having 14 weeks. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Jul. 02, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS Standards Implemented In June 2014, the FASB issued ASU No. 2014-12, Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period . ASU No. 2014-12 requires that a performance target that affects vesting and could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in ASC 718, Compensation—Stock Compensation, as it relates to such awards. ASU No. 2014-12 is effective in our first quarter of fiscal 2017 with early adoption permitted using either of two methods: (i) prospective to all awards granted or modified after the effective date; or (ii) retrospective to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter, with the cumulative effect of applying ASU No. 2014-12 as an adjustment to the opening retained earnings balance as of the beginning of the earliest annual period presented in the financial statements. The adoption of ASU No. 2014-12 did not have a material effect on our financial position or results of operations. In August 2015, the FASB issued ASU No. 2015-12, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient . Part I of ASU No. 2015-12 designates contract value as the only required measure for fully benefit-responsive investment contracts. Part II simplifies the investment disclosure requirements under Topics 820, 960, 962, and 965 for employee benefits plans and Part III provides a measurement date practical expedient for fiscal periods that do not coincide with a month-end date. ASU No. 2015-12 is effective for fiscal years beginning after December 15, 2015 with early adoption permitted. The adoption of ASU No. 2015-12 did not have a material effect on our financial position or results of operations. |
EARNINGS PER SHARE ("EPS")
EARNINGS PER SHARE ("EPS") | 3 Months Ended |
Jul. 02, 2016 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE (EPS) | EARNINGS PER SHARE (“EPS”) The following table provides a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations. Three Months Ended (In thousands, except per share amounts) July 2, June 27, Basic EPS Net loss $ (10,346 ) $ (267 ) Weighted average shares 51,021 51,360 Basic loss per share $ (0.20 ) $ (0.01 ) Diluted EPS Net loss $ (10,346 ) $ (267 ) Basic weighted average shares 51,021 51,360 Net effect of common stock equivalents — — Diluted weighted average shares 51,021 51,360 Diluted loss per share $ (0.20 ) $ (0.01 ) Basic earnings per share is calculated using our weighted-average outstanding common shares. Diluted earnings per share is calculated using our weighted-average outstanding common shares including the dilutive effect of stock awards as determined under the treasury stock method. For the three months ended July 2, 2016 and June 27, 2015 , we recognized a net loss; therefore we excluded the impact of outstanding stock awards from the diluted loss per share calculation as their inclusion would have an anti-dilutive effect. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended |
Jul. 02, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION During the first quarter of fiscal 2017, the Company's Board of Directors appointed a new President and Chief Executive Officer of the Company, effective May 16, 2016. In connection with this appointment, the employee was granted an initial equity grant with a preliminary estimated fair value of $1.5 million and initial annual equity grant with a preliminary estimated fair value of $3.8 million , each consisting of 50% performance share units, 25% restricted stock units and 25% non-qualified stock options. The performance share units vest on the last day of a three year performance period contingent upon the employee's continued employment with the Company and the achievement of the performance conditions established by the Company’s Compensation Committee. The restricted stock units and the exercise price of the stock options will be determined by the fair market value of the Company’s common stock at the time of grant and will vest in equal installments over a four year period. In addition, the employee may purchase up to $2 million of the Company’s stock during the first six months of employment and the Company will grant performance share units equal to the number of shares purchased. The performance share units granted under this award will vest on the last day of a three year performance period. The grant would be conditioned upon the employee's continued employment with the Company and the achievement of the performance conditions established by the Compensation Committee. |
PRODUCT WARRANTIES
PRODUCT WARRANTIES | 3 Months Ended |
Jul. 02, 2016 | |
Product Warranties Disclosures [Abstract] | |
PRODUCT WARRANTIES | PRODUCT WARRANTIES We generally provide warranty on parts and labor for one year after the sale and installation of each device. We also warrant our disposables products through their use or expiration. We estimate our potential warranty expense based on our historical warranty experience and periodically assess the adequacy of our warranty accrual, making adjustments as necessary. Three Months Ended (In thousands) July 2, June 27, Warranty accrual as of the beginning of the period $ 420 $ 531 Warranty provision 163 172 Warranty spending (234 ) (266 ) Warranty accrual as of the end of the period $ 349 $ 437 |
INVENTORIES
INVENTORIES | 3 Months Ended |
Jul. 02, 2016 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories are stated at the lower of cost or market and include the cost of material, labor and manufacturing overhead. Cost is determined using the first-in, first-out method. (In thousands) July 2, April 2, Raw materials $ 61,098 $ 62,062 Work-in-process 14,644 13,180 Finished goods 113,689 111,786 Total inventories $ 189,431 $ 187,028 |
GOODWILL
GOODWILL | 3 Months Ended |
Jul. 02, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | GOODWILL During fiscal 2016, as a result of our annual impairment test, we determined that the estimated fair value of all of our reporting units exceeded their respective carrying values, with the exception of EMEA, for which we recorded a goodwill impairment charge. As of that test date, the reporting unit that was most at risk of impairment in future periods was the Americas Blood Center and Hospital, which had an excess fair value over carrying value of approximately 25.8% and allocated goodwill of $175.9 million . We believe that our assumptions used to determine the fair value of the Americas Blood Center and Hospital reporting unit were reasonable. If different assumptions were to be used, particularly with respect to estimating future cash flows, or if actual operating results and cash flows of the Americas Blood Center and Hospital differ from the estimated operating results and related cash flows, there is the potential that an impairment charge could result in future periods. Additionally, changes to the discount rate or the long-term growth rate could also give rise to an impairment in future periods. During the first quarter of fiscal 2017, there were no new or additional impairment indicators associated with this reporting unit. |
DERIVATIVES AND FAIR VALUE MEAS
DERIVATIVES AND FAIR VALUE MEASUREMENTS | 3 Months Ended |
