DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - shares | 9 Months Ended | |
Dec. 30, 2017 | Feb. 02, 2018 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | HAEMONETICS CORP | |
Entity Central Index Key | 313,143 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Dec. 30, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 53,447,550 |
CONSOLIDATED STATEMENTS OF (LOS
CONSOLIDATED STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | ||||
Net revenues | $ 234,043 | $ 227,841 | $ 670,371 | $ 658,050 |
Cost of goods sold | 122,748 | 126,762 | 362,849 | 361,667 |
Gross profit | 111,295 | 101,079 | 307,522 | 296,383 |
Operating expenses: | ||||
Research and development | 12,427 | 8,462 | 28,141 | 28,235 |
Selling, general and administrative | 97,855 | 71,405 | 237,499 | 230,023 |
Total operating expenses | 110,282 | 79,867 | 265,640 | 258,258 |
Operating income | 1,013 | 21,212 | 41,882 | 38,125 |
Gain on divestiture | 0 | 0 | 8,000 | 0 |
Interest and other expense, net | (806) | (2,275) | (3,562) | (6,414) |
Income before provision for income taxes | 207 | 18,937 | 46,320 | 31,711 |
Provision for income taxes | 6,754 | 3,544 | 12,628 | 6,839 |
Net (loss) income | $ (6,547) | $ 15,393 | $ 33,692 | $ 24,872 |
Net (loss) income per share - basic (in dollars per share) | $ (0.12) | $ 0.30 | $ 0.64 | $ 0.48 |
Net (loss) income per share - diluted (in dollars per share) | $ (0.12) | $ 0.30 | $ 0.63 | $ 0.48 |
Weighted average shares outstanding | ||||
Basic (in shares) | 53,090 | 51,708 | 52,717 | 51,369 |
Diluted (in shares) | 53,090 | 52,103 | 53,285 | 51,671 |
Comprehensive (loss) income | $ (6,350) | $ 13,084 | $ 39,353 | $ 20,888 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 30, 2017 | Apr. 01, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 251,591 | $ 139,564 |
Accounts receivable, less allowance of $2,209 at December 30, 2017 and $2,184 at April 1, 2017 | 146,718 | 152,683 |
Inventories, net | 158,840 | 176,929 |
Prepaid expenses and other current assets | 32,564 | 40,853 |
Total current assets | 589,713 | 510,029 |
Property, plant and equipment, net | 330,026 | 323,862 |
Intangible assets, less accumulated amortization of $240,851 at December 30, 2017 and $215,772 at April 1, 2017 | 163,946 | 177,540 |
Goodwill | 211,086 | 210,841 |
Deferred tax asset | 4,510 | 3,988 |
Other long-term assets | 12,433 | 12,449 |
Total assets | 1,311,714 | 1,238,709 |
Current liabilities: | ||
Notes payable and current maturities of long-term debt | 151,465 | 61,022 |
Accounts payable | 41,496 | 42,973 |
Accrued payroll and related costs | 63,066 | 43,534 |
Other liabilities | 68,151 | 63,650 |
Total current liabilities | 324,178 | 211,179 |
Long-term debt, net of current maturities | 118,702 | 253,625 |
Deferred tax liability | 6,428 | 12,114 |
Other long-term liabilities | 39,599 | 22,181 |
Total stockholders’ equity | ||
Common stock, $0.01 par value; Authorized — 150,000,000 shares; Issued and outstanding — 53,388,089 shares at December 30, 2017 and 52,255,495 shares at April 1, 2017 | 534 | 523 |
Additional paid-in capital | 525,877 | 482,044 |
Retained earnings | 323,608 | 289,916 |
Accumulated other comprehensive loss | (27,212) | (32,873) |
Total stockholders’ equity | 822,807 | 739,610 |
Total liabilities and stockholders’ equity | $ 1,311,714 | $ 1,238,709 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Dec. 30, 2017 | Apr. 01, 2017 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 2,209 | $ 2,184 |
Intangible assets, amortization | $ 240,851 | $ 215,772 |
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) | 53,388,089 | 52,255,495 |
Common stock, shares outstanding (in shares) | 53,388,089 | 52,255,495 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
Cash Flows from Operating Activities: | ||
Net income | $ 33,692 | $ 24,872 |
Non-cash items: | ||
Depreciation and amortization | 66,267 | 67,531 |
Gain on divestiture | (8,000) | 0 |
Stock-based compensation expense | 7,360 | 6,608 |
Provision for losses on accounts receivable and inventory | 514 | 11,398 |
Impairment of assets | 218 | 3,413 |
Other non-cash operating activities | 398 | 1,216 |
Change in operating assets and liabilities: | ||
Change in accounts receivable | 8,204 | 3,878 |
Change in inventories | 17,460 | (13,960) |
Change in prepaid income taxes | 805 | 868 |
Change in other assets and other liabilities | 17,747 | (996) |
Change in accounts payable and accrued expenses | 18,058 | 20,333 |
Net cash provided by operating activities | 162,723 | 125,161 |
Cash Flows from Investing Activities: | ||
Capital expenditures | (55,696) | (60,517) |
Proceeds from divestiture | 9,000 | 0 |
Proceeds from sale of property, plant and equipment | 1,627 | 1,773 |
Net cash used in investing activities | (45,069) | (58,744) |
Cash Flows from Financing Activities: | ||
Repayment of term loan borrowings | (45,054) | (30,827) |
Proceeds from employee stock purchase plan | 3,246 | 3,560 |
Proceeds from exercise of stock options | 33,239 | 18,278 |
Net increase (decrease) in short-term loans | 579 | (40,975) |
Net cash used in financing activities | (7,990) | (49,964) |
Effect of exchange rates on cash and cash equivalents | 2,363 | (1,937) |
Net Change in Cash and Cash Equivalents | 112,027 | 14,516 |
Cash and Cash Equivalents at Beginning of Period | 139,564 | 115,123 |
Cash and Cash Equivalents at End of Period | 251,591 | 129,639 |
Supplemental Disclosures of Cash Flow Information: | ||
Interest paid | 5,684 | 6,058 |
Income taxes paid | 7,320 | 5,724 |
Transfers from inventory to fixed assets for placement of Haemonetics equipment | $ 5,424 | $ 5,081 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Dec. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION Basis of Presentation The accompanying unaudited consolidated financial statements of Haemonetics Corporation ("Haemonetics" or the "Company") presented herein have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. 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 U.S. 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 nine months ended December 30, 2017 are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2018 or any other interim period. Operating results for the nine months ended December 31, 2016 include an overstatement of net income, which was determined to be immaterial to all periods impacted. Absent this correction, our operating income and net income for the nine months ended December 31, 2016 would have been $0.9 million and $1.2 million lower, respectively, than the amount included in the accompanying consolidated statements of (loss) income and comprehensive (loss) income. 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 1, 2017 . 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 11, Commitments and Contingencies for information pertaining to an event that occurred after the balance sheet date but prior to the issuance of the financial statements. There were no other subsequent events identified. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Dec. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS Standards Implemented In March 2016, the Financial Accounting Standards Board issued ASU No. 2016-09, Compensation- Stock Compensation ("Topic 718"): Improvements to Employee Share-Based Payment Accounting . The purpose of the update is to simplify several areas of the accounting for share-based payment transactions. We adopted ASU No. 2016-09 on a prospective basis in our first quarter of fiscal 2018; therefore, prior periods have not been adjusted. The adoption of ASU No. 2016-09 did not have a material effect on our financial position or results of operations. ASU No. 2016-09 allows a company to elect to account for award forfeitures as they occur or to continue to estimate forfeitures. We have elected to continue to estimate potential forfeitures. In addition, ASU No. 2016-09 eliminates additional paid in capital pools and requires excess tax benefits and tax deficiencies to be recorded in the consolidated statement of operations when the awards vest or are settled. Amendments related to accounting for excess tax benefits resulted in an immaterial tax benefit for the three and nine months ended December 30, 2017. In connection with the adoption of this new standard, we also recorded a cumulative-effect adjustment to retained earnings and deferred tax assets for certain off balance sheet federal and state net operating loss carry-forwards totaling $1.6 million as of April 1, 2017, with an equal offsetting adjustment to the valuation allowance. On December 22, 2017, the Tax Cuts and Jobs Act (the "Act”) was enacted in the United States. The Act reduces the U.S. federal corporate tax rate from 35% to 21%, requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and creates new taxes on certain foreign sourced earnings. In December 2017, the Securities and Exchange Commission ("SEC") issued guidance under Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”) directing taxpayers to consider the impact of the U.S. legislation as “provisional” when it does not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete its accounting for the change in tax law. As of December 30, 2017, we had not yet completed our accounting for the tax effects of the enactment of the Act, however, we have made a reasonable estimate of the effects on our existing deferred tax balances and one-time transition tax. Refer to Note 5, Income Taxes , for additional information regarding this new tax legislation. |
RESTRUCTURING
RESTRUCTURING | 9 Months Ended |
Dec. 30, 2017 | |
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. On November 1, 2017, we launched a Complexity Reduction Initiative (the "2018 Program"), a company-wide restructuring program designed to improve operational performance and reduce cost, freeing up resources to invest in accelerated growth. This program includes a reduction of headcount and operating costs which will enable a more streamlined organizational structure. We expect to incur aggregate charges between $50 million and $60 million associated with these actions, of which we expect $35 million to $40 million will consist of severance and other employee costs and the remainder will consist of other exit costs, primarily related to third party services. These charges, substantially all of which will result in cash outlays, will be incurred as the specific actions required to execute on these initiatives are identified and approved and are expected to continue through fiscal 2020. During the three and nine months ended December 30, 2017 , we incurred $31.7 million of restructuring and turnaround costs under this program. During fiscal 2017, we launched a restructuring program (the "2017 Program") designed to reposition our organization and improve our cost structure. During the nine months ended December 30, 2017 , we incurred $7.7 million of restructuring and turnaround costs under this program. There were no charges recorded during the three months ended December 30, 2017 under this program. During the three and nine months ended December 31, 2016 , we incurred $4.1 million and $22.9 million , respectively, of restructuring and turnaround charges under this program. As of December 30, 2017, charges associated with the 2017 Program were substantially complete. The following table summarizes the activity for restructuring reserves related to the 2018 Program and the 2017 Program for the nine months ended December 30, 2017 , substantially all of which relates to employee severance and other employee costs: (In thousands) 2018 Program 2017 Program Total Balance at April 1, 2017 $ — $ 7,468 $ 7,468 Costs incurred, net of reversals 28,607 1,055 29,662 Payments (296 ) (5,405 ) (5,701 ) Balance at December 30, 2017 $ 28,311 $ 3,118 $ 31,429 Restructuring costs for the three months ended December 30, 2017 included as a component of selling, general and administrative expenses and research and development in the accompanying consolidated statements of (loss) income were $24.2 million and $4.3 million , respectively. Restructuring costs for the nine months ended December 30, 2017 included as a component of selling, general and administrative expenses and research and development in the accompanying consolidated statements of (loss) income were $25.1 million and $4.6 million , respectively. As of December 30, 2017 , we had a restructuring liability of $31.4 million , of which $24.6 million is payable within the next twelve months. In addition to the restructuring costs included in the table above, during the three and nine months ended December 30, 2017 , we also incurred costs of $2.8 million and $9.9 million , respectively, that do not constitute as restructuring under ASC 420, Exit and Disposal Cost Obligations, which we refer to as turnaround costs. These costs, substantially all of which have been included as a component of selling, general and administrative expenses in the accompanying consolidated statements of (loss) income, consist primarily of expenditures directly related to our restructuring actions and include program management, implementation of outsourcing initiatives and accelerated depreciation. The tables below present restructuring and turnaround costs by reportable segment: Restructuring costs Three Months Ended Nine Months Ended (In thousands) December 30, 2017 December 31, 2016 December 30, 2017 December 31, 2016 Japan $ 52 $ (72 ) $ 163 $ 764 EMEA 869 198 894 3,209 North America Plasma 555 1 555 369 All Other 26,979 1,905 28,050 13,722 Total $ 28,455 $ 2,032 $ 29,662 $ 18,064 Turnaround costs Three Months Ended Nine Months Ended (In thousands) December 30, 2017 December 31, 2016 December 30, 2017 December 31, 2016 Japan $ — $ — $ — $ 2 EMEA (161 ) (5 ) (135 ) 76 North America Plasma 229 37 578 973 All Other 2,775 4,674 9,463 8,036 Total $ 2,843 $ 4,706 $ 9,906 $ 9,087 Total restructuring and turnaround costs $ 31,298 $ 6,738 $ 39,568 $ 27,151 |
DIVESTITURE
DIVESTITURE | 9 Months Ended |
Dec. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DIVESTITURE | DIVESTITURE On April 27, 2017, we sold our SEBRA line of benchtop and hand sealers to Machine Solutions Inc. because it was no longer aligned with our long-term strategic objectives. In connection with this transaction, we received net proceeds of $9.0 million and recorded a pre-tax gain of $8.0 million . The proceeds were subject to a post-closing adjustment based on final asset values as determined during the 90 day transition period. During the second quarter of fiscal 2018, the 90 day transition period ended and there were no post-close adjustments necessary. The SEBRA portfolio included a suite of products which primarily include radio frequency sealers that are used to seal tubing as part of the collection of whole blood and blood components, particularly plasma. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Dec. 30, 2017 | |
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 has been 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. Our reported tax rate for the three and nine months ended December 30, 2017 is higher than the statutory tax rate primarily as a result of net discrete expense recorded in connection with U.S. tax reform, as discussed below. During the three months ended December 30, 2017 and December 31, 2016 , we reported an income tax provision of $6.8 million and $3.5 million , respectively. For the nine months ended December 30, 2017 and December 31, 2016 , we reported an income tax provision of $12.6 million and $6.8 million , respectively. The change in our tax provision for both the three and nine months ended December 30, 2017 was primarily the result of U.S. tax reform, as discussed below, as well as changes in the jurisdictional mix of earnings and other foreign items. Our tax provision for nine months ended December 31, 2016 was impacted by a non-recurring discrete tax expense of $1.4 million related to a workforce reduction during the first quarter of fiscal 2017 in a foreign subsidiary where we were required to maintain certain levels of headcount for a multi-year period, which resulted in the establishment of a tax reserve. During the third quarter of fiscal 2018, the Tax Cuts and Jobs Act was enacted in the United States. The Act reduces the U.S. federal corporate tax rate from 35% to 21%, requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and creates new taxes on certain foreign sourced earnings. In December 2017, the SEC issued SAB 118, which directs taxpayers to consider the impact of the U.S. legislation as “provisional” when it does not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete its accounting for the change in tax law. As of December 30, 2017, we had not completed our accounting for the tax effects of the enactment of the Act, however, as described below, we have made a reasonable estimate of the effects on our existing deferred tax balances and the one-time transition tax. During