Jul. 02, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES AND FAIR VALUE MEASUREMENTS | DERIVATIVES AND FAIR VALUE MEASUREMENTS We manufacture, market and sell our products globally. For the three months ended July 2, 2016 , 40.1% of our sales were generated outside the U.S. in local currencies. We also incur certain manufacturing, marketing and selling costs in international markets in local currency. Accordingly, our earnings and cash flows are exposed to market risk from changes in foreign currency exchange rates relative to the U.S. Dollar, our reporting currency. We have a program in place that is designed to mitigate our exposure to changes in foreign currency exchange rates. That program includes the use of derivative financial instruments to minimize, for a period of time, the impact on our financial results from changes in foreign exchange rates. We utilize foreign currency forward contracts to hedge the anticipated cash flows from transactions denominated in foreign currencies, primarily the Japanese Yen and the Euro, and to a lesser extent the Swiss Franc, Australian Dollar, Canadian Dollar and the Mexican Peso. This does not eliminate the impact of the volatility of foreign exchange rates, but because we generally enter into forward contracts one year out, rates are fixed for a one -year period, thereby facilitating financial planning and resource allocation. Designated Foreign Currency Hedge Contracts All of our designated foreign currency hedge contracts as of July 2, 2016 and April 2, 2016 were cash flow hedges under ASC Topic 815, Derivatives and Hedging . We record the effective portion of any change in the fair value of designated foreign currency hedge contracts in Other Comprehensive Loss until the related third-party transaction occurs. Once the related third-party transaction occurs, we reclassify the effective portion of any related gain or loss on the designated foreign currency hedge contracts to earnings. In the event the hedged forecasted transaction does not occur, or it becomes probable that it will not occur, we would reclassify the amount of any gain or loss on the related cash flow hedge to earnings at that time. We had designated foreign currency hedge contracts outstanding in the contract amount of $116.8 million as of July 2, 2016 and $107.4 million as of April 2, 2016 . During the three months ended July 2, 2016 , we recognized net losses of $1.0 million in earnings from our cash flow hedges, compared to recognized net gains of $4.0 million during the three months ended June 27, 2015 . For the three months ended July 2, 2016 , a $1.9 million loss, net of tax, was recorded in Accumulated Other Comprehensive Loss to recognize the effective portion of the fair value of any designated foreign currency hedge contracts that are, or previously were, designated as foreign currency cash flow hedges, as compared to a gain of $1.2 million , net of tax, for the three months ended June 27, 2015 . At July 2, 2016 , losses of $5.9 million , net of tax, will be reclassified to earnings within the next twelve months . Substantially all currency cash flow hedges outstanding as of July 2, 2016 mature within twelve months . Non-Designated Foreign Currency Contracts We manage our exposure to changes in foreign currency on a consolidated basis to take advantage of offsetting transactions and balances. We use foreign currency forward contracts as a part of our strategy to manage exposure related to foreign currency denominated monetary assets and liabilities. These foreign currency forward contracts are entered into for periods consistent with currency transaction exposures, generally one month. They are not designated as cash flow or fair value hedges under ASC Topic 815. These forward contracts are marked-to-market with changes in fair value recorded to earnings. We had non-designated foreign currency hedge contracts under ASC Topic 815 outstanding in the contract amount of $50.4 million as of July 2, 2016 and $48.8 million as of April 2, 2016 . Interest Rate Swaps On December 21, 2012, we entered into two interest rate swap agreements (the "Swaps") on a total notional amount of $250.0 million of debt. The Swaps are amortizing and mature on August 1, 2017. We designated the Swaps as cash flow hedges of variable interest rate risk associated with $250.0 million of indebtedness. As of July 2, 2016 , the notional amount of these Swaps was $200.0 million . For three months ended July 2, 2016 and June 27, 2015 , we recorded nominal activity in Accumulated Other Comprehensive Loss to recognize the effective portion of the fair value of interest rate swaps that qualify as cash flow hedges. Fair Value of Derivative Instruments The following table presents the effect of our derivative instruments designated as cash flow hedges and those not designated as hedging instruments under ASC Topic 815 in our consolidated statements of loss and comprehensive loss for the three months ended July 2, 2016 : (In thousands) Amount of (Loss) Gain Amount of (Loss) Gain Reclassified Location in Income and Comprehensive (Loss) Income Amount of Gain (Loss) Excluded from Testing * Location in Derivative Instruments Designated foreign currency hedge contracts, net of tax $ (1,933 ) $ (1,024 ) Net revenues, COGS, and SG&A $ 102 Interest and other expense, net Non-designated foreign currency hedge contracts — — (352 ) Interest and other expense, net Designated interest rate swaps, net of tax $ (116 ) $ — Interest and other expense, net $ — * We exclude the difference between the spot rate and hedge forward rate from our effectiveness testing. We did not have fair value hedges or net investment hedges outstanding as of July 2, 2016 or April 2, 2016 . As of July 2, 2016 , no deferred tax assets were recognized for designated foreign currency hedges. ASC Topic 815 requires all derivative instruments to be recognized at their fair value as either assets or liabilities on the balance sheet. We determine the fair value of our derivative instruments using the framework prescribed by ASC Topic 820, Fair Value Measurements and Disclosures , by considering the estimated amount we would receive or pay to sell or transfer these instruments at the reporting date and by taking into account current interest rates, currency exchange rates, current interest rate curves, interest rate volatilities, the creditworthiness of the counterparty for assets and our creditworthiness for liabilities. In certain instances, we may utilize financial models to measure fair value. Generally, we use inputs that include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; other observable inputs for the asset or liability; and inputs derived principally from, or corroborated by, observable market data by correlation or other means. As of July 2, 2016 , we have classified our derivative assets and liabilities within Level 2 of the fair value hierarchy prescribed by ASC 815, as discussed below, because these observable inputs are available for substantially the full term of our derivative instruments. The following tables present the fair value of our derivative instruments as they appear in our consolidated balance sheets as of July 2, 2016 and April 2, 2016 : (In thousands) Location in As of July 2, 2016 As of April 2, 2016 Derivative Assets: Designated foreign currency hedge contracts Other current assets $ 561 $ 427 Designated interest rate swaps Other current assets — — $ 561 $ 427 Derivative Liabilities: Designated foreign currency hedge contracts Other current liabilities $ 4,817 $ 4,056 Designated interest rate swaps Other current liabilities 211 154 $ 5,028 $ 4,210 Other Fair Value Measurements Fair value is defined as the exit price that would be received from the sale of an asset or paid to transfer a liability, using assumptions that market participants would use in pricing an asset or liability. The fair value guidance establishes the following three-level hierarchy used for measuring fair value: • Level 1 — Inputs to the valuation methodology are quoted market prices for identical assets or liabilities. • Level 2 — Inputs to the valuation methodology are other observable inputs, including quoted market prices for similar assets or liabilities and market-corroborated inputs. • Level 3 — Inputs to the valuation methodology are unobservable inputs based on management’s best estimate of inputs market participants would use in pricing the asset or liability at the measurement date, including assumptions about risk. Our money market funds carried at fair value are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. Fair Value Measured on a Recurring Basis Financial assets and financial liabilities measured at fair value on a recurring basis consist of the following as of July 2, 2016 and April 2, 2016 . As of July 2, 2016 (In thousands) Level 1 Level 2 Level 3 Total Assets Money market funds $ 67,018 $ — $ — $ 67,018 Designated foreign currency hedge contracts — 561 — 561 $ 67,018 $ 561 $ — $ 67,579 Liabilities Designated foreign currency hedge contracts $ — $ 4,817 $ — $ 4,817 Designated interest rate swaps — 211 — 211 $ — $ 5,028 $ — $ 5,028 As of April 2, 2016 Level 1 Level 2 Level 3 Total Assets Money market funds $ 72,491 $ — $ — $ 72,491 Designated foreign currency hedge contracts — 427 — 427 Designated interest rate swaps $ 72,491 $ 427 $ — $ 72,918 Liabilities Designated foreign currency hedge contracts $ — $ 4,056 $ — $ 4,056 Designated interest rate swaps — 154 — 154 $ — $ 4,210 $ — $ 4,210 For the three months ended July 2, 2016 , non-designated foreign currency hedge contracts were not significant and are not disclosed separately in the above table. Other Fair Value Disclosures The Term Loan (which is carried at amortized cost), accounts receivable and accounts payable approximate fair value. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Jul. 02, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES We conduct business globally and report our results of operations in a number of foreign jurisdictions in addition to the United States. Our reported tax rate is generally lower than the U.S. federal statutory rate as the income tax rates in the foreign jurisdictions in which we operate are generally lower than the U.S. statutory tax rate. During the three months ended July 2, 2016 and June 27, 2015 we reported an income tax provision of $0.3 million and $1.9 million , respectively, representing effective tax rates of (2.9)% and 116.7% , respectively. The income tax provision for the three months ending July 2, 2016 was primarily attributable to applying the Company’s estimated annual effective tax rate to its year-to-date consolidated loss before provision for income taxes, and includes a discrete tax provision of $1.4 million for an uncertain tax position that was triggered by a reduction in workforce during the quarter ended July 2, 2016 in one of our foreign subsidiaries. We had previously negotiated a tax holiday under which we were required to maintain certain levels of headcount for a multiyear period which we will not satisfy as a result of our workforce reduction. We are subject to a potential tax assessment related to historical tax years as a result of the impact of the workforce reduction approved in the quarter ending July 2, 2016. The tax provision associated with this tax reserve establishment was partially offset by the tax benefit provided on our year-to-date loss. We are in a three year cumulative loss position in the U.S. and, accordingly, maintain a valuation allowance against our U.S. deferred tax assets. As a result we have not recognized a tax benefit related to the U.S. pre-tax loss generated for the three months ending July 2, 2016. We also maintain a valuation allowance against certain foreign deferred tax assets which we have concluded are not more-likely-than-not realizable and accordingly have not recognized a tax benefit for those jurisdictions . The income tax provision for the three months ending June 27, 2015 was primarily attributable to applying the Company’s estimated annual effective tax rate to its year-to-date consolidated income before provision for income taxes, and includes a discrete tax provision of $1.0 million to increase the deferred tax liability related to amortizable goodwill as a result of the statutory capital gains tax rate in Puerto Rico increasing from 15% to 20% . Unrecognized Tax Benefits Unrecognized tax benefits represent uncertain tax positions for which reserves have been established. As of July 2, 2016 we had $3.8 million of unrecognized tax benefits, of which $1.9 million would impact the effective tax rate, if recognized. As of April 2, 2016, we had $2.5 million of unrecognized tax benefits, of which $0.6 million would impact the effective tax rate, if recognized. During the quarter ended July 2, 2016 our unrecognized tax benefits were increased by $1.3 million due to establishing a tax reserve related to a potential tax assessment associated with a foreign subsidiary’s historical tax years as a result of a reduction in workforce which impacts a previously negotiated tax holiday. The following table summarizes the activity related to our gross unrecognized tax benefits for the fiscal periods ended July 2, 2016 and April 2, 2016: (In thousands) July 2, April 2, Beginning balance $ 2,523 $ 7,070 Additions for tax positions of prior years 1,290 340 Reductions of tax positions — (4,158 ) Closure of statute of limitations — (729 ) Ending balance $ 3,813 $ 2,523 As of July 2, 2016 we anticipate that the liability for unrecognized tax benefits for uncertain tax positions could change by up to $1.7 million in the next twelve months, as a result of closure of various statutes of limitations or settlements. Our historic practice has been and continues to be to recognize interest and penalties related to Federal, state and foreign income tax matters in income tax expense. Approximately $0.5 million and $0.4 million of gross interest and penalties were accrued at July 2, 2016 and April 2, 2016, respectively and is not included in the amounts above. There was a tax expense associated with accrued interest and penalties of $0.1 million for the quarter ended July 2, 2016. We conduct business globally and, as a result, file consolidated and separate Federal, state and foreign income tax returns in multiple jurisdictions. In the normal course of business, we are subject to examination by taxing authorities throughout the world. With a few exceptions, we are no longer subject to U.S. federal, state, or local income tax examinations for years before 2012 and foreign income tax examinations for years before 2011. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jul. 02, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES We are presently engaged in various legal actions, and although the total liability cannot be determined at the present time, based on consultation with counsel, we believe that any such liability will not materially affect our consolidated financial position or our results of operations. Italian Employment Litigation Our Italian manufacturing subsidiary is party to several actions initiated by employees of the facility in Ascoli-Piceno, Italy where we have ceased manufacturing operations. These include actions claiming (i) working conditions and minimum salaries should have been established by either a different classification under their national collective bargaining agreement or a different agreement altogether, (ii) certain solidarity agreements, which are arrangements between the Company, employees and the government to continue full pay and benefits for employees who would otherwise be terminated in times of low demand, are void, and (iii) payment of the extra time used for changing into and out of the working clothes at the beginning and end of each shift. In addition, a union represented in the Ascoli plant has filed an action claiming that the Company discriminated against it in favor of three other represented unions by (i) interfering with an employee referendum, (ii) interfering with an employee petition to recall union representatives from office, and (iii) excluding the union from certain meetings. Finally, we have been added as defendants on claims filed against Pall Corporation prior to our acquisition of the plant in August 2012. These claims relate to agreements to "freeze" benefit allowances for a certain period in exchange for Pall's commitments on hiring and plant investment. The total amount of damages claimed by the plaintiffs in these matters is approximately $4.5 million . At this point in the proceedings, we believe the losses are unlikely and therefore no amounts have been accrued. In the future, we may receive other similar claims or adverse rulings from the courts which changes our judgment on these cases. SOLX Arbitration In July 2016, H2 Equity, LLC, formerly known as Hemerus Corporation, filed an arbitration claim for $17 million in milestone and royalty payments allegedly owed as part of our acquisition of the filter and storage solution business from Hemerus Medical, LLC ("Hemerus") in fiscal 2014. The acquired storage solution is referred to as SOLX. At the closing in April 2013, Haemonetics paid Hemerus a total of $24 million and agreed to a $3 million milestone payment due when the U.S. Food and Drug Administration ("FDA") approved a new indication for SOLX (the “24-Hour Approval”), using a filter acquired from Hemerus. We also agreed to make future royalty payments up to a cumulative maximum of $14 million based on the sale of products incorporating SOLX over a ten year period. Due to performance issues with the Hemerus filter, Haemonetics filed for, and received, the 24-Hour Approval using a Haemonetics filter. Accordingly, Haemonetics did not pay Hemerus the $3 million milestone payment because the 24-Hour Approval was obtained using a Haemonetics filter, not a Hemerus filter. In addition, we have not paid any royalties to date as we have not made any commercial sales of products incorporating SOLX. H2 Equity claims, in part, that we owe them $3 million for the receipt of the SOLX 24-Hour Approval despite the use of a Haemonetics filter to obtain the approval and that we have failed to make commercially reasonable efforts to market and sell products incorporating SOLX. We believe that we have meritorious defenses to these claims. It is not possible to accurately evaluate the likelihood or amount of any potential losses related to this claim and therefore no amounts have been accrued. Product Recall In June 2016, we issued a voluntary recall of certain leukoreduction filters within our Blood Center franchise in the United States. The filters, which were yielding higher than expected levels of leukocytes in collected blood, are commonly used by our U.S. blood center customers. As a result of the recall, blood collected using these filters had to be labeled as non-leukoreduced unless tested further for adequate leukocyte counts. We determined that the affected filters were distributed between April and June 2016; credits have been issued to customers who returned affected filters purchased during this period. During the three months ended July 2, 2016, we recorded total charges of $3.4 million associated with the recall, which consisted of $2.3 million of estimated sales returns, $1.0 million of net inventory reserves for the affected filters on-hand that had not yet been shipped to customers and $0.1 million of freight expenses. Our estimate of sales returns was based on preliminary returns data received to date, however, actual customer returns are not expected to conclude until the second quarter of fiscal 2017. Additionally, we have been notified by a blood center group purchasing organization that their members will seek reimbursement for losses sustained as a result of the recall. As a result, we believe we will receive customer claims in future periods. However, at this time we do not yet have sufficient information to develop an estimate or range of estimates of the potential losses associated with future customer claims as we are not able to quantify the maximum exposure and accordingly, we did not record any charges associated with such claims during the three months ended July 2, 2016. We have insurance policies in place which may provide coverage for certain types of potential claims. We will assess the potential for insurance recoveries as we receive more information about customer claims in future reporting periods. We believe we are adequately reserved for the recall based on the known and available data received to date, however, incremental charges may be recorded in future periods as additional customer returns and claims data becomes available. |
SEGMENT AND ENTERPRISE-WIDE INF
SEGMENT AND ENTERPRISE-WIDE INFORMATION | 3 Months Ended |
Jul. 02, 2016 | |
Segment Reporting [Abstract] | |
SEGMENT AND ENTERPRISE-WIDE INFORMATION | SEGMENT AND ENTERPRISE-WIDE INFORMATION We determine our reportable segments by first identifying our 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. Our operating segments are based primarily on geography. North America Plasma is a separate operating segment with dedicated segment management due the size and scale of the plasma business. We aggregate components within an operating segment that have similar economic characteristics. The Company’s reportable segments are as follows: • Japan • Europe, Middle East and Africa (collectively “EMEA”) • North America Plasma • All Other The Company has aggregated the following two operating segments into the All Other reportable segment based upon their similar operational and economic characteristics, including similarity of operating margin: • Americas Blood Center and Hospital • Asia - Pacific In periods prior to the fourth quarter of fiscal 2016, the Company believed a single reportable segment was consistent with its basic organizational structure and believed aggregation was consistent with its primary basis for decision making. As a result, prior year segment information has been restated to conform with the current reportable segments. During the first quarter of fiscal 2017, management reorganized its operating segments such that certain components of All Other are now reported as components of EMEA. Accordingly, the prior year numbers have been updated to reflect this reclassification as well as other changes within the cost reporting structure that occurred in the first quarter of fiscal 2017. These changes did not have an impact on our ability to aggregate Americas Blood Center and Hospital with Asia - Pacific. Management measures and evaluates the Company’s operating segments based on operating margin. 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 restructuring and restructuring related costs, deal amortization, and asset impairments. 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 on a constant currency basis, therefore segment information is presented on a constant currency basis. Selected information by business segment is presented below: Three Months Ended (In thousands) July 2, June 27, Net revenues Japan $ 14,566 $ 17,595 EMEA 45,741 48,811 North America Plasma 73,475 64,443 All Other 78,020 80,219 Net revenues (constant currency) 211,802 211,068 Effect of exchange rates (1,846 ) 2,345 Net revenues (reported) $ 209,956 $ 213,413 Three Months Ended (In thousands) July 2, June 27, Segment operating income Japan $ 6,121 $ 7,682 EMEA 10,048 10,526 North America Plasma 27,277 26,156 All Other 25,636 28,635 Segment operating income (constant currency) 69,082 72,999 Corporate operating expenses (constant currency) (48,451 ) (49,252 ) Non-GAAP operating income (constant currency) 20,631 23,747 Effect of exchange rates (1,306 ) 2,080 Non-GAAP operating income (reported) 19,325 25,827 Unallocated amounts Restructuring and restructuring related costs 18,816 14,816 Deal amortization 7,075 7,405 Asset impairments 1,315 — Operating (loss) income $ (7,881 ) $ 3,606 In connection with the global strategic review of our business portfolio, we organized our current products into four franchises for purposes of evaluating their growth potential: Plasma, Blood Center, Cell Processing and Hemostasis Management. Management reviews revenue trends based on these franchises. Net revenues by franchise are as follows: Three Months Ended (In thousands) July 2, June 27, % Increase/ Plasma $ 97,649 $ 88,527 10.3 % Blood Center 70,943 83,083 (14.6 )% Cell Processing 26,076 27,813 (6.2 )% Hemostasis Management 15,288 13,990 9.3 % Net revenues $ 209,956 $ 213,413 (1.6 )% Net revenues generated in our principle operating regions on a reported basis are as follows: Three Months Ended July 2, June 27, United States $ 125,700 $ 120,695 Japan 14,964 14,734 Europe 40,367 50,288 Asia 26,992 25,520 Other 1,933 2,176 Net revenues $ 209,956 $ 213,413 |
RESTRUCTURING
RESTRUCTURING | 3 Months Ended |