the three and nine months ended December 30, 2017 , we recognized a provisional amount of $5.4 million as our reasonable estimate of the impact of the provisions of the Act, which is included as a component of income tax expense in our consolidated statements of (loss) income. The $5.4 million is comprised of an increase to tax expense of $12.3 million for the net transition tax to be paid over eight years, partially offset by $6.9 million of additional benefits from the re-measurement of deferred tax assets. We will continue to refine our calculations as additional analysis is completed. In addition, our estimates may also be affected as we gain a more thorough understanding of the tax law. Provisional amounts As a result of the Act, we re-measured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%. However, we are still analyzing certain aspects of the Act and refining our calculations, which could potentially affect the measurement of these balances or potentially give rise to changes in deferred tax amounts. In addition, certain of our deferred tax assets against which we had previously maintained a valuation allowance became more-likely-than-not realizable as a result of the source of income associated with the transition tax and changes in the tax law which resulted in net operating losses generated in future periods having an indefinite carryforward period (as we have existing indefinite lived deferred tax liabilities which can serve as a source of income for indefinite lived deferred tax assets). As we continue to analyze the Act and refine our calculations it could give rise to additional changes in our valuation allowance. The provisional benefit amount recorded related to the re-measurement of our deferred tax balance prior to the release of the valuation allowance on attributes utilized to offset the transition tax during the three and nine months ended December 30, 2017 was $6.9 million . The one-time transition tax associated with the Act is based on our total post-1986 earnings and profits ("E&P") that we previously deferred from U.S. federal taxation. During the three and nine months ended December 30, 2017 , we recorded a provisional amount for our one-time transition tax liability for our foreign subsidiaries of $22.7 million , resulting in an increase in income tax expense. The income tax expense increase was partially offset by the release of $10.4 million of valuation allowance on attributes utilized to offset the transition tax, resulting in a net provisional expense after utilization of foreign tax credits of $12.3 million . We have not yet completed our calculation of the total post-1986 E&P for our foreign subsidiaries or the tax pools of our foreign subsidiaries. Further, the transition tax is based in part on the amount of those earnings held in cash and other specified assets. This amount may change when we finalize the calculation of post-1986 foreign E&P previously deferred from U.S. federal taxation and finalize the amounts held in cash or other specified assets. We continue to provide for an additional withholding tax liability on the undistributed foreign earnings of certain foreign subsidiaries. No additional income taxes have been provided for any additional outside basis differences inherent in these entities, as these amounts continue to be indefinitely reinvested in foreign operations. Determining the amount of unrecognized deferred tax liability related to any remaining undistributed foreign earnings not subject to the transition tax and additional outside basis difference in these entities (i.e., basis difference in excess of that subject to the one-time transition tax) is not practicable. We are still in the process of analyzing the impact of the Act on our indefinite reinvestment assertion. 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. Additionally, we also maintain a valuation allowance against certain other deferred tax assets primarily in Switzerland, Puerto Rico, Luxembourg and France which we have concluded are not more-likely-than-not realizable. |
EARNINGS PER SHARE ("EPS")
EARNINGS PER SHARE ("EPS") | 9 Months Ended |
Dec. 30, 2017 | |
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 Nine Months Ended (In thousands, except per share amounts) December 30, December 31, December 30, December 31, Basic EPS Net (loss) income $ (6,547 ) $ 15,393 $ 33,692 $ 24,872 Weighted average shares 53,090 51,708 52,717 51,369 Basic (loss) income per share $ (0.12 ) $ 0.30 $ 0.64 $ 0.48 Diluted EPS Net (loss) income $ (6,547 ) $ 15,393 $ 33,692 $ 24,872 Basic weighted average shares 53,090 51,708 52,717 51,369 Net effect of common stock equivalents — 395 568 302 Diluted weighted average shares 53,090 52,103 53,285 51,671 Diluted (loss) income per share $ (0.12 ) $ 0.30 $ 0.63 $ 0.48 Basic earnings per share is calculated using our weighted-average outstanding common stock. Diluted earnings per share is calculated using our weighted-average outstanding common stock including the dilutive effect of stock awards as determined under the treasury stock method. For the three months ended December 30, 2017 , 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. For the nine months ended December 30, 2017 , weighted average shares outstanding, assuming dilution, excludes the impact of 0.5 million anti-dilutive shares. For the three and nine months ended December 31, 2016 , weighted average shares outstanding, assuming dilution, excludes the impact of 1.1 million and 1.7 million anti-dilutive shares, respectively. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Dec. 30, 2017 | |
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) December 30, April 1, Raw materials $ 46,347 $ 52,052 Work-in-process 9,485 10,400 Finished goods 103,008 114,477 Total inventories $ 158,840 $ 176,929 |
CAPITALIZATION OF SOFTWARE DEVE
CAPITALIZATION OF SOFTWARE DEVELOPMENT COSTS | 9 Months Ended |
Dec. 30, 2017 | |
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 $8.7 million and $8.3 million in software development costs for ongoing initiatives during both the nine months ended December 30, 2017 and December 31, 2016 , respectively. At December 30, 2017 and April 1, 2017 , we had a total of $71.4 million and $62.7 million of capitalized software costs, respectively, of which $19.1 million and $12.7 million are related to in-process software development initiatives, respectively. During the nine months ended December 30, 2017 and December 31, 2016 , there were $2.3 million and $4.5 million capitalized costs placed into service, respectively. The costs capitalized for each project are included in intangible assets in the consolidated financial statements. |
PRODUCT WARRANTIES
PRODUCT WARRANTIES | 9 Months Ended |
Dec. 30, 2017 | |
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. Nine Months Ended (In thousands) December 30, December 31, Warranty accrual as of the beginning of the period $ 176 $ 420 Warranty provision 911 860 Warranty spending (723 ) (1,077 ) Warranty accrual as of the end of the period $ 364 $ 203 |
DERIVATIVES AND FAIR VALUE MEAS
DERIVATIVES AND FAIR VALUE MEASUREMENTS | 9 Months Ended |
Dec. 30, 2017 | |
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. During the three and nine months ended December 30, 2017 , 39.8% and 38.7% of our sales were generated outside the U.S., generally in foreign 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. However, 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 December 30, 2017 and April 1, 2017 were cash flow hedges under ASC 815, Derivatives and Hedging ("ASC 815"). We record the effective portion of any change in the fair value of designated foreign currency hedge contracts in other comprehensive income 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 $73.3 million as of December 30, 2017 and $68.4 million as of April 1, 2017 . At December 30, 2017 , losses of $2.3 million , net of tax, will be reclassified to earnings within the next twelve months . Substantially all currency cash flow hedges outstanding as of December 30, 2017 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 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 815 outstanding in the contract amount of $33.4 million as of December 30, 2017 and $55.4 million as of April 1, 2017 . 