Jul. 02, 2016 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING | RESTRUCTURING On an ongoing basis, we review the global economy, the healthcare industry, and the markets in which we compete to identify opportunities for efficiencies, enhance commercial capabilities, align our resources and offer our customers better solutions. In order to realize these opportunities, we undertake restructuring-type activities to transform our business. During the first quarter of fiscal 2017, in connection with our global strategic review, we launched the first phase of a restructuring program designed to reposition our organization and improve our cost structure. The first phase includes both a reduction of headcount and operating costs as well as projects to simplify product lines. In the later phases of the restructuring program, we may also take steps to modify our manufacturing operations to align with our strategic direction. We expect to incur approximately $26 million of restructuring and restructuring related charges, comprised of $17 million in termination benefits and $9 million in other related exit costs. Substantially all of these charges result in cash outlays expected to be incurred during fiscal 2017. Savings from this program are estimated to be approximately $40 million in fiscal 2017. Subsequent phases of the program may require restructuring charges in future fiscal years. During the first quarter of fiscal 2017, we incurred $17.7 million of restructuring and restructuring related charges under this program. Additionally, during the first quarter of fiscal 2017, we recorded $1.1 million of restructuring and restructuring related charges under a prior program. The following summarizes the restructuring activity for the three months ended July 2, 2016 : (In thousands) Severance and Other Employee Costs Other Costs Accelerated Depreciation Asset Total Restructuring Balance at April 2, 2016 $ 8,752 $ — $ — $ — $ 8,752 Costs incurred 15,840 212 — 334 16,386 Payments (7,134 ) (212 ) — — (7,346 ) Non-cash adjustments — — (334 ) (334 ) Balance at July 2, 2016 $ 17,458 $ — $ — $ — $ 17,458 The substantial majority of restructuring expenses have been included as a component of selling, general and administrative expense in the accompanying consolidated statements of loss. As of July 2, 2016 , we had a restructuring liability of $17.5 million , of which, approximately $16.5 million is payable within the next twelve months. In addition to the restructuring expenses included in the table above, we also incurred $2.4 million of costs that do not constitute as restructuring under ASC 420, which we refer to as restructuring related costs. These costs consist primarily of expenditures directly related to our restructuring initiative and include program management, implementation of the global strategic review initiatives and accelerated depreciation. The tables below present restructuring and restructuring related costs by reportable segment: Restructuring costs Three Months Ended (in thousands) July 2, 2016 June 27, 2015 Japan $ 874 $ 9 EMEA 3,074 20 North America Plasma 375 — All Other 12,063 9,430 Total $ 16,386 $ 9,459 Restructuring related costs Three Months Ended (in thousands) July 2, 2016 June 27, 2015 Japan $ 1 $ 144 EMEA 26 242 North America Plasma — 40 All Other 2,403 4,931 Total $ 2,430 $ 5,357 Total restructuring and restructuring related costs $ 18,816 $ 14,816 |
CAPITALIZATION OF SOFTWARE DEVE
CAPITALIZATION OF SOFTWARE DEVELOPMENT COSTS | 3 Months Ended |
Jul. 02, 2016 | |
Research and Development [Abstract] | |
CAPITALIZATION OF SOFTWARE DEVELOPMENT COSTS | CAPITALIZATION OF SOFTWARE DEVELOPMENT COSTS For costs incurred related to the development of software to be sold, leased or otherwise marketed, we apply the provisions of ASC 985-20, Software - Costs of Software to be Sold, Leased or Marketed , which specifies that costs incurred internally in researching and developing a computer software product should be charged to expense until technological feasibility has been established for the product. Once technological feasibility is established, all software costs should be capitalized until the product is available for general release to customers. We capitalized $3.7 million and $3.9 million in software development costs for ongoing initiatives during the three months ended July 2, 2016 and June 27, 2015 , respectively. At July 2, 2016 and April 2, 2016 , we have a total of $57.4 million and $54.9 million of capitalized software costs, respectively, of which $14.4 million are related to in-process software development initiatives for both periods. During the three months ended July 2, 2016 , $2.5 million of capitalized costs were placed into service. The costs capitalized for each project are included in intangible assets in the consolidated financial statements. We review these assets for impairment at least annually. During the three months ended July 2, 2016 , we impaired $1.1 million of capitalized software. The impairment charge is classified within cost of goods sold on our consolidated statements of loss. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3 Months Ended |
Jul. 02, 2016 | |
Stockholders' Equity Note [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE LOSS The components of Accumulated Other Comprehensive Loss are as follows: (In thousands) Foreign Currency Defined Benefit Plans Net Unrealized Gain/Loss on Derivatives Total Balance as of April 2, 2016 $ (22,499 ) $ (7,492 ) $ (5,049 ) $ (35,040 ) Other comprehensive income/(loss) before reclassifications (1) 138 — (2,049 ) (1,911 ) Amounts reclassified from Accumulated Other Comprehensive Loss (1) — — 1,024 1,024 Net current period other comprehensive income/(loss) 138 — (1,025 ) (887 ) Balance as of July 2, 2016 $ (22,361 ) $ (7,492 ) $ (6,074 ) $ (35,927 ) (1) Presented net of income taxes, the amounts of which are insignificant. |
EARNINGS PER SHARE ("EPS") (Tab
EARNINGS PER SHARE ("EPS") (Tables) | 3 Months Ended |
Jul. 02, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Reconciliation | The following table provides a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations. Three Months Ended (In thousands, except per share amounts) July 2, June 27, Basic EPS Net loss $ (10,346 ) $ (267 ) Weighted average shares 51,021 51,360 Basic loss per share $ (0.20 ) $ (0.01 ) Diluted EPS Net loss $ (10,346 ) $ (267 ) Basic weighted average shares 51,021 51,360 Net effect of common stock equivalents — — Diluted weighted average shares 51,021 51,360 Diluted loss per share $ (0.20 ) $ (0.01 ) |
PRODUCT WARRANTIES (Tables)
PRODUCT WARRANTIES (Tables) | 3 Months Ended |
Jul. 02, 2016 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability | We estimate our potential warranty expense based on our historical warranty experience and periodically assess the adequacy of our warranty accrual, making adjustments as necessary. Three Months Ended (In thousands) July 2, June 27, Warranty accrual as of the beginning of the period $ 420 $ 531 Warranty provision 163 172 Warranty spending (234 ) (266 ) Warranty accrual as of the end of the period $ 349 $ 437 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Jul. 02, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories are stated at the lower of cost or market and include the cost of material, labor and manufacturing overhead. Cost is determined using the first-in, first-out method. (In thousands) July 2, April 2, Raw materials $ 61,098 $ 62,062 Work-in-process 14,644 13,180 Finished goods 113,689 111,786 Total inventories $ 189,431 $ 187,028 |
DERIVATIVES AND FAIR VALUE ME23
DERIVATIVES AND FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Jul. 02, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Effect of Derivative Instruments Designated as Cash Flow Hedges and Those Not Designated as Hedging Instruments | The following table presents the effect of our derivative instruments designated as cash flow hedges and those not designated as hedging instruments under ASC Topic 815 in our consolidated statements of loss and comprehensive loss for the three months ended July 2, 2016 : (In thousands) Amount of (Loss) Gain Amount of (Loss) Gain Reclassified Location in Income and Comprehensive (Loss) Income Amount of Gain (Loss) Excluded from Testing * Location in Derivative Instruments Designated foreign currency hedge contracts, net of tax $ (1,933 ) $ (1,024 ) Net revenues, COGS, and SG&A $ 102 Interest and other expense, net Non-designated foreign currency hedge contracts — — (352 ) Interest and other expense, net Designated interest rate swaps, net of tax $ (116 ) $ — Interest and other expense, net $ — * We exclude the difference between the spot rate and hedge forward rate from our effectiveness testing. |
Schedule of Fair Value of Derivative Instruments as They Appear in Consolidated Balance Sheets | The following tables present the fair value of our derivative instruments as they appear in our consolidated balance sheets as of July 2, 2016 and April 2, 2016 : (In thousands) Location in As of July 2, 2016 As of April 2, 2016 Derivative Assets: Designated foreign currency hedge contracts Other current assets $ 561 $ 427 Designated interest rate swaps Other current assets — — $ 561 $ 427 Derivative Liabilities: Designated foreign currency hedge contracts Other current liabilities $ 4,817 $ 4,056 Designated interest rate swaps Other current liabilities 211 154 $ 5,028 $ 4,210 |
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis | Financial assets and financial liabilities measured at fair value on a recurring basis consist of the following as of July 2, 2016 and April 2, 2016 . As of July 2, 2016 (In thousands) Level 1 Level 2 Level 3 Total Assets Money market funds $ 67,018 $ — $ — $ 67,018 Designated foreign currency hedge contracts — 561 — 561 $ 67,018 $ 561 $ — $ 67,579 Liabilities Designated foreign currency hedge contracts $ — $ 4,817 $ — $ 4,817 Designated interest rate swaps — 211 — 211 $ — $ 5,028 $ — $ 5,028 As of April 2, 2016 Level 1 Level 2 Level 3 Total Assets Money market funds $ 72,491 $ — $ — $ 72,491 Designated foreign currency hedge contracts — 427 — 427 Designated interest rate swaps $ 72,491 $ 427 $ — $ 72,918 Liabilities Designated foreign currency hedge contracts $ — $ 4,056 $ — $ 4,056 Designated interest rate swaps — 154 — 154 $ — $ 4,210 $ — $ 4,210 |
SEGMENT AND ENTERPRISE-WIDE I24
SEGMENT AND ENTERPRISE-WIDE INFORMATION (Tables) | 3 Months Ended |
Jul. 02, 2016 | |
Segment Reporting [Abstract] | |
Selected Information by Business Segment | Selected information by business segment is presented below: Three Months Ended (In thousands) July 2, June 27, Net revenues Japan $ 14,566 $ 17,595 EMEA 45,741 48,811 North America Plasma 73,475 64,443 All Other 78,020 80,219 Net revenues (constant currency) 211,802 211,068 Effect of exchange rates (1,846 ) 2,345 Net revenues (reported) $ 209,956 $ 213,413 Three Months Ended (In thousands) July 2, June 27, Segment operating income Japan $ 6,121 $ 7,682 EMEA 10,048 10,526 North America Plasma 27,277 26,156 All Other 25,636 28,635 Segment operating income (constant currency) 69,082 72,999 Corporate operating expenses (constant currency) (48,451 ) (49,252 ) Non-GAAP operating income (constant currency) 20,631 23,747 Effect of exchange rates (1,306 ) 2,080 Non-GAAP operating income (reported) 19,325 25,827 Unallocated amounts Restructuring and restructuring related costs 18,816 14,816 Deal amortization 7,075 7,405 Asset impairments 1,315 — Operating (loss) income $ (7,881 ) $ 3,606 |
Schedule of Revenues by Product Line and Geographic Regions | Net revenues by franchise are as follows: Three Months Ended (In thousands) July 2, June 27, % Increase/ Plasma $ 97,649 $ 88,527 10.3 % Blood Center 70,943 83,083 (14.6 )% Cell Processing 26,076 27,813 (6.2 )% Hemostasis Management 15,288 13,990 9.3 % Net revenues $ 209,956 $ 213,413 (1.6 )% Net revenues generated in our principle operating regions on a reported basis are as follows: Three Months Ended July 2, June 27, United States $ 125,700 $ 120,695 Japan 14,964 14,734 Europe 40,367 50,288 Asia 26,992 25,520 Other 1,933 2,176 Net revenues $ 209,956 $ 213,413 |
RESTRUCTURING (Tables)
RESTRUCTURING (Tables) | 3 Months Ended |
Jul. 02, 2016 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost | The following summarizes the restructuring activity for the three months ended July 2, 2016 : (In thousands) Severance and Other Employee Costs Other Costs Accelerated Depreciation Asset Total Restructuring Balance at April 2, 2016 $ 8,752 $ — $ — $ — $ 8,752 Costs incurred 15,840 212 — 334 16,386 Payments (7,134 ) (212 ) — — (7,346 ) Non-cash adjustments — — (334 ) (334 ) Balance at July 2, 2016 $ 17,458 $ — $ — $ — $ 17,458 |
Schedule of Restructuring and Related Costs | The tables below present restructuring and restructuring related costs by reportable segment: Restructuring costs Three Months Ended (in thousands) July 2, 2016 June 27, 2015 Japan $ 874 $ 9 EMEA 3,074 20 North America Plasma 375 — All Other 12,063 9,430 Total $ 16,386 $ 9,459 Restructuring related costs Three Months Ended (in thousands) July 2, 2016 June 27, 2015 Japan $ 1 $ 144 EMEA 26 242 North America Plasma — 40 All Other 2,403 4,931 Total $ 2,430 $ 5,357 Total restructuring and restructuring related costs $ 18,816 $ 14,816 |
COMPREHENSIVE INCOME (Tables)
COMPREHENSIVE INCOME (Tables) | 3 Months Ended |
Jul. 02, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of Accumulated Other Comprehensive Loss are as follows: (In thousands) Foreign Currency Defined Benefit Plans Net Unrealized Gain/Loss on Derivatives Total Balance as of April 2, 2016 $ (22,499 ) $ (7,492 ) $ (5,049 ) $ (35,040 ) Other comprehensive income/(loss) before reclassifications (1) 138 — (2,049 ) (1,911 ) Amounts reclassified from Accumulated Other Comprehensive Loss (1) — — 1,024 1,024 Net current period other comprehensive income/(loss) 138 — (1,025 ) (887 ) Balance as of July 2, 2016 $ (22,361 ) $ (7,492 ) $ (6,074 ) $ (35,927 ) |
BASIS OF PRESENTATION AND SUM27
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jul. 02, 2016 | Jun. 27, 2015 | |
Basis of Presentation [Line Items] | ||
Correction of understatement, provision for income taxes | $ 1.4 | $ 1 |
Operating Income (Loss) [Member] | ||
Basis of Presentation [Line Items] | ||
Correction of understatement, provision for income taxes | $ 1 |
EARNINGS PER SHARE ("EPS") (Sch
EARNINGS PER SHARE ("EPS") (Schedule of Earnings Per Share Reconciliation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Jul. 02, 2016 | Jun. 27, 2015 | |
Basic EPS | ||
Net loss | $ (10,346) | $ (267) |
Basic weighted average shares (in shares) | 51,021 | 51,360 |
Basic income (loss) per share (in dollars per share) | $ (0.20) | $ (0.01) |
Diluted EPS | ||
Net loss | $ (10,346) | $ (267) |
Basic weighted average shares (in shares) | 51,021 | 51,360 |
Net effect of common stock equivalents (in shares) | 0 | 0 |
Diluted weighted average shares (in shares) | 51,021 | 51,360 |
Diluted income (loss) per share (in dollars per share) | $ (0.20) | $ (0.01) |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - President and Chief Executive Officer [Member] $ in Millions | 3 Months Ended |
Jul. 02, 2016USD ($) | |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Initial equity grant | $ 1.5 |
Percent of total award | 50.00% |
Performance period | 3 years |
Amount available for purchase | $ 2 |
Purchase period | 6 months |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Initial equity grant | $ 3.8 |
Percent of total award | 25.00% |
Vesting period | 4 years |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percent of total award | 25.00% |
PRODUCT WARRANTIES (Schedule of
PRODUCT WARRANTIES (Schedule of Product Warranty Liability) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 02, 2016 | Jun. 27, 2015 | |
Product Warranties Disclosures [Abstract] | ||
General Warranty Period on Parts and Labor | 1 year | |
Product Warranties [Roll Forward] | ||
Warranty accrual as of the beginning of the period | $ 420 | $ 531 |
Warranty provision | 163 | 172 |
Warranty spending | (234) | (266) |
Warranty accrual as of the end of the period | $ 349 | $ 437 |
INVENTORIES (Schedule of Invent
INVENTORIES (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Jul. 02, 2016 | Apr. 02, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 61,098 | $ 62,062 |
Work-in-process | 14,644 | 13,180 |
Finished goods | 113,689 | 111,786 |
Inventories, net | $ 189,431 | $ 187,028 |
GOODWILL (Details)
GOODWILL (Details) - USD ($) $ in Thousands | Jul. 02, 2016 | Apr. 02, 2016 | Dec. 26, 2015 |
Goodwill [Line Items] | |||
Goodwill | $ 268,589 | $ 267,840 | |
Americas Blood Center and Hospital [Member] | |||
Goodwill [Line Items] | |||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 25.80% | ||
Goodwill | $ 175,900 |
DERIVATIVES AND FAIR VALUE ME33
DERIVATIVES AND FAIR VALUE MEASUREMENTS (Schedule of Effect of Derivative Instruments Designated as Cash Flow Hedges and Those Not Designated as Hedging Instruments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 02, 2016 | Jun. 27, 2015 | |