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. We designated the Swaps as cash flow hedges of variable interest rate risk associated with $250.0 million of indebtedness. For the nine months ended December 30, 2017 and the three and nine months ended December 31, 2016 , 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. No activity was recorded during the three months ended December 30, 2017 as the Swaps matured on August 1, 2017. 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 815 in our consolidated statements of (loss) income and comprehensive income for the nine months ended December 30, 2017 : (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 Designated foreign currency hedge contracts, net of tax $ (2,338 ) $ (633 ) Net revenues, COGS, and SG&A $ 862 Interest and other expense, net Non-designated foreign currency hedge contracts — — $ (1,076 ) Interest and other expense, net Designated interest rate swaps, net of tax $ (64 ) Interest and other expense, net We did not have fair value hedges or net investment hedges outstanding as of December 30, 2017 or April 1, 2017 . As of December 30, 2017 , no deferred tax assets were recognized for designated foreign currency hedges. ASC 815 requires all derivative instruments to be recognized at their fair values as either assets or liabilities on the balance sheet. We determine the fair value of our derivative instruments using the framework prescribed by ASC 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 December 30, 2017 , 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 December 30, 2017 and April 1, 2017 : (In thousands) Location in As of As of December 30, 2017 April 1, 2017 Derivative Assets: Designated foreign currency hedge contracts Other current assets $ 335 $ 1,645 Non-designated foreign currency hedge contracts Other current assets 108 218 Designated interest rate swaps Other current assets — 64 $ 443 $ 1,927 Derivative Liabilities: Designated foreign currency hedge contracts Other current liabilities $ 1,315 $ 894 Non-designated foreign currency hedge contracts Other current liabilities 146 72 $ 1,461 $ 966 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 December 30, 2017 and April 1, 2017 . As of December 30, 2017 (In thousands) Level 1 Level 2 Total Assets Money market funds $ 164,409 $ — $ 164,409 Designated foreign currency hedge contracts — 335 335 Non-designated foreign currency hedge contracts — 108 108 $ 164,409 $ 443 $ 164,852 Liabilities Designated foreign currency hedge contracts $ — $ 1,315 $ 1,315 Non-designated foreign currency hedge contracts — 146 146 $ — $ 1,461 $ 1,461 As of April 1, 2017 Level 1 Level 2 Total Assets Money market funds $ 80,676 $ — $ 80,676 Designated foreign currency hedge contracts — 1,645 1,645 Non-designated foreign currency hedge contracts — 218 218 Designated interest rate swaps — 64 64 $ 80,676 $ 1,927 $ 82,603 Liabilities Designated foreign currency hedge contracts $ — $ 894 $ 894 Non-designated foreign currency hedge contracts — 72 72 $ — $ 966 $ 966 Other Fair Value Disclosures The Term Loan (which is carried at amortized cost), accounts receivable and accounts payable approximate fair value. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Dec. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES The Company is a party to various other legal proceedings and claims arising out of the ordinary course of its business. We believe that except for those matters described below, there are no other proceedings or claims pending against us the ultimate resolution of which could have a material adverse effect on our financial condition or results of operations. At each reporting period, management evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under ASC 450, Contingencies, for all matters. Legal costs are expensed as incurred. Litigation and Related Matters Italian Employment Litigation Our Italian manufacturing subsidiary is party to several actions initiated by former employees of our facility in Ascoli-Piceno, Italy. We ceased operations at the facility in fiscal 2014 and sold the property in fiscal 2017. 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) rights to 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 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 $4.8 million . During the second quarter of fiscal 2018, we proposed a settlement offer of $0.8 million , which resulted in charges of $0.4 million during that quarter. During the third quarter of fiscal 2018, substantially all of the plaintiffs involved in these claims accepted a settlement offer, which resulted in additional charges of $0.3 million . As of December 30, 2017 , we have recorded a total liability of $1.1 million associated with these claims. SOLX Arbitration In July 2016, H2Equity, LLC, formerly known as Hemerus Medical, LLC (“Hemerus”), filed an arbitration claim for $17 million relating to milestone and royalty payments allegedly owed as part of our acquisition of Hemerus' filter and storage solution business, referred to herein as "SOLX", in fiscal 2014. Upon closing of the acquisition in April 2013, Haemonetics paid Hemerus a total of $24 million and agreed to a $3 million milestone payment due when the United States 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, we filed for and received the 24-Hour Approval using a Haemonetics filter. Accordingly, we did not pay Hemerus the $3 million milestone payment because the 24-Hour Approval was obtained using a Haemonetics filter, not a Hemerus filter. Additionally, we have not paid any royalties to date as we have not made any sales of products incorporating SOLX. H2Equity’s July 2016 arbitration claim alleged, in part, that we owed H2Equity $3 million for the receipt of the 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. In January 2018, we entered into a settlement agreement with H2Equity that, together with corresponding settlement documents, provides for a release of H2Equity’s claims against the Company in exchange for the payment of $0.4 million and transfer of SOLX-related intellectual property to H2Equity, along with the parties entry into a supply agreement providing for our supply to H2Equity of Haemonetics filters as used in the 24-Hour Approval. Product Recall In June 2016, we issued a voluntary recall of certain whole blood collection kits sold to our Blood Center customers in the U.S. The recall resulted from some collection sets' filters failing to adequately remove leukocytes from collected blood. As a result of the recall, our Blood Center customers may have conducted tests to confirm that the collected blood was adequately leukoreduced, sold the collected blood labeled as non-leukoreduced at a lower price or discarded the collected blood. During fiscal 2017, we recorded $3.7 million of charges associated with customer returns and inventory reserves and $3.4 million of charges associated with customer claims. We have an enforceable insurance policy in place which will provide coverage for a portion of the customer claims. During fiscal 2017, we recorded $2.9 million of insurance receivables associated with the $3.4 million of charges from customer claims. In January 2018, we entered into formal mediation with a group of customers responsible for substantially all of the total outstanding claims against us. Based upon the parameters of a proposed settlement for the outstanding customer claims that are subject to on-going negotiations, we incurred an additional $5.1 million of charges. The incremental charges were partially offset by an additional $2.1 million of insurance receivables. Both the additional charges and insurance receivables are included in our results for the three and nine months ended December 30, 2017. As of December 30, 2017, we had recorded a cumulative total of $7.2 million of net charges associated with this recall, which consisted of $3.7 million of charges associated with customer returns and inventory reserves and $8.5 million of other customer claims, partially offset by $5.0 million of insurance receivables. Other Matters In February 2017, we informed a customer of our intent to exit an existing contract. The customer made a demand for $4.6 million , which consisted of $2.8 million in damages for non-performance under the contract and $1.8 million for the refund of two upfront payments that the customer had previously paid to us in connection with the development of a project. During the third quarter of fiscal 2018, we refunded the $1.8 million of upfront payments and entered into a settlement agreement for $2.3 million in connection with this matter. As of December 30, 2017 , we reduced our liability to be reflective of this settlement amount. |
SEGMENT AND ENTERPRISE-WIDE INF
SEGMENT AND ENTERPRISE-WIDE INFORMATION | 9 Months Ended |
Dec. 30, 2017 | |
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 unit. We aggregate components within an operating segment that have similar economic characteristics. The Company’s reportable segments are as follows: • Japan • EMEA • North America Plasma • All Other The Company has aggregated the Americas Blood Center and Hospital and Asia - Pacific operating segments into the All Other reportable segment based upon their similar operational and economic characteristics, including similarity of operating margin. Management measures and evaluates the operating segments based on operating income. Management excludes certain corporate expenses from segment operating income. In addition, certain amounts that management considers to be non-recurring or non-operational are excluded from segment operating income because management evaluates the operating results of the segments excluding such items. These items include restructuring and turnaround 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 using internally derived standard currency exchange rates that remain constant from year to year; therefore, segment information is presented on this basis. During the first quarter of fiscal 2018, management changed the cost reporting structure such that a portion of corporate expenses were reclassified into the operating segments. Accordingly, the prior year numbers have been updated to reflect this reclassification. Selected information by business segment is presented below: Three Months Ended Nine Months Ended (In thousands) December 30, December 31, December 30, December 31, Net revenues Japan $ 18,161 $ 20,173 $ 50,557 $ 53,730 EMEA 47,481 49,857 134,275 141,531 North America Plasma 86,545 83,324 249,132 235,091 All Other 83,717 79,884 242,084 236,315 Net revenues before foreign exchange impact 235,904 233,238 676,048 666,667 Effect of exchange rates (1,861 ) (5,397 ) (5,677 ) (8,617 ) Net revenues $ 234,043 $ 227,841 $ 670,371 $ 658,050 Three Months Ended Nine Months Ended (In thousands) December 30, December 31, December 30, December 31, Segment operating income Japan $ 8,967 $ 9,514 $ 23,582 $ 24,687 EMEA 11,423 11,143 28,233 27,996 North America Plasma 31,740 23,125 88,026 74,443 All Other 31,551 27,422 89,289 85,538 Segment operating income 83,681 71,204 229,130 212,664 Corporate operating expenses (44,608 ) (36,339 ) (126,824 ) (124,398 ) Effect of exchange rates 2,755 (151 ) 1,656 (790 ) Restructuring and turnaround costs (31,298 ) (6,762 ) (39,568 ) (27,215 ) Deal amortization (6,506 ) (6,530 ) (19,501 ) (20,611 ) Legal charges (3,011 ) — (3,011 ) — Asset impairments — (210 ) — (1,525 ) Operating income $ 1,013 $ 21,212 $ 41,882 $ 38,125 Our products are organized into four categories for purposes of evaluating their growth potential: Plasma, Blood Center, Cell Processing and Hemostasis Management. Management reviews revenue trends based on these business units; however, no other financial information is currently available on this basis. Net revenues by business unit are as follows: Three Months Ended Nine Months Ended (In thousands) December 30, December 31, December 30, 2017 December 31, 2016 Plasma $ 113,098 $ 108,655 $ 324,376 $ 309,868 Blood Center 74,227 76,354 211,502 221,567 Cell Processing 26,829 25,918 78,929 77,949 Hemostasis Management 19,889 16,914 55,564 48,666 Net revenues $ 234,043 $ 227,841 $ 670,371 $ 658,050 Net revenues generated in our principle operating regions on a reported basis are as follows: Three Months Ended Nine Months Ended (In thousands) December 30, December 31, December 30, December 31, United States $ 140,840 $ 136,759 $ 410,671 $ 393,302 Japan 17,664 22,319 49,312 58,949 Europe 42,189 38,892 118,544 116,865 Asia 30,733 27,749 85,504 83,125 Other 2,617 2,122 6,340 5,809 Net revenues $ 234,043 $ 227,841 $ 670,371 $ 658,050 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 9 Months Ended |
Dec. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE 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 1, 2017 $ (29,835 ) $ (2,272 ) $ (766 ) $ (32,873 ) Other comprehensive income (loss) before reclassifications (1) 7,430 — (2,402 ) 5,028 Amounts reclassified from Accumulated Other Comprehensive Loss (1) — — 633 633 Net current period other comprehensive income (loss) 7,430 — (1,769 ) 5,661 Balance as of December 30, 2017 $ (22,405 ) $ (2,272 ) $ (2,535 ) $ (27,212 ) (1) Presented net of income taxes, the amounts of which are insignificant. |
RESTRUCTURING (Tables)
RESTRUCTURING (Tables) | 9 Months Ended |
Dec. 30, 2017 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost | The following table summarizes the activity for restructuring reserves related to the 2018 Program and the 2017 Program for the nine months ended December 30, 2017 , substantially all of which relates to employee severance and other employee costs: (In thousands) 2018 Program 2017 Program Total Balance at April 1, 2017 $ — $ 7,468 $ 7,468 Costs incurred, net of reversals 28,607 1,055 29,662 Payments (296 ) (5,405 ) (5,701 ) Balance at December 30, 2017 $ 28,311 $ 3,118 $ 31,429 |
Schedule of Restructuring and Related Costs | The tables below present restructuring and turnaround costs by reportable segment: Restructuring costs Three Months Ended Nine Months Ended (In thousands) December 30, 2017 December 31, 2016 December 30, 2017 December 31, 2016 Japan $ 52 $ (72 ) $ 163 $ 764 EMEA 869 198 894 3,209 North America Plasma 555 1 555 369 All Other 26,979 1,905 28,050 13,722 Total $ 28,455 $ 2,032 $ 29,662 $ 18,064 Turnaround costs Three Months Ended Nine Months Ended (In thousands) December 30, 2017 December 31, 2016 December 30, 2017 December 31, 2016 Japan $ — $ — $ — $ 2 EMEA (161 ) (5 ) (135 ) 76 North America Plasma 229 37 578 973 All Other 2,775 4,674 9,463 8,036 Total $ 2,843 $ 4,706 $ 9,906 $ 9,087 Total restructuring and turnaround costs $ 31,298 $ 6,738 $ 39,568 $ 27,151 |
EARNINGS PER SHARE ("EPS") (Tab
EARNINGS PER SHARE ("EPS") (Tables) | 9 Months Ended |
Dec. 30, 2017 | |
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 Nine Months Ended (In thousands, except per share amounts) December 30, December 31, December 30, December 31, Basic EPS Net (loss) income $ (6,547 ) $ 15,393 $ 33,692 $ 24,872 Weighted average shares 53,090 51,708 52,717 51,369 Basic (loss) income per share $ (0.12 ) $ 0.30 $ 0.64 $ 0.48 Diluted EPS Net (loss) income $ (6,547 ) $ 15,393 $ 33,692 $ 24,872 Basic weighted average shares 53,090 51,708 52,717 51,369 Net effect of common stock equivalents — 395 568 302 Diluted weighted average shares 53,090 52,103 53,285 51,671 Diluted (loss) income per share $ (0.12 ) $ 0.30 $ 0.63 $ 0.48 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Dec. 30, 2017 | |
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) December 30, April 1, Raw materials $ 46,347 $ 52,052 Work-in-process 9,485 10,400 Finished goods 103,008 114,477 Total inventories $ 158,840 $ 176,929 |
PRODUCT WARRANTIES (Tables)
PRODUCT WARRANTIES (Tables) | 9 Months Ended |
Dec. 30, 2017 | |
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. Nine Months Ended (In thousands) December 30, December 31, Warranty accrual as of the beginning of the period $ 176 $ 420 Warranty provision 911 860 Warranty spending (723 ) (1,077 ) Warranty accrual as of the end of the period $ 364 $ 203 |
DERIVATIVES AND FAIR VALUE ME23
DERIVATIVES AND FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Dec. 30, 2017 | |
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 815 in our consolidated statements of (loss) income and comprehensive income for the nine months ended December 30, 2017 : (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 Designated foreign currency hedge contracts, net of tax $ (2,338 ) $ (633 ) Net revenues, COGS, and SG&A $ 862 Interest and other expense, net Non-designated foreign currency hedge contracts — — $ (1,076 ) Interest and other expense, net Designated interest rate swaps, net of tax $ (64 ) Interest and other expense, net |
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 December 30, 2017 and April 1, 2017 : (In thousands) Location in As of As of December 30, 2017 April 1, 2017 Derivative Assets: Designated foreign currency hedge contracts Other current assets $ 335 $ 1,645 Non-designated foreign currency hedge contracts Other current assets 108 218 Designated interest rate swaps Other current assets — 64 $ 443 $ 1,927 Derivative Liabilities: Designated foreign currency hedge contracts Other current liabilities $ 1,315 $ 894 Non-designated foreign currency hedge contracts Other current liabilities 146 72 $ 1,461 $ 966 |