Designated as Hedging Instrument | Cash Flow Hedging | Net revenues, COGS, and SG&A | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in AOCI (Effective Portion) | $ (1,933) | $ 1,200 |
Amount of Gain/(Loss) Reclassified from AOCI into Earnings (Effective Portion) | (1,024) | $ 4,000 |
Designated as Hedging Instrument | Cash Flow Hedging | Interest and other expense, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount Excluded from Effectiveness Testing | 102 | |
Designated as Hedging Instrument | Interest Rate Swap [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount Excluded from Effectiveness Testing | 0 | |
Designated as Hedging Instrument | Interest Rate Swap [Member] | Interest and other expense, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in AOCI (Effective Portion) | (116) | |
Amount of Gain/(Loss) Reclassified from AOCI into Earnings (Effective Portion) | 0 | |
Not Designated as Hedging Instrument | Foreign Exchange Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in AOCI (Effective Portion) | 0 | |
Amount of Gain/(Loss) Reclassified from AOCI into Earnings (Effective Portion) | 0 | |
Not Designated as Hedging Instrument | Foreign Exchange Contract | Interest and other expense, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount Excluded from Effectiveness Testing | $ (352) |
DERIVATIVES AND FAIR VALUE ME34
DERIVATIVES AND FAIR VALUE MEASUREMENTS (Schedule of Fair Value of Derivative Instruments as They Appear in Consolidated Balance Sheets) (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands | Jul. 02, 2016 | Apr. 02, 2016 |
Derivative Assets: | ||
Derivative Assets | $ 561 | $ 427 |
Derivative Liabilities: | ||
Derivative Liabilities | 5,028 | 4,210 |
Foreign Exchange Contract | Other Current Assets | ||
Derivative Assets: | ||
Derivative Assets | 561 | 427 |
Foreign Exchange Contract | Other Current Liabilities | ||
Derivative Liabilities: | ||
Derivative Liabilities | 4,817 | 4,056 |
Interest Rate Swap [Member] | Other Current Assets | ||
Derivative Assets: | ||
Derivative Assets | 0 | 0 |
Interest Rate Swap [Member] | Other Current Liabilities | ||
Derivative Liabilities: | ||
Derivative Liabilities | $ 211 | $ 154 |
DERIVATIVES AND FAIR VALUE ME35
DERIVATIVES AND FAIR VALUE MEASUREMENTS (Schedule of Financial Assets and Financial Liabilities Measured at Fair Value) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Jul. 02, 2016 | Apr. 02, 2016 |
Assets | ||
Money market funds | $ 67,018 | $ 72,491 |
Designated foreign currency hedge contracts | 561 | 427 |
Assets, Fair Value Disclosure, Total | 67,579 | 72,918 |
Liabilities | ||
Designated foreign currency hedge contracts | 4,817 | 4,056 |
Designated interest rate swap | 211 | 154 |
Liabilities, Fair Value Disclosure | 5,028 | 4,210 |
Quoted Market Prices for Identical Assets (Level 1) | ||
Assets | ||
Money market funds | 67,018 | 72,491 |
Designated foreign currency hedge contracts | 0 | 0 |
Assets, Fair Value Disclosure, Total | 67,018 | 72,491 |
Liabilities | ||
Designated foreign currency hedge contracts | 0 | 0 |
Designated interest rate swap | 0 | 0 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Money market funds | 0 | 0 |
Designated foreign currency hedge contracts | 561 | 427 |
Assets, Fair Value Disclosure, Total | 561 | 427 |
Liabilities | ||
Designated foreign currency hedge contracts | 4,817 | 4,056 |
Designated interest rate swap | 211 | 154 |
Liabilities, Fair Value Disclosure | 5,028 | 4,210 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets | ||
Money market funds | 0 | 0 |
Designated foreign currency hedge contracts | 0 | 0 |
Assets, Fair Value Disclosure, Total | 0 | 0 |
Liabilities | ||
Designated foreign currency hedge contracts | 0 | 0 |
Designated interest rate swap | 0 | 0 |
Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
DERIVATIVES AND FAIR VALUE ME36
DERIVATIVES AND FAIR VALUE MEASUREMENTS (Narrative) (Details) $ in Thousands | 3 Months Ended | |||
Jul. 02, 2016USD ($) | Jun. 27, 2015USD ($) | Apr. 02, 2016USD ($) | Dec. 21, 2012USD ($)swap | |
Foreign Exchange Contract | ||||
Derivative [Line Items] | ||||
Percentage of sales generated outside the US | 40.10% | |||
Maturity period for foreign currency contracts | 1 year | |||
Designated as Hedging Instrument | Foreign Exchange Contract | ||||
Derivative [Line Items] | ||||
Deferred income tax expense (benefit) | $ 0 | |||
Designated as Hedging Instrument | Foreign Exchange Contract | ||||
Derivative [Line Items] | ||||
Designated foreign currency hedge contracts outstanding | 116,800 | $ 107,400 | ||
Designated as Hedging Instrument | Cash Flow Hedging | ||||
Derivative [Line Items] | ||||
Gain (loss) to be reclassified within the next twelve months | $ 5,900 | |||
Designated as Hedging Instrument | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Number of interest rate derivatives held | swap | 2 | |||
Notional amount of derivative | 200,000 | $ 250,000 | ||
Not Designated as Hedging Instrument | Foreign Exchange Contract | ||||
Derivative [Line Items] | ||||
Amount of Gain/(Loss) Reclassified from AOCI into Earnings (Effective Portion) | 0 | |||
Amount of Gain (Loss) Recognized in AOCI (Effective Portion) | 0 | |||
Non-designated foreign currency hedge contracts outstanding | 50,400 | $ 48,800 | ||
Net revenues, COGS, and SG&A | Designated as Hedging Instrument | Cash Flow Hedging | ||||
Derivative [Line Items] | ||||
Amount of Gain/(Loss) Reclassified from AOCI into Earnings (Effective Portion) | (1,024) | 4,000 | ||
Amount of Gain (Loss) Recognized in AOCI (Effective Portion) | $ (1,933) | $ 1,200 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 02, 2016 | Jun. 27, 2015 | Apr. 02, 2016 | |
Income Tax Disclosure [Abstract] | |||
Provision for income taxes | $ 288 | $ 1,864 | |
Reported tax rate | (2.90%) | 116.70% | |
Discrete tax provision | $ 1,400 | $ 1,000 | |
Statutory capital gains tax rate in Puerto Rico | 20.00% | 15.00% | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Beginning balance | $ 2,523 | 7,070 | |
Additions for tax positions of prior years | 1,290 | 340 | |
Reductions of tax positions | 0 | (4,158) | |
Closure of statute of limitations | 0 | $ (729) | |
Ending balance | 3,813 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 1,900 | $ 600 | |
Unrecognized Tax Benefits, Increase Resulting from Potential Tax Impacts of Restructuring | 1,300 | ||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 1,700 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 500 | $ 400 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 100 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) | 1 Months Ended | 3 Months Ended |
Apr. 30, 2013 | Jul. 02, 2016 | |
Product Recall | ||
Loss Contingencies [Line Items] | ||
Product recall expense | $ 3,400,000 | |
Product Recall | Inventories [Member] | ||
Loss Contingencies [Line Items] | ||
Product recall expense | 1,000,000 | |
Product Recall | Sales [Member] | ||
Loss Contingencies [Line Items] | ||
Product recall expense | 2,300,000 | |
Product Recall | Freight Expense [Member] | ||
Loss Contingencies [Line Items] | ||
Product recall expense | 100,000 | |
Italian Employment Litigation [Member] | ||
Loss Contingencies [Line Items] | ||
Damages claimed | 4,500,000 | |
Amount accrued | 0 | |
SOLX Arbitration [Member] | ||
Loss Contingencies [Line Items] | ||
Damages claimed | 17,000,000 | |
Amount accrued | $ 0 | |
Payments under previous acquisition | $ 24,000,000 | |
Contingent milestone payment | 3,000,000 | |
Maximum future royalty payments | $ 14,000,000 | |
Royalty Term | 10 years |
SEGMENT AND ENTERPRISE-WIDE I39
SEGMENT AND ENTERPRISE-WIDE INFORMATION (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jul. 02, 2016USD ($)franchise | Jun. 27, 2015USD ($) | Apr. 02, 2016segment | |
Segment Reporting [Abstract] | |||
Number of operating segments | segment | 2 | ||
Number of franchises | franchise | 4 | ||
Segment Reporting Information [Line Items] | |||
Net revenues (constant currency) | $ 211,802 | $ 211,068 | |
Effect of exchange rates | (1,846) | 2,345 | |
Net revenues (reported) | $ 209,956 | 213,413 | |