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 December 30, 2017 and April 1, 2017 . As of December 30, 2017 (In thousands) Level 1 Level 2 Total Assets Money market funds $ 164,409 $ — $ 164,409 Designated foreign currency hedge contracts — 335 335 Non-designated foreign currency hedge contracts — 108 108 $ 164,409 $ 443 $ 164,852 Liabilities Designated foreign currency hedge contracts $ — $ 1,315 $ 1,315 Non-designated foreign currency hedge contracts — 146 146 $ — $ 1,461 $ 1,461 As of April 1, 2017 Level 1 Level 2 Total Assets Money market funds $ 80,676 $ — $ 80,676 Designated foreign currency hedge contracts — 1,645 1,645 Non-designated foreign currency hedge contracts — 218 218 Designated interest rate swaps — 64 64 $ 80,676 $ 1,927 $ 82,603 Liabilities Designated foreign currency hedge contracts $ — $ 894 $ 894 Non-designated foreign currency hedge contracts — 72 72 $ — $ 966 $ 966 |
SEGMENT AND ENTERPRISE-WIDE I24
SEGMENT AND ENTERPRISE-WIDE INFORMATION (Tables) | 9 Months Ended |
Dec. 30, 2017 | |
Segment Reporting [Abstract] | |
Selected Information by Business Segment | Selected information by business segment is presented below: Three Months Ended Nine Months Ended (In thousands) December 30, December 31, December 30, December 31, Net revenues Japan $ 18,161 $ 20,173 $ 50,557 $ 53,730 EMEA 47,481 49,857 134,275 141,531 North America Plasma 86,545 83,324 249,132 235,091 All Other 83,717 79,884 242,084 236,315 Net revenues before foreign exchange impact 235,904 233,238 676,048 666,667 Effect of exchange rates (1,861 ) (5,397 ) (5,677 ) (8,617 ) Net revenues $ 234,043 $ 227,841 $ 670,371 $ 658,050 Three Months Ended Nine Months Ended (In thousands) December 30, December 31, December 30, December 31, Segment operating income Japan $ 8,967 $ 9,514 $ 23,582 $ 24,687 EMEA 11,423 11,143 28,233 27,996 North America Plasma 31,740 23,125 88,026 74,443 All Other 31,551 27,422 89,289 85,538 Segment operating income 83,681 71,204 229,130 212,664 Corporate operating expenses (44,608 ) (36,339 ) (126,824 ) (124,398 ) Effect of exchange rates 2,755 (151 ) 1,656 (790 ) Restructuring and turnaround costs (31,298 ) (6,762 ) (39,568 ) (27,215 ) Deal amortization (6,506 ) (6,530 ) (19,501 ) (20,611 ) Legal charges (3,011 ) — (3,011 ) — Asset impairments — (210 ) — (1,525 ) Operating income $ 1,013 $ 21,212 $ 41,882 $ 38,125 |
Schedule of Revenues by Product Line and Geographic Regions | Net revenues by business unit are as follows: Three Months Ended Nine Months Ended (In thousands) December 30, December 31, December 30, 2017 December 31, 2016 Plasma $ 113,098 $ 108,655 $ 324,376 $ 309,868 Blood Center 74,227 76,354 211,502 221,567 Cell Processing 26,829 25,918 78,929 77,949 Hemostasis Management 19,889 16,914 55,564 48,666 Net revenues $ 234,043 $ 227,841 $ 670,371 $ 658,050 Net revenues generated in our principle operating regions on a reported basis are as follows: Three Months Ended Nine Months Ended (In thousands) December 30, December 31, December 30, December 31, United States $ 140,840 $ 136,759 $ 410,671 $ 393,302 Japan 17,664 22,319 49,312 58,949 Europe 42,189 38,892 118,544 116,865 Asia 30,733 27,749 85,504 83,125 Other 2,617 2,122 6,340 5,809 Net revenues $ 234,043 $ 227,841 $ 670,371 $ 658,050 |
ACCUMULATED OTHER COMPREHENSI25
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 9 Months Ended |
Dec. 30, 2017 | |
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 1, 2017 $ (29,835 ) $ (2,272 ) $ (766 ) $ (32,873 ) Other comprehensive income (loss) before reclassifications (1) 7,430 — (2,402 ) 5,028 Amounts reclassified from Accumulated Other Comprehensive Loss (1) — — 633 633 Net current period other comprehensive income (loss) 7,430 — (1,769 ) 5,661 Balance as of December 30, 2017 $ (22,405 ) $ (2,272 ) $ (2,535 ) $ (27,212 ) (1) Presented net of income taxes, the amounts of which are insignificant. |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) $ in Millions | 9 Months Ended |
Dec. 31, 2016USD ($) | |
Overstatement of Operating Income [Member] | |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |
Amount of correction | $ 0.9 |
Overstatement of Net Income [Member] | |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |
Amount of correction | $ 1.2 |
RECENT ACCOUNTING PRONOUNCEME27
RECENT ACCOUNTING PRONOUNCEMENTS (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Apr. 01, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative-effect adjustment to accumulated deficit and deferred tax assets for certain off balance sheet federal and state net operating loss carry-forwards | $ 1.4 | |
Accounting Standards Update 2016-09 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative-effect adjustment to accumulated deficit and deferred tax assets for certain off balance sheet federal and state net operating loss carry-forwards | $ 1.6 |
RESTRUCTURING (Narrative) (Deta
RESTRUCTURING (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | Nov. 01, 2017 | Apr. 01, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and turnaround costs | $ 31,298,000 | $ 6,738,000 | $ 39,568,000 | $ 27,151,000 | ||
Restructuring liability | 31,429,000 | 31,429,000 | $ 7,468,000 | |||
Restructuring liability payable in next twelve months | 24,600,000 | 24,600,000 | ||||
Restructuring costs | 28,455,000 | 2,032,000 | 29,662,000 | 18,064,000 | ||
Turnaround costs | 2,843,000 | 4,706,000 | 9,906,000 | 9,087,000 | ||
Selling, General and Administrative Expenses | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring costs | 24,200,000 | 25,100,000 | ||||
Research and Development Expense | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring costs | 4,300,000 | 4,600,000 | ||||
2018 Program | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and turnaround costs | 31,700,000 | 31,700,000 | ||||
Restructuring liability | 28,311,000 | 28,311,000 | 0 | |||
Restructuring costs | 28,607,000 | |||||
2018 Program | Minimum | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Expected cost | $ 50,000,000 | |||||
2018 Program | Minimum | Employee Severance | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Expected cost | 35,000,000 | |||||
2018 Program | Maximum | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Expected cost | 60,000,000 | |||||
2018 Program | Maximum | Employee Severance | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Expected cost | $ 40,000,000 | |||||
2017 Program | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and turnaround costs | 0 | $ 4,100,000 | 7,700,000 | $ 22,900,000 | ||
Restructuring liability | $ 3,118,000 | 3,118,000 | $ 7,468,000 | |||
Restructuring costs | $ 1,055,000 |
RESTRUCTURING (Schedule of Rest
RESTRUCTURING (Schedule of Restructuring Reserve by Type of Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | |
Restructuring Reserve [Roll Forward] | ||||
Balance at April 1, 2017 | $ 7,468 | |||
Costs incurred, net of reversals | $ 28,455 | $ 2,032 | 29,662 | $ 18,064 |
Payments | (5,701) | |||
Balance at December 30, 2017 | 31,429 | 31,429 | ||
2018 Program | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance at April 1, 2017 | 0 | |||
Costs incurred, net of reversals | 28,607 | |||
Payments | (296) | |||
Balance at December 30, 2017 | 28,311 | 28,311 | ||
2017 Program | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance at April 1, 2017 | 7,468 | |||
Costs incurred, net of reversals | 1,055 | |||
Payments | (5,405) | |||
Balance at December 30, 2017 | $ 3,118 | $ 3,118 |
RESTRUCTURING (Schedule of Re30
RESTRUCTURING (Schedule of Restructuring and Related Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | $ 28,455 | $ 2,032 | $ 29,662 | $ 18,064 |
Turnaround costs | 2,843 | 4,706 | 9,906 | 9,087 |
Total restructuring and turnaround costs | 31,298 | 6,738 | 39,568 | 27,151 |
Japan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 52 | (72) | 163 | 764 |
Turnaround costs | 0 | 0 | 0 | 2 |
EMEA | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 869 | 198 | 894 | 3,209 |
Turnaround costs | (161) | (5) | (135) | 76 |
North America Plasma | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 555 | 1 | 555 | 369 |
Turnaround costs | 229 | 37 | 578 | 973 |
All Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 26,979 | 1,905 | 28,050 | 13,722 |