Percent of Increase (Decrease) in Revenue in Comparative Periods | (1.60%) | ||
Segment operating income (constant currency) | $ 69,082 | 72,999 | |
Corporate operating expenses (constant currency) | (48,451) | (49,252) | |
Non-GAAP operating income (constant currency) | 20,631 | 23,747 | |
Effect of exchange rates | (1,306) | 2,080 | |
Non-GAAP operating income (reported) | 19,325 | 25,827 | |
Restructuring and transformation costs | 18,816 | 14,816 | |
Deal amortization | 7,075 | 7,405 | |
Impairment of assets | 1,315 | 0 | |
Operating (loss) income | (7,881) | 3,606 | |
Depreciation and amortization | 22,544 | 22,255 | |
Plasma [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues (reported) | $ 97,649 | 88,527 | |
Percent of Increase (Decrease) in Revenue in Comparative Periods | 10.30% | ||
Blood Center [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues (reported) | $ 70,943 | 83,083 | |
Percent of Increase (Decrease) in Revenue in Comparative Periods | (14.60%) | ||
Cell Processing Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues (reported) | $ 26,076 | 27,813 | |
Percent of Increase (Decrease) in Revenue in Comparative Periods | (6.20%) | ||
Hemostasis Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues (reported) | $ 15,288 | 13,990 | |
Percent of Increase (Decrease) in Revenue in Comparative Periods | 9.30% | ||
United States | |||
Segment Reporting Information [Line Items] | |||
Net revenues (reported) | $ 125,700 | 120,695 | |
Japan | |||
Segment Reporting Information [Line Items] | |||
Net revenues (reported) | 14,964 | 14,734 | |
Europe | |||
Segment Reporting Information [Line Items] | |||
Net revenues (reported) | 40,367 | 50,288 | |
Asia | |||
Segment Reporting Information [Line Items] | |||
Net revenues (reported) | 26,992 | 25,520 | |
Other | |||
Segment Reporting Information [Line Items] | |||
Net revenues (reported) | 1,933 | 2,176 | |
Japan | |||
Segment Reporting Information [Line Items] | |||
Net revenues (constant currency) | 14,566 | 17,595 | |
Segment operating income (constant currency) | 6,121 | 7,682 | |
EMEA | |||
Segment Reporting Information [Line Items] | |||
Net revenues (constant currency) | 45,741 | 48,811 | |
Segment operating income (constant currency) | 10,048 | 10,526 | |
North America Plasma | |||
Segment Reporting Information [Line Items] | |||
Net revenues (constant currency) | 73,475 | 64,443 | |
Segment operating income (constant currency) | 27,277 | 26,156 | |
All Other | |||
Segment Reporting Information [Line Items] | |||
Net revenues (constant currency) | 78,020 | 80,219 | |
Segment operating income (constant currency) | $ 25,636 | $ 28,635 |
RESTRUCTURING (Narrative) (Deta
RESTRUCTURING (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 02, 2016 | Jun. 27, 2015 | Apr. 02, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Savings | $ 40,000 | ||
Total restructuring and restructuring related costs | $ 18,816 | $ 14,816 | |
Expected cost | 26,000 | ||
Restructuring costs | 16,386 | 9,459 | |
Restructuring Reserve | 17,458 | 8,752 | |
Restructuring Charges Payable In Next Twelve Months | 16,500 | ||
Restructuring related costs | 2,430 | $ 5,357 | |
Global Strategic Review [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 17,700 | ||
Prior Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 1,100 | ||
Severance and Other Employee Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Expected cost | 17,000 | ||
Restructuring costs | 15,840 | ||
Restructuring Reserve | 17,458 | 8,752 | |
Other Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Expected cost | 9,000 | ||
Restructuring costs | 212 | ||
Restructuring Reserve | $ 0 | $ 0 |
RESTRUCTURING (Schedule of Rest
RESTRUCTURING (Schedule of Restructuring Reserve by Type of Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 02, 2016 | Jun. 27, 2015 | |
Restructuring Reserve [Roll Forward] | ||
Balance at April 2, 2016 | $ 8,752 | |
Costs incurred | 16,386 | $ 9,459 |
Payments | (7,346) | |
Non-cash adjustments | (334) | |
Balance at July 2, 2016 | 17,458 | |
Severance and Other Employee Costs | ||
Restructuring Reserve [Roll Forward] | ||
Balance at April 2, 2016 | 8,752 | |
Costs incurred | 15,840 | |
Payments | (7,134) | |
Non-cash adjustments | 0 | |
Balance at July 2, 2016 | 17,458 | |
Other Costs | ||
Restructuring Reserve [Roll Forward] | ||
Balance at April 2, 2016 | 0 | |
Costs incurred | 212 | |
Payments | (212) | |
Non-cash adjustments | ||
Balance at July 2, 2016 | 0 | |
Accelerated Depreciation | ||
Restructuring Reserve [Roll Forward] | ||
Balance at April 2, 2016 | 0 | |
Costs incurred | 0 | |
Payments | 0 | |
Non-cash adjustments | 0 | |
Balance at July 2, 2016 | 0 | |
Asset Write Down | ||
Restructuring Reserve [Roll Forward] | ||
Balance at April 2, 2016 | 0 | |
Costs incurred | 334 | |
Payments | 0 | |
Non-cash adjustments | (334) | |
Balance at July 2, 2016 | $ 0 |
RESTRUCTURING (Schedule of Re42
RESTRUCTURING (Schedule of Restructuring and Related Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 02, 2016 | Jun. 27, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | $ 16,386 | $ 9,459 |
Restructuring related costs | 2,430 | 5,357 |
Total restructuring and restructuring related costs | 18,816 | 14,816 |
Severance and Other Employee Costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 15,840 | |
Other Costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 212 | |
Accelerated Depreciation | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 0 | |
Japan | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 874 | 9 |
Restructuring related costs | 1 | 144 |
EMEA | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 3,074 | 20 |
Restructuring related costs | 26 | 242 |
North America Plasma | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 375 | 0 |
Restructuring related costs | 0 | 40 |
All Other | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 12,063 | 9,430 |
Restructuring related costs | 2,403 | $ 4,931 |
Global Strategic Review [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | $ 17,700 |
CAPITALIZATION OF SOFTWARE DE43
CAPITALIZATION OF SOFTWARE DEVELOPMENT COSTS (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Jul. 02, 2016 | Jun. 27, 2015 | Apr. 02, 2016 | |
Research and Development [Abstract] | |||
Capitalized software development costs for ongoing initiatives | $ 3.7 | $ 3.9 | |
Software costs capitalized, net | 57.4 | $ 54.9 | |
Total costs capitalized related to in process software development initiatives | 14.4 | $ 14.4 | |
Capitalized software development costs placed into service | 2.5 | ||
Impairment of capitalized software | $ 1.1 |
ACCUMULATED OTHER COMPREHENSI44
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details 1) $ in Thousands | 3 Months Ended |
Jul. 02, 2016USD ($) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Balance as of April 2, 2016 | $ (35,040) |
Other comprehensive income/(loss) before reclassifications(1) | (1,911) |
Amounts reclassified from Accumulated Other Comprehensive Loss(1) | 1,024 |
Net current period other comprehensive income/(loss) | (887) |
Balance as of July 2, 2016 | (35,927) |
Foreign Currency | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Balance as of April 2, 2016 | (22,499) |
Other comprehensive income/(loss) before reclassifications(1) | 138 |
Amounts reclassified from Accumulated Other Comprehensive Loss(1) | 0 |
Net current period other comprehensive income/(loss) | 138 |
Balance as of July 2, 2016 | (22,361) |
Defined Benefit Plans | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Balance as of April 2, 2016 | (7,492) |
Other comprehensive income/(loss) before reclassifications(1) | 0 |
Amounts reclassified from Accumulated Other Comprehensive Loss(1) | 0 |
Net current period other comprehensive income/(loss) | 0 |
Balance as of July 2, 2016 | (7,492) |
Net Unrealized Gain/Loss on Derivatives | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Balance as of April 2, 2016 | (5,049) |
Other comprehensive income/(loss) before reclassifications(1) | (2,049) |
Amounts reclassified from Accumulated Other Comprehensive Loss(1) | 1,024 |
Net current period other comprehensive income/(loss) | (1,025) |
Balance as of July 2, 2016 | $ (6,074) |