Turnaround costs | $ 2,775 | $ 4,674 | $ 9,463 | $ 8,036 |
DIVESTITURE (Details)
DIVESTITURE (Details) - USD ($) $ in Thousands | Apr. 27, 2017 | Dec. 30, 2017 | Dec. 31, 2016 | Dec. 30, 2017 | Dec. 31, 2016 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from divestiture | $ 9,000 | $ 0 | |||
Gain on divestiture | $ 0 | $ 0 | $ 8,000 | $ 0 | |
SEBRA Sealers Product Line [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from divestiture | $ 9,000 | ||||
Gain on divestiture | $ 8,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Provision (benefit) for income taxes | $ 6,754 | $ 3,544 | $ 12,628 | $ 6,839 |
Discrete tax provision | $ 1,400 | |||
Provisional income tax expense | 5,400 | 5,400 | ||
Increase to tax expense over eight years | 12,300 | 12,300 | ||
Provisional benefit | 6,900 | (6,900) | ||
Increase to income tax expense, foreign subsidiaries | 22,700 | 22,700 | ||
Increase to income tax expense, foreign subsidiaries, valuation allowance | 10,400 | 10,400 | ||
Increase to income tax expense, foreign subsidiaries, net valuation allowance | $ 12,300 | $ 12,300 |
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 | 9 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | |
Basic EPS | ||||
Net (loss) income | $ (6,547) | $ 15,393 | $ 33,692 | $ 24,872 |
Basic weighted average shares (in shares) | 53,090 | 51,708 | 52,717 | 51,369 |
Basic (loss) income per share (in dollars per share) | $ (0.12) | $ 0.30 | $ 0.64 | $ 0.48 |
Diluted EPS | ||||
Net (loss) income | $ (6,547) | $ 15,393 | $ 33,692 | $ 24,872 |
Basic weighted average shares (in shares) | 53,090 | 51,708 | 52,717 | 51,369 |
Net effect of common stock equivalents (in shares) | 0 | 395 | 568 | 302 |
Diluted weighted average shares (in shares) | 53,090 | 52,103 | 53,285 | 51,671 |
Diluted (loss) income per share (in dollars per share) | $ (0.12) | $ 0.30 | $ 0.63 | $ 0.48 |
Anti-dilutive shares excluded (in shares) | 1,100 | 500 | 1,700 |
INVENTORIES (Schedule of Invent
INVENTORIES (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Dec. 30, 2017 | Apr. 01, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 46,347 | $ 52,052 |
Work-in-process | 9,485 | 10,400 |
Finished goods | 103,008 | 114,477 |
Inventories, net | $ 158,840 | $ 176,929 |
CAPITALIZATION OF SOFTWARE DE35
CAPITALIZATION OF SOFTWARE DEVELOPMENT COSTS (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Apr. 01, 2017 | |
Research and Development [Abstract] | |||
Capitalized software development costs for ongoing initiatives | $ 8.7 | $ 8.3 | |
Software costs capitalized, net | 71.4 | $ 62.7 | |
Total costs capitalized related to in process software development initiatives | 19.1 | $ 12.7 | |
Capitalized software development costs placed into service | $ 2.3 | $ 4.5 |
PRODUCT WARRANTIES (Schedule of
PRODUCT WARRANTIES (Schedule of Product Warranty Liability) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
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 | $ 176 | $ 420 |
Warranty provision | 911 | 860 |
Warranty spending | (723) | (1,077) |
Warranty accrual as of the end of the period | $ 364 | $ 203 |
DERIVATIVES AND FAIR VALUE ME37
DERIVATIVES AND FAIR VALUE MEASUREMENTS (Schedule of Effect of Derivative Instruments Designated as Cash Flow Hedges and Those Not Designated as Hedging Instruments) (Details) $ in Thousands | 9 Months Ended |
Dec. 30, 2017USD ($) | |
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) | $ (2,338) |
Amount of Gain/(Loss) Reclassified from AOCI into Earnings (Effective Portion) | (633) |
Designated as Hedging Instrument | Cash Flow Hedging | Interest and other expense, net | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount Excluded from Effectiveness Testing | 862 |
Designated as Hedging Instrument | Interest Rate Swap [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount Excluded from Effectiveness Testing | |
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) | (64) |
Amount of Gain/(Loss) Reclassified from AOCI into Earnings (Effective Portion) | |
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 | $ (1,076) |
DERIVATIVES AND FAIR VALUE ME38
DERIVATIVES AND FAIR VALUE MEASUREMENTS (Schedule of Fair Value of Derivative Instruments as They Appear in Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 30, 2017 | Apr. 01, 2017 |
Designated as Hedging Instrument | ||
Derivative Assets: | ||
Derivative Assets | $ 443 | $ 1,927 |
Derivative Liabilities: | ||
Derivative Liabilities | 1,461 | 966 |
Designated as Hedging Instrument | Foreign Exchange Contract | Other Current Assets | ||
Derivative Assets: | ||
Derivative Assets | 1,645 | |
Designated as Hedging Instrument | Foreign Exchange Contract | Other Current Liabilities | ||
Derivative Liabilities: | ||
Derivative Liabilities | 894 | |
Designated as Hedging Instrument | Interest Rate Swap [Member] | Other Current Assets | ||
Derivative Assets: | ||
Derivative Assets | $ 0 | 64 |
Not Designated as Hedging Instrument | Foreign Exchange Contract | Other Current Assets | ||
Derivative Assets: | ||
Derivative Assets | 218 | |
Not Designated as Hedging Instrument | Foreign Exchange Contract | Other Current Liabilities | ||
Derivative Liabilities: | ||
Derivative Liabilities | $ 72 |
DERIVATIVES AND FAIR VALUE ME39
DERIVATIVES AND FAIR VALUE MEASUREMENTS (Schedule of Financial Assets and Financial Liabilities Measured at Fair Value) (Details) - USD ($) $ in Thousands | Dec. 30, 2017 | Apr. 01, 2017 |
Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Money market funds | $ 164,409 | $ 80,676 |
Designated interest rate swaps | 64 | |
Assets fair value | 164,852 | 82,603 |
Liabilities | ||
Liabilities fair value | 1,461 | 966 |
Fair Value, Measurements, Recurring [Member] | Quoted Market Prices for Identical Assets (Level 1) | ||
Assets | ||
Money market funds | 164,409 | 80,676 |
Designated interest rate swaps | 0 | |
Assets fair value | 164,409 | 80,676 |
Liabilities | ||
Liabilities fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Money market funds | 0 | 0 |
Designated interest rate swaps | 64 | |
Assets fair value | 443 | 1,927 |
Liabilities | ||
Liabilities fair value | 1,461 | 966 |
Designated as Hedging Instrument | ||
Assets | ||
Derivative Assets | 443 | 1,927 |
Liabilities | ||
Derivative Liabilities | 1,461 | 966 |
Designated as Hedging Instrument | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Designated foreign currency hedge contracts | 335 | 1,645 |
Liabilities | ||
Designated foreign currency hedge contracts | 1,315 | 894 |
Designated as Hedging Instrument | Fair Value, Measurements, Recurring [Member] | Quoted Market Prices for Identical Assets (Level 1) | ||
Assets | ||
Designated foreign currency hedge contracts | 0 | 0 |
Liabilities | ||
Designated foreign currency hedge contracts | 0 | 0 |
Designated as Hedging Instrument | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Designated foreign currency hedge contracts | 1,645 | |
Liabilities | ||
Designated foreign currency hedge contracts | 894 | |
Not Designated as Hedging Instrument | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Designated foreign currency hedge contracts | 108 | 218 |
Liabilities | ||
Designated foreign currency hedge contracts | 146 | 72 |
Not Designated as Hedging Instrument | Fair Value, Measurements, Recurring [Member] | Quoted Market Prices for Identical Assets (Level 1) | ||
Assets | ||
Designated foreign currency hedge contracts | 0 | 0 |
Liabilities | ||
Designated foreign currency hedge contracts | 0 | 0 |
Not Designated as Hedging Instrument | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Designated foreign currency hedge contracts | 218 | |
Liabilities | ||
Designated foreign currency hedge contracts | 72 | |
Foreign Exchange Contract | Other Current Assets | Designated as Hedging Instrument | ||
Assets | ||
Derivative Assets | 1,645 | |
Foreign Exchange Contract | Other Current Assets | Designated as Hedging Instrument | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Derivative Assets | 335 | |
Foreign Exchange Contract | Other Current Assets | Not Designated as Hedging Instrument | ||
Assets | ||
Derivative Assets | 218 | |
Foreign Exchange Contract | Other Current Assets | Not Designated as Hedging Instrument | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Derivative Assets | 108 | |
Foreign Exchange Contract | Other Current Liabilities | Designated as Hedging Instrument | ||
Liabilities | ||
Derivative Liabilities | 894 | |
Foreign Exchange Contract | Other Current Liabilities | Designated as Hedging Instrument | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | ||
Liabilities | ||
Derivative Liabilities | 1,315 | |
Foreign Exchange Contract | Other Current Liabilities | Not Designated as Hedging Instrument | ||
Liabilities | ||
Derivative Liabilities | $ 72 | |
Foreign Exchange Contract | Other Current Liabilities | Not Designated as Hedging Instrument | Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | ||
Liabilities | ||
Derivative Liabilities | $ 146 |
DERIVATIVES AND FAIR VALUE ME40
DERIVATIVES AND FAIR VALUE MEASUREMENTS (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Dec. 30, 2017USD ($) | Dec. 30, 2017USD ($) | Apr. 01, 2017USD ($) | Dec. 21, 2012USD ($)swap | |
Foreign Exchange Contract | ||||
Derivative [Line Items] | ||||
Percentage of sales generated outside the US | 39.80% | 38.70% | ||
Maturity period for foreign currency contracts | 1 year | |||
Designated as Hedging Instrument | Foreign Exchange Contract | ||||
Derivative [Line Items] | ||||
Deferred income tax expense (benefit) | $ 0 | $ 0 | ||
Designated as Hedging Instrument | Foreign Exchange Contract | ||||
Derivative [Line Items] | ||||
Designated foreign currency hedge contracts outstanding | 73,300,000 | 73,300,000 | $ 68,400,000 | |
Designated as Hedging Instrument | Cash Flow Hedging | ||||
Derivative [Line Items] | ||||
Gain (loss) to be reclassified within the next twelve months | (2,300,000) | |||
Designated as Hedging Instrument | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Number of interest rate derivatives held | swap | 2 | |||
Notional amount of derivative | $ 250,000,000 | |||
Not Designated as Hedging Instrument | Foreign Exchange Contract | ||||
Derivative [Line Items] | ||||
Amount of Gain/(Loss) Reclassified from AOCI into Earnings (Effective Portion) | 0 | |||
Non-designated foreign currency hedge contracts outstanding | $ 33,400,000 | 33,400,000 | $ 55,400,000 | |
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) | $ (633,000) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 19 Months Ended | ||||
Jan. 31, 2018 | Feb. 28, 2017 | Jul. 31, 2016 | Apr. 30, 2013 | Dec. 30, 2017 | Sep. 30, 2017 | Dec. 30, 2017 | Apr. 01, 2017 | Dec. 30, 2017 | |
Product Recall | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss in period | $ 7.2 | ||||||||
Product Recall | Customer Returns and Inventory Reserves [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss in period | $ 3.7 | 3.7 | |||||||
Product Recall | Customer Claims [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss in period | $ 5.1 | $ 5.1 | 3.4 | 8.5 | |||||
Insurance settlements receivable | 5 | $ 2.1 | 5 | $ 2.9 | 5 | ||||
Contract Termination [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Damages claimed | $ 4.6 | ||||||||
Settlement amount | 2.3 | ||||||||
Performance Guarantee [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Damages claimed | 2.8 | ||||||||
Up-front Payment Arrangement [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Damages claimed | $ 1.8 | ||||||||
Italian Employment Litigation [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Damages claimed | 4.8 | ||||||||
Estimate of possible loss | 0.8 | ||||||||
Loss in period | 0.3 | $ 0.4 | |||||||
Amount accrued | $ 1.1 | $ 1.1 | $ 1.1 | ||||||
SOLX Arbitration [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Damages claimed | $ 17 | ||||||||
Payments under previous acquisition | $ 24 | ||||||||
Contingent milestone payment | 3 | ||||||||
Maximum future royalty payments | $ 14 | ||||||||
Royalty term | 10 years | ||||||||
SOLX Arbitration [Member] | Subsequent Event [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Settlement amount | $ 0.4 |
SEGMENT AND ENTERPRISE-WIDE I42
SEGMENT AND ENTERPRISE-WIDE INFORMATION (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 30, 2017USD ($)unit | Dec. 31, 2016USD ($) | |
Segment Reporting [Abstract] | ||||
Number of business units | unit | 4 | |||
Segment Reporting Information [Line Items] | ||||
Net Revenues, Before Foreign Exchange Impact | $ 235,904 | $ 233,238 | $ 676,048 | $ 666,667 |
Effect of exchange rates | (1,861) | (5,397) | (5,677) | (8,617) |
Net revenues (reported) | 234,043 | 227,841 | 670,371 | 658,050 |
Effect of exchange rates | 2,755 | (151) | 1,656 | (790) |
Restructuring and turnaround costs | (31,298) | (6,762) | (39,568) | (27,215) |
Deal amortization | (6,506) | (6,530) | (19,501) | (20,611) |
Legal charges | (3,011) | 0 | (3,011) | 0 |
Impairment of assets | 0 | (210) | 0 | (1,525) |
Operating income | 1,013 | 21,212 | 41,882 | 38,125 |
Plasma [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues (reported) | 113,098 | 108,655 | 324,376 | 309,868 |
Blood Center [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues (reported) | 74,227 | 76,354 | 211,502 | 221,567 |
Cell Processing Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues (reported) | 26,829 | 25,918 | 78,929 | 77,949 |
Hemostasis Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues (reported) | 19,889 | 16,914 | 55,564 | 48,666 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues (reported) | 140,840 | 136,759 | 410,671 | 393,302 |
Japan | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues (reported) | 17,664 | 22,319 | 49,312 | 58,949 |
Europe | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues (reported) | 42,189 | 38,892 | 118,544 | 116,865 |
Asia | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues (reported) | 30,733 | 27,749 | 85,504 | 83,125 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues (reported) | 2,617 | 2,122 | 6,340 | 5,809 |
Japan | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues, Before Foreign Exchange Impact | 18,161 | 20,173 | 50,557 | 53,730 |
EMEA | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues, Before Foreign Exchange Impact | 47,481 | 49,857 | 134,275 | 141,531 |
North America Plasma | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues, Before Foreign Exchange Impact | 86,545 | 83,324 | 249,132 | 235,091 |
All Other | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues, Before Foreign Exchange Impact | 83,717 | 79,884 | 242,084 | 236,315 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | 83,681 | 71,204 | 229,130 | 212,664 |
Operating Segments | Japan | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | 8,967 | 9,514 | 23,582 | 24,687 |
Operating Segments | EMEA | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | 11,423 | 11,143 | 28,233 | 27,996 |
Operating Segments | North America Plasma | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | 31,740 | 23,125 | 88,026 | 74,443 |
Operating Segments | All Other | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | 31,551 | 27,422 | 89,289 | 85,538 |
Corporate operating expenses | ||||
Segment Reporting Information [Line Items] | ||||
Corporate operating expenses | $ (44,608) | $ (36,339) | $ (126,824) | $ (124,398) |
ACCUMULATED OTHER COMPREHENSI43
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) $ in Thousands | 9 Months Ended |
Dec. 30, 2017USD ($) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Balance as of April 1, 2017 | $ (32,873) |
Other comprehensive income (loss) before reclassifications | 5,028 |
Amounts reclassified from Accumulated Other Comprehensive Income (Loss) | 633 |
Other comprehensive income (loss) | 5,661 |
Balance as of December 30, 2017 | (27,212) |
Foreign Currency | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Balance as of April 1, 2017 | (29,835) |
Other comprehensive income (loss) before reclassifications | 7,430 |
Amounts reclassified from Accumulated Other Comprehensive Income (Loss) | 0 |
Other comprehensive income (loss) | 7,430 |
Balance as of December 30, 2017 | (22,405) |
Defined Benefit Plans | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Balance as of April 1, 2017 | (2,272) |
Other comprehensive income (loss) before reclassifications | 0 |
Amounts reclassified from Accumulated Other Comprehensive Income (Loss) | 0 |
Other comprehensive income (loss) | 0 |
Balance as of December 30, 2017 | (2,272) |
Net Unrealized Gain/Loss on Derivatives | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Balance as of April 1, 2017 | (766) |
Other comprehensive income (loss) before reclassifications | (2,402) |
Amounts reclassified from Accumulated Other Comprehensive Income (Loss) | 633 |
Other comprehensive income (loss) | (1,769) |
Balance as of December 30, 2017 | $ (2,535) |